21世纪经济报道记者王峰 北京报道 教育大模型热度不减，但以聊天框为主的APP已悄然退居次席。 去年至今，多家教育公司推出大模型原生APP，采取类似ChatGPT和DeepSeek的聊天框形式，与用户进 行问答。但此类产品一直不温不火，商业化尚未成功突围。 "只是在产品里嵌入一个对话框，对教育产品来说没什么意义。"一家教育科技公司创始人告诉21世纪经 济报道记者。 对话类教育大模型式微，教育行业是否再也无法诞生自己的DeepSeek？ 其实，这不意味着教育智能体失速，只是行业更趋理性，认识到短期商业化的压力和潜力都较为有限， 放长线训练更高质量的智能体。 聊天框撤下首页 第三方机构AI产品榜近日发布的榜单显示，10月份国内月活用户前30名的大模型APP里，只有光速写 作、豆包爱学、TalkAI练口语三款教育产品上榜，月活用户均不超过300万。 对话并非高频的学习场景。类似ChatGPT和DeepSeek的聊天框，曾是教育大模型原生APP最初的形态， 但使用量慢慢累积之后，人们发现聊天框更多用于英语口语、百科问答等，而非系统性的深度学习。 头部通用大模型的月活用户已经突破亿级，基本覆盖了用户对问答类学习的需求， ...

通过创新抢占市场，继续创新巩固优势，是2025年学习机市场的鲜明特点。 洛图科技数据显示，今年三季度，学习平板市场全渠道销量180.6万台，同比增长3.5%。 以学而思为代表的教育企业，在2024年全面超越传统电教和科技企业，占据学习机市场绝对份额。优质内容是教育公司后来居上的核心竞争力。 但进入2025年，教育企业并未止步于供给优质内容，而是深度探索AI老师，这是比优质内容更高的壁垒。 这不由引人深思：人们普遍认为，AI老师还无法替代真人老师，究竟是什么样的关键突破，让教育公司有底气走出内容的舒适区？ 走出舒适区，挺进未知区 优质内容，是教育公司切入学习机市场的降维打击。 以学而思学习机为例，内置课程总量达1600万分钟，上市至今新增了400万分钟的课程、85万套真题和7亿道题目，构建起庞大的知识资源库。学而思还独 家合作小托福考试，引入RAZ、5·3权威教育资源，为用户提供一站式学习服务。 优质内容是一道强壁垒，只有拥有雄厚教研实力的教育企业，才能系统、全面、迅速对接新课标更新内容，才能面向不同学业水平的用户供给分层、适切 的内容。 同样重要的是，好内容的背后是好品牌。比如，观看学而思学习机中的视频课，其 ...

Core Viewpoint - The learning machine market in 2025 is characterized by innovation-driven market capture and the continuous strengthening of competitive advantages through technological advancements [1] Group 1: Market Dynamics - In Q3 of this year, the total sales volume of learning tablets reached 180.6 thousand units, reflecting a year-on-year growth of 3.5% [2] - Education companies, represented by Xueersi, are expected to fully surpass traditional educational technology firms by 2024, capturing a dominant market share in the learning machine sector [2] - High-quality content is identified as the core competitive advantage that allows educational companies to gain market traction [2] Group 2: Transition to AI Teachers - Educational companies are moving beyond merely providing quality content to deeply exploring AI teachers, which presents a higher barrier to entry [2][3] - The need for interactive guidance rather than one-way content delivery is a significant demand in self-learning scenarios [3] - AI teachers are seen as a solution to the limitations of human teachers, which cannot simultaneously achieve personalization, high quality, and scalability [3] Group 3: AI Teacher Development - The development of AI teachers is likened to the progression from L1 to L5 in autonomous driving, with Xueersi's AI teacher currently at L3 capability [4] - L2 AI teachers function as independent modules, while L3 AI teachers combine multiple capabilities to create a closed-loop teaching experience [7] - The latest version, Xiao Si 3.0, offers natural interaction and can provide personalized teaching experiences [9] Group 4: Technological Innovations - The integration of multi-modal capabilities allows AI teachers to interact with students in a more immersive manner, enhancing the learning experience [10] - The AI teacher can facilitate "paper-screen interaction," where students can write on paper while receiving real-time guidance from the AI [11] - The complexity of real-time judgment and interaction requires high-quality data and advanced R&D capabilities, which are essential for companies to develop effective AI solutions [13]

Core Viewpoint - The resurgence of Double 11 gala events indicates a strategic shift among platforms to enhance brand visibility and consumer engagement amidst intense competition in the e-commerce sector [1][5][6] Group 1: Event Collaborations - Tmall and Hunan TV co-hosted the "Tmall Double 11 Crazy Good Six Nights," while Douyin held the "Flowing Night Heartbeat Concert" with Oriental TV, both events trending on social media [1][3] - JD.com partnered with Oriental TV for the "JD 11.11 Surprise Night," showcasing its various business lines such as JD Mobile and JD Live [1][3] Group 2: Marketing Strategies - The Double 11 gala serves as a crucial promotional tool for platforms, with JD and Tmall highlighting their respective business lines during the events [3][4] - Douyin collaborated with top brands like SK2 and Pantene, utilizing the gala's traffic to enhance brand exposure and consumer engagement through a combination of sponsorship and resource exchange [3][5] Group 3: Changing Role of Double 11 Gala - The role of the Double 11 gala has evolved from merely driving traffic to creating a virtual ecosystem that integrates brand showcases, traffic distribution, and data-driven storytelling [6] - Platforms are investing heavily in marketing to secure brand loyalty and emotional connections with consumers, moving beyond price competition to focus on brand image and consumer sentiment [6]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [4] Core Insights - The company, TAL Education Group, reported strong business growth with revenue of $861 million for FY26Q2, representing a year-on-year increase of 39.1%. The net profit attributable to shareholders was $124 million, up 116.1% year-on-year, while Non-GAAP net profit reached $136 million, reflecting an 82.7% increase year-on-year [1][3] - The learning services and other segments showed robust growth, with offline small class and online value-added course revenues both increasing year-on-year. The deferred revenue at the end of FY26Q2 was $823 million, up 58.9% year-on-year, indicating strong demand resilience [1] - The learning device segment also saw continued growth, with revenue and sales increasing year-on-year and quarter-on-quarter, driven by new product launches and channel expansion. The average selling price of learning devices fell below 4000 yuan due to changes in product mix [2] Summary by Sections Financial Performance - For FY26Q2, the company achieved a gross margin of 57.0%, an increase of 0.7 percentage points year-on-year. The net profit margin was 14.4%, up 5.1 percentage points year-on-year, while Non-GAAP net profit margin was 15.8%, an increase of 3.8 percentage points year-on-year [3] - The company has adjusted its net profit forecasts for FY2026 to FY2028 to $224 million, $305 million, and $408 million respectively, with corresponding PE ratios of 33x, 24x, and 18x [4] Business Segments - The learning services segment is expected to continue expanding the number of learning centers, driving revenue growth, although the growth rate may gradually slow due to increasing base figures and a focus on sustainable growth [1] - The learning device segment's user engagement remains high, with an average weekly active rate of approximately 80% and daily usage time exceeding one hour per device [2] Market Position - TAL Education Group is positioned as a leader in the domestic education industry, with strong growth momentum in its learning devices, particularly the Xueersi learning machines. The company is expected to see significant performance improvement as profitability enhances [4]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [4] Core Insights - The company reported strong business growth with revenue of $861 million for FY26Q2, representing a year-on-year increase of 39.1%, and a net profit of $124 million, up 116.1% year-on-year [1] - The learning services and other segments showed revenue growth, with deferred revenue at $823 million, a 58.9% increase year-on-year, indicating resilient demand [1] - The learning device segment also saw continued growth, benefiting from new product launches and channel expansion, despite a decline in average selling price due to product mix changes [2] - The company's non-GAAP net profit margin improved significantly, with a non-GAAP net profit of $136 million for FY26Q2, up 82.7% year-on-year [3] Summary by Sections Financial Performance - For FY26Q2, the company achieved a gross margin of 57.0%, a year-on-year increase of 0.7 percentage points, while the net profit margin rose to 14.4%, up 5.1 percentage points year-on-year [3] - The company expects to continue driving product and service upgrades to support long-term growth, despite a seasonal slowdown anticipated in FY26Q3 [3] Revenue and Profit Forecast - The revenue forecast for FY2026 to FY2028 has been revised upwards to $2.24 billion, $3.05 billion, and $4.08 billion respectively, with corresponding PE ratios of 33x, 24x, and 18x [4] - The company is positioned as a leader in the domestic education sector, with strong growth momentum in its learning devices [4] Market Data - The current stock price is $12.26, with a total market capitalization of $7.46 billion [6] - The stock has shown a 64.28% turnover rate over the past three months [6]

Core Insights - The article highlights that Xueersi Learning Machine has secured the top position in the domestic learning machine market for 2024-2025, attributed to its advantages in authoritative certification, product strength, and user value, along with 22 years of educational experience [1][2]. Group 1: Authoritative Certifications - Xueersi's top ranking is backed by comprehensive authoritative endorsements across technology, research, and market sectors, establishing it as a market leader [2]. - The AI technology certification as a "National Team" recognizes Xueersi's self-developed "Jiu Zhang Model," which boasts a problem-solving accuracy of over 97% in K12 mathematics, nearing human limits [3]. - Xueersi has achieved dual recognition for market sales, being the only brand to receive top certifications from both Shanghai Consulting and Frost & Sullivan for high-end learning machines in terms of sales volume and revenue [3]. Group 2: Comprehensive Product Matrix - Xueersi's success is attributed to its diverse product offerings that cater to various family needs, with price ranges from over 2000 to above 5000, ensuring no "shortcomings" in product options [4]. - The P4 model, priced over 2000, is designed as an entry-level learning machine, featuring 16 million minutes of courses and 1.6 billion question bank resources [5]. - The S4 model, priced over 4000, integrates Xueersi's classic training system and offers extensive AI tools, suitable for families looking to reinforce in-class learning and expand outside of it [5]. - The flagship T4 series, priced over 5000, features advanced interactive experiences and a large battery, aimed at families seeking top-tier AI learning experiences [5]. Group 3: Core Strengths - Xueersi's AI capabilities, learning resources, and eye protection technology are pivotal in addressing the core needs of parents and students [6]. - The AI tools provided are practical and efficient, enabling personalized learning plans and comprehensive homework assistance across all subjects [7]. - Xueersi boasts a rich repository of learning resources, including 16 million minutes of courses and 1.6 billion questions, ensuring seamless learning transitions [8][9]. - The eye protection technology across all models includes multiple certifications and software safeguards, addressing parental concerns about prolonged device usage [10]. Group 4: User Value Focus - Xueersi's top ranking is fundamentally rooted in its commitment to user value, as evidenced by research indicating its effectiveness in improving student performance [11]. - The diverse product matrix accommodates various budgets, while AI and resource integration tackles inefficient learning challenges [11]. - Xueersi Learning Machine is positioned not just as a learning tool but as a combination of AI assistant, resource library, and eye-friendly display, reflecting its recognition in the industry and among families [11].

机器之心报道 编辑：+0 自动驾驶有 L1-L5 的分级路径，现在教育 AI 也有了自己的版本。 然而，长期以来，这种 高频互动和个性化引导 几乎只是少数学生才能享有的「奢侈品」。 人工智能的加入正在改变这一切。AI 学伴不仅能提供全天候的回应，还能创造一个无须担心被评判的空间，让学生大胆试错、主动追问。更重要的是，它能把启 发式的交互和个性化的反馈规模化，让「因材施教」真正成为可能。 可以看到，全球科技巨头已将目光聚焦于此。从 OpenAI 到 Google，其 AI 应用界面均已部署学习板块。 如今，「AI 下半场」已成共识，应用落地正成为决定未来的关键。教育，作为关乎人类发展的根本基石，已然成为 AI 技术融合与创新的前沿阵地。 很多人可能都有过这样的经历： 课堂上，一个问题在嘴边盘旋，却因为害怕问得「太蠢」而最终选择沉默；或者，前面的内容还没听懂，老师已经跳到下一个知 识点了。 ChatGPT 学习板块。 这正是教育领域长期存在的无奈：大班授课下，个体的思考路径常常被淹没在统一的教学节奏中。教师想兼顾每一位学生的困惑，但心有余而力不足。 瑞士心理学家 Jean Piaget 提出的建构主义早已指出：知 ...

Core Insights - The article highlights the integration of AI technology in education, with a focus on the launch of the "Jiuzhang Aixue" AI education platform by the company, which aims to enhance teaching efficiency and provide precise learning support for students [1][4][6] Group 1: AI in Education - The "AI + Education" trend is becoming a significant opportunity for various educational enterprises, with many companies, including the subject company, actively developing AI solutions to enhance educational experiences [3][9] - The "Jiuzhang Aixue" AI education solution includes features such as AI Q&A and AI recommendations, covering all aspects of student learning and assisting teachers in lesson preparation and grading [6][7] - The company has over 20 million question resources as foundational support, ensuring high-quality questions while maximizing AI's innovative capabilities to meet diverse student needs [7] Group 2: Product Offerings - The "Jiuzhang Aixue" platform consists of three AI products: a teacher version for lesson preparation and teaching research, a multi-screen AI learning system for schools, and a mobile app for personalized learning support [6][7] - The teacher version acts as an "AI teacher assistant," significantly improving lesson preparation efficiency by automating the generation of teaching materials and documents [6][10] - The mobile app allows for real-time data synchronization between students and teachers, enhancing the teachers' ability to understand class performance and make timely instructional decisions [7][9] Group 3: Market Context - The article notes that the development of AI education products is aligned with the Beijing Education Commission's initiative to implement AI education in schools starting in the fall of 2025, indicating a growing market for AI educational solutions [9][10] - The company is transitioning its focus from being teacher-centered to student-centered, aiming to create personalized learning experiences through AI technology [10]

Core Viewpoint - The article emphasizes how Xueersi Learning Machine redefines educational smart hardware through a transparent charging system, advanced AI technology, and a vast resource ecosystem, addressing parents' concerns about secondary charges and promoting a "one-time investment, lifelong benefits" philosophy [1][14]. Charging System: Full Transparency, No Hidden Costs - Xueersi Learning Machine implements strict charging norms with three key measures: core resources are free for life, including 16 million minutes of self-developed courses valued over 8 million yuan, 1.6 billion questions, and 3,700 essential reading books, all updated without extra fees [2][4]. - The flagship learning machine offers a "Ask Anytime" service with a one-year "non-original question continued inquiry" benefit, transitioning to the XiaoSi AI inquiry system after one year, ensuring continuous learning support at no additional cost [3][4]. AI Technology: Industry Benchmark for Precision Learning and Smart Grading - Xueersi utilizes the first approved educational large model "JiuZhang" to create a comprehensive intelligent learning ecosystem, achieving over 97% accuracy in grading math word problems and covering over 80% of question types [5][6]. - The Precision Learning 3.0 feature generates course mind maps and filters key questions, enhancing learning efficiency by focusing on unmastered knowledge points rather than repetitive practice [6]. Resource Ecosystem: Comprehensive Coverage from Synchronized Courses to Advanced Training - The learning machine aligns with mainstream textbooks nationwide, offering synchronized courses that match school progress and introducing new curriculum connection courses to adapt to exam trends [9][10]. - Exclusive partnerships with international resources and a full-cycle learning plan from ages 3 to 18 are established, integrating interactive courses for early education and high-stakes exam preparation [10][11]. Cost-Effectiveness: Optimal Balance of Hardware Configuration and Service Value - Compared to competitors, Xueersi Learning Machine demonstrates significant advantages, with the T4 series priced 15%-20% lower than similar AI-enabled products [12]. - The built-in courses equate to savings of over 100,000 yuan in tutoring expenses, and the "Xueersi Care+" program offers a 1,200-day half-price replacement policy, reducing technology upgrade costs [13]. Conclusion - Xueersi Learning Machine sets a new standard for smart learning hardware with its transparent charging system, leading AI technology, and extensive educational resources, effectively addressing parental concerns and promoting personalized education [14].