豆神教育 20251009 摘要 多层教育在双减政策后通过司法重整引入战略投资，窦昕成为实控人， 其语文体系为核心业务提供支持，艺术学习服务贡献超 70%收入和 80%利润，包括直播、录播及教育集成项目。 公司业务模式转型完成，形成完备产品矩阵和销售体系，有效控制费用 率。2024 年主业收入达 6.4 亿元并实现盈利，2025 年上半年收入增长 36%，合同负债中预收服务费超 8,000 万元，同比增长 126%。 教培行业正从粗放式大班授课向精细化运营转变，AI 技术驱动线上线下 融合。政策规范后，监管态度优化，鼓励合规运营和提升教育质量，素 质教育市场规模预计到 2027 年将达 1 万亿元。 AI 教育因其低成本、高效率的特点，与国内需求高度契合，能显著提升 教学效率并降低成本。全球 AI 教育市场规模预计到 2029 年将达 400 多亿美元，国内政策亦大力支持 AI 教育发展。 AI 教育应用产品落地的核心竞争力包括：强大的产品力（模型、算力、 教育行业理解）、教育领域的数据积累和教研资源，以及高效的推广能 力，以提高投资回报率。 Q&A 斗神教育在 AI 教育领域的布局和进展如何？ 斗神教育在 ...

2025年9月29日，由北京师范大学主办的2025中非互联网发展与合作论坛"人工智能发展与治理"论坛在福建省厦门市举办。中国国家互联网信息办公室 副主任王京涛，科摩罗邮政、电信、数字经济及公正透明部秘书长姆马迪·卡帕奇亚，布基纳法索驻华大使毕达伍，厦门市委常委、宣传部部长郭国云出席 论坛并致辞。布隆迪通信与媒体部部长加比·布加加，福建省委常委、宣传部部长张彦出席论坛。论坛还邀请了来自中央和国家机关有关部门、非洲国家政 府部门、福建省和厦门市有关部门、中国信息通信研究院、国家工业信息安全发展研究中心、全球移动通信系统协会、北京师范大学、北京理工大学，以及 众多知名企业和智库代表参会。会议围绕人工智能发展和机遇、人工智能安全与治理、人工智能治理的国际合作等内容进行了深入研讨。 在全球人工智能技术飞速发展的背景下，中非互联网发展与合作论坛已成为促进中非科技领域交流的重要桥梁。本次论坛上，"AI教育"作为赋能青少年 成长、提升数字素养的核心议题，受到广泛关注。作为AI教育领域的企业代表，猿编程创始人李翊受邀出席活动，并就"人工智能教育发展方向"作主题分 享。他系统阐述了AI教育的理念演进与实践路径，为中非数字教育合作 ...

智通财经记者 | 周末 本应专注于学习的智能教育硬件，似乎正在扮演一个"推销员"的角色。 "智能教育助手"变形记 智通财经编辑 | 文姝琪 "感觉买了个学习机，就是为了他后面卖课的。" 张女士的这句话，反映出了诸多购入了作业帮学习机家长的窘境：一款承载着家长对AI教育、名师资源的厚望，售价达数千元的学习机，在实际使用中给 用户留下的最深印象竟是其背后的营销体系。 几个月前，为了帮助"小升初"的孩子顺利衔接初中课程，张女士经过比较，花费四千多元购入了一台作业帮"AI金牌辅导"X50学习机。"因为孩子现在初中课 比较难，我们上班也忙，"张女士对智通财经表示，在她的设想中，学习机本应能分担家长辅导压力、提供个性化学习方案。 然而，这份期待很快落空。张女士表示，学习机内置的基础功能体验不佳：做题、批改功能与普通教辅差别不大，用免费的AI应用"豆包都能搞定"；自带的 录播资源则千篇一律，缺乏个性化的学习方案。 学习上收效甚微，但另一个"新世界"的大门却被悄然打开。张女士表示，作为作业帮核心卖点的"名师资源"背后，许多通往"名师直播课"的操作，都指向一 套固定的流程：先是在学习机上被要求安装微信，继而添加各类"辅导老师" ...

展望未来，此举开启想象空间的同时也带来管理课题。集团需有效整合海外技术资源，并应对数字货币 市场波动对收益的潜在影响。投资者可关注后续财报中技术落地与收益使用的具体披露，以验证这一模 式的长期价值。 中国春来教育集团(01969)在科技与教育融合的探索上再进一步。集团最新公告显示，其主席侯春来先 生将透过捐赠方式，向集团免费提供其美国数据中心开发的AI与区块链技术使用权，并将该数据中心 所产生的全部利润捐予集团。这一"技术+收益"的双重捐赠模式，为核心教育主业配备科技与财务"双引 擎"。 此项安排为集团业务的深度融合开辟了清晰路径。在技术层面，捐赠的AI算力与区块链技术将直接赋 能于集团正在推进的AI教育战略,包括部署DeepSeek R1模型的教育平台，助力开发虚拟课堂、个性化学 习系统等创新应用。在财务层面，数据中心带来的利润将为集团提供稳定的额外资金，可定向用于智慧 校园升级、AI课程研发等长期项目，从而构建起"技术提升教育体验，收益反哺研发创新"的良性发展闭 环。 ...

此项安排为集团业务的深度融合开辟了清晰路径。在技术层面，捐赠的AI算力与区块链技术将直接赋 能于集团正在推进的AI教育战略,包括部署DeepSeek R1模型的教育平台，助力开发虚拟课堂、个性化学 习系统等创新应用。在财务层面，数据中心带来的利润将为集团提供稳定的额外资金，可定向用于智慧 校园升级、AI课程研发等长期项目，从而构建起"技术提升教育体验，收益反哺研发创新"的良性发展闭 环。 智通财经APP获悉，中国春来教育集团(01969)在科技与教育融合的探索上再进一步。集团最新公告显 示，其主席侯春来先生将透过捐赠方式，向集团免费提供其美国数据中心开发的AI与区块链技术使用 权，并将该数据中心所产生的全部利润捐予集团。这一"技术+收益"的双重捐赠模式，为核心教育主业 配备科技与财务"双引擎"。 展望未来，此举开启想象空间的同时也带来管理课题。集团需有效整合海外技术资源，并应对数字货币 市场波动对收益的潜在影响。投资者可关注后续财报中技术落地与收益使用的具体披露，以验证这一模 式的长期价值。 ...

风险提示：政策变动、行业竞争加剧、消费环境修复不及预期等。 投资建议：维持"优于大市"评级。伴随国家不断出台扩大内需的利好政策，报告期内社服板块估值有望 持续修复。目前经济环境和市场风格下建议配置携程集团-S、亚朵、同程旅行、BOSS 直聘、小菜园、 古茗、蜜雪集团、卓越教育集团、长白山等。中线优选中国中免、美团-W、蜜雪集团、古茗、亚朵、 华住集团-S、卓越教育集团、学大教育、立国际控股、中国东方教育、携程集团-S、海底捞、同程旅 行、北京人力、BOSS 直聘、科锐国际、锦江酒店、同庆楼、宋城演艺、百胜中国、九毛九、海南机 场、君亭酒店、峨眉山A、天目湖、三特索道、黄山旅游、广州酒家、首旅酒店、东方甄选、曹操出行 等。 周观点：凯文教育携手智谱华章，成立合资公司布局AI 教育。凯文教育是A股稀缺的K12 学校运营服务 商，据公司年报，业务涵盖三大板块：K12 学校业务、素质教育业务（提供校内外体育、艺术等特色培 训）、职业教育服务（产教融合及党校业务）。2025 年上半年，公司实现营业收入1.71 亿元，同比增 长12.51%，归母净利润实现扭亏为盈。近期发布公告与智谱华章成立合资公司，业务版图进一步扩展 ...

Core Insights - Baidu has launched the "AI Companion Learning" feature based on large model technology, providing core capabilities such as AI precision practice, AI speaking practice, and essay correction, covering the entire K12 learning scenario [2][3] - The "AI Companion Learning" feature is designed to be accessible via common devices like smartphones and tablets through the Baidu App, aiming to disrupt the traditional hardware-centric learning machine market [2][4] - The free usage model is expected to enhance user engagement and retention on the Baidu App, targeting parents and students as core user groups [2][6] Market Context - The AI learning machine market is experiencing rapid growth, with projections indicating that the education hardware market will exceed 100 billion yuan by 2025 [2][5] - In 2024, the total sales volume of AI learning machines in China is expected to reach 5.923 million units, a year-on-year increase of 25.5%, with sales revenue projected at 19.06 billion yuan, up 37.6% from 2023 [5][6] - Baidu's strategy of offering "permanent free" services aims to disrupt the existing commercial logic of the industry, which typically relies on a "hardware + value-added services" model [5][6] Product Features - The "AI Companion Learning" feature covers all K12 grades, providing tutoring in subjects like mathematics, Chinese, and English, along with core learning modules such as photo Q&A, homework correction, and AI precision practice [3][4] - The service includes diverse teaching tools, from basic recognition to skill enhancement, and hides distracting information on the Baidu homepage when in learning mode [4][6] - Baidu's education team has developed a specialized model that integrates various large models and knowledge graphs to achieve intelligent, personalized, and precise learning processes [4][6] Competitive Landscape - Other companies, such as Epson, are also entering the education market with AI solutions, indicating a competitive environment [4][5] - Baidu's approach contrasts with traditional education hardware brands by eliminating hardware costs and leveraging existing smart devices for educational purposes [6][7] - The deep activation of user ecosystems through the Baidu App's extensive daily active user base is seen as a long-term value strategy, facilitating user conversion in educational contexts [7][8]

Core Viewpoint - The investment by Rongxin Culture in Youxue Baobei marks a strategic move to deepen its presence in the children's original book market, enhancing its competitive edge in the children's education content ecosystem [1] Group 1: Investment Details - Rongxin Culture's subsidiary, Xi'an Rongchuang Rongying Education Culture Co., Ltd., has officially acquired a 51% stake in Wuhan Youxue Baobei [1] - Youxue Baobei specializes in imported English original children's books and holds exclusive distribution rights for approximately 70 titles in mainland China, covering popular categories such as language enlightenment and emotional intelligence [1] Group 2: Resource Synergy - The investment aims to achieve a "1+1>2" value upgrade through deep complementary advantages in content, channels, and strategy [2] - Rongxin Culture's dual approach of "import + original" in children's literature will be enhanced by Youxue Baobei's strengths in original books, enriching the product matrix and increasing market share [2] - The integration of Rongxin Culture's AI smart reading pen with Youxue Baobei's original books will provide added interactive experiences, expanding the consumer base [2] Group 3: Strategic Alignment - The investment aligns with Rongxin Culture's long-term strategy in the AI education sector, utilizing Youxue Baobei's exclusive original book resources as quality content for developing innovative AI education products [3] Group 4: Future Outlook - The acquisition of Youxue Baobei is a critical step for Rongxin Culture in the children's education content field, enhancing its product offerings and establishing a collaborative model for innovation in the original book sector [4] - Future plans include deepening copyright cooperation and product innovation, exploring diverse pathways such as "original IP + derivatives" and "original content + AI interaction" to provide richer international educational resources for families [4]

人民财讯9月25日电，方直科技（300235）9月25日公告，公司近日发布"阳仔"AI陪伴机以及"开口 喵"、"同步喵"AI英语学习产品，标志着公司从传统中小学教育领域向儿童成长陪伴与家庭智能教育生 态的战略性拓展。不仅为公司开辟了学前与低龄儿童情感陪伴这一全新赛道，更通过"硬件+内容+服 务"的深度融合，构建了覆盖情感发展、学科同步与能力提升的立体化产品矩阵。 ...

Core Viewpoint - The acquisition of a 51% stake in Wuhan Youxue Baobei by Rongxin Culture's subsidiary Rongchuang Rongying marks a strategic move to enhance the company's position in the imported English children's book sector, leveraging Youxue Baobei's exclusive resources and stable e-commerce channels [1][2]. Group 1: Investment and Strategic Positioning - The investment signifies Rongxin Culture's deepening commitment to the children's original book market, reinforcing its leadership in the domestic children's book industry [2]. - The partnership is expected to create effective synergies in content, channels, and strategy, enhancing the overall competitiveness of Rongxin Culture in the children's education content ecosystem [2][3]. Group 2: Product and Channel Advantages - Youxue Baobei holds exclusive distribution rights for approximately 70 types of imported English children's books, covering popular categories such as language enlightenment and emotional intelligence, establishing a strong competitive barrier [1]. - Rongxin Culture's extensive experience in the children's book sector will support Youxue Baobei's channel expansion, providing access to offline markets and optimizing online store operations to enhance traffic conversion [3]. Group 3: Technological Integration and Future Plans - The investment aligns with Rongxin Culture's long-term strategy in the AI education sector, utilizing Youxue Baobei's original book resources to develop innovative products like "original books + AI reading" [3]. - Future collaboration will focus on deepening copyright cooperation and product innovation, exploring diverse paths such as "original IP + derivatives" and "original content + AI interaction" to enrich international educational resources for families [3].