证券代码：300010 证券简称：豆神教育 公告编号：2025-035 豆神教育科技（北京）股份有限公司 第六届监事会第六次会议决议公告 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 同意 3 票，反对 0 票，弃权 0 票。 公司监事对《2025 年第三季度报告》签署了书面确认意见。 《2025 年第三季度报告》具体内容详见公司同日在《证券时报》《中国证 券报》《上海证券报》《证券日报》及巨潮资讯网（http://www.cninfo.com.cn） 上披露的公告。 1 三、备查文件 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 六次会议于 2025 年 10 月 24 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 10 月 17 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 ...

一、董事会会议召开情况 证券代码：300010 证券简称：豆神教育 公告编号：2025-034 豆神教育科技（北京）股份有限公司 第六届董事会第八次会议决议公告 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。 同意 9 票，反对 0 票，弃权 0 票。 豆神教育科技（北京）股份有限公司（以下简称"公司"）第六届董事会第八 次会议于 2025 年 10 月 24 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 10 月 17 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 1、审议通过《2025 年第三季度报告》 公司董事会认真审议了公司《2025 年第三季度报告》，认为公司 2025 年第三 季度报告 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥326,977,059.41, representing a 44.05% increase year-over-year[5] - The net profit attributable to shareholders was a loss of ¥12,097,998.83, a decline of 128.96% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥23,440,232.82, down 155.93% year-over-year[5] - Basic and diluted earnings per share were both -¥0.0059, a decrease of 127.88% compared to the previous year[5] - The net profit for the current period was 69,740,857.31, reflecting a 36.13% decline from the previous period's 109,189,577.14, mainly due to increased sales expenses[10] - Net profit for the current period was ¥69,740,857.31, a decrease of 36.1% from ¥109,189,577.14 in the previous period[21] Cash Flow - The operating cash flow net amount for the year-to-date was a negative ¥238,646,326.63, reflecting a significant decline of 1,087.85%[5] - The company reported a significant decrease in cash flow from operating activities, indicating potential liquidity challenges[5] - The cash flow from operating activities showed a significant decline, with a net outflow of -238,646,326.63 compared to a positive inflow of 24,158,257.61 in the previous period, driven by higher marketing costs[10] - The net cash flow from operating activities was -238,646,326.63, a decrease from 24,158,257.61 in the previous period[24] - Cash inflow from operating activities totaled 790,868,026.90, compared to 658,640,803.00 in the prior year, indicating a year-over-year increase of approximately 20%[24] - Cash outflow from operating activities increased significantly to 1,029,514,353.53 from 634,482,545.39, representing a rise of about 62%[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,392,746,233.25, an increase of 1.83% from the end of the previous year[5] - Total current assets decreased from 1,199,667,195.70 RMB at the beginning of the period to 1,144,700,075.62 RMB at the end[17] - Total liabilities decreased to ¥640,307,232.03 from ¥736,385,935.07, a reduction of 13.0%[19] - The company's financial assets decreased by 56.46% to 24,233,485.43, primarily due to the redemption of financial products during the period[9] Shareholder Information - The total number of common shareholders at the end of the reporting period is 100,518[12] - The largest shareholder, Dou Xin, holds 18.29% of the shares, totaling 378,068,362 shares[12] - The proportion of shares held by the top 10 shareholders remains stable, with no significant changes reported[14] Research and Development - Research and development expenses decreased by 77.70% to 3,286,159.55, primarily due to a reduction in capitalized R&D costs[10] - Research and development expenses decreased to ¥3,286,159.55 from ¥14,734,174.78, a decline of 77.7%[20] Marketing and Sales - The company reported a significant increase in sales expenses, totaling 464,341,878.19, which is a 300.15% rise attributed to increased marketing efforts[10] - The company launched new AI education products, "AI Dual Teacher" and "AI Super Training Ground," generating approximately 50 million RMB in revenue in Q3[15] - The company aims to expand its AI education product offerings and enhance the overall user experience[15] - The company is focusing on integrating AI technology into educational scenarios to improve quality and effectiveness[14] Other Financial Metrics - Non-recurring gains and losses totaled ¥11,342,233.99 for the current period, compared to ¥47,825,778.62 for the year-to-date[6] - The company's long-term equity investments were fully disposed of, resulting in a 100% decrease in this asset category[9] - The company confirmed a 39.58% increase in prepayments, amounting to 41,732,830.42, due to business scale growth and ongoing orders[9] - Total operating costs amounted to ¥770,440,461.86, up 56.7% from ¥492,030,012.37 in the prior period[20] - The company's goodwill remained stable at ¥296,125,209.25, slightly increasing from ¥295,131,246.05[19] Audit and Compliance - The company did not undergo an audit for the third quarter financial report[26]

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by over 10% in the next six months [29]. Core Insights - In the first three quarters of 2025, domestic residents' travel increased by 18.0% year-on-year, with travel expenditures rising by 11.5%. Despite significant growth in overall travel, the per capita consumption growth is lagging [18][29]. - The report suggests focusing on stable sectors such as scenic spots and dining, while also highlighting the need for differentiation and high-end strategies in the hotel sector due to competitive pressures [29]. - The report indicates that 37 companies in the industry achieved positive returns, with the top five performers being Dalian Shengya, Changbai Mountain, China High-Tech, Fangzhi Technology, and ST Dongshi, showing increases of 48.16%, 19.93%, 19.07%, 18.11%, and 11.93% respectively [12][29]. Summary by Sections Market Review - The CITIC consumer services industry index rose by 1.12% from October 10 to October 23, 2025, outperforming the CSI 300 index by approximately 3.31 percentage points [7]. - The tourism and hotel sectors showed signs of recovery after previous declines, with the tourism leisure sector increasing by 1.77% and hotel dining by 1.89% during the same period [8][12]. Industry News - In the first three quarters of 2025, domestic travel reached 4.998 billion trips, an increase of 761 million trips compared to the previous year [18]. - The adjustment of the Hainan duty-free policy includes an expansion of duty-free categories and allows island residents to purchase duty-free items [20]. - The hotel industry continues to experience structural recovery, with 299 new hotels opening in September 2025, although asset liquidity remains under pressure [23]. Company Announcements - Notable companies to watch include Jinjiang Hotels, Changbai Mountain, Emei Mountain A, and Xiangyuan Cultural Tourism, which are expected to benefit from the recovery in leisure travel [30]. - The report also highlights the potential benefits for the education and human resources service sectors due to anticipated policy support [29].

Market Overview - The education sector experienced a decline of 0.25% on October 24, with ST Dongshi leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Individual Stock Performance - Notable gainers included: - Guomai Technology (002093) with a closing price of 11.52, up 1.77% and a trading volume of 193,600 shares [1] - ST Chuan Zhi (003032) closed at 6.74, up 0.60% with a trading volume of 41,800 shares [1] - Angli Education (600661) closed at 10.65, up 0.47% with a trading volume of 39,500 shares [1] - Notable decliners included: - ST Dongshi (603377) closed at 3.54, down 3.28% with a trading volume of 149,900 shares [2] - Dou Shen Education (300010) closed at 7.06, down 2.49% with a trading volume of 730,200 shares [2] - Quantu Education (300359) closed at 5.56, down 0.89% with a trading volume of 71,200 shares [2] Capital Flow Analysis - The education sector saw a net outflow of 243 million yuan from institutional investors, while retail investors contributed a net inflow of 174 million yuan [2] - The net inflow from speculative funds was 69.54 million yuan [2] Detailed Capital Flow for Selected Stocks - Guomai Technology (002093) had a net inflow of 25.47 million yuan from institutional investors, while it saw a net outflow of 13.26 million yuan from speculative funds [3] - ST Chuan Zhi (003032) experienced a net inflow of 4.85 million yuan from institutional investors, but a net outflow of 3.23 million yuan from speculative funds [3] - ST Kaiyuan (300338) had a significant net outflow of 4.32 million yuan from institutional investors, while speculative funds contributed a net inflow of 1.35 million yuan [3]

Core Viewpoint - The education sector experienced a slight increase of 0.11% on October 23, with Action Education leading the gains. The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1]. Group 1: Stock Performance - Action Education (605098) closed at 41.30, with a rise of 3.51% and a trading volume of 74,400 shares, amounting to a transaction value of 319 million yuan [1]. - Other notable performers included *ST Chuan Zhi (003032) with a closing price of 6.70, up 1.36%, and Quanta Education (300359) at 5.61, up 0.90% [1]. - The overall trading activity in the education sector showed mixed results, with some stocks experiencing gains while others faced declines [2]. Group 2: Capital Flow - The education sector saw a net outflow of 110 million yuan from institutional investors, while retail investors contributed a net inflow of 120 million yuan [2]. - The capital flow data indicated that major stocks like China High-Tech (600730) had a net inflow of 5.27 million yuan from institutional investors, while stocks like *ST Dong Shi (603377) faced significant outflows [3]. - The overall sentiment in the education sector appears to be cautious, with institutional investors pulling back while retail investors remain active [2][3].

证券之星消息，10月20日教育板块较上一交易日上涨0.85%，*ST传智领涨。当日上证指数报收于 3863.89，上涨0.63%。深证成指报收于12813.21，上涨0.98%。教育板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 003032 | *ST传智 | 6.42 | 3.05% | 6.43万 | liv 4093.55万 | | 300688 | 创业等号 | 28.30 | 2.50% | 4.97万 | 1.40亿 | | 605098 | 行动教育 | 40.60 | 1.88% | 2.47万 | 9886.45万 | | 300359 | 全通教育 | 5.42 | 1.88% | 5.74万 | 3095.10万 | | 300192 | 科德教育 | 17.41 | 1.81% | 12.24万 | 2.14亿 | | 300010 | 豆神教育 | 7.29 | 1.53% | 35.51万 | 2.58亿 | | 600636 | *ST国化 ...

Summary of Conference Call on Education Sector Performance and Strategies Industry Overview - The AI education sector is expected to mature gradually between 2025 and 2026, with significant growth in new orders for Dou Shen Education on the Douyin platform, leading to a projected triple-digit increase in revenue from high UP value courses [1][2][3] - The "Super Practice Field" products have achieved cumulative sales exceeding 50 million, with expectations for continued growth [1][2] - Kevin Education's collaboration with Zhipu Huazhang aims to promote AI inclusive projects in Beijing's school system, with anticipated revenue contributions of 100 to 200 million next year [1][3] - The public examination industry is becoming more decentralized, with increased demand and improved supply-side conditions potentially leading to a turning point [1][4] Key Insights and Arguments - The AI education sector is entering a growth phase, with companies experiencing rapid iteration and acceleration in business operations [2] - Dou Shen Education reported a 200% to 600% year-on-year increase in new orders on Douyin, translating into significant revenue growth [2] - The introduction of AI system classes by Fenbi has led to a substantial increase in order volume, with daily orders reaching 14,000 after the national exam registration began [1][3][7] - Eastern Education is experiencing a turnaround, with projected profit growth nearing 1 billion next year due to changes in the employment environment and public finance [1][4][10] Additional Important Points - Traditional education leaders like New Oriental and TAL Education are seeing valuation recovery due to a slowdown in expansion and improved service standardization [5][6] - The AI system class has a high profit margin, and despite a 20% decline in large class offerings, it is expected to significantly boost profits if participation reaches over 400,000 next year [8][9] - Recommendations for investment include Eastern Education and Action Education, both showing strong growth potential and favorable market conditions [10] - The long-term outlook for AI education products is positive, with rapid improvements in quality and market penetration expected [12]

Market Overview - On October 17, the education sector declined by 2.68%, with Chuangye Heima leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - ST Dongshi (603377) closed at 3.52, up 1.15% with a trading volume of 144,200 shares and a turnover of 50.35 million yuan [1] - China High-Tech (600730) closed at 9.00, up 1.01% with a trading volume of 286,600 shares and a turnover of 257 million yuan [1] - Other notable declines include Chuangye Heima (300688) down 6.53% to 27.61, and Kede Education (300192) down 5.26% to 17.10 [2] Capital Flow Analysis - The education sector experienced a net outflow of 284 million yuan from institutional investors, while retail investors saw a net inflow of 254 million yuan [2] - The main capital inflow and outflow for selected stocks indicate varying investor sentiment, with ST Guohua (600636) seeing a significant net outflow of 490,420 yuan from institutional investors [3] Summary of Key Stocks - ST Dongshi (603377) had a net outflow of 755,840 yuan from institutional investors, while retail investors contributed a net inflow of 368,000 yuan [3] - ST Ka Yuan (300338) and All-in-One Education (300359) also showed negative net inflows from institutional investors, indicating a cautious outlook among larger investors [3]

Group 1 - The core point of the news is the increasing severity of regulatory actions against financial fraud in the Chinese stock market, exemplified by the termination of ST Yuancheng's listing due to serious financial misconduct [1] - The new delisting rules implemented in April 2024 allow for companies to be delisted after one year of serious fraud, expanding the scope of delisting [3] - Since the new rules were enacted, over 50 companies have been terminated or entered delisting procedures, indicating a significant increase in delisting efficiency [3] Group 2 - ST Zhuolang's case illustrates the extent of financial fraud, with the company inflating revenue by 1.815 billion yuan through fictitious business operations from 2018 to 2022 [3] - ST Zhongcheng's fraudulent activities spanned six years, with profits inflated by over 1.3 billion yuan through methods such as falsifying project progress [5] - The trend of delisting due to stock prices falling below 1 yuan has become prevalent, with over 60% of delisted companies in 2025 falling into this category [5] Group 3 - Regulatory technology has improved the detection of fraud, with GPS data revealing discrepancies in reported logistics activities [10] - Satellite imagery has been utilized to verify claims made by companies, such as agricultural coverage, effectively curbing asset inflation attempts [11] - The number of regulatory inquiries has increased by 40% in the first half of 2025, with over 60% targeting abnormal financial data [18] Group 4 - The market is experiencing a shift in investor sentiment, with a notable decrease in trading volume coinciding with an increase in delisted companies [13] - Institutional investors are adjusting their strategies, reducing exposure to small-cap and low-liquidity stocks to historic lows [13] - Retail investors face significant challenges, with average losses exceeding 70% for those holding delisted stocks [15] Group 5 - The emergence of innovative drug companies contrasts sharply with the wave of delistings in traditional industries, highlighting a structural shift in market resource allocation [15] - The introduction of supportive policies for the smart terminal industry aims to accelerate capital flow towards emerging sectors [15] - Breakthroughs in nuclear fusion technology showcase the potential of tech-driven companies, contrasting with the fates of fraudulent firms [16]