点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 分业务看，25H1素质教育/全日制复习/辅导项目分别实现收入7.23/1.01/0.89亿元，分别同比+513.1%/-18.3%/ +17.6%。25H1公司收入同比实现翻倍以上增长，主要系：1）综合素养业务产品与服务质量不断提升，推动报 读人次和续报率等运营指标持续上升。2）广州、深圳、佛山市场拓展成效显著，依托本土化课程和品牌影响 力扩大了市场份额，共同拉动了整体收入增长。3）AI技术在教学、营销等环节的应用优化了流程，人才策略 保障了师资供给，进一步支撑了业务扩张。 毛利率保持平稳，区域拓展及AI投入致净利率下滑 公司2025H1毛利率为45.0%，同比+0.1pcts，各业务板块毛利率均有上升，但受综合素养业务中 "三人以下" ...

机构：光大证券 研究员：陈彦彤/汪航宇/聂博雅 毛利率保持平稳，区域拓展及AI 投入致净利率下滑。公司2025H1 毛利率为45.0%，同比+0.1pcts，各业 务板块毛利率均有上升，但受综合素养业务中 "三人以下" 低毛利率业务收入占比大幅提升的结构影 响，整体毛利率仅小幅上升。 费用投放方面，25H1 销售费用率为6.8%，同比-0.3pcts，主要系续读率持续提升，业务增长更多依赖老 生续读，新招压力减小，费用投放效率提升；行政及其他费用率为12.5%，同比-0.4pcts，主要系公司提 升运营效率节省部分开支。综合来看，25H1 净利率为16.5%，同比-0.7pcts，主要系区域拓展、教研及 AI 投入增加。 大湾区市场持续深耕，分红比例逐年提升。展望未来，公司业绩有望持续释放。 1）区域深耕：公司将依托大湾区的人口红利与旺盛的教育需求，持续深耕广州市场并加快在深圳、佛 山等地的拓展步伐。广州作为公司的基地市场，其领先的市占率为公司构筑了坚实的品牌护城河；深 圳、佛山市场仍有较大提升空间。2）AI 深化：公司将继续深化AI 在教育场景的应用，计划推出"个性 化推题"功能和"AI 学伴"等产品，进一 ...

2025 年 8 月 23 日 公司研究 素质业务收入高增，AI 赋能成效显著 ——卓越教育集团（3978.HK）2025 年半年报点评 要点 事件：卓越教育集团 25H1 实现营业收入 9.2 亿元，同比+188.9%；归母净利润 1.5 亿元，同比+177.4%。 素质业务收入高速增长，AI 赋能成效显著。分业务看，25H1 素质教育/全日制 复习/辅导项目分别实现收入 7.23/1.01/0.89 亿元，分别同比+513.1%/-18.3%/ +17.6%。25H1 公司收入同比实现翻倍以上增长，主要系：1）综合素养业务产 品与服务质量不断提升，推动报读人次和续报率等运营指标持续上升。2）广州、 深圳、佛山市场拓展成效显著，依托本土化课程和品牌影响力扩大了市场份额， 共同拉动了整体收入增长。3）AI 技术在教学、营销等环节的应用优化了流程， 人才策略保障了师资供给，进一步支撑了业务扩张。 毛利率保持平稳，区域拓展及 AI 投入致净利率下滑。公司 2025H1 毛利率为 45.0%，同比+0.1pcts，各业务板块毛利率均有上升，但受综合素养业务中 "三 人以下" 低毛利率业务收入占比大幅提升的结构影响， ...

Core Perspective - Beijing Language University (BLU) is positioned as a key university under the Ministry of Education, with a historical mission to promote Chinese language and culture, serving national strategies and facilitating cultural exchange [1][9]. Group 1: Academic Strength and Educational Features - BLU offers 54 undergraduate programs, with 18 national-level first-class undergraduate programs and 7 national-level characteristic programs, covering 11 academic disciplines [2]. - The university has established a "Three Strong, Three New" system, with "Chinese Language and Literature" ranked fourth nationally in the 2024 Soft Science rankings, and "Regional Studies" also ranked fourth in national competitiveness [2]. - The faculty includes numerous high-level educators, such as Friendship Medal recipients and national teaching masters, contributing to the training of over 300,000 international students [2]. Group 2: Talent Development - BLU has cultivated over 100,000 outstanding talents, including more than 80 foreign leaders and over 300 diplomats, playing a crucial role in promoting cultural exchange [3]. Group 3: 2025 Enrollment Highlights - The university plans to increase enrollment, responding to the "expansion of quality undergraduate education" initiative, with 16 different admission categories to provide more opportunities for applicants [4]. - Two new cooperative programs with top 100 global business schools will be introduced, offering dual degrees in Information Management and International Trade [4]. - Three new joint bachelor's degree programs will be launched, focusing on interdisciplinary education combining language and engineering [5]. Group 4: Innovative Talent Training Models - A new elite talent training program, "International Elite Talent Program in Sinology and Chinese Studies," will be established to cultivate leaders with deep understanding of China [6]. - The university has introduced multiple new major directions, integrating AI into traditional disciplines to meet national talent needs [7]. Group 5: Employment Outcomes - BLU has achieved an employment rate exceeding 98% for 2024 graduates, with graduates finding positions in various sectors including government, education, media, and finance [8]. - Over 30% of graduates pursue further studies domestically, while about 20% study abroad, with many attending top 100 global universities [8]. Group 6: International Relations College - The International Relations College at BLU aims to cultivate global governance talents with foreign language advantages, having established the first UN research center in China [10][11]. - The college has a comprehensive training system from undergraduate to master's and professional education, with a strong emphasis on research and practical experience [11]. Group 7: Information Science College - The Information Science College focuses on language intelligence and has established a dual-engine academic structure with a national first-class program in Computer Science and Technology [15][16]. - The college has a unique interdisciplinary training model combining computer science, data science, and linguistics, producing graduates with high employability in AI-related fields [16][21].

Core Insights - Tsinghua University's research team released a guide titled "AI Empowering Education: A Guide to Using College Entrance Examination Volunteer Filling Tools" on June 19 [1] - The guide focuses on ten typical needs in the college entrance examination volunteer filling process and provides 100 deep search prompts for students and parents [1] - Quark's AI capabilities have been recognized in the tool evaluation, with the guide stating that its data integrity, analytical ability, and decision-making level are on par with human volunteer planning experts [1]

Core Insights - The AI wave in education is expected to transform the industry significantly by 2025, with the market size projected to exceed 70 billion yuan, creating a dual-loop of commercial and educational integration [1][26] - AI is seen as a key to resolving the challenges of personalized, high-quality, and large-scale education, with major educational technology companies integrating AI technologies into their products [2][13] Policy Support - The integration of AI in education is driven by favorable policies, with the government establishing a comprehensive framework for AI education since 2017, including recent guidelines released in May 2025 [4][5] - Policies emphasize the importance of personalized teaching systems, intelligent product development, and large-scale resource sharing to enhance educational efficiency [2][4] Technological Advancements - The evolution of AI technologies, particularly the rise of large models like DeepSeek, is reshaping the educational landscape, enabling significant improvements in language understanding and logical reasoning [9][13] - DeepSeek's open-source nature and low-cost advantages are attracting educational institutions, facilitating the spread of AI capabilities across various educational entities [14][26] Industry Structure - The AI+education industry is characterized by a clear division of roles along the supply chain, with upstream players focusing on core technology support and downstream players addressing diverse user needs [6][15] - The market is witnessing a growing number of participants, including traditional educational institutions and new AI technology companies, leading to a rich ecosystem of educational solutions [15][26] Commercial Models - The AI education market is developing differentiated commercial models across government (G), business (B), and consumer (C) segments, each targeting specific customer needs and offering tailored solutions [21][22] - The projected market size for AI+education is expected to reach nearly 300 billion yuan by 2030, with a compound annual growth rate of 47% [26] Global Expansion - Chinese companies are increasingly looking to international markets, leveraging their technological advancements and cost advantages to explore opportunities in diverse global education sectors [24][26]

Core Insights - The report titled "2025 AI Empowerment Education Industry Development Trend Report" highlights the transformative impact of AI on the education sector, focusing on ten core trends that provide strategic insights for educational institutions to seize opportunities and shape the future [1] - AI empowerment in education is characterized by four main features: comprehensive coverage, content innovation, systematic integration, and precise adaptation, effectively addressing the challenges of personalized, high-quality, and large-scale education [1] Industry Overview - The current market for AI in education has surpassed 70 billion yuan, driven by strong demand and favorable national policies that emphasize the importance of AI in education [1] - The industry is entering a new era of large model intelligence, propelled by technological advancements and increasing integration of AI into educational practices [1] Company Profile - Turing Robot, a pioneer in the AI field, has focused on AI+ education product application development for 15 years, providing comprehensive technical solutions to various educational partners [3][7] - The company has established a robust supply chain and delivery assurance, with an annual shipment exceeding 10 million units and a cumulative total of over 100 million units [5] Technological Capabilities - Turing Robot possesses strong AI hardware capabilities, with self-defined and large-scale delivery capabilities, and offers reliable cloud services that support massive AI applications [5] - The company has developed a comprehensive product architecture that integrates AI software, hardware, content, and tools, facilitating a full-link intelligent service system for the education sector [5][6] Future Directions - Turing Robot aims to enhance the competitiveness of educational institutions by providing AI-driven solutions that improve operational efficiency, increase enrollment and retention rates, and support personalized learning experiences [6] - The company is committed to continuously optimizing its products and services, leveraging innovative technologies to promote the intelligent development of the education industry [6]

Group 1: Digital Culture and Technology - The rapid evolution of artificial intelligence technology presents both opportunities and challenges for the construction of online civilization [1][3] - The theme of the forum was "Utilizing Digital Intelligence Technology to Cultivate a New Civilized Atmosphere," where participants shared innovative practices and positive outcomes in their respective fields [3] - The National Centre for the Performing Arts has embraced "smart theatre" initiatives, launching online performances to connect with audiences and create a global digital cultural dissemination platform [5] Group 2: Cultural Heritage and Digital Preservation - The Dunhuang Research Institute has completed the digital collection of 300 caves, resulting in over 500TB of digital resources, which supports the protection and promotion of cultural heritage [5] - The institute has organized digital exhibitions and collaborated with third parties to create high-precision 3D reconstructions of cultural sites, enhancing public understanding of heritage [5] Group 3: Sports and Social Values - The forum emphasized the importance of building a civilized sports environment as a cultural foundation for sustainable development in sports [7][9] - The concept of "Village Super" in Guizhou province has gained popularity through new media, demonstrating how local sports can contribute to community engagement and cultural vitality [10] Group 4: Family Values and Youth Development - The forum highlighted the significance of promoting good family values as a foundation for societal ethics, with personal stories illustrating the impact of family on individual character [11] - Young people are encouraged to integrate family values into the digital space, emphasizing honesty and respect in both online and offline interactions [13]

Core Viewpoint - Changzhou Changdang Lake Senior High School is pioneering a unique path in innovative education by integrating cutting-edge technology with humanistic care, particularly through the implementation of an "AI Learning System" that facilitates personalized growth for students, attracting widespread attention and discussion [1][2]. Group 1: AI Learning System Implementation - The "AI Learning System" serves as the intelligent core of teaching management, capturing each student's learning progress in real-time and providing immediate feedback through a visual interface [2]. - The system adapts the difficulty of assignments based on individual student performance, enabling targeted instruction and resource allocation to enhance learning outcomes [2]. - Detailed learning reports generated by the system support the school's "Three Mentor Support System" (subject mentors, career mentors, psychological mentors), promoting coordinated development in academic planning and psychological growth [2]. Group 2: Educational Philosophy and Practices - The school adheres to a holistic education philosophy, integrating moral education into daily student life, with activities like volunteer services and debate competitions being recorded by the AI system as "electronic badges" in student files [2]. - These records not only document the character development of students but also exemplify the school's commitment to the "Five Educations" approach, which emphasizes comprehensive educational development [2]. - The integration of AI technology is seen as revitalizing moral education, contributing to a more engaging and effective learning environment [2]. Group 3: Future Goals - With the deep integration of AI technology in education, the school is steadily advancing towards higher quality and more distinctive modern educational goals, contributing wisdom and strength to the cultivation of talent in the new era [3].

Core Points - Gaotu Education Technology Group has officially become the learning partner of the Chinese National Swimming Team and the Chinese National Synchronized Swimming Team, marking a significant step in its strategy to integrate sports and education [1][3] - The collaboration aims to provide systematic, professional, and customized educational services to athletes, enhancing their comprehensive abilities and overall development [3][11] Group 1: Partnership Announcement - The partnership was announced during a ceremony held on May 27, 2025, in Beijing, attended by key figures from both Gaotu and the national teams [1] - Gaotu has previously partnered with the Chinese National Diving Team, indicating a strategic focus on sports talent education [1] Group 2: Educational Approach - Gaotu will offer diverse and targeted courses for national team athletes, including practical English for international competitions, IELTS preparation, psychological counseling, and cultural education [5][10] - A dedicated team of teachers and researchers will be established to create a customized teaching system tailored to the needs of different athlete groups [5][10] Group 3: Innovative Teaching Model - The company has developed a unique teaching model centered around "dual teachers + AI teachers," which combines traditional instruction with AI technology to enhance course planning and learning experiences [10][13] - This model aims to balance high-intensity training with systematic learning, improving both teaching efficiency and student experience [10][13] Group 4: Future Plans - Gaotu plans to continue expanding its partnerships with more national teams, leveraging quality educational resources and digital technology to innovate courses and services [10][11] - The company aims to create a new ecosystem that integrates sports talent education, quality education, and career development [10][11]