证券研究报告 | 2025年08月08日 AI 教育产业跟踪 多邻国 2025Q2 业绩超预期，国内 AI 教育有望迎来催化 优于大市 行业研究·行业快评 社会服务·教育 投资评级：优于大市（维持） 证券分析师： 曾光 0755-82150809 zengguang@guosen.com.cn 执证编码：S0980511040003 证券分析师： 张鲁 010-88005377 zhanglu5@guosen.com.cn 执证编码：S0980521120002 联系人： 周瑛皓 zhouyinghao@guosen.com.cn 事项： 2025 年 8 月 7 日，多邻国发布 FY2025Q2 业绩，收入及调整后 EBITDA 利润率表现超出彭博一致预期，此外 公司上修 2025 年全年收入及调整后 EBITDA 利润率指引，验证 AI 教育应用盈利能力。 国信社服观点：1）建议关注 AI 教育国际龙头强劲财报对国内 AI 教育赛道的情绪催化：二季度多邻国面 临社交平台舆论事件的短期扰动，但当季营收与调整后 EBITDA 均超出彭博一致预期，同时公司上修全年 收入及调整后 EBITDA 利润率指引，进一步 ...

Core Insights - The report emphasizes that 2025 marks the beginning of the "proactive output" education AI C-end product era, with multiple education companies launching such products, transitioning from "passive" AI tools to "proactive" course-based offerings [3][8][57] - The shift from B-end to C-end applications of AI in education is highlighted, where AI is now replacing some or all functions of human teachers, providing personalized and scalable learning experiences [11][10] - The financial impact of AI products is shifting from cost reduction to revenue generation, with projected gross margins exceeding 80% for AI products compared to traditional offline education products [11][57] - The current main paradigms include AI super-human teaching, AI coaching, and AI dynamic assessment planning, showcasing the diverse applications of AI in education [58][31] Summary by Sections Introduction to AI in Education - The report outlines the evolution of education AI products from passive to proactive, with notable launches such as "Wu Yanzu Teaches You Spoken English" by Gaotu and "AI Brush Questions System Class" by Fenbi [8][10] Financial Performance and Growth Potential - The report indicates that the proactive AI education products are expected to drive non-linear growth in user numbers and revenue, as evidenced by the rapid sales figures of newly launched products [11][14][25] - MultiLingual's user engagement metrics post-AI feature launches demonstrate significant increases in monthly active users (MAUs) and user stickiness [19][25] Key Companies and Products - DouShen Education's "Super Practice Composition" and Fenbi's AI Brush Questions System Class are highlighted as leading examples of proactive AI education products, showcasing innovative teaching methods and high sales performance [11][40][33] - New Oriental's AI 1-on-1 system aims to enhance English speaking frequency through interactive learning, while Gaotu's course combines celebrity-led instruction with AI coaching [46][53] Investment Strategy - The report advocates for a focus on companies leading in the development and deployment of education AI agents, including DouShen Education, Fenbi, New Oriental, and Gaotu, as they are positioned to benefit from the ongoing transformation in the education sector [57][58]