证券代码：300148 证券简称：天舟文化 天舟文化股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者关系活动 | □ 特定对象调研 ☑分析师会议 | | --- | --- | | 类别 | □ 媒体采访 □ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | □ 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 华鑫证券、国新证券、拉曼资产、泰信基金、广发金控、润财资 | | 人员姓名 | 产、IGWT Investment、中邮保险、上汽颀臻、名禹资产、东兴 | | | 基金、八零后资产、浩源投资、正德泰投、大道兴业投资、华商 | | | 基金、君和资本、富唐资产、荷荷基金、三登投资、德若基金、 | | | 创金合信、华福证券、睿源基金、渝汇投资、度势投资、橡果资 | | | 产、途灵资产、霄沣投资、陆家嘴国际信托、友邦人寿 | | 时间 | 2025 年 7 月 21 日 （周一）15:30-16:10 | | 地点 | 线上电话会议 | | 上市公司接待人 | 总裁 喻宇汉先生 | | 员姓名 | 证券事务代表、董秘处主任 姜玲 ...

【环球网财经报道 记者 李文瑶】上周，港股职业教育板块异动。龙头股粉笔（02469.HK）盘中涨幅突 破25.5%，最高触及3.8元/股，创下年内最大单日涨幅，吸引众多投资者高度关注。 浙商证券研报指出，AI产品有望提升参培人次及利润率，已经上调至"买入"评级。资本市场的强烈回应 并非孤立事件——其背后是公考培训行业全面拥抱AI技术的产业变革浪潮，以及头部企业技术商业化 路径的实质性突破。 行业拐点： AI 破解传统培训结构性困局 中国职业教育市场正走进万亿规模时代。据信达证券，中国的职业教育行业的市场规模从2016年的5167 亿元增至2021年的7811亿元，年增速达8.6%，预期2026年将会达到1万亿元。 然而传统培训模式长期面临三重矛盾：标准化课程与个性化需求的错配，名师资源稀缺与服务承载力不 足的冲突，离散化知识传授与系统化能力培养的割裂。 "过去行业依赖名师经验驱动，但人的精力终归有限。"某头部机构教研负责人向记者透露，"当名教师 需面对上千学员，精准诊断、动态调课成为不可能完成的任务。" 2024年7月，粉笔推出自主研发的首个职教行业垂域大模型。2024年底全面拥抱DeepSeek大模型后，在 ...

Investment Rating - The report suggests a positive outlook on the AI sector, highlighting significant growth potential and investment opportunities in both domestic and international markets [4][9]. Core Insights - The AI sector is experiencing a robust growth trajectory, with the U.S. AI industry showing an 80.19% increase since the beginning of 2024, significantly outperforming the Nasdaq index, which rose by 38.47% during the same period [9][13]. - Domestic AI tools are rapidly gaining market share through low-cost strategies, fostering user habits that could lead to long-term profitability [9][12]. - The report emphasizes the importance of building a complete AI ecosystem in China, driven by domestic innovation and a large user base, which is expected to enhance the commercial viability of AI applications [9][34]. Summary by Sections 1. U.S. AI Market Review - The U.S. AI sector has shown a clear upward trend in 2024, driven by technological advancements and product upgrades, with significant contributions from major companies like OpenAI and Google [13][17]. - The report notes that the AI sector's performance is supported by macroeconomic improvements and increased investor interest in AI-related stocks [17][21]. 2. Comparison of U.S. and Chinese AI Industries - The U.S. maintains a lead in AI due to early investments and advancements in foundational research and chip technology, while China is rapidly catching up through policy support and a rich application landscape [24][28]. - Chinese companies are narrowing the performance gap with innovative models and open-source strategies, which are expected to enhance their competitive edge [24][30]. 3. AI Applications Across Industries - The report categorizes AI applications into various sectors, including advertising, content generation, e-commerce, and education, highlighting their transformative potential [11][47]. - AI's integration into advertising is particularly emphasized, with advancements in content generation and targeted ad placements driving efficiency and effectiveness [47][52]. 4. Investment Recommendations - The report recommends focusing on companies such as Alibaba, Meitu, Kuaishou, and others that are well-positioned to benefit from the ongoing AI revolution [9][12]. - It suggests that the ongoing evolution of foundational AI models will facilitate broader application across industries, leading to significant investment opportunities [9][12].

教育系统作为社会巨系统的一个关键子系统，在人工智能技术的驱动下，教育现象变得日益错综复杂， 教育动因更加难以解析，教育风险也愈发难以预见。为了有效应对人工智能技术对教育系统的挑战与机 遇，需进行跨学科、跨圈层和跨领域的深入对话。 为此，北京大学教育学院汪琼教授团队与腾讯研究院杨健、孙怡、吴朋阳和张鸿茹等合作，产学研共创 AI教育课题组，开展AI+教育思想系列沙龙，旨在推动各方对话，为智能时代的教育提供有价值的思路 借鉴。 第7期于2025年6月开展，北京大学教育学院、腾讯研究院和HRoot联合发起"AI时代的就业转型"闭门研 讨会，旨在探索数智时代的人才市场需求和人才发展策略，邀请企业HR专家分享AI对就业转型带来的 挑战与机遇。以下是内容精编，推荐阅读。 Edith： 观点速览 我想从个人体会谈起，为今天的讨论抛砖引玉。今年在提"AI+就业"，而就业涉及供需双方，从哪里开 始是一个问题。AI在HR层面的落地是"AI+就业"的一个现实入口。例如某世界500强IT公司是一个典型 案例。他们在推动 AI 替代 HR 职能方面非常激进：一方面，全球范围内精简了大量 HR 人员；另一方 面，通过 AI 系统完成绩效评 ...

一、行情 7月18日，A股教育板块集体走强，凯文教育、世纪天鸿（20CM炸）涨停，华宇软件、正元智慧、佳发教育、豆神教育等集体跟涨。 | 二、事件：国内巨头纷纷推动AI教育升级 | | --- | 1）7月18日，港股粉笔一度涨超6%，此前两个交易日累计大涨超26%。 据粉笔消息，公司于近期上线AI系统班3.0升级版本，在深度应用粉笔自研垂域大模型的基础上，构建"精准诊断—动态规划—靶向练习"的智能 备考闭环。该产品在2025年上半年成交单量约5万单，全年累计销售额贡献有望突破1亿元。 同时，粉笔计划进一步丰富AI产品矩阵，将在年内推出基于自研大模型打造的AI硬件产品。 2）7月8日，豆神教育在北京举行"AI-Class新物种登场。公司宣布，旗下AI-Class新物种超能训练场将于7月21日全面开放。作为豆神教育"AI双 师+超能训练场+学伴机器人"全新AI教育新范式的重要组成部分，超能训练场可以打造"万人一对一"定制AI课堂，实现教学过程的可视化与成 果可交付。 据悉，豆神AI新品试播6天销售额即超3000万元，全年销售更是有望破亿元。 三、机构解读 1）AI教育与在线教育都是技术驱动的供给变革。但具体看， ...

证券研究报告 | 浙商早知道 报告日期：2025 年 07 月 18 日 浙商早知道 2025 年 07 月 18 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要推荐 重要观点 重要点评 ❑ 【浙商教育与人力资源 段联/马莉/刘梓晔/冯翠婷】粉笔（02469）公司更新：AI 刷题系统班助力夺回市占、增厚 利润的奇点时刻？——20250716 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：周四上证指数上涨 0.4%，沪深 300 上涨 0.7%，科创 50 上涨 0.8%，中证 1000 上涨 1.1%，创业板指上涨 1.8%，恒生指数下跌 0.1%。 ❑ 行业：周四表现最好的行业分别是国防军工（+2.7%)、通信（+2.4%)、电子（+2.2%)、医药生物（+1.8%)、钢铁 （+1.4%)，表现最差的行业分别是银行（-0.4%)、交通运输（-0.4%)、环保（-0.3%)、公用事业（-0.2%)、建筑装 饰（-0.2%)。 ❑ 资金：周四 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [5][13]. Core Insights - The launch of the AI question-answering system class is expected to help the company regain market share and enhance profitability, marking a pivotal moment for growth [7][12]. - The AI product line is anticipated to expand beyond public examination training to include civil service and teaching qualification exams, leveraging the company's existing user base and technology [3][4]. - The company is projected to achieve a revenue of approximately 800 million yuan from the AI question-answering system class in 2025, with a potential user base exceeding 200,000 [2][5]. Summary by Sections AI Product Development - The AI question-answering system class was launched on April 7, 2025, initially priced at 499 yuan, with a subsequent price adjustment to 399 yuan expected to double daily order numbers [2]. - The AI teacher product, "Fenbi Head," was launched on August 1, 2024, significantly improving teacher efficiency and user satisfaction [2][3]. Market Potential - The AI question-answering system class is projected to generate revenues of 4.7 billion to 15.7 billion yuan under various market penetration scenarios [5][8]. - The civil service training market, while smaller than K12, presents a favorable competitive landscape for the company, which is currently the only player with an internet or AI-driven approach [3][4]. Financial Projections - The company is expected to achieve total revenues of 2.805 billion yuan in 2025, with a slight growth of 0.54% year-on-year, and a net profit of 312 million yuan, reflecting a growth of 30.4% [15][12]. - The projected earnings per share for 2025 is 0.14 yuan, with a price-to-earnings ratio of 19.39 [15][12]. Competitive Advantage - The AI question-answering system class offers a high cost-performance ratio, appealing to a price-sensitive consumer base, which is crucial in the current competitive environment [4][10]. - The company’s extensive user base and continuous product iteration are expected to enhance brand loyalty and market penetration [9][10].

美编 / 顾青青 出品 / 网界 文 / 王永智 近日，京东科技与上海鲸鱼机器人科技有限公司(简称"鲸鱼机器人")完成战略签约，双方宣布将在产品技术、营销增长、产业落地等领域进行深度合作， 共同推动"AI+教育机器人"产业发展。 鲸鱼机器人是全球销量领先的教育机器人品牌，年销量超100万套，覆盖大学、中小学、幼儿园及家庭场景。而京东科技背靠京东集团的云服务、AI营销 和电商生态，此次合作被视为技术方与产业方的强强联合。 这次合作并非简单资源叠加。京东将为鲸鱼机器人提供从云计算到智能体的全链条技术支持，同时通过京东零售和AI营销能力帮助其打开市场。而鲸鱼 机器人成熟的"产品+竞赛+内容+培训"生态，则成为京东科技落地教育场景的关键抓手。 在具身智能投资火热的2025年，这一合作或许会为行业提供新的样本。 01 给教育机器人装上"京东大脑" 教育机器人的核心在于交互体验，而AI能力是关键。京东云将为鲸鱼机器人提供稳定的云服务支持，确保在高并发、大数据传输等复杂场景下的流畅运 行。 更重要的是，鲸鱼机器人将全面接入京东云的JoyAgent智能体开发平台。这个平台能帮助开发者快速搭建、调试和发布智能体，大幅降低技术门 ...

南方传媒 20250715 摘要 南方传媒经营稳健，剔除所得税影响后的利润总额预计实现双位数增长， 表明内生业务良好，教材教辅业务有序推进。 公司表示，尽管每年 6 月都会有教育政策调整，但这些微调不会对公司 基本面产生重大影响，秋季教材和教辅征订工作正常进行。 南方传媒承诺 2025 年分红总额将继续稳中有升，重视投资者回报，并 已承诺分红口径不会发生变化。 公司积极推进"AI+教育"战略，与腾讯合作，预计 8 月底推出粤教翔 云 AI 备课功能公测版，目标覆盖全省 100 万义务教育教师。 截至 2025 年 6 月底，公司已销售接近 3,000 台 AI 智能鼠标等硬件设 备，市场反馈良好，计划加大硬件与软件结合力度。 公司推出新华 AI 小优青少年成长空间项目，引入人工智能自习室和托管 中心，首批门店已开业并开始暑期招生。 公司与腾讯将于 9 月发布模拟书店经营类游戏，并计划在文化和教育领 域展开更多合作。 Q&A 南方传媒 2025 年上半年业绩预告的主要内容是什么？ 根据南方传媒 2025 年上半年业绩预告，公司预计利润增长在 45%至 55%之 间，利润范围为 4.34 亿至 4.64 亿元。这 ...

Group 1: Government Initiatives - Shanghai Municipal Party Committee and the Cyberspace Administration of Shanghai launched "Several Measures to Support Quality Internet Content Creation," outlining nine support policies including financial incentives, talent policies, scene construction, and overseas support [1][6] - The Ministry of Industry and Information Technology is soliciting opinions on the revision of the "Mobile Power Safety Technical Specifications," which will impose stricter technical standards on mobile power supplies, including power banks [3][4] Group 2: Economic Data - The National Bureau of Statistics reported that China's GDP for the first half of the year reached 660,536 billion yuan, with a year-on-year growth of 5.3%. The primary, secondary, and tertiary industries grew by 3.7%, 5.3%, and 5.5% respectively [3] - The second quarter GDP growth was 5.2%, with a quarter-on-quarter increase of 1.1% [3] Group 3: Corporate Developments - Geely Holding Group announced the signing of a merger agreement between Geely Automobile and Zeekr Technology, with Geely acquiring all outstanding shares of Zeekr, offering shareholders the option of cash or stock exchange [3][14] - Bubble Mart expects its revenue for the six months ending June 30, 2025, to grow by no less than 200% year-on-year, with profits potentially increasing by no less than 350% [13][14] - Xpeng Huitian announced the completion of a $250 million Series B financing round, indicating a $100 million amount for the B2 round [13][15] Group 4: Market Trends - The banking sector has shown an upward trend, with several A-share listed banks, including Xiamen Bank and Shanghai Pudong Development Bank, seeing stock price increases of over 30% this year [8] - The eleventh batch of national drug centralized procurement has been initiated, focusing on quality control and compliance in the procurement process [5] Group 5: Strategic Partnerships - Ningde Times signed a strategic cooperation agreement with T3 Mobility to advance Robotaxi business development, leveraging its battery swap and intelligent technology solutions [13][16] - BMW China partnered with Momenta to develop a smart driving assistance solution based on a large model, applicable to multiple vehicle models [13][16]