个股表现 -14% -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 2024-09 2024-12 2025-02 2025-05 2025-07 2025-09 皖新传媒 传媒 证券研究报告：传媒 | 公司点评报告 股票投资评级 买入|维持 资料来源：聚源，中邮证券研究所 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 皖新传媒(601801) 基本盘仍具长期韧性，看好新兴业务发力 ⚫ 事件回顾 公司基本情况 | 最新收盘价（元） | 6.51 | | --- | --- | | 总股本/流通股本（亿股）19.58 / 19.58 | | | 总市值/流通市值（亿元）127 / 127 | | | 52 周内最高/最低价 | 8.15 / 6.40 | | 资产负债率(%) | 39.7% | | 市盈率 | 18.08 | | 第一大股东 | 安徽新华发行(集团)控 | | 股有限公司 | | 新兴业务持续发力，数字化与多元化布局有望带来新业绩引擎。 公司在既有业务上，围绕场景创新、教育数字化 ...

Group 1 - The online education sector in Hong Kong has seen a general increase, with stocks like NetDragon rising over 12% to reach a new high, New Oriental up over 5%, and Thinking乐 Education increasing by 2% [1] - Recent positive developments in online education are attributed to policy support, technological empowerment, and industry regulation, including the significant impact of the "14th Five-Year Plan" for educational digitalization [1] - The "County High School Revitalization Action Plan" is promoting the allocation of digital resources to county-level schools, providing a long-term and stable growth outlook for the industry [1] Group 2 - Daiwa has raised the target price for New Oriental to HKD 49, anticipating increased shareholder returns and noting improvements in K-9 student retention rates for the autumn term [1] - NetDragon is recognized for its stable cash-generating business and its active use of AI technology to empower its second growth curve in education, with current market focus on its AI effectiveness and overseas expansion [1] - Thinking乐 Education received a boost this month with Fidelity International and its affiliates increasing their holdings by 950,000 shares, valued at approximately HKD 2.146 million [1]

近60%的普通高中生在县中就读，关系到1670多万学生的成长成才，六部门印发《县域普通高中振兴行动计划》，直面县中发展的核心问题，具体都有哪些 举措？新建一批县中、保障师资待遇、整治违规跨区域掐尖招生、禁止抢挖县中优秀校长和教师……力促县域高中教育优质均衡，该如何实现？《新闻 1+1》本期节目，为您带来分析解读。 从提升到振兴 着眼点有何改变？ 教育部基础教育教学指导委员会副主任 张志勇：振兴行动计划和提升行动计划有三个方面的背景不同。 第一个就是这次县域普通高中振兴行动计划是在教育强国建设的背景之下来提出的，在教育强国建设当中，县中的地位更高了。 第二个方面就是县中振兴发展的任务更重了，因为未来学生人口的变化，县中这一块学生人口的增加是一个大趋势，大家测算未来十年，可能高中教育的学 位要增加一千万个左右，在这样背景下，县中承担着供给普通高中学位任务更重了。 第三个就是县中振兴发展的环境发生了很大的变化，现在的教育数字化、人工智能赋能变化、技术革命的步伐非常快，也就是说在这样的技术革命环境下， 如何通过技术赋能来推动县中振兴，这个和四年前有很大的不同。 整治面临最现实的问题是什么？怎么解决？ 教育部基础教育教 ...

县中振兴又有新进展。在9月23日国新办发布会上，教育部部长怀进鹏介绍，今年8月底，国 务院常务会议审议通过了"县中振兴行动计划"，已经正式印发。 近年来，县域教育生态有所改善，但县中振兴过程中，也出现了过度向少数尖子生集中优质 资源，过度拼奥赛成绩等现象，有损教育公平，违反教育规律。 怀进鹏指出，" 以县中振兴为推动，改变以升学为导向的资源配置方式，配合中考改革进行探 索，淡化竞争、减少焦虑 。" 下一步，应该如何在坚决纠正片面追求升学率倾向方面加大力度？ 利用教育数字化手段，可以有效扩大优质教育资源的传播。但有些学校的"云班"，却让正常 的课堂教学变了味。 黑龙江省一所县中的微信公众号文章中写道，该校"云班"做到了与合作的知名中学的八个同 步(计划、教研、设计、授课、作业、讲评、考试、班会)、八个统一（管理、标准、文化、教 材、教案、课件、教辅、试卷）。 "云班"俨然是知名中学在县中的一块"飞地"，弱化了本校自身的教学与管理，淡化了本校师 生间的互动与连接 。 变味的"云班" "县中振兴不是选择题，而是必答题，关乎教育公平的底线和温度。"怀进鹏在9月23日国新办 发布会上说。 但有的县中过于追求高考成绩，将 ...

Core Viewpoint - The "County Middle School Revitalization Action Plan" has been officially issued to improve educational equity and address the over-concentration of resources on a few top students, which undermines educational fairness and violates educational principles [1][2]. Group 1: Educational Policy and Reform - The plan aims to shift the resource allocation from an exam-oriented approach to a more balanced educational model, reducing competition and anxiety among students [2][12]. - The initiative emphasizes the need to correct the excessive pursuit of enrollment rates and to ensure that educational practices align with established policies and educational laws [12][14]. Group 2: Digital Education and "Cloud Classes" - "Cloud classes" are introduced as a means to connect students in county schools with renowned high schools through online learning, but they risk diluting local teaching quality and interaction [5][7]. - Some county schools have reported high average scores in "cloud classes," with one class achieving an average score of 623, indicating a focus on elite student performance [4][3]. Group 3: Talent Development and Competition - There is a trend of establishing "youth classes" in high schools that recruit elementary students based on competition results, which undermines policies aimed at reducing academic pressure [9][11]. - High salaries are being offered to competition coaches in county schools, with some earning over 300,000 yuan, reflecting a shift towards a competitive, results-driven educational environment [11]. Group 4: Holistic Education Approach - Experts advocate for a diversified development approach in county schools, emphasizing the importance of physical education, arts, and vocational training alongside academic subjects [15][16]. - The evaluation of county schools should transition from solely focusing on enrollment rates to a more comprehensive assessment of educational quality and student development [16].

机构：第一上海 2025 中期业绩承压：网龙2025 年上班年实现营收23.8 亿元，同比下滑28%，毛利为人民币17 亿元，同 比减少24.7%，毛利率同比提升2.9 个百分点至69.5%，反映公司整体盈利能力增强。经营开支为13.5 亿 元，同比降低15.6%，集团推行的成本优化和效率提升措施已初步显现成效，预计将在2025 年下半年进 一步充分体现。公司当前财务状况稳健，账面净现金规模约为23 亿元人民币，并持有12,000 枚以太币 作为其数字资产储备。与此同时，公司宣布派发中期股息每股0.5 港元，并承诺在未来一年内通过股息 及股份回购等方式，向股东提供总额不低于6 亿港元的回报。 游戏业务主动调整：2025 年上半年，公司游戏及其他业务实现收入17.4 亿元，同比下降18%，但相较 2024 年下半年仅环比微降4%，显示出企稳回升的态势。其中，《魔域》MAU 同比增长11%，手机版收 入也实现环比增长，反映用户活跃与留存水平有所提升，玩家体验持续优化。通过持续推进降本增效， 该业务经营利润率环比回升至28.8%，已接近历史常态水平。产品储备方面，《代号MY》已于8 月启动 小规模测试，预计明年正式 ...

9月23日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时 期加快建设教育强国进展成效。 "十四五"时期，围绕落实立德树人根本任务，以习近平新时代中国特色社会主义思想进课程进教材 进头脑为引领，思政课程和课程思政同向同行、校内教育和校外实践双向发力、科技教育和人文教育协 同并进，全员全过程全方位育人体系已经形成。 教育部部长怀进鹏表示，"十四五"时期，在党中央、国务院的坚强领导下，在全社会大力支持下， 规划所确立的各项目标任务已全面高质量完成。 提供普惠优质教育公共服务 据介绍，我国已建成规模最大且高质量的教育体系，为孩子们平等接受教育提供了坚强保障。 2021年，全国有2895个县级行政单位实现了义务教育基本均衡。"在基本均衡之后，'十四五'期间 着力推动优质均衡，截至2024年底，已经有246个区县实现了优质均衡。"教育部副部长王嘉毅介绍。 家门口的好学校越来越多，逐步从"一枝独秀"走向"百花齐放"。各地通过集团化办学、骨干教师交 流、对口帮扶等措施，大幅缩小校际差距，让薄弱学校也有好老师。 随迁子女上学问题，在"十四五"期间也取得了很大进展。王嘉毅介绍，目前，在公办 ...

Core Viewpoint - The 2025 Asia Education Equipment Expo, themed "Technology Empowering Sustainable Development of Educational Equipment," is being held in Hangzhou, marking its first occurrence in mainland China and set to continue for 10 years [1] Group 1: Event Overview - The expo spans three days and features over 500 companies from nearly 20 countries, with an exhibition area of 60,000 square meters [1] - More than 1,000 foreign guests from 35 countries and regions are registered to attend, with an expected total of over 60,000 visitors [1] Group 2: Technological Innovations - The exhibition showcases innovations such as smart robots, brain-machine interface teaching systems, AI smart classrooms, and smart sports equipment [1] - Notable international companies, including those from Germany, Switzerland, Spain, Denmark, India, and Russia, are participating alongside domestic firms like Alibaba and iFlytek [1] Group 3: Conferences and Forums - High-profile conferences and academic exchanges will occur, including the "2025 AI Empowering Educational Equipment Innovation Development Conference" and the "Asian Vocational Education and Training Seminar," featuring over 200 guests from various international organizations and universities [2] Group 4: Local Business Perspective - Zhejiang Miaolante Business Exhibition Co., Ltd. aims to transform its strategy by combining "going out" and "bringing in" through the introduction of the expo [3] - The Hangzhou government emphasizes the importance of cultivating internationally competitive exhibition companies and attracting global brand events to enhance the city's economic vitality [3]

Core Viewpoint - The innovation of vocational education textbooks, driven by AI technology, is crucial for enhancing the quality of technical and skilled talent training, transitioning from static paper-based materials to dynamic, intelligent formats [1][2][7]. Group 1: Policy and Demand - Vocational education textbook innovation is a key breakthrough in the national digital education strategy, utilizing AI to create real-time updated, intelligent teaching resources [2][7]. - The national vocational education smart education platform has aggregated over 10.28 million resources across 19 major professional categories, facilitating the transition to a new textbook format [2][3]. - The rapid technological iteration in industries highlights the urgent need for AI-driven textbook innovation, as traditional materials have a content update cycle of 3-5 years, while fields like smart manufacturing require updates every 6-12 months [2][3]. Group 2: Infrastructure Support - 88% of higher vocational colleges in China have internet bandwidth exceeding 1 Gbps, providing a solid foundation for the immersive presentation and personalized delivery of AI textbooks [3]. Group 3: Implementation Pathways - The restructuring of content production mechanisms is a core breakthrough, shifting from a linear model to a collaborative ecosystem involving human-machine co-creation [4]. - AI technology is transforming content presentation from flat text to immersive, interactive formats, significantly enhancing student engagement and learning outcomes [4]. - The intelligent transformation of evaluation systems is providing new paradigms for improving textbook quality, utilizing AI to analyze over 30 indicators of student performance [4]. Group 4: Case Studies and Insights - Collaborative development between schools and enterprises has become the mainstream model for AI textbook innovation, exemplified by the partnership between Changzhou Mechanical and Electrical Vocational Technical College and BYD [5][6]. - The enhancement of teacher capabilities is critical for the successful application of AI textbooks, with training programs designed to equip educators with necessary skills [5][6]. Group 5: Future Trends - Future trends in AI textbooks include lightweight development for accessibility, pervasive integration into various learning environments, and an ecological evolution involving collaboration among government, schools, enterprises, and society [7]. - The transformation of vocational education textbooks represents the "last mile" in digital education, with AI providing revolutionary tools for this process [7].

Core Viewpoint - First Shanghai maintains a "buy" rating for NetDragon (00777), highlighting the stability of the company's gaming business and the potential of its education business market space [1] Group 1: 2025 Mid-Year Performance - NetDragon is projected to achieve revenue of 2.38 billion RMB in the first half of 2025, with a gross profit of 1.7 billion RMB, reflecting a gross margin increase of 2.9 percentage points to 69.5% year-on-year [2] - Operating expenses are expected to be 1.35 billion RMB, a decrease of 15.6% year-on-year, indicating the effectiveness of the company's cost optimization and efficiency improvement measures [2] - The company has a solid financial position with net cash of approximately 1.5 billion RMB and holds 12,000 Ethereum as digital asset reserves [2] - A mid-term dividend of 0.5 HKD per share has been announced, with a commitment to return at least 600 million HKD to shareholders through dividends and share buybacks over the next year [2] Group 2: Gaming Business - In the first half of 2025, the gaming and other businesses generated revenue of 1.74 billion RMB, showing signs of stabilization compared to the second half of 2024 [3] - The Monthly Active Users (MAU) of "Magic Domain" increased by 11% year-on-year, with mobile revenue also showing a quarter-on-quarter increase, indicating improved user engagement and retention [3] - The operating profit margin for the gaming business has rebounded to 28.8%, nearing historical normal levels [3] - Upcoming product launches include "Code MY" which began small-scale testing in August, and plans to expand "Magic Domain" and "Code Alpha" into multiple overseas markets [3] Group 3: Education Business - The Mynd.ai business generated revenue of 640 million RMB in the first half of 2025 [4] - In response to challenges from reduced global education technology spending, the company will continue to pursue cost optimization [4] - Despite weak performance in traditional markets in Europe and the US, the company is actively exploring emerging markets for new growth opportunities [4] - While short-term pressures from fluctuations in overseas education budgets remain, the long-term logic of increasing global education digital penetration remains unchanged [4]