Investment Rating - The report maintains a "Recommended" rating for Kevin Education (002659.SZ) [6] Core Views - The company achieved a revenue of 171 million yuan in the first half of 2025, representing a year-on-year growth of 12.51%, and turned a profit with a net profit of 740,000 yuan [1] - The education service segment grew rapidly, with revenue of 138 million yuan, up 18.13% year-on-year, contributing to the company's turnaround [1][2] - The company has seen continuous profitability for two consecutive quarters in 2025, driven by active enrollment and a steady increase in international students [1] - The company is expected to experience a trend of operational improvement as new student enrollments are anticipated to boost the number of students in the upcoming quarters [1] Financial Performance - The gross profit margin for the reporting period was 29.33%, an increase of 1.58 percentage points year-on-year, and the expense ratio decreased significantly to 23.57%, down 6.2 percentage points year-on-year [2] - As of June 30, 2025, the company's total assets and total liabilities were 3.034 billion yuan and 867 million yuan, respectively, with a debt-to-asset ratio of 28.58%, showing a downward trend [2] - The cash flow situation is overall positive, with a cash collection ratio of 90.56%, up 57.39 percentage points year-on-year [2] Enrollment and Development - The company has a strong track record of student admissions, with 96% of graduates from Haidian Kevin being accepted into top 50 universities in the U.S. [3] - The company is actively developing vocational education and has established partnerships with several institutions to create industry colleges focusing on cutting-edge fields such as AI and big data [3] - The company is expected to maintain growth in student enrollment in September 2025, supported by its strong academic performance [3] Future Projections - Revenue projections for 2025-2027 are estimated at 403 million yuan, 476 million yuan, and 547 million yuan, with corresponding EPS of 0.07 yuan, 0.16 yuan, and 0.20 yuan [3][5] - The dynamic PE ratios for the same periods are projected to be 74 times, 33 times, and 26 times, indicating potential for growth [3][5]

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？ ...

法定代表人： 主管会计工作负责人： 会计机构负责人： 北京凯文德信教育科技股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：北京凯文德信教育科技股份有限公司 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市 公司的关联关 | 上市公司核算 | 2025 年初占用资 | 2025年1-6月占用 累计发生金额（不 | 2025 年 1-6 月占 用资金的利息 | 2025年1-6月偿还 2025 | 年 6 月 30 日 | 占用形成原 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 系 | 的会计科目 | 金余额 | 含利息） | （如有） | 累计发生额 | 占用资金余额 | 因 | | | 控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控制 | | | | | | | | | | ...

半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 北京凯文德信教育科技股份有限公司 2025 年半年度财务报告 北京凯文德信教育科技股份有限公司 2025 年半年度财务报告 一、审计报告 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：北京凯文德信教育科技股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 232,852,193.30 | 296,327,351.42 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 46,197,334.94 | 31,124,199.37 | | 应收款项融资 | | | | 预付款项 | 8,293,243.55 | 695,625.19 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 1,722,407.96 | 2,2 ...

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、《2025 年半年度报告及其摘要》 表决结果：7 票同意，0 票反对，0 票弃权 全体董事、高级管理人员对公司《2025 年半年度报告及其摘要》签署了书 面确认意见，保证公司 2025 年半年度报告及其摘要内容真实、准确、完整，不 存在任何虚假记载、误导性陈述或者重大遗漏。 公司董事会审计委员会已审议通过了本议案中的财务报告部分。 证券代码：002659 证券简称：凯文教育 公告编号：2025-027 北京凯文德信教育科技股份有限公司 第六届董事会第十七次会议决议公告 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 十七次会议（以下简称"会议"）通知于 2025 年 8 月 15 日以传真、邮件、专人 送达等方式发出，会议于 2025 年 8 月 26 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。 董 ...

北京商报讯（记者 吴其芸）8月27日，北京凯文德信教育科技股份有限公司（以下简称"凯文教育"）发 布2025年半年度报告，报告期内，凯文教育实现营业收入1.71亿元，同比增长12.51%，归属于上市公司 股东的净利润73.5万元，实现扭亏为盈。 ...