Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has maintained high revenue growth, with a projected total revenue of 27.86 billion yuan for 2024, representing a year-on-year increase of 26% [8] - The core education business is experiencing steady growth, focusing on personalized education, with a significant increase in the number of learning centers and teachers [8] - The company is expanding into new business areas, including vocational education and health management, while continuing to strengthen its core personalized education services [8] Financial Performance Summary - Total revenue projections for the company are as follows: 2,786 million yuan in 2024, 3,374 million yuan in 2025, 3,917 million yuan in 2026, and 4,491 million yuan in 2027, with respective year-on-year growth rates of 25.90%, 21.12%, 16.08%, and 14.66% [1][9] - The net profit attributable to the parent company is expected to reach 179.69 million yuan in 2024, 257.38 million yuan in 2025, 327.48 million yuan in 2026, and 395.99 million yuan in 2027, with year-on-year growth rates of 16.84%, 43.24%, 27.24%, and 20.92% respectively [1][9] - The earnings per share (EPS) are projected to be 1.47 yuan in 2024, 2.11 yuan in 2025, 2.69 yuan in 2026, and 3.25 yuan in 2027 [1][9] Business Expansion and Strategy - The company is focusing on personalized education, with over 300 learning centers and more than 4,000 dedicated teachers as of 2024 [8] - The company has made acquisitions in vocational education and is expanding its presence in cultural reading and health management sectors [8] - The company’s contract liabilities reached 11.39 billion yuan in 2025, reflecting a year-on-year increase of 14% [8]

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company is a leader in personalized education, focusing on services for high school entrance exams and actively developing vocational education, cultural reading, and medical education integration, leading to rapid revenue growth and performance release [1][4]. - The company is expected to achieve revenues of 3.22 billion yuan, 3.72 billion yuan, and 4.09 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 2.11 yuan, 2.54 yuan, and 2.93 yuan, indicating strong future growth potential [4][6]. Financial Performance - In 2024, the company achieved operating revenue of 2.786 billion yuan, a year-on-year increase of 25.90%, and a net profit attributable to shareholders of 180 million yuan, up 16.84% [1][6]. - For Q1 2025, the company reported operating revenue of 864 million yuan, a 22.46% increase year-on-year, and a net profit of 74 million yuan, reflecting a significant growth of 45.45% [1][6]. - The gross profit margins for 2024 and Q1 2025 were 34.56% and 32.02%, respectively, while net profit margins were 6.33% and 8.51% [2][6]. Debt and Cash Flow - The company's asset-liability ratio has decreased from 96.24% in 2020 to 79.04% in 2024, indicating improved financial health [3][6]. - The cash collection ratio for 2024 and Q1 2025 was 108.51% and 125.68%, respectively, demonstrating strong cash flow management [3][6]. Business Expansion - The number of personalized learning centers increased from over 240 to more than 300 by the end of 2024, covering over 100 cities and employing more than 4,000 teachers, which supports the company's expansion strategy [4][6]. - The company's contract liabilities grew significantly, with figures of 932 million yuan and 1.139 billion yuan for 2024 and Q1 2025, respectively, indicating strong growth potential [4][6].

Event Overview - In 2024, the company's revenue, net profit attributable to shareholders, net profit excluding non-recurring items, and operating cash flow were 2.786 billion, 180 million, 164 million, and 667 million yuan, respectively, representing year-on-year growth of 25.90%, 16.84%, 16.25%, and 9.77% [1] - In Q4 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 539 million, 5 million, and 3 million yuan, with year-on-year growth of 28.6%, -89.2%, and -88.2%, indicating a slight profit in the second half of the year despite rapid revenue recovery in Q4 [1] - The increase in operating cash flow was primarily due to an increase in advance payments for educational training services [1] Financial Performance - In Q1 2025, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 864 million, 74 million, and 59 million yuan, with year-on-year growth of 22.5%, 47.0%, and 27.9% [1] - The significant growth in net profit was mainly attributed to investment income from recovering previously impaired equity and a decrease in expense ratios [1] Business Segmentation - The education training, housing rental, equipment rental, and other income segments generated 2.7 billion, 1 million, 4 million, and 840 million yuan, with year-on-year growth of 25.64%, -91.67%, -20.00%, and 54.90% respectively [3] - The company has over 300 personalized learning centers and 30+ full-time training bases as of the end of 2024, with revenue from Beijing Xueda Information reaching 2.759 billion yuan, a year-on-year increase of 25.5% [3] - The company has made significant acquisitions in vocational education and established deep collaborations with various vocational colleges and industry leaders [3] Profitability Analysis - The company's gross margin for 2024 was 34.6%, a year-on-year decrease of 1.9 percentage points, primarily due to increased teacher costs and lower capacity utilization from school expansions [4] - In Q4 2024, the gross margin dropped to 32.8%, a year-on-year decline of 12.6 percentage points, with a net profit margin of 0.7% [4] - In Q1 2025, the gross margin was 32.0%, a year-on-year decrease of 0.4 percentage points, while the net profit margin improved to 8.5% [5] Cash Flow and Liabilities - As of Q1 2025, the company's contract liabilities amounted to 1.139 billion yuan, a year-on-year increase of 13.9%, primarily due to increased advance payments in the education training business [6] Investment Outlook - Short-term profitability may be impacted by intensified competition and expansion costs, but long-term growth is expected in personalized training and high-margin full-time education services [7] - The company has adjusted its revenue forecasts for 2025-2026 to 3.382 billion and 4.035 billion yuan, respectively, while lowering net profit forecasts to 255 million and 364 million yuan [7] - The projected earnings per share for 2025-2027 are adjusted to 2.09, 2.99, and 3.84 yuan, with a maintained "buy" rating based on the closing price of 54.2 yuan on April 25, 2025 [7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced significant growth in revenue and net profit in 2024, with revenue reaching 2.786 billion yuan, a year-on-year increase of 25.9% [2] - The first quarter of 2025 showed continued growth, with revenue of 864 million yuan, a year-on-year increase of 22.5% [2] - The company is focusing on expanding its personalized education and vocational training segments, with plans for further acquisitions and partnerships [4][8] Financial Performance Summary - In 2024, the company's revenue, net profit attributable to shareholders, and non-deductible net profit were 2.786 billion yuan, 180 million yuan, and 164 million yuan respectively, showing year-on-year growth of 25.9%, 16.8%, and 16.25% [2] - The operating cash flow for 2024 was 667 million yuan, indicating strong cash generation capabilities [2] - The gross profit margin for 2024 was 34.6%, a decrease of 1.9 percentage points compared to the previous year, primarily due to increased teacher costs and capacity utilization issues [6] Business Segment Analysis - The education training segment generated 2.7 billion yuan in revenue, a year-on-year increase of 25.64% [4] - The company has expanded its personalized education centers to over 300, with a significant increase in teacher numbers [4] - The vocational education segment is expected to see growth through acquisitions and partnerships with various vocational institutions [4][8] Future Outlook - The company anticipates continued growth in its high-margin full-time repeat and art examination businesses [8] - Revenue forecasts for 2025 and 2026 have been adjusted upwards to 3.382 billion yuan and 4.035 billion yuan respectively, while net profit forecasts have been slightly lowered [8][10] - The company is expected to maintain a strong return on equity (ROE) of around 25% in the coming years [10]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.79 billion yuan in 2024, representing a year-on-year increase of 25.9%, and a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [2] - In Q1 2025, the company reported a revenue of 860 million yuan, a year-on-year increase of 22.5%, and a net profit attributable to shareholders of 73.77 million yuan, up 47.0% year-on-year [2] - The company is entering a rapid expansion phase, with the number of personalized learning centers increasing from over 240 to over 300 in the second half of 2024, marking a 25% expansion [3] - The company’s net profit forecast for 2025-2027 has been adjusted to 252 million yuan, 304 million yuan, and 363 million yuan respectively, with current valuations at 26x, 22x, and 18x [3] Financial Performance Summary - Total revenue is projected to grow from 2.21 billion yuan in 2023 to 4.93 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.2% [4] - The net profit attributable to shareholders is expected to increase significantly from 154 million yuan in 2023 to 363 million yuan in 2027, reflecting a growth rate of 19.5% [4] - The gross margin is projected to decline from 36.5% in 2023 to 32.1% in 2027, indicating a potential impact from the expansion phase [4] Financial Ratios - The return on equity (ROE) is expected to decrease from 25.5% in 2023 to 21.6% in 2027 [4] - The earnings per share (EPS) is projected to rise from 1.26 yuan in 2023 to 2.98 yuan in 2027 [4] - The price-to-earnings (P/E) ratio is expected to decrease from 42.95 in 2023 to 18.19 in 2027, indicating a potential increase in valuation attractiveness over time [4]

Investment Rating - The investment rating for Xueda Education (000526) is "Buy" [1] Core Views - The report highlights that Xueda Education is a pioneer in personalized education and is undergoing rapid expansion, with a diversified layout [2] - In 2024, the company achieved a revenue of 2.79 billion, a year-on-year increase of 25.9%, and a net profit attributable to the parent company of 180 million, up 16.8% [2] - For Q1 2025, the company reported a revenue of 860 million, a year-on-year increase of 22.5%, and a net profit attributable to the parent company of 73.77 million, up 47.0% [2] Summary by Sections Financial Performance - In 2024, the company’s revenue reached 2.79 billion, with a net profit of 180 million, reflecting a growth of 25.9% and 16.8% respectively [2][4] - For Q1 2025, revenue was 860 million, with a net profit of 73.77 million, marking increases of 22.5% and 47.0% respectively [2][4] - The adjusted net profit forecast for 2025-2027 is set at 252 million, 304 million, and 363 million, with corresponding P/E ratios of 26x, 22x, and 18x [3][4] Expansion and Growth Strategy - The company is in a rapid expansion phase, increasing its personalized learning centers from over 240 to over 300 in 2024, a growth of approximately 25% [3] - The education training service fee for 2024 was 2.70 billion, up 25.6% [3] Profitability and Margins - The overall gross margin for 2024 decreased by 1.9 percentage points to 34.6%, with the education training gross margin down 2.6 percentage points to 33.8% [3] - The financial expense ratio decreased to 1.9% in 2024, attributed to the repayment of loans [3] Investment and Returns - Investment income significantly increased in Q1 2025 due to the recovery of previously impaired equity, resulting in an investment income of 1.328 billion [3] - The report indicates that the company is well-positioned for future growth despite initial profitability impacts from its expansion phase [3]

学大（厦门）教育科技集团股份有限公司 2024 年度独立董事述职报告 本人作为学大（厦门）教育科技集团股份有限公司（以下简称"公司"）的 独立董事,在 2024 年度工作中严格遵守《公司法》《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》和《公司章程》等有关规定，认 真履行独立董事职责，为公司经营决策提出专业性意见。现就本人履职情况述职 如下： 一、基本情况 （一）工作履历、专业背景以及兼职情况 本人 ZHANG YUN，1976 年 9 月出生，美国国籍，博士学位。本人于 2003 年 至 2009 年任杜克大学富夸商学院会计助理教授；于 2009 年至 2015 年任乔治华 盛顿大学会计系会计学助理教授；于 2015 年至今任乔治华盛顿大学会计系终身 会计副教授。除担任公司独立董事外，本人现兼任猎豹移动、联化科技股份有限 公司、彤程新材料集团股份有限公司独立董事。 （二）不存在影响独立性的情况 本人不在公司担任除董事外的其他职务，与公司及其主要股东不存在直接或 者间接利害关系，或者其他可能影响其进行独立客观判断关系；独立履行职责， 不受公司及其主要股东等单位或者个人的影响。 20 ...

学大(厦门)教育科技集团 股份有限公司 学大(厦门)教育科技集团股份有限公司章程 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（以下简称《公司法》）《中华人 民共和国证券法》（以下简称《证券法》）和其他有关规定，制订本章程。 公 司 章 程 （本章程经公司 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，尚需公司 2024 年年度股东会审议） 2025 年 4 月 | 第一章 总则 | 3 | | --- | --- | | 第二章 经营宗旨和范围 | 4 | | 第三章 股 份 | 4 | | 第一节 股份发行 | 4 | | 第二节 股份增减和回购 | 5 | | 第三节 股份转让 | 6 | | 第四章 股东和股东会 | 6 | | 第一节 股东 | 6 | | 第二节 股东会的一般规定 | 8 | | 第三节 股东会的召集 | 10 | | 第四节 股东会的提案与通知 | 11 | | 第五节 股东会的召开 | 13 | | 第六节 股东会的表决和决议 | 15 | | 第五章 董事会 | 19 | | 第一节 ...

学大（厦门）教育科技集团股份有限公司 2024 年度独立董事述职报告 本人作为学大（厦门）教育科技集团股份有限公司（以下简称"公司"）独 立董事，2024 年度在职期间，本人严格按照《公司法》《上市公司独立董事管理 办法》《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》《公司章程》及有关法律法规的规定和要求，在工作中恪尽职守，忠实勤勉 地履行相应职责，不受公司大股东、实际控制人或者其他与公司存在利害关系的 单位与个人的影响，积极出席相关会议，认真审议董事会及专门委员会各项议案， 发挥专业特长，独立客观地发表意见，充分发挥独立董事的监督作用，切实维护 公司和股东尤其是中小股东的利益。现将本人 2024 年度任职期间的履职情况报 告如下： 一、基本情况 （一）工作履历、专业背景以及兼职情况 本人 FENGXIAO，1961 年 8 月出生，德国国籍，博士学位，现任同济大学经 济与管理学院教授、博士生导师，同济大学中德工程学院教授委员会主任，德国 帕德波恩大学经济系客座教授，上海中侨职业技术大学副校长，德国社会政策协 会成员，东南亚职业教育合作平台(RCP)指导委员会主席，德国教育合作协会 ...

学大（厦门）教育科技集团股份有限公司 2024 年度独立董事述职报告 杨农作为学大（厦门）教育科技集团股份有限公司（以下简称"公司"）独 立董事，在 2024 年度工作中严格遵守《公司法》《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》和《公司章程》等有关规定，认真 履行独立董事职责，为公司经营决策提出专业意见。现就其 2024 年度履职情况 述职如下： 一、基本情况 （一）工作履历、专业背景以及兼职情况 杨农，1962 年 2 月出生，1982 年 7 月毕业于北京理工大学，拥有北京师范 大学世界经济专业硕士研究生学历，原任中华职业教育社党组成员、副总干事， 北京师范大学珠海分校特聘教授。杨农长期关注职业教育、民办职业教育生存与 发展问题。 （二）不存在影响独立性的情况 不在公司担任除董事外的其他职务，与公司及其主要股东不存在直接或者间 接利害关系，或者其他可能影响其进行独立客观判断关系；独立履行职责，不受 公司及其主要股东等单位或者个人的影响。 二、2024 年度履职概况 （一）出席会议情况 1、出席董事会及股东会的情况 2024 年度，公司共计召开董事会 8 次，召开股东会 3 ...