[Table_OtherReport] 豆神教育首次覆盖报告：重整旗鼓展 新颜，AI 课程具巧思 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 豆神教育(300010) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 范欣悦 商社行业首席分析师 执业编号：S1500521080001 邮 箱：fanxinyue@cindasc.com 相关研究 | [Table_Profit 重要财务指标 ] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 993 | 757 | 1,158 | 1,442 | 1,729 | | 增长率 YoY % | -2.0% | -23.8% | 53.0% | 24. ...

Group 1 - The company, Dou Shen Education, announced the approval of its 2025 semi-annual report and its summary during the fifth meeting of the sixth supervisory board [2]

Group 1 - The company, Dou Shen Education, announced the approval of the "2025 Semi-Annual Report and its Summary" during the seventh meeting of the sixth board of directors [2]

Core Insights - Dou Shen Education reported a total revenue of 449 million yuan for the first half of 2025, marking a year-on-year growth of 36.13% [1] - The net profit attributable to shareholders reached 104 million yuan, reflecting a significant increase of 50.33% year-on-year [1] - The company continues to focus on integrating and expanding its educational services while actively developing its AI education business [1][2] Business Segments - The art education service segment generated revenue of 294.16 million yuan, while the live e-commerce segment contributed 44.66 million yuan [1] - The smart education service segment achieved revenue of 32.81 million yuan [1] - Dou Shen Education has launched new AI products, including "AI Dual Teacher" and "AI Super Training Ground," enhancing its art education services with technology [2] AI Education Development - The company has been exploring the integration of AI technologies, such as AI agents and knowledge graphs, into its aesthetic education courses [2] - In October 2024, Dou Shen Education released its proprietary AI education model, "Dou Shen AI," which offers personalized learning experiences through various modules [2] - The company is committed to advancing AI model training and optimizing multi-modal interactions, responding to trends in educational digitalization and domestic substitution [3] Live E-commerce and Cultural Education - The live e-commerce team, led by Chairman Dou Xin, has been creating literary and historical content across multiple platforms, enhancing brand visibility and product sales [3] - The cultural research and study segment aligns with the "cultural tourism + education" policy, offering themed study tours that integrate online and offline products [3] Investment in R&D - Dou Shen Education has increased its R&D investment intensity, focusing on key areas such as AI model training and smart hardware development [3] - The company has established a specialized AI team and developed advanced algorithms for language and literature, positioning itself as a leader in the domestic education sector [3]

Core Insights - Dou Shen Education reported a revenue of 449 million yuan for the first half of 2025, representing a year-on-year growth of 36.13% [1] - The net profit attributable to shareholders reached 104 million yuan, marking a year-on-year increase of 50.33% [1] Financial Performance - Revenue: 4.49 billion yuan, up 36.13% year-on-year [1] - Net Profit: 1.04 billion yuan, up 50.33% year-on-year [1] Future Strategy - The company plans to increase investment in AI technology research and application [1] - Focus areas include personalized learning, intelligent tutoring, content generation, and improving teaching efficiency [1] - Dou Shen Education aims to develop more AI education software and hardware products to promote the technological transformation of its quality education business [1]

Core Insights - Dou Shen Education (300010.SZ) reported a revenue of 449 million yuan for the first half of 2025, representing a year-on-year growth of 36.13% [1] - The net profit attributable to shareholders reached 104 million yuan, marking a year-on-year increase of 50.33% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 67.39 million yuan, showing a slight decline of 0.70% year-on-year [1] - The basic earnings per share stood at 0.0503 yuan [1]

| 非经营性资金占用 | 资金占用方名称 | 占用方与上 市公司的关 | 上市公司核算的 会计科目 | 年期初 2025 占用资金余 | 2025 年 1-6 月占用累 计发生金 | 年 2025 1-6 月占用资 金的利息 | 年 2025 1-6 月偿还累计 | 2025年6月 日期末 30 占用资金 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 联关系 | | 额 | 额（不含利 息） | (如有) | 发生金额 | 余额 | | | | 控股股东、实际控制 | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控 | | | | | | | | | | | | 制人及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 其他关联方及其附 | | | | | | | | | | | ...

证券代码：300010 证券简称：豆神教育 公告编号：2025-031 豆神教育科技（北京）股份有限公司 关于2025年半年度计提及转回资产减值准备的公告 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、误导性陈述或者重大遗漏。 一、本次计提及转回减值准备的概述 （一）本次计提及转回资产减值准备的原因 豆神教育科技（北京）股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开第六届董事会第七次会议、第六届监事会第五次会议，审议通过了《关 于公司 2025 年半年度计提及转回资产减值准备的议案》。 根据《企业会计准则》的有关规定，公司在资产负债表日对截至2025年6月 30日的公司及下属控股公司应收账款、其他应收款、存货、无形资产等相关资产 进行了全面清查，对相关资产价值出现的减值迹象进行了充分地分析和评估。经 减值测试，公司需根据《企业会计准则》规定计提、转回相关资产减值准备。 对于应收票据、应收账款、合同资产，无论是否存在重大融资成分，本公司 始终按照相当于整个存续期内预期信用损失的金额计量其损失准备。 当单项金融资产无法以合理成本评估预期信用损失的信息时，本公司依 ...

二、监事会会议审议情况 证券代码：300010 证券简称：豆神教育 公告编号：2025-030 豆神教育科技（北京）股份有限公司 第六届监事会第五次会议决议公告 本公司及监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、监事会会议召开情况 豆神教育科技（北京）股份有限公司（以下简称"公司"）第六届监事会第 五次会议于 2025 年 8 月 28 日在北京市海淀区东北旺西路 8 号院 25 号楼豆神教 育集团会议室以现场方式召开，会议通知于 2025 年 8 月 18 日以电子邮件等方式 送达各位监事，与会的各位监事已知悉与所议事项相关的必要信息。本次会议由 公司监事会主席王遥初女士主持，会议应出席监事 3 人，实际出席监事 3 人。本 次会议召开符合《中华人民共和国公司法》《公司章程》和《监事会议事规则》 的有关规定。 与会监事认真审议并通过了如下议案： 1、审议通过《2025 年半年度报告及其摘要》 经核查，监事会认为：董事会编制和审核公司《2025 年半年度报告及其摘 要》的程序符合相关法律、行政法规、中国证监会和深圳证券交易所的规定；报 告内容真实、准确、完整 ...

豆神教育科技（北京）股份有限公司 第六届董事会第七次会议决议公告 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 豆神教育科技（北京）股份有限公司（以下简称"公司"）第六届董事会第七 次会议于 2025 年 8 月 28 日在北京市海淀区东北旺西路 8 号院 25 号楼豆神教育集团 会议室以现场结合通讯表决的方式召开，会议通知已于 2025 年 8 月 18 日以电子邮 件等方式送达全体董事，与会的各位董事已知悉与所议事项相关的必要信息。本次 董事会会议应出席董事 9 名，实际出席会议董事 9 名。本次会议由董事长窦昕先生 主持，公司部分监事、高级管理人员列席了本次会议。会议的召开和表决程序符合 《中华人民共和国公司法》《公司章程》和《董事会议事规则》的相关规定。 二、董事会会议审议情况 与会董事认真审议并通过了如下议案： 1、审议通过《2025 年半年度报告及其摘要》 证券代码：300010 证券简称：豆神教育 公告编号：2025-029 公司董事认真审议了公司《2025 年半年度报告及其摘要》，认为公司 2025 年 半年度报告及其 ...