英文_高盛_中国教育2025年5月追踪_好未来平板电脑出货量_学而思网月活跃用户数三位数增长；美国_澳大利亚学生签证恢复两位数增长_14页_947kb

• Date and Purpose: June 17, 2025 China Education Tracker summarizing May 2025 updates, led by Timothy Zhao, Goldman Sachs Asia. Focuses on tutoring Eunice Liu, key areas: tutoring, MAUs, growth, East Buy, and overseas student visas.

Main Highlights:

• TAL Education (TAL) Performance: Tablets shipments and GMV grew +170% and +93% year-over-year, driven by 618 promotion and new product releases. US market expansion with TalPad T100 tablet targeting K-6 students, featuring subscription revenue potential.
• User Engagement (MAUs): Xueersi.com and Peiyou MAUs surged +124% and +28% y-o-y, attributed to SKU innovation and aggressive traffic acquisition.
• Overseas Study Visas: US and Australia student visa volumes to Chinese students rose y-o-y in April, reversing earlier declines; US visa interviews resumed post-policies.
• Afterschool Tutoring: Non-academic tutoring institutions grew modestly (+0.2% month-over-month), with supply moderation. Subject tutoring declined slightly.
• East Buy (1797.HK): GMV on Douyin fell -42% y-o-y to Rmb751mn, with MAUs declining -16% y-o-y.

Investment Recommendations:

• Buy: New Oriental (EDU/9901.HK) and TAL Education Group (TAL).
• Neutral: Gaotu Techedu (GOTU).
• Sell: East Buy (1797.HK). Risks include regulatory changes, offline capacity issues, and East Buy's declining performance.

Note:

• Analyst conflicts, disclosure risks, and regulatory disclosures covered per GS policy.

For detailed data and exhibits, refer to the full report.