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 ...

引导学生解答疑难题目、帮助教师生成教学PPT……在AI技术的加持之下，好未来再推新品赋能教育产 业。在2025年服贸会教育服务专题展上，"AI+教育"成为焦点。随着人工智能技术快速发展，科技在持 续赋能教育革新，一批创新场景也集中亮相。今年以来，好未来"九章爱学"AI教育解决方案持续赋能教 育场景，基于自主研发的九章大模型和DeepSeek等技术能力，好未来打造出人工智能技术与大小屏、 多终端相结合，覆盖教育全链路的产品方案，将在帮助老师提升教学效率的同时，让学生获得更精准的 学习支持。在相关政策逐步完善、各家教育企业逐鹿AI赛道的当下，如何借助AI技术最大限度地助 学、助教，成为当前产业发展的重点。 全新推出AI智慧教育品牌 在服贸会教育专题展上，诸多教育科技新物种陆续亮相，将智慧校园解决方案和个性化学习带入现实， 科技与教育的加速融合，催生出一批新场景、新应用。 近年来，深耕教育的教育企业，纷纷入局AI、大模型等赛道，"AI+教育"似乎成为了各个企业发展的新 机遇。在此背景下，好未来也在不断用新技术、新产品加持教育产业发展。 提到推出"九章爱学"系列产品的初衷，何依翎坦言，好未来希望通过"九章爱学"的三款 ...

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].

随着新技术的应用，学生们的学习场景也逐渐发生改变。如今，一台搭载AI的学习机，正在成为越来 越多家庭的选择。学习机带来的不仅是家长从"鸡娃"到"省妈"的转变，这背后也是技术创新与消费升级 的深度碰撞。近日，北京商报记者对话了学而思平板产品负责人，深度阐述了一台学习机带来的场景变 革。随着人工智能的发展，学习机撬动的将不仅是千亿级的消费市场，更是亿万家庭的教育体验和亲子 关系的重构。 从线下辅导到AI培训 傍晚6时，北京海淀区某小区，窗外的雨点急促地敲打着玻璃。搁在五六年前，张薇此刻必定是心急火 燎地抓起车钥匙，催促着刚放下碗筷的女儿芸芸："快快快！画画要迟到了！"雨伞、书包、堵车的长 龙、湿漉漉的鞋袜，是那段线下培训时代的固定记忆。 童童在学习机屏幕上流畅的互动背后，是人工智能技术，特别是"多模态交互"的深度应用。在学而思总 部，平板产品负责人李行武向北京商报记者讲述了这项"让AI看懂作业"的核心能力。 而此刻，客厅里暖黄的灯光下，异常安静。三年级学生童童正伏在茶几上，对着面前一台平板电脑的屏 幕写写画画。屏幕里，一个温和的AI声音不时和童童互动。 "学习机的主力用户，其实是年龄比较小的孩子们。低年龄段的孩子 ...

随着新技术的应用，学生们的学习场景也逐渐发生改变。如今，一台搭载AI的学习机，正在成为越来越多家庭的选择。学习机带来的不仅是家长从"鸡 娃"到"省妈"的转变，这背后也是技术创新与消费升级的深度碰撞。近日，北京商报记者对话了学而思平板产品负责人，深度阐述了一台学习机带来的场景 变革。随着人工智能的发展，学习机撬动的将不仅是千亿级的消费市场，更是亿万家庭的教育体验和亲子关系的重构。 从线下辅导到AI培训 傍晚6时，北京海淀区某小区，窗外的雨点急促地敲打着玻璃。搁在五六年前，张薇此刻必定是心急火燎地抓起车钥匙，催促着刚放下碗筷的女儿芸芸："快 快快！画画要迟到了！"雨伞、书包、堵车的长龙、湿漉漉的鞋袜，是那段线下培训时代的固定记忆。 而此刻，客厅里暖黄的灯光下，异常安静。三年级学生童童正伏在茶几上，对着面前一台平板电脑的屏幕写写画画。屏幕里，一个温和的AI声音不时和童 童互动。 作为两个孩子的妈妈，张薇对女儿和儿子的教育格外重视。如今，大女儿芸芸已经上初二，而小儿子童童则正在上小学三年级。张微正通过AI学习机，让 两个孩子完成作业辅导。 "学习机的主力用户，其实是年龄比较小的孩子们。低年龄段的孩子表达能力是比较弱的 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for investment returns over the next 6-12 months [5]. Core Insights - The company reported a revenue of $575 million for FY26Q1, representing a year-on-year increase of 38.8%, and a net profit attributable to shareholders of $31.28 million, up 174.4% year-on-year [1]. - The learning services segment, particularly small class courses, continues to be the largest revenue contributor, with a retention rate of approximately 80% [1]. - Deferred revenue at the end of FY26Q1 reached $968 million, reflecting a 50.8% year-on-year growth, indicating strong demand resilience [1]. - The company plans to continue expanding the number of learning centers to drive revenue growth, although growth rates are expected to slow compared to FY25 due to increasing base figures [1]. Revenue and Profitability - For FY26Q1, the company achieved a Non-GAAP net profit of $42.05 million, a 42.0% increase year-on-year, with a gross margin of 54.9%, up 3.1 percentage points [3]. - The operating profit margin for FY26Q1 was 2.5%, an increase of 6.7 percentage points year-on-year, while the Non-GAAP operating profit margin was 4.4%, up 4.2 percentage points [3]. - The company expects continued strong revenue growth in FY26Q2, which is anticipated to be a peak business season [3]. Financial Forecasts - The company forecasts net profits of $144 million, $234 million, and $349 million for FY26, FY27, and FY28, respectively, with corresponding EPS of $0.71, $1.15, and $1.72 [3][4]. - The projected P/E ratios for FY26, FY27, and FY28 are 45x, 28x, and 19x, respectively, indicating a favorable valuation outlook as profitability improves [3][4].

Investment Rating - The report suggests a positive outlook on the Hong Kong stock market, particularly focusing on internet assets and traditional virtual asset companies, indicating a strong medium to long-term logic despite short-term adjustments [9]. Core Insights - The report emphasizes the need for a cautious approach as financial data and verification logic become critical with the onset of new earnings reports from overseas Chinese assets [9]. - It highlights the ongoing trends in blockchain and virtual assets, noting a temporary cooling but a long-term positive trajectory supported by regulatory developments in the U.S. and Hong Kong [9]. - The report identifies potential risks related to U.S.-China tariff issues and the need for vigilance regarding the performance of overseas Chinese assets [9]. Industry Summaries Education - The education index decreased by 0.49%, outperforming major indices like the CSI 300 and Hang Seng Index [10]. - Key players such as New Oriental and TAL Education reported mixed results, with New Oriental's revenue increasing by 9.4% year-on-year [24][10]. - The competitive landscape is intensifying due to the recovery of smaller institutions, leading to a slowdown in growth for leading companies [4]. Luxury Goods - The luxury goods sector faced challenges, with the S&P Global Luxury Goods Index dropping by 6.63% [20]. - Notable companies like Hermès and Prada showed varied performance, with Hermès reporting a 7% increase in revenue while Prada's growth was more modest at 9.1% [25][20]. Coffee and Tea - The coffee sector remains robust, with Luckin Coffee reporting a 47.1% year-on-year revenue increase [29]. - The tea beverage market is under pressure due to regulatory changes affecting promotional activities [4]. E-commerce - The e-commerce sector is experiencing a slowdown, with the Hang Seng Internet Technology Index down by 2.67% [32]. - Companies like Alibaba and Tencent reported declines in stock performance, reflecting ongoing competitive pressures [32]. Streaming Platforms - The media index fell by 1.9%, with major players like Spotify and Tencent Music experiencing significant stock declines [36]. - Spotify's Q2 revenue growth was below expectations, indicating challenges in the streaming market [36]. Virtual Assets & Trading Platforms - The global cryptocurrency market capitalization decreased by 4.7%, with Bitcoin and Ethereum prices also declining [41]. - Regulatory developments, such as the SEC's "Project Crypto," are expected to shape the future of the virtual asset market positively [47]. Real Estate Transactions - Real estate transactions in major cities showed mixed results, with year-on-year changes in transaction volumes ranging from -17% in Beijing to 0% in Shenzhen [36]. Automotive Services - The automotive repair industry is projected to maintain a positive outlook, with a focus on the aftermarket ecosystem [4].

Core Insights - The company is focusing on developing AI-driven educational tools, particularly through its self-developed large model "九章" (Nine Chapters), which excels in mathematics and aims to transform the education sector [5][11][15]. Group 1: Company Strategy - The founder emphasized the need to prioritize the development of large models, indicating a strategic shift towards AI integration in education [3][4]. - The team conducted extensive research in the U.S. to understand advancements in AI, leading to the realization that AI could significantly disrupt education [3][7]. - The company has committed to an "AI teacher" model, aiming to enhance educational outcomes by leveraging AI capabilities [26]. Group 2: Product Development - The "九章" model was developed over six months and has achieved top rankings in the MathEval assessment, showcasing its effectiveness [5][12]. - The model's capabilities have expanded beyond mathematics to cover all subjects and educational stages, providing features like essay correction and personalized practice [15][16]. - The integration of AI into hardware, such as learning machines, has been a key focus, with products designed to enhance user interaction and learning efficiency [19][20]. Group 3: Market Impact - The company reported a 39% year-on-year increase in net revenue, driven by its AI-powered hardware business [5]. - Initial trials of the AI tools in public schools showed promising results, with classes using AI tools outperforming others by an average of 7 points in mathematics [22]. - The company is actively working on building trust and demonstrating effectiveness in AI integration within educational settings [23].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported Q1 FY2026 revenue of $575 million, a year-over-year increase of 38.8%, slightly below Bloomberg consensus estimates of $579 million. Non-GAAP operating profit was $25 million, exceeding expectations of $12 million, while Non-GAAP net profit attributable to shareholders was $42 million, surpassing the forecast of $31 million [2]. - The tutoring and online school segments are driving stable growth in learning service revenue, with a healthy class renewal rate of approximately 80%. However, growth is expected to gradually slow due to market saturation and a balanced supply-demand dynamic in the tutoring sector [3]. - The learning machine business is still in the investment phase, with sales growth reported at 70% year-over-year, totaling approximately 190,000 units sold. Despite a decrease in average selling price due to new product launches, the company is expanding its market penetration [3]. - The company achieved a significant improvement in profitability, with an operating profit margin of 2.5%, up 6.7 percentage points year-over-year. Gross margin was reported at 54.9%, reflecting operational efficiency and changes in business structure [4]. - The company has been aggressive in share buybacks, repurchasing $477 million worth of shares, which is about 12% of total trading volume during the period. A new buyback plan was approved for up to $600 million over the next 12 months [4]. Summary by Sections Performance Review - Q1 FY2026 revenue was $575 million, up 38.8% year-over-year, slightly below expectations. Non-GAAP operating profit was $25 million, and Non-GAAP net profit was $42 million, both exceeding forecasts [2]. Operational Analysis - The tutoring business is experiencing stable growth, with a class renewal rate of around 80%. The online school segment saw over 100% year-over-year growth in monthly active users [3]. - The learning machine segment reported a 70% increase in sales, with total sales revenue of approximately $8 million, despite a decrease in average selling price [3]. Profitability and Buyback - The company reported an operating profit margin of 2.5%, with a gross margin of 54.9%. The company has been active in share buybacks, repurchasing $477 million worth of shares [4]. Earnings Forecast and Valuation - The forecast for Non-GAAP net profit for FY2026 to FY2028 is $214 million, $330 million, and $462 million, respectively, with adjusted PE ratios of 31, 20, and 15 times [5].

Investment Rating - The report assigns a "Buy" rating to TAL Education (TAL US) with a target price of $13.30, indicating a potential upside of 21.6% from the current closing price of $10.94 [1][13]. Core Insights - The K12 education training business is showing robust performance, driven by strong demand for quality education services and sales of learning devices [2][6]. - The financial outlook is positive, with projected revenue growth of 46.2% in 2024, 51.0% in 2025, and a steady decline to 13.2% by 2028 [3][14]. - The company is expected to maintain a strong growth trajectory in its learning services, with an estimated growth rate exceeding 30% [6][7]. Financial Overview - Revenue projections for TAL Education are as follows: $1,490 million in 2024, $2,250 million in 2025, $2,881 million in 2026, $3,422 million in 2027, and $3,873 million in 2028, reflecting a consistent upward trend [3][14]. - Net profit is expected to rise from $85 million in 2025 to $512 million by 2028, with significant growth rates in the initial years [3][14]. - The report highlights a Non-GAAP net profit of $150 million in 2025, increasing to $296 million in 2026, and $436 million in 2027 [3][14]. Performance Metrics - The report indicates a projected operating profit margin of over 7% for the fiscal year 2026, doubling from the previous year [6][7]. - The company’s earnings per share (EPS) are forecasted to grow from $0.14 in 2025 to $0.83 by 2028, demonstrating strong profitability potential [3][14]. - The price-to-earnings (P/E) ratio is expected to decrease from 78.2 in 2024 to 13.1 by 2028, indicating improving valuation as earnings grow [3][14]. Market Position - TAL Education is positioned favorably within the K12 education sector, with a strong market share in learning devices, achieving nearly 28% market share in sales [6][7]. - The company is expanding its product offerings, including AI learning devices aimed at enhancing educational experiences [6][7].