Group 1 - The 20th Xu Xiake International Tourism Festival opened on May 17 in Jiangyin, with New Oriental Education Technology Group's chairman, Yu Minhong, appointed as the dean of Xu Xiake Cultural and Tourism College [1][4] - Yu Minhong expressed excitement about returning to his hometown and taking on the new role, emphasizing the influence of Xu Xiake's travel writings on his life [3][4] - He aims to leverage his resources to contribute to his hometown through the establishment of the Xu Xiake Cultural and Tourism College, fulfilling a long-held wish [4] Group 2 - New Oriental Education Technology Group is involved in a legal dispute, having filed a lawsuit against a similarly named agricultural company for unfair competition, which may involve a partner from a law firm [5]

Core Viewpoint - The establishment of the Xu Xiake Tourism Academy in Jiangyin, led by Yu Minhong, aims to enhance cultural tourism education and leverage the historical significance of Xu Xiake for local development [1][3]. Group 1: Event Overview - The 20th Xu Xiake International Tourism Festival was inaugurated in Jiangyin, Jiangsu Province, coinciding with the upcoming "5.19 China Tourism Day" [1]. - Yu Minhong, Chairman of New Oriental Education Technology Group, was appointed as the President of the Xu Xiake Tourism Academy, while Wu Guoping, Chairman of Wuxi Nianhua Bay Cultural Tourism Development Co., Ltd., was named Honorary President [1]. Group 2: Yu Minhong's Vision - Yu Minhong expressed his commitment to contribute to his hometown by establishing the Xu Xiake Tourism Academy, emphasizing that Jiangyin is the most suitable location for such an institution due to the strong cultural legacy of Xu Xiake [3]. - He highlighted the influence of Xu Xiake's travel writings on his life and his dedication to practical experiences in cultural tourism [3]. - Yu Minhong's appointment as President marks a significant personal milestone, and he is determined to utilize his resources to ensure the academy's success [3].

据介绍，星河华商书院广州分院为广州地区乃至全国的企业家们提供一个提升国学素养、增强商业智慧 的优质平台，以国学商道为桥梁，将博大精深的中华传统文化传播至世界各地。通过商业活动与文化交 流的有机结合，推动国学智慧在全球范围内的认知与应用，助力中华优秀传统文化出海，促进不同文化 间的相互理解与交融。 剪彩仪式在众人的期待中隆重举行，嘉宾共同上台，手持金剪，为星河华商书院广州分院剪出一条充满 希望与无限可能的发展之路，标志着分院正式扬帆起航。在圆桌对话环节，围绕《中华传统文化与现代 商业的融合》这一主题，嘉宾各抒己见，展开了一场精彩纷呈、思想碰撞的深度探讨。活动临近尾声， 国家二级茶艺师董子昕带来了一场美轮美奂的茶艺展示，让嘉宾们在悠悠茶香中沉浸式感受国学的独特 魅力，为本次揭幕仪式画上了圆满而精彩的句号。 南都讯 记者叶斯茗 日前，星河华商书院广州分院在楠花文化艺术空间盛大举行揭幕仪式。众多商界翘 楚、国学志士齐聚一堂，共同见证这一承载着深厚历史使命与崭新发展愿景的重要时刻，正式开启国学 商道融合及文化出海的崭新篇章。 活动上，星河华商书院广州分院院长葛莹详细阐述了这次广州分院重启的始末。她强调，书院通过19年 ...

Group 1 - The article emphasizes the increasing encouragement from the government for non-teacher graduates to take the teacher qualification exam, allowing them to work in various educational institutions after passing the exam [1] - Non-teacher graduates can effectively prepare for the teacher qualification exam with the help of professional training systems and services provided by companies like Ousi Education [1][4] - The preparation for the written exam requires careful selection of subjects and understanding of the exam content, particularly focusing on the more challenging Subject II [1][2] Group 2 - Ousi Education suggests that candidates should solidify their foundation by reviewing materials for Subject I and focusing on the more complex Subject II with targeted study strategies [2] - The interview preparation involves familiarizing oneself with the interview process, practicing teaching demonstrations, and receiving feedback from experienced instructors to improve performance [2][3] - Ousi Education's research team, with extensive experience in teacher qualification exam training, provides efficient guidance and condensed course content to help candidates master essential knowledge points [3]

【1】北京西城2025年初中入学意向填报即将启动 5月14日，2025世界数字教育大会在湖北武汉开幕，大会以"教育发展与变革：智能时代"为主题，吸引 了来自全球数十个国家和地区的教育部门负责人、国内外大中小学校校长和师生代表、数字技术企业代 表等齐聚在一起，共商全球数字教育的未来。 【5】盛通股份主力资金净流出775.92万元 截至5月14日收盘，盛通股份报收9.27元/股，换手率6.72%，成交量27.07万手，成交额2.49亿元。在资 金流向数据方面，盛通股份主力资金净流出775.92万元，占总成交额3.11%，游资资金净流出255.79万 元，占总成交额1.03%，散户资金净流入1031.71万元，占总成交额4.14%。 北京商报记者 吴其芸 5月14日，四川省成都市教育局公布了2025年市直属学校指标到校生（即市级统分指标）分配结果。今 年全市指标到校生类型增加，除市级统分指标、区域指标、校内指标、民办校内指标外，新增了民办集 团内跨校指标，各类指标数量均有增加。市级统分指标总数为1269名，较2024年增加87名。 【3】海南印发中小学薄弱学校提升行动方案 近日，海南省教育厅印发《海南省中小学薄弱学 ...

Core Viewpoint - Despite increased external uncertainties since April, the domestic economy shows strong resilience, supported by rising social financing and stable foreign trade growth [1]. Financial Data and Trends - In April, the growth rate of social financing increased, with RMB loans growing by 7.2% year-on-year, exceeding 8% after adjusting for local debt replacement [1]. - The total value of goods trade imports and exports in the first four months increased by 2.4% year-on-year in RMB terms and 1.3% in USD terms, both accelerating by 1.1 percentage points compared to the first quarter [1]. Credit Structure Improvement - From January to April, RMB loans increased by 10.06 trillion yuan, roughly unchanged from the previous year, with notable improvements in credit structure [3]. - The balance of inclusive small and micro loans reached 34.31 trillion yuan, growing by 11.9% year-on-year, while medium to long-term loans for manufacturing increased by 8.5% to 14.71 trillion yuan [3]. Economic Structure and Credit Allocation - The evolution of credit structure reflects changes in the economic structure and promotes economic transformation, driven by the need for high-quality development [4]. - The proportion of corporate loans increased from 63% in 2021 to about 68%, while the share of household loans decreased from 37% to about 32%, indicating a shift towards funding for real enterprises [4]. Sector-Specific Loan Trends - The share of small and micro enterprise loans rose from 31% to about 38% of total corporate loans, while large and medium-sized enterprises' share fell from 69% to about 62% [5]. - In terms of industry allocation, loans to the manufacturing sector increased from 5.1% to about 9.3% of all medium to long-term loans, while traditional real estate and construction loans decreased from 15.9% to about 13% [5]. Consumer Spending and Policy Recommendations - Experts suggest that promoting consumption requires top-level design and a long-term development strategy, addressing employment, income, and social security to enhance consumer willingness and capacity [6]. - The focus should be on increasing the supply of high-quality consumer goods, supported by industrial and financial policies [6]. Future Financial Growth Outlook - Following external shocks, a package of policy measures was released on May 7, including interest rate cuts and structural tool optimization, aimed at fostering a favorable monetary environment for economic recovery [8]. - The People's Bank of China has implemented moderately loose monetary policies, with expectations for continued reasonable growth in financial totals [8]. Policy Innovation and Economic Support - Recent policy innovations, particularly in structural re-lending tools, aim to optimize financial resource allocation in line with economic transformation needs [9]. - The alignment of monetary policy with the goals of stimulating consumption and expanding domestic demand is evident in recent adjustments [9].

Investment Rating - The report gives a "Cautious Recommendation" rating for the company, marking its first coverage [4][6]. Core Viewpoints - The company is undergoing a strategic transformation from being a leader in ink production to developing dual main businesses in ink and education, with promising prospects in AI+education [1][4]. - The "Double Reduction" policy has accelerated the clearing of supply in the education sector, benefiting leading companies in AI+education [1][2]. - The company has a solid financial foundation with low debt ratios and good cash flow, indicating strong growth potential [3][4]. Company Overview - The company, originally focused on ink production, has expanded into the education sector through acquisitions, including Dragon Gate Education, and is now positioned in both ink and educational services [1][12]. - The company has a production capacity of 20,000 tons of ink, with an 80% utilization rate, and is recognized for its green and environmentally friendly ink products [2][44]. - The education segment has faced challenges due to policy changes but is now focusing on high school and vocational education, with a strategic emphasis on AI integration [1][19]. Industry Analysis - The "Double Reduction" policy has led to a significant reduction in the number of training institutions, with offline institutions decreasing by 92.14% and online institutions by 87.07% [1][24]. - The relaxation of the two-child policy is expected to create a demographic dividend, leading to a peak in middle and high school enrollments in the coming years [28][30]. - The demand for education services, particularly in high school and vocational training, is anticipated to grow significantly due to increasing enrollment numbers and a rising number of repeat students [30][37]. Financial Analysis - The company has a low debt ratio of 23.43% as of March 2025, with a strong cash flow position reflected in its operating cash flow figures [3][4]. - Revenue projections indicate steady growth, with expected increases of 8.0%, 6.0%, and 5.0% from 2025 to 2027 [4][5]. - The company’s earnings per share (EPS) are projected to rise from 0.48 yuan in 2025 to 0.54 yuan in 2027, reflecting a positive outlook on profitability [4][5].

Group 1: Economic Growth and Financial Support - The financial total is expected to maintain reasonable growth following the introduction of a package of incremental policies in May, which will solidify the foundation for the continuous recovery of the domestic economy [1] - Despite increased external uncertainties since April, the domestic economy shows strong resilience, with social financing scale growth accelerating and RMB loan balance increasing by 7.2% year-on-year [1][2] - The foreign trade growth trend continues, with the total value of goods trade in the first four months increasing by 2.4% year-on-year in RMB terms and 1.3% in USD terms, indicating a recovery in export resilience [1] Group 2: Credit Structure Improvement - From January to April, RMB loans increased by 1.006 trillion yuan, with the balance of inclusive small and micro loans reaching 34.31 trillion yuan, growing by 11.9% year-on-year, and medium to long-term loans for manufacturing at 14.71 trillion yuan, growing by 8.5% [2] - The evolution of credit structure reflects economic structural changes, with a notable shift in loan distribution towards real enterprises, as corporate loans increased from 63% to approximately 68% of total loans from 2021 to present [3] - The proportion of loans to small and micro enterprises rose from 31% to about 38%, while loans to large and medium enterprises decreased from 69% to about 62%, indicating a significant impact from inclusive small and micro loan initiatives [3] Group 3: Industry Focus and Policy Direction - Financial institutions have increasingly directed credit resources towards manufacturing and technological innovation, with the proportion of manufacturing loans in total medium to long-term loans rising from 5.1% to approximately 9.3% since 2021 [4] - The focus of macroeconomic policy is shifting towards promoting consumption, with financial policies aimed at supporting high-quality consumer goods supply, while addressing employment, income, and social security issues to enhance consumer willingness and capacity [4][5] - The development of consumer finance aims to expand effective consumer demand and ensure that consumer loans are genuinely used to support consumption, emphasizing a principle of reasonable moderation [5] Group 4: Monetary Policy and Future Outlook - The central bank and other departments released a package of policy measures on May 7, including interest rate cuts and structural tool optimizations, to create a favorable monetary environment for economic recovery [6] - The central bank's recent monetary policy practices have focused on a combination of different policy tools to enhance effectiveness, benefiting various market participants and boosting market expectations and investment confidence [6][7] - Recent structural policy adjustments by the central bank are aligned with the macroeconomic strategy of tapping economic potential and promoting consumption, indicating a clear focus on technology and consumption as key support areas [7]

Investment Rating - The investment rating for the company is "Buy" [2][58] Core Viewpoints - The company has completed its restructuring and is transitioning to non-subject education services, focusing on enhancing literary quality through innovative AI courses [7][13][58] - The company has launched its self-developed AI education model, "Dou Shen Ci Yuan," and is expected to see rapid growth in both live and AI courses [7][58] - The financial outlook shows a significant recovery with projected net profits increasing substantially over the next few years [5][53][55] Summary by Sections 1. Restructuring and Business Transition - The company completed its restructuring in December 2023, with a new shareholding structure where Dou Xin holds 18.3% of shares, becoming the controlling shareholder [14][15] - The business model has shifted from traditional exam-oriented tutoring to quality education services, including arts education and live e-commerce sales [13][14] 2. Business Analysis: Recorded and Live Courses - The recorded courses are primarily based on the "New L" series, focusing on cultural and literary education [16] - Live courses include the "Wang Zhe" class, which has been running since 2017, and new offerings like "Xiao Wang Zhe" and "Dou Shen Gui Lai" launched in 2024 [18][21][22] 3. Financial Analysis - The company experienced a decline in revenue from 2020 to 2023 due to the pandemic and regulatory policies, but signs of recovery are evident with a slight revenue drop of only 0.6% in Q1 2025 [49][52] - The gross margin has improved significantly, reaching 62.3% in Q1 2025, surpassing pre-pandemic levels [46][49] 4. Potential Growth Drivers - Growth is expected from existing literary courses, expansion into other subjects, and the promotion of AI live courses [56] 5. Profit Forecast and Investment Recommendations - Projected net profits for 2025, 2026, and 2027 are 2.1 billion, 3.1 billion, and 4.0 billion respectively, with significant year-on-year growth rates [5][55] - The company is recommended for investment based on its strong market position and innovative educational offerings [58]

重整旗鼓展新颜，AI 课程具巧思 [Table_BaseData] 公司主要数据 [Table_CoverStock] —豆神教育(300010)公司首次覆盖报告 [Table_ReportDate] 2025 年 05 月 14 日 [Table_CoverAuthor] 范欣悦 教育人服行业首席分析师 S1500521080001 fanxinyue@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 豆神教育(300010) 投资评级 买入 上次评级 无 | 收盘价（元） | 7.38 | | --- | --- | | 52 周内股价波动区间 | 12.96-2.38 | | (元) | | | 最近一月涨跌幅(％) | 4.83 | | 总股本(亿股) | 20.67 | | 流通 A 股比例(％) | 80.49 | | 总市值(亿元) | 152.52 | | 资料来源：聚源，信达证券研发中心 | | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲12 ...