Group 1 - The report emphasizes the "Three-dimensional Resonance" in the education industry, driven by policy improvements, supply-side clearing, and demand release, indicating a shift from policy-driven to performance-driven investment logic [8][12][58] - The "AI + Education" trend is highlighted as a significant growth opportunity, with major companies actively investing in AI technologies and educational hardware, positioning themselves to benefit from this integration [8][19][24] - The report predicts a "golden decade" for the high school and college entrance examination markets due to demographic changes, with a significant increase in the number of students entering these systems [33][34] Group 2 - The education sector is experiencing a recovery, characterized by a "survivor takes all" phenomenon, where remaining companies are expected to benefit significantly from the market rebound [9][58] - The report identifies four key variables—new enrollments, renewal rates, average revenue per user, and course scheduling—that determine the profitability of education companies, indicating strong performance potential [8][12][58] - The report recommends specific companies such as Kevin Education, Action Education, Xueda Education, and Huatu Shanding for investment, while suggesting a cautious approach towards companies like Angli Education and Kede Education [3][12][11] Group 3 - The report outlines the positive impact of recent policy changes, including the recognition of reasonable demand for extracurricular training, which is expected to foster a healthier development environment for the education sector [58][62] - The introduction of a national childcare subsidy program is expected to stimulate demand for early childhood education, further supporting the education market [63][64] - The report notes that the public examination market is becoming increasingly competitive, with a significant rise in the number of candidates, indicating strong growth potential for companies involved in civil service exam training [55][51][56] Group 4 - The report highlights the rapid growth of the AI hardware market in education, projecting a market size exceeding 100 billion yuan by 2025, driven by technological advancements and increasing demand [29][30] - The report discusses the emergence of various AI educational models and products from leading companies, indicating a trend towards innovative educational solutions that leverage AI technology [24][28][27] - The report emphasizes the importance of integrating AI into educational practices, suggesting that companies that effectively adopt these technologies will enhance their competitive edge and operational efficiency [19][24][8]

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by over 10% in the next six months [29]. Core Insights - The macroeconomic environment is experiencing fluctuations, and increasing domestic demand to boost consumption has become a crucial driver for economic growth. Recent policies have significantly enhanced support for service consumption, including a notice from the Ministry of Commerce to strengthen financial collaboration and support for service consumption [29][19]. - The consumer services industry index experienced a slight decline of 0.52% from December 5 to December 18, 2025, underperforming the CSI 300 index by approximately 0.66 percentage points [7]. - The report highlights a divergence in the performance of sub-sectors within the consumer services industry, with the education sector showing strength while the tourism and leisure sector faced challenges due to risks associated with major stakeholders [8][11]. - The overall price-to-earnings (PE) ratio for the consumer services industry is approximately 37.57 times, remaining stable compared to the previous period but below the average valuation of 43.42 times since 2016 [14]. Summary by Sections Market Review - The consumer services industry index showed a slight decline, ranking sixteenth among all CITIC first-level industry indices [7]. - Sub-sector performance varied, with comprehensive services and tourism leisure declining by 3.42% and 2.86%, respectively, while the education sector increased by 4.22% [8]. - A total of 31 listed companies in the industry achieved positive returns, with the top five performers being China High-Tech, Zhonggong Education, Tianmu Lake, Qujiang Cultural Tourism, and Doushen Education, with increases ranging from 10.11% to 17.76% [11]. - The industry’s overall PE ratio is approximately 37.57 times, which is lower than the historical average [14]. Industry News - The Ministry of Commerce issued a notice to enhance support for service consumption, focusing on various sectors including hospitality, education, and tourism [19]. - Hunan Province is promoting strategic mergers and acquisitions in the cultural tourism sector to support quality enterprises [18]. Company Announcements - China Duty Free Group won bids for two duty-free segments at Shanghai Airport, marking a significant expansion in its operations [23]. - Xiangyuan Cultural Tourism's major shareholder faces judicial freezes on shares, which may impact the company's stability [24]. Weekly Outlook - The report suggests focusing on themes such as ice and snow tourism and duty-free shopping as potential catalysts for growth in the consumer services sector. Recommended stocks include Jinjiang Hotels, Changbai Mountain, Emei Mountain A, and China Duty Free [29][30][32].

证券日报网讯12月18日，凯文教育（002659）在互动平台回答投资者提问时表示，截至11月20日，公司 股东户数为24639户。 ...

Company Overview - Kevin Education (SZ 002659) announced the convening of its 20th meeting of the 6th Board of Directors on December 12, 2025, to discuss the proposal for the reappointment of the auditing firm for the fiscal year 2025 [1] - As of the report date, Kevin Education has a market capitalization of 3.4 billion yuan [1] Revenue Composition - For the first half of 2025, Kevin Education's revenue composition is as follows: education services account for 98.62% and other businesses account for 1.38% [1]

北京凯文德信教育科技股份有限公司 董事、高级管理人员薪酬管理制度 北京凯文德信教育科技股份有限公司 董事、高级管理人员薪酬管理制度 第一章 总 则 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，加强和规范公司董事、高级管理人员的薪酬管理，建立科学合 理的激励和约束机制，提高公司的经营管理水平，保障公司持续、稳定、健康的 发展，根据《中华人民共和国公司法》《上市公司治理准则》等法律、法规和规 范性文件以及《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》"）的规定，结合公司的实际情况，制定本制度。 第二条 本制度适用于《公司章程》规定的董事、高级管理人员。 第三条 公司董事、高级管理人员薪酬管理遵循以下原则： （一）公平原则：体现收入水平符合公司规模与业绩的原则，同时兼顾市场 薪酬水平； （二）责、权、利统一原则：体现薪酬与岗位价值、履行责任义务相符； （三）长远发展原则：体现薪酬与公司持续健康发展的目标相符； （四）激励约束并重原则：体现薪酬发放与考核、奖惩挂钩，与公司激励机 制挂钩。 第三章 薪酬标准 1 北京凯文德信教育科技股份有限公司 董事、高级管理 ...

信息披露暂缓与豁免管理制度 第一章 总 则 第一条 为规范北京凯文德信教育科技股份有限公司（以下简称"公司"） 信息披露暂缓与豁免行为，确保公司及相关信息披露义务人依法合规地履行信息 披露义务，保护投资者合法权益，根据《中华人民共和国公司法》《中华人民共 和国证券法》《上市公司信息披露管理办法》《上市公司信息披露暂缓与豁免管 理规定》《深圳证券交易所股票上市规则》等法律、法规、规范性文件以及《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，结合公司实际情况，制定本制度。 第二条 公司及其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会和深圳证券交易所规定或者要求 披露的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 第四条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项， 履行内部审核程序后实施。 第二章 信息披露暂缓与豁免的范围 北京凯文德信教育科技股份有限公司 信息披露暂 ...

证券代码：002659 证券简称：凯文教育 公告编号：2025-037 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 会计师事务所名称：鹏盛会计师事务所（特殊普通合伙） 组织形式：特殊普通合伙企业 首席合伙人：杨步湘 北京凯文德信教育科技股份有限公司 关于续聘公司 2025 年度审计机构的公告 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。 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12月12 日召开第六届董事会第二十次会议审议并通过《关于续聘公司2025年度审计机构 的议案》，同意续聘鹏盛会计师事务所（特殊普通合伙）（以下简称"鹏盛事务 所"）为2025年度审计机构，由其为公司提供年报审计和内部审计工作。本事项 尚需提交公司股东会审议。现将具体情况公告如下： 成立日期：2005年1月11日 注册地址：深圳市福田区福田街道福山社区滨河大道5020号同心大厦21层 2101 是否具有证券、期货相关业务资格：是 人员信息：截至2024年12月31日，合伙人数量为133人。截至2024年12月31 日，注册会计师人数为580人 ...

证券代码：002659 证券简称：凯文教育 公告编号：2025-038 北京凯文德信教育科技股份有限公司 4、会议时间： （1）现场会议时间：2025 年 12 月 29 日 15:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 29 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互 联网投票系统投票的具体时间为 2025 年 12 月 29 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 关于召开 2025 年第二次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第二次临时股东会 2、股东会的召集人：董事会 3、本次股东会的召开提议已经公司第六届董事会第二十次会议审议通过。 会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规 则》《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》 等法律、行政法规、部门规章、规范性 ...

鹏盛会计师事务所（特殊普通合伙）（以下简称"鹏盛事务所"）是经深圳市 财政局批准于 2005 年成立，具有从事证券、期货相关业务资格的会计师事务所， 具备为上市公司提供审计服务的经验和能力。该所于 2024 年担任公司年度审计 机构，坚持独立、客观、公正的审计准则，公允合理地发表了独立审计意见。 考虑到审计工作的稳定性和连续性，公司拟续聘鹏盛事务所为 2025 年度审 计机构，聘期一年。由鹏盛事务所为公司提供 2025 年度年报审计和内部审计工 作。董事会提请股东会授权公司管理层根据市场价格和审计工作情况与鹏盛事务 所协商确定相关审计费用。 证券代码：002659 证券简称：凯文教育 公告编号：2025-036 北京凯文德信教育科技股份有限公司 第六届董事会第二十次会议决议公告 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 二十次会议（以下简称"会议"）通知于 2025 年 12 月 8 日以传真、邮件、专人 送达等方式发出，会议于 2025 年 12 月 12 日以现场结合通讯表决方式召开 ...

Core Insights - The education sector saw a rise of 0.69% on December 8, with Kede Education leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Education Sector Performance - Kede Education (300192) closed at 20.80, up 4.21%, with a trading volume of 266,700 shares and a transaction value of 549 million [1] - Guomai Technology (002093) increased by 3.74% to 13.59, with a trading volume of 2,018,700 shares and a transaction value of 2.785 billion [1] - Xueda Education (000526) rose by 2.34% to 37.55, with a trading volume of 27,700 shares and a transaction value of 10.3 million [1] - The overall education sector experienced a net outflow of 81.88 million in main funds, while retail investors saw a net inflow of 68.62 million [2][3] Fund Flow Analysis - Kede Education had a net inflow of 36.53 million from main funds, while retail investors contributed a net inflow of 30.37 million [3] - Bean God Education (300010) saw a net inflow of 29.72 million from main funds, but a net outflow from retail investors of 23.71 million [3] - Zhonggong Education (002607) experienced a net inflow of 13.57 million from main funds, with a slight net inflow from retail investors of 145,560 [3]