Investment Rating - The report maintains a "Buy" rating for Tianli International Holdings (01773) with a target price not specified [5]. Core Views - The "Tianli Qiming AI Learning Companion" model is the first AI model approved by the state for large-scale application in campus education, currently used in 107 schools with 250,000 teachers and students [1]. - The AI model integrates generative AI technology with educational research, creating a comprehensive ecosystem for teaching, learning, management, evaluation, and practice [1]. - The company plans to pilot an empathetic AI teacher by September and aims to build a digital education community in collaboration with hundreds of schools and enterprises over the next three years [1]. Summary by Sections AI Application in Education - The "Tianli Qiming AI Learning Companion" model is designed to enhance educational digital transformation and is supported by strategic partnerships with several leading schools [2]. - The model utilizes a localized knowledge graph and various AI tools to provide precise learning diagnostics, intelligent exam analysis, and dynamic path optimization [2]. Market Trends - 2025 is identified as a critical year for the full implementation of AI in education in China, driven by policy, technology, and capital [3]. - The Ministry of Education and other departments have issued guidelines to accelerate educational digitalization, emphasizing the construction of educational models and the integration of AI in educational scenarios [3]. Business Strategy - The introduction of the AI college entrance examination training camp is seen as a strategic entry point for AI application, addressing the rigid demand and high willingness to pay during critical learning phases [4]. - The company possesses a strong foundation of high-quality content and practical experience, along with a robust network of self-operated and managed schools, providing a significant market advantage [4]. Financial Projections - The report forecasts revenues of 4.32 billion RMB, 5.64 billion RMB, and 7.39 billion RMB for FY25, FY26, and FY27 respectively, with net profits projected at 780 million RMB, 1.02 billion RMB, and 1.35 billion RMB [5].
天立国际控股（01773）：推动AI场景化落地