经济日报发布对2025年消费及商业领域热点现象的系统观察，盘点出2025年十个消费&商业热词，分别 为："AI"、"机器人"、"外卖大战"、"超级供应链"、"文旅深融"、"体重管理"、"赛事经济"、"情绪健 康"、"银发经济"、"跨界联动"。 超级供应链：数字技术更广泛应用于产业升级 创造更大社会价值 在 "以新需求引领新供给、以新供给创造新需求" 的政策导向下，供应链的战略价值愈发凸显。国家统 计局数据显示，2025年上半年全国货运周转量同比增长5.1%，反映出产业链供应链运行效率的持续提 升。商务部明确将"海外仓+数字供应链"列为稳外贸的核心举措。同时，供应链金融规模迅速扩大， 2025年我国供应链金融市场规模已突破50万亿元，2019-2025年复合增速达18.6%。据中国贸促会金融服 务中心分析，供应链金融以约占社会融资总量15%的份额，稳定了上下游3000余万家民营、小微企业的 资金链，间接支撑了60%以上的城镇就业。 数字技术更广泛应用于产业升级，企业持续投入建设超级供应链基础设施。以京东为例，供应链基础设 施资产规模达1743亿元。企业实践中的诸多案例，也充分展现了超级供应链在效率提升、服务优化 ...

作者：Colin 随着AI技术浪潮的来临，教育行业迎来了新一轮转型狂欢，近期，包括好未来、粉笔、作业帮等在内的教培巨头们纷纷押注"AI+教育"，试图在技术变革中 寻找新的增长曲线。 然而，这场声势浩大的转型和跨界背后却也伴随着成本高企、产品合规等争议。AI之于教育究竟是破局利器，还是阶段性的资本故事？ 教育企业转型AI求生，还是成本高企的"伪增长"概念 AI转型曾被教培企业视为摆脱传统路径依赖的"救命稻草"，但现实却是多数企业陷入"增收不增利"的怪圈，而更加诡异的是，导致"增收不增利"的原因并非 完全因为企业加码了AI研发，反而是因为企业在营销费用上砸下重金所致。这种重营销，轻研发的现象，也不禁令外界对企业入局AI的长期决心存疑。 以好未来为例。尽管AI学习机带动收入大增，但2026财年第一季度营销费用激增50.5%至1.777亿美元，占收入比例攀升至30.9%，这也意味着每创造1美元收 入就有0.3美元投入获客。 而同样发力AI的国内职业教育赛道头部企业粉笔的处境则更显尴尬，据其财报显示，上半年公司实现营收14.92亿元，同比下滑8.5%;净利润2.27亿元，同比 减少18.34%，而这一数据表现，在考公市 ...

<<<< Al+消费品 | 日常生活的智能電混 2025.12 艺恩出品 I II TUINE IN ILLE ULAVE ADHEICIAL INTELLIGENCE ( <<<< 定义 指将人工智能（以生成式AI、计算机 视觉、自然语言处理、智能推荐算法为核 心）作为产品核心功能或主要交互方式， 面向普通消费者进行销售的实体硬件产品 或软硬一体解决方案。 排除范围：纯软件应用（如ChatGPT手机 App）、企业级解决方案、以及仅将AI用 于后台生产或营销的消费品。 HHNIS CONTENTS PART 03 「Al+消费品」 使用场景内容分析 PART 01 「Al+消费品」 发展进程 PART 02 「Al+消费品」 社媒讨论概况 【 / CHIJ O Z B 01. 「AI+消费品」 发展进程 / 历史料革 消费品行业的数字《进程为AI的应用奠定了数据基础与连接基础。 时,AI技术的范式升级成为重塑产品核心功能与用户体验的前台引擎 "Al+" 阶段 "互联网+"阶段 2020s- 电子商务阶段 2010s-2020s ChatGPT在2022年发布，成为技术引 2000s-2010s 爆点,标志着 ...

Core Insights - The education sector is a key application area for large AI models, with multiple tech companies focusing on "AI + Education" initiatives [2] - The market for "AI + Education" is projected to reach nearly 150 billion yuan by 2026, with an annual growth rate of 10% to 15% [2] - Companies are increasingly integrating AI into educational products to create a closed ecosystem, enhancing personalized learning and reducing teacher workloads [4][6] Group 1: Company Initiatives - Xiaomi is actively hiring for various AI education-related positions, indicating a strategic focus on products like the REDMI Pad 2 and MiTu children's smartwatch [2][4] - Other companies, such as Alibaba and Huawei, are also launching AI educational products, including AI learning machines and AI toys, to capture market interest [5] - The domestic learning tablet market is divided into "tech" and "education" camps, with companies like TAL and Yuanfudao enhancing their AI capabilities for educational purposes [3] Group 2: Market Dynamics - The demand for personalized education from families and schools is driving the growth of "AI + Education," with significant interest from both B2B and B2C sectors [4][6] - The use of AI in education is becoming more prevalent, with over half of middle school teachers in Shanghai utilizing AI-assisted teaching, surpassing the OECD average [5] - The competitive landscape is shifting, with tech companies viewing educational AI as a crucial part of their ecosystem strategy rather than just a direct revenue source [9] Group 3: Challenges and Considerations - The implementation of "AI + Education" faces challenges such as adapting AI products to educational contexts and addressing data privacy concerns [7][8] - The need for a unified industry standard is essential to avoid homogenized competition in the market [8] - The dual nature of AI as both a tool and a potential risk necessitates a balanced approach to its integration in educational settings [6]

导语 如果把 2020 年的学习机放到今天，大多数家长会惊讶于它的"原始"。那时的学习机仍停留在拍照搜题、模板讲解、工具化使用 的阶段；而今天，大模型驱动的学习系统已经能持续对话、深度推理、判断孩子的错误类型、记录学习轨迹，并在数百个知识 点之间规划路径。 五年时间，学习机行业硬生生跑完了教育科技本应十年才能完成的演化过程。但这条进化路径从未被完整讲述过。它不是市场 突然热起来，也不是某个厂商凭空造概念，而是由五次关键技术跃迁共同构成的系统性变革。 从检索式智能、知识图谱、智能辅学、大模型推理，到学习 OS 的形成，学习机这五年的演化史，更像是一条中国教育智能化 的"主干道"。如果要理解未来教育科技的方向，这条技术演进脉络不可能绕开。 01 第一代：查题时代的奇点时刻——OCR与题库构成学习机的"原始引擎" 但简单不代表价值有限。对于无数家庭来说，孩子一道题不会做、家长也讲不明白，是每天都会遇到的真实困境。在那个家庭 教育需要"大量人工成本"的时代，一台能准确讲题的设备几乎等同于"救命工具"。 然而这一代也有清晰的技术天花板：无法连续对话、无法根据不同学生生成不同解释、无法理解知识结构。它只会"给答案"， 不 ...

长江商报消息●长江商报记者 黄聪 业绩不佳的中公教育（002607.SZ），公司控股股东的控制权稳定性又面临危机。 12月10日晚间，中公教育发布公告称，公司实际控制人、控股股东李永新所持公司4800万股股份被浙江 省杭州市上城区人民法院拍卖，股票拍卖成交合计1.01亿元。 长江商报记者发现，12月10日，中公教育股价涨停至2.65元/股。按此股价计算，4800万股市值达1.27亿 元，此次拍卖交易价格相当于打了个约八折。 业绩方面，2025年前三季度，中公教育实现营业收入达16.57亿元，同比下降21.09%；归母净利润 9196.65万元，同比下降45.31%。 而且，长江商报记者发现，2020年底至2024年底，中公教育员工人数从4.51万人降至7888人，近4年间 净减少3.72万人，降幅超过82%。 值得注意的是，自2021年四季度末，中公教育资产负债率一直高于80%，甚至一度超过90%。截至2025 年三季度末，公司资产负债率达86.35%，依然处于高位。 拍卖价格相当于打八折 中公教育被称为"公考第一股"，是国内领先的就业与再就业服务提供商，专注于为大学生、大学毕业生 及各类职业专才等知识型就业 ...

Core Viewpoint - The article discusses the challenges and opportunities faced by iFlytek, particularly in the context of its AI model "Xunfei Spark" and the competitive landscape of the AI industry, highlighting the need for new growth points beyond its traditional education business [4][12]. Group 1: Company Performance and Market Sentiment - iFlytek's stock price has been volatile, experiencing a decline since October 9, despite the company's ambitious plans for its AI model [4][11]. - The company has seen significant fluctuations in its stock price during previous market cycles, often linked to external market conditions and technological advancements in AI [6][10][11]. - iFlytek's current market valuation is high compared to industry peers, with a TTM P/E ratio of approximately 137, indicating potential overvaluation [15][16]. Group 2: Business Challenges and Financial Health - iFlytek has faced challenges in profitability, recording substantial net losses in recent quarters, with a cumulative loss exceeding 10 billion [16][18]. - The company's high accounts receivable, which increased from 5.733 billion to 15.9 billion from 2020 to Q3 2025, poses risks to cash flow and increases the likelihood of bad debt [20][21]. - Government subsidies have played a crucial role in supporting iFlytek's financial stability, with cumulative subsidies amounting to 1.735 billion from 2021 to 2024 [19][20]. Group 3: Strategic Focus and Future Growth - iFlytek is pivoting towards its AI model as a key growth driver, with plans to enhance its capabilities across various sectors, including education and healthcare [12][24]. - The company aims to strengthen its C-end business, which has shown significant growth, contributing to 32% of total revenue with a year-on-year increase of 38% [26][30]. - iFlytek's management recognizes the need to address quality control issues in its C-end products to ensure sustainable growth and market expansion [30].

Core Insights - The article discusses the establishment and strategic direction of Jishu AI, focusing on its development in the education sector through AI technology [3][7][11] Company Overview - Jishu AI was founded in June 2024, with a core strategy centered on "large models + education," aiming to empower the education sector with AI [3][7] - The company has formed strategic partnerships with key players in the education technology space, including Guangdong Yijiaotong Group, Alibaba Cloud, and Zhuoyue Education Group [3][7] Technology and Product Development - Jishu AI launched its self-developed education vertical large model, Jishu BEE, in February 2025, achieving over 98% accuracy in K12 mathematical reasoning tasks through proprietary reinforcement learning algorithms [7][11] - The company emphasizes the need for specialized large models in education to overcome limitations of general models, such as accuracy issues and hallucinations [7][11] Product Ecosystem - Jishu AI has developed a comprehensive product matrix covering the entire education chain, including tools for teachers and students that enhance teaching efficiency and learning experiences [5][8][12] - The AI teaching platform integrates various intelligent capabilities, supporting automatic generation of educational content and fostering cross-disciplinary skills among students [8][11] Market Strategy and Growth - The company aims to drive revenue growth through a dual-engine strategy: expanding B2B client resources and penetrating the B2C market by increasing the adoption of its AI tools among teachers, parents, and students [11][12] - Jishu AI is currently in the angel financing stage, with interest from industry players and listed companies for investment [11][12] Data and Compliance - The company has a strong foundation of proprietary data from the education sector, ensuring quality during model training, and adheres to principles of data compliance and shared development in partnerships [11][12]

Core Insights - The report highlights Qingmu Technology (青木科技) as a leading expert in full-domain operation services and brand incubation, driven by data and technology [2][4][14] - The company has established a high-synergy business model encompassing operation services, brand incubation, and technical solutions, serving well-known brands across various sectors [2][4][14] - Financial projections indicate significant revenue growth, with expected revenues of 15.1 billion, 19.0 billion, and 23.4 billion yuan for 2025 to 2027, representing year-on-year growth rates of 30.5%, 26.5%, and 23.0% respectively [4][14] Company Overview - Qingmu Technology was founded in 2009 and has focused on e-commerce operation since 2011, building a comprehensive service model that includes operation, brand incubation, and technology solutions [2][14] - The company has a stable ownership structure, with founders holding 39% of the shares, and a management team with over ten years of industry experience [2][14] - Revenue for 2024 and the first half of 2025 is projected at 1.15 billion and 670 million yuan, with year-on-year growth rates of 19.2% and 22.75% respectively [2][14] Competitive Advantages - Qingmu Technology's competitive edge lies in its data, technology, and brand matrix, which collectively enhance its operational value [3][4][14] - The data layer includes services across major platforms like Tmall, JD.com, Douyin, and Xiaohongshu, allowing the company to accumulate extensive user behavior and transaction data [3][14] - The technology layer features proprietary systems such as the Qingling AI platform and CRM, which streamline operations and reduce costs [3][14] Business Model and Growth Strategy - The company is expanding its service model from a single service fee to a combination of service fees, distribution price differences, and equity returns, thus sharing in brand growth [4][14] - Qingmu Technology is diversifying its product categories beyond apparel to include trendy toys, beauty products, health consumer goods, and pet food, enhancing its growth potential [4][14] - The company aims to maintain its status as a top service provider on platforms like Tmall and Douyin while increasing its international operations, particularly in Southeast Asia [4][14] Financial Projections - The report forecasts a steady increase in net profit, with expected figures of 1.31 billion, 1.85 billion, and 2.59 billion yuan for 2025 to 2027, reflecting growth rates of 45.2%, 40.4%, and 40.4% respectively [4][14] - The projected price-to-earnings (PE) ratios for the same period are 50, 35, and 25 times, indicating a favorable valuation outlook [4][14]

Core Insights - The rapid expansion of educational smart hardware is reshaping the organization of education, with hardware becoming a key entry point for learning across family, school, and community settings [1][12] - Recent funding of 200 million yuan in Pre-A round for Lingyuzhou highlights the trend of AI learning companions breaking through with scenario-based interactions [1][3] Family Segment - The family segment has seen the earliest and most concentrated changes, evolving from basic tools to comprehensive learning systems that address emotional support and cognitive development [1][2] - AI learning machines and tablets are integrating textbook synchronization, diagnostic exercises, and intelligent explanations, providing a complete learning path for families [2] - Specialized tools for specific subjects are rapidly gaining popularity, reflecting the shift from traditional to intelligent tools along the lines of "learning actions - function disassembly - technology reorganization" [2][3] School Segment - The transformation of educational hardware in schools is evident as it evolves from traditional tools to system-level facilities, enhancing teaching and management processes [6][8] - Smart blackboards and interactive devices are now central to classroom organization, enabling content access, interactive exercises, and real-time feedback [6][7] - The integration of smart grading devices and XR/VR teaching tools is reshaping the teaching process, allowing for quantifiable teaching behaviors and expanded understanding of abstract concepts [6][8] Community Segment - Community smart hardware must balance accessibility and low barriers while integrating educational functions [9][10] - Devices like smart reading machines and interactive whiteboards address the need for light educational experiences when parents cannot accompany their children [10] - Community education hardware is evolving from mere tools to comprehensive learning support systems, enhancing public education functions [11][12] Overall Trends - The evolution of educational smart hardware across family, school, and community settings signifies a shift from isolated tools to a cohesive learning support network [12] - The future competitiveness of educational hardware will focus on "scene adaptability" and "ecological synergy," enabling seamless data sharing and service integration across different educational environments [12]