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].

Investment Rating - The report maintains a "Hold" rating for the company [6] Core Insights - The company has shown a turnaround in performance with a revenue increase of 17.7% year-on-year in Q1 2025, reaching 0.91 billion, and a net profit attributable to shareholders of 0.47 million, up 113% [1] - The K12 school operations are expanding, with notable achievements in student admissions to prestigious universities, indicating a strong educational quality and reputation [3][4] - The company is diversifying its course offerings, including the introduction of AP courses and domestic examination-focused classes, enhancing its educational services [4][5] Financial Performance - The company expects revenue of 3.2 billion in 2024, representing a 26% increase, but anticipates a net loss of 0.37 billion [1] - The projected net profits for 2025-2027 are 0.23 billion, 0.39 billion, and 0.78 billion respectively, with corresponding EPS of 0.04, 0.07, and 0.13 [11] - The company’s total market capitalization is approximately 2.82 billion, with a current price of 4.72 yuan per share [7] Operational Developments - The company has successfully established two K12 schools, which have received high recognition for their educational standards and facilities [2] - The operational experience gained since 2015 has significantly improved the company's educational service capabilities [2] - The company has signed a cooperation agreement with a bilingual school to provide operational management consulting, indicating a strategic move towards asset-light business models [5]

Investment Rating - The report maintains a "Hold" rating for the company [6] Core Insights - The company has shown a turnaround in performance with a revenue increase of 17.7% year-on-year in Q1 2025, reaching 0.91 billion, and a net profit attributable to shareholders of 470 thousand, up 113% [1] - The K12 school operations are expanding, with notable achievements in student admissions to prestigious universities, including a 96% acceptance rate to Top 50 universities in the US [3] - The company is enhancing its educational service capabilities through the establishment of high-standard schools and the expansion of its K12 curriculum offerings, including AP courses and domestic examination-focused classes [4][5] Financial Data Summary - The company expects revenue of 3.2 billion in 2024, representing a 26% increase, but anticipates a net loss of 0.37 billion [1] - The projected net profit for 2025 is 0.23 billion, with earnings per share (EPS) expected to be 0.04 [11] - The total market capitalization is approximately 2.82 billion, with a price-to-earnings (P/E) ratio projected at 124x for 2025 [7][11]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][10]. Core Insights - The company is experiencing a turning point in operations, with a steady increase in student enrollment and revenue growth, leading to a projected profitability turnaround [1][3]. - The "dual-track" system is expected to significantly enhance student capacity and enrollment at the Chaoyang Kevin school, with a projected increase in student numbers from 1,100 to 3,000 [2]. - The company is actively developing vocational education and government-enterprise training programs, establishing strategic partnerships with major tech firms, which is anticipated to drive future growth [2][3]. Financial Performance - In 2024, the company achieved a revenue of 320 million yuan, a year-on-year increase of 25.92%, with a projected revenue of 403 million yuan in 2025 [4][8]. - The gross profit margin is expected to improve, reaching 39.40% in 2025, up from 27.45% in 2024 [4][8]. - The net profit for 2025 is projected to be 43 million yuan, marking a significant turnaround from a loss of 37 million yuan in 2024 [4][8]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 403 million yuan, 476 million yuan, and 547 million yuan respectively, with growth rates of 26.1%, 18.0%, and 15.0% [4][8]. - Earnings per share (EPS) are expected to improve from -0.06 yuan in 2024 to 0.20 yuan by 2027, reflecting the company's recovery trajectory [4][8]. Operational Efficiency - The company maintains a low debt ratio of 28.47% as of March 2025, with a good cash flow position, indicating financial stability [3]. - The company aims to optimize its asset structure to enhance performance and reduce the impact of depreciation and financial costs on earnings [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][10]. Core Views - The company is experiencing a turning point in operations, with a steady increase in student enrollment and revenue growth, leading to a projected profitability turnaround [1][2]. - The "dual-track" system is expected to significantly enhance student capacity and enrollment at the Chaoyang Kevin school, with a projected increase in student numbers from 380 in 2023 to 3000 in the future [2]. - The company is actively developing vocational education and government-enterprise training programs, establishing strategic partnerships with major tech firms, which is anticipated to drive future growth [2]. Financial Performance Summary - In 2024, the company achieved a revenue of 320 million yuan, a year-on-year increase of 25.92%, with a net profit attributable to shareholders of -37 million yuan. For Q1 2025, revenue was 91 million yuan, up 17.68%, with a net profit of 0.47 million yuan, marking a 113.24% increase [1][4]. - The gross profit margin improved to 27.45% in 2024 and is expected to rise to 32.40% in Q1 2025, indicating enhanced operational efficiency [1]. - The company forecasts revenues of 403 million yuan, 476 million yuan, and 547 million yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 43 million yuan, 94 million yuan, and 122 million yuan [4][8]. Financial Ratios and Projections - The company has a low debt ratio of 28.47% as of March 2025, with a good cash flow position, showing positive operating cash flows from 2022 to 2024 [3]. - Earnings per share (EPS) are projected to be 0.07 yuan in 2025, 0.16 yuan in 2026, and 0.20 yuan in 2027, with dynamic price-to-earnings (PE) ratios of 64, 29, and 22 respectively [4][8]. - The company aims to optimize its asset structure and improve asset utilization, which is expected to enhance performance flexibility [3].

Financial Performance - In Q1 2025, the company achieved revenue of 91 million, representing a year-on-year growth of 17.68%, and net profit turned positive for the first time [2] - The company reported significant improvement in its financial performance compared to previous periods [2] Business Segments - The company's operations are divided into three main segments: K12 school operations, quality education, and vocational education [2] - K12 school operations have expanded, achieving record high admission results and continuously developing the K12 curriculum [2] - In quality education, the company leverages its resources in arts, music, and sports to offer various camp and research activities for students [2] - In vocational education, the company has established a platform through Haike Vocational Education (Beijing) Technology Co., Ltd., and has opened a branch in Shandong, collaborating with multiple institutions to create industry colleges [2] Future Plans - The company plans to seize market opportunities by expanding into new educational sectors, including partnerships to build industry colleges and focusing on digital economy and AI-related programs [3] - The company aims to enhance the variety of educational services and improve asset returns through light asset operation models to increase business scale and profitability [3]

Core Viewpoint - Kevin Education has shown significant improvement in its financial performance, achieving profitability in Q1 2025 after a loss in the previous year, driven by a focus on K12, quality education, and vocational training sectors [1][2]. Financial Performance - In 2024, the company reported a revenue of 320 million yuan, a year-on-year increase of 25.92% [1]. - For Q1 2025, the revenue reached 90.67 million yuan, reflecting a year-on-year growth of 17.68% [1]. - The net profit attributable to shareholders for Q1 2025 was 468,400 yuan, marking a significant turnaround with a year-on-year increase of 113.24% [2]. Business Strategy - The company leverages its state-owned background to enhance its social influence and business expansion capabilities, integrating regional educational resources effectively [3]. - As the only education-related publicly listed company under the Haidian District State-owned Assets Supervision and Administration Commission, Kevin Education is focused on both basic education services and expanding into vocational education [3]. Vocational Education Development - The vocational education team consists of industry experts and experienced teachers, providing a strong foundation for talent training and course development [4]. - The subsidiary, Haike Vocational Education, has established partnerships with leading companies like Xiaomi, Baidu, Tencent, and Huawei, facilitating resource integration for talent cultivation [4]. Operational Experience and Service Enhancement - Since entering the education sector in 2015, the company has successfully established two Kevin schools, demonstrating excellence in planning and operational management [5]. - The schools have gained high social recognition due to their outstanding graduation results and top-notch facilities, which support the expansion of vocational education and light asset educational services [5]. Focus on Quality Education - The company has invested in top-tier quality education resources, creating a comprehensive quality education system that includes arts, music, and sports [6]. - Future plans include expanding unique course offerings to reach a broader audience and tapping into the potential of quality education training [6]. - Kevin Education is actively assessing the impact of new educational policies and technological advancements on the industry, aiming to enhance its K12 operations and vocational education scale while promoting talent training for various sectors [6].