证券代码：000526 证券简称：学大教育 公告编号：2025-067 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：2024-097）。 根 ...

Quantitative Factor and Model Analysis Quantitative Models and Construction 1. **Model Name**: GAN_GRU Model **Model Construction Idea**: The GAN_GRU model combines Generative Adversarial Networks (GAN) for generating realistic price-volume sequential features and Gated Recurrent Units (GRU) for encoding these sequential features into predictive signals for stock selection [2][9]. **Model Construction Process**: - **GRU Component**: - Input features include 18 price-volume features such as closing price, opening price, turnover, and turnover rate [10][13]. - Training data consists of the past 400 trading days' features, sampled every 5 trading days, forming a 40x18 feature matrix to predict the cumulative return over the next 20 trading days [14]. - Data preprocessing includes outlier removal and standardization at both time-series and cross-sectional levels [14]. - The GRU network consists of two layers (GRU(128, 128)) followed by an MLP (256, 64, 64), with the final output being the predicted return (pRet) [18]. - **GAN Component**: - The generator (G) uses an LSTM model to preserve the sequential nature of the input features, while the discriminator (D) employs a CNN to process the two-dimensional price-volume feature "images" [29][32]. - The generator's loss function is: $$ L_{G} = -\mathbb{E}_{z\sim P_{z}(z)}[\log(D(G(z)))] $$ where \( z \) represents random noise, \( G(z) \) is the generated data, and \( D(G(z)) \) is the discriminator's output probability [20][21]. - The discriminator's loss function is: $$ L_{D} = -\mathbb{E}_{x\sim P_{data}(x)}[\log D(x)] - \mathbb{E}_{z\sim P_{z}(z)}[\log(1-D(G(z)))] $$ where \( x \) is real data, \( D(x) \) is the discriminator's output for real data, and \( D(G(z)) \) is the output for generated data [23][25]. - Training alternates between updating the discriminator and generator parameters until convergence [26]. **Model Evaluation**: The GAN_GRU model effectively captures both sequential and cross-sectional price-volume features, leveraging the strengths of GANs and GRUs for stock selection [2][9][29]. --- Quantitative Factors and Construction 1. **Factor Name**: GAN_GRU Factor **Factor Construction Idea**: The GAN_GRU factor is derived from the GAN_GRU model's output, representing the encoded price-volume sequential features as a stock selection signal [2][9]. **Factor Construction Process**: - The factor is derived from the predicted return (pRet) output of the GAN_GRU model [18]. - The factor undergoes industry and market capitalization neutralization, followed by standardization [18]. **Factor Evaluation**: The GAN_GRU factor demonstrates strong predictive power across various industries, with consistent performance in both IC and excess returns [36][40]. --- Model Backtest Results 1. **GAN_GRU Model**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37]. --- Factor Backtest Results 1. **GAN_GRU Factor**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37].

证券代码：000526 证券简称：学大教育 公告编号：2025-066 学大（厦门）教育科技集团股份有限公司 关于 2023 年限制性股票激励计划预留授予第一个解除限售 期解除限售股份上市流通的提示性公告 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。 重要内容提示 （三）本次解除限售股票数量：53.485 万股，占公司当前总股本的 0.44%。 学大（厦门）教育科技集团股份有限公司（以下简称"公司"）2023 年限 制性股票激励计划（以下简称"本激励计划"）预留授予第一个解除限售期的解 除限售条件已成就，根据公司 2022 年年度股东大会授权，公司按照本激励计划 的相关规定办理了激励计划预留授予部分第一个解除限售期解除限售股份上市 流通手续，具体情况如下： 一、本激励计划已履行的决策程序和信息披露情况 （一）2023 年 6 月 9 日，公司召开第十届董事会第七次会议，审议通过《关 于<2023 年限制性股票激励计划（草案）>及摘要的议案》《关于<2023 年限制性 股票激励计划考核管理办法>的议案》《关于提请股东大会授权董事会办理 2023 年限制性股票激 ...

证券研究报告：社会服务 | 公司点评报告 发布时间：2025-06-26 股票投资评级 买入|首次覆盖 个股表现 -35% -27% -19% -11% -3% 5% 13% 21% 29% 37% 45% 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 学大教育 社会服务 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 48.03 | | --- | --- | | 总股本/流通股本（亿股）1.22 / 1.18 | | | 总市值/流通市值（亿元）59 / 57 | | | 52 周内最高/最低价 | 63.49 / 40.56 | | 资产负债率(%) | 79.0% | | 市盈率 | 31.62 | | 第一大股东 | 浙江台州椰林湾投资策 | | 划有限公司 | | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 业务扩展多点开花，教培、职教、书店、医教各有进展。教培端， 2024 年公司的个性化学习中心从 240 余所增加至超过 300 所， ...

Core Viewpoint - The company has announced the achievement of conditions for the second unlock period of its 2023 restricted stock incentive plan, allowing 378 eligible participants to unlock a total of 1,207,200 shares, representing 0.99% of the company's total share capital [1][7]. Group 1: Incentive Plan Details - The incentive plan allows for the unlocking of restricted stocks after meeting specific conditions, which have now been fulfilled [6][11]. - The second unlock period is defined as the period from the first grant registration completion date plus 24 months to the last trading day within 36 months from that date [5][6]. - The total number of participants in the incentive plan was adjusted to 412, with 378 remaining eligible after accounting for those who left the company [8][9]. Group 2: Performance Conditions - The performance conditions for unlocking the restricted stocks include achieving a net profit of no less than 130 million yuan over the specified period [6]. - The actual net profit achieved by the company during the relevant period was reported as 392,835,689.49 yuan, thus meeting the performance criteria [6][7]. Group 3: Compliance and Approval - The board of directors and the supervisory board have approved the necessary resolutions for the unlocking of the restricted stocks, confirming compliance with relevant regulations [10][11]. - Legal and independent financial advisors have concluded that all necessary procedures and disclosures have been fulfilled for the unlocking of the restricted stocks [11][12].

Group 1 - The core viewpoint of the news is the approval of the 2023 restricted stock incentive plan by the company's remuneration and assessment committee, confirming the achievement of conditions for the release of restrictions on stock [1][2][3] Group 2 - For the first unlock period of the incentive plan, 378 eligible participants can unlock a total of 1.2072 million shares [1] - For the reserved grant of the first unlock period, 229 eligible participants can unlock a total of 534.85 thousand shares [2] - The company will repurchase and cancel a total of 164.7 thousand shares from 15 participants who have left the company, which will not significantly impact the company's financial status or operational results [2]

Group 1 - The company is established as a joint-stock limited company in accordance with the Company Law and Securities Law of the People's Republic of China [2][3] - The registered capital of the company is RMB 121,696,409 [2][3] - The company was approved to issue 26 million shares of ordinary stock to the public, with 10 million shares issued to domestic investors [2][3] Group 2 - The company's business scope includes technology promotion services, software development, educational consulting services, and investment activities [4] - The company aims to utilize various production factors and scientific management methods to achieve sustainable development and satisfactory economic benefits for shareholders [4] Group 3 - The company has a total of 121,696,409 shares, all of which are ordinary shares [5] - The company can increase its capital through various methods, including issuing shares to unspecified objects or existing shareholders [6][7] Group 4 - The company’s shareholders have rights to dividends and other benefits proportional to their shareholdings [10] - Shareholders can request to convene a shareholders' meeting and exercise their voting rights [10][11] Group 5 - The company must disclose information regarding significant events and ensure compliance with legal obligations [12][13] - The company’s board of directors is responsible for ensuring the normal operation of the company and must act in the best interests of the shareholders [12][13]

Core Viewpoint - The report outlines the independent financial advisory services provided by Shenzhen Tashan Consulting Co., Ltd. for Xueda (Xiamen) Education Technology Group Co., Ltd.'s 2023 restricted stock incentive plan, detailing the completion of necessary procedures and the fulfillment of conditions for the lifting of restrictions on stock grants [2][5][6]. Group 1: Incentive Plan Procedures - On June 9, 2023, the company held its 10th Board of Directors' seventh meeting, approving the draft of the 2023 restricted stock incentive plan and related proposals [2]. - The company conducted internal announcements regarding the incentive plan from June 10 to June 21, 2023, with no objections received [2]. - The first grant of restricted stock was completed on July 26, 2023, and the second lifting of restrictions is set for July 28, 2025 [4][7]. Group 2: Lifting of Restrictions - The second lifting of restrictions for the first grant of restricted stock requires the company to meet specific performance conditions, including achieving a net profit of no less than 130 million yuan for the years 2023-2024 [4][5]. - As of the report date, 378 individuals are eligible for the lifting of restrictions, with a total of 1,207,200 shares available for release, representing 0.99% of the company's total share capital [5][6]. Group 3: Reserved Grants - The first lifting of restrictions for reserved grants will occur on June 30, 2025, contingent upon the company achieving a net profit of no less than 80 million yuan in 2024 [6]. - A total of 229 individuals are eligible for the lifting of restrictions on reserved grants, with 534,850 shares available, accounting for 0.44% of the company's total share capital [6]. Group 4: Buyback and Cancellation - The company will buy back and cancel shares from 15 individuals who have left the company, with the buyback price calculated based on the grant price plus interest [6][8]. - The total amount involved in the buyback of shares is 2,375,502 yuan, sourced from the company's own funds [8]. Group 5: Conclusion - The independent financial advisor concludes that all necessary procedures and disclosure obligations have been fulfilled regarding the lifting of restrictions and the buyback of shares, in compliance with relevant regulations [8].

Core Viewpoint - The legal opinion letter confirms the achievement of conditions for the second unlock period of the restricted stock incentive plan and the repurchase of certain restricted stocks due to the departure of some incentive targets [4][19]. Group 1: Unlock Conditions - The second unlock period for the initially granted restricted stocks is set to begin on July 28, 2025, after the completion of the initial grant registration on July 26, 2023 [4]. - The conditions for unlocking the restricted stocks include the company not having any adverse audit reports and meeting specific performance targets, such as achieving a net profit of no less than 130 million yuan in 2023 [4][5]. - A total of 378 eligible incentive targets can unlock 1,207,200 shares, which represents 30% of the total granted shares [9][10]. Group 2: Repurchase of Restricted Stocks - The company plans to repurchase a total of 164,700 shares of restricted stocks due to the departure of 15 incentive targets from the initial grant and 12 from the reserved grant [14][16]. - The repurchase price for the initially granted restricted stocks is set at 14.46 yuan per share, while the reserved grant is priced at 14.26 yuan per share, with a total repurchase amount of 2,375,502 yuan [15][16]. - After the repurchase and cancellation, the total number of shares will decrease by 164,700 shares, which will not significantly impact the company's financial status or operational results [16][19].

证券代码：000526 证券简称：学大教育 公告编号：2025-064 （三）2023 年 6 月 10 日至 2023 年 6 月 21 日，公司内部公示本激励计划激 励对象的姓名和职务。公示期满，公司监事会未收到任何异议。 （四）2023 年 6 月 22 日，公司披露《监事会关于 2023 年限制性股票激励 计划激励对象名单的公示情况说明及核查意见》《关于 2023 年限制性股票激励 计划内幕信息知情人和激励对象买卖公司股票情况的自查报告》。 （五）2023 年 6 月 30 日，公司召开 2022 年年度股东大会，审议通过《关 于<2023 年限制性股票激励计划（草案）>及摘要的议案》《关于<2023 年限制性 股票激励计划考核管理办法>的议案》《关于提请股东大会授权董事会办理 2023 年限制性股票激励计划有关事项的议案》。 学大（厦门）教育科技集团股份有限公司 关于回购注销 2023 年限制性股票激励计划部分限制性股票 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"）于 2025 年 ...