Core Insights - The company has signed a cooperation letter of intent with Alibaba Cloud in April this year, focusing on AI applications in children's education scenarios [1] - The company’s subsidiary, Zhiqu Technology, has launched several educational AI products, including the "AI Lele" reading assistant and various IP-based intelligent agents [1] - The recently launched "AI Intelligent Companion Doll Shanshan" integrates multimodal capabilities and emotional computing to provide personalized companionship for children [1] - The company plans to deepen its collaboration with Alibaba Cloud to enhance the intelligent upgrade of children's educational content creation and reading services [1] Company Collaboration - The company is collaborating with Alibaba Cloud, leveraging its Qianwen series large models and PAI platform technology [1] - The partnership aims to develop AI applications specifically tailored for children's education [1] Product Development - The company has introduced multiple educational AI products, including "AI Lele" and character-based intelligent agents like "Shanshan," "Kankan," and "Dr. Aliang" [1] - The "Lele Fun Smart Reading" AI has been launched on the Qianwen APP, providing professional and precise AI reading and companionship services [1] Future Plans - The company intends to continue its collaboration with Alibaba Cloud, focusing on the technological advantages of the Qianwen series large models [1] - There is a commitment to advancing the intelligent upgrade of children's educational content and reading services [1]

Core Viewpoints - The company's main business has reached a bottom, and the investment business is expected to yield returns, with the current stock price having a high margin of safety [1] - The company emphasizes shareholder returns, having announced a HKD 600 million shareholder return plan, with a current dividend yield (TTM) close to 9%, making it attractive [1] Group 1: Game Business - The core IP "Magic Domain" has shown stable improvement in revenue, and the company expects this trend to continue into 2026 [2][3] - A new version of "Magic Domain" has completed development and is awaiting approval for launch, which is anticipated to bring additional revenue [3] - Overall, the company expects good profit growth in its game business by 2026, driven by cost reduction and efficiency measures [3] Group 2: Mynd.AI Business - The company is focusing on reducing losses in the Mynd.AI business, with a good growth rate in SaaS business expected [4] - The integration of AI voice assistant technology aims to enhance classroom interaction, promoting automation in teaching [4] - The company anticipates achieving EBITDA breakeven in Q4 2025 and profitability in 2026 for the Mynd.AI business [4] Group 3: Investment Business - The company has strategically invested in Hangzhou ShuaiKu Network, becoming its largest shareholder with a 46% stake, which has shown strong revenue growth [5] - A strategic investment of USD 20 million in Rokid has been made, with significant sales growth reported in the AR glasses segment [5] - The company has entered into an exclusive partnership with Zhongke Wenge to promote AI services outside mainland China, enhancing its international presence [6] Group 4: Profit Forecast and Valuation - The company has revised its EPS forecasts for 2025-2027 to HKD 0.78, 1.45, and 1.77 respectively, reflecting the stabilization of the game business and growth in the investment sector [7] - The estimated net profit for the game and application service business in 2026 is projected to be HKD 870 million, with a valuation of HKD 8 billion based on an 8x PE ratio [7][8] - The Mynd.AI business is expected to generate revenue of HKD 1.95 billion in 2026, with a valuation of HKD 1.08 billion based on a 0.7x PS ratio [8]

Core Viewpoints - The company's main business has passed its bottom, and the investment business is expected to yield returns, with the current stock price having a high margin of safety [1] - The company emphasizes shareholder returns, having announced a HKD 600 million shareholder return plan, with a current dividend yield (TTM) close to 9%, making it attractive [1] Group 1: Game Business - The company's game business is showing signs of stabilization and improvement, particularly with its core IP "Magic Domain" [2][3] - After strategic adjustments in Q4 2024, the revenue from "Magic Domain" is expected to continue its upward trend into 2026, with a new version of the game ready for launch pending approval [3] - The overall expectation is for the game business profits to see good growth by 2026, supported by cost reduction and efficiency measures [3] Group 2: Mynd.AI Business - The Mynd.AI business is focused on reducing losses and advancing AI+education initiatives, with a new product launch expected to drive revenue growth [4] - The integration of AI voice assistant technology aims to enhance classroom interaction, potentially leading to better educational outcomes [4] - The company anticipates reaching EBITDA breakeven for Mynd.AI by Q4 2025 and achieving profitability by 2026 [4] Group 3: Investment Business - The company has strategically invested in emerging sectors, including a 46% stake in Hangzhou Shuai Ku Network, which has shown strong revenue growth [5] - A strategic investment of USD 20 million in Rokid, a leading AR technology company, is expected to enhance revenue streams, with Rokid's sales showing significant growth [5] - The partnership with Zhongke Wenge aims to promote AI services internationally, further expanding the company's market reach [6] Group 4: Profit Forecast and Valuation - The company has revised its EPS forecasts for 2025-2027 to HKD 0.78, 1.45, and 1.77 respectively, reflecting the stabilization of the game business and growth in the investment sector [7] - The estimated net profit for the game and application services business in 2026 is projected at HKD 870 million, with a valuation of HKD 8 billion based on an 8x PE ratio [7][8] - The Mynd.AI business is expected to generate revenue of HKD 1.95 billion in 2026, with a valuation of HKD 1.08 billion based on a 0.7x PS ratio [8]

Group 1 - Shanghai Hushangguan Education Technology Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Sun Jingning [1] - The business scope includes technology services, development, consulting, exchange, transfer, and promotion [1] Group 2 - The company also engages in the wholesale and retail of jewelry, jewelry recycling and repair services, and art and collectible appraisal services [1] - Additional activities include internet sales (excluding licensed goods), sales of arts and crafts, and rental services (excluding licensed rental services) [1] - The company provides professional design services, domestic trade agency, and information consulting services (excluding licensed information consulting) [1]

Core Viewpoint - The company, Huatu Shanding, emphasizes that AI will take on significant roles in basic teaching and exam grading, allowing teachers to focus on core explanations, thereby enhancing efficiency [1] Group 1: AI Product Strategy - The company plans to launch a membership-based AI product package by 2026, targeting a broader market with a pricing strategy that is both inclusive and strategic [1] - The core advantage of the company's AI products lies in their frequent use and validation by offline students in a "human-machine collaboration" environment, creating a strong data and feedback barrier [1] Group 2: Market Positioning - The membership product aimed at the consumer end is positioned as an entry point for user experience, with the goal of expanding brand influence and driving traffic to offline bases [1]

Group 1 - The core driving force behind the rapid growth of "AI + Education" comes from the resonance of policy, technology, and market factors. Policies since 2024 have emphasized the integration of AI technology into all aspects of education [2][5][8] - AI's core value in education lies in breaking the traditional "impossible triangle" of achieving scale, quality, and personalization simultaneously. AI can expand services at low cost while maintaining personalized and interactive teaching content [2][6][8] - Successful overseas examples, such as Duolingo, provide a replicable commercialization model for "AI + Education," demonstrating the dual potential of AI educational products in enhancing learning outcomes and achieving commercial monetization [2][15][16] Group 2 - The domestic "AI + Education" business model is primarily divided into To G, To B, and To C categories, each serving different scenarios and needs. The To G model focuses on educational equity and compliance governance, while To B aims to enhance teaching and management efficiency in schools, and To C directly targets students and parents [2][20][24] - The To G model emphasizes using AI to ensure educational fairness and compliance, with typical applications including "smart examination rooms" and "AI scoring systems." Companies deeply rooted in educational information technology are expected to have advantages in this area [2][24][25] - The To B model aims to improve internal teaching and management efficiency within schools. Traditional educational hardware companies are likely to dominate the "AI classroom" hardware segment, while publishing and media companies with close ties to teaching materials are expected to excel in "AI teaching assistant" software [2][26][27] Group 3 - The To C model focuses on providing highly personalized learning experiences directly to students and parents. Key product forms include "AI learning machines" and "AI tutoring" applications. Leading companies in the To C segment need to possess internet technology development capabilities to support real-time interaction and algorithm iteration [2][29][30] - Several listed companies have actively laid out in the To C "AI + Education" field, forming competitive product portfolios. For example, Visionox provides integrated AI teaching solutions through its "Xihuo" brand, while iFlytek has launched AI learning machines and smart blackboards based on self-developed large models [2][34][35] - Despite being in the early stages of development, "AI + Education" has vast application scenarios and strong future growth momentum. The industry still has room for improvement in technology integration depth and market penetration, but the speed of product adoption is expected to accelerate as costs decrease and user awareness increases [2][37]

Core Insights - The launch of the "AI English Textbook" represents a pioneering product in the domestic AI English teaching materials sector, redefining standards and experiences in English learning through three dimensions: scenario construction, content system, and personalized support [1][3]. Industry Context - The digitalization of education has become a core direction for national education reform, with policies emphasizing the integration of artificial intelligence in education and accelerating the digitalization of curricula and teaching materials [3]. Product Innovation - The "AI English Textbook" is the first product in the industry to systematically establish standards for AI English teaching materials, moving beyond traditional digital resources to provide a replicable paradigm for development, achieving a transition from "existing" to "superior" [4]. - It creates a comprehensive learning loop covering preview, consolidation, review, and expansion, ensuring organic connections across all learning stages [4]. Product Features - The product showcases two core advantages: an AI tutoring model that tracks and analyzes the learning process, allowing for personalized learning paths, and the integration of gamification mechanisms that enhance student engagement and promote active exploration in learning [5]. Value Proposition - The "AI English Textbook" builds a student-centered intelligent learning ecosystem, addressing the limitations of traditional teaching materials and providing new pathways for educational equity and quality improvement [7]. - It serves as a benchmark case for "artificial intelligence + education," marking a significant milestone in the digital transformation of education in China, with plans for continuous optimization of standards and expansion of subject coverage [7].

Group 1: Investor Relations Activities - The investor relations activity was held on November 20, 2025, from 14:30 to 17:00 on the "Panorama Roadshow" website [2] - Participants included the Chairman, General Manager, Independent Directors, and other executives of the company [2] Group 2: Business Expansion and Market Strategy - The company plans to deepen localization in existing markets such as the US, Europe, Asia-Pacific, and India, while also exploring emerging markets in Latin America and the Middle East [2][3] - The transition from a hardware provider to a comprehensive solution supplier is underway, focusing on core business areas like smart interactive panels and expanding into new product lines such as LED and STV [2][3] Group 3: Employee Incentives - A share repurchase plan was completed in June 2025, with a total of 2,398,850 shares repurchased, intended for employee stock ownership or incentive plans [4] Group 4: Research and Development Investment - In the first half of 2025, the company invested 89.15 million yuan in R&D, accounting for 6.37% of revenue [6] - The company has established R&D centers in multiple cities and has a strong R&D system focused on key technologies in the education sector [6] - In the first half of 2025, the company obtained 40 domestic patents, 6 foreign patents, 14 domestic trademarks, 3 foreign trademarks, and registered 10 software copyrights [6]

Group 1: Acquisition of Zhixiang Technology - The acquisition of Zhixiang Technology is a strategic decision aimed at long-term development, enhancing existing business capabilities, and creating new growth points for profitability [2][3]. - Zhixiang Technology specializes in AI and smart space technology, providing a strong market opportunity and complementing the company's existing operations in South and North China [3]. - The acquisition is expected to break the company's original market regional structure, allowing for rapid entry into new markets and enhancing overall market coverage and penetration [3]. Group 2: New Product Launch - Yangzai - The Yangzai AI companion device focuses on emotional guidance, habit formation, and attention cultivation, aligning with the company's brand philosophy of "Because of Love, Therefore AI" [5]. - Since its launch in mid-October, Yangzai has achieved initial sales success through online and offline channels, with plans for an overseas version to be released next year [5]. Group 3: Corporate Governance and Investor Relations - The company adheres to principles of fairness, justice, voluntariness, and integrity in its transactions, ensuring that the acquisition does not harm the interests of minority shareholders [4]. - The company maintains strict compliance with information disclosure regulations, ensuring that all disclosures are truthful, accurate, complete, timely, and fair [6].

Core Viewpoint - The National Standard for Mobile Learning Terminals in Information Technology Education will be implemented in May 2025, aiming to standardize the rapidly growing AI education hardware market and address existing gaps in product functionality and user protection [1][6]. Group 1: National Standard Overview - The standard, developed by over 20 institutions including Tsinghua University and Beijing Century HFuture Education Technology Co., aims to provide clear guidelines for mobile learning terminal functionalities, audiovisual health, hardware capabilities, and user personal information protection [1][6]. - Key functional requirements for mobile learning terminals include educational resource display, personalized teaching resource recommendations, online interactive teaching, online assignments and exercises, online assessments, learning analytics, and AI-assisted learning for self-study scenarios [6][7]. Group 2: User Protection and Health Requirements - The standard mandates that mobile learning terminals must include features for digital education resource copyright protection, such as identifying resource rights holders and preventing malicious downloads [7]. - For user personal information protection, terminals must comply with GB/T43506 standards, especially for applications aimed at minors, which should include content identification and avoidance, anti-addiction systems, and guardian monitoring functions [7]. - Health requirements specify that screens should have eye protection features, support for setting eye fatigue prevention times, and provide posture detection and hearing care functionalities [7]. Group 3: Industry Developments - The AI education hardware market has seen explosive growth, with products like learning machines and smart teaching aids becoming prominent [6]. - The "Xiao Si AI" 1-on-1 Super Education Intelligent Body V3.0, launched by Xueersi, utilizes AI technology for personalized learning experiences, integrating natural language processing and knowledge graphs to enhance problem-solving and critical thinking skills [8]. - The "Xiao Si AI" has achieved a 4+ rating from the China Academy of Information and Communications Technology and has been recognized as an innovative application case in the AI industry by the Ministry of Industry and Information Technology [8].