智通财经APP获悉，思考乐教育(01769)再跌超6%，盘中低见2.22港元，较年内高点5.23港元已腰斩。截至发稿，跌6.67%，报2.38港元，成交额2373.07万港元。
消息面上，近日，思考乐教育发布截至2025年6月30日止六个月业绩，收益4.39亿元(人民币，下同)，同比增长10.1%；公司拥有人应占溢利6293.3万元，同比下降23.9%；撇除基于股份的薪酬开支，公司拥有人应占经调整净溢利0.81亿元，同比减少13.1%。
光大证券指出，公司上半年毛利率为34.3%，同比-10.1pcts，主要系广州新学习中心处于提速爬坡阶段，前期租金、薪酬等成本投入较大，而体验课程导致初期收入相对较低，对毛利及净利产生短期负面影响。此外，上半年收入增速较24年放缓，主要受深圳大本营拖累。今年以来，深圳市场竞争加剧，同时公司推进人员迭代与管理层调整，多重因素叠加导致深圳市场收入增速放缓。
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