证券代码：003032 证券简称：*ST传智 公告编号：2025-044 一、董事会会议召开情况 江苏传智播客教育科技股份有限公司（以下简称"公司"）第四届董事会第 四次会议于 2025 年 9 月 24 日以电子邮件等形式发出会议通知，于 2025 年 9 月 25 日 10:00 在北京市昌平区建材城西路金燕龙办公楼会议室以通讯方式召开。会 议应出席董事 8 名，实际亲自出席董事 8 名。公司全体高级管理人员列席会议。 董事长黎活明先生主持会议。本次会议符合《中华人民共和国公司法》等法律、 行政法规、部门规章和《公司章程》等规定。 二、董事会会议审议情况 本次会议审议通过如下议案： （一）审议通过《关于为子公司申请银行授信额度提供担保的议案》； 董事会同意公司与苗春、王航共同对厦门优优汇联信息科技股份有限公司向 中国光大银行股份有限公司北京清华园支行申请授信额度人民币 1,000 万元提供 担保。 具体内容详见公司披露于巨潮资讯网（https://www.cninfo.com.cn）的《关于 为子公司申请银行授信额度提供担保并撤销先前担保的公告》（公告编号： 2025-045）。 表决结果：同意 8 票， ...

Summary of the Conference Call for ChuanZhi Education Industry and Company Overview - The conference call discusses ChuanZhi Education, focusing on its transition from short-term training to degree education amidst significant revenue challenges and losses in the first half of the year [2][3]. Key Points and Arguments Financial Performance - ChuanZhi Education reported a revenue decrease of 78.95% year-on-year, with a loss of approximately 7 million yuan [2]. - The company anticipates a high possibility of "removing the star and hat" (a term indicating improved financial status) this year [2][3]. Business Transformation - The company is actively shifting from short-term training to degree education, with a focus on integrating AI technology into its offerings [2][3]. - Offline training employment rates have recovered to over 90%, while online business has seen significant revenue growth through various new programs [4]. Degree Education Developments - The Dazhong Data Technology Vocational College has successfully enrolled over 1,000 students, with plans for expansion [5][7]. - The average income per student at the Dazhong College is close to 20,000 yuan, with expectations of achieving profitability within three years [8][11]. Pricing Strategy - ChuanZhi Education sets its tuition fees independently, with the first-year fees being relatively low, allowing for potential price increases in the future [9]. - The tuition income is recognized using the straight-line method, with a portion of the fees recognized each year [10]. Enrollment and Market Position - The college requires approximately 3,000 students to break even, with plans for further expansion if this target is met [12]. - The demand for degree education is currently higher than for skill training, indicating a favorable market environment for enrollment [13]. International Expansion - The Singapore campus has a utilization rate of over 80%, with tuition fees around 400,000 yuan per year [15]. - Future growth in Singapore is expected to come from expanding into markets in China and Southeast Asia, including countries like Myanmar, Indonesia, Vietnam, and Malaysia [16]. Employment and Course Quality - The employment rate for graduates has improved, reaching over 90% [25]. - The Singapore campus offers A-level courses with a high university admission rate, indicating strong educational quality [17]. Collaboration and Synergies - The acquisition of YouYouHuiLian is expected to create synergies with ChuanZhi Education, particularly in e-commerce and digital marketing training [19]. - The collaboration aims to leverage ChuanZhi's extensive network to enhance YouYouHuiLian's market reach [19]. Future Outlook - The company expects to achieve breakeven in traditional business by the second half of the year, with new degree programs gradually becoming profitable [21]. - Long-term profit margins are projected to be between 20% to 30% if no overseas expansion occurs [23]. Other Important Insights - AI technology is integrated into all courses, enhancing the learning experience and aligning with market demands [24]. - The recruitment of teachers has become easier, focusing on those with AI tool proficiency rather than top-tier AI talent [29]. - The company is exploring new business segments and potential acquisitions in the education sector to further its growth strategy [24]. This summary encapsulates the key insights from the conference call, highlighting ChuanZhi Education's current challenges, strategic shifts, and future growth potential.

Group 1 - The core viewpoint of the articles indicates that *ST ChuanZhi (003032) has shown significant improvement in its financial performance for the first half of 2025, with total revenue reaching 163 million yuan, a year-on-year increase of 46.39% [1] - The net profit attributable to shareholders was -7.203 million yuan, reflecting a year-on-year increase of 78.95% [1] - In Q2 2025, total revenue was 90.6295 million yuan, up 49.97% year-on-year, while the net profit attributable to shareholders was -1.8399 million yuan, an increase of 89.9% year-on-year [1] Group 2 - The gross margin for the reporting period was 51.93%, with a year-on-year increase of 60.91%, while the net margin was -4.29%, reflecting an 86.04% year-on-year increase [1] - Total selling, administrative, and financial expenses amounted to 83.6973 million yuan, accounting for 51.34% of revenue, which is a decrease of 17.15% year-on-year [1] - The earnings per share was -0.02 yuan, showing a year-on-year increase of 77.78% [1] Group 3 - The company's historical financial performance indicates a median ROIC of 25.76%, with the worst year being 2024, which had a ROIC of -9.83% [2] - The business model relies heavily on capital expenditure and marketing, necessitating careful evaluation of the effectiveness of capital projects and potential funding pressures [2] - The accounts receivable situation should be closely monitored, especially given the negative net profit in the annual report [3]

Core Viewpoint - The A-share education sector in the first half of 2025 continues to exhibit a "polarized" pattern, with some companies thriving while others struggle, reflecting the complex and changing market environment [1][20]. Group 1: "Fire Zone" Companies - Companies in the "fire zone" such as Xueda Education, Angli Education, and Tuo Wei Information show significant growth and profitability, driven by different strategies: scale expansion, comprehensive transformation, and technology-driven approaches [3][20]. - Xueda Education achieved revenue of 1.92 billion with a growth rate of 18.3% and a net profit of 230 million, focusing on personalized education and national expansion [4][20]. - Angli Education reported revenue of 632 million, up 11.84%, and turned a profit of 2.88 million, diversifying into multiple educational sectors including quality education and vocational training [6][20]. - Tuo Wei Information's revenue was 1.306 billion, down 24.42%, but net profit surged to 78.81 million due to non-recurring gains, highlighting a reliance on financial adjustments rather than core business growth [8][20]. Group 2: "Ice Zone" Companies - Companies in the "ice zone" like Quantu Education, Honghe Education, and ST Kaiyuan face severe challenges, including significant revenue declines and ongoing losses, reflecting the harsh realities of the education industry [10][20]. - Quantu Education's revenue fell to 125 million, down 36.58%, with a net loss of 32.3 million, struggling with policy tightening and reduced client payment capabilities [11][20]. - Honghe Education reported revenue of 1.4 billion, down 10.99%, with a net profit of only 45 million, as its core interactive whiteboard business continues to decline [12][20]. - ST Kaiyuan's revenue dropped to 75.64 million, down 22.6%, with a net loss of 44.36 million, facing severe financial distress and potential delisting risks [16][20]. Group 3: "Middle Zone" Companies - Companies like Keda Xunfei, Kewen Education, and Kede Education are positioned in the middle zone, showing both growth potential and structural challenges [20][24]. - Keda Xunfei achieved revenue of 10.91 billion, up 17%, but reported a net loss of 360 million, indicating a struggle to convert growth into profitability [21][20]. - Kewen Education's revenue was 171 million, with a net profit of 735,000, reflecting a strong brand in international education despite its small scale [23][20]. - Kede Education's revenue declined to 366 million, down 1.15%, while its net profit fell by 15.16%, showcasing a dual narrative of declining core business and capital market interest due to its AI chip investments [22][20].

Group 1 - The core point of the article is that *ST Chuan Zhi (SZ 003032) announced the convening of its fourth board meeting on August 28, 2025, to review the 2025 semi-annual report and its summary [1] - For the first half of 2025, the revenue composition of *ST Chuan Zhi was as follows: training services accounted for 93.1%, other services accounted for 5.31%, and software and hardware sales along with comprehensive services accounted for 1.59% [1]

北京商报讯（记者 吴其芸）8月28日，*ST传智发布2025年半年度报告，报告期内，*ST传智实现营业 收入1.63亿元，同比增长46.39%；归属于上市公司股东的净利润亏损720.3万元，实现减亏。 ...

证券代码：003032 证券简称：*ST传智 公告编号：2025-040 江苏传智播客教育科技股份有限公司 第四届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 江苏传智播客教育科技股份有限公司（以下简称"公司"）第四届董事会第 三次会议于 2025 年 8 月 22 日以电子邮件等形式发出会议通知，于 2025 年 8 月 28 日 10:00 在北京市昌平区建材城西路金燕龙办公楼会议室以现场方式召开。会 议应出席董事 8 名，实际亲自出席董事 8 名。公司全体高级管理人员列席会议。 董事长黎活明先生主持会议。本次会议符合《中华人民共和国公司法》等法律、 行政法规、部门规章和《公司章程》等规定。 二、董事会会议审议情况 本次会议审议通过如下议案： （一）审议通过《关于<2025 年半年度报告>和<2025 年半年度报告摘要>的 议案》； 全体董事认真审阅了公司《2025 年半年度报告》及《2025 年半年度报告摘 要》，一致认为公司《2025 年半年度报告》及《2025 年半年度报告摘要》符合法 律、行政法规 ...

证券代码：003032 证券简称：*ST 传智 公告编号：2025-041 2025 年半年度报告 1 江苏传智播客教育科技股份有限公司 2025 年 8 月 江苏传智播客教育科技股份有限公司 2025 年半年度报告全文 江苏传智播客教育科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人黎活明、主管会计工作负责人武晋雅及会计机构负责人(会计 主管人员)史晓芳声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异。 本报告的"第三节 管理层讨论与分析"中"十、公司面临的风险和应对 措施"部分详细阐述了公司经营中可能面对的风险，敬请投资者注意阅读。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | œ | | --- | | 第 ...

合并资产负债表 2025年6月30日 2025年6月30日 编制单位:江苏传智播客教育科技股份有限公司 | 人民币 | | --- | | 元 币种: | | 单位: | | 项目 | 对于 | 期末余额 | 期初余额 | 项目 | 附注 | 期末余额 | 期初余额 | | --- | --- | --- | --- | --- | --- | --- | --- | | 流动资产: | | | | 流动负债: | | | | | 货币资金 | | 525,116,350.25 | 693,977,425.12 | 短期借款 | | 11,511,548.60 | | | 交易性金融资产 | | 120.268.162.31 | 100.114.795.25 | 应付账款 | | 82.101.525.00 | 95,373,420.17 | | 应收账款 | | 50,063,322.53 | 6.757.119.62 | 合同负债 | | 129,592,423.43 | 69.175.479.50 | | 预付款项 | | 8,641,556.61 | 3.241.784.78 | 应付职工薪酬 | | ...

| | 资金占用方名称 | 占用方与上市 | 上市公司核算的会计 | 2025年期初占用资 | 2025年半年度占用累计 | 2025年半年度 | 2025年半年度偿还 | 2025年半年度期 | 占用形成原 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | | 公司的关联关 | | | | 占用资金的利 | | | | | | | | 系 | 科目 | 金余额 | 发生金额（不含利息） | 息（如有） | 累计发生金额 | 末占用资金余额 | 因 | | | 控股股东、实际控制 人及其附属企业 | 无 | 无 | 无 | 无 | 无 | 无 | 无 | 无 | 无 | 不适用 | | 小计 | | | | | | | | | | | | 前控股股东、实际控 | 无 | 无 | 无 | 无 | 无 | 无 | 无 | 无 | 无 | 不适用 | | 制人及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 其他关联方及其 ...