国家教育资源生产服务主力军 "AI+教育"再出发 9月10日，2025年中国国际服务贸易交易会（简称"服贸会"）在北京首钢会展中心隆重开幕。本届服贸 会，北京出版集团重点参展"AI教育+"专题展区，集中推出"智学伴""AI智习室""智慧幼教""人工智能通 识课"等最新数智教育产品，全面展现集团全学龄段智慧教育服务能力，推动家校社协同育人，促进教 育事业与出版产业协同发展。 北京出版集团重点参展"AI教育+"专题展区。 为深入贯彻落实国家教育数字化战略，落实北京市委关于"AI+教育"重要指示精神，促进人工智能助力 教育创新发展，北京出版集团依托优质教育资源与科技融合优势，集结顶尖科技力量，联合头部企业， 将成立北教智学公司。聚焦AI"助教、助学、助育、助评、助研、助管"六大核心领域，本次服贸会，集 团精心筹备，重磅推出"AI+教育"应用场景产品，以墨水屏/类纸屏学习机、助教机、教学白板、校长大 屏等为主要硬件载体，构建互融共通的数智教联体体系，从"一科一辅"向"一生一辅"迈进，持续为首都 教育高质量发展持续贡献出版力量。 "智学伴家教共育"AI赋能教育新生态 集团展区以"1层安全筑基+5端用户联动+3大场景闭环 ...

Core Viewpoint - Guangdong's education department has issued a notification to regulate the management of supplementary materials in schools, prohibiting unauthorized recommendations and purchases, and enforcing a "one subject, one supplement" policy [1][5][6] Group 1: Policy Implementation - The notification mandates that primary school supplementary materials will be provided for free by the education department, while middle school materials must come from an official evaluation directory [1][3] - High schools can select their own materials but must adhere to the "one subject, one supplement" rule and publicly disclose their selections [1][5] Group 2: Market Impact - The new regulations aim to dismantle the gray market surrounding supplementary materials, which has thrived in the context of exam-oriented education, with parents previously spending over 800 yuan annually on such materials [5][6] - The policy is expected to significantly reduce the market size for traditional supplementary materials, as many previously popular products will no longer be included in school procurement lists [10] Group 3: Educational Equity Concerns - The ban on supplementary materials may exacerbate existing disparities in educational resources, particularly between urban and rural schools, as some institutions may struggle to provide adequate learning materials [7][9] - Parents' demand for additional practice has not diminished but has shifted to alternative channels, potentially leading to a more unequal distribution of educational resources [8][9] Group 4: Publishing Industry Response - The tightening of supplementary material regulations has led to a significant decline in revenue for traditional publishers and educational companies, with some facing the risk of being eliminated from the market [9][10] - Publishers may pivot towards digital education products and customized resources for affluent schools, which could further entrench resource inequality [10][11] Group 5: Future Challenges - The challenge lies not only in prohibiting certain practices but also in providing better alternatives for educational resources, as the current policy may inadvertently lead to a more covert market for educational materials [11][12] - The situation in Guangdong reflects broader challenges in China's education governance, balancing the need for quality education with the reduction of parental anxiety and ensuring diverse resource availability [12]

Group 1 - The stock price of Century Tianhong closed at 11.05 yuan on August 27, 2025, down 1.60% from the previous trading day, with a trading volume of 411 million yuan and a turnover rate of 10.17% [1] - Century Tianhong's main business includes educational publishing and digital education, with products such as supplementary textbooks and online education platforms. The company is involved in sectors like cultural media and AI corpus [1] - The latest financial report indicates that Century Tianhong's net profit attributable to shareholders for the first half of the year was 2.7556 million yuan, a year-on-year decrease of 63.57% [1] Group 2 - On August 27, the net outflow of main funds was 381,200 yuan, with a cumulative net outflow of 25.1284 million yuan over the past five days [1]

| 中原证券股份有限公司 | | | | --- | --- | --- | | 关于荣信教育文化产业发展股份有限公司 | | | | 保荐人名称：中原证券股份有限公司 | | 被保荐公司简称：荣信文化 | | 保荐代表人姓名：吴秉旭 | 联系电话：010-57058322 | | | 保荐代表人姓名：王丹彤 | 联系电话：010-57058322 | | | 一、保荐工作概述 | | | | 项目 工作内容 | | | | （1）是否及时审阅公司信息披露文件 是 | | | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | | （1）是否督导公司建立健全规章制度（包括但不 | 是 | | | 限于防止关联方占用公司资源的制度、募集资金 | | | | 管理制度、内控制度、内部审计制度、关联交易 | | | | 制度） | | | | （2）公司是否有效执行相关规章制度 是 | | | | （1）查询公司募集资金专户次数 6 | | | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | | 一致 | | | | （1）列席公司股东大会次数 | 未列席，已阅会议文件 | | | （ ...

Core Insights - Tianzhou Culture Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 249 million yuan, a year-on-year growth of 20.25%, and net profit of 51.67 million yuan, up 170.93% [1] Group 1: Business Performance - The company's traditional publishing business continues to serve as a stable foundation, with the release of multiple market-oriented educational books and expansion into new markets and sales channels [2] - The gaming segment showed remarkable growth, with self-developed games operating steadily and cost-cutting measures implemented to enhance efficiency [2] - The newly launched mobile games, "Xianyu" and "Qingyunjue: Fumo," have received positive market feedback, contributing over 34.34 million yuan in investment income [2] Group 2: Emerging Markets - Tianzhou Culture is actively investing in emerging sectors such as AI education, anime, and blockchain to cultivate new business growth points [4] - The establishment of a new subsidiary focused on AI education has led to the launch of an AI writing pen product aimed at children aged 6 to 9, with plans for further product extensions [4] - The company has partnered with iFLYTEK to develop AI+education solutions, with projects expected to launch in the second half of the year [4][5] Group 3: Strategic Investments - The company has invested in Xi'an Biaomeng Technology to tap into the rapidly growing "Guzi Economy," with its app "Biaojijiang" attracting nearly 400,000 registered users [5] - The opening of the offline store "Biaojicafe" in Chengdu aims to create an immersive two-dimensional social and consumption experience [6] - Tianzhou Culture is also exploring blockchain applications through its investment in Hunan Tianhe Guoyun Technology, focusing on innovative uses in cultural creativity and intellectual property protection [6]

Core Insights - The company reported a revenue of 249 million yuan, representing a year-on-year growth of 20.25%, and a net profit of 51.67 million yuan, with a significant increase of 170.93% [1] Group 1: Business Performance - The company's main business segments showed strong operational resilience and growth momentum, with the gaming sector being a key driver of performance [2] - The traditional book publishing segment continued to serve as a stabilizing force, with the company launching multiple market-oriented educational books and expanding into new market regions and sales channels [2] - The gaming business achieved notable breakthroughs, with self-developed games operating steadily and cost-cutting measures enhancing efficiency [2] - The company’s investment in Hainan Yuanyou's new mobile games, "Xianyu" and "Qingyun Jue: Fu Mo," received positive market feedback, contributing over 34.34 million yuan in investment income [2] Group 2: Strategic Initiatives - The company is actively exploring new opportunities in AI education, the two-dimensional sector, and blockchain through internal incubation and strategic investments [4] - The newly established subsidiary, Tianzhou Zhimiao, focuses on AI education products, launching an AI writing pen aimed at children aged 6-9, with plans to expand into related products [4] - The company has partnered with iFLYTEK to advance "AI + education" solutions, with projects expected to launch in the second half of the year [4] - In the two-dimensional sector, the company invested in Xi'an Biaomeng Technology, which has seen significant user engagement through its "Biaojijiang" app [5] - The company opened its first offline store, "Biaojikafei," in Chengdu, integrating various functions to create an immersive two-dimensional social and consumption experience [6] Group 3: Technological Integration - The company is exploring the integration of blockchain technology with the metaverse and AI through its investment in Tianhe Guoyun, which has developed the TiChain [6]

本报讯 （记者王僖）8月25日晚，世纪天鸿（300654）教育科技股份有限公司（以下简称"世纪天鸿"） 披露2025年半年度报告。上半年，公司实现营业总收入1.56亿元，实现归属于上市公司股东的净利润 275.56万元。 上半年公司业绩短期承压，根据行业特点及公司往期报告数据分析，主要有两方面原因：一方面，教辅 主业具有显著的季节周期性特征，业绩贡献主要集中在下半年。另一方面，公司近年持续加大研发与营 销投入，高度重视数智化转型发展，费用同比有所上升。随着下半年销售旺季的到来，以及前期变革举 措成效逐步显现，公司下半年业绩有望迎来显著改善。 当前，教育出版行业正在经历一场深刻的变革，为筑牢公司发展基本盘，公司围绕"产品+服务"的理 念，深入推进"研销服科一体化"战略实施，持续巩固并扩大在教辅市场的影响力与覆盖面。 产品研发方面，公司深度聚焦高考，着力提升产品内容核心竞争力；市场推广方面，公司持续深化区域 深耕与渠道突破，提升客户触达与转化效率；同时，积极推动电商体系搭建，打造传统教辅与数字营销 相融合的创新增长路径。 上半年，公司加快推进数字化系统建设，数字化资源平台开始试运行，目前已部署上线了智能网阅系 统 ...

Group 1 - Longhua New Materials' controlling shareholder plans to reduce holdings by up to 1% of the company's shares, amounting to a maximum of 4.3 million shares [1] - Qingdao Double Star reported a net loss of 186 million yuan in the first half of 2025, with revenue of 2.272 billion yuan, a year-on-year decrease of 0.31% [2] - Huakang Clean's controlling shareholder and chairman is under investigation and has been placed under detention, with the general manager temporarily taking over the chairman's responsibilities [4] Group 2 - Century Tianhong's controlling shareholder plans to reduce holdings by up to 3% of the company's shares, totaling a maximum of 10.9837 million shares [5] - Caesar Travel's shareholder plans to reduce holdings by up to 3% of the company's shares, with a maximum of 16.0379 million shares through various methods [7] - Zhang Xiaoqin's shareholder plans to reduce holdings by up to 540,100 shares, representing 0.36% of the total share capital after excluding repurchased shares [9] Group 3 - Zhenlei Technology's controlling shareholder plans to transfer 8.3052 million shares, accounting for 3.88% of the total share capital [11] - Hangxin Technology's borrowings increased by 201 million yuan, exceeding 20% of the net assets at the end of the previous year [12] - Aileda's three executives plan to collectively reduce holdings by up to 149,100 shares [13] Group 4 - Iceberg Refrigeration reported a net profit of 79.5411 million yuan in the first half of 2025, a year-on-year increase of 1.29% [14] - Jindan Technology's director plans to reduce holdings by 1.5 million shares, accounting for 0.66% of the total share capital [15] - Heshun Technology's shareholder plans to reduce holdings by up to 655,300 shares, representing 0.82% of the total share capital [18] Group 5 - Tianshi Technology's shareholder plans to reduce holdings by up to 5.928 million shares, accounting for 3% of the total share capital [19] - Yuhuang Jinlead plans to raise up to 400 million yuan through a private placement to its controlling shareholder [20] - China Shenhua reported coal sales of 24.3 million tons in July, a year-on-year decrease of 5.5% [21] Group 6 - Jialitu's controlling shareholder plans to reduce holdings by up to 541,800 shares, representing 1% of the total share capital [22] - Wanlin Logistics' controlling shareholder and related parties plan to reduce holdings by up to 599,200 shares, accounting for 1% of the total share capital [23] - Xueqi Electric plans to acquire 65% of Hefei Shengbang's equity for 47.45 million yuan [24] Group 7 - Wantong Development plans to invest 854 million yuan to acquire 62.98% of Shuduo Technology [26] - Ganhua Science and Technology plans to acquire 65% of Xi'an Ganxin Technology for 388 million yuan [28]

Core Insights - New Oriental's subsidiary, Dayu Culture, launched a "Summer English Reading List" for children, introducing three new English chapter books aimed at enhancing English literacy among children [1][2] - The initiative addresses the growing demand for children's English reading materials in China, as parents and educators seek effective ways to select appropriate books for different reading levels [1][3] Company Overview - Dayu Culture has over 20 years of experience in book planning and focuses on providing high-quality learning and reading services for Chinese families [3] - Since 2016, Dayu Culture has been exploring and developing its English reading offerings for children, creating a comprehensive publishing system that includes picture books, graded readers, chapter books, and classic literature [3] Product Details - The newly launched books include "Rocket Girl," "Rocket Girl's Journey to the West," and "Sherlock Holmes: The Young Detective" (English versions), categorized as initial chapter books and mid-to-high chapter books [2] - These books are supplemented with various resources such as animations, audio, workbooks, and Chinese translations to support children's English learning [2][3] Educational Approach - The reading progression system categorizes books based on age, reading ability, and language difficulty, aiming to facilitate a smooth transition from graded readers to chapter books [1][3] - The combination of books and animations is highlighted as an effective tool to help children overcome challenges in reading comprehension, enhancing their understanding through multi-sensory engagement [3]

Core Insights - The article highlights the expansion of English reading education in China, particularly through the introduction of new English reading products by New Oriental Education Technology Group's subsidiary, Dayu Culture [1][2]. Group 1: Company Developments - Dayu Culture has launched several new English reading products, including "Rocket Girl," "Journey to the West," and "Sherlock Holmes for Teens," building on its previous business experience [1]. - Since 2016, Dayu Culture has been actively exploring the field of English reading for youth, developing a comprehensive publishing system that includes picture books, graded readers, bridge books, chapter books, and classic novels [1]. - The company has created a family English reading progression plan based on original texts, aiming to provide a new path for English reading education [1]. Group 2: Market Performance - The product "Journey to the West" achieved impressive sales, surpassing 125,000 copies in its first year, establishing itself as a benchmark in the initial chapter book category within the competitive children's book publishing industry [1]. Group 3: Industry Perspective - The CEO of New Oriental, Zhou Chenggang, emphasized that reading is not just a tool for language learning but a bridge to a broader world, highlighting the importance of quality content in igniting children's reading passion and fostering lifelong readers [2].