Core Viewpoint - Dou Xin, the chairman of Dou Shen Education, presents contrasting images to different groups, with parents seeing him as a charismatic educator and investors questioning the company's stability amid legal and financial troubles [1][3] Group 1: Company Performance and Financials - Dou Shen Education's stock price has fluctuated significantly since its transition from the telecommunications sector to education, with a 30% decline from its peak of 13.50 yuan in November 2022 [3] - The company reported net losses of 2.567 billion yuan, 592 million yuan, and 687 million yuan from 2020 to 2022, with total liabilities exceeding 2.6 billion yuan and an asset-liability ratio of 129.7% by 2023 [10] - Following a bankruptcy restructuring in 2023, the company issued 1.198 billion shares at a ratio of 10 shares for 13.8 shares, raising 1.1 billion yuan to alleviate debt [10] Group 2: Regulatory Issues and Governance - On June 27, 2025, Dou Shen Education received a fine of 2.3 million yuan from the China Securities Regulatory Commission for failing to disclose multiple lawsuits and significant omissions in its semi-annual report [4] - Dou Xin was fined 1.1 million yuan and warned for his lack of diligence as the responsible supervisor during the violations [4] Group 3: Consumer Trust and Market Perception - In 2025, complaints against Dou Shen Education surged on the Black Cat Complaints platform, with issues related to refund disputes and false advertising becoming prevalent [7] - The company's AI transformation efforts have been met with skepticism, as AI-related revenue accounted for only 3.6% of total income in 2024, while traditional training and live e-commerce remained the main revenue sources [11] Group 4: Strategic Direction and Challenges - Dou Xin has positioned AI as the core direction for transformation, yet the company's AI products have faced criticism for lacking functionality and accuracy compared to competitors [11] - The company aims to expand its educational offerings beyond language arts, but the success of this strategy remains uncertain amid competition from both traditional education institutions and AI tech firms [12]

其实2023年以来，豆神教育便开始布局人工智能（AI）教育。当年，豆神教育推出了融入AI辅助学习 功能的轻AI美育通识课程。2024年10月，豆神教育发布了自主研发的端模一体教育产品"豆神AI"，并且 应用已在安卓、iOS、鸿蒙及微软AIPC系统端上线。此前，豆神教育公布的数据显示，"豆神AI"多模态 新版上线后，20天内下载量达到19万。 豆神教育发布的2024年年度报告显示，2024年，公司明确了将人工智能（AI）教育业务作为核心的发 展战略，强化人工智能（AI）技术的研发，并不断拓展产品的应用场景和服务领域。加强与其他顶尖 人工智能公司的合作，提高教学内容的准确性和生产效率。全面拓展AI在教育领域的应用。2024年， 豆神教育人工智能（AI）教育业务实现营业收入2730.91万元。不难看出，布局AI成为豆神教育"翻 身"的重要手段之一。 继推出自研端模一体教育产品后，豆神教育再次在AI教育发力。7月8日，豆神教育发布超能训练场和 学伴机器人，以3D模型全方位讲解学习内容的形式，引导孩子从多机位、多视角进行学习。其实自 2023年以来，豆神教育开始布局AI业务，不难看出，2024年AI教育业务实现营收超过 ...

AI 教育专题报告（二） 优于大市 从在线教育"连接"到 AI 教育"重构" ，探讨 AI 教育商业模式的演进方向 在线教育的发展历程对 AI 教育具备具有参考意义，但发展环境已有所变迁。 AI 教育与在线教育都是技术驱动的供给变革。但具体看，在线教育崛起于 缓解区域分配不均衡，而双减后校外培训供给出清，AI 教育需直面更严重的 总量供需错配，核心目的转向驱动总量供给效率提升。技术层面，在线教育 企业是 4G 技术红利分享者，直播课堂等技术门槛相对不高；而 AI 教育是产 品内核，对教育企业提出技术要求，技术门槛显著抬高。"双减"后国内教 育科技 VC 投资迅速收缩，商业化路径推进周期或将拉长，但存量玩家更有 望保持竞争优势，以教育产业资金主导的 AI 教育也有望更加聚焦教育。 在线教育商业模式变迁：千亿市值（估值）在线教育企业集中于全链条交付、 教学效果相对强的在线直播课赛道。在线教育初期曾涌现各类产品从不同维 度覆盖教育环节，但历史市值（或估值）超千亿的在线教育企业等均集中于 能高频触达用户需求，且能直接对教学成果负责的直播课赛道。相较在线直 播课程，家教 O2O 平台需求低频，教师、用户黏性低；录播课虽 ...

千亿市值(估值)在线教育企业集中于全链条交付、教学效果相对强的在线直播课赛道。在线教育初期曾 涌现各类产品从不同维度覆盖教育环节，但历史市值(或估值)超千亿的在线教育企业等均集中于能高频 触达用户需求，且能直接对教学成果负责的直播课赛道。相较在线直播课程，家教O2O平台需求低频， 教师、用户黏性低;录播课虽规模效应突显，但完课率低、拍搜工具虽使用频率高，但停留在问题驱动 无法覆盖学习闭环。以上工具在变现阶段也大多进一步向教学效果更好的直播课模式转型。对AI教育 产品商业模式的启示在于，应尽量由单一工具向"教学-练习-测试-反馈"全链条服务转型，并重视最终学 习效果的转化。 AI教育商业模式分层演进，年龄、需求驱动差异化设计 低龄学生注意力易分散，为强化学习效果，需提高趣味性与参与感(如豆神AI全真课堂、新东方卡通外 教等)，同时也可借助视觉大模型实现注意力监控。高年龄段用户(高中/成人)自驱力强，聚焦效率、结 果验证与产品性价比;高考备考与公考笔试均侧重于打造AI刷题工具，实现精准查漏补缺，如有道领世 碎片化知识巩固、天立启鸣AI冲刺营平均显著提分、粉笔AI系统班动态路径规划。AI答疑工具类似于 拍搜工具，作 ...

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]

Core Insights - The education industry is facing significant challenges due to policy changes, market competition, and technological innovations, leading to many companies struggling and facing delisting risks [1] - Some companies have successfully navigated these challenges by adapting and transforming their business models, highlighting the importance of strategic agility in the current landscape [1] Group 1: Companies Facing Delisting - ST San Sheng was officially delisted on June 20, 2024, after failing to disclose its 2023 annual report on time, following a "unable to express opinion" audit report for 2022 [2][3] - ST Mei Ji (Mei Jim) announced its delisting on August 5, 2024, due to a continuous stock price below 1 yuan for 20 trading days, with a significant drop in early education center numbers and a net loss of 949 million yuan in 2023 [4] - ST Wei Chuang also faced delisting on September 27, 2024, due to similar stock price issues and a scandal involving 1.33 billion yuan being misappropriated by its actual controller [5] Group 2: Governance and Financial Issues - The delisting of ST San Sheng reveals severe governance failures, including inadequate internal controls and information disclosure violations, leading to its financial collapse [3] - ST Dong Shi (Oriental Fashion) is under investigation for information disclosure violations, with significant non-operating fund occupation issues, emphasizing the critical role of effective governance [9] - ST Chuan Zhi (Chuan Zhi Education) is struggling with negative profits and declining revenues, facing challenges from emerging technologies like AI, which necessitate a shift in business strategy [10] Group 3: Successful Transformations - In contrast, Dou Shen Education successfully turned around its fortunes by launching an AI-driven educational product, demonstrating the potential of technology to revitalize struggling companies [7][8] - The partnership with Zhi Pu Hua Zhang for AI education product development has positioned Dou Shen Education favorably in the market, despite its current revenue contribution being less than 4% [8] - The experience of Dou Shen Education illustrates the importance of embracing AI and innovation to address industry challenges and create competitive advantages [11][12] Group 4: Lessons for the Industry - The current landscape indicates that education companies must embrace AI as a core component of their business strategy to remain competitive [11] - Companies should focus on precise transformations rather than blind diversifications, ensuring they leverage their strengths and market demands effectively [12] - Strong governance and internal controls are essential for sustaining business health and avoiding pitfalls that lead to financial distress [12] - Continuous innovation and vigilance are necessary to adapt to rapid changes in policy, technology, and market dynamics, ensuring long-term survival in the education sector [12]

Core Viewpoint - The establishment of Tianshui Zhiliang Machine Tool Co., Ltd. by Dou Shen Education raises questions about the company's shift from education to manufacturing, particularly in the AI and robotics sectors [1][3][4]. Group 1: Company Background and Financial Performance - Dou Shen Education reported a revenue of 757 million yuan in 2024, a decrease of 23.77% year-on-year, while net profit increased by 334.04% to 137 million yuan [1][9]. - The company's live e-commerce business, which accounted for 41.39% of total revenue in 2023, saw a significant decline of approximately 37 percentage points in 2024 [2][13]. - R&D expenses have drastically decreased from 114 million yuan in 2020 to 4.62 million yuan in 2024, marking an 88.98% drop compared to 2023 [10]. Group 2: Strategic Shifts and New Ventures - Dou Shen Education is actively expanding into AI and robotics, with plans to develop AI hardware for educational purposes, including a humanoid robot for learning assistance [5][8]. - The newly established Tianshui Zhiliang has a registered capital of 50 million yuan and focuses on manufacturing industrial and special operation robots, fully owned by Dou Shen Education [4][6]. - The company has set up multiple subsidiaries related to AI and robotics, indicating a strong commitment to this new direction [6][10]. Group 3: Market Position and Future Outlook - Despite the ambitious plans in AI and robotics, the revenue from AI education remains low, contributing only 3.61% to total revenue in 2024 [11]. - Dou Shen Education's live e-commerce segment generated approximately 259 million yuan in 2024, accounting for 34.17% of total revenue, but this also reflects a decline from previous years [12][13]. - The company aims to leverage its educational expertise to enhance its AI offerings, although the effectiveness of this strategy remains to be seen [10][11].

AI时代加速到来，AI教育热潮汹涌，豆神教育（300010.SZ）加码AI教育。 豆神教育的前身是立思辰，由清华大学学霸池燕明联合他人创立。产业转型、疯狂并购、商誉减值，立思辰陷入连续亏损困境，而池 燕明通过减持、协议转让、被动减持等套现10.5亿元离场。 豆神教育破产重整，化债26亿元，北京师范大学学霸窦昕上场，成为新的实际控制人。 继2024年盈利1.37亿元后，今年一季度，豆神教育又盈利0.37亿元，投资者似乎看到了向好的迹象。不过，2024年及今年一季度，公 司营业收入持续下降。 2020年至2023年，扣非净利润合计亏逾45亿元，发力AI教育，豆神教育能翻身？ 池燕明折腾12年离场 在资本市场，池燕明一度风光无限。 公开信息显示，池燕明1966年出生，1990年毕业于清华大学精密仪器系，被外界称为清华大学学霸。 上学时，池燕明创办了"北京当代电子经营部"，代理办公设备，后来又针对企业做办公信息系统服务外包。 1993年，池燕明创办北京东方办公设备有限公司，依旧是卖办公设备，并提供信息系统服务。 1999年，池燕明将公司更名为立思辰信息技术公司，真正开始专注于信息服务外包，做文件管理及视频音频方案等。 ...

Core Viewpoint - Dou Shen Education has shown significant growth in net profit and is actively integrating AI technology into its educational offerings, despite facing regulatory scrutiny from the China Securities Regulatory Commission. Financial Performance - For the fiscal year 2024, Dou Shen Education reported a net profit attributable to shareholders of 137 million yuan, representing a year-on-year increase of 334.04% [2] - The company's non-GAAP net profit reached 100 million yuan, marking a year-on-year growth of 119.86% [2] AI Education Capabilities - Dou Shen Education emphasizes its core advantages in AI education through self-developed intelligent products and a strong corpus of educational resources [3] - The company has established a dedicated AI team that has made advancements in knowledge graph construction and targeted algorithm development [3] - An intelligent teaching engine based on domestic large model technology has been developed, significantly enhancing course production efficiency and teaching quality [3] Regulatory Issues - On December 20, 2024, Dou Shen Education received a notice from the China Securities Regulatory Commission regarding an investigation for suspected violations of information disclosure laws [4] - Investors who suffered losses due to the company's alleged misconduct may be eligible for compensation if they purchased shares between the company's listing and December 20, 2024 [4] Intellectual Property and Market Engagement - Dou Shen Education has participated in 23 bidding projects and holds 112 trademark registrations [5]

股票代码：300010 股票简称：豆神教育 豆神教育科技（北京）股份有限公司 投资者关系活动记录表 编号：2025-001 投资者关系活动类 别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及人 员姓名 线上参与豆神教育 2024 年年度网上业绩说明会的投资 者 时间 2025 年 05 月 16 日（星期五）下午 15:00-17:00 地点 "豆神教育投资者关系"微信小程序 上市公司接待人员 姓名 董事长：窦昕先生 董事兼首席执行官（CEO）：赵伯奇先生 独立董事：杨博乐先生 财务总监：李冠超先生 董事会秘书兼副总裁：崔霄雨先生 投资者关系活动主要内容介绍 1、高管您好。请问贵公司本期财务报告中，盈利表现如何？谢谢。 答：尊敬的投资者您好，公司 2024 年度实现归属于上市公司股东的净利润 1.37 亿元，同比增长 334.04%；实现扣非净利润 1.00 亿元，同比增长 119.86%。感 谢您的提问。 2、贵公司在 AI 教育方面有哪些核心优势？ 答：尊敬的投资者您好，公司 AI 教育方面的核心优势体现在 ...