聚焦知识科技与人工智能融合赛道，知识图谱业务持续放量

聚焦知识科技与人工智能融合赛道，知识图谱业务持续放量 Focusing on the integration ofknowledge,technology andAI &Knowledge graph business to grow rapidly 最新动态 ➢25年净利润同比增长23.9%。2025年，公司营业收入9.69亿元，同比增幅达14.3%；净利润1.30亿元，同比增幅达23.9%。2025年营收增长态势稳健，核心原因主要由数字化教学内容服务及产品业务驱动，带动客户覆盖以及服务深度的持续提升。2025年，公司聚焦知识科技与人工智能融合赛道，实现客户规模与经收入的高质量双增长。2025年客户总数增至1797家，同比增长3.4%；总收入达9.69亿元，同比增长14.3%；客户平均收入提升至53.9万元，同比增长10.5%，客户价值挖掘成效凸显。 ➢高毛利核心业务放量，拉动整体毛利率提升。知识图谱业务持续放量，2025年知识图谱收入达5.74亿元，同比增长68.5%，高毛利产品收入占比的提升，推动整体毛利率优化，进一步放大盈利弹性。2025年，公司毛利率增加主要归因于高毛利的知识图谱、智能体等业务在2025年占公司收入的比例更大。其中，知识图谱业务，2025年收入占比从2024年的40.1%提升至59.2%，成为驱动整体盈利能力提升的核心引擎。未来，公司将持续优化知识图谱的技术架构与其他人工智能相关的服务与产品的商业化路径，进一步放大其对公司毛利和毛利率的正向影响。 动向解读 ➢技术研发转化为盈利动能，变现提速。2025年研发投入聚焦大模型迭代、智能体产品优化等核心领域，虽研发费用有所增加，但技术成果快速转化为可规模化交付的产品与服务，形成“研发投入－技术突破－盈利提升”的良性循环。AI技术赋能，成为核心增长引擎。数字化教学内容服务及产品业务2025年收入达8.31亿元，同比增长17.1%，是拉动公司整体营收增长的绝对主力。其增长核心源于人工智能技术的深度场景化落地。 ➢高价值客户占比提升，放大盈利弹性。百万元以上客户数量从截至2024年12月31日的241家增至截至2025年12月31日的281家，收入贡献占比提升至62.9%。高价值客户具备续约率高、客单价稳定、服务成本低的特点，其占比提升进一步优化盈利结构。1）灯塔客户合作深度提升，彰显公司在人工智能应用领域的领军地位与场景落地能力：灯塔客户是公司营收增长的重要示范标杆，2025年，公司灯塔客户的平均收入由2024年的104万元提升至139万元，同比增长34.1%，持续验证公司针对头部客户服务模式的有效性与成长性，充分体现公司服务与产品的深度价值及核心竞争力。2）高价值客户基数扩大，筑牢营收增长核心根基，强化营收增长的价值支撑：高价值客户是公司营收增长的重要支撑，2025年，公司高价值客户数量从241家增至281家，同比增长16.6%，进一步夯实公司营收增长的核心基础，彰显公司的行业渗透率与客户价值挖掘能力。 策略建议 ➢盈利预测。我们预测公司2026-2028年归母净利润分别为1.97、2.93和4.35亿元，参考同行业公司，给予公司2026年9倍PS，按照港元兑人民币0.88汇率计算，对应目标价194.16港元，首次覆盖给予“买入”评级。 风险提示 ➢财务风险、行业政策风险、市场竞争风险。 Latest Developments ➢Net profit growth of 23.9% year-on-year in 2025.In 2025, the company's operating income reached 969million yuan, up 14.3% year-on-year; net profit was 130 million yuan, up 23.9% year-on-year. The revenuegrowth in 2025 was stable, mainly driven by digital teaching content services and product business, whichcontinuously enhanced customer coverage and service depth. In 2025, the company focused on the integrationofknowledge,technology and artificial intelligence, achieving high-quality dual growth in both customer scaleand revenue. The total numberof customers increased to 1,797, up 3.4% year-on-year; total revenue reached969 million yuan, up 14.3% year-on-year; average revenue per customer increased to 539,000 yuan, up 10.5%year-on-year, highlighting the effectiveness of customer value exploitation. ➢High gross margin core business expansion drives overall gross margin improvement.The knowledgegraph business continues to expand, with revenue reaching 574 million yuan in 2025, up 68.5% year-on-year.The increased proportion of high-gross-margin product revenue promotes overall gross margin optimization,further amplifying profitability elasticity. In 2025, the increase in the company's gross margin is mainly attributedto a larger proportion of high-gross-margin businesses such as knowledge graph and intelligent agents incompany revenue. Specifically, for the knowledge graph business, its revenue share increased from 40.1% in2024 to 59.2% in 2025, becoming the core engine driving overall profitability improvement. In the future, thecompanywill continue to optimize the technology architecture of the knowledge graph and thecommercialization path of other AI-related services and products, further enhancing their positive impact on thecompany's gross profit and gross margin. Trend Analysis ➢Technology R&D converts into profit momentum, accelerating monetization.In 2025, R&D investment willfocus on core areas such as large model iteration and intelligent product optimization. Although R&D expenseswill increase, technological achievements will be rapidly transformed into products and services that can bedelivered at scale, forming a virtuous cycle of 'R&D investment–technological breakthroughs–profitimprovement.' AI technology empowerment will become the core growth engine. Revenue from digital teachingcontent services and product business is expected to reach 831 million yuan in 2025, a year-on-year increaseof 17.1%, and will be the absolute main driver of the company's overall revenue growth. Its core growth stemsfrom the deep scenario-based application of artificial intelligence technology. ➢The proportion of high-value clients increases, amplifying profit flexibility.The number of clientscontributing over one million yuan will rise from 241 as of December 31, 2024, to 281 as of December 31, 2025,with their revenue contribution increasing to 62.9%. High-value clients are characterized by high renewal rates,stable per-customer revenue, and low service costs. The increase in their proportion further optimizes the profitstructure. 1) Deepening cooperation with lighthouse clients highlights the company's leading position andscenario implementation capability in the field of artificial intelligence applications: lighthouse clients areimportant benchmark examples for the company's revenue growth. In 2025, the average revenue per lighthouseclient increased from 104 million yuan in 2024 to 139 million yuan, a year-on-year growth of 34.1%, continuouslyvalidating the effectiveness and growth potential of the com