Core Viewpoint - The company, Rongxin Culture, reported significant growth in revenue and net profit in the first half of 2025, despite a challenging overall book retail market in China, driven by effective marketing strategies and digital content initiatives [1]. Group 1: Financial Performance - The company achieved operating revenue of 181 million yuan, representing a year-on-year increase of 33.47% [1]. - Net profit attributable to shareholders reached 2.17 million yuan, marking a year-on-year growth of 117.71% [1]. Group 2: Market Position - Rongxin Culture is recognized as "China's first children's book stock," ranking third in the children's book retail market with a market share of 2.68% as of the first half of 2025 [1]. - The company ranked second in the children's popular science and early childhood enlightenment book retail markets, with market shares of 5.34% and 2.69%, respectively [1]. Group 3: Product Innovation - The company launched several bestselling titles, including "Mi Wu Science Comics" and "Sunny Has Ideas," achieving significant sales figures, with the former selling nearly 450,000 copies in the first half of 2025 [2]. - The original IP series "Lily Lan's Little Bug" gained rapid market acceptance, selling over 2.3 million copies in the first half of 2025 [2]. Group 4: AI Technology Integration - The company is advancing its digital transformation by integrating AI technology, with initiatives such as the AI-powered reading pen and the establishment of a Children's Education AI Research Institute [3]. - A strategic partnership with Alibaba Cloud aims to explore new AI applications in the children's education sector, enhancing the company's service offerings and user experience [3].

"公司的细分赛道优势叠加公司的渠道优势，其市占率有望持续提升。"上海济懋资产管理有限公司合伙 人丁炳中在接受《证券日报》记者采访时表示。 "上半年，公司在少儿图书领域深耕内容创新的同时，积极推动AI技术与图书业务的融合，实现了产品 竞争力与数字化转型的双重突破。"荣信文化相关负责人表示。 据悉，在AI技术应用方面，荣信文化以"一核两翼"战略框架为基础，将AI技术作为数字化转型的核心动 力，持续推进数字化转型。 今年3月份，乐乐趣小火箭AI智能点读笔通过阿里云接入DeepSeek，优化基本问答、科普知识问答功 能，新增故事创编功能；同月，儿童教育数字研究院升级为儿童教育AI研究院，开展内容数据标注工 作，搭建AI技术应用落地的数据基础。4月份，公司与阿里云签署合作意向书，围绕少儿教育领域的AI 应用展开深度合作，共同探索AI赋能新路径。5月份，公司明确AI建设战略方针"整体规划，分步实 施，数据为核，应用创新"，计划通过挖掘数据价值、拓展服务边界与应用场景，助力儿童阅读新体 验。 本报记者 殷高峰 8月27日晚，荣信教育文化产业发展股份有限公司（以下简称"荣信文化"）发布2025年半年度报告。报 告显示，在上半 ...

在图书产品方面，公司聚焦少儿阅读核心需求，推出多款兼具市场热度与口碑的畅销作品。其中，与抖 音头部科普达人科学少年米吴联合打造的《米吴科学漫画 奇妙万象篇》持续领跑市场，2025年3月、6 月推出的第六辑、第七辑中，第六辑上半年销量突破75万册，报告期内全系列销售近450万册，累计销 量超1000万册。针对孩子社交能力培养需求的《桑尼有主意 社交启蒙引导绘本》，上市后获家长与小 朋友认可，销量达28万册，登上抖音商城"618亲子教育热卖金榜-儿童读物榜"。拳头产品"乐乐趣揭秘 翻翻书"系列、《大师经典翻翻书橡树林的故事》销量均突破百万册；《小恐龙大情绪儿童心理自助漫 画》上半年畅销超90万册。 公司重点原创IP"莉莉兰的小虫虫"IP系列图书自2023年末上市以来，凭借其独特的创意与优质内容，迅 速赢得市场青睐，经常霸榜抖音商城榜单，仅2025年上半年热销超230万册，截至报告期末，全系列累 计销量突破310万册。 在AI技术应用方面，公司以"一核两翼"战略框架为基础，将AI技术作为数字化转型的核心动力，持续推 进数字化转型。3月，乐乐趣小火箭AI智能点读笔通过阿里云接入DeepSeek，优化基本问答、科普知识 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Viewpoints - The company is positioned as a leading player in the children's book market, with a significant operational turning point expected as it accelerates its AI and IP strategies to unlock growth potential [4]. - The children's book market is stable, and the company benefits from its content e-commerce channel advantages and diverse IP monetization pathways [4]. Company Overview - The company, founded in 2006, specializes in the planning and distribution of children's books and cultural products, holding over 3,200 titles as of September 2022, making it a leading entity in the children's book sector [1][14]. - As of 2024, the company ranks third in the overall children's book retail market with a market share of 2.34%, second in the low-age enlightenment category with a 3.93% share, and second in the children's science category with a 4.59% share [14]. Children's Book Planning - The children's book retail market has a CAGR of 5.49% from 2016 to 2024, representing the largest segment of the book retail market [1]. - The company has established a strong presence in the functional children's book segment, which aligns well with e-commerce trends and addresses parental concerns [1]. - The company utilizes a combination of content e-commerce and traditional retail channels to attract customers and is expanding its offline presence through partnerships with bookstores and maternity shops [1]. IP Development - The company has developed a rich portfolio of children's IP resources, including brands like Lelequ and Aoyou Cat, catering to diverse reading needs for children aged 0-14 [2]. - It has built a full IP industry chain from content creation to animation production and merchandise, with plans to explore new monetization avenues through creative parks [2]. AI Strategy - The company is advancing its digital transformation with a core strategy that emphasizes digitalization across its business operations [3]. - It has established a digital center and an AI research institute focused on children's education, aiming to enhance operational efficiency and product offerings [3]. - The introduction of smart reading devices and a reading service platform aims to provide interactive reading experiences and educational resources for children and parents [3]. Financial Forecast and Valuation - The company anticipates a rebound in profitability, projecting net profits of 0.14 billion, 0.38 billion, and 0.59 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 132.1%, 167.4%, and 54.2% [4]. - Revenue is expected to grow from 2.66 billion yuan in 2024 to 3.68 billion yuan in 2025, reflecting a growth rate of 38.3% [5].

Financial Performance - In 2024, the company's R&D expenses amounted to CNY 2.1394 million, focusing on content innovation and technology investment [2] - Government subsidies for 2024 totaled CNY 1.23 million, with plans to diversify non-policy-dependent businesses to reduce profit volatility [5] - The company's cash and cash equivalents decreased by 9.43% to CNY 496.723 million by the end of 2024 [10] - The asset-liability ratio for 2024 was 5.21%, indicating low financial pressure [13] Market Strategy - The company aims to expand its international market presence, with less than 5% of revenue from overseas markets in 2024, targeting regions like Italy, South Korea, and Spain [4] - The reading service platform is designed to enhance user engagement, with plans to increase digital content revenue through subscription models and partnerships with educational institutions [4] - The company plans to leverage AI technology to enhance content creation and reading services, aiming for a more personalized reading experience [7] Product Development - The original IP "Lili Lan's Little Bug" has sold over 1 million copies, with plans for further development in books, animations, and merchandise [3][6] - In 2024, children's book publishing revenue accounted for over 85%, with strategies to innovate content formats like interactive picture books and audiobooks [5] - The company has developed a series of products targeting children aged 0-3, focusing on sensory development and early education [6] Competitive Position - The company ranks third in the children's book retail market with a market share of 2.34%, and second in both the low-age enlightenment and children's science book markets with shares of 3.93% and 4.59% respectively [14] - The company has invested in content e-commerce channels and established subsidiaries to enhance its market presence and product offerings [12] Operational Efficiency - Accounts receivable turnover days decreased by 24 days in 2024, with measures in place to assess and mitigate credit risk among distributors [5] - Management expenses increased by 0.52% year-on-year, with ongoing digital transformation efforts to improve operational efficiency [9] Social Responsibility and ESG - The company emphasizes social responsibility, implementing green initiatives and quality control in printing processes to ensure environmentally friendly products [10] - Future plans include setting clear ESG goals, such as reducing paper waste and promoting children's reading initiatives [10]

【1】多所在京高校公布高校专项计划 天眼查App显示，近日，厦门新东方智慧空间服务有限公司成立，法定代表人为杨伟国，注册资本1000 万元人民币，经营范围包括自习场地服务、中小学生校外托管服务、幼儿园外托管服务、电子产品销 售、计算机及通讯设备租赁、计算机软硬件及辅助设备批发等，由新东方旗下新东方艺术培训（厦门） 有限公司全资持股。 【5】荣信文化：小火箭点读笔接入DeepSeek 4月7日，荣信文化在互动平台回答投资者提问时表示，乐乐趣小火箭AI智能点读笔作为公司数字化转 型的重要抓手，已通过阿里云正式接入DeepSeek，为孩子们带来更智能、更个性化的阅读体验。公司 将精准策划推广活动，持续加大宣传力度，通过线上及线下相融合的全方位营销体系提升AI点读笔的 销量及品牌知名度。 【6】科大讯飞在南京成立新公司，含智能无人飞行器业务 【2】多地中小学迎来春假 清明假期刚刚结束，多地中小学又迎来了春假。不少中小学将清明假期或"五一"假期的头尾延长，让学 生们享受到更长的假日时光。在湖北利川市，很多学生已经迎来春假。根据利川市教育局发布的通知， 当地中小学放春假2天，时间为4月7日—8日。杭州市上城区、余杭区等区 ...