Core Insights - The "AI + Education" sector is experiencing a significant value reassessment driven by technological advancements and policy support, particularly with the introduction of DeepSeek, which reduces the cost of AI model development and deployment [1] - The Ministry of Education and other departments have issued guidelines to accelerate digital education, focusing on integration, intelligence, and internationalization, which is expected to stimulate the application of AI in education [1] Company Developments - NetDragon has been a pioneer in the "AI + Education" field, having invested in AI research since 2017 and successfully commercializing various AI educational products [1][2] - The company aims to establish the largest global education content production center in Hong Kong, enhancing the efficiency and quality of interactive educational games [2] - NetDragon's AI education content unit, "Photosynthesis," was showcased at the Global Smart Education Conference in September 2024, highlighting the company's innovative capabilities [2] Strategic Partnerships - NetDragon is collaborating with Thailand's Ministry of Higher Education to launch an online AI education platform, providing vocational training in sectors like new energy vehicles, aligning with national policies for developing skilled talent in emerging markets [2] - The company has formed a strategic partnership with Hong Kong Polytechnic University to integrate advanced AI and vocational training content into its education platforms [2] Technological Integration - NetDragon's subsidiary, Mynd.ai, has been independently listed and is set to launch new SaaS products that will incorporate AI technology, enhancing the educational experience for users [3] - The company is a technical service partner for the National Smart Education Public Service Platform, which has over 163 million registered users, indicating its significant role in the national education framework [3][4] Market Positioning - NetDragon has established a strong foundation in educational technology, with over a decade of experience in content, software, and hardware, positioning itself to benefit from the dual support of technological advancements and favorable policies [4] - The company has been recognized for its collaboration with educational institutions to develop modern industry colleges, showcasing its commitment to integrating education with industry needs [5] Financial Performance - NetDragon's gaming sector is also benefiting from AI applications, with popular games like "Heroes of the Storm" integrating AI features to enhance player experience [6] - The company has a history of consistent dividend payments, with a proposed annual dividend of 0.9 HKD per share for 2024, reflecting a dividend yield of over 9% [6]

证券代码：002955 证券简称：鸿合科技 鸿合科技股份有限公司投资者关系活动记录表 编号：2025-001 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（电话会议） 参与单位名称及 人员姓名 华创证券、宁波盛世知己投资、上海乘是资管、金科投资、深 圳前海珞珈方圆资管 时间 2025 年 4 月 27 日 15:00-16:00 地点 电话会议 上市公司接待人 员姓名 董事、总经理 冷宏俊 财务总监 谢芳 副总经理、董事会秘书 夏亮 投资者关系经理 杨洋 投资者关系活动 主要内容介绍 一、公司总经理介绍 2024 年度及 2025 年第一季度业绩情 况 公司 2024 年度与 2025 年第一季度的详细财务数据详见 已披露的公告。 公司 2024 年净利润同比有所下滑，主要原因是国内教育 市场受采购预算紧缩、竞争加剧等原因，致使国内业务年度营 收和毛利润下降；公司在精简团队降本增效的同时，仍在 AI 新技术应用、海外软件产品以及增长型新产品开发上持续投 入，全年净利出现同比下滑。2024 年第四季度，公司对国内教 育团队进行了新的调整、 ...

Core Viewpoint - The role of Nasdaq listing advisory firms is crucial for companies planning to go public, serving as a bridge between local operations and international capital markets, focusing on governance frameworks, financial transparency, and market positioning [2] Group 1: Strategic Compliance - The Nasdaq's new regulations in 2025 will significantly alter the calculation of market value for public float, requiring companies to rely solely on new stock issuance to meet the $18 million public float requirement [3] - Advisory firms must help companies assess fundraising needs using DCF models to ensure compliance with global market standards [3] - Companies must establish internal control systems compliant with SOX, adapting Chinese accounting standards to US GAAP, and ensuring data compliance with local laws and SEC requirements [3] Group 2: Capital Operations - Advisory firms need to balance company growth with market expectations, utilizing valuation strategies like the "Berkshire formula" to quantify future revenue growth [4] - Pre-IPO roadshows should gather investor feedback to avoid overpricing, ensuring at least 80% of IPO funds come from new stock issuance [4][5] - Financing structures should include phased investments from strategic investors and derivatives to hedge against currency risks [5][6] Group 3: Market Penetration - Building investor relations involves translating company strengths into language understandable to international investors, with tailored communication strategies for different investor types [7] - Continuous support post-IPO includes compliance maintenance and market value management through share buyback programs and ESG ratings [8] Group 4: Risk Management - Pre-IPO risk assessments must include legal compliance checks for VIE structures and financial risk identification related to revenue recognition [9] - Post-IPO strategies should address stock price volatility and regulatory inquiries, with established media communication mechanisms for reputation management [10] Group 5: Resource Integration - The selection of intermediary institutions should align with company size, choosing boutique firms for smaller companies and larger banks for those exceeding $1 billion in market value [11] - Engaging dual-jurisdiction legal teams and experienced audit firms is essential for navigating cross-border legal differences [12] - Strategic partnerships with sovereign funds and industry leaders can enhance resource access, while leveraging regulatory frameworks can expedite the listing process [13]

新京报讯（记者冯琪）"我好像忘了碱基的配对规则，你能告诉我吗？""当然可以！让我们回顾一 下……"4月27日，北京市第十中学上线AI学伴智能体，正式投入高一年级的生物教学实践，第一阶段将 为90名学生开启个性化自适应学习。 近期，北京市教委发布的《北京市推进中小学人工智能教育工作方案（2025—2027年）》明确提出"创 新课堂教学方式，利用AI学伴、AI教研助手等智能体，开展人机对话式学习、个性化自适应学习"。在 这一背景下，北京市第十中学与相关公司携手研发AI学伴智能体。 北京市丰台区教委副主任兼北京市第十中学教育集团校长曲兆军表示，AI学伴智能体研发起源于2024 年10月。"我们初衷是构建一个融合多元人工智能大模型优势、汇聚优秀教师智慧结晶、精准对接师生 需求，进而助力实现极致个性化学习体验的AI智能体，其核心是助力学生达成时时、处处、人人的高 效学习体验，同时减轻教师教学负担，提升教学效能。" 该校课程中心主任李磊告诉记者，该智能学伴可以紧密围绕学生的兴趣与需求，提供定制化的学习建议 和资源；同时，可以随时回答学生的问题，帮助学生解决学习中的困难，帮助学生了解自己的学习状 况，及时进行调整和改进，实 ...

4月11日，"AI赋能教育：探索转型升级与应用实践的新路径"研讨会在北京国谊宾馆召开。会议由中国 经营报社与天立国际联合主办，中国社科院新闻与传播研究所媒介传播与青少年发展研究中心协办，邀 请了多位来自政策、科研、企业与教育一线的专家学者和从业者，围绕人工智能特别是大模型技术在教 育领域的融合与落地进行了深入探讨。 作为国内领先的大模型企业代表，智谱副总裁吴玮杰在论坛中围绕"大模型如何系统性赋能教育场景"这 一主题进行了深入阐述，并从自学习的"反思和沉思"能力出发，描绘了AI重塑教育生态的路径图，强调 了内容安全、伦理合规以及未来智能体与开源生态对教育产业的深远影响。他提出，大模型的发展本质 上正走向"与人协同、以人本位"的方向，而教育恰恰是实现这一目标最具实践潜力的场景。 他特别提到，智谱一直非常重视与教育领域的合作，尤其是在心理支持方面的探索。公司近期就在一所 中学设立了AI心理对话室，学生可以进入其中与模型自由交流、排解情绪，甚至表达无法向老师和父 母吐露的烦恼。"我们发现学生们更愿意向AI倾诉，而不是人类心理医生或老师。"吴玮杰说，"这说明 模型可以成为他们重要的情感陪伴者和倾听者。" 在吴玮杰看来， ...

4月11日下午，"AI赋能教育：探索转型升级与应用实践的新路径"研讨会在北京召开。据悉，本次活动 由中国经营报社与天立国际主办，中国社科院新闻与传播研究所媒介传播与青少年发展研究中心协办， 共同关注人工智能技术驱动下的教育产业变革。 "回首AI在教育领域的发展历程，从最初仅作为简单的辅助教学工具，到如今深度参与教学、管理、评 价等各个环节，AI完成了从'配角'到'主角之一'的华丽转身。"中国社科院工业经济研究所副所长，中国 经营报社长、总编辑季为民在研讨会上如此表示。 习近平总书记指出："教育数字化是我国开辟教育发展新赛道和塑造教育发展新优势的重要突破口。"国 务院印发的《新一代人工智能发展规划》也明确提出，要利用智能技术加快推动人才培养模式、教学方 法改革。 季为民表示："在此背景下，AI与教育的融合，不仅是时代发展的必然趋势，更是实现教育现代化、培 养创新型人才的关键所在。" 季为民进一步指出，AI对教育的变革是全方位、深层次的。他举例说道，在教学模式上，它打破了传 统"一刀切"教学的桎梏，实现了个性化教学的梦想。通过对学生学习数据的深度分析，AI能够精准洞察 每个学生的学习状况、知识薄弱点以及学习风格； ...

Core Viewpoint - NetDragon reported a 14.8% year-on-year decline in revenue for the fiscal year ending December 31, 2024, despite a significant growth of 356% in its education services business [3][4]. Group 1: Financial Performance - Total revenue for NetDragon in 2024 was RMB 6 billion, down from the previous year [3]. - Gross profit decreased by 10.4% to RMB 3.9 billion, while net profit attributable to shareholders fell by 43.5% to RMB 311 million [3]. - The company recorded a net profit of RMB 114 million, a decline of 74.4% year-on-year [3]. - The gaming and application services segment generated RMB 3.9 billion, accounting for 65.1% of total revenue, down 6.0% [3]. - Revenue from the overseas education subsidiary Mynd.ai was RMB 2.1 billion, representing 34.8% of total revenue, a decrease of 27.6% [3]. Group 2: Business Segments - Mynd.ai's revenue decline was attributed to challenges in the global education market, while the company is transitioning from a hardware supplier to a leader in the "Classroom as a Service" (CaaS) sector [5]. - Mynd.ai's education device sales revenue was RMB 1.77 billion, down 37.5%, while education services revenue surged to RMB 333 million, up 356% [4][5]. - Mynd.ai reported a loss of RMB 279 million, but this represented an 11.4% reduction in losses compared to the previous year [4]. Group 3: Strategic Initiatives - The implementation of the "AI+ strategy" improved operational efficiency, reducing employee costs by nearly RMB 100 million [4]. - The company optimized its capital structure, leading to a 19.1% increase in pre-tax profit to RMB 756 million [4]. - Net cash increased by 13.3% to RMB 2.1 billion, with stable operating cash flow of RMB 1.1 billion [4]. Group 4: Workforce and Corporate Actions - The number of employees increased from 5,984 at the beginning of the year to 6,123 mid-year, but decreased to 4,593 by year-end [5]. - The company completed the sale of non-strategic early education business in October 2024, which helped repay some debt and optimize cost structure [5]. - NetDragon announced a final dividend of HKD 0.50 per share, totaling approximately RMB 246 million [6].