证券代码：000526 证券简称：学大教育 公告编号：2025-043 学大（厦门）教育科技集团股份有限公司 第十届董事会第二十三次会议决议公告 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。 一、董事会会议召开情况 学大（厦门）教育科技集团股份有限公司（以下简称"公司"）第十届董事 会第二十三次会议的通知已于 2025 年 5 月 20 日以电子邮件方式送达全体董事。 本次会议于 2025 年 5 月 23 日 14:00 在北京市朝阳区樱辉科技中心 4 层会议室以 现场结合通讯方式召开。本次会议应参加表决董事 7 人，实际参加表决董事 7 人，会议由董事长金鑫先生主持。公司监事和高级管理人员列席了本次会议。本 次会议的召开符合《中华人民共和国公司法》（以下简称"《公司法》"）等有关法 律、法规、规范性文件和《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于修订<公司章程>的议案》 根据《公司法》《上市公司章程指引》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》等法律法 规及规范性文 ...

Meeting Announcement - The company will hold its 2024 Annual Shareholders' Meeting on May 23, 2025, at 14:30, combining on-site voting and online voting [1][6] - The online voting will take place on the same day, with specific time slots for voting through the Shenzhen Stock Exchange trading system and internet voting system [1][5] Eligibility and Registration - All ordinary shareholders registered by the close of trading on May 19, 2025, are eligible to attend the meeting and vote [1][5] - Shareholders can register for the meeting in person or via mail/fax, with specific documentation required for both methods [5][6] Proposals for Voting - The meeting will include several proposals, including: - A proposal regarding unremedied losses exceeding one-third of the total paid-in capital [4] - A proposal to terminate certain fundraising investment projects and permanently supplement remaining funds for working capital [4] - A proposal to authorize the board to handle small-scale rapid financing matters [4] - Special resolutions require approval from at least two-thirds of the voting rights held by attending shareholders, while ordinary resolutions require a simple majority [4] Voting Process - The company provides a network voting platform for all shareholders, with detailed procedures for participating in the voting process [7] - Shareholders must complete identity verification to access the online voting system [7]

证券代码：000526 证券简称：学大教育 公告编号：2025-041 学大（厦门）教育科技集团股份有限公司 关于召开 2024 年年度股东会的提示性公告 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"或"本公司"） 于2025年4月24日召开第十届董事会第二十二次会议，审议通过了《关于召开2024 年年度股东会的议案》。公司于2025年4月26日在巨潮资讯网（www.cninfo.com.cn） 披露了《关于召开2024年年度股东会的通知》（公告编号：2025-021）。公司2024 年年度股东会将采用现场表决和网络投票相结合的方式召开。现将有关事项再次 提示如下 一、召开会议的基本情况 1．股东会届次：2024年年度股东会。 2．股东会的召集人：公司董事会，本公司2025年4月24日召开的第十届董事 会第二十二次会议审议通过了《关于召开2024年年度股东会的议案》。 3．会议召开的合法、合规性：本次股东会的召开符合有关法律、行政法规、 部门规章、规范性文件、深圳证券交易所相关业务规则和《公司章程》的规 ...

Investment Rating - The investment rating for the company is "Buy" with an expectation of over 10% return relative to the CSI 300 index in the next six months [1][10]. Core Views - The company has a solid foundation in its core education business and is clearly defining new growth trajectories. It has diversified its business model to include personalized education, vocational training, cultural reading, and medical-education integration [6]. - The company achieved a revenue of 2.786 billion yuan in 2024, representing a year-on-year growth of 25.9%. The net profit attributable to shareholders was 180 million yuan, up 16.84% year-on-year [6][8]. - The company is expanding its personalized education centers and has established over 30 full-time training bases across various provinces, enhancing its competitive edge [6][7]. Financial Performance - In 2024, the company reported a revenue of 2.786 billion yuan, with a quarterly breakdown showing revenues of 705 million, 915 million, 627 million, and 539 million yuan for Q1 to Q4 respectively [6]. - The gross profit margin for 2024 was 34.56%, a decrease of 1.94 percentage points year-on-year, primarily due to declines in the gross margin of education training services and equipment leasing [6][8]. - The company expects net profits to grow to 244 million yuan in 2025, with earnings per share (EPS) projected at 2.00 yuan, reflecting a price-to-earnings (PE) ratio of 27 times [8]. Business Segmentation - The education training service segment generated 2.697 billion yuan in revenue for 2024, with a year-on-year growth of 25.64% [8]. - The company has also ventured into vocational education by acquiring and managing several vocational schools, aiming to create a second growth curve [7][8]. - New business initiatives in cultural reading and medical-education integration are being explored, with the potential for long-term growth [7].

内容概况：自"双减"政策实施以来，学科类培训全面纳入监管框架，非学科类机构亦需完成备案及资金 监管。2024年，全国超70%的少儿培训机构完成合规化整改，行业准入门槛显著提升。政策同时鼓励素 质教育发展，如编程、艺术、体育等赛道获得明确支持，推动机构向多元化转型。同时，在技术赋能 下，AI互动课、智能题库等新模式降低获客成本，如斑马AI课通过"9.9元体验课"获客超百万。此外， 教育部门推动的"课后服务进校园"政策，促使机构与公立校合作项目增加，形成"B端+C端"双轮驱动。 2024年，中国少儿培训行业市场规模为9984亿元，同比增长7.51%。 相关上市企业：学大教育（000526）、美吉姆（002621）、全通教育（300359）、科德教育 （300192）、昂立教育（600661） 相关企业：世纪天鸿教育科技股份有限公司、北京楷德教育咨询有限公司、北京大米科技有限公司、北 京大米科技有限公司、北京猿力科技有限公司、北京作乐科技有限公司、北京翼鸥教育科技有限公司、 深圳市腾讯计算机系统有限公司、中国少儿培训联盟有限公司、科大讯飞股份有限公司、北京智慧树教 育科技有限公司、迪士尼英语培训服务（上海）有限公司 ...

证券研究报告 行业深度 商贸零售&社会服务 高性价比国产大模型应用落地加速，探索 AI+消费投资机会 AI+消费专题报告 2025 年 05 月 13 日 评级 同步大市 维持 | 重点股票 | 2024A | | 2025E | | 2026E | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | | EPS（元） PE（倍） EPS（元） PE（倍）EPS（元） PE（倍） | | | | | | | | 小商品城 | 0.56 | 28.81 | 0.72 | 22.35 | 0.92 | 17.63 | 增持 | | 学大教育 | 1.47 | 36.54 | 2.07 | 25.97 | 2.66 | 20.27 | 增持 | 执业证书编号:S0530522020001 zhangxiyue@hnchasing.com 相关报告 1 商贸零售行业事件点评：离境退税政策优化升 级，释放入境消费新动能 2025-04-14 此报告 考 请务必阅读正文之后的免责条款部分 资料来源： iFinD ，财信证券 行业涨跌幅比较 % 1M 3M ...

Core Viewpoint - The company has initiated a share repurchase program, with the aim of using the repurchased shares for equity incentives and/or cancellation, having already repurchased 1.07% of its total share capital as of May 13, 2025 [2][3][4] Summary by Sections Share Repurchase Plan - The company approved a share repurchase plan on January 17, 2025, allowing for the repurchase of shares using self-owned and/or self-raised funds, with a total fund amount between RMB 110 million and RMB 150 million [2] - The maximum repurchase price is set at RMB 66.80 per share, with a repurchase period not exceeding 12 months from the approval date [2] Progress of Share Repurchase - As of May 13, 2025, the company has repurchased a total of 1,298,300 shares, representing 1.07% of the total share capital, with a total expenditure of approximately RMB 64.71 million [2][3] - The highest transaction price recorded was RMB 52.74 per share, while the lowest was RMB 48.50 per share [2] Use of Repurchased Shares - The repurchased shares will primarily be used for cancellation, with an initial cancellation amount of RMB 60 million planned [3] - The company has completed the cancellation of the repurchased shares as of March 26, 2025, and will proceed with necessary registration changes [3] Future Plans - The company intends to continue the share repurchase plan based on market conditions and will fulfill its information disclosure obligations as required by relevant laws and regulations [4]

证券代码：000526 证券简称：学大教育 公告编号：2025-040 学大（厦门）教育科技集团股份有限公司 关于回购公司股份比例达到 1%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- ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - In 2024, the company achieved an operating revenue of 2.786 billion yuan, a year-on-year increase of 25.90%, and a net profit attributable to the parent company of 180 million yuan, up 16.84% year-on-year. After excluding the impact of stock incentive expenses, the net profit and the net profit after deducting non-recurring gains and losses increased by 34.04% and 34.88% respectively [2][6] - For Q1 2025, the company reported an operating revenue of 864 million yuan, a year-on-year increase of 22.46%, and a net profit attributable to the parent company of 73.77 million yuan, up 47.00% year-on-year. Excluding stock incentive expenses, the net profit and the net profit after deducting non-recurring gains and losses increased by 49.67% and 33.75% respectively [2][6] - The company is expected to achieve net profits attributable to the parent company of 260 million, 340 million, and 430 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 25, 20, and 15 times [2][6] Summary by Sections Revenue Growth - The company focuses on the East China region as its main target market, steadily expanding its network and recruiting teachers, leading to robust business growth. The number of personalized learning centers increased from over 240 to more than 300, with a year-on-year growth rate of over 25%, covering over 100 cities [13] - Revenue by region for 2024 shows East China contributing 1.667 billion yuan (up 31.39%), Central China 268 million yuan (up 27.66%), and West China 850 million yuan (up 15.92%), with respective shares of 59.84%, 9.63%, and 30.53% [13] Profitability - The company opened many new stores, which initially increased rental and labor costs, impacting gross margin. The overall gross margin for 2024 was 34.56%, a decrease of 1.95 percentage points year-on-year. However, cost optimization in various expense categories helped mitigate some of the gross margin pressure [13] - In Q1 2025, the gross margin was 32.02%, slightly down by 0.40 percentage points year-on-year, while the net profit margin increased to 8.51%, up 1.31 percentage points year-on-year due to increased investment income [13] Future Outlook - The company is positioned as a leader in personalized education, benefiting from a supply-demand imbalance in the market. The expansion of new outlets is expected to enhance market share and operational efficiency, leading to significant growth in performance as these outlets mature [13] - The company is also accelerating its layout in technology-enabled education, aiming to build core competitiveness and integrate resources to foster innovation in its business segments, ensuring sustainable growth in the future [13]

证券代码：000526 证券简称：学大教育 公告编号：2025-039 学大（厦门）教育科技集团股份有限公司 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。 二、已回购公司股份的安排及风险提示 根据公司本次回购股份方案，回购的股份将用于股权激励和/或注销，回购 股份优先用于注销，注销股份金额为6,000万元（具体金额为根据深圳证券交易 所股票交易系统集中竞价交易情况，使用资金达到6,000万元前一手），股权激 励具体方案另行制订。公司如未能在股份回购完成之后36个月内将回购股份用于 上述用途，未使用部分将履行相关程序予以注销。 其中，公司回购优先用于注销部分的股份已回购完成。经中国证券登记结算 有限责任公司深圳分公司确认，公司已于2025年3月26日办理完成公司已回购股 份的注销手续，具体内容详见公司于2025年3月28日刊登于巨潮资讯网的《关于 部分回购股份注销完成暨股份变动的公告》（公告编号：2025-016）。公司后续 将依照相关规定办理工商变更登记等相关事宜。 截至本公告披 ...