Core Insights - The 2025 China International Service Trade Fair (CIFTIS) opened in Beijing, showcasing the educational services of Yuanli Technology's Flying Elephant Planet, which presented five core products in the "AI + Education" sector [1][3] Group 1: Product Launches - The "Flying Elephant AI Ink Screen Terminal" was launched, marking the first domestic AI-integrated digital education terminal solution, designed to eliminate blue light harm and focus on teaching scenarios [3][5] - The "Flying Elephant AI Learning Space" was introduced, transforming traditional classrooms into multifunctional spaces that support inquiry-based and interdisciplinary learning, integrating over a hundred AI learning tools [5][7] Group 2: Product Performance - The "Flying Elephant Smart Homework System" processes over 150,000 assignments weekly, saving teachers 85% of grading time and achieving an average usage frequency of 6.8 times per week [5][7] - The "Flying Elephant AI Composition Star" provides intelligent analysis of student essays across eight dimensions, generating personalized reports for each student, thus enhancing the efficiency of writing education [5][7] Group 3: Market Reach and Impact - The "Flying Elephant AI General Knowledge Course" has expanded to cover 25 provinces and 216 districts, promoting AI education through a dual-teacher model and project-based learning [7] - The company has established partnerships with multiple education committees to implement AI education and general knowledge courses in classrooms, aiming to enhance students' digital literacy and innovative thinking [7] - The company's products have served over 4,000 schools, impacting 2 million students and 100,000 teachers, contributing significantly to the digital transformation of education in various regions [7]

Core Viewpoint - The 2025 China International Service Trade Fair opened in Beijing, showcasing advancements in education technology, particularly focusing on AI integration in educational tools [1][3]. Group 1: Event Overview - The event featured the "Intelligent Leading, Service Trade Renewed" theme, highlighting the education sector with 55 renowned institutions and enterprises [1]. - The Xiaoyuan exhibition area became a focal point, displaying a range of AI-driven educational products, including the Xiaoyuan AI Learning Machine T4 [1][3]. Group 2: Product Highlights - The Xiaoyuan AI Learning Machine T4 introduced the "AI Super Human 1V1 Teacher" feature, which mimics real teacher interactions to enhance personalized learning experiences [3][6]. - The T4's AI functionality includes real-time feedback and personalized learning paths based on student performance data, creating a closed-loop learning system [6][7]. Group 3: User Experience and Feedback - Attendees experienced the T4's interactive teaching style, which encourages student engagement through questions and guidance, resembling a real teacher's approach [6]. - The Xiaoyuan Learning Machine has achieved over 1 million units sold within 16 months, indicating strong market acceptance [9]. Group 4: Educational Impact - The Xiaoyuan Learning Machine has been piloted in 22 classes across three schools in Beijing, resulting in a 15-minute increase in daily self-study time and improved error correction rates [12]. - The product serves as a dynamic hub for data collection and feedback, optimizing the teaching and learning process through real-time adjustments based on student performance [12][10]. Group 5: Software Integration - The software product "Xiaoyuan AI" offers a comprehensive learning solution for middle and primary school students, featuring personalized tutoring and emotional support capabilities [15][16]. - The integration of AI technology aims to democratize access to quality education resources, enhancing the overall educational experience [16].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 17.27, representing a potential upside of 55% from the current price of HKD 11.14 [6][7]. Core Insights - The company's gaming business shows stable growth, with a focus on cost reduction and efficiency improvements, while the education segment faces short-term challenges due to budget constraints [3][7]. - The company has a solid financial position with net cash of approximately RMB 1.5 billion and digital asset reserves including 12,000 Ethereum [7]. - The gaming segment's revenue for the first half of 2025 is projected to be RMB 1.74 billion, down 18% year-on-year, but showing signs of stabilization with a slight quarter-on-quarter decline [7]. - The education business, particularly Mynd.ai, reported revenue of RMB 640 million, impacted by tightening customer budgets, but the long-term digitalization trend in education remains intact [7]. Summary by Sections Financial Performance - Total revenue for the fiscal year ending December 31, 2023, was RMB 7.1 billion, with a projected decline of 19.13% in 2025 [7][8]. - Adjusted net profit for 2025 is estimated at RMB 480 million, reflecting a significant recovery of 105.28% compared to the previous year [7][8]. - The company plans to distribute an interim dividend of HKD 0.5 per share and aims to return at least HKD 600 million to shareholders through dividends and share buybacks over the next year [7]. Business Segments Gaming Business - The gaming segment's revenue is expected to stabilize, with MAU for "Magic Domain" increasing by 11% year-on-year, indicating improved user engagement [7]. - New game launches and expansions into overseas markets are anticipated to drive future growth [7]. Education Business - The education segment is under pressure due to reduced budgets in traditional markets, but the company is exploring emerging markets for growth opportunities [7]. - The long-term outlook for digital education remains positive despite short-term fluctuations [7].

Core Viewpoint - First Shanghai maintains a "buy" rating for NetDragon (00777), highlighting the stability of the company's gaming business and the potential of its education business market space [1] Group 1: 2025 Mid-Year Performance - NetDragon is projected to achieve revenue of 2.38 billion RMB in the first half of 2025, with a gross profit of 1.7 billion RMB, reflecting a gross margin increase of 2.9 percentage points to 69.5% year-on-year [2] - Operating expenses are expected to be 1.35 billion RMB, a decrease of 15.6% year-on-year, indicating the effectiveness of the company's cost optimization and efficiency improvement measures [2] - The company has a solid financial position with net cash of approximately 1.5 billion RMB and holds 12,000 Ethereum as digital asset reserves [2] - A mid-term dividend of 0.5 HKD per share has been announced, with a commitment to return at least 600 million HKD to shareholders through dividends and share buybacks over the next year [2] Group 2: Gaming Business - In the first half of 2025, the gaming and other businesses generated revenue of 1.74 billion RMB, showing signs of stabilization compared to the second half of 2024 [3] - The Monthly Active Users (MAU) of "Magic Domain" increased by 11% year-on-year, with mobile revenue also showing a quarter-on-quarter increase, indicating improved user engagement and retention [3] - The operating profit margin for the gaming business has rebounded to 28.8%, nearing historical normal levels [3] - Upcoming product launches include "Code MY" which began small-scale testing in August, and plans to expand "Magic Domain" and "Code Alpha" into multiple overseas markets [3] Group 3: Education Business - The Mynd.ai business generated revenue of 640 million RMB in the first half of 2025 [4] - In response to challenges from reduced global education technology spending, the company will continue to pursue cost optimization [4] - Despite weak performance in traditional markets in Europe and the US, the company is actively exploring emerging markets for new growth opportunities [4] - While short-term pressures from fluctuations in overseas education budgets remain, the long-term logic of increasing global education digital penetration remains unchanged [4]

Core Viewpoint - First Shanghai maintains a "buy" rating for NetDragon (00777), highlighting the robustness of the company's gaming business and the potential market space for its education business. The steady development of gaming IPs and the expansion into overseas markets, along with the successful promotion of tablet products, are expected to drive new performance growth for the company. The target price is set at HKD 17.27, indicating a 55% upside from the previous closing price [1] Group 1: 2025 Mid-Year Performance - NetDragon is projected to achieve revenue of RMB 2.38 billion in the first half of 2025, with a gross profit of RMB 1.7 billion and a gross margin increase of 2.9 percentage points to 69.5%, reflecting enhanced overall profitability [1] - Operating expenses are expected to be RMB 1.35 billion, a decrease of 15.6% year-on-year, indicating the effectiveness of cost optimization and efficiency improvement measures [1] - The company has a solid financial position with net cash of approximately RMB 1.5 billion and holds 12,000 Ethereum as part of its digital asset reserves [1] - A mid-term dividend of HKD 0.5 per share has been announced, with a commitment to return at least HKD 600 million to shareholders through dividends and share buybacks over the next year [1] Group 2: Gaming Business - In the first half of 2025, the gaming and other businesses generated revenue of RMB 1.74 billion, showing signs of stabilization and recovery compared to the second half of 2024 [2] - The Monthly Active Users (MAU) of "Magic Domain" increased by 11% year-on-year, with mobile revenue also showing a quarter-on-quarter increase, indicating improved user engagement and retention [2] - The operating profit margin for the gaming business has rebounded to 28.8%, nearing historical normal levels, due to ongoing cost reduction and efficiency enhancement efforts [2] - Upcoming product launches include "Code MY" which began small-scale testing in August, and plans to launch "Magic Domain" and "Code Alpha" in multiple overseas markets in the second half of the year [2] Group 3: Education Business - The Mynd.ai business generated revenue of RMB 640 million in the first half of 2025 [3] - In response to challenges from reduced global education technology spending, the company will continue to pursue cost optimization [3] - Despite weak performance in traditional markets in Europe and the US, the company is actively exploring emerging markets for new growth opportunities [3] - While short-term pressures from fluctuations in overseas education budgets remain, the long-term core logic of increasing digital penetration in global education remains unchanged [3]

9月9日，进馨科技控股集团（Nasdaq: NAMI）旗下品牌纳米盒、腾讯云与联合出版集团旗下香港教育图书有限公司、联合培进教育出版（香港）有限公 司、联合电子出版有限公司正式达成战略合作，并于深圳腾讯滨海大厦签署协议，将共同推出面向全港中小学生的智能学习的平台——"AI智學通APP"。 此次多方合作，旨在以创新科技推动香港地区教育智能化与AI融合出版的发展，为香港师生提供高效、个性化的产品和服务，打造集AI电子教材、AI融合 教辅和AI电子阅读功能于一体的一站式AI智慧教育平台。 纳米盒作为中国创新的数字内容产品及服务提供商，深耕数字与综合教育内容领域11年，致力于用先进的AI、AR和数字人技术赋能数字教育内容生产。在 此次多方合作中，作为技术与内容核心支撑，凭借在电子融合教育领域的深厚积累和丰富的AI教辅融合出版经验，负责核心学习内容与智能功能的研发， 通过成熟的运营体系实现个性化学习路径规划，显著提升平台实用性。 腾讯云为"AI智學通"提供稳定、高效的云计算与AI底层支持，以"核心技术自研+积极拥抱开源"的多模型方案，"腾讯混元+DeepSeek"多模能力，及腾讯云 OCR、TTS、ASR等核心技术，打 ...

中易物联的工作重心之一，就是在鱼塘内布放水质传感器采集水质数据，实时告警提醒养殖户。物联网系 统的24小时稳定在线，对于降低翻塘概率有不小帮助。 天空已露出鱼肚白，但从事水产养殖的农户最怕在这个时候看见"鱼肚白"：经过一整夜的消耗，鱼塘中的 氧含量已降至全天最低，等五六点钟养殖户起身巡塘时，极有可能发生"翻塘"现象。 7:30 A.M. 上班高峰期到来，许多人步履匆匆，涌入街角的利客便利店购买早餐。一杯豆浆、一个包子的下单，背后 是订单同步、会员积分抵扣等一系列操作，近千家门店的数据片刻间汹涌而至，这也是对利客便利店后台 系统的集中考验。 10:30 A.M. 菲尼基的换电系统即将进入流量高峰期——数以千万计的外卖骑手整装待发，他们会借助换电柜换上新电 池，再开启新一天的送餐工作。技术人员会紧盯换电系统的状态，视流量洪峰的情况来决定是否临时扩 容。 " 聚光灯总照向大企业，但只有读懂灯光之外的世界，读懂他们怎 样捱过漫长岁月，才会明白中国民营经济的底色为何如此鲜活。 " 作者丨周蕾 编辑丨包永刚 5:30 A.M. 6:30 P.M. 放学后的中小学生开始攻克家庭作业和今日新学的知识点。数万人同时在线呼叫AI ...

Core Insights - The "Zhongcao Direct" advertising feature on Xiaohongshu is now open to all brands, allowing direct links to Taobao and Tmall, enhancing the commercial tool's accessibility [1][3] - This feature connects Xiaohongshu's product recommendations directly to major e-commerce platforms, facilitating immediate purchases and providing brands with real-time data to optimize their marketing strategies [3] Group 1 - "Zhongcao Direct" has shown significant results since its pilot in May, generating substantial GMV for numerous brands, including Ulike and DearMom, with some achieving over 1 million GMV [3] - Brands using "Zhongcao Direct" alongside traditional advertising saw a 76% increase in store visit efficiency compared to using either tool alone [3] Group 2 - During the 618 shopping festival, brands like Fulejia successfully utilized a combination of "Zhongcao" and "Zhongcao Direct" strategies, resulting in over 10 million in incremental sales and a 28% improvement over pure "Zhongcao" efforts [4] - The "Zhongcao Direct" feature is expected to benefit brands during the upcoming Double 11 shopping festival, enhancing their ability to convert Xiaohongshu's content into tangible sales [4]

Core Viewpoint - South Korea's National Assembly passed a law banning the use of smartphones and smart devices in classrooms starting March 2026, signaling a shift in the approach to digital technology in education [1][3]. Group 1: Legislative Context - The law was passed with significant support, receiving 115 votes from 163 attending members [1]. - This legislative move comes amid rising concerns about smartphone dependency, with 24% of the population classified as "severe smartphone dependents," and 42.7% among the youth aged 10 to 19 [2]. - The law reflects a growing consensus among parents and educators that smartphones disrupt classroom order and affect students' emotional well-being [2][3]. Group 2: Impact on Education Equity - The law aims to address educational equity by reducing disparities in technology access and usage among students from different socioeconomic backgrounds [3]. - It seeks to create a more uniform learning environment, ensuring that all students receive education under similar conditions, regardless of their external resources [3]. Group 3: Global Trends - South Korea's decision aligns with global trends, as several countries have implemented similar restrictions on smartphone use in schools, including France, Italy, and China [4]. - These international examples highlight a common concern regarding the negative impact of smartphones on students' learning outcomes and classroom focus [4]. Group 4: Implications for the EdTech Industry - The ban is expected to significantly impact the EdTech industry, prompting hardware manufacturers to rethink their product strategies, particularly in the school market [6]. - Companies may shift focus towards developing specialized educational devices that support classroom management, rather than general consumer electronics [6][7]. - Software providers will need to adapt by moving away from addictive designs aimed at maximizing user time towards solutions that genuinely enhance teaching efficiency and learning outcomes [7][10]. Group 5: Future Directions for Education Technology - The educational technology sector must transition from a focus on user engagement to enhancing educational effectiveness, necessitating a strategic shift towards B2B and government partnerships [10]. - The separation of classroom and home learning environments will reshape competition in the industry, emphasizing the need for tailored products that meet specific educational contexts [7][10]. Group 6: Lessons for Other Markets - South Korea's experience serves as a cautionary tale for other countries, including China, which is advancing its digital education initiatives [8][11]. - It underscores the importance of establishing clear boundaries and ethical frameworks for technology use in education from the outset, rather than reacting after issues arise [11].

Group 1 - The State Council has issued an opinion to deeply implement the "Artificial Intelligence +" initiative, aiming to integrate AI into all elements and processes of education [1] - In the new semester, over 3,000 seventh-grade students in Beijing's Pinggu District will experience significant changes in their learning process through AI terminals that provide personalized assignments [3] - Some schools are adopting education-specific large models to enhance teachers' efficiency in lesson preparation and grading [5] Group 2 - An education technology company has developed a teaching solution utilizing large models, currently piloted in dozens of schools across major cities like Beijing, Shanghai, Jiangsu, Zhejiang, and Guangzhou [7] - There is a rapidly growing demand for AI applications in schools located in the relatively under-resourced central and western regions of China [9] - A company representative noted a potential annual growth in related demand of 20% to 30%, although the overall market has not yet reached an explosive level [11] Group 3 - The Dean of the Artificial Intelligence College at Beijing Normal University emphasized that many AI technologies are not universal and are closely tied to specific scenarios, requiring deep understanding and communication with frontline teachers [13]