证券日报网讯 2月25日，世纪天鸿在互动平台回答投资者提问时表示，公司以自身战略定位和资源禀赋 为出发点，结合人工智能技术推出了专注于服务老师的AI智能体"小鸿助教"，旨在帮助教师高效生成涵 盖备课、批改和工作事务等场景的个性化内容需求。随着国家教育数字化战略和人工智能技术的持续推 进，AI教育正从探索阶段逐步进入应用阶段，相关市场空间具备长期成长潜力。其市场空间的释放将 是一个循序渐进的过程，核心在于产品在真实教学场景中的落地效果和长期使用价值。公司将通过真实 教学与教研场景持续打磨产品，积极开展与高校的合作，在形成示范效应的基础上，稳步推进可复制的 商业模式。同时，公司将结合业务发展节奏，持续推进人工智能技术与教育场景的深度融合，审慎把握 相关发展机遇。 （文章来源：证券日报） ...

格隆汇2月25日丨豆神教育(300010.SZ)在互动平台表示，公司目前已推出豆神AI教育生态矩阵成员包 括"豆神AI""AI双师""AI 超能训练场"及硬件产品"学伴机器人"。未来，公司将在AI技术研发与应用场 景拓展方面继续投入。公司的AI新产品仍在不断升级进化中，存在技术突破或销量不及预期的风险， 请您谨慎投资。 ...

2023年8月7日，李瑞芳(后排右一)带领飞越彩虹(云南)佤族童声合唱团赴北京国家大剧院演出。 受访者 供图 之所以格外用心，是因为这些年的点滴变化都来之不易。"2004年刚回到家乡沧源参加工作时，许多村 小连块完整的黑板都没有。现在不少学校用上了电子白板，有些还有数字课堂、AI学习工具。走到今 天不容易，更不能停下来。"接受中新社专访时，李瑞芳感慨。 沧源地处中国西南边陲，与缅甸接壤，国境线长约147公里，是全国仅有的两个佤族自治县之一。在李 瑞芳看来，教育对这里意义格外深远——它不仅是山里孩子走出大山的通道，更是这个民族融入现代社 会、建立文化自信的根基。 学习音乐出身的李瑞芳，选择从自己擅长的领域出发。她组建飞越彩虹(云南)佤族童声合唱团，2023年 先后带领团队赴深圳参加多民族童声合唱音乐会、到香港开展合唱交流、登上北京国家大剧院舞台表 演。"演出归来时，孩子们满面笑容，一路和我说自己多了不少来自北京、香港等大城市的粉丝。" 中新网昆明2月22日电 题：李瑞芳：让边疆教育的声音被更多人听见 她还在学校开设剪纸、篆刻、泥塑、彝绣等美育课程，组织学生走边关、为界碑描红；课余送教下乡， 陪当地留守儿童做游戏 ...

文｜富充 编辑｜苏建勋 2024年11月，李可佳、吴俊东、张栖铭决定一起创业，做一款"帮助用户终身学习"的AI Agent。新公司被命名为Ouraca ，是"Our Academy"的缩写。 "Etna Capita的投资决策几乎是在24小时内完成的，"投资人Haina Xu回忆当时的情况：" ChatGPT的使用场景里，教育类别长期排前五，可以说教育是大语 言模型带来最大改变的行业之一。人们期待全能AI Tutor很多年了，Ouraca恰好是我们看到的第一个在探索'AI时代终身学习产品'的团队。" 2025年9月，Ouraca上线第一款应用"Aibrary"，它用名为Idea Twin的独特"AI生成播客"功能引导和陪伴用户学习。目前，Aibrary和Ouraca旗下的新产品仍 在持续快速迭代。 三位合伙人都是互联网教育领域的"老兵"： 创始人兼CEO李可佳，曾任极课大数据创始人，该项目被字节跳动收购后，他入职字节智慧教育业务担任CEO； 联创吴俊东，哈佛肯尼迪学院硕士，好未来教育投资人，曾为李可佳极课大数据的投资人； 联创张栖铭，曾任字节教育中台负责人，推出过数个日活千万、月活过亿的产品。 Ouraca ...

Core Viewpoint - The recent media coverage of Yiqi Education Technology's Q3 2025 financial report highlights the company's progress in AI business development, amidst a favorable industry environment following the Ministry of Education's AI policy announcement [1][3]. Stock Performance - As of February 13, 2026, Yiqi Education Technology's stock price was $3.40, reflecting a daily decline of 3.82% from the previous close of $3.54, with a cumulative drop of 0.87% over the past five days and a year-to-date decrease of 5.03% [2]. - The trading volume on that day was only $2,873, indicating low liquidity with a turnover rate of 0.01% and a volume ratio of 0.17 [2]. - In comparison, the Nasdaq index increased by 0.32%, while the education services sector experienced a decline of 0.56%, suggesting that the stock's volatility is amplified by both sector performance and low liquidity [2]. Financial Report Analysis - The Q3 2025 financial report indicated revenue of 20.01 million RMB, with operating expenses reduced by 29.8% year-over-year, and a net loss under US GAAP narrowed by 21.5% [3]. - The total cash and cash equivalents amounted to 342 million RMB [3]. - The company has deepened its AI strategy, launching the generative AI product "17 Classmate" in August 2025, followed by the C-end product "Yiqi Love Study," which integrates smart hardware and strengthens the ecosystem of "regional projects + single school subscriptions + C-end products" [3]. - The financial report did not provide guidance for the next quarter, leading to market interest in the long-term impact of AI product implementation on profitability [3]. Institutional Insights - There have been no recent special research reports from brokerage firms specifically analyzing Yiqi Education Technology [4]. - A report from Bohai Securities on February 12 focused on the overall margin trading market without addressing this particular stock [4].

Core Viewpoint - The company is experiencing a delay in the asset injection commitment from its controlling shareholder, while also reporting a net profit growth and maintaining a high dividend payout ratio. Recent Events - The company announced that the deadline for the asset injection commitment from its controlling shareholder, Hunan Publishing Investment Holding Group Co., Ltd., has been extended to December 8, 2030, due to delays in the completion of related auditing, evaluation, and approval processes. This change may affect investors' expectations regarding long-term planning [2]. Project Advancement - The company's board approved a capital increase of 231 million yuan to its wholly-owned subsidiary, Xiaoxiang Morning Post Media Group, aimed at funding equity acquisitions and media technology upgrades. This initiative is intended to promote industrial transformation [3]. Performance and Operating Conditions - According to the Q3 2025 report, the company achieved an operating revenue of 8.488 billion yuan from January to September 2025, a year-on-year decrease of 9.37%. However, the net profit attributable to shareholders increased by 22.32% to 1.17 billion yuan. The company has a historically high dividend payout ratio, with a planned dividend of 0.45 yuan per share for the 2024 fiscal year and 0.1 yuan for the mid-2025 period, reflecting a commitment to returning value to shareholders [4]. Strategic Advancement - The company is focusing on a "culture + technology" strategy, with key investments in new business areas such as AI education and digital publishing, including the development of a smart educational support platform. This strategy may influence the future business structure [5].

Core Viewpoint - The article highlights the journey and philosophy of Chen Xiangdong, the founder and CEO of Gaotu Education, emphasizing his belief in the transformative power of education and the importance of human involvement in the learning process, especially in the age of AI [4][31]. Group 1: Personal Background and Career Journey - Chen Xiangdong's early life was shaped by his father's desire for him to pursue education, leading him to become a teacher at the age of 17, which he now views as a valuable experience [6][11]. - He founded Gaotu (formerly known as "Who Can Learn") after recognizing the potential of mobile internet in education, successfully listing the company on the US stock market with only A-round financing [3][18]. - The company has faced challenges, particularly during the 2021 education sector turmoil, which Chen views as a new entrepreneurial phase focused on AI education and skills training [4][55]. Group 2: Views on Education and AI - Chen asserts that while AI can replace teaching, it cannot replace the nurturing aspect of education, emphasizing the need for human guidance in the learning process [31][37]. - He believes that the integration of AI in education will not lead to the disappearance of universities but will necessitate significant changes to enhance the quality of education [31][32]. - Chen argues that every era presents opportunities for individuals from all backgrounds, and success is determined by the willingness to learn continuously [34][62]. Group 3: Company Philosophy and Future Outlook - Gaotu is positioned as a comprehensive education provider, covering various areas such as youth development, high school planning, and online-offline integration, with a focus on long-term growth rather than immediate profits [55][56]. - Chen expresses confidence that Gaotu will achieve profitability by 2026, attributing this optimism to the company's innovative approaches and strategic investments made in recent years [57][58]. - The company aims to maintain a focus on core values of sincerity, altruism, and beauty, which Chen believes are essential for building a successful organization [51][54].

Core Viewpoint - The company plans to establish a joint venture with Huazhang Zhijiao and Mr. Zhan Lixiong to enhance its capabilities in AI education and smart teaching solutions [1] Group 1: Joint Venture Details - The registered capital of the joint venture is RMB 10 million, with the company contributing RMB 5.1 million (51%), Huazhang Zhijiao contributing RMB 3.4 million (34%), and Mr. Zhan Lixiong contributing RMB 1.5 million (15%) [1] - Following the investment, the joint venture will be included in the company's consolidated financial statements [1] Group 2: Strategic Objectives - The purpose of the joint venture is to leverage the company's core technologies in computing power, intelligent operation, and hardware-software integration [1] - The collaboration aims to utilize Huazhang Zhijiao's expertise in AI education systems and teaching resources to develop innovative AI education products and services [1] - The joint venture will focus on upgrading intelligent teaching projects in educational institutions, optimizing existing products, and fostering core competitiveness and new business growth in the AI education sector [1]

国信证券主要观点如下： 1)公司战略性积极扩招转校生补充生源，截至2026年1月25日，集团已完成转校生招生3603人，预计全 年有望达成7000人，带动26财年公司全年服务学生人数同比自8%提升至约14%；AI教育产品效果得到 持续验证，加速转化收入。截至2026年1月26日，公司AI冲刺营覆盖学生已达1934人，全年有望突破 4000人；2026年1月内，公司AI冲刺营新签约两所外部学校，预计公司2026-2028财年AI冲刺营业务分别 有望实现收入0.88亿元/1.54亿元/2.31亿元。 风险提示：招生增速持续下滑；教师流失；政策风险；港股流动性风险等。 事件 2026年1月28日，天立国际控股公司召开2026年股东周年大会暨AI专题反向路演活动，并在线上进行公 开直播。会上，公司通过股东大会、管理层交流、AI产品体验、AI示范校参观等多环节，向市场公 开、全面展示集团学历学校招生情况，以及"AI+教育"领域的深度布局、领先实践与未来蓝图。同日， 公司发布意向回购公告。董事会决定在公告日期至下届股东周年大会结束(或股东撤销/更改购回授权)， 期间，根据市况及购回授权，动用最高2亿港元在公开市场不时购回 ...

Investment Rating - The investment rating for Tianli International Holdings (01773.HK) is "Outperform the Market" (maintained) [2][16]. Core Views - The company is strategically expanding its enrollment of transfer students to counteract the previous slowdown in enrollment growth, with a target of approximately 7,000 transfer students for the fiscal year 2026, which is expected to increase the total number of students served by about 14% year-on-year [3][5]. - The AI education products are showing sustained effectiveness, accelerating revenue conversion. The AI Sprint Camp has reached 1,934 students as of January 26, 2026, with expectations to exceed 4,000 students for the year, projecting revenues of 0.88 billion, 1.54 billion, and 2.31 billion for FY2026, FY2027, and FY2028 respectively [3][8][11]. - The company forecasts revenues of 39.15 billion, 42.25 billion, and 44.99 billion for FY2026, FY2027, and FY2028, with corresponding growth rates of 9.1%, 7.9%, and 6.5%. Adjusted net profits are projected to be 7.41 billion, 8.21 billion, and 9.01 billion for the same periods, with growth rates of 11.5%, 10.9%, and 9.7% [3][16]. Summary by Sections Enrollment Strategy - The company is actively adjusting its enrollment strategy to address the short-term negative impact on enrollment growth. As of January 25, 2026, 3,603 transfer students have been enrolled, with a projected total of 14.8 million students served in FY2026, reflecting a year-on-year increase of approximately 14% [3][5]. - The strategy includes a slight relaxation of enrollment standards to increase student reserves while maintaining teaching quality [7]. AI Education Business - The AI Sprint Camp business is accelerating its commercialization, with expected revenue conversion of 0.88 billion for FY2026. The program has shown significant improvement in student performance, with a notable increase in the number of students covered [8][10]. - The AI system, developed by the company's subsidiary, aims to enhance educational outcomes, particularly for students who are lagging behind [10]. Share Buyback and Investor Confidence - The company announced a share buyback plan, intending to repurchase up to 200 million HKD worth of shares in the open market, which is expected to enhance investor confidence [3][12].