格隆汇2月25日丨豆神教育(300010.SZ)在互动平台表示，公司与字节跳动未有直接合作，但公司的学伴 机器人搭载了字节跳动旗下火山引擎技术平台的RTC技术与豆包大模型，以上技术模型的接入可以帮助 提升学伴机器人的语音交互效果、提升用户体验，但对公司经营基本面无重大影响。 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 02 月 24 日 [Table_Title] 春节假期，旅游市场迎来"开门红" [Table_Title2] 社服零售行业周报 河南发布数据显示，春节假期，河南省接待国内游客 6281 万 人次，旅游收入 376.3 亿元，按可比口径接待人次同比增长 9.1%，旅游收入同比增长 9.6%。 四川省文化和旅游厅数据显示，春节假期，全省共接待游客 5860.97 万人次、旅游总花费 445.74 亿元，同比分别增长 14.68%、13.35%。 海南省旅游和文化广电体育厅数据显示，春节假期，海南接 待游客 1232.05 万人次，实现游客总花费 183.66 亿元，同比 分别增长 28.9%、30.7%。 吉林发布数据显示，据银联商务公司大数据测算，春节假 期，全省接待国内游客量、国内游客出游总花费较 2025 年春 节假期分别增长 26.9%、24.9%，日均分别增长 11.1%、 10.9%。 [Table_Summary] ► 史上最长春节假期，多地旅游市场迎来"开门红" 北京市文化和旅游局数据显示，春节假期，北京累计接待游 客 1984 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 02 月 24 日 [Table_Title] 春节假期，旅游市场迎来"开门红" [Table_Title2] 社服零售行业周报 [Table_Summary] ► 史上最长春节假期，多地旅游市场迎来"开门红" 北京市文化和旅游局数据显示，春节假期，北京累计接待游 客 1984.3 万人次，实现旅游总花费 331.4 亿元。 上海市文化旅游局数据显示，据上海旅游大数据监测，春节 假期，全市共接待游客 2167.21 万人次，同比增长 8.36%（按 可比口径，下同）；上海地区含吃、住、行、游、购、娱等全 要素旅游消费交易总金额为 256.14 亿元，同比增长 20.90%； 全市宾旅馆平均客房出租率为 50.60%，同比增长 3.10 个百分 点。 重庆市文化旅游委数据显示，春节假期，全市重点监测的 130 家 A 级景区累计接待游客 1260 万人次，同比增长 5.6%；重点 监测的 10 家旅游休闲街区累计接待游客 492.5 万人次，同比 增长 19.3%。 湖南省文旅厅数据显示，根据手机信令大数据建模统计，春 节假期全省累计接待游客 ...

Investment Rating - The report maintains a "Recommendation" rating for the education industry, indicating a positive outlook for the sector [2]. Core Insights - The education industry is expected to experience a "three-dimensional resonance" with policy improvements, supply clearing, and demand release, shifting the investment logic from policy-driven to performance-driven. The industry is also seen as having relatively low valuations, with potential for a "Davis Double Play" in performance and valuation under policy support [8][26]. - The integration of AI in education is highlighted as a key investment theme, with leading education companies likely to benefit from the "AI + Education" trend [8][26]. Summary by Sections 1. Industry Policy Dynamics - On February 9, the Guangdong Provincial Education Department issued guidelines to standardize enrollment practices in primary and secondary schools, effective from March 10, 2026, for five years [11]. - The Jiangsu Province introduced an action plan for AI and intellectual property from 2026 to 2030, promoting the integration of AI with intellectual property to foster interdisciplinary talent [11]. - The Ministry of Education emphasized the importance of high-quality Sino-Russian educational cooperation, focusing on vocational education and joint research platforms [11]. - The establishment of the Aerospace Intelligent College at Hainan University aims to align educational offerings with high-end industry needs [11]. - A new opinion from the Ministry of Education calls for reforms in vocational education to address industry disconnects and enhance adaptability [11]. 2. Individual Stock Dynamics - China Oriental Education forecasted a 46%-51% increase in net profit for 2025, driven by a 6% increase in new student registrations and a 12% revenue growth [14]. - Huatu Shanding's major shareholder had a portion of shares released from freeze, while Zhonggong Education's shareholder released a significant number of pledged shares [14]. 3. Market Performance - The education sector outperformed the CSI 300 index, with the CITIC Education Index rising by 1.16% compared to the CSI 300's 0.36% increase during the week of February 9-13, 2026 [15]. - The best-performing stocks in the education sector included Doushen Education (+6.31%), Qinsong Shares (+5.03%), and Kede Education (+3.36%) [20]. 4. Investment Recommendations - The report suggests focusing on three main investment lines: 1. "AI + Education" with a positive outlook for Kevin Education and Kede Education as potential leaders 2. Performance and valuation resonance with Action Education, Xueda Education, and Angli Education showing significant valuation advantages 3. Second growth curve opportunities with Botong Shares actively seeking new growth avenues [26].

Investment Rating - The report maintains a "Recommendation" rating for the education industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The education industry is expected to experience a "three-dimensional resonance" with policy improvements, supply clearing, and demand release, shifting the investment logic from policy-driven to performance-driven. The industry is also seen as having relatively low valuations, with potential for a "Davis Double Play" in performance and valuation under policy support [8][26]. - The integration of AI in education is highlighted as a key investment theme, with leading education companies likely to benefit from the "AI + Education" trend [8][26]. Summary by Sections 1. Industry Policy Dynamics - On February 9, the Guangdong Provincial Education Department issued guidelines to standardize enrollment practices in primary and secondary schools, effective from March 10, 2026, for five years [11]. - The Jiangsu Province introduced an action plan for AI and intellectual property from 2026 to 2030, promoting the integration of AI with education and supporting interdisciplinary talent development [11]. - The Ministry of Education emphasized the importance of high-quality cooperation in vocational education with Russia, focusing on talent cultivation and joint research [11]. - The establishment of the Aerospace Intelligent College at Hainan University aims to align educational offerings with high-end industry needs [11]. - The Ministry of Education released opinions on reforming vocational education, focusing on industry collaboration and the introduction of new majors in emerging fields [11]. 2. Individual Company Dynamics - China Oriental Education announced a positive profit forecast, expecting a 46%-51% increase in net profit for 2025, driven by a 6% increase in new student registrations [14]. - Huatu Shanding's major shareholder had some shares released from freezing, while Zhonggong Education's shareholder completed the release of pledged shares [14]. 3. Market Performance - The education sector outperformed the CSI 300 index, with the CITIC Education Index increasing by 1.16% compared to the CSI 300's 0.36% during the week of February 9-13, 2026 [15]. - The best-performing stocks in the education sector included Doushen Education (+6.31%), Qinsong Shares (+5.03%), and Kede Education (+3.36%), while the worst performers were ST Kaiyuan (-7.06%), Huatu Shanding (-3.92%), and Angli Education (-2.45%) [20]. 4. Investment Recommendations - The report recommends focusing on three main investment lines: (1) "AI + Education" with a focus on Kevin Education and Kede Education as potential leaders; (2) performance and valuation resonance with Action Education, Xueda Education, and Angli Education showing significant valuation advantages; (3) exploring second growth curves with Botong Shares [26].

证券代码：300010 证券简称：豆神教育 公告编号：2026-002 豆神教育科技（北京）股份有限公司 关于非独立董事退休辞职的公告 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、误导性陈述或重大遗漏。 截至本公告披露日，王辉先生持有公司股份 416,000 股，王辉先生辞职后， 将继续严格遵守《上市公司董事和高级管理人员所持本公司股份及其变动管理规 则》《深圳证券交易所上市公司自律监管指引第 18 号——股东及董事、高级管 理人员减持股份》等有关法律法规及规范性文件的相关要求；王辉先生不存在应 当履行而未履行的承诺事项。 王辉先生在任职期间恪尽职守、勤勉尽责，为公司可持续发展发挥了积极作 用，董事会对其任职期间所做出的贡献表示衷心的感谢！ 二、备查文件 1、《辞职报告及持股情况说明》。 特此公告。 1 一、非独立董事退休辞职情况 豆神教育科技（北京）股份有限公司董事会 2026 年 2 月 13 日 一、非独立董事退休辞职情况 豆神教育科技（北京）股份有限公司（以下简称"公司"）董事会于近日收 到公司非独立董事、副董事长王辉先生的书面辞职报告，因已到法定退休年龄， 王辉先生申请 ...

Summary of Conference Call Notes Company and Industry Involved - The focus is on Dongwu Media, specifically in the AI education sector, highlighting the company's advancements in AI applications and product offerings related to education [1]. Core Points and Arguments - Dongwu Media has embraced AI comprehensively, enhancing its product matrix with self-developed educational AI models, particularly the "Dou Shen AI" model, which is supported by Zhipu Huazhang technology [1]. - The company has launched several AI products, including: - **AI Dual Teacher**: This product captures the teaching methodologies and styles of core teachers, expanding the reach of the teaching team [1]. - **Super Training Ground**: This integrates knowledge graphs and adaptive algorithms to provide instant diagnostics, error tracing, and process evaluation services, visualizing conceptual skills [1]. - In July 2025, the combined sales of the AI Dual Teacher and Super Training Ground reached over 30 million within just six days [1]. Additional Important Content - The company projects that by 2026, revenue from the Super Training and AI hardware will account for over 60% of total revenue, indicating a full transition to AI-driven business operations [2]. - There is an expectation for product upgrades in the Super Training segment in 2026, along with an optimization of the subscription-based business model [2]. - Other companies of interest in the AI education space include Southern Media, Vision Source, and Rongxin Culture, suggesting potential competitive dynamics and market opportunities [2].

Group 1 - The article discusses the growing trend of AI-generated video content across various industries, highlighting companies leveraging AI technology to enhance content creation and distribution efficiency [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][53][54][55][56][57][58][59][60][61] Group 2 - Companies like 中文在线 and 捷成股份 are utilizing AI to transform scripts and text into video content, thereby reducing production barriers and enhancing IP monetization [1][2] - 万兴科技 and 流金科技 are focusing on AI video generation tools to support various sectors, including e-commerce and broadcasting, indicating a shift towards integrating AI in traditional industries [4][5] - The article emphasizes the potential for significant revenue growth as demand for AI-generated video content surges, with companies like 当虹科技 and 昆仑万维 already seeing rapid growth in their AI-related product revenues [9][10][11]

Core Viewpoint - The company, Fushi Holdings, has been facing continuous financial losses since 2017, with a total accumulated loss expected to reach approximately 14.36 billion to 14.99 billion yuan by 2025 [12][36]. Group 1: Company Overview - Fushi Holdings, formerly known as Huayi Jaxin, was once a leading offline marketing service provider in China, achieving a revenue peak of 3.453 billion yuan and a net profit of 123 million yuan in 2016 [12][34]. - The company underwent a restructuring process in 2021 and was renamed Fushi Holdings in July 2022, but has struggled to recover from its financial difficulties [12][34]. Group 2: Recent Developments - On February 1, 2025, Fushi Holdings announced that its actual controller, Chairman, and General Manager Chen Yongliang was placed under investigation, leading to a significant drop in the company's stock price by 19.36% on February 2, closing at 5.83 yuan per share [2][23]. - Following the investigation news, the company's market capitalization was reported at 6.063 billion yuan [2][23]. Group 3: Financial Performance - Fushi Holdings has reported continuous losses, with net losses of 21.45 million yuan in 2023 and 131 million yuan in 2024, and an expected loss of 67 million to 130 million yuan for 2025 [36][14]. - The company has been heavily reliant on the automotive industry, with revenue from this sector increasing from 26.06% in 2016 to 81.66% in 2024, exposing it to significant industry risks [14][35]. Group 4: Compensation Obligations - Fushi Holdings entered into a performance compensation agreement with its controlling shareholder, Fushi Assets, which committed to covering any shortfall in net profit over three years from 2022 to 2024, with a total expected compensation of approximately 5.59 billion yuan [38][39]. - As of January 16, 2026, Fushi Assets had only paid 71.2 million yuan of the compensation, leaving a balance of 4.88 billion yuan outstanding, raising concerns about its ability to fulfill this obligation [40][39]. Group 5: Legal Issues - The company has faced numerous legal disputes, with small claims totaling 5.1272 million yuan, which represents 3.56% of its latest audited net assets [41][42]. - Ongoing litigation includes contract disputes with various parties, indicating potential operational challenges [41][42].

Market Overview - The education sector experienced a decline of 0.26% on February 4, with Chuangye Heima leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - ST Kaiyuan (300338) saw a closing price of 3.85, with an increase of 5.48% and a trading volume of 197,000 shares, amounting to 74.93 million yuan [1] - ST Guohua (600636) closed at 8.78, up 1.27%, with a trading volume of 40,700 shares, totaling 35.74 million yuan [1] - Dongshen Education (603377) closed at 3.60, down 1.91%, with a trading volume of 84,100 shares, amounting to 30.50 million yuan [2] - Xueda Education (000526) closed at 37.85, down 1.10%, with a trading volume of 16,700 shares, totaling 6.29 million yuan [2] Capital Flow Analysis - The education sector saw a net outflow of 47.31 million yuan from institutional investors, while retail investors had a net inflow of 52.09 million yuan [2] - The main capital inflow was observed in Dou Shen Education (300010) with a net inflow of 50.51 million yuan, representing 9.19% of its trading volume [3] - ST Guohua (600636) experienced a net outflow of 2.00 million yuan, accounting for 5.60% of its trading volume [3]