We are a reputable digital teaching and learning solution provider for higher education institutions in China, committed to the provision, delivery and operation of digital educational content and digital teaching and learning environment services and products for higher education institutions. Our offerings cover all critical aspects from teaching, learning, practicing, testing and evaluating to administrating. We are committed to empowering higher education institutions, teachers and students by facilitating broad access to educational resources and enhancing the efficacy of educational outcomes. China’s higher education teaching and learning digitalization market is highly fragmented. According to Frost & Sullivan, the top five companies accounted for an aggregate market share of 12.9% in terms of revenue in 2024. Higher education institutions in China include universities and higher vocational colleges. According to Frost & Sullivan, we ranked second in terms of revenue among all companies in China’s higher education teaching and learning digitalization market with a market share of 4.0% and first in terms of revenue among all companies in China’s higher education digital educational content production market with a market share of 7.3% in 2024.
Our long-standing dedication to the education sector has endowed us with insights into the teaching and learning process, the needs of higher education institutions and teachers, a diverse array of academic subjects, as well as the application of technology. These insights, combined with our focus on technology and customer service – the “dual engines” driving our progress – have enabled us to deliver advanced services and products and garner customer recognition. During the Track Record Period, we had delivered more than 44,000 digital educational content products and our services and products spanned 12 disciplines and 92 subjects recognized by the Ministry of Education. We had 627 digital courses that won the gold awards in the first and second batch of national recognition of first-class undergraduate courses and the review of national online quality courses for vocational education by the Ministry of Education, being the most among the top five players by revenue in China’s higher education teaching and learning digitalization market.
OUR SERVICES AND PRODUCTS
During the Track Record Period, we primarily generated revenue from two types of services and products, namely digital educational content services and products and digital teaching and learning environment services and products. The digitalization for the higher education teaching and learning encompasses both educational content digitization and teaching and learning environment digitalization. We are capable of addressing the multifaceted needs of higher education institutions in such aspects.
Digital Educational Content Services and Products
We offer flexible options for our digital educational content services and products to meet higher education institutions’ evolving needs. We started with course digitization services, assisting our customers with converting their traditional educational content into digital forms. Through close collaboration with our customers and the continual adaption of leading technologies, we launched our virtual simulation development in 2020 and our knowledge graph construction in 2022 to assist our customers with delivering more interactive, engaging and personalized learning experiences for their students. Our digital educational content services and products spanned 12 disciplines and 92 subjects recognized by the Ministry of Education. In 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, our digital educational content services and products revenues as a percentage of our total revenues was 83.9%, 82.5%, 83.7%, 87.1% and 91.3%, respectively. In 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, we had 112, 313, 579, 233 and 373 customers who purchased multiple types of digital educational content services and products, respectively. Our digital educational content services and products are produced based on the propriety educational content provided and owned by our customers. As the customers are responsible for the accuracy and authenticity of the content, we are not liable for misrepresentation of facts or knowledge within the digital educational content services and products, as advised by our PRC Legal Advisor. As a result, all intellectual property rights attached to the digital courses are owned by our customers. During the Track Record Period, we primarily offer course digitization services, knowledge graph construction and virtual simulation development under digital educational content services and products.
‧ Digital course: Our course digitization services focus on the digital transformation of higher education institution curricula, catering to the specific needs of teachers. By leveraging years of experience in digital teaching and learning solutions for the higher education sector, we offer course digitization services to assist our customers with the process of transforming their traditional in-classroom lecturing practice via building interactive and engaging digital educational content to meet their teaching requirements. We have set certain quality control rules and procedures encompassing the entire digitization process, including the design and formulation of syllabi for digital courses, scriptwriting, video recording, editing and review.
Our digital courses are typically delivered as interactive video lessons, often embedded with quizzes and discussion forums to enhance student engagement and learning outcomes, by converting traditional educational content into interactive and engaging digital educational content, typically in video format. For example, we digitized a course in “Fundamentals of Immunology and Pathogenic Biology” that sets up pop-up question windows and interactive exercises, allowing students to revisit key concepts at their own pace.
In 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025 we had 950, 1,147, 1,298, 861 and 760 customers for our course digitization services and delivered 7,914, 11,167, 12,304, 5,823 and 3,540 digital courses during the same periods respectively.
‧ Knowledge graph: In 2021, we started research and development for knowledge graph construction. Following our continuous investment and efforts, we successfully commercialized and launched our knowledge graph construction business to meet both the evolving demand from our customers and the emergence of AI technologies in 2022. During the knowledge graph mapping process, we employ various AI techniques, such as natural language processing, optical character recognition and document structuring algorithms. These techniques help us to extract, link, expand and classify the concepts or entities from natural language texts and other data sources, and to identify the relations between them based on their features, correlation and similarity. The rapid growth of our knowledge graph business during the Track Record Period was primarily driven by our strategic decision to proactively allocate additional resources and investment to this segment, in view of its significant market potential and strong customer demand. As knowledge graphs represent a advanced and versatile form of digital educational content, they have quickly gained popularity among our existing and new customers, many of whom have adopted knowledge graph solutions alongside our digital course offerings. In addition, the increased investment in research and development, as well as our focused efforts in product promotion and customer engagement, have further accelerated the expansion of our knowledge graph business.
Our knowledge graphs are able to transform complex information into a visualized format by showing relationships between key concepts, supporting systematic and personalized learning by assisting customers in integrating and mapping existing information and resources into visualized networks. For example, we assisted a leading national research university with systematically sorting 237 knowledge points and building 302 relationships, connecting the knowledge points, integrating pathological sections and other resources and constructing a “theory-practice integration” course knowledge system to improve comprehension of the material.
In 2023, 2024 and the six months ended June 30, 2025, we delivered more than 1,200, 4,600 and 2,800 knowledge graphs across various subjects including engineering, pharmacy, science and agriculture, among others, respectively.
‧ Virtual simulation: Our virtual simulation development uses technologies such as virtual reality and augmented reality to assist our customers with creating more immersive, focused, imaginative, interactive and effective educational content.
Our virtual simulation courses enable students to conduct experiments and practice skills in a safe, digital environment. It can not only realize simulated practical training under risky or infrequent conditions, but also reduce cost of experimental environment construction and enrich the experience of experimental training operations. For example, we developed a virtual simulation for automotive engine structure cognition, allowing students to experience realistic operational scenarios and safety procedures without physical risk.
Digital Teaching and Learning Environment Services and Products
Our suite of digital teaching and learning environment services and products, which includes cloud-based LMS (learning management system) and digital classrooms, is designed to help higher education institutions create effective and integrated digital settings. These digital teaching and learning environments are crucial for the efficient management of teaching and learning resources, the delivery of digital educational content and the enhancement of interactions between teachers and students. In 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, our digital teaching and learning environment services and products revenues as a percentage of our total revenues was 15.9%, 17.4%, 16.2%, 12.8% and 8.7%, respectively. In 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, we had 9, 23, 15, 2 and 2 customers who purchased both types of digital teaching and learning environment services and products, respectively.
‧ Cloud Learning Management System (LMS): We offer self-developed, AI-enabled, cloud-native and integrated LMS for higher education institutions to assist them with organizing course materials, scheduling classes, tracking student progress, and facilitating communication between teachers and students, thereby creating more streamlined and better connected teaching and learning processes. This allows them to connect their on-campus teaching facilities and enabling their administrators to monitor teaching quality and learning outcomes, and optimize operation efficiency and resource allocation.
With features such as course management, classroom teaching, online assessments and real-time analytics, teachers can efficiently create, update and deliver courses, while administrators can monitor and improve teaching quality and student performance. For example, one of our major customers adopted our Cloud LMS to unify course delivery and student management, enabling administrators to monitor teaching quality and optimize resource allocation through a single platform.
In 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, 477, 516, 676, 463 and 341 customers subscribed for our Cloud LMS, respectively.
‧ Digital classroom: In tandem with the digitization trend in educational content, we also offer digital classroom environment services and products to assist higher education institutions with designing and building digital classrooms. We embed technologies on hardware such as digital podiums, audio devices and panoramic screens procured from our suppliers to offer more immersive and engaging learning experiences for their students. Our services and products encompass a comprehensive delivery process from consultation and design, determining technologies, hardware and software required, to training and delivery, ensuring hassle-free experiences for our customer.
Our digital classrooms are equipped with smart hardware and our proprietary LiveCourse software, supporting real-time recording, and interactive teaching. For example, we helped University C upgrade 144 classrooms into digital classrooms and connect them to the LiveCourse software platform, which enables automatic recording and AI-powered analysis.
In 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, we delivered 6, 15, 5, 4 and 1 immersive classrooms and 3, 16, 12, 3 and 3 panoramic teaching spaces and nil, 5, 12, 1 and 3 customer subscribed for our LiveCourse during the same periods, respectively.
Source: Able Digital (02687) Prospectus (IPO Date : 2025/11/28) |