证券之星消息，9月10日教育板块较上一交易日上涨0.61%，凯文教育领涨。当日上证指数报收于 3812.22，上涨0.13%。深证成指报收于12557.68，上涨0.38%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 002659 | 凯文教育 | 5.97 | 4.55% | 37.53万 | | 2.23亿 | | 600730 | 中国高科 | 11.11 | 3.54% | 46.96万 | | 5.13亿 | | 600880 | 博瑞传播 | 5.01 | 2.24% | 29.00万 | | 1.45亿 | | 300192 | 科德教育 | 19.15 | 2.19% | 1 23.84万 | | 4.55亿 | | 600636 | *ST国化 | 8.70 | 1.52% | 3.01万 | 2613.39万 | | | 002607 | 中公教育 | 2.95 | 1.03% | 193.54万 | | 5.70亿 | | 00 ...

Market Overview - The education sector experienced a decline of 1.08% on September 3, with Guomai Technology leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Kevin Education (002659) saw an increase of 2.48%, closing at 5.37 with a trading volume of 378,800 shares and a turnover of 203 million yuan [1] - Dou Shen Education (300010) rose by 2.23%, closing at 8.24 with a trading volume of 1,189,900 shares [1] - ST Dongshi (603377) increased by 1.69%, closing at 3.62 with a turnover of 84.43 million yuan [1] - ST Guohua (600636) and Xueda Education (000526) had minor increases of 0.85% and 0.17%, respectively [1] - ST Chuan Zhi (003032) and Zhong Gong Education (002607) experienced declines of 0.30% and 0.67%, respectively [1] - The largest decline was seen in Guomai Technology (002093), which fell by 4.20%, closing at 11.64 with a turnover of 379 million yuan [2] Capital Flow Analysis - The education sector saw a net outflow of 50.68 million yuan from institutional investors, while retail investors had a net inflow of 67.18 million yuan [2][3] - Dou Shen Education had a net inflow of 72.24 million yuan from institutional investors, while it faced a net outflow of 52.35 million yuan from speculative funds [3] - Zhong Gong Education had a net inflow of 15.58 million yuan from institutional investors, but a net outflow of 20.65 million yuan from retail investors [3] - The overall trend indicates a mixed sentiment among different types of investors within the education sector [2][3]

Market Overview - The education sector experienced a decline of 2.7% on September 2, with Guomai Technology leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Action Education (605098) closed at 36.05, with a slight increase of 0.14% and a trading volume of 15,700 shares [1] - Kevin Education (002659) remained unchanged at 5.24, with a trading volume of 214,400 shares [1] - Xueda Education (000526) fell by 0.98% to 47.70, with a trading volume of 27,300 shares [1] - ST Dongshi (603377) decreased by 1.39% to 3.56, with a trading volume of 212,600 shares [1] - Zhonggong Education (002607) dropped 1.66% to 2.97, with a trading volume of 3,027,500 shares [1] - Angli Education (600661) fell by 1.92% to 10.70, with a trading volume of 60,100 shares [1] - Borui Communication (600880) decreased by 2.15% to 5.01, with a trading volume of 292,400 shares [1] - ST Kaiyuan (300338) fell by 2.17% to 4.05, with a trading volume of 57,100 shares [1] - ST Chuan Zhi (003032) decreased by 2.38% to 6.56, with a trading volume of 67,600 shares [1] - Quantu Education (300359) fell by 2.45% to 5.96, with a trading volume of 170,300 shares [1] Capital Flow Analysis - The education sector saw a net outflow of 401 million yuan from institutional investors, while retail investors experienced a net inflow of 307 million yuan [2] - The net inflow from speculative funds was 93.74 million yuan [2] Detailed Capital Flow for Selected Stocks - Kevin Education (002659) had a net inflow of 8.16 million yuan from institutional investors, while speculative funds saw a net outflow of 4.64 million yuan [3] - Action Education (605098) experienced a net inflow of 6.19 million yuan from institutional investors, with a net outflow of 3.53 million yuan from speculative funds [3] - Xueda Education (000526) had a minimal net inflow of 143,500 yuan from institutional investors, with a net outflow of 3.46 million yuan from speculative funds [3] - Kede Education (300192) saw a slight net outflow of 187,300 yuan from institutional investors, with a significant net outflow of 24.17 million yuan from speculative funds [3] - ST Kaiyuan (300338) experienced a net outflow of 3.39 million yuan from institutional investors, while speculative funds had a net inflow of 711,800 yuan [3] - ST Chuan Zhi (003032) had a net outflow of 6.13 million yuan from institutional investors, with a net inflow of 890,700 yuan from speculative funds [3] - Angli Education (600661) saw a net outflow of 8.87 million yuan from institutional investors, while retail investors had a net inflow of 9.28 million yuan [3] - ST Dongshi (603377) experienced a net outflow of 12.71 million yuan from institutional investors, with a net inflow of 9.10 million yuan from retail investors [3] - Quantu Education (300359) had a net outflow of 12.94 million yuan from institutional investors, while retail investors saw a net inflow of 7.30 million yuan [3]

Group 1 - The company achieved a revenue of 171 million yuan in H1 2025, representing a year-on-year increase of 12.5%, and a net profit attributable to shareholders of 735,000 yuan, marking a turnaround from loss to profit [1] - In Q2 2025, the company reported a revenue of 81 million yuan, with a year-on-year growth of 7.2%, and a net profit attributable to shareholders of 266,700 yuan, also indicating a return to profitability [1] - The company has maintained positive revenue growth for 11 consecutive quarters, with operating net cash flow turning positive at 24 million yuan in H1 2025, confirming a stable positive trend in fundamentals [1] Group 2 - The company is advancing in vocational education and has established partnerships with vocational colleges in Hunan and Shandong in H1 2025 [2] - The company has launched a full-owned subsidiary focused on specialized training services, targeting training for government officials and technology innovation talent [2] - The gross margin improved to 29.3% in H1 2025, an increase of 1.6 percentage points year-on-year, while management expenses decreased by 4.2 percentage points [2]

凯文教育（002659.SZ）2025 年中报点评 扭亏为盈迎经营拐点，升学良好助生源增长 2025 年 08 月 29 日 ➢ 事件：2025 年上半年（以下简称"报告期内"）公司实现营业收入 1.71 亿 元，同比增长 12.51%；归母净利润 74 万元，扭亏为盈；EPS 为 0.0012 元/股。 ➢ 教育服务较快增长，扭亏为盈迎来拐点。报告期内，公司实现营业收入 1.71 亿元，同比增长 12.51%；其中教育服务业务收入 1.38 亿元，同比增长 18.13%， 助力公司扭亏为盈。2025 年以来，公司已连续两个季度实现盈利，2025 年公司 积极招生，国际生保持稳步上升；国内精品素质高中招生指标再度增长，同时新 招体制内初中生，我们预计 2025 年 9 月新生的到来将带动公司在校生稳步增 长，预计三四季度公司业绩有望加快释放，公司将迎来趋势性经营拐点。 ➢ 盈利能力持续提高，期间费用快速下降。随着在校生的增长，公司盈利能力 将显著提升。报告期内，公司毛利率 29.33%，同比提高 1.58pct，环比提高 1.88pct；其中教育业务毛利率 30.46%，同比提高 1.38pct，环比提高 1 ...

Core Viewpoint - The A-share education sector in the first half of 2025 continues to exhibit a "polarized" pattern, with some companies thriving while others struggle, reflecting the complex and changing market environment [1][20]. Group 1: "Fire Zone" Companies - Companies in the "fire zone" such as Xueda Education, Angli Education, and Tuo Wei Information show significant growth and profitability, driven by different strategies: scale expansion, comprehensive transformation, and technology-driven approaches [3][20]. - Xueda Education achieved revenue of 1.92 billion with a growth rate of 18.3% and a net profit of 230 million, focusing on personalized education and national expansion [4][20]. - Angli Education reported revenue of 632 million, up 11.84%, and turned a profit of 2.88 million, diversifying into multiple educational sectors including quality education and vocational training [6][20]. - Tuo Wei Information's revenue was 1.306 billion, down 24.42%, but net profit surged to 78.81 million due to non-recurring gains, highlighting a reliance on financial adjustments rather than core business growth [8][20]. Group 2: "Ice Zone" Companies - Companies in the "ice zone" like Quantu Education, Honghe Education, and ST Kaiyuan face severe challenges, including significant revenue declines and ongoing losses, reflecting the harsh realities of the education industry [10][20]. - Quantu Education's revenue fell to 125 million, down 36.58%, with a net loss of 32.3 million, struggling with policy tightening and reduced client payment capabilities [11][20]. - Honghe Education reported revenue of 1.4 billion, down 10.99%, with a net profit of only 45 million, as its core interactive whiteboard business continues to decline [12][20]. - ST Kaiyuan's revenue dropped to 75.64 million, down 22.6%, with a net loss of 44.36 million, facing severe financial distress and potential delisting risks [16][20]. Group 3: "Middle Zone" Companies - Companies like Keda Xunfei, Kewen Education, and Kede Education are positioned in the middle zone, showing both growth potential and structural challenges [20][24]. - Keda Xunfei achieved revenue of 10.91 billion, up 17%, but reported a net loss of 360 million, indicating a struggle to convert growth into profitability [21][20]. - Kewen Education's revenue was 171 million, with a net profit of 735,000, reflecting a strong brand in international education despite its small scale [23][20]. - Kede Education's revenue declined to 366 million, down 1.15%, while its net profit fell by 15.16%, showcasing a dual narrative of declining core business and capital market interest due to its AI chip investments [22][20].

Market Overview - The education sector experienced a decline of 0.46% on August 28, with ST Dongshi leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - China High-Tech (600730) saw a significant increase of 6.26%, closing at 9.51 with a trading volume of 446,300 shares and a turnover of 414 million yuan [1] - Kede Education (300192) rose by 2.25%, closing at 24.13 with a trading volume of 819,900 shares and a turnover of 192.6 million yuan [1] - ST Dongshi (603377) led the decline with a drop of 5.01%, closing at 3.79 with a trading volume of 344,400 shares and a turnover of 132 million yuan [2] - Xueda Education (000526) fell by 4.36%, closing at 48.97 with a trading volume of 76,300 shares and a turnover of 371 million yuan [2] Capital Flow Analysis - The education sector saw a net outflow of 479 million yuan from institutional investors, while retail investors contributed a net inflow of 350 million yuan [2] - Major stocks like China High-Tech and Xueda Education experienced mixed capital flows, with China High-Tech seeing a net inflow of 17.98 million yuan from institutional investors [3] - ST Dongshi and Kede Education faced significant net outflows from institutional investors, indicating potential concerns among larger investors [3]

Investment Rating - The report maintains a "Buy" rating for Kevin Education with a target price of RMB 5.38 [6][10]. Core Views - Kevin Education's main business shows steady growth with a clear trend of improving profitability, supported by the empowerment of major shareholders, and is expected to turn profitable in 2025 [1][5]. - The company is expanding its K12 school operations and diversifying its educational services, including the introduction of unique quality education programs and extracurricular training [2][3]. - The operational leverage effect is becoming evident as the student enrollment scale increases, leading to significant profit contributions with improved operational efficiency [4]. Summary by Sections Financial Performance - In H1 2025, Kevin Education achieved revenue of RMB 171 million, a year-on-year increase of 12.51%, and a net profit attributable to shareholders of RMB 735,000, up 107.44% year-on-year [1]. - For Q2 2025, revenue reached RMB 80.55 million, with a net profit of RMB 266,700, reflecting a year-on-year increase of 7.21% and 104.21%, respectively [1]. Business Expansion - Under the "dual-track" strategy, Kevin Education is expanding its K12 school operations, with two schools enhancing their international education offerings and introducing domestic preparatory classes [2]. - The company is also promoting its unique quality education courses outside of school settings, including sports, arts, technology training, and camp education [2]. Operational Efficiency - The report highlights a decrease in the combined sales, management, and R&D expense ratios by 1.6 percentage points year-on-year, indicating improved operational efficiency [4]. - The company plans to optimize its asset structure and increase asset utilization to enhance profitability further [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is RMB 25.16 million, RMB 46.65 million, and RMB 56.32 million, respectively [5][10]. - The report maintains a DCF-based target price of RMB 5.38, with a WACC of 9.36% and a perpetual growth rate of 2% [5][10].

（记者 王晓波） 每经AI快讯，凯文教育8月28日发布公告称，公司第六届第十七次董事会会议于2025年8月26日以现场 结合通讯表决方式召开。会议审议了《2025年半年度报告及其摘要》等文件。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ ...

（记者 张喜威） 每经AI快讯，ST凯文8月28日发布公告称，公司第八届第十七次董事会会议于2025年8月26日以现场结 合通讯表决的方式召开。会议审议了《关于修订公司 <董事会议事规则> 的议案》等文件。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ ...