Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.54-1.85 billion yuan in Q2 2025, representing a year-on-year growth of 38.50%-65.89%. The net profit for the first half of 2025 is projected to be 2.28-2.59 billion yuan, with a year-on-year increase of 41.14%-60.02% [2][6] - The forecasted net profits for 2025-2027 are 2.75 billion, 3.38 billion, and 4.30 billion yuan, corresponding to price-to-earnings ratios of 23, 19, and 15 times respectively [2] Summary by Sections Company Performance - The company has shown robust demand with a significant increase in enrollment numbers, contributing to revenue growth alongside price increases. The number of operational centers expanded from over 240 to more than 300, covering over 100 cities with more than 4,000 dedicated teachers [12] - The second quarter typically sees a peak in course consumption, and the increase in customer unit price has led to substantial revenue growth [12] Profitability - Improved utilization rates of teachers and classrooms, along with refined management and cost reduction strategies, have enhanced overall profitability. The repayment of loans has also reduced interest expenses, leading to significant improvements in gross and net profit margins [12] Market Position and Strategy - As a leading player in personalized education, the company benefits from a favorable market environment characterized by high demand. The strategy focuses on expanding its network to increase market share while leveraging its brand, research, and management capabilities to ensure steady business growth [12] - The company is expected to continue improving profitability through increased revenue from core operations and enhanced operational efficiency as new centers mature [12] Financial Forecast - The projected net profits for 2025-2027 are 2.75 billion, 3.38 billion, and 4.30 billion yuan, with corresponding price-to-earnings ratios of 23, 19, and 15 times, respectively [2][12]

学大（厦门）教育科技集团股份有限公司 关于股东股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 学大（厦门）教育科技集团股份有限公司（以下简称"公司"）收到股东出 具的《关于股份质押情况的告知函》，获悉浙江台州椰林湾投资策划有限公司所 持有的公司股份被部分质押，具体事项如下： 一、 股东股份质押基本情况 证券代码：000526 证券简称：学大教育 公告编号：2025-070 注：上表中合计数与各单项加总数尾数不符的情况，系四舍五入尾差所致。 （一）本次质押的基本情况 注：本次质押股份不存在负担重大资产重组等业绩补偿义务。 | | 是否为控 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股股东或 | 本 次 质 押 | 占其所持 | 占公司总 | 是 否 | 是否为 | 质 押 起 | 质押到期 | | 质 押 | | 股东名称 | 第一大股 | 数量 | 股份比例 | 股本比例 | 为 限 | 补充质 | 始日 ...

一、本次解除质押的基本情况 | 股东名称 | 是否为控股股东 | 本次解除质押 | 占其所持 | 占公司 | 质押 | 质押 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 或第一大股东及 其一致行动人 | 股份数量 （股） | 股份比例 | 总股本 比例 | 起始日 | 解除日 | | | 浙江台州椰林湾投 | 是 | 4,000,000 | 32.13% | 3.28% | 2025 年 1 月 | 2025 年 7 | 浙江农发小额 贷款股份有限 | | 资策划有限公司 | | | | | 16 日、17 日 | 月 11 日 | 公司 | 二、股东股份累计质押情况 证券代码：000526 证券简称：学大教育 公告编号：2025-069 学大（厦门）教育科技集团股份有限公司 关于股东股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 学大（厦门）教育科技集团股份有限公司（以下简称"公司"）收到股东出 具的《关于股份质押情况的告知函》，获悉浙江台州椰林湾投资策划有限 ...

证券代码：000526 证券简称：学大教育 公告编号：2025-068 学大（厦门）教育科技集团股份有限公司 2、业绩预告情况： □扭亏为盈 √同向上升 □同向下降 | 项 目 | 本报告期 | | 上年同期 | | | --- | --- | --- | --- | --- | | 归属于上市公司股东 的净利润 | 盈利：22,800 元 | 万元-25,850 | 盈利：16,154 | 万元 | | | 比上年同期增长：41.14%-60.02% | | | | | 扣除非经常性损益后 的净利润 | 盈利：21,000 万元 | 万元-24,350 | 盈利：15,207 | 万元 | | | 比上年同期增长：38.09%-60.12% | | | | | 基本每股收益注 | 盈利：1.9062 元/股 | 元/股-2.1612 | 盈利：1.3718 | 元/股 | 2025 年半年度业绩预告 注：2025年上半年因实施股权激励产生的股份支付费用2,643万元。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 二、与会计师事务所沟通情况 一、本期业绩预 ...

Core Viewpoint - The company expects a significant increase in net profit for the first half of 2025, indicating strong growth and improved operational efficiency [1] Financial Performance - The projected net profit attributable to shareholders for the period from January 1, 2025, to June 30, 2025, is estimated to be between 228 million yuan and 25,850 yuan, representing a growth of 41.14% to 60.02% compared to the same period last year [1] - The net profit after deducting non-recurring gains and losses is expected to be between 210 million yuan and 244 million yuan, which is an increase of 38.09% to 60.12% year-on-year [1] - The basic earnings per share are projected to be between 1.91 yuan and 2.16 yuan [1] Strategic Initiatives - The company continues to advance its development strategy, maintaining its competitive edge in the personalized education sector and enhancing its brand image [1] - There is a focus on cost control, quality improvement, and operational efficiency optimization, which has significantly enhanced profitability [1]

Core Insights - The financial performance of Xueda Education shows significant growth in revenue and net profit for Q1 2025, with revenue reaching 863.7 million yuan, a year-on-year increase of 22.46%, and net profit attributable to shareholders rising to 73.77 million yuan, up 47.00% [3][4] Financial Overview - As of 2024, Xueda Education reported total assets of 3.828 billion yuan and total liabilities of 3.026 billion yuan, resulting in a high debt-to-asset ratio of 79.05% [4] - The company's debt ratio is among the highest in the A-share listed education companies, only surpassed by *ST Kaiyuan, Angli Education, and Zhonggong Education [4] Management Compensation - The founder and chairman, Jin Xin, experienced significant fluctuations in salary over recent years, with compensation dropping to 406,900 yuan in 2022 but rebounding to 2.567 million yuan in 2024, an increase of 893,000 yuan from the previous year [3] - In 2024, Jin Xin received the highest salary among disclosed executives, surpassing the vice president's compensation by 1.7452 million yuan [3] Investment Activities - Xueda Education has significantly increased its investment in financial products, with the amount rising from 2.5165 million yuan to 106 million yuan by year-end 2024, indicating a healthy cash position and lack of financial distress [4]

Group 1 - The report emphasizes that service consumption has become a core strategy for expanding domestic demand in 2025, with significant potential for growth in China compared to developed economies like the US and Japan [4][8][28] - The report highlights that China's per capita GDP has surpassed $10,000, marking a critical window for the rapid development of service consumption, particularly in entertainment and leisure sectors [4][30][32] - Key measures to boost service consumption include increasing residents' income, enhancing leisure time, and encouraging high-quality service supply [4][8][28] Group 2 - The tea beverage industry is identified as having substantial growth potential, with a rational increase in store numbers and a shift towards emotional value for consumers, particularly among younger demographics [9] - The restaurant industry is expected to see steady growth, with a focus on government subsidies and an increase in chain operations, indicating a structural differentiation between mass and high-end markets [10] - Meituan is noted for its strategic investments in ecosystem development, maintaining a competitive edge despite short-term market fluctuations [11] Group 3 - The education sector is experiencing a concentration of market share among high-quality institutions, driven by regulatory changes and a persistent demand for K12 education [12] - The human resources industry is undergoing structural recovery, with a focus on AI applications to enhance efficiency and reduce costs [13] - The tourism sector is benefiting from policy-driven support and accelerated industry consolidation, with a notable increase in domestic travel demand [14] Group 4 - The hotel industry is facing a slowdown in supply growth, with leading hotel groups adjusting their operations to maintain competitive performance [14] - The duty-free sector is showing signs of recovery, with a stabilization in average transaction values and a narrowing decline in sales, supported by product diversification and new channel expansions [15]

Group 1 - Xueda Education has experienced a decline for five consecutive trading days, with a cumulative drop of -4.14% [1] - Xueda Education has completed the acquisition of Xueda Education Group and significant asset restructuring, shifting its main business from equipment procurement and leasing to educational training services [1] - The company aims to provide personalized tutoring services, establishing a strong reputation in the extracurricular tutoring industry [1] Group 2 - The financial report indicates that the Fuguo Tianhui Growth Mixed Fund (LOF) A has entered the top ten shareholders of Xueda Education, marking its new entry in the first quarter of this year [1] - The fund has achieved a year-to-date return of 1.39%, ranking 3454 out of 4529 in its category [1]

证券代码：000526 证券简称：学大教育 公告编号：2025-067 学大（厦门）教育科技集团股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 学大（厦门）教育科技集团股份有限公司（以下简称"公司"）于2024年12 月30日召开第十届董事会第二十次会议、第十届监事会第十六次会议，于2025年1 月17日召开的2025年第一次临时股东会，审议通过了《关于回购公司股份方案的 议案》，同意公司使用自有资金和/或自筹资金以集中竞价交易的方式回购公司股 份，用于股权激励和/或注销，回购股份的种类为公司发行的人民币普通股（A股）。 本次回购股份的资金总额不低于人民币11,000万元（含）且不超过人民币15,000万 元（含），本次回购股份的价格为不超过人民币66.80元/股（含），回购期限为自 公司股东会审议通过回购方案之日起不超过12个月。具体内容详见公司于2025年1 月2日在《中国证券报》《证券时报》和巨潮资讯网（www.cninfo.com.cn）披露的 《关于回购公司股份方案的公告》（公告编号：2024-097）。 根 ...

Quantitative Factor and Model Analysis Quantitative Models and Construction 1. **Model Name**: GAN_GRU Model **Model Construction Idea**: The GAN_GRU model combines Generative Adversarial Networks (GAN) for generating realistic price-volume sequential features and Gated Recurrent Units (GRU) for encoding these sequential features into predictive signals for stock selection [2][9]. **Model Construction Process**: - **GRU Component**: - Input features include 18 price-volume features such as closing price, opening price, turnover, and turnover rate [10][13]. - Training data consists of the past 400 trading days' features, sampled every 5 trading days, forming a 40x18 feature matrix to predict the cumulative return over the next 20 trading days [14]. - Data preprocessing includes outlier removal and standardization at both time-series and cross-sectional levels [14]. - The GRU network consists of two layers (GRU(128, 128)) followed by an MLP (256, 64, 64), with the final output being the predicted return (pRet) [18]. - **GAN Component**: - The generator (G) uses an LSTM model to preserve the sequential nature of the input features, while the discriminator (D) employs a CNN to process the two-dimensional price-volume feature "images" [29][32]. - The generator's loss function is: $$ L_{G} = -\mathbb{E}_{z\sim P_{z}(z)}[\log(D(G(z)))] $$ where \( z \) represents random noise, \( G(z) \) is the generated data, and \( D(G(z)) \) is the discriminator's output probability [20][21]. - The discriminator's loss function is: $$ L_{D} = -\mathbb{E}_{x\sim P_{data}(x)}[\log D(x)] - \mathbb{E}_{z\sim P_{z}(z)}[\log(1-D(G(z)))] $$ where \( x \) is real data, \( D(x) \) is the discriminator's output for real data, and \( D(G(z)) \) is the output for generated data [23][25]. - Training alternates between updating the discriminator and generator parameters until convergence [26]. **Model Evaluation**: The GAN_GRU model effectively captures both sequential and cross-sectional price-volume features, leveraging the strengths of GANs and GRUs for stock selection [2][9][29]. --- Quantitative Factors and Construction 1. **Factor Name**: GAN_GRU Factor **Factor Construction Idea**: The GAN_GRU factor is derived from the GAN_GRU model's output, representing the encoded price-volume sequential features as a stock selection signal [2][9]. **Factor Construction Process**: - The factor is derived from the predicted return (pRet) output of the GAN_GRU model [18]. - The factor undergoes industry and market capitalization neutralization, followed by standardization [18]. **Factor Evaluation**: The GAN_GRU factor demonstrates strong predictive power across various industries, with consistent performance in both IC and excess returns [36][40]. --- Model Backtest Results 1. **GAN_GRU Model**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37]. --- Factor Backtest Results 1. **GAN_GRU Factor**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37].