证券代码：000526 证券简称：学大教育 公告编号：2026-005 学大（厦门）教育科技集团股份有限公司 关于为子公司申请授信额度提供担保的进展公告 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。 1、为满足公司日常生产经营需求，根据公司 2025 年度生产经营计划和发展 规划，2025 年公司及其合并报表范围内的控股子公司拟向银行及其他金融机构 申请不超过人民币 10 亿元综合授信额度；各金融机构具体授信品种、授信额度、 贷款利率、费用标准、授信期限等以公司与金融机构最终协商签订的授信/用信 合同为准。具体业务品种包括但不限于：流动资金贷款、信用证、保函、银行承 兑汇票、贴现等。 2、同意公司及子公司拟对公司及合并报表范围内的控股子公司（以下统称 "担保对象"）上述综合授信不超过人民币 10 亿元提供连带责任担保。具体担 保的金额、方式、期限等以签订的相关担保合同为准。上述担保额度依照相关规 则在子公司之间分别按照实际情况调剂使用。 3、董事会提请股东会授权总经理或其授权代表签署公司上述授信及担保额 度内相关的合同、协议等各项法律文件，办理相关手续。 具 ...

Summary of the Conference Call for Xue Da Education Company Overview - **Company**: Xue Da Education - **Focus**: Personalized education, with a return to core business segments in 2026 Key Points Industry and Business Focus - The company aims for a revenue growth rate of 18%-20% in 2026, with profit growth expected to exceed revenue growth, targeting an annual net profit margin increase of approximately 1 percentage point [2][3] - Personalized education remains the core focus, with plans for a 15%-20% increase in one-on-one tutoring locations and a target of 12,000 students in full-time bases by 2026, corresponding to revenue of 350 million yuan [2][3] Pricing and Cost Management - A 5% price increase was implemented in 2025, with class prices locked in before July 2026 [2][5] - The full-time teacher count is projected to be around 5,300 by the end of 2025, with dynamic recruitment in 2026 to match business growth [2][7] Competition and Customer Acquisition - There is a noted decline in market enthusiasm for purchasing courses, with course package durations shortened to about 3 months [2][5] - Increased low-price competition from various provinces is prompting the company to consider acquisitions to accelerate entry into group classes [2][5] Non-Core Business Strategy - Non-core businesses such as vocational education, cultural reading (bookstores), and medical education will focus on existing operations in 2026, with bookstore expansion halted to refocus on core business [2][3] Capital and Incentives - The company plans to implement equity incentives by the end of 2026; failure to do so will result in the cancellation of repurchase and loan amounts [2][10] - The exit strategy for related equity in Unisplendour involves gradual transfer through agreements [2][13] Investment Logic - Investments in semiconductor-related funds aim to facilitate industry cooperation for vocational education integration, rather than direct involvement in the semiconductor sector [2][6] Teacher Recruitment and Expansion Plans - The teacher recruitment strategy for 2026 will be flexible, based on business needs rather than fixed targets [2][7] - The number of full-time students in 2025 exceeded the target of 10,000, with a goal of 12,000 for 2026 [2][7] Impact of Policy Changes - The initiative to reduce weekend classes in high schools has not significantly affected the duration of extracurricular training [2][8] Bookstore Business Strategy - The bookstore segment added 2 new stores in 2025, with no new openings planned for 2026, focusing instead on maintaining existing operations [2][9] Management and Operational Focus - The chairman has returned to frontline operations, emphasizing a return to traditional business areas, including one-on-one and group classes [2][11] Group Class Business Development - The company plans to expand its group class offerings through acquisitions of suitable institutions [2][12] Financial Targets for Full-Time Education - The revenue target for full-time education in 2026 is set at 350 million yuan, with a student target of 12,000 [2][14] Employee Compensation and Cost Management - If equity incentives are not implemented, there will likely be no alternative compensation adjustments for employees, leading to significant cost savings [2][15]

Investment Rating - The report maintains a "Recommend" rating for the education industry [1] Core Insights - The education industry is expected to experience a "three-dimensional resonance" with policy improvements, supply clearing, and demand release, shifting the investment logic from policy-driven to performance-driven. The industry valuation is relatively low, and with policy support, a "Davis Double Play" in performance and valuation is anticipated. The "AI + Education" theme is highlighted as a key investment line, with leading education companies likely to benefit from this development [4][22] Summary by Sections 1. Education Industry Policy Dynamics - On February 25, the Ministry of Education held a meeting emphasizing student health, focusing on four key areas: implementing a physical fitness plan, promoting mental health actions, reforming educational evaluation to include health standards, and enhancing collaboration among families, schools, and communities [4][7] - On February 26, Guangdong launched a lifelong learning platform aimed at supporting individual growth and societal development, offering over 300,000 continuing education degrees and training for more than 2 million people annually in key fields [4][7] - On February 27, the Ministry released guidelines for promoting healthy school construction, aiming for full coverage by 2030 and high-quality schools by 2035, with specific tasks outlined for student health [4][7] 2. Education Stock Dynamics - The report notes significant stock movements, with the top gainers being Zhonggong Education (+8.33%), ST Kaiyuan (+7.33%), and *ST Chuan Zhi (+4.96%). The biggest losers included Boryu Communication (-2.21%), Action Education (-2.45%), and Fangzhi Technology (-3.05%) [9][15] 3. Education Index and Stock Performance - The education industry outperformed the CSI 300 index during the week of February 23-27, with the CITIC Education Index rising by 1.77% compared to the CSI 300's 1.08% increase, indicating a 0.69 percentage point outperformance [10][15] - Among the three sub-sectors, higher and vocational education performed the best with a 5.13% increase, while education information and online education lagged with only a 0.25% increase [13] 4. Investment Recommendations - The report recommends focusing on three main lines: "AI + Education" with companies like Kevin Education and Kede Education as potential leaders; performance and valuation resonance with Action Education, Xueda Education, and Angli Education showing significant valuation advantages; and the search for a second growth curve with Botong Co. [22]

Investment Rating - The report maintains a "Recommend" rating for the education industry [1] Core Insights - The education industry is expected to experience a "three-dimensional resonance" with policy improvements, supply clearing, and demand release, shifting the investment logic from policy-driven to performance-driven. The industry is also seen as having relatively low valuations, with potential for a "Davis Double" in performance and valuation under policy support. The integration of AI in education is highlighted as a key investment theme, with leading education companies likely to benefit from "AI + Education" developments [4][22] Summary by Sections 1. Education Industry Policy Dynamics - On February 25, the Ministry of Education held a meeting focusing on student health, emphasizing the "health first" education concept and outlining four key areas: implementing a physical fitness plan, promoting mental health initiatives, reforming educational evaluations to include health metrics, and enhancing collaboration among families, schools, and communities [4][7] - On February 26, Guangdong launched a lifelong learning platform aimed at supporting individual growth and societal development, offering over 300,000 continuing education degrees and training for more than 2 million people annually in key fields [4][8] - On February 27, the Ministry released guidelines for promoting healthy school construction, aiming for full coverage by 2030 and high-quality schools by 2035, with specific tasks outlined for student health and safety [4][8] 2. Education Stock Dynamics - The report notes significant stock movements within the education sector, with the top gainers being Zhonggong Education (+8.33%), ST Kaiyuan (+7.33%), and *ST Chuan Zhi (+4.96%). Conversely, the biggest losers included Boryu Communication (-2.21%), Action Education (-2.45%), and Fangzhi Technology (-3.05%) [9][15] 3. Education Index and Stock Performance - The education sector outperformed the CSI 300 index during the week of February 23-27, with the CITIC Education Index rising by 1.77% compared to the CSI 300's 1.08% [10] - Among the three sub-sectors, higher and vocational education performed best with a 5.13% increase, while education information technology and online education lagged with only a 0.25% increase [13] 4. Investment Recommendations - The report recommends focusing on three main investment lines: 1. "AI + Education" with Kevin Education and Kede Education as potential leaders 2. Performance and valuation resonance with Action Education, Xueda Education, and Angli Education showing significant valuation advantages 3. Second growth curve opportunities with Botong Co. actively seeking new growth avenues [22]

Group 1: Shareholder Reduction Plan - A major shareholder, Nanjing Xingnaheyuan Venture Capital Partnership, plans to reduce its holdings by up to 609,300 shares, representing 0.5% of the company's total share capital, between March 5 and June 4, 2026 [2] Group 2: Strategic Investments in Semiconductor Education - The company announced multiple investments in the semiconductor vocational education sector from January to February 2026, including a capital increase of up to 35 million yuan in Jiangyin Qixin Linghang Semiconductor Co., aiming for a 6.48% stake to enhance domestic EDA tool development [3] - Additionally, the company is participating in an investment in Shanghai Tianshu Zhixin Semiconductor Co., which focuses on general-purpose GPUs, to strengthen talent cultivation in the integrated circuit industry [3]

Core Viewpoint - Xueda Education (000526) announced a share transfer agreement with Unisplendour Group Co., Ltd. to transfer 6,162,000 unrestricted shares, representing 5.00% of the company's total share capital, at a price of 40.302 yuan per share, which is 90% of the closing price on December 11, 2024 [1] Group 1 - The share transfer agreement was signed on December 12, 2024, between Unisplendour Group and Nanjing Xingnaheyuan Venture Capital Partnership (Limited Partnership) [1] - The shares will be transferred through a special account for the disposal of bankrupt enterprise assets held by Unisplendour Group [1] - The transfer is expected to be confirmed by the Shenzhen branch of China Securities Depository and Clearing Co., Ltd. on February 19, 2025 [1]

Group 1 - The core viewpoint of the article highlights that Xueda Education (000526) is based in Xiamen and emphasizes the benefits of the ongoing deepening of "three links" across the Taiwan Strait, which facilitates personnel exchanges, educational and cultural interactions, and resource collaboration [1] Group 2 - The company responded to investor inquiries on its interactive platform, indicating its commitment to leveraging the advantages of its location for educational development [1]

Core Insights - The company Xueda Education announced plans to increase its investment in Jiangyin Qixin Leading Semiconductor Co., focusing on EDA tools and semiconductor IP development [1][3] - Xueda Education is also investing in Shanghai Tensu Zhixin Semiconductor Co., which recently listed on the Hong Kong Stock Exchange, marking it as a significant investment target [1][4] Investment Details - Xueda Education plans to invest up to 36.1 million yuan in Jiangyin Qixin, acquiring a 6.4791% stake [3] - The investment in Jiangyin Qixin is part of a broader strategy to enhance the company's position in the semiconductor industry [6] Market Context - The global EDA market is projected to reach $18.3 billion by 2026, highlighting its importance in the semiconductor industry [3] - The EDA market is currently dominated by three U.S. companies, which hold a combined market share of 74%, posing a risk to China's semiconductor development [6] Company Strategy - Xueda Education aims to align its investments with national strategies for emerging industries and high-skill talent education [6][12] - The company is expanding its vocational education offerings in the semiconductor and integrated circuit sectors to enhance long-term competitiveness [6][11] Performance of Investment Targets - Shanghai Tensu Zhixin's revenue is expected to grow from 189 million yuan in 2022 to 540 million yuan in 2024, with a compound annual growth rate of 68.8% [5] - The company has successfully deployed its products across various industries, including finance and healthcare, indicating strong market acceptance [5] Future Outlook - The investments are expected to create new educational pathways in high-end vocational training related to integrated circuit design and EDA tool applications [12] - As the demand for AI computing power surges, the domestic GPU market is projected to grow significantly, potentially reaching over 50% market share by 2029 [11][12]

Group 1: Shareholder Reductions - Shangle Electronics' actual controller plans to reduce holdings by no more than 3% [1] - Yilian Technology's shareholder Changjiang Chenda intends to reduce holdings by no more than 2% [1] - Fuhuan Micro's actual controller's concerted actor plans to reduce holdings by no more than 1.93% [1] - Xueda Education's shareholder Nanjing Xingnaheyuan intends to reduce holdings by no more than 0.5% [1] - Maipu Medical's shareholder Tang Ying plans to reduce holdings by no more than 1.2541% [1] - Gaohua Technology's shareholder Huang Biao intends to reduce holdings by no more than 1.8 million shares [1] - Jindan Technology's shareholder Shouzhong Education plans to reduce holdings by no more than 3% [1] - Changjiang Communication's shareholders Wuhan Jinkong, New Energy Industry, and Wuhan Changfa plan to collectively reduce holdings by no more than 1% [1] - Jingce Electronics' shareholder Chen Kai intends to reduce holdings by no more than 1.79% [1] - Wuxi Zhenhua's shareholders Wuxi Junrui and its concerted actors plan to collectively reduce holdings by no more than 3% [1] - China Unicom's structural adjustment fund has cumulatively reduced holdings by 1.0764% [1] - Luxin Investment's controlling shareholder Luxin Group has reduced holdings by 1% [1] Group 2: Other Corporate Actions - Naipu Mining has terminated the subscription for equity in Swiss Veritas Resources AG [1] - Jiangyan Group's Ningbo Longji plans to reduce holdings by no more than 3% [1]

Core Viewpoint - Xueda Education (000526) announced that its shareholder, Nanjing Xingna Heyuan, plans to reduce its holdings by up to 609,300 shares, which represents no more than 0.5% of the company's total share capital, within a three-month period from March 5, 2026, to June 4, 2026, through a combination of centralized bidding and block trading [1] Group 1 - The shareholder holding more than 5% intends to reduce its stake [1] - The reduction will occur within a specified timeframe of three months [1] - The maximum number of shares to be sold is 609,300 [1]