Core Insights - The capital market's focus on "education and AI" has intensified at the beginning of 2026, with companies like Zhiyu Huazhang and MiniMax becoming discussion points due to their deep integration of AI technology into educational scenarios [1] - The landscape of education IPOs has changed significantly since 2025, with a limited number of companies successfully going public, while many others are in preparation or observation stages [1][6] - The valuation of education-related businesses is now being reassessed by capital markets as technology becomes more embedded in educational contexts [1] Group 1: Successful IPOs in 2025 - The number of education-related companies that successfully completed IPOs in 2025 was limited, but they shared high consistency in business models [2] - Companies like Soft Cloud Technology and Excellence Education have shifted their focus from traditional education to digital solutions and SaaS, aligning more closely with technology service providers [3][4] - The business models of these companies do not rely on rapid user growth but rather on product stability and regional penetration [3][4] Group 2: Companies in the IPO Pipeline - A notable trend among companies that have submitted IPO applications is the shift towards a "hardware + system + service" narrative [8] - Companies like TDE Group and Monkey Tree are exploring IPOs in the STEAM and language training sectors, characterized by cautious expansion and modest fundraising goals [10] - The focus of these companies is on establishing long-term financing channels rather than achieving immediate scale [10] Group 3: Companies in Planning Stages - Companies still in the planning or advisory stages, such as Walnut Programming and Unified AI, reflect a cautious capital market attitude [11][12] - These companies have clear technological potential but lack the stability required by public markets to support an IPO [13] - The common trait among these "in transit" companies is that they are exploring whether education can be a long-term systemic service rather than just a course-based business [10][14] Group 4: Structural Shift in Education IPOs - The 2025 education IPO landscape represents a structural shift rather than a simple cyclical rebound, emphasizing stability over scale [14] - The narrative around education IPOs has evolved from focusing on growth speed to long-term quality and sustainability [15] - The ultimate goal of an IPO is no longer seen as a necessity for education companies, but rather as one of many potential development paths [15][16]