Investment Rating - The investment rating for the company is maintained as "Buy" [1][9][12] Core Views - The company is showing signs of operational improvement with a diversified layout that is expected to create a new growth curve [1] - The core K12 business is experiencing steady growth, with a significant increase in enrollment and optimized tuition structure contributing to revenue growth [6][8] - The company is expected to enter a new phase of profitability, with forecasts indicating a turnaround in net profit starting from 2025 [6][9] Financial Performance - In 2024, the company achieved revenue of 320 million yuan, a year-on-year increase of 25.92%, while the net profit attributable to shareholders was -37 million yuan, an increase of 25.66% year-on-year [5][9] - The gross margin for 2024 was 27.45%, up 3.31 percentage points year-on-year, indicating improved profitability [6][9] - The company is projected to achieve revenues of 390.62 million yuan in 2025, with a significant expected increase in net profit to 25.11 million yuan [9][11] Business Segments - The K12 education service segment generated revenue of 260 million yuan in 2024, reflecting a year-on-year growth of 41.86% [8] - The vocational education segment is expanding, focusing on industry-education integration and training for government officials, with collaborations with major tech companies [7][8] - The company is enhancing its non-seasonal training offerings, which include new directions in AI and robotics, to counteract declines in traditional training revenue [7][8] Market Position - The company maintains a competitive edge in the K12 sector, with high admission rates to top universities, indicating strong academic performance [8] - The diversified educational offerings and strategic partnerships are expected to enhance market share and long-term growth potential [7][8] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 52.69 million yuan in 2026 and 77.17 million yuan in 2027, indicating a robust recovery [9][11] - The light asset model is anticipated to replicate success in new markets, further driving profitability [8][9]

证券代码：002659 证券简称：凯文教育 公告编号：2025-014 北京凯文德信教育科技股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会没有否决议案的情况； 2、本次股东大会不涉及变更前次股东大会决议的情况； 3、本次股东大会采取现场投票结合网络投票的方式召开。 一、会议召开和出席情况 （一）会议召开情况 1、股东大会名称：2024 年年度股东大会 2、会议召集人：公司董事会 （二）会议出席情况 1、股东出席的总体情况： 通过现场和网络投票的股东 119 人，代表股份 237,797,796 股，占公司有表 决权股份总数的 39.7469%。 3、会议主持人：董事长王腾先生 4、股权登记日：2025 年 5 月 12 日 5、会议召开时间： （1）现场召开时间为：2025 年 5 月 16 日 15:30 开始； （2）网络投票时间：2025 年 5 月 16 日 其中，通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 5 月 16 日上午 9:15-9:25，9:30 ...

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 关于北京凯文德信教育科技股份有限公司 2024年年度股东大会的法律意见书 致：北京凯文德信教育科技股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受北京凯文德信教育科 技股份有限公司（以下简称"公司"）的委托，指派本所律师列席公司于 2025 年 5 月 16 日 15 点 30 分在北京市海淀区西三环北路甲 2 号院（中关村国防科技 园）5 号楼 15 层公司会议室召开的 2024 年年度股东大会（以下称"本次股东大 会"），并依据《中华人民共和国公司法》等中国法律、法规和相关规范性文件 （以下称"中国法律法规"）及《北京凯文德信教育科技股份有限公司章程》（以 下称"《公司章程》"）的规定，就本次股东大会的召集和召开程序、出席会议 人员资格、召集人资格、会议表决程序和表决结果等事宜（以下称"程序事宜"） 出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东大会的文 件，包括但不限于第六届董事会第十 ...

Summary of Kevin Education Conference Call Company Overview - Kevin Education primarily generates revenue from Haidian Kevin School and Chaoyang Kevin School, with total revenue around 200 million yuan. The company also supplements income through vocational education, quality education, and K12 light asset management services [2][6]. Core Business Strategies - The strategic layout includes three main tracks: academic education, vocational education, and quality education, benefiting from policy guidance and demographic changes. The market outlook is positive from 2032 to 2035 due to increased support for high school supply [2][9]. - Haidian Kevin School plans to increase classroom capacity to enroll an additional 100 students and is actively seeking new campuses. The school expects annual revenue of approximately 300 million yuan, with a net income of about 120 million yuan after costs [2][7][15]. Financial Performance - The company reported a significant reduction in losses in the 2024 annual report and achieved profitability in the first quarter of 2025. This turnaround is attributed to an increase in student numbers and total fees [4][5]. - The revenue structure includes approximately 1.2 billion yuan from Haidian School and nearly 1 billion yuan from Chaoyang School, with rental income contributing significantly [15][17]. Enrollment and Expansion Plans - Enrollment plans for 2025 include approximately 100 new students at Haidian School and 180 at Chaoyang School, with expectations to reach a total of 2000 students in the next one to two years [10][11]. - The company is expanding its K12 management projects and vocational education services, focusing on training for government officials and technology talents [2][8][23]. Cost Structure and Profitability - Teacher costs account for 45% to 50% of total costs, with the average salary for foreign teachers being around 500,000 to 600,000 yuan. The company aims to maintain a balanced teacher-student ratio [14][18]. - The vocational education sector is expected to see improved profit margins due to full enrollment in some schools, with student fees ranging from 4,000 to 7,000 yuan [24]. Market Trends and Regulatory Environment - The Beijing Education Commission is supportive of expanding enrollment as long as the previous year's recruitment was successful and adequate resources are available [11]. - The company is also exploring light asset models in Shandong and Jiangsu, with plans to sign new projects by mid-2025 [21]. Future Outlook - The new chairman of Shaanxi Guotou has expressed continued support for the company's growth and development, emphasizing the importance of resolving historical issues related to equity transfer [28]. - The company anticipates better performance in 2025, driven by strategic expansions and improved operational efficiency [5][9]. Additional Insights - The company is actively engaging in discussions to enhance its digital education offerings and quality education products, aiming to attract a larger student base in Beijing [22]. - The overall sentiment is optimistic regarding the future growth trajectory, with a focus on leveraging existing resources and expanding service offerings [29].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months [8]. Core Views - The company has confirmed a turning point in profitability, with Q1 2025 showing a positive net profit after a series of high revenue growth quarters [3][5]. - The company achieved a revenue of 320 million yuan in 2024, reflecting a year-on-year growth of 25.9%, and a net profit of -37 million yuan, which is an improvement of 25.7% year-on-year [5]. - In Q1 2025, the company reported a revenue of 91 million yuan, a year-on-year increase of 17.7%, and a net profit of 468 thousand yuan, marking a return to profitability [5]. Summary by Sections Financial Performance - The company has shown continuous revenue growth for 10 consecutive quarters, confirming a stable upward trend in its fundamentals [5]. - The projected revenues for 2025 to 2027 are 401 million yuan, 461 million yuan, and 515 million yuan respectively, with growth rates of 25% and 15% [3]. - The forecasted net profit for 2025 is 36 million yuan, with a significant increase of 196% year-on-year, followed by 73 million yuan in 2026 and 98 million yuan in 2027 [3]. Cost Management - In Q1 2025, the company's gross margin improved to 32.4%, an increase of 5.7 percentage points year-on-year [5]. - The company has successfully reduced its sales and management expenses, contributing to improved profitability [5]. Business Development - The company is expanding its K12 school operations and has established a new vocational education branch in Shandong [5]. - The high school class at Chaoyang Kevin School commenced in the fall of 2023, and a math specialty class was introduced at Haidian Kevin School in the fall of 2024 [5].

Group 1 - The Ministry of Education has issued a notice to conduct the 2025 National Preschool Education Promotion Month, focusing on interpreting the Preschool Education Law to enhance legal awareness among educators, parents, and society [1] - The promotion month will take place from May 20 to June 20, 2025, aiming to establish a scientific concept of education and care [1] Group 2 - Beijing's compulsory education enrollment service platform has opened for information collection from May 6 to May 31, allowing parents to fill in enrollment information for primary and junior high schools [2] - The enrollment process includes verifying primary school graduates' information by April 30, with the platform opening for policy promotion from May 1 [2] - The allocation of places for primary school admissions will occur on July 3, with new student enrollment notifications distributed in early July [2] Group 3 - Dou Shen Education has localized a popular general AI tool and developed a proprietary 70B model for educational applications, planning to create AI hardware tailored for educational scenarios [3] - The company is working on various AI products, including a portable learning companion, embodied intelligent desktop learning robots, AI eye protection screens, and AI learning pods, with some products already available for sale [3] Group 4 - Kevin Education has established two wholly-owned subsidiaries, Beijing Haike Zhengpei Technology Co., Ltd. and Beijing Haike Sichuang Technology Co., Ltd., to develop training services for party and government officials and technology innovation talent [4] - The subsidiaries have completed their business registration and obtained operating licenses from the Beijing Haidian District Market Supervision Administration [4]

证券代码：002659 证券简称：凯文教育 公告编号：2025-013 北京凯文德信教育科技股份有限公司 关于设立全资子公司完成工商注册登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、设立全资子公司前期情况概述 北京凯文德信教育科技股份有限公司（以下简称"公司"）于 2025 年 2 月 17 日召开第六届董事会第十三次会议审议并通过《关于出资设立全资子公司的议 案》，同意公司以自有资金设立两家全资子公司，即北京海科政培科技有限公司 （以下简称"海科政培"）和北京海科思创科技有限公司（以下简称"海科思创"） 全面发展党政干部培训服务和科技创新人才培训业务。详细内容请见公司于 2025 年 2 月 18 日在巨潮资讯网披露的《关于出资设立全资子公司的公告》（公 告编号：2025-003）。 二、进展情况 近日，海科政培和海科思创两家全资子公司完成了工商注册登记手续并取得 北京市海淀区市场监督管理局颁发的《营业执照》。现将相关情况公告如下： （一）北京海科政培科技有限公司 5、法定代表人：蔡聪洁 6、住所：北京市海淀区西三环北路甲 2 号院 5 号 ...

Core Viewpoint - The company reported a solid revenue growth of 25.92% year-on-year for 2024, with a revenue of 320 million yuan, and a significant improvement in net profit, indicating a positive trend in operational efficiency and potential for profitability in 2025 [1][4]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 320 million yuan, a year-on-year increase of 25.92%, while the net profit attributable to shareholders was a loss of 37 million yuan, reducing losses by 25.66% [1]. - For Q1 2025, the company reported a revenue of 90.67 million yuan, representing a year-on-year growth of 17.68%, and a net profit of 468,400 yuan, marking a return to profitability [1]. Group 2: Business Segments - The K12 school operations showed robust growth, with education service revenue reaching 260 million yuan, a year-on-year increase of 41.86%, while vocational education is expanding through partnerships with major companies like Huawei and Baidu [2]. - The decline in training service revenue by 16.90% to 5.5 million yuan is attributed to weather impacts on ski resort operations, but the long-term outlook for training services remains positive as the company expands its offerings [2]. Group 3: Operational Efficiency - The company has optimized its operational efficiency, with sales, management, and financial expenses decreasing by 18%, 4%, and 14% respectively, primarily due to savings in advertising and interest expenses [3]. - The gross profit margin has shown an upward trend, with quarterly margins ranging from 27% to 33% over the past year, indicating improved profitability [3]. Group 4: Shareholder Changes and Future Outlook - Haiguotou has become the largest shareholder after acquiring 14.84% of the shares, which is expected to streamline decision-making and enhance resource allocation for the company's long-term development [3]. - The company forecasts net profits of 25.16 million yuan, 46.65 million yuan, and 56.32 million yuan for 2025, 2026, and 2027 respectively, reflecting a significant upward revision in profit expectations [4].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 5.38 [7][13]. Core Views - The company's fundamentals are improving, with expectations of turning profitable for the full year 2025, supported by steady growth in its core business and operational efficiency improvements [1][5]. - The K12 school operations are showing robust growth, while vocational education is expanding through partnerships with leading companies [2][5]. - The company has optimized its operational efficiency, leading to an upward trend in profit margins [3][5]. - The change in major shareholder to Haiguotou is expected to facilitate asset structure optimization and enhance decision-making processes [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of RMB 320 million, a year-on-year increase of 25.92%, and a net profit loss of RMB 37 million, reducing losses by 25.66% [1]. - For Q1 2025, the company reported revenue of RMB 90.67 million, a year-on-year increase of 17.68%, and a net profit of RMB 468,400, marking a return to profitability [1]. Business Segments - Revenue from education services, training services, and housing leasing for 2024 was RMB 260 million, RMB 55 million, and RMB 5 million respectively, with year-on-year changes of +41.86%, -16.90%, and +10.13% [2]. - The K12 school segment is experiencing steady growth in student enrollment, while vocational education is expanding through collaborations with major companies [2]. Operational Efficiency - The company has effectively controlled sales, management, and financial expenses, with reductions of 18%, 4%, and 14% respectively [3]. - The gross profit margins for Q1 2024 to Q1 2025 showed an upward trend, indicating improved profitability [3]. Shareholder Changes - Haiguotou has become the largest shareholder after acquiring 14.84% of the shares, which is expected to streamline decision-making and support the company's long-term development [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of RMB 25.16 million, RMB 46.65 million, and RMB 56.32 million for the years 2025, 2026, and 2027 respectively [5][6]. - The target price of RMB 5.38 is based on a DCF valuation, with an updated WACC of 9.36% and a perpetual growth rate of 2% [5][13].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 5.38 [7][13]. Core Views - The company's fundamentals are improving, with expectations of turning profitable for the full year 2025, supported by steady growth in its core business and operational efficiency improvements [1][5]. - The K12 school operations are showing robust growth, while vocational education is expanding through partnerships with leading companies [2][5]. - The company has optimized its operational efficiency, leading to an upward trend in profit margins [3][5]. - The change in major shareholders, with Haiguotou becoming the largest shareholder, is expected to facilitate better decision-making and resource allocation [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of RMB 320 million, a year-on-year increase of 25.92%, and a net profit loss of RMB 37 million, reducing losses by 25.66% [1][6]. - For Q1 2025, the company reported revenue of RMB 90.67 million, a year-on-year increase of 17.68%, and a net profit of RMB 468,400, marking a return to profitability [1][6]. Business Segments - Revenue from education services, training services, and housing leasing in 2024 was RMB 260 million, RMB 55 million, and RMB 5 million, respectively, with year-on-year changes of +41.86%, -16.90%, and +10.13% [2][5]. - The K12 school segment is experiencing steady growth in student enrollment, while vocational education is expanding through collaborations with major companies [2][5]. Operational Efficiency - The company has successfully reduced sales, management, and financial expenses by 18%, 4%, and 14%, respectively, leading to improved cost control [3][5]. - The gross profit margin for Q1 2025 was reported at 32%, indicating a steady increase in profitability [3][5]. Shareholder Changes - Haiguotou's acquisition of 14.84% of shares from the previous major shareholder has increased its stake to 16%, positioning it as the largest shareholder [4][5]. Profit Forecast and Valuation - The company is projected to achieve net profits of RMB 25.16 million, RMB 46.65 million, and RMB 56.32 million for the years 2025, 2026, and 2027, respectively [5][6]. - The target price of RMB 5.38 is based on a DCF valuation, with an updated WACC of 9.36% and a perpetual growth rate of 2% [5][13].