视源股份 20250624 摘要 视源股份教育业务在 2024 年收入 50 亿元，同比下降，但 2025 年一季 度实现两位数恢复性增长，主要由交互智能平板等传统产品稳定及教育 PC、录播设备、软件、学习机等增长驱动。 家用电器控制器业务表现亮眼，2023 年收入 10 亿元，2024 年增至 18 亿元，预计 2025 年达 28-30 亿元，毛利率已超过液晶显示主控板 卡，一季度增长趋势支持该预测。 企业服务业务受数字标牌大客户需求降低影响，2025 年收入面临压力。 海外 ODM 业务需求承压，尤其美国市场，但新产品线初步起量，有望 对冲部分下行压力。 海外自主品牌 MAXHUB 会议产品出海取得进展，完成本地化团队部署 和 Teams Rooms 认证，形成完整产品矩阵，预计 2025 年将快速增长， 一季度数据已显现该趋势。 希沃课堂智能反馈系统已覆盖国内 2000 多所学校的 3,000 多间教室， 2025 年一季度新增 2,600 多间教室，每间教室价值提升约 7,000- 8,000 元，总价值提升约 1,780 万元。 Q&A 视源股份在智能控制部件方面的业务表现如何？ 智能控制部件主要 ...

Summary of the Conference Call for Shiyuan Co., Ltd. Company Overview - **Company**: Shiyuan Co., Ltd. (视源股份) - **Industry**: Home appliance controllers, education technology, and overseas markets Key Points and Arguments Business Growth and Revenue Projections - Home appliance controller business is expected to grow rapidly, with revenue projected to reach **2.8 to 3 billion CNY** by 2025, benefiting from partnerships with well-known brands like **BSH** and **SDK** [2][3] - Education business saw a **17% revenue growth** in Q1 2025, reversing a trend of declining quarterly revenues [2][3] - The overseas brand **Maxhub** for conference products experienced a **50-60% year-on-year growth** in Q1 2025, despite challenges in the US market [2][3][6] Financial Performance - Overall revenue growth for the company was **11% year-on-year** in Q1 2025, with a gross profit increase of approximately **64 million CNY** compared to the same period last year [3] - The company aims for a **10-15% revenue growth** in 2025, with specific contributions expected from various segments: home appliance controllers (1 to 1.2 billion CNY), education business (500 million CNY), and overseas brands (50% growth) [2][13] Innovations in Education Technology - The **Xiwo Teaching Model** was launched in October 2023, utilizing over **1 billion** teaching materials and classroom data for AI applications [5] - The **Xiwo AI Preparation System** helps teachers design lessons and activities, aiming to convert **3 million** of the **9 million** active users of Xiwo Whiteboard 5 into users of the AI preparation product [5][8] Market Dynamics and Challenges - The company faces a **soft demand** in the US market, but has mitigated tariff impacts through local talent development and certification with **Microsoft Team Rooms** [6][23] - The home appliance controller business is expected to grow faster than the overall appliance industry, despite tightening subsidies for appliance upgrades [14] Cost Management and Profitability - The company is focused on strict control of management and sales expenses, with a stable gross margin recovery trend [4][19] - The gross margin for home appliance controllers has surpassed that of LCD display main control boards, contributing to overall margin improvement [18] Future Plans and Strategic Direction - The company plans to use its cash reserves for acquisitions rather than dividends, maintaining a dividend ratio of around **40%** [21][22] - The Hong Kong listing aims to support overseas brand promotion and build an international capital platform, with no plans to split the education or Shiyuan brand [20] Market Potential and Development in Education - The education sector's potential is driven by the upgrade of **280,000 classrooms**, with significant government support for AI integration [12][10] - The Xiwo AI preparation system is expected to generate substantial revenue, with a target of converting a significant portion of active users into paying subscribers [8][12] Product Performance and Future Outlook - The company anticipates that the **TV mainboard business** will remain stable, with growth primarily from Korean clients, although uncertainty remains [15] - The **automotive electronics** and **power electronics** sectors are experiencing rapid growth, but significant contributions to revenue are not expected for at least two years [23] Conclusion - Shiyuan Co., Ltd. is positioned for strong growth across its home appliance controllers and education technology segments, with strategic initiatives in overseas markets and a focus on innovation in AI applications for education. The company is managing costs effectively while planning for future acquisitions to enhance its market position.