证券代码：000526 证券简称：学大教育 公告编号：2026-002 学大（厦门）教育科技集团股份有限公司 关于财务负责人辞职及聘任财务负责人的公告 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。 一、财务负责人辞职情况 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、财务负责人李玉玲女士提交的书面辞职报告，李玉玲女士因个 人工作安排原因辞去公司副总经理、财务负责人职务，其辞职事项自辞职报告送 达董事会时生效。辞职后，李玉玲女士不再担任公司及控股子公司任何职务。截 至本公告披露之日，李玉玲女士未持有公司股票，承诺遵守中国证监会及深圳证 券交易所股份管理相关规定，不存在应当履行而未履行的承诺事项，亦没有特别 向董事会说明的情况。 根据《公司法》《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、规范性文件及 《公司章程》的有关规定，李玉玲女士辞去公司财务负责人及副总经理职务的申 请自书面辞职报告送达公司董事会之日起生效。 公司董事会对李玉玲女士任职期间所做贡献表 ...

证券代码：000526 证券简称：学大教育 公告编号：2026-003 学大（厦门）教育科技集团股份有限公司 关于与关联方专业投资机构共同新设合伙企业及对外投资 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。 1、基本信息 企业名称：共青城学成启航创业投资合伙企业（有限合伙） 基金规模：3611 万元 组织形式：有限合伙企业 执行事务合伙人：银润（上海）私募基金管理有限公司 一、交易概述 学大（厦门）教育科技集团股份有限公司（以下简称"公司"）为拓展战略 业务发展空间，积极顺应国家新兴产业导向和打造高技能人才教育新场景，拟通 过全资子公司北京学大信息技术集团有限公司（以下简称"学大信息"）以新设 合伙企业的方式，向专注 EDA 工具与半导体 IP 研发的江阴启芯领航半导体有限 公司（以下简称"江阴启芯领航""投资标的"）进行增资，预计新设合伙企业 认缴出资额不超过人民币 3,610 万元，向江阴启芯领航增资金额不超过人民币 3,500 万元，投资完成后预计持有江阴启芯领航股权 6.4791%。其中，新设合伙 企业及投资江阴启芯领航涉及关联交易。 公司于 ...

证券代码：000526 证券简称：学大教育 公告编号：2026-001 （一）审议通过《关于聘任财务负责人的议案》 学大（厦门）教育科技集团股份有限公司 第十一届董事会第五次会议决议公告 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"）第十一届董 事会第五次会议的通知已于 2026 年 1 月 23 日以电子邮件方式送达全体董事，本 次会议于 2026 年 1 月 26 日上午 10:00 在北京市朝阳区樱辉科技中心学大教育会 议室以现场结合通讯方式召开。本次会议应参加表决董事 8 人，实际参加表决董 事 8 人，本次会议由董事长金鑫先生主持。公司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》等有关法律、法规、规范性文件 和《公司章程》的有关规定。经与会董事审议，一致表决通过了如下事项： 二、董事会会议审议情况 表决结果：同意：8 票，反对：0 票，弃权：0 票。 该议案已经公司第十一届董事会提名委员会 2026 年第 1 次会议、第十一届 董事会审计委员 ...

Market Overview - The education sector experienced a decline of 2.45% on January 26, with China High-Tech leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Individual Stock Performance - Notable performers included: - Chuangye Heima (300688) with a closing price of 32.56, up 2.88% and a trading volume of 201,700 shares, totaling 662 million yuan [1] - ST Guohua (600636) closed at 9.51, up 0.53% with a trading volume of 50,600 shares, totaling 47.77 million yuan [1] - Conversely, China High-Tech (600730) saw a significant drop of 6.00%, closing at 10.50 with a trading volume of 420,400 shares, totaling 452 million yuan [2] - Other notable declines included: - Kede Education (300192) down 4.52% to 21.75 [2] - Dongshi ST (603377) down 0.51% to 3.91 [1] Capital Flow Analysis - The education sector experienced a net outflow of 441 million yuan from institutional investors, while retail investors saw a net inflow of 377 million yuan [2] - The capital flow for individual stocks showed: - Chuangye Heima had a net outflow of 51.57 million yuan from institutional investors [3] - ST Guohua experienced a net outflow of 4.60 million yuan from institutional investors [3] - Kede Education had a net inflow of 4.29 billion yuan from retail investors [2]

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - In December 2025, the year-on-year growth of social retail sales was 0.9%, with a total of 4.5 trillion yuan, indicating a decline of 0.4 percentage points compared to November 2025. Excluding automobiles, the total was 4.0 trillion yuan, growing by 1.7% year-on-year [5] - The report emphasizes the importance of service consumption sectors for the upcoming Spring Festival opportunities [5] - The report suggests a shift in retail industry logic from "adjusting input" to "adjusting output," with a focus on improving same-store sales and customer flow, which will enhance profit elasticity as the share of high-margin private brands increases [5] Summary by Sections Retail Sector Performance - In December 2025, retail sales of goods reached 3.9 trillion yuan, growing by 0.7% year-on-year, while catering revenue was 0.6 trillion yuan, with a year-on-year growth of 2.2% [5] - The growth rates for various categories in December included: - Grain and oil food retail sales grew by 3.9% - Beverage retail sales grew by 1.7% - Tobacco and alcohol retail sales declined by 2.9% [5] - In the optional consumer goods category, cosmetics and gold and silver jewelry retail sales grew by 8.8% and 5.9%, respectively [5] E-commerce Insights - The e-commerce penetration rate slightly decreased, with online retail sales of physical goods reaching 13.1 trillion yuan in 2025, a year-on-year increase of 5.2%. The penetration rate was 26.1%, a decrease of 0.7 percentage points year-on-year [5] - For the year, the growth rates for e-commerce categories were: food (14.5%), clothing (1.9%), and daily necessities (4.1%) [5] Investment Recommendations - Retail: Focus on companies like Bubugao, Huijia Times, Yonghui Supermarket, and Chongqing Department Store [5] - Cosmetics: Prefer high-end brand assets and consider low-positioned stocks like Maogeping and Yixian E-commerce [5] - Jewelry: Anticipate strong sales during the traditional gold sales peak in Q1, with recommendations for Laopu Gold and Mankalon [5] - Tourism: Focus on winter sports themes and the Spring Festival market, with recommendations for Changbai Mountain and Huangshan Tourism [5] - Education: Highlight opportunities in undervalued vocational education stocks like China Oriental Education and Action Education [5]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The luxury goods retail revenue in China is showing signs of recovery, with high-end brands like LVMH, Hermès, and Prada experiencing positive growth since Q2 2025 [15][16] - The global network literature market is witnessing rapid growth, particularly in Latin America, with WebNovel reaching nearly 400 million cumulative users by October 2025 [34][35] - The micro-drama and comic-drama market in China is projected to exceed 100 billion yuan in 2025, significantly surpassing the film box office revenue [37][38] - The probiotic market is expanding, with a focus on next-generation probiotics (NGPs) like AKK bacteria, which show significant potential in health applications [55][63] Summary by Sections 1. Duty-Free Shopping - Post-New Year duty-free shopping in Hainan shows strong growth, with sales reaching 3.89 billion yuan and a 49.6% year-on-year increase in shopping amount [31][33] - The high net worth individuals are expected to drive luxury consumption, with a notable increase in spending on preservation-type luxury goods [15][16] 2. Network Literature - The Chinese network literature market reached 49.55 billion yuan in 2024, with a 29.37% year-on-year growth, while the overseas market grew by 10.68% [34] - WebNovel has cultivated nearly 530,000 authors and over 820,000 original works, with a significant increase in user engagement [34][35] 3. Micro-Drama - The micro-drama and comic-drama market in China is expected to reach 100 billion yuan in 2025, with a 98% year-on-year growth [37][38] - The user base for micro-dramas is approaching 700 million, with a strong preference among female viewers [40][42] 4. Probiotics - The global probiotic market is projected to grow at a CAGR of 8.7%, reaching 93.49 billion USD by 2028, with China's market expected to reach 134.89 billion yuan by 2024 [55][63] - Next-generation probiotics like AKK bacteria are gaining traction, with significant potential in health management and consumer interest [55][63]

Investment Rating - The report maintains a "Recommendation" rating for the education industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The education industry is experiencing 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 expected to benefit from a "Davis Double Play" in terms of performance and valuation under policy support [7][26]. - The integration of artificial intelligence (AI) into education is highlighted as a key investment theme, with leading education companies likely to benefit from the "AI + Education" trend [7][26]. Summary by Sections 1. Industry Policy Dynamics - On January 12, the Ministry of Education announced the approval of 14 new higher education institutions, including 7 public and 1 private vocational colleges [10][12]. - Guangdong plans to increase 200,000 ordinary high school seats by 2026 as part of its educational enhancement initiatives [10][12]. - Jiangsu's "AI + Education" action plan aims for over 70% penetration of new intelligent terminals by 2027 and a trillion-yuan industry scale by 2030 [10][12]. - The "China-UK Study Tour Pilot Program" was launched, facilitating deeper educational cooperation between the two countries [10][12]. 2. Company Dynamics - Zhonggong Education launched the "Zhonggong AI Interview" training product, enhancing its offerings in AI-driven education [13]. - Huatu Education held an "AI Transformation Upgrade Conference," marking its transition to an AI-driven growth model [13]. 3. Industry Performance - The education sector outperformed the CSI 300 index, with the CITIC Education Index increasing by 1.69% compared to a decline of 0.57% in the CSI 300 [7][15]. - The best-performing stocks in the education sector included Action Education (+9.65%), *ST Guohua (+7.99%), and Huatu Shanding (+4.73%) [19][20]. 4. Investment Recommendations - The report suggests focusing on three main investment lines: 1. "AI + Education" with companies like 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. Companies like Botong Co. and Huatu Shanding are actively seeking new growth avenues [26].

Core Viewpoint - The education sector experienced a decline of 2.94% on January 16, with significant losses led by BoRui Communication, while the overall market indices also saw slight decreases [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4101.91, down 0.26%, and the Shenzhen Component Index closed at 14281.08, down 0.18% [1] - The education sector's individual stock performance showed varied results, with ST Dongshi rising by 4.14% and BoRui Communication falling by 6.76% [1][2] Group 2: Trading Volume and Value - ST Dongshi had a trading volume of 155,700 shares and a transaction value of 65.71 million yuan, while BoRui Communication had a trading volume of 1,274,600 shares with a transaction value of 770 million yuan [1][2] - The total net outflow of main funds in the education sector was 637 million yuan, while retail investors saw a net inflow of 494 million yuan [2] Group 3: Fund Flow Analysis - Main funds showed a net inflow in ST Guohua of 11.65 million yuan, while BoRui Communication experienced a net outflow of 797,000 yuan [3] - Retail investors contributed positively to several stocks, with notable inflows in ST ChuanZhi and Action Education, despite overall sector outflows [3]

Core Viewpoint - The education sector experienced a decline of 3.52% on January 15, with BoRui Communication leading the drop. The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index rose by 0.41% to 14306.73 [1]. Group 1: Market Performance - The education sector's stocks showed varied performance, with notable declines in several companies, including BoRui Communication, which fell by 10.04% to a closing price of 6.36 [2]. - Other significant declines included Kede Education at -6.78% and ZhongGong Education at -6.61% [2]. - The trading volume for BoRui Communication reached 1.19 million shares, with a transaction value of 7.81 billion [2]. Group 2: Capital Flow - The education sector saw a net outflow of 675 million from institutional investors, while retail investors contributed a net inflow of 650 million [2]. - The data indicates that retail investors were more active, with a net inflow of 24.56 million from speculative funds [2]. - Specific stocks like *ST Guohua and Action Education had mixed capital flows, with *ST Guohua seeing a net inflow of 9.84 million from institutional investors [3].

Market Performance - The education sector rose by 5.78% on January 12, with Dou Shen Education leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Individual Stock Performance - Dou Shen Education (300010) closed at 8.85, up 14.64%, with a trading volume of 3.5247 million shares and a transaction value of 2.971 billion [1] - Bo Rui Chuan Bo (600880) closed at 7.12, up 10.05%, with a trading volume of 309,200 shares and a transaction value of 220 million [1] - Kaiwen Education (002659) closed at 6.85, up 9.95%, with a trading volume of 772,300 shares and a transaction value of 511 million [1] - Other notable performers include Chuangye Dengdiao (300688) at 33.39 (+6.24%), and Quantu Education (300359) at 5.87 (+5.96%) [1] Capital Flow Analysis - The education sector saw a net inflow of 130 million from institutional investors, while retail investors experienced a net inflow of 96.5441 million [2] - Retail investors had a net outflow of 226 million, indicating a mixed sentiment among different investor types [2] Detailed Capital Flow for Selected Stocks - Dou Shen Education had a net inflow of 131 million from institutional investors, but a net outflow of 139 million from retail investors [3] - Kaiwen Education saw a net inflow of 62.1994 million from retail investors, but a net outflow of 43.7355 million from institutional investors [3] - Zhonggong Education (002607) had a net inflow of 24.5869 million from retail investors, with a net outflow of 25.5291 million from institutional investors [3]