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]

Investment Rating - The investment rating for the company is maintained as "Buy" [1][9][12] Core Views - The company is showing signs of operational improvement with a diversified layout that is expected to create a new growth curve [1] - The core K12 business is experiencing steady growth, with a significant increase in enrollment and optimized tuition structure contributing to revenue growth [6][8] - The company is expected to enter a new phase of profitability, with forecasts indicating a turnaround in net profit starting from 2025 [6][9] Financial Performance - In 2024, the company achieved revenue of 320 million yuan, a year-on-year increase of 25.92%, while the net profit attributable to shareholders was -37 million yuan, an increase of 25.66% year-on-year [5][9] - The gross margin for 2024 was 27.45%, up 3.31 percentage points year-on-year, indicating improved profitability [6][9] - The company is projected to achieve revenues of 390.62 million yuan in 2025, with a significant expected increase in net profit to 25.11 million yuan [9][11] Business Segments - The K12 education service segment generated revenue of 260 million yuan in 2024, reflecting a year-on-year growth of 41.86% [8] - The vocational education segment is expanding, focusing on industry-education integration and training for government officials, with collaborations with major tech companies [7][8] - The company is enhancing its non-seasonal training offerings, which include new directions in AI and robotics, to counteract declines in traditional training revenue [7][8] Market Position - The company maintains a competitive edge in the K12 sector, with high admission rates to top universities, indicating strong academic performance [8] - The diversified educational offerings and strategic partnerships are expected to enhance market share and long-term growth potential [7][8] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 52.69 million yuan in 2026 and 77.17 million yuan in 2027, indicating a robust recovery [9][11] - The light asset model is anticipated to replicate success in new markets, further driving profitability [8][9]

证券代码：002659 证券简称：凯文教育 公告编号：2025-014 北京凯文德信教育科技股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会没有否决议案的情况； 2、本次股东大会不涉及变更前次股东大会决议的情况； 3、本次股东大会采取现场投票结合网络投票的方式召开。 一、会议召开和出席情况 （一）会议召开情况 1、股东大会名称：2024 年年度股东大会 2、会议召集人：公司董事会 （二）会议出席情况 1、股东出席的总体情况： 通过现场和网络投票的股东 119 人，代表股份 237,797,796 股，占公司有表 决权股份总数的 39.7469%。 3、会议主持人：董事长王腾先生 4、股权登记日：2025 年 5 月 12 日 5、会议召开时间： （1）现场召开时间为：2025 年 5 月 16 日 15:30 开始； （2）网络投票时间：2025 年 5 月 16 日 其中，通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 5 月 16 日上午 9:15-9:25，9:30 ...

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 关于北京凯文德信教育科技股份有限公司 2024年年度股东大会的法律意见书 致：北京凯文德信教育科技股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受北京凯文德信教育科 技股份有限公司（以下简称"公司"）的委托，指派本所律师列席公司于 2025 年 5 月 16 日 15 点 30 分在北京市海淀区西三环北路甲 2 号院（中关村国防科技 园）5 号楼 15 层公司会议室召开的 2024 年年度股东大会（以下称"本次股东大 会"），并依据《中华人民共和国公司法》等中国法律、法规和相关规范性文件 （以下称"中国法律法规"）及《北京凯文德信教育科技股份有限公司章程》（以 下称"《公司章程》"）的规定，就本次股东大会的召集和召开程序、出席会议 人员资格、召集人资格、会议表决程序和表决结果等事宜（以下称"程序事宜"） 出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东大会的文 件，包括但不限于第六届董事会第十 ...

Summary of Kevin Education Conference Call Company Overview - Kevin Education primarily generates revenue from Haidian Kevin School and Chaoyang Kevin School, with total revenue around 200 million yuan. The company also supplements income through vocational education, quality education, and K12 light asset management services [2][6]. Core Business Strategies - The strategic layout includes three main tracks: academic education, vocational education, and quality education, benefiting from policy guidance and demographic changes. The market outlook is positive from 2032 to 2035 due to increased support for high school supply [2][9]. - Haidian Kevin School plans to increase classroom capacity to enroll an additional 100 students and is actively seeking new campuses. The school expects annual revenue of approximately 300 million yuan, with a net income of about 120 million yuan after costs [2][7][15]. Financial Performance - The company reported a significant reduction in losses in the 2024 annual report and achieved profitability in the first quarter of 2025. This turnaround is attributed to an increase in student numbers and total fees [4][5]. - The revenue structure includes approximately 1.2 billion yuan from Haidian School and nearly 1 billion yuan from Chaoyang School, with rental income contributing significantly [15][17]. Enrollment and Expansion Plans - Enrollment plans for 2025 include approximately 100 new students at Haidian School and 180 at Chaoyang School, with expectations to reach a total of 2000 students in the next one to two years [10][11]. - The company is expanding its K12 management projects and vocational education services, focusing on training for government officials and technology talents [2][8][23]. Cost Structure and Profitability - Teacher costs account for 45% to 50% of total costs, with the average salary for foreign teachers being around 500,000 to 600,000 yuan. The company aims to maintain a balanced teacher-student ratio [14][18]. - The vocational education sector is expected to see improved profit margins due to full enrollment in some schools, with student fees ranging from 4,000 to 7,000 yuan [24]. Market Trends and Regulatory Environment - The Beijing Education Commission is supportive of expanding enrollment as long as the previous year's recruitment was successful and adequate resources are available [11]. - The company is also exploring light asset models in Shandong and Jiangsu, with plans to sign new projects by mid-2025 [21]. Future Outlook - The new chairman of Shaanxi Guotou has expressed continued support for the company's growth and development, emphasizing the importance of resolving historical issues related to equity transfer [28]. - The company anticipates better performance in 2025, driven by strategic expansions and improved operational efficiency [5][9]. Additional Insights - The company is actively engaging in discussions to enhance its digital education offerings and quality education products, aiming to attract a larger student base in Beijing [22]. - The overall sentiment is optimistic regarding the future growth trajectory, with a focus on leveraging existing resources and expanding service offerings [29].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months [8]. Core Views - The company has confirmed a turning point in profitability, with Q1 2025 showing a positive net profit after a series of high revenue growth quarters [3][5]. - The company achieved a revenue of 320 million yuan in 2024, reflecting a year-on-year growth of 25.9%, and a net profit of -37 million yuan, which is an improvement of 25.7% year-on-year [5]. - In Q1 2025, the company reported a revenue of 91 million yuan, a year-on-year increase of 17.7%, and a net profit of 468 thousand yuan, marking a return to profitability [5]. Summary by Sections Financial Performance - The company has shown continuous revenue growth for 10 consecutive quarters, confirming a stable upward trend in its fundamentals [5]. - The projected revenues for 2025 to 2027 are 401 million yuan, 461 million yuan, and 515 million yuan respectively, with growth rates of 25% and 15% [3]. - The forecasted net profit for 2025 is 36 million yuan, with a significant increase of 196% year-on-year, followed by 73 million yuan in 2026 and 98 million yuan in 2027 [3]. Cost Management - In Q1 2025, the company's gross margin improved to 32.4%, an increase of 5.7 percentage points year-on-year [5]. - The company has successfully reduced its sales and management expenses, contributing to improved profitability [5]. Business Development - The company is expanding its K12 school operations and has established a new vocational education branch in Shandong [5]. - The high school class at Chaoyang Kevin School commenced in the fall of 2023, and a math specialty class was introduced at Haidian Kevin School in the fall of 2024 [5].

Group 1 - The Ministry of Education has issued a notice to conduct the 2025 National Preschool Education Promotion Month, focusing on interpreting the Preschool Education Law to enhance legal awareness among educators, parents, and society [1] - The promotion month will take place from May 20 to June 20, 2025, aiming to establish a scientific concept of education and care [1] Group 2 - Beijing's compulsory education enrollment service platform has opened for information collection from May 6 to May 31, allowing parents to fill in enrollment information for primary and junior high schools [2] - The enrollment process includes verifying primary school graduates' information by April 30, with the platform opening for policy promotion from May 1 [2] - The allocation of places for primary school admissions will occur on July 3, with new student enrollment notifications distributed in early July [2] Group 3 - Dou Shen Education has localized a popular general AI tool and developed a proprietary 70B model for educational applications, planning to create AI hardware tailored for educational scenarios [3] - The company is working on various AI products, including a portable learning companion, embodied intelligent desktop learning robots, AI eye protection screens, and AI learning pods, with some products already available for sale [3] Group 4 - Kevin Education has established two wholly-owned subsidiaries, Beijing Haike Zhengpei Technology Co., Ltd. and Beijing Haike Sichuang Technology Co., Ltd., to develop training services for party and government officials and technology innovation talent [4] - The subsidiaries have completed their business registration and obtained operating licenses from the Beijing Haidian District Market Supervision Administration [4]