中证报中证网讯(王珞)8月28日，卓越教育集团举办以"育见AI智引生长"为主题的AI成果发布会。会 上，公司发布了以AI学情、AI阅读、AI学伴、自适应学习产品为代表的四项AI教育产品。卓越教育集 团创始人兼总裁唐俊京表示，未来，公司将以大模型为核心，突破以往的"师-生"二元结构，持续探 索"师-机-生"三元结构协同的未来教学模式，赋能教师高质量教学、学生个性化生长和高使用率且成本 可控的教学载体。 在此次发布会上，卓越教育与华南师范大学人工智能学院共同签约"实践教学基地"协议，这标志着双方 在产教融合、协同育人领域的里程碑，未来将共同推动校企协同育人高质量发展。 自适应学习产品已落地全日制学校，从AI诊断到路径规划到知识学习到智能推题再到AI评估，打造了 AI高效学的流转路径，为学生节省更多时间用于能力拓展，如体育锻炼、社交活动等。 发布会上，唐俊京在演讲中阐述了集团的AI战略布局。他提到，自2024年起，卓越教育起秉持"ALL IN AI全面拥抱人工智能"的核心战略，并不断地进行探索与实践。AI产品走进课堂，帮助学生学习提效， 助力教师工作减负。 在日前发布的中期报告中，公司提出，上半年继续丰富综合素养业 ...

Core Viewpoint - The company has demonstrated significant revenue growth and profitability in the first half of 2025, driven by its educational services and AI integration [4][5]. Revenue Performance - In H1 2025, the company achieved a revenue of 920 million yuan, representing a year-on-year increase of 188.9% [4]. - The revenue breakdown shows that quality education, full-time review, and tutoring projects generated 723 million, 101 million, and 89 million yuan respectively, with year-on-year growth rates of 513.1%, -18.3%, and 17.6% [5]. Profitability Analysis - The gross margin for H1 2025 was 45.0%, a slight increase of 0.1 percentage points year-on-year, with all business segments showing improved margins [6]. - The net profit margin for H1 2025 was 16.5%, down 0.7 percentage points year-on-year, primarily due to increased investments in regional expansion, research, and AI [6]. Market Expansion and AI Integration - The company plans to deepen its market presence in the Greater Bay Area, leveraging population growth and educational demand, particularly in Guangzhou, Shenzhen, and Foshan [7]. - Future AI applications in education will include personalized question recommendations and AI companions, enhancing the personalization of teaching and service experience [7]. Shareholder Returns - The company has announced a three-year dividend plan, committing to gradually increase the payout ratio to 50%, 60%, and 70% from 2024 to 2026, reflecting management's confidence in future growth [8].

机构：光大证券 研究员：陈彦彤/汪航宇/聂博雅 毛利率保持平稳，区域拓展及AI 投入致净利率下滑。公司2025H1 毛利率为45.0%，同比+0.1pcts，各业 务板块毛利率均有上升，但受综合素养业务中 "三人以下" 低毛利率业务收入占比大幅提升的结构影 响，整体毛利率仅小幅上升。 费用投放方面，25H1 销售费用率为6.8%，同比-0.3pcts，主要系续读率持续提升，业务增长更多依赖老 生续读，新招压力减小，费用投放效率提升；行政及其他费用率为12.5%，同比-0.4pcts，主要系公司提 升运营效率节省部分开支。综合来看，25H1 净利率为16.5%，同比-0.7pcts，主要系区域拓展、教研及 AI 投入增加。 大湾区市场持续深耕，分红比例逐年提升。展望未来，公司业绩有望持续释放。 1）区域深耕：公司将依托大湾区的人口红利与旺盛的教育需求，持续深耕广州市场并加快在深圳、佛 山等地的拓展步伐。广州作为公司的基地市场，其领先的市占率为公司构筑了坚实的品牌护城河；深 圳、佛山市场仍有较大提升空间。2）AI 深化：公司将继续深化AI 在教育场景的应用，计划推出"个性 化推题"功能和"AI 学伴"等产品，进一 ...

Investment Rating - The report maintains a "Buy" rating for 卓越教育集团 (Excellence Education Group) [5] Core Views - The company achieved a revenue of 920 million CNY in H1 2025, representing a year-on-year increase of 188.9%, and a net profit of 150 million CNY, up 177.4% year-on-year [1] - The rapid growth in quality education services and significant results from AI empowerment are highlighted as key drivers of revenue growth [1][2] - The company is focusing on deepening its market presence in the Greater Bay Area, particularly in Guangzhou, Shenzhen, and Foshan, leveraging local courses and brand influence [3] Revenue and Profitability - In H1 2025, the revenue breakdown by business segments shows quality education at 723 million CNY (up 513.1%), full-time review at 101 million CNY (down 18.3%), and tutoring projects at 89 million CNY (up 17.6%) [1] - The gross margin for H1 2025 was 45.0%, a slight increase of 0.1 percentage points year-on-year, with all business segments showing improved margins [2] - The net profit margin for H1 2025 was 16.5%, down 0.7 percentage points year-on-year, primarily due to increased investments in regional expansion, research, and AI [2] Future Outlook - The company plans to continue enhancing AI applications in education, with upcoming features like "personalized question recommendations" and "AI study companions" to improve service experience [3] - A three-year dividend plan has been announced, with a commitment to gradually increase the payout ratio to 50%, 60%, and 70% from 2024 to 2026, reflecting management's confidence in future growth [3] Financial Projections - The projected net profits for 2025, 2026, and 2027 are 333 million CNY, 423 million CNY, and 502 million CNY respectively, with corresponding P/E ratios of 12x, 10x, and 8x [3][4]

Core Viewpoint - China's smart education infrastructure is continuously strengthening, with the largest national academic internet established globally, and the number of educational AI models exceeding 40, indicating a significant innovation in smart education technology [1][2] Group 1: Smart Education Infrastructure - The establishment of the largest national academic internet globally enhances the foundation for smart education in China [1] - Continuous innovation in smart education technology is evident, with new products emerging frequently [1] Group 2: AI Integration in Education - AI products are increasingly utilized in teaching, significantly improving classroom quality and engagement [1] - The integration of AI with educational materials transforms traditional teaching methods, enhancing interactivity and learning experiences [2] Group 3: Market Potential - The AI+ education market for the elderly shows substantial potential, with current penetration below 2%, indicating room for growth as trust in AI products increases [1] - The application of AI in higher education, such as AI-assisted admissions, exemplifies the shift towards standardized models for better student guidance [2]

4月21日，深圳市福田区教育科技人才高质量发展推介会在深圳福田拉开帷幕，深圳市政协副主席、福 田区委书记黄伟，区长周江涛等领导，以及来自高校、科技企业的数百名代表齐聚一堂。 这场以"教育·科技·人才一体化发展"为主题的会议上，福田教育元素满满、科技感十足，不仅正式发布 了《福田区"三区两翼一示范"首善教育行动方案》，更以一场"人机协作"的科技秀，展现了福田区在人 工智能与教育深度融合中的前沿探索，共同见证福田教育迈向高质量发展的新篇章。 一份行动方案 从顶层设计到实践落地的教育新图景 会上，《福田区"三区两翼一示范"首善教育行动方案》正式发布。这一方案以"三区"建设为核心抓手 ——即"国家级基础教育课程改革实验区""国家级义务教育质量监测结果应用实验区""广东省中小学科 学教育示范区"，同时以"教育人工智能全域应用体系"和"创新人才贯通培养体系"为双翼驱动，目标直 指打造广东省基础教育高质量发展示范区。 "三区"将通过全学科单元教学与跨学科主题学习深度融合、数据驱动精准治理、校企共建100个校内外 实践基地等举措，让科学教育从课堂延伸到真实场景。"两翼"则以推动"人机共生"的新型教育生态形 成，为每名学生配备 ...