中鹏信评【2025】跟踪第【748】号 01 信用评级报告声明 正元智慧集团股份有限公司相关 债券 2025 年跟踪评级报告 中证鹏元资信评估股份有限公司 评级结果 评级观点 本次等级的评定是考虑到：正元智慧集团股份有限公司 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客 观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 ...

2020年9月，金智教育曾申报科创板IPO，2021年2月5日经科创板上市委2021年第14次审议会议审核通 过，2021年3月9日提交注册稿申请文件，但之后一直未拿到注册批文，2021年12月31日撤回注册申请。 金智教育称，IPO撤回原因系科创属性相关事宜尚需进一步论证落实，基于自身战略发展及未来资本运 作规划考量，最终撤单。 在科创板撤单的半年后，金智教育转战创业板，最后依旧黯然收场，结合金智教育的两轮问询以及上市 委会议现场，可以发现，该公司主要存在3大问题。 首先是经营合规性问题，根据招股书，报告期内（2020年至2022年），金智教育曾因"今日校园"APP收 集和使用个人信息，于2020年8月收到工信部信息通信管理局通报；2020年11月分别收到APP违法违规 收集使用个人信息治理工作组、工信部信息通信管理局通报；2021年2月收到江苏省通信管理局通报。 这也暴露出该公司在信息安全和数据保护方面的漏洞。 信息安全与数据保护一直是软件行业面临的挑战之一。 其次是核心竞争力问题，报告期内，发行人研发费用分别为9941.21万元、10892.17万元、9280.79万 元，研发人员人数分别为398人、3 ...

鸿合科技并非奇瑞首次在教育领域落子。据安徽省教育厅网站消息，今年3月17日，合肥经济技术职业 学院与奇瑞控股集团有限公司正式签署产业学院共建协议。 签约仪式上，奇瑞大学执行校长毕全国指出，奇瑞公司作为国产汽车领域的头部企业，一直致力于技术 创新和人才培养。他认为，此次与合肥经济技术职业学院深度合作，通过共建"合肥经济技术职业学院 奇瑞汽车产业学院"实现人才培养与产业需求的精准对接，既提高了高校人才培养与产业需求的符合 度，又能源源不断为企业可持续发展提供可靠人才支撑，提升企业的核心竞争力，是学校、学生和企业 三方共赢的高质量合作。 6月10日晚，鸿合科技（002955）(002955.SZ)发布公告称，公司实际控制人XING XIUQING、邢正，正 在筹划股份转让事项，可能导致公司控制权变更。 公告显示，6月10日，合肥瑞丞私募基金管理有限公司(下称"合肥瑞丞")与相关方签署《股份转让协 议》和《表决权放弃协议》，瑞丞基金拟协议收购鸿达成有限公司(下称"鸿达成")及邢正、王京、张树 江持有的公司5916万股股份，占公司股份总数的25.00%。同时，张树江拟放弃剩余持有的公司1786万 股股份对应的表决权。 ...

Summary of the Conference Call for Shiyuan Co., Ltd. Company Overview - **Company**: Shiyuan Co., Ltd. (视源股份) - **Industry**: Home appliance controllers, education technology, and overseas markets Key Points and Arguments Business Growth and Revenue Projections - Home appliance controller business is expected to grow rapidly, with revenue projected to reach **2.8 to 3 billion CNY** by 2025, benefiting from partnerships with well-known brands like **BSH** and **SDK** [2][3] - Education business saw a **17% revenue growth** in Q1 2025, reversing a trend of declining quarterly revenues [2][3] - The overseas brand **Maxhub** for conference products experienced a **50-60% year-on-year growth** in Q1 2025, despite challenges in the US market [2][3][6] Financial Performance - Overall revenue growth for the company was **11% year-on-year** in Q1 2025, with a gross profit increase of approximately **64 million CNY** compared to the same period last year [3] - The company aims for a **10-15% revenue growth** in 2025, with specific contributions expected from various segments: home appliance controllers (1 to 1.2 billion CNY), education business (500 million CNY), and overseas brands (50% growth) [2][13] Innovations in Education Technology - The **Xiwo Teaching Model** was launched in October 2023, utilizing over **1 billion** teaching materials and classroom data for AI applications [5] - The **Xiwo AI Preparation System** helps teachers design lessons and activities, aiming to convert **3 million** of the **9 million** active users of Xiwo Whiteboard 5 into users of the AI preparation product [5][8] Market Dynamics and Challenges - The company faces a **soft demand** in the US market, but has mitigated tariff impacts through local talent development and certification with **Microsoft Team Rooms** [6][23] - The home appliance controller business is expected to grow faster than the overall appliance industry, despite tightening subsidies for appliance upgrades [14] Cost Management and Profitability - The company is focused on strict control of management and sales expenses, with a stable gross margin recovery trend [4][19] - The gross margin for home appliance controllers has surpassed that of LCD display main control boards, contributing to overall margin improvement [18] Future Plans and Strategic Direction - The company plans to use its cash reserves for acquisitions rather than dividends, maintaining a dividend ratio of around **40%** [21][22] - The Hong Kong listing aims to support overseas brand promotion and build an international capital platform, with no plans to split the education or Shiyuan brand [20] Market Potential and Development in Education - The education sector's potential is driven by the upgrade of **280,000 classrooms**, with significant government support for AI integration [12][10] - The Xiwo AI preparation system is expected to generate substantial revenue, with a target of converting a significant portion of active users into paying subscribers [8][12] Product Performance and Future Outlook - The company anticipates that the **TV mainboard business** will remain stable, with growth primarily from Korean clients, although uncertainty remains [15] - The **automotive electronics** and **power electronics** sectors are experiencing rapid growth, but significant contributions to revenue are not expected for at least two years [23] Conclusion - Shiyuan Co., Ltd. is positioned for strong growth across its home appliance controllers and education technology segments, with strategic initiatives in overseas markets and a focus on innovation in AI applications for education. The company is managing costs effectively while planning for future acquisitions to enhance its market position.

导读： 第四届微课大赛报名开启，聚焦科学仪器与分析检测领域，提供详尽参赛指南，包括规则解读、选题技巧、教学设计优化及技术制作要点。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 在教育信息化的浪潮中，微课大赛已成为展示教学创新成果、提升教师教学能力的重要交流平台。参与微课大赛不仅是一次自我展示的机会， 更是推动教学发展的契机。第四届微课大赛报名渠道已经开启，参赛必备指南请查收！ 一、深入解读大赛规则 （一）关注官方平台 官网链接 https : / /www. ins trument.com.cn/ y k t /wkds2025 密切留意大赛官网，及时掌握比赛时间、主题方向、作品提交截止日期等核心信息，确保参赛全程有条不紊。若错过报名时间，即便准备再充 分的作品也无法参赛。 （二）精读评分标准细则 详细研读评分标准，明确各评分项的权重与要求。 选题要精准针对特定专业方向或课程模块，确保通过微课学习，学生能切实掌握解决实际问题的知识与技能。 参赛作品要求：作品形式为视频，时间5分钟以内，完整且条理清晰 课程作品的选题包括但不限于以 ...

教育部教育技术与资源发展中心（中央电化教育馆）是深化教育数字化战略、提升教师数字素养、推动 信息技术与教育教学深度融合的全国性权威平台。中飞院荣膺此次活动"标杆作品"，充分彰显了学院教 师团队卓越的信息化教学创新能力，是学院长期深耕教育信息化建设、强化数字教育资源开发的标志性 成果。（编辑：孙文瑾 校对：金杰妮 审核：韩磊） 中国民航网 通讯员杜雨洲、郭九霞 报道：近日，由教育部教育技术与资源发展中心（中央电化教育 馆）主办的全国师生信息素养提升实践活动（第二十八届教师活动）高等教育专项现场交流活动在广州 举行。中飞院《航空交通机场管制课程虚拟仿真实验教学平台》案例获"标杆作品"荣誉证书，并在现场 做重点交流展示。该项目负责人、空中交通管理学院郭九霞教授作为特邀专家进行专题报告。此外，中 飞院还荣获"优秀组织单位"荣誉称号。 （中飞院供图） 现场，教育部教育技术与资源发展中心领导到中飞院展区详细听取了项目团队的汇报，并对项目的创新 价值和应用成效给予了高度评价。郭九霞在题为《民航交通运输专业虚实混合教学模式探索——机场管 制实训课程创新与实践》的报告中，系统分享了中飞院在航空管制人才培养方面的改革经验和创新成 ...

4月28日晚，全通教育（300359）披露2024年年度报告。数据显示，公司去年实现营业收入44257.67万 元；实现归母净利润-10448.44万元。值得注意的是，全通教育去年计提商誉减值2232.96万元，商誉账 面价值剩余102.90万元，相比最高峰时的14.2亿元已完全释放了风险。 继续教育领域，基于"教师专业发展评价"项目展开深入研究，已构建了产品基础框架，未来将用于学校 端业务的拓展，截止2024年底，该基础平台的研发工作已完成。 此外，围绕教师培训项目总计完成了4000多学时的各类主题课程的研发工作。"继教网伙伴计划"也在持 续推进过程中，目前与企事业单位形成了长期稳定的合作关系，自该计划推出后累计合作机构已超过百 余家。 未来继续教育板块还将为合作院校提供实训教学服务、师资培训、实验室建设、课程建设、专业升级、 横向课题建设等基础服务，并积极探索构建信息共享大数据平台，以数字化赋能产教融合，围绕科研创 新、公共实训、技能培训、就业服务、国际交流、继续教育等六大模块服务于学校的数字化转型过程， 目前基于"就业服务"业务已与多所院校形成合作关系。 在教育信息化领域，全通教育称将持续深耕教育信息化 ...

静待智能化订单交付 公司发布年报及一季报 业绩下滑系市场有效需求不足、部分项目延期落地等因素影响。 公司紧跟市场变化，及时调整市场策略，及时推出租建结合、运营服务等 多元模式，满足客户不同需求。同时，公司紧跟国家"设备更新"的政策， 积极协助各地各部门进行项目申报，助力客户落地教育信息化设备更新； 抓住各地专项债、特别国债等财政政策积极孵化高产值项目，为公司业务 增收奠定基础。 公司报告 | 年报点评报告 佳发教育（300559） 证券研究报告 25Q1 公司营收 0.6 亿同减 52%，归母净利-0.1 亿，扣非后归母净利-0.11 亿 元；2024 年公司营收 4.3 亿同减 29%，归母净利 0.36 亿，扣非后归母净利 0.34 亿元。 随着公司英语机考、智慧体育、理化生实验考试等新产品及高职高校领域 市场推广成果的呈现，公司产品线更加丰富，市场覆盖领域更加宽广、商 业模式也更加灵活。 由过去单一产品销售和整体解决方案模式转变为产品销售、解决方案、运 营服务、租赁服务融合一体的多元模式；客户群体也由 G 端客户、B 端客 户向 C 端客户进行试点延伸。 多项 AI 产品与应用场景持续落地 公司的"AI ...

Event Overview - In 2024, the company's revenue, net profit attributable to shareholders, net profit excluding non-recurring items, and operating cash flow were 2.786 billion, 180 million, 164 million, and 667 million yuan, respectively, representing year-on-year growth of 25.90%, 16.84%, 16.25%, and 9.77% [1] - In Q4 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 539 million, 5 million, and 3 million yuan, with year-on-year growth of 28.6%, -89.2%, and -88.2%, indicating a slight profit in the second half of the year despite rapid revenue recovery in Q4 [1] - The increase in operating cash flow was primarily due to an increase in advance payments for educational training services [1] Financial Performance - In Q1 2025, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 864 million, 74 million, and 59 million yuan, with year-on-year growth of 22.5%, 47.0%, and 27.9% [1] - The significant growth in net profit was mainly attributed to investment income from recovering previously impaired equity and a decrease in expense ratios [1] Business Segmentation - The education training, housing rental, equipment rental, and other income segments generated 2.7 billion, 1 million, 4 million, and 840 million yuan, with year-on-year growth of 25.64%, -91.67%, -20.00%, and 54.90% respectively [3] - The company has over 300 personalized learning centers and 30+ full-time training bases as of the end of 2024, with revenue from Beijing Xueda Information reaching 2.759 billion yuan, a year-on-year increase of 25.5% [3] - The company has made significant acquisitions in vocational education and established deep collaborations with various vocational colleges and industry leaders [3] Profitability Analysis - The company's gross margin for 2024 was 34.6%, a year-on-year decrease of 1.9 percentage points, primarily due to increased teacher costs and lower capacity utilization from school expansions [4] - In Q4 2024, the gross margin dropped to 32.8%, a year-on-year decline of 12.6 percentage points, with a net profit margin of 0.7% [4] - In Q1 2025, the gross margin was 32.0%, a year-on-year decrease of 0.4 percentage points, while the net profit margin improved to 8.5% [5] Cash Flow and Liabilities - As of Q1 2025, the company's contract liabilities amounted to 1.139 billion yuan, a year-on-year increase of 13.9%, primarily due to increased advance payments in the education training business [6] Investment Outlook - Short-term profitability may be impacted by intensified competition and expansion costs, but long-term growth is expected in personalized training and high-margin full-time education services [7] - The company has adjusted its revenue forecasts for 2025-2026 to 3.382 billion and 4.035 billion yuan, respectively, while lowering net profit forecasts to 255 million and 364 million yuan [7] - The projected earnings per share for 2025-2027 are adjusted to 2.09, 2.99, and 3.84 yuan, with a maintained "buy" rating based on the closing price of 54.2 yuan on April 25, 2025 [7]