Investment Rating - The report initiates coverage with a "Buy" rating for the company [7][93]. Core Insights - The company is primarily focused on K12 international education, with a diversified approach in quality education and modern vocational education [4][15]. - There is strong policy support for the company's business development, indicating a potential release of market opportunities [2][4]. - The company has diversified its business layout, leading to a gradual recovery in profitability [3][25]. Summary by Sections 1. K12 International Education as the Core, Quality Education and Vocational Education as Wings - The company has developed into a diversified education group integrating K12 education, quality education, and vocational education, aiming to be a key player in vocational education [15][35]. - The company provides operational support services primarily to Beijing Haidian Kevin School and Beijing Chaoyang Kevin School, expanding quality education services beyond the classroom [35][23]. 2. Policy Support for Business Development, Market Potential Expected to be Released - National policies emphasize the expansion of quality education resources, with signs of recovery in education and training sectors [4][72]. - The potential market size for quality education in China is expected to exceed 478.7 billion yuan in 2023 [4][52]. 3. K12 Business Dual-Track Operation, Quality Education and Vocational Education Progressing Together - Haidian Kevin School has demonstrated excellent academic performance, with students receiving offers from top universities [24][82]. - The company is actively expanding its vocational education business, having established multiple industry-academy integration projects [26][89]. 4. Financial Forecast and Valuation - Revenue is projected to reach 3.61 billion yuan in 2024, with a growth rate of 42.08% [92][93]. - The company expects to achieve profitability with a net profit of 0.11 billion yuan in 2024, increasing to 0.87 billion yuan by 2026 [93][92].

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 04 月 29 日 凯文教育(002659.SZ) 事件：公司发布 2023 年年报及 2024 年一季报，报告期内分别 为实现营业收入 25389 万元和 7705 万元，分别同比增长 47.78% 和 12.93%；归母净利润分别为-4972 万元和-354 万元，分别同比 增长 48.48%和 66.66%；每股收益分别为-0.08 元和-0.01 元。 积极布局国内赛道，中高考迎来黄金期。2023 年朝阳凯文推出 了精品素质高中，由具有清华附中、北京四中等市重点学校校级 管理经验的田敏校长掌舵，任课老师来自于北京及全国顶级示范 性高中，其中 7 个学科由正高级老师领衔，其余为骨干教师。精 品素质高中学费 15 万元/年，住宿费和餐费合计 5 万元/年，招生 效果良好，学生素质较高，并取得较好的办学成效。未来几年， 北京将迎来中高考的黄金期，2021-2023 年北京初中毕业生分别 为 87856 人、103514 人和 110365 人，高中招生人数分别为 62263 人、74681 人和 79716 人，目前在读的人数初一 1351 ...

北京凯文德信教育科技股份有限公司 作为北京凯文德信教育科技股份有限公司（以下简称"公司"）的独立董事， 本人在 2023 年严格按照《中华人民共和国公司法》《上市公司独立董事管理办法》 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等 规范性文件的要求，认真、勤勉地履行独立董事职责，积极出席相关会议，对重 大事项发表独立意见，充分发挥独立董事的独立作用，维护公司整体利益。现将 本人 2023 年度的履职情况汇报如下： 一、基本情况 （一）个人履历 本人高峰，1978 年出生，中国国籍，九三学社社员，澳大利亚麦觉理大学会 计学硕士，北京大学光华管理学院 EMBA，武汉大学经济管理学院产业经济学博 士（结业）。本人在会计和财务管理方面具有丰富的工作经验，获得澳洲注册会 计师和中国内部审计员岗位资格证书。现任北京首农食品集团有限公司董事、北 京市建筑设计研究院有限公司董事、北京恒泰信合管理咨询有限公司执行董事。 2022 年 8 月至今任公司独立董事。 （二）是否存在影响独立性的情况 作为独立董事，本人未在公司担任除独立董事以外的任何职务，也未在公司 主要股东公司担任任何职务，与公司以及主 ...

北京凯文德信教育科技股份有限公司 董 事 会 2024 年 4 月 25 日 北京凯文德信教育科技股份有限公司 董事会对独立董事独立性评估的专项意见 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》等相关规定，北京凯文德信教育科技股份 有限公司（以下简称"公司"）董事会就公司现任独立董事黄乐平先生、高峰先 生和袁佳女士的独立性情况进行评估并出具以下专项意见： 经核查独立董事黄乐平先生、高峰先生和袁佳女士的履职情况以及其签署的 相关自查文件，董事会认为公司独立董事黄乐平先生、高峰先生和袁佳女士未在 公司担任除独立董事以外的任何职务，也未在公司主要股东公司担任任何职务， 与公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客观判断 的关系，亦不存在其他影响独立董事独立性的情况，符合《上市公司独立董事管 理办法》和《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规 范运作》关于独立董事独立性的相关要求。 ...

北京凯文德信教育科技股份有限公司 董事会关于会计政策变更追溯调整财务报表数据的专项说明 一、本次追溯调整的概况 单位：元 | 资产负债表项目 | 2022 | 年 月 日 12 31 | | | --- | --- | --- | --- | | | 变更前 | 变更后 | 累计影响金额 | | 递延所得税资产 | 113,615,636.82 | 113,716,469.71 | 100,832.89 | | 未分配利润 | -398,300,678.22 | -398,199,845.33 | 100,832.89 | | 利润表项目 | | 2022 年度 | | | | 变更前 | 变更后 | 累计影响金额 | | 所得税费用 | 6,731,982.86 | 6,651,284.14 | -80,698.72 | 此项会计政策变更，仅对合并报表产生影响，对母公司财务报表无影响。 四、董事会意见 公司董事会认为：本次公司会计政策变更是根据财政部颁布的规定对公司会 计政策进行相应的变更，符合国家法律法规的相关要求，公司本次会计政策变更 使得财务报告更加客观、公允地反映公司的财务状况和经营成果，不存在损害 ...

Corporate Governance and Structure - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves[5]. - The company has undergone several changes in its registered address since its establishment, with the latest change occurring in November 2021[17]. - The controlling shareholder changed from Jiangsu Huanyu Investment Development Co., Ltd. to Badachu Holdings Group Co., Ltd. in July 2016, and subsequently to Beijing Haidian District State-owned Assets Investment and Operation Co., Ltd. in February 2021[17]. - The company operates under the stock code 002659 on the Shenzhen Stock Exchange[14]. - The company has a dedicated investor relations team to manage communications and inquiries[15]. - The company maintained a governance structure that complies with the requirements of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, ensuring the independence of its operations from the controlling shareholder[102]. - The company has established independent financial, personnel, and operational systems, ensuring no reliance on the controlling shareholder for business activities[102]. - The company has established a clear compensation decision-making process based on performance and responsibilities[120]. - The company has a commitment to independent tax payment and financial decision-making[152]. - The company has established a commitment to ensure that its controlling shareholder does not seek preferential treatment in business dealings with the company[155]. Financial Performance - The company's operating revenue for 2023 was ¥253,885,168.86, representing a 47.78% increase compared to ¥171,800,365.79 in 2022[18]. - The net loss attributable to shareholders improved to -¥49,722,478.50 in 2023 from -¥96,594,379.14 in 2022, marking a 48.48% reduction in losses[18]. - Basic and diluted earnings per share improved to -¥0.08 in 2023, a 50% improvement from -¥0.16 in 2022[19]. - The total assets at the end of 2023 were ¥3,109,891,235, a decrease of 4.05% from ¥3,241,067,700 at the end of 2022[19]. - The company's weighted average return on equity was -2.23% in 2023, an improvement from -4.20% in 2022[19]. - The total revenue for 2023 reached ¥253,885,168.86, representing a 47.78% increase compared to ¥171,800,365.79 in 2022[63]. - The education sector accounted for ¥249,756,990.19, which is 98.37% of total revenue, showing a 48.54% increase from ¥168,141,874.06 in the previous year[63]. - The gross profit margin for the education sector improved to 25.16%, up by 9.77% from the previous year[64]. - The company achieved a total revenue of 253.89 million yuan in 2023, with a net profit attributable to shareholders of -49.72 million yuan, reducing losses by 48.48% compared to the previous year[47]. Educational Services and Market Position - The company's main business has shifted from dual operations in bridge steel structures and education to solely focusing on education and related industries since November 2017[17]. - The company has developed a dual-track development strategy of K12 international and domestic education, focusing on high-quality international education services and expanding domestic quality high schools[29]. - The number of students enrolled in the two Kevin schools has shown a year-on-year growth trend, significantly enhancing the school's reputation and recognition among parents and students[31]. - The vocational education market is projected to exceed 1 trillion yuan in 2024 and reach 1,268.1 billion yuan by 2027, highlighting significant growth potential in this sector[35]. - The company has expanded its service offerings to include off-campus training, promoting "Kevin特色" quality education training to meet the demand for quality education courses[32]. - The company has established partnerships with leading companies such as Baidu and Tencent to enhance its vocational education offerings and ensure alignment with industry needs[43]. - The company is actively expanding its vocational education business, responding to the significant market demand for skilled labor and aligning with national policies[40]. - The company has successfully integrated educational resources with local universities to improve its educational offerings and expand its enrollment[44]. Operational Challenges and Risks - The company has acknowledged uncertainty regarding its ability to continue as a going concern, as indicated in the audit report for the last year[20]. - The company faces risks related to policy changes in the education sector, which could impact its operations and business strategies[94]. - Increased competition in the vocational education market is anticipated as more entities enter the sector, necessitating strategic adjustments by the company[94]. - The company has been experiencing continuous losses primarily due to significant depreciation and amortization expenses from fixed assets related to two Kevin schools, which were heavily invested in during the construction and renovation phases[95]. - The company is focusing on a light asset operation model for future business expansion, aiming to optimize asset structure and improve asset utilization to mitigate the adverse impact of heavy asset investments on performance[95]. Employee and Management Structure - The total number of employees at the end of the reporting period is 335, with 343 employees receiving salaries during the period[130]. - The professional composition includes 110 technical personnel, 85 production personnel, 94 administrative personnel, 33 sales personnel, and 13 financial personnel[130]. - The educational background of employees shows 41 with postgraduate degrees, 157 with bachelor's degrees, 39 with associate degrees, and 98 with education below associate level[130]. - The company has a diverse management team with educational backgrounds from prestigious institutions such as Fudan University and Tsinghua University[116][117]. - The company has been actively expanding its management team with experienced professionals from various sectors[116][117]. - The management team emphasizes the importance of maintaining high standards of corporate governance and transparency in operations[113]. Future Strategies and Growth Plans - The company is focusing on expanding its vocational education sector, aligning with national policies that emphasize the importance of vocational training and education integration[89]. - By 2025, the company aims to establish around 50 pilot cities for education integration and develop over 10,000 vocational education enterprises, enhancing its market presence[89]. - The company plans to continue expanding its high school programs and future development strategies, as discussed in investor communications[96]. - The company plans to invest in new product development and technological advancements to enhance its service offerings[109]. - The company has outlined a market expansion strategy targeting new geographical regions in 2024[109]. - The company is exploring potential mergers and acquisitions to strengthen its market position[109]. - The company has committed to maintaining a debt-to-equity ratio below 0.5 to ensure financial stability during expansion efforts[164]. Compliance and Regulatory Matters - The company has not faced any administrative penalties related to environmental issues during the reporting period[145]. - There were no major environmental protection violations reported, as the company does not belong to key pollutant discharge units[145]. - The company has not engaged in poverty alleviation or rural revitalization efforts during the reporting period[147]. - The company adheres to legal regulations and maintains effective investor relations through timely communication[146]. - The company has committed to avoiding and minimizing related party transactions as per its commitments[150]. - The company continues to comply with corporate governance standards and actively fulfills information disclosure obligations[146]. Shareholder Engagement - During the reporting period, the company held three shareholder meetings, ensuring that minority shareholders had equal rights and opportunities to participate in decision-making[99]. - The company reported a 32.30% participation rate from investors in the 2022 annual general meeting held on May 18, 2023[104]. - The company also held a temporary shareholder meeting on September 11, 2023, with a participation rate of 30.01%[104]. - The company is committed to timely and accurate information disclosure, ensuring all shareholders have equal access to material information[100].

独立董事工作制度 第一章 总 则 北京凯文德信教育科技股份有限公司 独立董事工作制度 北京凯文德信教育科技股份有限公司 第一条 为进一步完善北京凯文德信教育科技股份有限公司（以下简称"公 司"）治理结构，促进公司规范运作，充分发挥独立董事在公司治理中的作用、 促进公司独立董事尽责履职，根据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第1号——主板上市公司规范运作》和《北京凯文德信教育科技股份有限公司 章程》（以下简称"《公司章程》"）的有关规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及主要 股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立 客观判断关系的董事。 独立董事应当独立履行职责，不受公司及主要股东、实际控制人等单位或个 人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当按 照法律、行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、 深圳证券交易所业务规则和《公司章程》的规定，认真履行职责，在董事会中发 挥参与决策、监督制衡、专业咨询作 ...

北京凯文德信教育科技股份有限公司 董事会战略委员会议事规则 北京凯文德信教育科技股份有限公司 董事会战略委员会议事规则 第一章 总 则 第一条 为适应北京凯文德信教育科技股份有限公司（以下简称"公司"） 战略发展需要，增强公司核心竞争力，确定公司发展规划，健全投资决策程序， 加强决策科学性，提高重大投资决策的效益和决策的质量，完善公司的治理结构， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司独立 董事管理办法》《深圳证券交易所上市公司自律监管指引第1号——主板上市公 司规范运作》《北京凯文德信教育科技股份有限公司章程》（以下简称"《公司 章程》"）及其他有关规定，公司设立董事会战略委员会，并制定本规则。 第二条 董事会战略委员会是董事会设立的专门委员会，对董事会负责，主 要负责对公司长期发展战略和重大投资决策进行研究并提出建议。 第二章 人员组成 第三条 战略委员会成员由三名董事组成。 第四条 战略委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 第五条 战略委员会设主任委员一名，由董事长担任，负责召集和主持战略 委员会工作，当主任委员不能或无法 ...

北京凯文德信教育科技股份有限公司 公司依照《上市公司章程指引》《上市公司独立董事管理办法》《上市公司 监管指引第3号——上市公司现金分红（2023年修订）》等规定的要求对《公司 章程》中部分条款进行了修订。修订对照情况如下： | 序号 | 修订前 | 修订后 | | --- | --- | --- | | | 第二条 根据《中国共产党章程》 | 根据《党章》的规定，公司 | | | 的规定，公司设立中国共产党的组织， | 第二条 | | | | 设立中国共产党的组织，党组织发挥战斗 | | | 党组织发挥领导核心和政治核心作用， | | | 1 | 把方向、管大局、保落实。公司建立党 | 堡垒作用，围绕生产经营开展工作。公司 | | | 的工作机构，配备足够数量的党务工作 | 建立党的工作机构，配备足够数量的党务 | | | 人员，保障党的组织的工作经费。 | 工作人员，保障党的组织的工作经费。 | | | | 第一百〇八条 董事会行使下列职 | | | | 权： | | | | （一）…… （十七） | | | | 公司董事会设立审计委员会、战略委 | | | | 员会、提名委员会、薪酬与考核委员会。 | ...

北京凯文德信教育科技股份有限公司 独立董事专门会议工作制度 第二条 独立董事专门会议是指全部由公司独立董事参加的会议。 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主要股东、 实际控制人不存在直接或间接利害关系，或者其他可能影响其进行独立客观判断 关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、深圳证 券交易所业务规则和《公司章程》的规定，认真履行职责，在董事会、董事会专 门委员会及独立董事专门会议中发挥参与决策、监督制衡、专业咨询作用，维护 公司整体利益，保护中小股东合法权益。 第二章 职责权限 第四条 下列事项应当经公司独立董事专门会议讨论并经全体独立董事过 半数同意后，方可提交董事会审议： （一）应当披露的关联交易； （二）公司及相关方变更或者豁免承诺的方案； 北京凯文德信教育科技股份有限公司 独立董事专门会议工作制度 第一章 总 则 第一条 为规范独立董事行为，充分发挥独立董事在北京凯文德信教育科技 股份有限公司（以下简称"公司"）公司治理中的作用，保护中小股东的利益，根 据《中华人民共和国公 ...