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This study investigates the impact of parental companionship on children's academic performance, focusing on the mediating role of parental educational expectations. Using data from the 2022 China Family Panel Studies (CFPS), we analyze how different types of parental accompaniment—emotional, academic, and parenting—affect academic outcomes across subjects. Results indicate that all three dimensions significantly improve student performance, with emotional and parenting accompaniment benefiting language achievement, and academic accompaniment supporting math. Further analysis reveals that educational expectations partially mediate these effects, with their influence decreasing as children progress in grade level. Heterogeneity and robustness tests confirm the findings. The study highlights the importance of high-quality family engagement and realistic expectations in promoting educational equity and optimizing student development.