7月17日，港股粉笔盘中涨超25%，收盘涨18.79%。 公司近期发布了其最新的AI刷题班3.0版本，该产品在原有课程基础上进行了重大升级，采用了深度学 习的自研垂域大模型，进一步强化了动态能力诊断。 据凤凰网报道，2025年上半年，粉笔AI刷题系统班的累计销售额已突破1600万元，成交单量约5万单， 全年累计销售额预计有望突破1亿元。 盛通股份：旗下中鸣机器人宣布接入DeepSeek，实现从"执行指令"到"智能交互"的跨越式升级。 点评：据浙商证券，粉笔AI刷题系统班于2025年4月7日上线，发售一月人数破万人。随着7月初版本迭 代至3.0，效果优化仍有望加速口碑传播，2025年有望实现购买人次超20万人。 *免责声明：文章内容仅供参考，不构成投资建议 其表示，AI刷题系统班的推出有望使公司通过更有质价比的产品及具有更高利润-规模弹性的产品模式 （vs线上各类名师工作室等长尾供给）摆脱行业竞争泥潭，迎来参培人次稳健增长、同时增厚利润的奇 点时刻。 *风险提示：股市有风险，入市需谨慎 另外，由于AI产品与传统线下产品成本结构不同，利润率更高，估计毛利率在80%以上。站在25年7 月，教育AI Agent纷纷落 ...

Core Insights - The report emphasizes that 2025 marks the beginning of the "proactive output" education AI C-end product era, with multiple education companies launching such products, transitioning from "passive" AI tools to "proactive" course-based offerings [3][8][57] - The shift from B-end to C-end applications of AI in education is highlighted, where AI is now replacing some or all functions of human teachers, providing personalized and scalable learning experiences [11][10] - The financial impact of AI products is shifting from cost reduction to revenue generation, with projected gross margins exceeding 80% for AI products compared to traditional offline education products [11][57] - The current main paradigms include AI super-human teaching, AI coaching, and AI dynamic assessment planning, showcasing the diverse applications of AI in education [58][31] Summary by Sections Introduction to AI in Education - The report outlines the evolution of education AI products from passive to proactive, with notable launches such as "Wu Yanzu Teaches You Spoken English" by Gaotu and "AI Brush Questions System Class" by Fenbi [8][10] Financial Performance and Growth Potential - The report indicates that the proactive AI education products are expected to drive non-linear growth in user numbers and revenue, as evidenced by the rapid sales figures of newly launched products [11][14][25] - MultiLingual's user engagement metrics post-AI feature launches demonstrate significant increases in monthly active users (MAUs) and user stickiness [19][25] Key Companies and Products - DouShen Education's "Super Practice Composition" and Fenbi's AI Brush Questions System Class are highlighted as leading examples of proactive AI education products, showcasing innovative teaching methods and high sales performance [11][40][33] - New Oriental's AI 1-on-1 system aims to enhance English speaking frequency through interactive learning, while Gaotu's course combines celebrity-led instruction with AI coaching [46][53] Investment Strategy - The report advocates for a focus on companies leading in the development and deployment of education AI agents, including DouShen Education, Fenbi, New Oriental, and Gaotu, as they are positioned to benefit from the ongoing transformation in the education sector [57][58]