证券代码：002955 证券简称：鸿合科技 鸿合科技股份有限公司 2024 年度业绩说明会暨投资者关系活动记录表 编号：2025-002 投资者关系活动 类别 □特定对象调研 □分析师会议 □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 人员姓名 参与公司 2024 年度业绩说明会的投资者 时间 2025 年 5 月 16 日(周五) 15:00-17:00 地点 全景网投资者关系互动平台 上市公司接待人 员姓名 董事、实际控制人 XING XIUQING 董事、总经理 冷宏俊 副总经理兼董事会秘书 夏亮 财务总监 谢芳 独立董事 马哲 投资者关系活动 主要内容介绍 本次投资者交流内容概要： 1. 实控人对公司长期战略的制定和重大决策的支持有哪 些？ 实际控制人始终将支持上市公司健康发展作为首要责任， 主要从以下方面提供持续支持：在治理结构方面，秉持"到位 不越位"原则，确保公司在人员、财务、业务等方面保持独立 性，并通过参与董事会决策为公司把握战略方向。在团队建设 方面，充分信任并授权核心管理团队，并在关键人才引进和激 励机制优化方面提供必要支 ...

Core Viewpoint - Huatai Securities maintains a "buy" rating for NetEase Youdao (NYSE: DAO) with a target price of $11.41, expressing confidence in the company's AI capabilities accelerating commercialization in education and marketing sectors [1] Financial Performance - In Q1 2025, NetEase Youdao reported a net revenue of 1.3 billion RMB, with operating profit reaching 104 million RMB, marking a historical high for the quarter and a year-on-year increase of 247.7%, significantly surpassing market expectations [3] - Operating cash flow net outflow narrowed by 34.7% year-on-year, indicating improved financial efficiency [3] Business Strategy and Growth - The company's "AI-native" strategy is driving sustained profitability, with core business showing robust growth [3] - Youdao's learning services focus on high-demand scenarios, with sales of Youdao Ling Shi increasing over 25% year-on-year in Q1 [3] - AI subscription services generated nearly 70 million RMB in sales in Q1, with a year-on-year growth rate exceeding 40% [3] - Online marketing services are expanding both domestically and internationally, with deeper collaborations with Google and NetEase Group expected to yield accelerated effects in the second half of the year [3] AI Development and Innovation - As one of the earliest companies to develop vertical large models in education, Youdao combines self-research with open-source technology [4] - The company launched the open-source educational reasoning model "ZiYue-o1" in January, which significantly enhances GPU efficiency compared to general large models [4] - The "ZiYue" model is being integrated into the company's learning services, AI subscriptions, and smart hardware, solidifying its leading position in the domestic education large model sector [4] Future Outlook - The CEO of NetEase Youdao stated that after achieving full-year profitability in 2024, the company is positioned for strategic advantages and aims to accelerate the deployment of the "ZiYue" model in both education and advertising sectors in 2025 [4] - Huatai Securities forecasts that NetEase Youdao's operating profit for 2025 could reach 216 million RMB, a year-on-year increase of 45% [4] - The company’s projected net profit under non-GAAP for 2025-2027 is estimated to be 173 million, 243 million, and 343 million RMB respectively [4] Industry Recognition - NetEase Youdao was ranked second in the "2025 Global Top Education Technology Companies" list by Times magazine, reflecting its rapid progress in large model implementation and performance [5]

Core Insights - The 2025 World Digital Education Conference was held in Wuhan, showcasing the transformative potential of digital technology in education [1][2] - The conference emphasized the need for global cooperation in advancing digital education and addressing the challenges of the intelligent era [2][3] Group 1: Conference Highlights - The conference featured a keynote speech by the Minister of Education, highlighting the importance of reshaping educational ecosystems and promoting global collaboration [2] - Key themes included the integration of artificial intelligence in education, the importance of human-centered approaches, and the need for ethical guidelines in AI usage [3] Group 2: Digital Education Exhibition - The digital education exhibition presented 55 exhibits across six core areas: basic education, vocational education, higher education, lifelong education, international education, and future education [4] - Notable projects included a mixed-reality teaching platform for lunar research and an AI disaster warning system for agricultural applications [4] Group 3: Technological Innovations - The exhibition showcased the application of AI in teaching, including tools for lesson preparation and student engagement [5] - An online virtual exhibition was launched, utilizing 3D scanning and panoramic imaging to present innovative outcomes in educational digital transformation [5]

Market Overview - US stock index futures are all down, with Dow futures down 0.38%, S&P 500 futures down 0.49%, and Nasdaq futures down 0.61% [1] - European indices show mixed performance, with Germany's DAX up 0.04%, UK's FTSE 100 up 0.23%, France's CAC40 down 0.20%, and the Euro Stoxx 50 down 0.36% [2][3] - WTI crude oil is down 3.25% at $61.10 per barrel, while Brent crude is down 3.06% at $64.07 per barrel [3][4] Economic Data and Predictions - The US April PPI is expected to grow by 2.5% year-on-year, lower than the previous 2.7%, while core PPI is expected to grow by 3.1%, also lower than the previous 3.3% [5] - The US retail sales for April are expected to show a 0% month-on-month growth, significantly lower than the previous 1.4% [5] Company News - UnitedHealth (UNH.US) is down nearly 7% pre-market due to a criminal investigation by the US Department of Justice regarding potential healthcare fraud [9] - Cisco (CSCO.US) reports a 11% year-on-year sales growth to $14.1 billion, with adjusted earnings per share at $0.96, exceeding analyst expectations [10] - CoreWeave (CRWV.US) reports a 420% year-on-year revenue increase to $982 million, but its profit guidance for Q2 falls short of expectations, leading to a nearly 5% pre-market drop [11] - Alibaba (BABA.US) reports a 62% year-on-year increase in net profit to RMB 129.47 billion ($17.84 billion) for the fiscal year ending March 31, 2025 [12] - NetEase (NTES.US) shows a 34.94% year-on-year increase in net profit to RMB 10.301 billion ($1.4 billion) for Q1 2025 [13] - Beike (BEKE.US) reports a 34% year-on-year increase in total transaction volume to RMB 843.7 billion ($116.3 billion) for Q1 2025 [14] - Youdao (DAO.US) sees a 247.7% year-on-year increase in operating profit, driven by its "AI-native" strategy [15] - Canadian Solar (CSIQ.US) reports a Q1 revenue decline of 9.8% to $1.2 billion but provides a positive Q2 revenue guidance above market expectations [15] Upcoming Events - Key economic data releases include US April PPI, retail sales, and manufacturing indices scheduled for 20:30 Beijing time [16][17]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $6.8 million, down 14% year-over-year, primarily due to a 26% decline in hardware revenues as K-12 customers faced funding challenges [4][10] - Software and services revenue increased by 11% year-over-year, contributing to improved gross profit and margins [4][10] - Gross profit for the quarter was $3.2 million, up 19% year-over-year, with gross margins improving to 47.4%, up 13 percentage points from the prior year [11][12] Business Line Data and Key Metrics Changes - Hardware revenues decreased significantly, while software and services revenues showed growth, indicating a strategic shift towards higher-margin offerings [10][12] - Bookings for the quarter were $8.3 million, down 6% year-over-year, with a notable 78% decline in international bookings excluding China [11] Market Data and Key Metrics Changes - The U.S. market saw a 4% growth in bookings, while international markets (excluding China) experienced a significant decline [11] - The company ended the quarter with $9.7 million in unfulfilled orders, reflecting the impact of funding source changes on customer behavior [11] Company Strategy and Development Direction - The company is focusing on enhancing its digital platform through strategic acquisitions, including BlocksCAD and Second Avenue Learning, to expand software capabilities and content offerings [5][6][7] - The transition to the Inspire II laptop is aimed at driving cost efficiencies and protecting gross margins [5] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about future opportunities despite ongoing volatility in the education market and uncertainty around funding sources [8][19] - The company refrained from providing formal financial guidance for the year due to the unpredictable operating environment [19] Other Important Information - The company closed a $20 million convertible financing facility, with $13 million funded, to support acquisitions and general corporate purposes [17] - Operating expenses for the quarter were $7.6 million, an increase of 11% year-over-year, reflecting ongoing investments in growth [15] Q&A Session Summary Question: Update on sales cycle and funding uncertainty - Management confirmed that the sales cycle for K-12 has increased to 75-90 days, with ongoing high uncertainty in funding sources [22][24][28] Question: Impact of tariffs on BOM costs - The company expects a 20% tariff impact in Q2, with no significant impact felt in Q1, and plans to pass these costs onto customers [33][35][38] Question: Integration of recent acquisitions - The integration of BlocksCAD is complete, while Second Avenue Learning is in progress, with positive feedback on both [41][44] Question: Feedback on the Imagine product and CTE adoption - Initial feedback on the Imagine product has been positive, with strong adoption in advanced application areas within CTE [45][47] Question: Bookings patterns and backlog - Management noted a non-linear bookings pattern, with strong demand in the U.S. market, and confirmed that the software backlog remains healthy [49][58]

｜2025年5月15日星期四｜ NO.1深圳A股上市公司总市值达8.53万亿元 "深圳发布"微信公众号5月14日消息，截至2025年4月底，深圳A股上市公司共有423家，占全国的7.8%。深圳上市公司总资产超过40万亿元、净资产近6万亿 元，均仅次于北京、上海，位列全国第三；总市值达8.53万亿元，排名全国第二。 点评：深圳上市公司总资产、营业收入、净利润规模等均位居全国前列。2025年一季度，62.6%的深圳上市公司实现营收正增长，实体经济韧性凸显。 NO.2香港方面希望自动驾驶服务一两年内投入运作 香港特区政府去年实施新的规管制度，让自动驾驶车辆在道路进行更广泛和更灵活的测试。5月14日，香港特区政府运输及物流局局长陈美宝表示，相关测 试和应用正提速提效，她期望自动驾驶服务未来一两年可在个别社区正式投入运作。 "深圳发布"微信公众号5月14日消息，5月22日至26日，第二十一届中国（深圳）国际文化产业博览交易会将在深圳举行。据悉，展会共组织了6280家政府组 团、文化机构和企业线上线下参展，将展出文化产品超过12万件，4000多个文化产业投融资项目将在现场进行展示与交易。 点评：作为"中国文化产业第一会" ...

新华网福州5月13日电（蒋巧玲）110余项科技小发明，嵌⼊美景视频的⼿绘地铁线路图，还有来自机器人的"深情"拥抱……5月13日，2024 —2025学年福州市教学开放⽇暨福州金山小学教育教学年会举行，一个个学科融合、AI赋能的活力课堂和系列展览展示，多维度呈现了福州教 育事业的发展成果。 尚春红⽼师通过"提问—思考—探究"引导学生深入理解课文，并运用AI技术将朗读训练、思维发展和审美创造融为⼀体。新华网 蒋巧玲 摄 开放日当天，学生们展示跨学科学习作品。新华网 蒋巧玲 摄 这是"智创福州地铁沙盘"，电力驱动双向列车模型可实现到站自动停靠、语音播报站点等功能。新华网 蒋巧玲 摄 本次开放日活动由福州市教育局、福州教育研究院联合主办，福州金山小学承办。活动主要内容包括学生社团活动展示、学生跨学科学习 作品展示、课堂教学观摩、专家讲座等。 5 月13日，2024—2025学年福州市教学开放⽇暨福州金山小学教育教学年会举行。新华网 蒋巧玲 摄 林莹⽼师整合数学体积计算、科学密度公式与AI技术，培养跨学科思维，发展推理能⼒及实际问题解决能⼒。新华网 蒋巧玲 摄 福州市多所学校的教师到活动现场参加课堂教学观摩，并做记录。 ...

作为陕西省西安市某小学一年级新生，上课期间，小龙几乎整节课都盯着教室前方的电子白板。这块电 子白板安装在两块黑板正中间，孩子们上课时，电子白板都在视线范围内。 近日有网友在人民网"地方领导留言板"向陕西省西安市市长建言，建议学校取消用电子屏上课，认为教 学用电子屏使得学生们用眼疲劳现象普遍，导致视力下降。西安市未央区政府回应称，恰当使用多媒体 手段有利于提升教学效果，目前校方采取了改进措施，比如非必要不使用电子屏，必须使用时单节课电 子屏开启时间不得超过10分钟等。 如今，电子屏幕正深度渗透课堂内外。今年3月是我国第10个近视防控宣传教育月，主题是"抓早抓小抓 关键，更快降低近视率"。如何在推进教育信息化的过程中做好学生的近视防控，成为社会普遍关注的 话题。 小龙上小学后，妈妈林歆注意到，孩子频繁眨眼，还总喊眼睛疼。 随着教育科技不断进步，电子白板已成为当前中小学教室的通用配置，由此带来的学生近视防控问题备 受关注。2018年，教育部等八部委发布《综合防控儿童青少年近视实施方案》，要求学校教育本着按需 的原则合理使用电子产品，教学和布置作业不依赖电子产品，使用电子产品开展教学时长原则上不超过 教学总时长的30 ...

Core Insights - The article highlights the transformation of AI from a "bonus" in business to a "must-have" for survival in the education technology sector, emphasizing the deep integration of AI applications by leading companies in both China and emerging markets [1] Company Summaries - **iFLYTEK**: Positioned as a national leader in AI education, iFLYTEK has made significant advancements in self-research technology and policy adaptation, launching the upgraded Spark X1 model and enhancing its information technology education solutions [2] - **Zhuoyue Education**: The company has integrated AI into its teaching tools and operational ecosystem, achieving a revenue of RMB 1.102 billion in 2024, a 125.2% increase year-on-year, and plans to deepen AI applications across all business segments [3][4] - **Fenbi**: As a leader in vocational education, Fenbi has developed a clear and replicable AI product matrix focused on user needs, with plans to increase AI R&D investment by 30% annually and collaborate with top institutions to build educational AI models [5][6] - **Zhonggong Education**: The company is focusing its AI efforts on employment services and business AI integration, aiming to create a comprehensive service ecosystem that aligns with national employment policies [7] - **Huatu Education**: Leveraging its offline training advantages, Huatu is enhancing its services with AI to improve efficiency and user experience, particularly in standardized assessment areas [8] - **Yiqi Education Technology**: The company is accelerating AI technology implementation to support integrated teaching and assessment, reporting a 10.7% increase in net revenue in 2024, and aims to become a core technology partner for schools' digital transformation [9] Industry Trends - The education AI sector is witnessing three core trends: 1. **Technological Path Diversification**: Companies are adopting different strategies, with some focusing on full-stack self-research and ecosystem building, while others emphasize open-source collaboration and scene-specific development [10][11] 2. **Deep Scene Binding**: Companies are moving beyond single tool development to create integrated solutions that address new curriculum standards and employment needs [11] 3. **Diverse Business Models**: The sector is seeing a shift towards flexible profit models, including subscription services, pay-per-use, and government-adapted products [11]

Summary of Key Points from Conference Call Records Industry and Companies Involved - The conference call discusses the performance and trends in the AI application sector, particularly focusing on companies like Duolingo, Palantir, and Applovin, as well as the education industry and programmatic advertising in China [1][4][8]. Core Insights and Arguments - **Growth in AI Applications**: The AI application sector in the US stock market is expected to see significant growth starting in the second half of 2024, with companies like Duolingo, Palantir, and Applovin reporting revenue and profit that exceed expectations, leading to stock price increases of 5-10 times [1][4]. - **Duolingo's Performance**: Duolingo has integrated GPT-4 into its platform, launching Duolingo Max, which has led to a 44% year-over-year increase in daily active users to 46 million and a 40% increase in paid subscribers to 10.3 million [1][9]. - **Palantir's Financials**: Palantir reported Q1 revenue of $884 million, a 39% year-over-year increase, with net profit rising 130% to $214 million. The company raised its full-year revenue guidance to $3.89 to $3.92 billion, reflecting a 20% growth [3][11]. - **Applovin's Advertising Growth**: Applovin's Q1 revenue reached $1.5 billion, with a 71% growth in advertising business and a non-GAAP profit margin of 81%. The company holds a 28% market share in game advertising and is expanding into the e-commerce advertising market [1][5][6]. - **AI and Programmatic Advertising**: The combination of AI and programmatic advertising offers insights for domestic companies like Tencent and Kuaishou, potentially increasing app display time and conversion rates [1][8]. Other Important but Potentially Overlooked Content - **Challenges in Education Sector**: The education industry faces challenges in producing large-scale, low-cost, high-quality educational products. AI technology can enhance personalized education but is limited by cost and precision issues [9][10]. - **Domestic AI Adoption**: Chinese education companies are adopting low-cost AI technologies to upgrade their products, with companies like Haotian and Anlian Education utilizing models like DeepSeek [3][10]. - **Future of AI in Enterprises**: The core challenge for enterprise AI applications lies in data governance. Companies that can manage data effectively are likely to benefit in the future [12][16]. - **Potential of Domestic Companies**: Companies like Fourth Paradigm are seen as potential equivalents to Palantir in China, focusing on data training platforms and data governance [17]. This summary encapsulates the key points from the conference call records, highlighting the performance of specific companies, industry trends, and the implications for future developments in AI applications.