伴随AI+赋能千行百业的深入，越来越多的传统行业场景正与AI深度融合。其中，"AI+教育"凭借与日 益增长的个性化学习体验需求契合，正在成为引领当下全球教育变革的前沿赛道。 据领英发布的《人工智能教育统计2025》报告，AI教育市场规模在2023年达到17.7亿美元后，预计将在 2024年至2032年将保持37.2%的复合年成长率，并有望在2032年市场规模攀升至172.8亿美元。 在此背景下，洋葱学园联合创始人兼董事长杨临风接受了包括《中国经营报》在内的媒体专访，深入阐 述了其对AI时代教育演进的战略思考。 在杨临风看来，AI教育正从以往以"工具提效"为核心的低维阶段，迈向以"能力塑造"为核心的高维阶 段。具备自主学习能力的人，不仅能够更好地适应未来的持续变革，也更容易在学习过程中体验到乐 趣，进而收获更加丰盈的人生。洋葱学园推出的"自学破壁计划"，核心就是通过技术和教育理念的融 合，帮助学生突破认知局限与能力瓶颈，真正掌握驾驭AI、持续进化的未来核心素养。 AI教育路线分化：从"辅助"到"自主" "现在AI教育正站在两条路的岔口。"杨临风开门见山指出行业现状：一类是追求答题速度、对话时长 的"任务完成型" ...

Core Insights - The popularity of educational large models is declining, with chat-based apps losing their prominence in the market [1][2] - The industry is becoming more rational, recognizing the limited short-term commercialization potential and focusing on long-term development of higher-quality intelligent agents [2] Market Trends - In October, only three educational apps made it to the top 30 in monthly active users, each with fewer than 3 million users, indicating a significant drop in engagement for chat-based educational products [3] - The head of general large models has surpassed 100 million monthly active users, which has squeezed the survival space for vertical educational products [3] Product Development - Educational companies are shifting from developing standalone chat-based apps to integrating large models into traditional products, focusing on multi-agent collaboration [5][6] - Multi-agent systems enhance learning interaction diversity and depth, moving beyond the limitations of single-agent models [5] Commercialization Challenges - Despite ongoing technological upgrades, the commercialization of educational intelligent agents has not shown significant improvement, with some apps generating only tens of millions in revenue [8][9] - The focus is shifting towards the usage frequency and quality of educational intelligent agents rather than immediate revenue generation [10] Investment in R&D - Companies like Huatu Education have significantly increased R&D spending, with a 160.41% year-on-year rise to 145 million yuan, primarily to expand their research teams [11] - The investment in high-quality data and user engagement is seen as a necessary step to build future barriers in the educational intelligent agent market [12][13] Future Outlook - Huatu Education plans to develop a digital companion for exam training, aiming to create a comprehensive ecosystem of intelligent agents [14]

Core Insights - The article highlights the launch of Xiaoyuan's "AI Super Human Teacher" 3.0 at the World Internet Conference, showcasing its advanced capabilities in personalized education through AI technology [1][2] - The development of AI in education is transitioning from mere functionality to value creation, emphasizing the importance of interactive and personalized learning experiences [1][4] Group 1: Product Features - Xiaoyuan's "AI Super Human Teacher" integrates core functionalities of the Xiaoyuan AI Learning Machine T4, utilizing self-developed Yuanli model and advanced technologies such as multimodal perception and dynamic knowledge graphs [1][2] - The product features a full-sensory interaction model that allows for real-time engagement, enabling the AI to "hear, see, and understand" students, thus creating a more natural and fluid interaction compared to traditional methods [2][3] Group 2: Educational Impact - The AI teacher employs "graphical assistance" for abstract logic problems, transforming complex concepts into visual elements, thereby enhancing comprehension through a "combination of numbers and shapes" approach [3] - The focus is on fostering students' independent learning abilities through guided and encouraging teaching methods, moving away from direct answer provision to a more interactive and supportive role [3][4] Group 3: Future Developments - Xiaoyuan plans to collaborate with the People's Education Press to launch the first "Digital Textbook Intelligent Body," which will incorporate the "AI Super Human Teacher" functionality, aiming to revolutionize traditional textbook learning [3] - The goal is to make high-quality personalized learning accessible to every child, transitioning from a one-size-fits-all approach to a tailored educational experience [4]

"每天25分钟，欧美外教一对一，0基础娃带出英语思维。"近期，线上英语一对一重新在社交平台爆 火。北京商报记者调查后却发现，一家名为LingoAce、动辄万元一个课包的线上英语培训机构，虽然面 向中国学生授课，但在销售课包时却以美元结算收款。在中国境内有公司的情况下，家长更是在付款后 才通过付款信息发现收款方为境外公司。不仅如此，企业和销售人员从未向家长提供合同或收据，家长 想要退课时机构还玩起"价格游戏"：购课宣传时按"基础课时+赠课"计算课单价，退费时则按"基础课 时"扣费，课单价差20%。 律师指出，通过美元结算并使用跨境资金收取平台收取学费，可能构成规避境内预收费监管的行为。同 时，若机构在宣传中使用误导性表述，涉嫌虚假宣传，应承担法律责任。跨境教育背后的收费乱象，正 成为家长和学生难以避开的"消费深坑"。 境内培训、美元结算 进入三年级，程雨第一次接到班主任的电话，是因为儿子的英语口音。"老师很温柔，提出孩子的笔试 成绩很好，但作为一门语言，课上无法表达整句，部分单词发音有些特殊的口音，建议家长花些时间进 行纠正。"其实儿子的英语表达问题，一直也是程雨的心病：绘本也读了，动画片也看了，可自己和丈 夫 ...

"既然是在中国境内针对中国小朋友开展培训，企业在武汉有分支机构，为何钱要支付到境外？" 北京商报记者丨关子辰 牛清妍 "每天25分钟，北美、欧美外教一对一，0基础娃带出英语思维"。近期，线上英语一对一重新在社交平台爆火。北京商报记者调查后却发现，这家名为 LingoAce、动辄万元一个课包的线上英语培训机构，虽然面向中国学生授课，但在销售课包时却以美元结算收款。在中国境内有公司的情况下，家长更是 在付款后才通过付款信息发现收款方为境外公司。不仅如此，企业和销售人员从未向家长提供合同或收据，家长想要退课时机构还玩起"价格游戏"：购课 宣传时按"基础课时+赠课"计算课单价，退费时则仅按"基础课时"扣费，课单价差20%。 律师指出，通过美元结算并使用跨境资金收取平台收取学费，可能构成规避境内预收费监管的行为。同时，若机构在宣传中使用误导性表述，涉嫌虚假宣 传，应承担法律责任。跨境教育背后的收费乱象，正成为家长和学生难以避开的"消费深坑"。 境内培训、美元结算 进入三年级，程雨第一次接到班主任的电话，是因为儿子的英语口音。"老师很温柔，提出孩子的笔试成绩很好，但作为一门语言，课上无法表达整句， 部分单词发音有些特殊的 ...

Core Viewpoint - The online English training institution LingoAce, which targets Chinese students, is facing scrutiny for its practice of charging fees in USD while being registered in China, raising concerns about regulatory compliance and consumer protection [1][9][10]. Group 1: Payment Practices - LingoAce charges for its courses in USD, with a 72-class package priced at $1,512, equivalent to approximately ¥10,833.25 at current exchange rates [2][3]. - The payment is processed through a foreign entity, Airwallex (Singapore) Pte. Ltd., which has raised questions about the legitimacy of the transaction and compliance with local regulations [6][7][8]. - Another institution, 51Talk, also employs a similar USD payment method, citing its status as a U.S.-listed company and favorable exchange rates as reasons for this practice [5]. Group 2: Regulatory Concerns - Legal experts suggest that LingoAce's use of USD payments and foreign payment processing may constitute an attempt to evade domestic prepayment regulations, which require local oversight of such transactions [9][10]. - The Ministry of Education and other departments have issued guidelines mandating that all prepayments by educational institutions be subject to local regulatory scrutiny [8]. Group 3: Consumer Rights and Refund Issues - Consumers have reported a lack of contracts and receipts after making payments, complicating potential refund processes and raising concerns about consumer rights [11][12]. - Refund calculations are based on a different pricing structure than what was initially advertised, leading to higher effective costs per class when parents seek to withdraw from courses [13][18]. - LingoAce has acknowledged the discrepancies in pricing communication and is reviewing its promotional materials and refund policies to ensure transparency and compliance [18].

Core Insights - Forbes China released the 2025 Globalization TOP 30 list, with PalFish, an international brand under Banyu, being the only education company included, highlighting its successful globalization strategy [1] - PalFish's overseas business has an annual growth rate exceeding 150%, contributing approximately 20% to the company's total revenue, establishing a robust second growth curve [1] Group 1: Business Strategy - PalFish maintains a "high quality, high price" positioning in overseas markets, ensuring a healthy business model and continuous service investment through the establishment of new brands and high pricing standards [1] - The company emphasizes two main barriers to entry: a clear positioning aimed at being the best, which entails higher service costs and better experiences, and a commitment to patience and strategic determination [1] Group 2: Market Expansion - High online customer acquisition costs have driven Banyu to expand into offline markets, with 14 learning centers opened in Southeast Asia since the end of 2023 [1] - Offline stores serve as brand showcases and customer acquisition channels, enhancing local influence through large events and local celebrity endorsements [1] Group 3: Technological Innovation - AI technology is identified as a core engine driving global business efficiency and experience innovation, with the company's self-developed AI teacher, "Keke Teacher," applied in overseas courses for personalized one-on-one teaching [2] - The Forbes list evaluation indicates that the companies included represent "high growth, strong innovation, and accelerated globalization," pushing Chinese enterprises from "scale going global" to "value going global" [2]

Core Viewpoint - The concept of "academic excellence" is evolving to emphasize the importance of self-directed learning as a critical skill for adapting to future societal demands, moving beyond traditional academic achievements [2][3]. Group 1: Self-Directed Learning - Self-directed learning is identified as a high-level ability that cannot be directly taught but must be cultivated through environmental support, deliberate practice, and ongoing guidance [6]. - The process of developing self-directed learning is broken down into four progressive stages: awareness, action, ability, and value system [6][7]. - The current market lacks mature products that systematically cultivate self-directed learning abilities, with existing AI tools primarily focused on efficiency rather than fostering independent thinking [2][3]. Group 2: Onion Academy's Initiatives - Onion Academy has launched the "Self-Learning Breakthrough Plan 1.0," which aims to enhance students' goal orientation, judgment, and self-driven mechanisms, distinguishing itself from existing AI tools focused on efficiency [3][5]. - The upgraded AI learning companion system follows a structured approach to support students in transitioning from awareness to behavior shaping, ultimately forming a stable value system [7][9]. - The AI learning companion includes various intelligent modules designed to address specific learning scenarios, transforming them into opportunities for cultivating self-directed learning abilities [9][11]. Group 3: Data-Driven Insights - Onion Academy has built a substantial data foundation, comprising over 500 billion real learning behavior data points, which enhances the effectiveness of its educational models [14][15]. - This extensive dataset allows for a deep understanding of student learning patterns, enabling the AI learning companion to adaptively adjust learning paths and reinforce weak areas across different modules [15]. Group 4: Incentive Mechanisms - The company has developed a diverse incentive system to facilitate the transition from "learning to learn" to "voluntarily learning," addressing the varied motivations of students [16][17]. - Emotional support is integrated into the learning experience through the "Emotional Tree Hole" module, which provides timely responses to students' emotional needs, enhancing the overall learning environment [17]. Group 5: Role of Parents and Teachers - In the context of AI-enhanced education, the roles of parents and teachers are evolving; parents are encouraged to support and listen rather than directly intervene in teaching [19][20]. - Teachers are transitioning from knowledge transmitters to facilitators of learning, focusing on guiding students through the learning process rather than delivering content [20][21].

Financial Data and Key Metrics Changes - In Q3 2025, total revenue was $78 million, a decrease of 42% year-over-year, primarily due to reduced traffic leading to fewer subscribers and less subscription revenue [10] - Non-GAAP operating expenses were $49 million, a reduction of approximately $41 million, or 46% year-over-year, driven by restructuring efforts [11] - Adjusted EBITDA for Q3 was $13 million, representing a margin of 17% [11] - Free cash flow for Q3 was negative $900,000, impacted by a one-time $7.5 million settlement payment to the FTC and $5.5 million in severance payments [12] - The company concluded the quarter with cash and investments of $112 million and a net cash balance of $49 million [12] Business Line Data and Key Metrics Changes - The company has split into two units: Chegg Skilling, expected to have sustainable double-digit growth, and legacy academic services, focusing on cash generation [5][6] - Chegg Skilling is expected to end 2025 with strong momentum, anticipating a 14% year-over-year growth and full-year revenue of $70 million [8] - The legacy academic business is expected to generate cash for several years despite challenges from reduced Google traffic [22] Market Data and Key Metrics Changes - The skilling market is currently valued at over $40 billion, with a focus on workforce, AI, and language learning [7] - Chegg Skilling is positioned to capture growth in the B2B market, transitioning from a B2C model [16] Company Strategy and Development Direction - The company aims to rebuild and reinvent itself, focusing on the skilling market and leveraging its assets for long-term value creation [5][9] - A strategic shift towards the skilling market is seen as essential for future growth, with all growth resources allocated to this segment [16] - The company is investing in AI to enhance its offerings and improve operational efficiency [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the disruptive impact of AI on traditional business models and is adapting to these changes [5][6] - The company is optimistic about its ability to grow in the skilling market, with expectations of double-digit growth in the coming quarters [10][12] - Management believes they have hit the bottom and are now positioned for future growth and profitability [13] Other Important Information - The company has undergone significant restructuring, which included a reduction of nearly 400 employees to streamline operations [17] - The transition to a B2B model is expected to provide a more stable and secure business environment [24] Q&A Session Summary Question: Strategic product priorities for skilling and resource allocation - All growth resources will be directed towards the skilling business, focusing on B2B opportunities and sustainable growth [16] Question: Support for the legacy academic business - The legacy business will continue to operate efficiently, leveraging its existing database and technology to generate cash [22] Question: Initiatives for the Busuu business and growth confidence - The company is focusing on repackaging learning mechanisms for B2B and leveraging AI for conversational learning [27][29] Question: Investments and channels for the skilling business - The company is exploring new distribution channels and building a B2B Salesforce to expand its market reach [34][36] Question: Impact of reduced traffic on skilling business - The skilling business is not expected to face headwinds from reduced traffic, as it is positioned for growth [38]

Core Viewpoint - Analysts warn that Duolingo no longer deserves the previous valuation premium due to slowing growth and increased strategic uncertainty. The company's strategic focus will shift from short-term monetization to long-term user growth, implying a sacrifice of foreseeable bookings and profits in the short term for uncertain future user growth, complicating the predictability of the company's growth model beyond 2026 [1][3][10] Financial Performance - Duolingo's third-quarter performance appears robust, with revenues of $271.713 million, a significant increase from $192.594 million in the same period last year. Gross profit reached $196.911 million, up from $140.414 million [5] - However, the fourth-quarter guidance is disappointing, with management projecting median bookings of $333 million, revenues of $275 million, and EBITDA of $77 million, all below market consensus by 3% and 4% respectively [6][7] Strategic Shift - Management has indicated a clear shift in focus towards long-term user growth projects, which will lead to a decrease in short-term monetization priorities. This confirms market concerns that the company's current growth rate is slowing and that monetization efficiency will be sacrificed for stable user growth [7][10] - The company plans to increase marketing expenses in the U.S. market to support daily active user (DAU) trends, further squeezing short-term profits [7] Market Reaction - Following the disappointing guidance, several investment banks have downgraded their ratings and target prices for Duolingo. UBS cut its target price from $450 to $285, a 37% decrease, while Bank of America reduced its target from $370 to $301. Morgan Stanley maintained an overweight rating but lowered its target from $500 to $300 [9][10] - Analysts believe that the uncertainty surrounding growth warrants a lower valuation multiple, with Bank of America reducing the 2026 enterprise value/sales multiple from 13x to 10x [10] User Growth Indicators - Despite the target price reductions, Morgan Stanley maintains an overweight rating, suggesting that Duolingo needs to demonstrate stable user growth without a significant gap from bookings growth to change market sentiment [11] - Recent data shows that daily active user growth has stabilized at approximately 30% year-over-year growth in September and October [12] - The U.S. market appears to be recovering from a low point, with improved brand sentiment and increased social media engagement, which may translate into growth over time. Long-term growth drivers remain intact, particularly in key expansion markets like China and in critical courses such as advanced English and chess [13]