本报讯 （记者王僖）8月25日晚，世纪天鸿（300654）教育科技股份有限公司（以下简称"世纪天鸿"） 披露2025年半年度报告。上半年，公司实现营业总收入1.56亿元，实现归属于上市公司股东的净利润 275.56万元。 上半年公司业绩短期承压，根据行业特点及公司往期报告数据分析，主要有两方面原因：一方面，教辅 主业具有显著的季节周期性特征，业绩贡献主要集中在下半年。另一方面，公司近年持续加大研发与营 销投入，高度重视数智化转型发展，费用同比有所上升。随着下半年销售旺季的到来，以及前期变革举 措成效逐步显现，公司下半年业绩有望迎来显著改善。 当前，教育出版行业正在经历一场深刻的变革，为筑牢公司发展基本盘，公司围绕"产品+服务"的理 念，深入推进"研销服科一体化"战略实施，持续巩固并扩大在教辅市场的影响力与覆盖面。 产品研发方面，公司深度聚焦高考，着力提升产品内容核心竞争力；市场推广方面，公司持续深化区域 深耕与渠道突破，提升客户触达与转化效率；同时，积极推动电商体系搭建，打造传统教辅与数字营销 相融合的创新增长路径。 上半年，公司加快推进数字化系统建设，数字化资源平台开始试运行，目前已部署上线了智能网阅系 统 ...

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].

Business Development Strategy - The company aims to enhance its "integrated research, sales, service, and technology" strategy, focusing on high-quality, intelligent educational solutions to meet increasing market demand by 2025 [1][2]. - Plans to leverage artificial intelligence (AI) technologies to transform educational resources and services, targeting schools, teachers, and students with smart, precise, and efficient educational tools [2][8]. Financial Performance - In 2024, the company achieved total revenue of CNY 531 million, a year-on-year increase of 4.64%, with core business revenue at CNY 525 million, up 4.85% [3]. - The net profit attributable to shareholders reached CNY 42.94 million, reflecting a growth of 1.42% [3]. Growth Drivers - The company identifies three main growth areas: 1. Sustainable development of the core educational materials business through marketing transformation and resource optimization [3]. 2. Promotion of digital school-based comprehensive solutions, enhancing the diversity and quality of digital teaching resources [3]. 3. Innovation in the assistant AI business, focusing on the "Xiao Hong Assistant" product to improve teacher-student interactions [3][4]. Traditional Business Strategy - The company implements a "product + service" approach, enhancing research services to drive marketing upgrades, supported by a team of over 500 experts across various educational fields [5]. - In 2024, the company organized 608 research service activities nationwide, empowering 141 clients and effectively boosting sales [5]. Educational Technology Innovations - The company has developed a digital resource platform, including systems for intelligent reading, resource libraries, and question banks, to support teachers and students [6][7]. - Plans to integrate AI into educational practices, with products aimed at improving teacher efficiency and student support [9]. AI Integration Plans - The company is developing AI applications for teachers, including products for lesson preparation and assignment correction, to enhance teaching effectiveness [9]. - Future plans include expanding the AI capabilities of the "Xiao Hong Assistant" and integrating it with existing educational resources for a comprehensive digital transformation [9].

Core Viewpoint - The company, Century Tianhong, reported a steady growth in its core educational publishing business despite industry challenges, driven by innovation in marketing, product development, and educational services [1][2]. Group 1: Financial Performance - In 2024, the company achieved total operating revenue of 531 million yuan, a year-on-year increase of 4.64% [1]. - The net profit attributable to shareholders was 42.94 million yuan, reflecting a growth of 1.42% year-on-year [1]. - The company plans to distribute a cash dividend of 0.55 yuan per 10 shares (including tax), which represents 47% of the net profit for the period [5]. Group 2: Business Strategy - The company is implementing a "research, sales, service, and science integration" strategy to strengthen its traditional educational publishing business [2]. - The educational publishing segment generated 525 million yuan in revenue, marking a 4.85% increase year-on-year, demonstrating operational resilience [2]. - The company is focusing on high school entrance exams with improved product quality and new product development initiatives [2]. Group 3: Educational Services - The company has established a robust expert pool of over 500 members to support educational research services [3]. - In 2024, it developed 20 courses covering nine subjects and organized over 600 educational service activities, benefiting more than 140 clients [3]. Group 4: Digital Transformation - The company is advancing its digital system construction, successfully deploying and trialing its digital resource platform 1.0, which lays a solid foundation for future commercialization [4]. - The platform includes features such as intelligent resource libraries and smart question banks, enhancing teaching efficiency and learning outcomes [4]. Group 5: AI Integration - The company has created a product matrix for teaching assistants, including the "Xiao Hong Assistant" and the AI-assisted writing app "Bi Shen Composition," which has over 22 million users [5]. - The "Bi Shen Composition" app provides comprehensive writing support for primary and secondary school students, with a monthly submission volume exceeding 300,000 essays [5].