Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The return of everyday dining and the rise of home-cooked meals are significant trends, with the market for casual dining exceeding 1.2 trillion RMB, emphasizing high cost-performance [5][58] - The creator economy, particularly in the music streaming sector, is experiencing stable growth, with platforms enhancing their bargaining power through non-music content [22][24] - The casual dining market is projected to grow at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, reaching 55.87 billion RMB by 2028 [56][58] Summary by Sections 1. Trend in Casual Dining - The average spending on Chinese dining has decreased from 87.6 RMB in 2023 to 79.2 RMB in 2024, a decline of 9.6% [53][55] - The casual dining market is characterized by a shift towards high cost-performance and practicality, with a significant increase in home cooking frequency [53][56] - The market for affordable casual dining (under 100 RMB per meal) is the largest segment, accounting for 88.7% of the total dining market, with a current size of 36.18 billion RMB [56][58] 2. Creator Economy and Music Streaming - The global music streaming market is projected to reach over 20.4 billion USD in 2024, with a year-on-year growth of 7.3% [27][30] - Subscription users in the music streaming sector are expected to grow to 263 million in 2024, reflecting an increase of 11% year-on-year [30] - Spotify's market penetration in emerging markets is driving user growth, with a CAGR of 35% from 2021 to 2025 [26][30] 3. Trends in Toy and Creator Economy - The online sales of trendy toys in June 2025 reached 1.348 billion RMB, with a year-on-year growth of 16% [12][14] - The sales of blind boxes and plush toys showed strong performance, with blind boxes growing by 109% year-on-year [12][13] - The creator economy is bolstered by the growth of non-music content, enhancing platforms' bargaining power [22][24] 4. Beauty and Personal Care Market - The skincare market on Tmall has seen a concentration increase, with the top 20 brands accounting for 46.2% of the total GMV [66] - Domestic brands have seen a decline in both quantity and market share, while international brands have experienced double-digit growth [66][67]

Group 1 - The company held its 15th meeting of the 6th Board of Directors on July 4, 2025, where it approved two key proposals: signing a catering service agreement and adjusting the organizational structure [1][5][33] - The catering service agreement involves the company's subsidiary, Beijing Kaiyuxinde Catering Management Co., Ltd., providing services to Beijing Beilun Health Industry Technology Co., Ltd., with a total service fee not exceeding 7.8 million yuan [12][28] - The organizational structure adjustment aims to clarify responsibilities and improve operational efficiency, with specific changes to department names and functions [33][34] Group 2 - The catering service agreement is a related party transaction, as Beilun Health is indirectly controlled by the company's major shareholder, and the agreement was approved by the Board of Directors with the relevant directors abstaining from voting [13][14][30] - The agreement specifies that Beilun Health will pay for operational and management costs, with the total not exceeding 7.8 million yuan, and includes provisions for service delivery and quality management [19][22][28] - The organizational changes include renaming departments and merging functions to enhance clarity and efficiency, which is not expected to significantly impact the company's operations [34][35]

证券代码：002659 证券简称：凯文教育 公告编号：2025-017 北京凯文德信教育科技股份有限公司 关于子公司签署餐饮服务协议暨关联交易的公告 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。 （三）审议程序 由于本次关联交易发生后，公司及子公司与该关联人（包含受同一主体控 制或相互存在控制关系的其他关联人）连续十二个月内累计发生的关联交易的金 额超过公司最近一期经审计净资产的0.5%。公司于2025年7月4日召开第六届董事 会第十五次会议以4票同意，0票反对，0票弃权审议并通过《关于子公司签署<餐 饮服务协议>暨关联交易的议案》，关联董事王腾先生、姜骞先生、司徒智博先 生回避表决。 本议案已经独立董事专门会议审议通过。本次交易在董事会审议后无需提交 股东大会审议，亦不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 二、关联方基本情况 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7月4日 召开第六届董事会第十五次会议，会议审议并通过了《关于子公司签署<餐饮服 务协议>暨关联交易的议案》。现将相关情况公告如下： 一、关联交易概 ...

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。 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 7 月 4 日召开第六届董事会第十五次会议，会议审议并通过了《关于调整公司组织架构 的议案》。为适应公司战略及业务发展需要，进一步理顺权责关系，明晰公司各 一级部门职责和提升组织发展能效，公司对组织架构进行了调整，主要情况如下： 证券代码：002659 证券简称：凯文教育 公告编号：2025-018 北京凯文德信教育科技股份有限公司 关于调整公司组织架构的公告 二、公司组织架构调整后对公司的影响 公司本次调整组织架构是为进一步明确各部门职能和人力资源配置进行的 内部管理机构的调整，不会对公司经营活动产生重大影响。 一、组织架构调整情况 1、董事长办公室名称调整为党群工作部，原运营管理部党务工作职能并入 党群工作部。 2、撤销资产部，将资产部职能、原董事长办公室综合管理职能并入运营管 理部。 3、部门名称调整：内审部调整为内部审计部、IT 部调整为信息技术部、行 政部调整为行政管理部、法务部调整为法务管理部、财务部调整为财务管理部、 资金部调整为 ...

关联监事张菁荣回避表决。 证券代码：002659 证券简称：凯文教育 公告编号：2025-016 北京凯文德信教育科技股份有限公司 本公司及监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。 北京凯文德信教育科技股份有限公司（以下简称"公司"）第六届监事会第 十二次会议（以下简称"会议"）通知于 2025 年 6 月 30 日以传真、邮件、专人 送达等方式发出，会议于 2025 年 7 月 4 日在公司会议室以现场结合通讯表决方 式召开。本次会议应出席监事 3 人，实际出席监事 3 人。本次会议召开符合《公 司法》《公司章程》等有关法律、法规的规定，会议合法有效。 第六届监事会第十二次会议决议公告 会议由监事会主席张菁荣女士主持，与会监事经审议通过了以下议案： 一、《关于子公司签署<餐饮服务协议>暨关联交易的议案》 表决结果：2 票同意，0 票反对，0 票弃权 监 事 会 2025 年 7 月 5 日 公司子公司北京凯誉鑫德餐饮管理有限责任公司（以下简称"凯誉鑫德"） 与北京贝仑健康产业科技股份有限公司（以下简称"贝仑健康"）约定由凯誉鑫 德在中关村（海淀）生物智造产业园 ...

表决结果：4 票同意，0 票反对，0 票弃权 证券代码：002659 证券简称：凯文教育 公告编号：2025-015 北京凯文德信教育科技股份有限公司 第六届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 北京凯文德信教育科技股份有限公司（以下简称"公司"）第六届董事会第 十五次会议（以下简称"会议"）通知于 2025 年 6 月 30 日以传真、邮件、专人 送达等方式发出，会议于 2025 年 7 月 4 日以现场结合通讯表决方式召开。会议 应出席董事 7 人，实际出席董事 7 人，本次会议的出席人数、召集召开程序、议 事内容均符合《公司法》和《公司章程》的相关规定，会议合法有效。 会议由董事长王腾先生主持，与会董事经审议通过了以下议案： 一、《关于子公司签署<餐饮服务协议>暨关联交易的议案》 关联董事王腾、姜骞、司徒智博回避表决。 公司子公司北京凯誉鑫德餐饮管理有限责任公司（以下简称"凯誉鑫德"） 与北京贝仑健康产业科技股份有限公司（以下简称"贝仑健康"）约定由凯誉鑫 德在中关村（海淀）生物智造产业园A区（原海星医药健康创新园A ...

Group 1 - The company Kevin Education (002659) announced that its subsidiary Kaiyu Xinde signed a catering service agreement with Beilun Health, with a total service fee not exceeding 7.8 million yuan [1] - The related party transaction has been approved by the company's sixth board of directors' fifteenth meeting and does not require submission to the shareholders' meeting [1] - The agreement is valid for 2 years and 9 months, from July 11, 2025, to April 10, 2028 [1] Group 2 - This transaction is beneficial for the expansion of Kaiyu Xinde's catering business, achieving resource complementarity and reasonable allocation [1] - The transaction is expected to have no adverse impact on the company's current and future financial status and operating results [1]

Mergers and Acquisitions - Bozhong Precision plans to acquire 70% stake in Shanghai Wodian for 420 million yuan, aiming to enter the automotive intelligent equipment market and establish a diversified business model of "3C + new energy + automotive" [1] Shareholding Changes - Hengrui Medicine's senior vice president plans to reduce holdings by up to 47,670 shares, representing 0.007% of the total share capital due to personal financial needs [2] - Guomao Co., Ltd.'s actual controller plans to reduce holdings by up to 19,772,600 shares, accounting for 3% of the total share capital, with a minimum selling price not lower than the IPO price [3] - Baoli International's shareholder plans to reduce holdings by up to 27,468,000 shares, representing 3% of the total share capital after excluding repurchased shares, due to personal financial needs [4] Risk Matters - Yong'an Pharmaceutical warns of high speculation risk as its stock price has surged significantly, deviating from the market trend, although there are no major changes in fundamentals [5] - ST Kevin alerts investors about rational investment and risk awareness due to a cumulative price deviation of 12.32% over three trading days, confirming no violations of fair information disclosure [6] - Annie Co. states that there are no undisclosed significant matters, despite a cumulative price deviation exceeding 20% over two trading days, and confirms stable operational conditions [7]

Investment Rating - The report maintains a "Market Perform" investment rating for the consumer services industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [34]. Core Insights - The consumer services industry index rose by 2.02% from May 30, 2025, to June 12, 2025, outperforming the Shanghai and Shenzhen 300 index by approximately 1.15 percentage points [9]. - The report highlights that domestic travel during the Dragon Boat Festival saw 119 million trips, a year-on-year increase of 5.7%, with total spending reaching 42.73 billion yuan, up 5.9% year-on-year [22]. - The upcoming summer travel season is expected to reverse the subdued performance observed during the Dragon Boat Festival, with a projected 70% increase in summer travel numbers and an 80% increase in gross merchandise value (GMV) compared to the previous year [34]. Summary by Sections Market Review - The consumer services industry index outperformed the Shanghai and Shenzhen 300 index, with a rise of 2.02% during the reporting period [9]. - The tourism and education sectors showed recovery, while the hotel and comprehensive services sectors experienced declines [10]. - A total of 38 listed companies in the industry reported positive returns, with the top five performers being ST United, Qujiang Cultural Tourism, Jinling Hotel, Changbai Mountain, and Tianmu Lake, with increases ranging from 11.86% to 55.13% [14]. - The overall price-to-earnings (PE) ratio for the consumer services industry was approximately 30.92 times, reflecting an increase compared to previous periods [18]. Industry News - The report notes significant trends in the tourism market, including a focus on family-oriented travel and deep experiential offerings, as highlighted in the 2025 Summer Travel Trend Report by Zhongxin Tourism [24]. - The popularity of the Jiangsu Super League has led to a surge in tourism bookings in Jiangsu, with an increase of over 300% in reservations [26]. - Haichang Ocean Park announced plans to introduce Xiangyuan Holdings as a new controlling shareholder [27]. Company Announcements - The report suggests monitoring specific companies such as Jinjiang Hotel, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, Jiuhua Tourism, Zhongxin Tourism, and Songcheng Performing Arts for potential investment opportunities due to their favorable positioning in the upcoming summer season [35].

Group 1 - The football concept sector rose by 4.44%, ranking third among concept sectors, with 27 stocks increasing in value, including Kangliyuan which hit a 20% limit up [1] - Notable gainers in the football concept sector included Yuedu Media, Gongchuang Turf, Jinling Sports, Liujin Technology, and Xinghui Entertainment, which rose by 10.07%, 9.99%, 15.31%, 11.78%, and 7.32% respectively [1][2] - The sector saw a net inflow of 402 million yuan from main funds, with 16 stocks receiving net inflows, and 8 stocks exceeding 30 million yuan in net inflow, led by Zhongti Industry with 174 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included Yuedu Media at 25.40%, Kevin Education at 19.27%, and Zhongti Industry at 15.95% [3] - The football concept sector's inflow rankings showed Zhongti Industry with a 6.49% increase and a turnover rate of 12.50%, while Yuedu Media had a 10.07% increase with a turnover rate of 7.70% [3][4] - Other notable stocks in the sector included Kangliyuan with a 20% increase and a turnover rate of 59.52%, and Xinghui Entertainment with a 7.32% increase and a turnover rate of 15.86% [3][4]