Core Viewpoint - The event held in Guangzhou on May 15 aims to accelerate the digital transformation of education in the city, showcasing the integration of artificial intelligence (AI) in educational practices and outlining future measures for AI education development [1][2]. Group 1: AI Integration in Education - Since 2018, Guangzhou has been exploring the introduction of AI education courses in pilot primary and secondary schools, with over 1,500 schools now implementing AI education, benefiting more than 2 million students [2]. - The Guangzhou Education Bureau emphasizes a strategy of "three integrations" to promote AI and education innovation, focusing on industry-education integration, intelligent education integration, and holistic education integration [2]. Group 2: Curriculum Development - The city plans to innovate talent cultivation by restructuring the curriculum, introducing AI enlightenment laboratories in elementary schools, and developing project-based courses like "AI + Cantonese Culture" in middle schools [3]. - High school students will have access to innovation workshops focused on large model applications, fostering a curriculum chain that includes foundational knowledge, specialized expansion, and elite innovation [3]. Group 3: Future Plans - Over the next three years, Guangzhou aims to transition AI education from "popularization" to "deepening" and from "pilot" to "full-scale" implementation, guided by the outlined measures [3].

人工智能是引领新一轮科技革命和产业变革的重要驱动力。推进中小学人工智能通识教育，促进人工智 能赋能教育改革创新，广州何为？今年4月28日，广州市教育局印发《关于深化广州市中小学人工智能 与教育融合创新的若干措施（2025—2027年）》（以下简称《措施》），从六大方面提出若干举措，深 化推进中小学人工智能教育的融合创新与范式升级，提升师生人工智能素养。 从小规模试点探索人工智能教育实验，到2023年实现全市中小学人工智能通识教育普及，再到2025年提 出深化人工智能与教育融合创新的若干措施，广州在人工智能教育方面走在前列，在实践中形 成"1+8"模式，通过教材编写、课时保障、平台建设、教师培训、"政企学研"多主体协同合作等举措， 推动人工智能教育普及覆盖全市超过1500所学校，惠及200多万名学子，让学生更好地拥抱科技、拥抱 人工智能，培养对科学创新的兴趣、思考和探索精神。 先行先试推动1—8年级人工智能教育普及 在布局人工智能教育的过程中，广州探索试点实验、政学研企横向联动、市区校三级纵向推进，提 出"1+8"即"一个平台+八大体系"推进模式——广州通过搭建"广州中小学人工智能教学平台"，从政策、 资源、教 ...

Investment Rating - The investment rating for the company is "Buy" [2][58] Core Viewpoints - The company has completed its restructuring and is transitioning to non-subject education services, focusing on enhancing literary quality through innovative AI courses [7][13][58] - The company has launched its self-developed AI education model, "Dou Shen Ci Yuan," and is expected to see rapid growth in both live and AI courses [7][58] - The financial outlook shows a significant recovery with projected net profits increasing substantially over the next few years [5][53][55] Summary by Sections 1. Restructuring and Business Transition - The company completed its restructuring in December 2023, with a new shareholding structure where Dou Xin holds 18.3% of shares, becoming the controlling shareholder [14][15] - The business model has shifted from traditional exam-oriented tutoring to quality education services, including arts education and live e-commerce sales [13][14] 2. Business Analysis: Recorded and Live Courses - The recorded courses are primarily based on the "New L" series, focusing on cultural and literary education [16] - Live courses include the "Wang Zhe" class, which has been running since 2017, and new offerings like "Xiao Wang Zhe" and "Dou Shen Gui Lai" launched in 2024 [18][21][22] 3. Financial Analysis - The company experienced a decline in revenue from 2020 to 2023 due to the pandemic and regulatory policies, but signs of recovery are evident with a slight revenue drop of only 0.6% in Q1 2025 [49][52] - The gross margin has improved significantly, reaching 62.3% in Q1 2025, surpassing pre-pandemic levels [46][49] 4. Potential Growth Drivers - Growth is expected from existing literary courses, expansion into other subjects, and the promotion of AI live courses [56] 5. Profit Forecast and Investment Recommendations - Projected net profits for 2025, 2026, and 2027 are 2.1 billion, 3.1 billion, and 4.0 billion respectively, with significant year-on-year growth rates [5][55] - The company is recommended for investment based on its strong market position and innovative educational offerings [58]

日前，教育部基础教育教学指导委员会发布《中小学人工智能通识教育指南(2025年版)》和《中小学生 成式人工智能使用指南(2025年版)》(以下简称《通识教育指南》和《使用指南》)，旨在科学规范推进 人工智能全学段教育，进一步落实培养具有人工智能素养的创新人才的重要举措，为全球教育领域应对 技术变革贡献中国方案。 《通识教育指南》明确指出各学段人工智能通识教育培养目标，通过螺旋式课程设计实现从认知启蒙到 创新实践的素养发展。小学阶段注重兴趣培养与基础认知，初中阶段强化技术原理与基础应用，高中阶 段注重系统思维与创新实践，通过知识、技能、思维与价值观的有机融合，培育四位一体的人工智能素 养。围绕人工智能教育与中小学日常教学深度融合的目标，《通识教育指南》从课程体系构建、教学模 式创新、实践活动整合等维度提出系统性实施路径，推动人工智能教育常态化、实效化开展。 作为国内科技教育行业头部企业，盛通股份（002599）近年来积极响应国家战略，加码布局人工智能教 育相关领域业务，研发并搭建青少年人工智能相关课程及平台。公开信息显示，盛通股份的人工智能学 习平台专为中小学生设计，充分考虑了这一年龄段学生的认知水平和学习需求 ...

Core Viewpoint - The Ministry of Education has released the "Guidelines for Artificial Intelligence General Education in Primary and Secondary Schools (2025 Edition)", which outlines the objectives, methods, and implementation strategies for AI education, emphasizing the need for collaboration among families, social institutions, and external resources to ensure effective and safe AI education [1][2]. Summary by Sections Objectives and Principles - The goal of AI education is to popularize technical principles, application scenarios, and ethical safety, fostering students' innovative thinking and core competencies. This reflects the increasing demand for AI skills in the job market and the need for educational reform to cultivate "new quality talents" [2]. - Key principles include "proactive leadership and equitable access," ensuring that AI education is available to all students, including those in rural areas, through initiatives like a national smart education platform [2][3]. Implementation and Collaboration - The guidelines stress the importance of multi-party participation, indicating that schools alone cannot achieve the goals of AI education. Parents, enterprises, and social institutions must collaborate, with schools leading the initiative [3]. - Enterprises are encouraged to engage in educational activities, such as organizing practical experiences and developing age-appropriate AI tools, to enhance students' hands-on experience with AI technologies [3]. Challenges and Controversies - The implementation of AI education faces challenges, including concerns about whether AI tools serve as "learning assistants" or "thinking killers," and whether educational resource disparities will be exacerbated by AI [4]. - Ethical considerations regarding AI usage and potential biases are also highlighted, raising questions about the appropriateness of introducing AI concepts to younger students [4]. Curriculum and Teaching Methods - The guidelines outline a phased approach to AI education across different educational stages: - Elementary: Focus on experiential learning and safety awareness, fostering interest in AI [5]. - Middle School: Shift towards practical problem-solving using AI, encouraging students to address social issues [5]. - High School: Emphasize systematic thinking and social responsibility, exploring the broader implications of AI technology [5]. - Teaching methods should balance tool usage with critical thinking, integrating AI with traditional subjects to enhance students' analytical skills [6]. Teacher Training and Resource Allocation - Teacher training is crucial, with a focus on developing both foundational knowledge and practical application of AI in teaching. The guidelines suggest incorporating AI teaching capabilities into teacher training systems [7]. - Resources should be allocated strategically, with an emphasis on infrastructure, teacher quality, pilot programs, and equitable distribution of educational resources [6][7]. Conclusion - The release of the "Guidelines for Artificial Intelligence General Education" marks a significant step towards the widespread adoption of AI education, emphasizing a long-term commitment to developing future-ready students rather than a short-term trend [8].

Important Market News - US stock markets surged due to positive developments in US-China trade negotiations, with the Nasdaq rising 4.35%, S&P 500 up 3.26%, and Dow Jones increasing by 1160.72 points (2.81%) [1] - Major tech stocks saw significant gains, including Amazon up over 8%, Meta up over 7%, and Apple, Tesla, Nvidia, Google, and Intel all rising over 3% [1] - The Nasdaq Golden Dragon China Index rose 5.4%, with notable increases in Chinese concept stocks such as WeRide up over 27% and XPeng, Bilibili, JD.com, and Pinduoduo all up over 6% [1] Industry Insights - Huawei and UBTECH signed a comprehensive cooperation agreement focusing on embodied intelligence and humanoid robots, aiming to enhance product technology and application scenarios [3] - The humanoid robot industry is expected to see significant growth, with a market size projected to exceed 1 trillion yuan by 2026, driven by advancements in AI and robotics [3] - A research team from the University of Electronic Science and Technology of China announced the world's first gallium nitride quantum light source module, which is crucial for quantum internet technology [4] - The gallium nitride quantum light source module is expected to enhance information security and processing capabilities, potentially benefiting sectors like artificial intelligence [4] - Eli Lilly published results showing that its dual receptor agonist tirzepatide led to a 20.2% average weight loss in patients, outperforming the single receptor agonist semaglutide, which resulted in a 13.7% weight loss [5] - The global obesity treatment market is anticipated to grow, with GLP-1 drugs becoming increasingly accessible, especially if included in the WHO's essential medicines list [6] - The Ministry of Education in China released guidelines for AI education in primary and secondary schools, aiming to integrate AI into the education system and promote personalized learning [7] - The demand for AI in education is expected to rise significantly, with various companies investing in AI model development for educational applications [7] Company Updates - Ruineng Technology announced plans for its controlling shareholder to reduce its stake by up to 600,000 shares, representing 2.89% of the total shares [8] - Jiejia Weichuang's controlling shareholder plans to reduce its holdings by up to 180,000 shares, accounting for 0.52% of the total shares [8] - Boyun New Materials disclosed that a shareholder intends to reduce its stake by up to 17.2 million shares, or 3% of the total shares, within three months [8] - Longda Co. announced that a shareholder plans to reduce its holdings by up to 246,860 shares, representing 1% of the total shares [9]

Core Viewpoint - The integration of AI technology in education, particularly through the Tencent Youth AI Education Platform, is transforming traditional teaching methods in Chinese language classes, enhancing student engagement and understanding of classical poetry and Chinese characters. Group 1: AI Integration in Education - The implementation of the AI+ interdisciplinary curriculum is becoming a daily learning practice for students, allowing them to create visual representations of poetry through AI tools [1][3] - The AI drawing feature enables students to experience the vivid imagery of classical poetry, enhancing their comprehension and appreciation of the texts [3][5] Group 2: Educational Outcomes - The use of AI tools has led to a 23% increase in the accuracy of students' understanding of poetic imagery during language tests, with 41 student works selected for a campus AI youth creation competition [5] - The project-based learning framework, "Exploring the Mystery of Chinese Characters," has resulted in 45 specific case studies, promoting the integration of traditional culture and technology [7] Group 3: National Policy and Implementation - The initiative aligns with national policies aimed at strengthening AI education in primary and secondary schools, with a plan to implement AI education in 100 schools starting in 2024 [1][9] - The Tencent Youth AI Education Platform is being utilized in over 20,000 schools across more than 300 cities, providing resources and tools to facilitate AI teaching [9]

《中小学生成式人工智能使用指南（2025年版）》则秉持"应用为王、治理为基"的理念，紧密围绕生成 式人工智能在中小学教育中的应用场景，明确各学段使用规范，确保技术安全、合理、有效地辅助教 学、促进学生个性化学习、推动教育管理智能化，同时严守数据安全、伦理道德底线。在"政-校-企-家- 社"多方协同下，既释放技术赋能教育的创新潜能，又筑牢教育主阵地的价值根基。 这两项指南的落地实施，将有助于提升中小学生的人工智能素养，推动人工智能与中小学教育教学深度 融合，促进教育教学模式创新，构建安全高效、公平普惠的人工智能教育新生态，为培养适应时代发展 的创新人才奠定坚实基础。 近日，教育部基础教育教学指导委员会发布《中小学人工智能通识教育指南（2025年版）》和《中小学 生成式人工智能使用指南（2025年版）》。此次发布的两项指南是科学规范推进人工智能全学段教育， 进一步落实培养具有人工智能素养的创新人才的重要举措，为全球教育领域应对技术变革贡献中国方 案。 《中小学人工智能通识教育指南（2025年版）》旨在构建一套科学完备的人工智能通识教育体系，该体 系以素养培育为核心，通过螺旋式课程设计实现从认知启蒙到创新实践的素养 ...

Financial Data and Key Metrics Changes - In the first quarter of 2025, net revenue increased by 11% to reach BRL1.19 billion, driven by the successful conversion of annual contract value into revenue, which is a 17% increase compared to the same period in 2024 [8] - Adjusted EBITDA for the 2025 cycle to date was BRL420 million with a margin of 37.2%, an increase of 5% from BRL402 million in the last cycle [9][10] - Free cash flow totaled BRL144 million in the 2025 sales cycle, representing a 176% increase compared to the same period in 2024 [10][18] Business Line Data and Key Metrics Changes - Complementary solutions showed the highest growth rate among business segments with a 24% expansion compared to the same period last year [8] - Subscription revenue increased by 17% to BRL1.019 billion, representing 90% of total revenue, while non-subscription revenue dropped by 6% [14] - Adjusted net profit for the first quarter of 2025 totaled BRL26 million, a 49% increase compared to the same quarter in 2024 [17] Market Data and Key Metrics Changes - In the government segment, revenues generated from five new contracts amounted to BRL5 million, compared to BRL69 million in the first quarter of 2024 [14] - The net revenue of B2G reached BRL41 million, a decrease of 40% compared to the 2024 sales cycle [14] Company Strategy and Development Direction - The company is focused on operational efficiency and cost-saving measures, which have positively impacted profitability [9] - Continuous development of the technological platform, Lural, aims to enhance service delivery and educational inclusivity [11] - The company expects stable margins for 2025, with a focus on maintaining a strong product mix [26] Management's Comments on Operating Environment and Future Outlook - Management anticipates a challenging credit landscape for non-premium brands but remains committed to generating free cash flow and reducing net debt [20][22] - The company is optimistic about the pipeline for new contracts in B2G and expects to see sound growth in this segment [32] Other Important Information - The average payment terms for accounts receivables were 180 days, which is eight days higher than the comparable quarter [20] - The net debt position decreased by BRL40 million from the previous quarter, attributed to positive cash flow generation [21] Q&A Session Summary Question: How do you see margins for 2025 comparing to 2024? - Management expects stable margins for 2025, likely above 30%, with Q1 and Q2 having lower margins due to marketing spending concentration [26] Question: What is the strategy in terms of mix and expectations for the B2G business? - The strategy includes a focus on enhancing the mix in B2G, with expectations for new contracts to improve performance in Q2 and Q3 [27][28] Question: Do you expect a lower B2G revenue this year or should there be seasonality? - Management indicated that the seasonality for B2G should be similar to previous years, with a normal distribution expected [31]

21世纪经济报道记者王峰 北京报道 中共中央政治局近日就加强人工智能发展和监管进行第二十次集体 学习，强调推进人工智能全学段教育和全社会通识教育，源源不断培养高素质人才。 人工智能作为引领新一轮科技革命和产业变革的战略性技术，深刻改变人类生产生活方式。取得人工智 能领域优势，要在基础研究方面取得突破，也要在产业应用方面取得领先，但不管硬实力还是软实力， 归根到底要靠人才实力。 各部门、各地方已经着手落实推进人工智能教育。今年4月，教育部等九部门印发《关于加快推进教育 数字化的意见》，其中提出，统筹推进大中小学人工智能教育一体化，建设"通用+特色"高校人工智能 通识课程，建设一批高校智慧课程，开好中小学信息科技相关课程，鼓励开设人工智能特色课程。近 日，教育部举办人工智能校长局长专题培训班，要求加快建设人工智能课程体系、推进课程教材建设， 全面提升教师的智能素养和育人本领。北京市教委出台《北京市推进中小学人工智能教育工作方案 （2025—2027年）》，河南省教育厅发布《河南省"人工智能+教育"三年行动计划（2025—2027年）》 等，均部署开展全学段人工智能通识教育。 推进人工智能教育，是为了培养人工智能领 ...