来源：新浪港股-好仓工作室 近日，上海卓越睿新数码科技股份有限公司（简称"卓越睿新"）递交聆讯后资料集，或很快在香港上 市。农银国际担任其独家保荐人。 根据招股书披露，本次港股上市募集资金将用于以下用途： 1. 研发投入； 2. 提升客户服务及支持能 力； 3. 在选定城市设立一个或两个知识图谱开发中心，以增强知识图谱构建、生产及交付能力以及效 率； 4. 营运资金及一般公司用途。 附招股书链接：[无具体链接提供] 公司介绍：卓越睿新是一家中国高等教育机构教学数字化解决方案提供商，致力于为高等教育机构提供 数字化教育内容、数字化教学场景服务及产品的交付和运营。其产品服务覆盖教、学、练、考、评、管 等所有重要方面，涵盖数字化教学内容服务及产品（包括课程数字化、知识图谱构建、虚拟仿真）和数 字化教学环境服务及产品（包括云LMS学习管理系统、数字化教室），服务客户主要为中国高等教育 机构，涵盖教育部认可的12个学科门类及92个专业。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨佳发教育（300559.SZ） [Table_Title] 营收季节性波动，AI 促进智慧教育业务持续渗 透 报告要点 [Table_Summary] 佳发教育发布 2025 年三季度报告，公司 2025 年前三季度实现营业收入 3.40 亿元，同比增加 0.44%；实现归母净利润 0.49 亿元，同比减少 3.26%；实现扣非归母净利润 0.44 亿元，同比 减少 10.75%；实现经营性现金流净额 0.26 亿元，同比增长 132.96%。公司为标准化考点建设 龙头，聚焦智慧考试和智慧教育两大业务方向，AI 助力产生新一轮成长曲线。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 佳发教育（300559.SZ） cjzqdt11111 [Table_Title 营收季节性波动， 2] AI 促进智慧教育业务持续渗 透 [Table_Sum ...

Group 1: Company Overview and Product Features - The core product, the "全课云 AI Platform," aims to break the traditional education "impossible triangle" by offering unique innovative advantages compared to similar market products [3] - The platform features a comprehensive teaching model that integrates teaching strategy, activities, assessment, and analysis, promoting continuous improvement in educational outcomes [3] - It covers multiple educational scenarios, facilitating collaboration between schools and families, and ensuring seamless educational processes [3] Group 2: Product Development and Market Readiness - The "全课云 AI Platform" is currently in the pilot phase, with initial development completed and feedback being collected from classroom applications [3] - As of November 7, 2025, the company has visited 253 schools and signed 20 pilot agreements since the pilot work began in mid-October [3] Group 3: Marketing and Promotion Strategy - The company plans to leverage its extensive service network across over 100 cities to ensure effective market penetration and operational support [4] - A multi-layered agency cooperation model will be utilized to expand the depth and breadth of marketing efforts [5] - The marketing strategy includes both online and offline initiatives to enhance brand awareness and customer engagement [5] Group 4: Financial Projections and Business Model - The pricing and profit model for the "全课云 AI Platform" will be determined after the pilot phase concludes [4] - The company anticipates that the product's promotion will significantly contribute to its performance, although specific projections are not yet available [4]

Core Viewpoint - Fangzhitech plans to acquire 100% equity of Beijing Zhixiang Technology Development Co., Ltd. for 116 million yuan, representing a premium of 705.33%, amidst concerns over its financial performance and market reaction [2][5]. Company Summary - The acquisition is seen as a strategic move by Fangzhitech to strengthen its position in the "AI + Education" sector, with Zhixiang Technology being a pioneer in AI classrooms and smart learning spaces [3][5]. - Zhixiang Technology's revenue for 2024 is projected at 30.12 million yuan, with a net profit of 6.34 million yuan, while the first half of 2025 shows limited growth and negative cash flow [3][4]. - The acquisition's price-to-earnings (PE) ratio is calculated at 17.4 based on 2024's operating data, with a performance commitment period from 2025 to 2028 [5]. Market Reaction - Following the announcement, Fangzhitech's stock price dropped significantly, closing down 9.06%, reflecting market skepticism regarding the acquisition's valuation and potential benefits [2][6]. Industry Context - Fangzhitech faces intense competition from leading companies like iFLYTEK and Visionox, which have successfully integrated AI into their product lines, creating new growth avenues [7][10]. - The overall education sector is experiencing structural adjustments due to declining school-age populations and ongoing policy changes aimed at reducing burdens on students [8][11]. - The education information technology sector's revenue growth has slowed, with a reported 5.8% increase in the first half of 2025, down from the previous year [10][11].

Core Viewpoint - Guoxin Culture, a leading enterprise in education informatization under the State-owned Assets Supervision and Administration Commission, is rapidly rebounding from a performance low in 2024, with significant growth in revenue and profit driven by its "AI + Education" strategy [1][3][15] Financial Performance - In the first half of 2025, the company reported revenue of 115 million yuan, a year-on-year increase of 69.77%, and achieved a net profit of 6.97 million yuan, marking a turnaround from losses [3] - By the third quarter of 2025, revenue grew by 44.74% to 230 million yuan, with net profit reaching 34.41 million yuan, further confirming the trend of performance recovery [3][15] Market Position and Strategy - Guoxin Culture leverages its core capabilities in "cloud + terminal + application + service" and self-developed AI algorithms to provide comprehensive education informatization solutions [2][4] - The company has launched multiple innovative AI recording products and holds nearly 500 proprietary intellectual property rights, serving over 70,000 schools [2][4] Industry Trends - The year 2025 is designated as the "Year of Smart Education," with national policies promoting the integration of AI in education, which is expected to bolster Guoxin Culture's market position [4][5] - The digital economy in China has grown significantly, from 2.6 trillion yuan in 2005 to 53.9 trillion yuan in 2023, with a compound annual growth rate of 20.3%, enhancing the demand for education digitalization [5] Future Prospects - The company is well-positioned to benefit from the substantial market potential in the smart classroom renovation sector, estimated to exceed 200 billion yuan [5] - Guoxin Culture's competitive advantages in resource integration and AI education technology are expected to strengthen, leading to potential dual growth in performance and valuation [6][15]

Core Viewpoint - Honghe Technology announced a significant equity transfer agreement involving Hefei Ruicheng Private Fund Management Co., Ltd. acquiring 25.00% of the company's shares, leading to a change in the actual controller of the company [1] Group 1: Equity Transfer Details - Hefei Ruicheng Private Fund Management Co., Ltd. signed a share transfer agreement to acquire a total of 59.16 million shares from shareholders including Xing Zheng, Wang Jing, and Zhang Shujing, representing 25.00% of the total shares of the company [1] - Zhang Shujing has also signed a voting rights waiver agreement, relinquishing voting rights associated with an additional 17.86 million shares, which accounts for 7.55% of the company's total shares [1] Group 2: Change in Control - Following the completion of this equity transfer, Hefei Ruicheng will hold 25.00% of the shares and corresponding voting rights, resulting in a change of the actual controller from Xing Xiuqing and Xing Zheng to no actual controller [1]

Core Viewpoint - The company, Guoxin Culture, is experiencing a rapid rebound from a performance low in 2024, driven by its "AI + Education" strategy, with significant revenue and profit growth in 2025 [1][2][3]. Financial Performance - In the first half of 2025, the company reported revenue of 115 million yuan, a year-on-year increase of 69.77%, and achieved a net profit of 6.97 million yuan, marking a turnaround from losses [3]. - By the third quarter of 2025, revenue grew by 44.74% to 230 million yuan, with net profit reaching 34.41 million yuan, further confirming the trend of performance recovery [3]. Market Position and Strategy - Guoxin Culture leverages its core capabilities in "cloud + end + application + service" and self-developed AI algorithms to provide comprehensive digital education solutions [2]. - The company has launched multiple innovative AI recording products and holds nearly 500 proprietary intellectual property rights, serving over 70,000 schools [2][4]. Industry Trends - The year 2025 is designated as the "Year of Smart Education," with national policies emphasizing the integration of AI in education, which is expected to bolster the company's performance [4]. - The digital economy in China has grown significantly, from 2.6 trillion yuan in 2005 to 53.9 trillion yuan in 2023, with a compound annual growth rate of 20.3%, indicating a strong market for digital education solutions [5]. Future Outlook - The company is well-positioned to benefit from the substantial market potential in the smart classroom sector, estimated to exceed 200 billion yuan, supported by government funding and policy initiatives [4]. - Guoxin Culture's competitive advantages in resource integration and AI education technology are expected to strengthen its market position and drive future growth [5].

Core Viewpoint - The China Securities Regulatory Commission has confirmed the overseas listing applications for seven companies, all of which are set to list in Hong Kong, indicating a growing trend of Chinese companies seeking international capital markets [1]. Group 1: Company Listings -卓越睿新 plans to issue up to 9,409,100 ordinary shares for overseas listing on the Hong Kong Stock Exchange [1]. -迈萪科技 intends to issue up to 7,500,000 ordinary shares for listing on the Taiwan Stock Exchange [5]. -和辉光电 aims to issue up to 2,802,501,000 ordinary shares for overseas listing on the Hong Kong Stock Exchange [6]. -乐舒适 plans to issue up to 148,064,800 ordinary shares for overseas listing on the Hong Kong Stock Exchange [7]. -金岩高新 intends to issue up to 27,945,000 ordinary shares for overseas listing on the Hong Kong Stock Exchange [8]. -创新国际 plans to issue up to 575,000,000 ordinary shares for overseas listing on the Hong Kong Stock Exchange [9]. -纳芯微 aims to issue up to 40,976,900 ordinary shares for overseas listing on the Hong Kong Stock Exchange [10]. Group 2: Financial Performance -卓越睿新 reported revenues of 400 million, 653 million, and 848 million CNY for 2022, 2023, and 2024 respectively, with net profits of -59.11 million, 81.42 million, and 105 million CNY [4]. -和辉光电's revenues were 4.191 billion, 3.038 billion, and 4.958 billion CNY for 2022, 2023, and 2024, with net losses of 1.602 billion, 3.244 billion, and 2.518 billion CNY [6]. -乐舒适's revenues for the first nine months of 2023 and 2024 were 320 million, 411 million, and 334 million USD, with net profits of 18.39 million, 64.68 million, and 72.28 million USD [8]. -金岩高新 reported revenues of 190 million, 205 million, 267 million, and 105 million CNY for 2022, 2023, 2024, and the first five months of 2025, with net profits of 24.42 million, 43.62 million, 52.6 million, and 18.03 million CNY [9]. -创新国际's revenues were 13.49 billion, 13.815 billion, and 10.937 billion CNY for 2022, 2023, and the first nine months of 2024, with net profits of 913 million, 1.081 billion, and 1.790 billion CNY [10]. -纳芯微 reported revenues of 1.67 billion, 1.311 billion, and 1.96 billion CNY for 2022, 2023, and 2024, with net profits of 250 million, -305 million, and -403 million CNY [11].

Group 1 - The China Securities Regulatory Commission has approved Suzhou Naxin Microelectronics Co., Ltd. to issue up to 40.9769 million ordinary shares for listing on the Hong Kong Stock Exchange [1] - Naxin Microelectronics submitted its prospectus to the Hong Kong Stock Exchange on April 25, 2025, with CICC, CITIC Securities, and Jianyin International as joint sponsors [1] - As of October 21, 2025, Naxin Microelectronics has a total market capitalization of approximately RMB 26.4 billion [1] Group 2 - Excellence Ruixin is a well-known provider of digital solutions for higher education in China, focusing on the development, delivery, and operation of digital educational content and teaching scenarios [3] - According to Frost & Sullivan, Excellence Ruixin ranks second in the Chinese higher education digital teaching market with a market share of 3.4% as of 2023 [3] - The company holds the first position in the digital teaching content production market for higher education in China, with a market share of 6.2% [3]

Group 1 - The company held an online performance exchange meeting on October 21, attracting over a hundred professional investment institutions, indicating strong interest in its business outlook [1] - In the third quarter, the company achieved growth in both operating revenue and net profit attributable to shareholders, driven by its AI+ education ecosystem and emerging businesses such as home appliance controllers and automotive electronics [1][2] - The company has successfully launched multiple innovative products in its robotics business this year, further solidifying its multi-engine growth strategy [1] Group 2 - As a leader in the education information technology sector, the company is accelerating its "AI+ education" strategy, which is supported by favorable national and local policies [2] - By the end of September 2025, the company established 19 key application demonstration areas for its smart feedback system, covering over 4,000 schools and generating more than 450,000 classroom feedback reports [2] - The company’s AI lesson preparation tool has activated over 1 million users, and its digital base has reached over 9,000 schools in China, indicating a scalable implementation of its education AI ecosystem [2] Group 3 - The MAXHUB overseas self-owned brand business continued to grow rapidly in the third quarter, becoming a core growth engine for the company's international operations [3] - The company has accelerated the launch and promotion of overseas products, including the innovative education AI software MAXHUB EasiClass and the Microsoft-certified XBar series meeting products [3] - The company’s robotics business has made significant breakthroughs, with the launch of several innovative products, including quadruped robots and flexible robotic arms, and is expanding its commercial cleaning robots into European and Asian markets [3] Group 4 - The company submitted an application for H-share listing on the Hong Kong Stock Exchange in June, aiming to create an international capital platform to support its global strategy [4] - The funds raised from the listing will be used to enhance AI and display technology research and development, accelerate overseas channel expansion, and improve digital capabilities [4]