中邮证券有限责任公司 （二）募集资金使用和结余情况 截至 2024 年 12 月 31 日，公司对募集资金项目累计投入 472,512,100.21 元， 永久补充流动资金 300,000,000.00 元，其中：公司于募集资金到位之前利用自有 资金先期投入募集资金项目人民币31,138,898.30元；于2021年1月1日起至2021 年 12 月 31 日止会计期间使用募集人民币 311,141,619.54 元；于 2022 年 1 月 1 日起至 2022 年 12 月 31 日止会计期间使用募集人民币 40,316,836.39 元；于 2023 年 1 月 1 日起至 2023 年 12 月 31 日止会计期间使用募集人民币 338,047,411.30 元；于 2024 年 1 月 1 日起至 2024 年 12 月 31 日止会计期间使用募集人民币 71,194,118.20 元。截至 2024 年 12 月 31 日，募集资金余额为人民币 74,468,883.19 元（包含募集资金及利息收入）。 二、募集资金存放和管理情况 2024 年度募集资金存放与使用情况的专项核查意见 中邮证券有限责 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 1.5191 | 1.3059 | 16.33 | 0.1150 | | 每股净资产（元） | 6.71 | 4.95 | 35.56 | 3.7 | | 每股公积金(元) | 8 | 7.62 | 4.99 | 7.29 | | 每股未分配利润(元) | -1.70 | -3.18 | 46.54 | -4.62 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 27.86 | 22.13 | 25.89 | 17.98 | | 净利润(亿元) | 1.8 | 1.54 | 16.88 | 0.14 | | 净资产收益率(%) | 25.96 | 29.95 | -13.32 | 2.53 | 数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 不分配不转增 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 5555.34万股 ...

Financial Performance - The company's operating revenue for 2024 was CNY 2,785,797,297.92, representing a 25.90% increase compared to CNY 2,212,636,261.51 in 2023[19] - The net profit attributable to shareholders for 2024 was CNY 179,685,304.08, up 16.84% from CNY 153,783,023.19 in 2023[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 164,332,527.76, reflecting a 16.25% increase from CNY 141,362,317.93 in 2023[19] - The net cash flow from operating activities for 2024 was CNY 666,747,270.19, a 9.77% increase from CNY 607,394,990.81 in 2023[19] - Basic earnings per share for 2024 were CNY 1.5191, an increase of 16.33% from CNY 1.3059 in 2023[19] - Total assets at the end of 2024 were CNY 3,828,341,166.42, a 21.45% increase from CNY 3,152,300,829.06 at the end of 2023[19] - Net assets attributable to shareholders at the end of 2024 were CNY 825,492,942.92, up 36.64% from CNY 604,136,673.60 at the end of 2023[19] - The company achieved an annual revenue of RMB 2.786 billion, representing a growth of 25.90% compared to the previous year[40] - The net profit attributable to shareholders reached RMB 180 million, an increase of 16.84% year-over-year[40] - Total assets amounted to RMB 3.828 billion, reflecting a growth of 21.45% from the end of the previous year[40] - The net assets attributable to shareholders increased to RMB 825 million, up 36.64% compared to the previous year[40] Revenue Breakdown - Revenue from educational training services accounted for 96.83% of total revenue, amounting to ¥2,697,388,962.52, with a year-on-year growth of 25.64%[52] - The eastern region contributed 59.84% of total revenue, with a 31.39% increase to ¥1,666,978,370.93 compared to the previous year[52] - The company experienced a significant decline in rental income, with housing rental revenue dropping by 91.67% to ¥547,899.10 from ¥6,574,789.17 in the previous year[52] Operational Highlights - The company is focusing on expanding its educational services in line with the national education reform outlined in the "Education Strong Country Construction Plan" for 2024-2035[28] - The company plans to enhance its digital education capabilities, leveraging artificial intelligence to transform educational practices[30] - The company has reported no significant discrepancies between financial reports under international accounting standards and Chinese accounting standards[21] - The company has expanded its network of learning centers across major cities, effectively integrating online and offline teaching methods[49] - The company has developed a comprehensive intelligent teaching service system to enhance teaching quality and student experience[49] Investment and Acquisitions - The company completed acquisitions of Shenyang International Business School and Zhuhai City Industry and Trade Technical School, strengthening its vocational education core segment[43] - The company has formed deep collaborations with multiple vocational colleges and leading enterprises, focusing on high-quality vocational skills training and employment pathways[44] - The company has initiated a low-altitude economy project in collaboration with Beidou Fuxi and Changchun Technician College, marking the first low-altitude economic education integration project in Northeast China[45] Risk Management and Compliance - The company emphasizes the importance of risk management in its operations and has outlined potential risks and countermeasures in its report[4] - The company is committed to improving its management mechanisms to retain its core management team and reduce turnover risks[101] - The company will focus on enhancing brand influence through high-quality products and effective marketing strategies[101] Shareholder and Governance - The company held 3 shareholder meetings during the reporting period, including 1 annual and 1 extraordinary meeting, ensuring compliance with relevant regulations[110] - The board of directors convened 8 meetings, with all directors actively participating and providing input on company development[110] - The company emphasizes information disclosure, adhering to regulations and ensuring timely and accurate communication of significant information[112] - The company maintains independent operations from its controlling shareholder, ensuring no interference in decision-making[111] Employee and Management Changes - The company announced the resignation of Chairman Wu Shengwu due to personal reasons on April 20, 2024[120] - Independent director Wang Zhen will leave the company upon the expiration of his term on May 21, 2024[119] - The company appointed Jin Xin as the new Chairman effective April 25, 2024, following a work transfer[120] - The company is undergoing a management transition with multiple appointments and resignations scheduled for October 2024[120] Community Engagement and Social Responsibility - The company organized 635 community activities in 2024, engaging 18,624 participants to promote reading and cultural awareness[163] - A total of 144 traditional cultural events were held in 2024, including non-heritage craft experiences and seasonal activities, aimed at enhancing cultural literacy[164] - The company launched the "Kaiming Reading Growth Plan" in October 2024, donating books worth 120,000 RMB and borrowing cards valued at 300,000 RMB to local schools[165] Future Outlook - The company remains optimistic about future growth, citing strong demand and a robust pipeline of new offerings[104] - The company plans to adjust the use of raised funds, reallocating portions to projects such as "Vocational Education Network and Full-time Base Construction" and "Cultural Service Space Construction" to enhance efficiency[88] - The company is exploring potential acquisitions to enhance its market position, with a budget of 500 million RMB allocated for this purpose[104]

Financial Performance - The company's revenue for Q1 2025 reached ¥863,682,650.93, representing a 22.46% increase compared to ¥705,295,542.82 in the same period last year[5] - Net profit attributable to shareholders was ¥73,773,510.85, marking a 47.00% increase from ¥50,184,744.28 year-over-year[5] - Basic earnings per share increased by 45.45% to ¥0.6199 from ¥0.4262 in the same quarter last year[5] - Net profit for the current period was ¥73,464,935.69, representing a 45.0% increase compared to ¥50,744,325.45 in the previous period[20] - The total comprehensive income for the current period was ¥73,464,935.69, compared to ¥50,882,491.61 in the previous period, indicating strong growth[20] Cash Flow - The net cash flow from operating activities was ¥468,579,638.55, up 5.43% from ¥444,448,938.95 in the previous year[5] - Cash inflow from operating activities totaled 1,110,807,130.22, compared to 977,917,334.76 in the previous period, reflecting a growth of approximately 13.5%[22] - Cash outflow from operating activities was 642,227,491.67, up from 533,468,395.81, indicating a rise of about 20.4%[22] - Investment activities generated a net cash flow of -314,402,514.39, slightly worse than -303,321,528.96 from the previous year[22] - The net increase in cash and cash equivalents was -22,441,829.28, contrasting with a positive increase of 48,381,937.87 in the previous year[23] Assets and Liabilities - Total assets as of March 31, 2025, were ¥4,148,049,142.06, an 8.35% increase from ¥3,828,341,166.42 at the end of the previous year[5] - Total liabilities increased to ¥3,318,321,896.38, up 9.7% from ¥3,025,990,209.66 year-over-year[18] - The equity attributable to the parent company increased to ¥853,177,807.00, a rise of 3.5% from ¥825,492,942.92[18] Investment and Expenses - The company reported a significant increase of 272.25% in trading financial assets, totaling ¥394,551,223.46 due to increased investment in financial products[9] - Investment income surged by 2402.64% to ¥13,359,430.86, attributed to the recovery of previously impaired equity funds[9] - Sales expenses rose by 39.36% to ¥53,333,461.99, primarily due to increased market investments during the reporting period[9] - Research and development expenses were ¥8,026,358.36, slightly up from ¥7,994,922.60 in the previous period[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 11,442[11] - The largest shareholder, Zhejiang Taizhou Yelin Bay Investment Planning Co., Ltd., holds 10.22% of shares, totaling 12,449,032 shares, with 10,820,000 shares pledged[11] - The second-largest shareholder, Tianjin Ante Cultural Communication Co., Ltd., holds 8.69% of shares, totaling 10,591,672 shares, with 4,980,000 shares pledged[11] Share Repurchase - The company plans to repurchase shares using self-owned and/or self-raised funds, with a total amount not less than RMB 110 million and not exceeding RMB 150 million, at a price not exceeding RMB 66.80 per share[13] - The company has completed the repurchase of 1,208,600 shares, with a total payment of RMB 59,995,169, and has completed the cancellation of these shares[14]

证券代码：000526 证券简称：学大教育 公告编号：2025-018 学大（厦门）教育科技集团股份有限公司 关于副总经理辞职的公告 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"）董事会于近 日收到副总经理吕媛女士提交的书面辞职报告，吕媛女士因个人工作安排原因辞 去公司副总经理职务，其辞职事项自辞职报告送达董事会时生效。辞职后，吕媛 女士不再担任公司及控股子公司任何职务。 学大（厦门）教育科技集团股份有限公司 董 事 会 2025 年 4 月 17 日 吕媛女士原任期为 2024 年 10 月 28 日至公司第十届董事会任期届满日止。 截至本公告披露之日，吕媛女士未持有公司股票。 吕媛女士辞职后将继续遵守《上市公司董事和高级管理人员所持本公司股份 及其变动管理规则》《深圳证券交易所上市公司自律监管指引第 18 号——股东及 董事、高级管理人员减持股份》等法律法规和业务规则的相关规定。 公司董事会对吕媛女士任职期间所做贡献表示衷心感谢。 特此公告。 ...

金十数据4月16日讯，学大教育公告，公司董事会近日收到副总经理吕媛的书面辞职报告，吕媛因个人 工作安排原因辞去公司副总经理职务，辞职事项自辞职报告送达董事会时生效。辞职后，吕媛不再担任 公司及控股子公司任何职务。 学大教育：吕媛辞任副总经理 ...

Summary of Conference Call Notes Industry Overview - The education sector demonstrates strong resilience despite global trade tensions and tariff barriers, making it a good long-term investment opportunity for investors [2][3][5] Key Points on Specific Companies Xue Da Education - Xue Da Education is expected to benefit from a peak in high school enrollment around 2030, with a record number of college entrance exam registrations this year, supporting its performance over the next 3-5 years [3][5] - The company is projected to achieve a net profit of approximately 272 million yuan by 2025, with a valuation level of about 23 times earnings, indicating significant growth potential [3][7] - The high school tutoring market is currently free from significant price wars due to a controlled competitive landscape, allowing for stable pricing and growth [6] - Xue Da's network expansion potential is substantial, with the possibility of doubling its current nearly 300 locations, which could further enhance its profitability [7] Action Education - Action Education focuses on corporate management training, targeting companies with revenues over 300 million yuan, which provides strong cash flow stability and resilience against economic pressures [8][9] - The company anticipates a year-on-year revenue growth of approximately 5% in 2024, with a significant quarterly increase of about 17% expected in Q4 [10] - Long-term growth drivers include the "Hundred Schools Plan" for channel expansion and AI-enabled business upgrades, with projected revenues of 1.023 billion yuan and profits of about 332 million yuan by 2025 [11][12] - Action Education's business model shows strong resilience across different economic cycles, maintaining training budgets even during economic downturns [9] AI Technology in Education - AI applications in education are primarily focused on efficiency improvements, with leading companies leveraging brand strength and R&D capabilities to stay ahead [4] - The successful implementation of AI in education depends not only on technology but also on organizational structure and trust with parents [4] Financial Outlook - Action Education's profitability is expected to maintain a growth rate of 10% to 15% in the coming years, supported by strong cash flow and a high dividend payout ratio [12] - The company has committed to maintaining a dividend payout ratio of no less than 80% over the next three years, with expected dividend yields of 6% to 7% [12] Conclusion - The education sector, particularly companies like Xue Da Education and Action Education, presents promising investment opportunities due to their resilience, growth potential, and strategic positioning in the market [2][3][5][8][12]

学大教育（000526.SZ）深度报告 战略转型创始人回归，个性化教育龙头再启航 2025 年 04 月 12 日 ➢ 投资建议：个性化教育龙头再启航，首次覆盖"推荐"评级。预计 2024-2026 年公司营收别同比增长 21.4%、20.0%和 15.3%；归母净利润分别同比增长 17.3%、 34.8%和 22.9%，EPS 分别为 1.48 元、1.99 元和 2.45 元，PE 分别为 35 倍、26 倍 和 21 倍，PB 分别为 8.1 倍、6.6 倍和 5.0 倍，PS 分别为 2.4 倍、2.0 倍和 1.7 倍， 估值优势较为显著。公司是个性化教育龙头企业和教育中概股回归"第一股"，个性 化教育、职业教育、文化阅读和医教融合等发展良好。公司拥有较为完善的业务网络， 丰富的产品矩阵，雄厚的师资力量，较多的研发投入，竞争力强，受益中高考"黄金 十年"。同时，另外，公司推出了股权激励计划和回购计划，有利于员工的积极性， 彰显对公司价值认可。看好公司未来的成长性，首次覆盖，给予"推荐"评级。 推荐 首次评级 当前价格： 51.99 元 [Table_Author] ➢ 风险提示：政策风险、市场竞争加 ...

Core Insights - The report emphasizes the importance of domestic demand and high-performing leading companies, as well as sectors benefiting from increased tariffs [3][7] - The consumer services sector has outperformed benchmarks since March, with low-valued high-performing stocks showing resilience amid tariff negotiations [3][10] Sector Analysis 1. Consumer Internet Platforms - The performance of leading companies in the consumer internet space is expected to be stable, with significant growth in domestic travel during the Qingming holiday [4] - Companies like Tongcheng Travel and Ctrip are projected to benefit from increased user engagement and market penetration [4][19] 2. Natural Scenic Area Leaders - Companies in this sector are noted for their defensive attributes, with expected profit growth driven by increased visitor numbers during holidays [4] - Jiuhua Tourism is anticipated to see a net profit increase of approximately 32% in Q1, supported by improved visitor flow [4][8] 3. Chain Consumption Leaders - The hotel industry is showing signs of stabilization, with RevPAR (Revenue per Available Room) expected to improve due to rising travel demand [5][25] - Major hotel chains are focusing on expanding their market share through aggressive opening strategies, with significant growth targets set for 2025 [28][33] 4. Duty-Free Sector - The duty-free market is positioned to benefit from tariff increases, with a focus on the recovery of consumer spending and the influx of foreign tourists [6][7] - The report highlights the potential for growth in the duty-free segment as policies evolve to stimulate economic recovery [6][19] Investment Recommendations - The report suggests a focus on companies such as Tongcheng Travel, Meituan-W, Ctrip Group-S, and Huazhu Group-S, which are expected to perform well in the current economic environment [7][8] - The emphasis is on sectors with strong domestic demand and those that are likely to benefit from tariff adjustments, indicating a favorable investment outlook [7][8]

根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9号——回购股份》等相关规定，公司应当在回购期间每个月的前三个交易日内 披露截至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 一、回购公司股份的进展情况 截至2025年3月31日，公司通过回购专用证券账户以集中竞价交易方式累计 回购公司股份数量为1,208,600股，占公司目前总股本的0.99%，其中最高成交价 为52.130元/股，最低成交价为48.499元/股，支付总金额为 59,995,169元（不含交 易费用）。 证券代码：000526 证券简称：学大教育 公告编号：2025-017 本次回购股份资金来源为公司自有资金和/或自筹资金，回购价格未超过回 购方案中拟定的价格上限人民币66.80元/股（含）。本次回购符合相关法律法规 及公司既定回购股份方案的要求。 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 ...