南方传媒 20251212 摘要 粤教祥云增加电子基础作业模块覆盖广东 300 万高年级小学生，AI 备课 功能已在全省 6,350 所学校推广，南方智慧教辅平台（收费产品）有望 带来数字化收入，AI 听说和星火美育用户量持续增长。 公司计划 2026 年与腾讯合作推出图书和教育相关新产品，内部创业机 制持续推出新品，牵头编制出版业生成式人工智能数据语料及安全两项 国家标准，预计明年下半年落地，对版权及行业产生积极影响。 粤教祥云已在广西中标 450 万元数字教材建设项目，渝高中改名后在重 庆销售理想，数字化产品地域壁垒低，出省出海是公司重要战略布局。 香港历史教材获特区教育局审核通过，预计 2026 年开始在香港市场推 广，将带来新的收入增长点，香港市场规模远大于澳门。 公司积极响应国家探索免费学前教育政策，推出幼儿园读物，搭建学前 AI 教育平台，通过政府集采模式推广，已在广州及珠三角进行推介，期 待获得政府订单。 2025 年秋季教材发行量达 4.06 亿册，同比增长 1.75%，平一类教辅 增加 0.79 亿册，市场化教辅营收增长，预计 2026 年春季延续良好态势。 广东省高中教材选择权下放至地市， ...

Summary of Southern Media Conference Call Company Overview - **Company**: Southern Media - **Industry**: Education Publishing and AI Education Key Points Industry and Market Dynamics - Southern Media has completed the fall textbook and supplementary materials subscription, ensuring "books before class" by early September [2][4] - The pass rate for junior high school first-class supplementary materials reached 90%, with the "Southern New Classroom" being the only all-subject, all-version approved material in the province [2][4] - The education publishing market in Guangdong is stable, with a steady demand for high school and college entrance exams, indicating continued growth for the company's market-oriented supplementary materials business over the next two to three years [2][6][7] Financial Performance - In the first half of 2025, Southern Media's total profit reached 550 million yuan, a year-on-year increase of 16.2%, outperforming expectations in the publishing industry [3][4] AI Education Initiatives - Southern Media has developed an AI education matrix, with its core product "Yuejiao Xiangyun" having nearly 16 million users across 19,151 schools [2][8] - The AI assistant application has completed public testing and is set for provincial rollout in early September [2][9] - The company has sold 3,000 units of the AI mouse, generating approximately 600,000 yuan in sales, with a target of 30,000 units for the year [2][9][11] Product Development and Sales - The "Southern Easy Classroom" mini-program, in collaboration with Tencent, has reached 398,000 users, while the smart homework platform with iFLYTEK has been launched [2][10] - Sales of "Yue High School" and "Language Fun Learning" cards reached 4.68 million units, generating over 20 million yuan in revenue in the first half of the year [2][11] Challenges and Strategic Responses - General book revenue declined due to a nationwide drop in sales and a lack of blockbuster titles compared to the previous year [2][14] - Southern Media is actively transforming through digital initiatives like micro-short dramas and has established an 80 million yuan publishing fund to attract quality authors [2][14][16] Future Plans and Market Expansion - The company plans to continue promoting head products and increase the sales of general books despite market pressures [2][15] - Southern Media aims to expand its AI education offerings and has plans for new product launches, including AI teaching aids and digital education platforms [2][10][18] Dividend and Investment Strategy - Southern Media will steadily increase its total dividend to enhance investor satisfaction [2][22] - The company has reduced its holdings in Longban Media and is exploring new investment opportunities in consumer, trendy toys, and animation sectors [2][23] Cash Flow and Financial Management - The decrease in net cash flow was primarily due to prepayments for textbooks, which are expected to be recovered later [2][24] - In a low-interest environment, the company is converting some cash into trading financial assets for better returns [2][25] Educational Policy Impact - The population advantage in Guangdong provides a favorable environment for the textbook and supplementary materials market, with expectations for stable growth despite regulatory challenges [2][12] New Business Opportunities - The inclusion of preschool education in the free education phase presents new opportunities, with Southern Media developing various preschool reading materials and digital platforms [2][29] Overall Outlook - Southern Media is well-positioned in the education publishing sector, benefiting from demographic trends and increasing educational demands, with a strong focus on AI education and digital transformation [2][30]