证券之星消息，8月12日教育板块较上一交易日上涨0.3%，科德教育领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。教育板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300192 | 科德教育 | 16.83 | 6.12% | 38.32万 | | 6.31亿 | | 600636 | *ST国化 | 8.87 | 4.97% | 9.30万 | 8140.19万 | | | 002093 | 国脉科技 | 12.65 | 2.93% | 67.86万 | | 8.53亿 | | 600730 | 中国高科 | 8.32 | 1.96% | 21.60万 | | 1.78亿 | | 003032 | *ST传智 | 6.75 | 1.35% | 5.17万 | 3455.32万 | | | 605098 | 行动教育 | 37.20 | 1.09% | 3.28万 | | 1.21亿 | | 0005 ...

Core Viewpoint - The article highlights the problematic refund policy of Zhonggong Education, where students face significant delays in receiving refunds, raising concerns about the company's business model and consumer rights [1][3][5]. Group 1: Refund Policy Issues - Liu, a student, reported that after failing an exam, she was informed that her refund of 17,000 yuan would take 17 years to process, receiving only 1,000 yuan per year [1][3]. - Zhonggong Education's refund policy states that for students with refunds over 20,000 yuan, they can only receive 1,000 yuan per year, while those under 20,000 yuan receive 500 yuan annually [3][7]. - As of 2024, the company's pending refund liabilities reached 580 million yuan, indicating a significant financial burden [3][7]. Group 2: Business Model Concerns - The "no pass, no fee" model, introduced in 2010, has been successful in attracting students but poses long-term risks by shifting financial burdens onto consumers [5][7]. - The increasing competition in the civil service exam market is likely to raise refund rates, putting pressure on the company's cash flow and ability to meet refund commitments [7]. - The lengthy refund process effectively serves as an interest-free financing method for the company, raising questions about the model's compliance and sustainability [7]. Group 3: Consumer Rights and Regulatory Attention - There have been over 130,000 complaints against Zhonggong Education on consumer platforms, primarily related to delayed refunds, indicating widespread consumer dissatisfaction [8]. - The article suggests that collective legal actions may be necessary to address the issues faced by consumers, as individual efforts have proven insufficient [8]. - Potential students are advised to critically evaluate "pass guarantee" promises and carefully consider their choices regarding training institutions and contracts [8].

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 708,000 yuan [1] - Over 21% of company secretaries earned more than 1 million yuan in 2024 [1] Salary Analysis - The average salary for company secretaries in the social services-education sector is approximately 812,900 yuan, with the highest salary being 1.9451 million yuan for Yang Linyan from Action Education [1] - The average salary decreased by 29,500 yuan compared to 2023 [1] - Notably, Cui Zhiyong from Xueda Education saw a salary increase of 282,800 yuan, marking a 52% rise from 2023 [1] Demographic Insights - The average age of company secretaries is approximately 44.92 years, with the majority (62%) aged between 40-49 years [1] - The oldest company secretary is Wang Xinhai from Zhonggong Education, aged 51, earning 1.0754 million yuan in 2024 [1] Educational Background - The educational distribution shows 1 PhD, 8 Master's, and 4 Bachelor's degree holders, with average salaries of 1.0754 million yuan, 930,700 yuan, and 511,800 yuan respectively [1] - Wang Xinhai, the only PhD, earns 1.0754 million yuan, making him the highest-paid in the industry [1]

分行业来看，社会服务-教育行业（申万二级行业）上市公司董秘2024年薪酬平均数约为81.29万元。其 中薪酬最高为行动教育杨林燕，2024年薪酬高达194.51万元；薪酬最低为科德教育张峰，2024年薪酬为 29.09万元（统计剔除了未完整领取2024年全年薪酬的董秘）。从整体薪酬分布来看，薪酬在从整体薪 酬分布来看，薪酬在50-100万元人数最多，共计8人，占比62%。 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 从薪酬变化情况来看，2024年薪酬较2023年平均下跌2.95万元。其中，学大教育崔志勇2024年薪酬为 82.18万元，较2023年薪酬53.9万元增加28.28万元，涨幅达52%，其薪酬增加金额与涨幅比例均居首 位。 专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 责任编辑：公司观察 从学历分布来看，博士、硕士、本科分别为1人、8人、4人，对应平均薪酬分别为107.54万元、93.07万 元、51.18万 ...

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，社会服务-教育行业（申万二级行业）上市公司董秘2024年薪酬平均数约为81.29万元。其 中薪酬最高为行动教育杨林燕，2024年薪酬高达194.51万元；薪酬最低为科德教育张峰，2024年薪酬为 29.09万元（统计剔除了未完整领取2024年全年薪酬的董秘）。从整体薪酬分布来看，薪酬在从整体薪 酬分布来看，薪酬在50-100万元人数最多，共计8人，占比62%。 从年龄结构来看，董秘的年龄平均数约为44.92岁，其中40-49岁最多，人数共8人，占比约62%。其中， 年龄最大的为中公教育王新汉，年龄为51岁，2024年薪酬为107.54万元；年龄最小的为*ST传智（维 权）陈碧琳，年龄为33岁，2024年薪酬为75.33万元。 从学历分布来看，博士、硕士、本科分别为1人、8人、4人，对应平均薪酬分别为107.54万元、9 ...

Group 1 - The total salary of A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The education sector had the highest average salary for secretaries at approximately 812,900 yuan, with the highest salary being 1.9451 million yuan and the lowest at 290,900 yuan [1] - The majority of secretaries, 62%, earned between 500,000 and 1 million yuan [1] Group 2 - The average salary in 2024 decreased by 29,500 yuan compared to 2023 [3] - The youngest secretary is 33 years old, while the oldest is 51 years old, with an average age of 44.92 years [3] - The highest salary increase was seen in Xu Zhiyong from Xueda Education, whose salary rose by 282,800 yuan, a 52% increase [3] Group 3 - The educational background of secretaries includes 1 PhD, 8 Master's degrees, and 4 Bachelor's degrees, with average salaries of 1.0754 million yuan, 930,700 yuan, and 511,800 yuan respectively [5] - The highest-paid secretary with a PhD is Wang Xinhai from Zhonggong Education, earning 1.0754 million yuan, ranking second in the industry [5]

Market Performance - The education sector increased by 0.79% on August 11, with Chuangye Heima leading the gains [1] - The Shanghai Composite Index closed at 3647.55, up 0.34%, while the Shenzhen Component Index closed at 11291.43, up 1.46% [1] Individual Stock Performance - Chuangye Heima (300688) closed at 35.81, up 2.96% with a trading volume of 81,100 shares and a turnover of 290 million yuan [1] - Kede Education (300192) closed at 15.86, up 2.65% with a trading volume of 146,700 shares and a turnover of 232 million yuan [1] - Dou Shen Education (300010) closed at 8.90, up 1.60% with a trading volume of 820,200 shares and a turnover of 721 million yuan [1] - Other notable stocks include Bo Rui Chuan Bo (600880) up 1.36%, Xing Dong Education (605098) up 1.15%, and Ang Li Education (600661) up 1.14% [1] Capital Flow Analysis - The education sector experienced a net outflow of 17.09 million yuan from institutional investors and 34.17 million yuan from speculative funds, while retail investors saw a net inflow of 51.26 million yuan [2] - The capital flow for individual stocks indicates that Dou Shen Education had a net inflow of 28.84 million yuan from institutional investors, while Xue Da Education saw a net outflow of 16.89 million yuan from retail investors [3]

Group 1 - The article discusses the refund policy of Zhonggong Education, which states that if a student fails the exam, they are entitled to a refund of 17,000 yuan, but in reality, they can only receive 1,000 yuan per year, meaning it would take 17 years to get the full refund [5][6] - The staff at Zhonggong Education confirmed the refund conditions and attributed them to issues with the company's cash flow [5][6] - The article highlights a case where a student, Liu, spent over 20,000 yuan on a training program and faced difficulties in obtaining her refund [5][6] Group 2 - Kewei Medical announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and brand recognition [3] - Shuangdeng Group has passed the listing hearing at the Hong Kong Stock Exchange, with joint sponsors including CICC, Huatai International, and Jianyin International [4] Group 3 - The China Securities Regulatory Commission (CSRC) has imposed a fine of 160 million yuan on *ST Gaohong for serious financial fraud, with the company facing potential delisting due to major violations [7] - Crocs, the manufacturer of "Croc" shoes, reported a projected revenue decline for Q3, leading to a nearly 30% drop in stock price, attributed to cautious consumer spending and rising costs from U.S. tariffs [8][8] Group 4 - The article mentions that the average price of new commercial housing in Hegang has increased from 3,046 yuan per square meter to 3,860 yuan over the past five years, with a significant rise in the number of properties sold to non-local buyers [6] - The report indicates that 512 million people have participated in subsidized vocational skills training in China this year, reflecting a government initiative to enhance the supply of skilled labor [12]

Group 1: Company Announcements - Kewei Medical plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and brand image [1] - Shuangdeng Group has passed the listing hearing on the Hong Kong Stock Exchange, with joint sponsors including CICC, Huatai International, and Jianyin International [2] Group 2: Financial Issues and Consumer Concerns - Zhonggong Education faces criticism for a refund policy that could take 17 years to process, attributed to financial chain issues [3] - ST Gaohong is under investigation for serious financial fraud, with a proposed fine of 160 million yuan and potential delisting risks [4] - Crocs' stock plummeted nearly 30% after announcing expected revenue declines due to cautious consumer spending and increased tariffs, with an estimated additional cost of $40 million in the second half of the year [5] Group 3: Real Estate Trends - In Hegang, the average price of new commercial housing has risen from 3046 yuan/m² to 3860 yuan/m² over five years, with a significant increase in transactions from 1134 units in 2019 to 5680 units in 2024 [4] Group 4: Market Insights - A survey indicates that only about one-third of large Japanese companies expect economic growth due to uncertainties from U.S. tariffs, a significant drop from 70% earlier in the year [9][10] - The U.S. government’s tax credit for electric vehicles is set to end, leading to a surge in electric vehicle sales, which reached a record 9.1% of total passenger car sales in July [11]

Core Viewpoint - The prevalent "no refund" model in training institutions poses significant risks and is unsustainable, leading to potential financial difficulties and disputes over refunds [2][3][4] Group 1: Training Institutions and Refund Policies - Many training institutions, such as Zhonggong Education, promise refunds for failed exams but often limit the refund amount, leading to prolonged refund periods [2] - The model encourages rapid growth initially but results in high refund rates and increasing financial gaps as institutions expand [2][3] - For example, with 3.41 million applicants for the 2025 national exam, if all opted for training at an average fee of 10,000 yuan, the potential revenue would be 341 billion yuan, but actual income could be only 3.97 billion yuan due to refund obligations [2] Group 2: Regulatory Environment and Compliance - Consumers must be cautious about refund promises and ensure clear terms in agreements to avoid indefinite refund periods [3] - Regulations like the 2021 notice from the Ministry of Education require training institutions to establish proper financial management and refund policies, but enforcement remains weak [3][4] - Local regulations, such as those in Hubei Province, mandate clear agreements on training terms and refund policies, yet many institutions still operate under the "no refund" model without sufficient funds to fulfill refund requests [3] Group 3: Impact on Adult Training Industry - The "no refund" model is widespread across various adult training sectors, including civil service exams and professional certifications, often coupled with training loans that exacerbate financial burdens on students [4] - The focus on scaling training programs over quality leads to misleading practices in adult vocational training, necessitating a shift towards quality improvement and rational consumer choices [4]