证券研究报告 | 2025年08月25日 社会服务行业双周报（第 113 期） 优于大市 中报业绩密集披露，豆神、粉笔、有道等迭代 AI 教育新品 板块复盘：消费者服务板块报告期内上涨 5.18%，跑输大盘 1.47pct。报告 期内（2025 年 8 月 11 日-2025 年 8 月 24 日），国信社服板块涨幅居前的股 票为科德教育（39.74%）、东方甄选（22.88%）、华住集团-S（12.91%）、 华天酒店、全聚德、君亭酒店、豆神教育、奈雪的茶、BOSS 直聘、长白山。 国信社服板块跌幅居前的股票为科锐国际（-7.52%）、新濠国际发展 （-5.84%）、天立国际控股（-4.38%）、中国东方教育（-4.01%）、学大教 育（-3.88%）、美高梅中国、九毛九、银河娱乐、澳博控股、北京人力。 行业与公司动态：豆神教育 AI 超练系列更新超练作文与阅读新单元，通过 AI 互动指导提升学习体验。粉笔发布事业单位考试 AI 刷题班与智能音响， 打造"AI+硬件"备考解决方案。网易有道推出多款 AI 教育新品，包括升级 版答疑笔和全面屏听力宝，进一步构建 AI 教育生态。深度求索发布 DeepSeek- ...

证券研究报告 | 浙商早知道 报告日期：2025 年 08 月 21 日 浙商早知道 2025 年 08 月 21 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 ❑ 【浙商教育与人力资源 冯翠婷/段联/刘梓晔】豆神教育（300010）公司深度：AI 打造极致性价比，先发卡位抢 占 AI 教育时代用户心智——20250819 重要观点 重要点评 http://www.stocke.com.cn 1/5 请务必阅读正文之后的免责条款部分 ❑ 大势：8 月 20 日上证指数上涨 1.04%，沪深 300 上涨 1.14%，科创 50 上涨 3.23%，中证 1000 上涨 0.86%，创业 板指上涨 0.23%，恒生指数上涨 0.17%。 ❑ 行业：8 月 20 日表现最好的行业分别是美容护理（+2.42%)、石油石化（+2.36%)、电子（+2.32%)、汽车 （+1.93%)、食品饮料（+1.39%)，表现最差的行业分别是医药生物（-0.07%)、家用电器（+0.12%)、房地产 （+0.16%)、环保（+0. ...

Summary of Dou Shen Education Conference Call Company Overview - Dou Shen Education is positioned to rapidly capture market share in the AI education sector due to its first-mover advantage and continuous product iteration, aiming to become a leading brand in the industry, particularly in AI product experiences for teaching and delivery [2][3] Market Potential - The market for Dou Shen Education is underestimated, with the large language recording market alone estimated at 9 billion. Including resources for English and mathematics, as well as the potential for high-priced small class replacements, the total market size could reach hundreds of billions or even over a trillion [2][5] - Dou Shen Education forecasts revenues of 1.2 billion, 2.03 billion, and 3.54 billion for 2025, 2026, and 2027 respectively, with net profits of 220 million, 430 million, and 880 million, corresponding to net profit margins of 18%, 21%, and 25% [2][6] Competitive Advantages - Dou Shen Education is the first company to launch an AI virtual teacher product that has gained market recognition, with a dedicated AI team of about 70 people focusing on product implementation [3][9] - The company’s management is directly involved in product development, ensuring that the solutions meet teaching and student interaction needs, which enhances market acceptance and experience differentiation [10][11] Market Expectations and Challenges - There are four main discrepancies in market expectations regarding Dou Shen Education: 1. Other companies have launched AI products, but Dou Shen's focus on teaching and delivery quality creates significant experience differences. 2. Doubts about its first-mover advantage and rapid iteration capabilities. 3. Market size assessments, with Dou Shen aiming for 20.3 billion in revenue by 2026, which could yield a 13x PS valuation, corresponding to a target market value of 26.4 billion [4][6] 4. The company aims to improve conversion and retention rates through highly customized one-on-one experiences, which will enhance gross margins and reduce management expense ratios [4][5] Future Growth and Profitability - Dou Shen Education's future outlook is optimistic, with expectations of significant sales scale expansion and user acquisition within the next one to two years due to its first-mover advantage and resource investment in product iteration [13] - The company anticipates that its operating profit margin could rise from the teens to around 30% or higher, driven by the elasticity of profit margins in AI products [15] Stock Performance and Valuation - As of August 19, the company's market capitalization is approximately 18 billion, indicating potential for growth compared to a projected valuation of 63 times for 2026 [7] - Current stock price fluctuations are minimal, reflecting unclear market perceptions of the industry ecosystem, product differentiation, and strategic understanding [7] Comparison with Competitors - Other educational companies are slower in launching similar AI virtual teacher products, with noticeable experience differences compared to Dou Shen. For instance, New Oriental's recent launch of an English virtual teacher still lags behind Dou Shen's offerings [14] - Dou Shen's strategy mirrors successful tactics used by companies like Zuoyebang, which maintained market leadership through early development of basic AI educational tools and dynamic iteration based on user feedback [14] Conclusion - Dou Shen Education is well-positioned for growth in the AI education market, with strong competitive advantages, significant market potential, and a clear path to profitability. The company's proactive approach to product development and market strategy is expected to yield substantial returns for shareholders in the coming years [15]

Group 1: Company Overview and Leadership - Douxin, the Chairman, and Zhao Boqi, the CEO, lead the company alongside other key executives [3] - The company is focused on integrating AI technology into its educational services [5] Group 2: New Product Launch - The company introduced an AI education ecosystem comprising AI Dual Teacher, AI Super Training Ground, and AI Companion Robot, aimed at enhancing quality education through technology [5] - The AI Dual Teacher model combines human teachers with AI to provide personalized learning strategies [5] - The AI Super Training Ground utilizes AI to create customized learning experiences based on individual student data [5][6] - The AI Companion Robot serves multiple roles in a child's learning and daily life, offering guidance and support [6] Group 3: Market Strategy and Product Development - The company employs a strategy of differentiated competition by collaborating with top educators and utilizing advanced AI programming [7] - The English product has already been launched, with plans for additional subjects to follow [7] Group 4: Computational Capacity and Optimization - The company has optimized algorithms to reduce GPU resource requirements, enabling support for 200,000 concurrent users [8] - Strategies include training smaller models and utilizing edge computing to decrease cloud dependency [8] Group 5: Marketing and Sales Channels - The new AI-Class course will leverage existing sales channels and social media platforms for promotion, with a launch date set for July 21, 2025 [9] - The AI Companion Robot will be marketed through various channels, including partnerships with major 3C retailers and promotional collaborations with media and influencers [9]