国产算力龙头股曝光。 大利好，02469，直线拉升 今日（12月30日）盘中出现利好消息。据上海证券报报道，教育部科学技术与信息化司司长周大旺在新 闻发布会上透露，下一步，教育部将继续深入推进人工智能赋能教育行动，计划在明年出台相关政策文 件，系统部署推进人工智能教育和应用，构建面向未来的教育体系。按照不同教育阶段特点，分类推动 人工智能通识教育，培养胜任智能时代的高素质人才。 据悉，今年教育部启动实施国家教育数字化战略行动2.0，将智能化作为战略方向之一，深化推进人工 智能在教育领域的全方位应用，已经取得阶段性进展。 港股相关标的在此消息影响下有所异动，粉笔（02469.HK）盘中直线拉升，从跌1%左右拉升至一度涨 超2%。 A股市场上豆神教育（维权）、世纪天鸿两只个股12月以来机构研报标题均提及AI教育。其中，东吴证 券表示，豆神教育目前已构建起"AI软件服务+硬件终端"的双轮驱动模式，通过校内外多场景联动形成 学习链路闭环，全时段、全场景覆盖用户需求，有效提升了学习效率与知识留存率，提高产品与服务竞 争力。 中邮证券表示，目前世纪天鸿已将AI+教育确立为第二增长曲线，并围绕教学与作业场景规划推出小鸿 助 ...

中邮证券研报指出，世纪天鸿业绩短期承压，AI+教育新业态持续推进。行业承压累及短期业绩表现， 中期主业仍存结构性支撑。公司积极推进AI+教育新业态布局，"稀缺语料"有望打开新增长空间。根据 多鲸预测，2025年中国"AI+教育"市场规模有望超过700亿元，2030年预计达3000亿元。公司具备从AI 产品试点验证、迭代优化到场景落地的完整闭环优势，目前公司已将AI+教育确立为第二增长曲线，并 围绕教学与作业场景规划推出小鸿助教、作文批改、口算批改等产品矩阵。另外，公司股东减持落地， 阶段性扰动因素出清。根据12月19日收盘价，分别对应75/70/66倍PE。首次覆盖，给予"买入"评级。 ...

证券研究报告：传媒 | 公司点评报告 股票投资评级 买入|首次覆盖 个股表现 -22% -17% -12% -7% -2% 3% 8% 13% 18% 23% 28% 2024-12 2025-03 2025-05 2025-07 2025-10 2025-12 世纪天鸿 传媒 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 世纪天鸿(300654) 业绩短期承压，AI+教育新业态持续推进 ⚫ 事件回顾 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 9.52 | | --- | --- | | 总股本/流通股本（亿股）3.66 / 3.52 | | | 总市值/流通市值（亿元）35 / 34 | | | 52 周内最高/最低价 | 13.38 / 8.68 | | 资产负债率(%) | 23.5% | | 市盈率 | 79.33 | | 第一大股东 | 新疆志鸿教育投资(集 | | 团)有限公司 | | 研究所 2025 年 10 月 27 日，公司发布 2025 年三季报，2025 年前三季 度，公司实现营 ...

Core Viewpoint - The company is actively promoting its "AI + Education" business model, focusing on the development and commercialization of its AI-powered teaching assistant product, "Xiao Hong Assistant" [2] Group 1: AI Education Initiatives - The company has made significant strides in AI education, with "Xiao Hong Assistant" being a key product developed based on a large language model [2] - "Xiao Hong Assistant" was showcased at the Education Expo held in Zhuhai, Guangdong, from November 15 to 17, in collaboration with Beijing Normal University, highlighting its role in generating core competency lesson plans [2] - The product has garnered attention from the market and frontline teachers, indicating a positive reception [2] Group 2: Business Development and Market Response - The company is implementing its commercialization strategy for "Xiao Hong Assistant" in select regions and schools, with progress being made as planned [2] - Future business developments will be disclosed in the company's regular reports, suggesting ongoing transparency and communication with investors [2]

Core Insights - Century Tianhong, a leading private educational publishing company, reported a revenue of 382 million yuan and a net profit of 25.81 million yuan for the first three quarters of 2025, demonstrating stable performance amid challenges in the educational support industry [1] - The company's core strength lies in its traditional educational support business, which continues to contribute significantly to its performance [1] - Century Tianhong is actively embracing the trend of digitalization in education, particularly through the integration of AI technology, positioning AI+Education as a second growth curve [1][2] Business Strategy - The company has been focusing on deepening its traditional educational support business while implementing a "product + service" operational philosophy [1] - Century Tianhong is advancing its "research-sales-service-integration" strategy to enhance content planning and product design capabilities, thereby solidifying its competitive advantage [1] - The company has accelerated the construction of digital systems, with a digital resource platform currently in trial operation, including the deployment of intelligent reading systems and resource libraries [1] AI Integration - The "Xiao Hong Assistant" AI tool has made significant progress, having launched a commercial pilot in the second quarter of this year, with deployment in numerous primary and secondary schools across the country [2] - The company is collaborating with Hangzhou Zhijuan Star Technology Co., Ltd. to deepen the integration of AI in educational scenarios, focusing on content upgrades, product development, market expansion, and capital synergy [2] - This strategic partnership is expected to enhance Century Tianhong's position in the rapidly growing smart education market, paving the way for future revenue growth [2]

Group 1 - The company reported a total revenue of 156 million yuan and a net profit of 2.76 million yuan for the first half of 2025, indicating short-term pressure on performance due to seasonal characteristics and increased R&D and marketing expenses [1] - The education publishing industry is undergoing significant transformation, and the company is focusing on a "product + service" strategy to strengthen its influence and market coverage in the supplementary education market [1] - The company is enhancing its product development by focusing on the college entrance examination and improving the core competitiveness of its product content [1] Group 2 - The company has established an education research institute with over 500 education experts to capitalize on the expanding market opportunities in research and teaching services, conducting 124 research activities and serving nearly 20,000 users during the reporting period [2] - The company is exploring AI + education as a second growth curve, advancing digital system construction and initiating pilot commercialization of its "Xiao Hong Assistant" intelligent system in numerous schools [3] - The transition towards becoming an education technology service-oriented enterprise is marked by the successful deployment of the "Xiao Hong Assistant," which aims to enhance practical applicability based on feedback from teachers and schools [3]

Core Viewpoint - Century Tianhong, a company rooted in educational publishing, has faced significant challenges following the "double reduction" policy, leading to slow net profit growth in recent years. Despite launching an AI strategy in 2021, the business has not matured, resulting in a rapid contraction of cash flow [1][6][13]. Financial Performance - In 2021, Century Tianhong reported total revenue of 411 million yuan, a year-on-year increase of 15.17%, with net profit at 35.64 million yuan, up 9.73%. However, profit growth lagged behind revenue growth [6]. - By 2022, total revenue increased to 433 million yuan, a growth of 5.35%, while net profit rose to 36.68 million yuan, reflecting a mere 2.92% increase [6]. - In 2024, the company achieved revenue of 531 million yuan, with book sales accounting for 86.57% of total revenue. However, cash flow issues became apparent, with a net cash flow from operating activities of -8.17 million yuan, a decrease of 59.61% from the beginning of the year [7][13]. Share Pledge and Liquidity Issues - On July 8, 2025, Century Tianhong's controlling shareholder pledged 11.6 million shares for a loan, which raised concerns about the liquidity of shareholder funds. Cumulatively, 48.97 million shares have been pledged, representing 13.38% of the total share capital [1][8]. - The company has seen a total of 26.8 million shares pledged in the past six months, amounting to 7.32% of the total share capital, indicating ongoing liquidity challenges [3]. AI Strategy and Market Position - Century Tianhong's AI initiatives, including the development of "Xiao Hong Assistant" and "Bi Shen Composition," have attracted over 22 million users, but the company still faces significant hurdles in achieving commercial scale [7][10]. - The education AI market is projected to grow significantly, with estimates suggesting it could reach 700 billion yuan by 2025 and 3 trillion yuan by 2030. However, Century Tianhong's technological capabilities remain limited compared to competitors [10][12]. - The company's R&D expenses have increased significantly since the introduction of its AI strategy, but total spending remains low compared to industry leaders, highlighting a gap in investment [12][14]. Challenges and Future Outlook - Century Tianhong is struggling to balance its traditional publishing business, which serves as a cash cow, with the costly investments required for its AI initiatives. This dual pressure is compounded by inventory turnover issues and demographic changes [13]. - The company’s operating profit in 2024 was 62.58 million yuan, down 3.48% year-on-year, indicating that the AI segment has yet to make a significant impact on overall financial performance [13][14].

Group 1 - The Beijing Municipal Education Commission has officially released the "Guidelines for Artificial Intelligence Education in Primary and Secondary Schools (Trial) (2025 Edition)", which mandates the implementation of AI general education in all primary and secondary schools starting from the fall semester of 2025, with no less than 8 class hours per academic year [1] - The guidelines set specific teaching objectives for different educational stages and propose diverse evaluation methods, including knowledge tests, project reports, and thematic debates, aimed at assessing students' AI application abilities, practical skills, and innovative thinking [1] - The focus varies by educational stage: elementary education emphasizes experiential courses to understand basic AI concepts; middle school focuses on cognitive courses to enhance systematic understanding and ethical awareness; high school prioritizes comprehensive and practical courses to cultivate AI literacy and innovation capabilities [1] Group 2 - The national government has placed significant emphasis on the development of AI education, with policies being introduced to systematically promote AI education in primary and secondary schools, aiming for nationwide coverage by 2030 [2] - Companies such as Shengtong Co., Ltd. (002599), iFLYTEK (002230), and DouShen Education (300010) are actively involved in the AI education sector, with Shengtong Co., Ltd. establishing a comprehensive "product + content + platform" system for youth technology education [2] - Shengtong Co., Ltd. has developed AI-related courses and platforms for youth, enhancing students' practical skills and innovative thinking [2] Group 3 - Shengtong Education Group, a subsidiary of Shengtong Co., Ltd., has partnered with Beijing Normal University to create a technology innovation education platform, continuously launching creative courses in areas such as the metaverse and AI painting [3] - iFLYTEK has introduced smart education solutions, including intelligent voice assessment and smart homework correction, while DouShen Education has launched the "DouShen AI APP" for personalized learning experiences [3] - Other provinces, such as Jiangsu and Sichuan, have also released plans to integrate AI technology into education, indicating a broader trend of AI in education across various regions [3] Group 4 - The "AI + Education" sector is entering a phase of technological benefits and ecological restructuring, with expectations for further market expansion [4]

Group 1: AI in Education - The company has developed a product matrix including "Xiao Hong Assistant," "Essay Correction," and "Oral Calculation Correction" to enhance teacher efficiency and support personalized teaching [2][3] - The investment in "Pishen Essay" aims to provide AI-assisted writing services for middle and primary school students, positioning it as an AI tutor in the essay domain [3][4] - The digital resource platform has completed the deployment of version 1.0, including intelligent reading systems and resource libraries, facilitating targeted learning and teacher preparation [3][4] Group 2: Future Business Development - The company aims to leverage the over trillion yuan market size supported by various educational products and services, including AI+Education, to enhance its competitive advantage [4][5] - Plans include continuous upgrades to the AI functionalities of "Xiao Hong Assistant" and the promotion of its commercialization through integration with traditional media and digital resources [4][5] - The goal is to establish a comprehensive service system that integrates research, sales, service, and technology, focusing on content and educational services [5][6] Group 3: Company Highlights - The company has focused on K12 educational content for over 30 years, providing planning, writing, design, and production of teaching materials [5][6] - It aims to embrace the technological benefits brought by AI while maintaining steady internal growth and enhancing its product offerings [5][6] - The company is committed to adapting to the evolving educational landscape and increasing demand for high-quality, intelligent educational solutions [5][6]

Core Viewpoint - The company is focused on integrating research, sales, service, and technology in the education sector, leveraging artificial intelligence and digital transformation to enhance its educational products and services [1][6]. Group 1: Business Strategy and Development - The company plans to enhance its business model by embracing AI and digital technologies, focusing on high-quality educational solutions, and creating a comprehensive service system that aligns with user needs [1][6]. - The company aims to capitalize on the growing demand for intelligent educational products and solutions, particularly in the context of national education policies [1][6]. - The company is committed to a "product + service" strategy, integrating educational research and services to improve marketing and sales effectiveness [3][6]. Group 2: Financial Performance and Growth Drivers - In 2024, the company achieved total revenue of 531 million yuan, a year-on-year increase of 4.64%, with the main business revenue reaching 525 million yuan, up 4.85% [2]. - The company reported a net profit of 42.94 million yuan, reflecting a growth of 1.42% compared to the previous year [2]. - Future growth drivers include sustainable development of the core educational materials business, promotion of digital solutions, and innovation in AI-assisted teaching tools [2][3]. Group 3: Educational Technology Innovations - The company has developed a digital resource platform that includes systems for intelligent reading, resource libraries, and question banks, enhancing teaching and learning experiences [4]. - The company is exploring the integration of AI in educational tools, such as the "Xiao Hong Assistant" and other products aimed at improving teacher efficiency and student learning outcomes [7]. - The company is focused on creating a comprehensive digital resource service that supports various educational activities, including teaching, learning, and assessment [4][7]. Group 4: Recent Performance Metrics - In the first quarter of 2025, the company reported a main revenue of 103 million yuan, a year-on-year increase of 3.72%, while the net profit decreased by 25.71% to 5.24 million yuan [8]. - The company's debt ratio stands at 22.74%, with a gross profit margin of 35.08% [8].