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].

Group 1 - Kevin Education announced the convening of its sixth board meeting on August 26, 2025, using a combination of in-person and communication voting methods [1] - The meeting reviewed the "2025 Semi-Annual Report and its Summary" among other documents [1] Group 2 - The news highlights a significant medical advancement with the successful transplantation of the world's first gene-edited pig lung into a human [1] - The article includes a dialogue with key participants discussing the timeline for clinical application of this breakthrough [1]

Group 1 - The company ST Kevin held its 17th meeting of the 8th board of directors on August 26, 2025, using a combination of in-person and communication voting methods [1] - The meeting reviewed the proposal to amend the company's "Board Meeting Rules" among other documents [1]

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。 ...

Group 1 - The core viewpoint of the article highlights Kevin Education's financial performance in the first half of 2025, showcasing a revenue of 171 million yuan, which represents a year-on-year growth of 12.51% [1] - The net profit for the same period is reported at 735,000 yuan, indicating a significant year-on-year increase of 107.44% [1]

Financial Performance - The company's revenue for the reporting period reached ¥171,227,810.70, representing a 12.51% increase compared to ¥152,192,064.61 in the same period last year[16]. - Net profit attributable to shareholders was ¥735,031.95, a significant turnaround from a loss of ¥9,877,821.62 in the previous year, marking a 107.44% improvement[16]. - The net cash flow from operating activities was ¥23,646,938.41, compared to a negative cash flow of ¥56,529,301.80 in the same period last year, reflecting a 141.83% increase[16]. - Basic earnings per share improved to ¥0.0012 from a loss of ¥0.017 per share, indicating a 107.06% increase[16]. - The company's total liabilities decreased to ¥39,370,907.48 in the first half of 2025 from ¥48,711,911.77 in the first half of 2024, reflecting a reduction of approximately 19.1%[113]. - The total comprehensive income for the first half of 2025 was ¥1,074,215.89, a recovery from a loss of ¥7,918,446.01 in the first half of 2024[115]. - The total comprehensive income for the current period was -7,984,451.13, compared to -8,812,955.45 in the previous period[117]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,033,885,958.92, down 2.55% from ¥3,113,288,363.63 at the end of the previous year[16]. - Cash and cash equivalents decreased to ¥232,852,193.30, accounting for 7.68% of total assets, down from 9.52% at the end of the previous year[44]. - Long-term borrowings decreased to ¥490,000,000.00, representing 16.15% of total assets, down from 17.35%[44]. - Total current assets decreased from ¥358,785,166.47 to ¥317,206,042.50, a reduction of about 11.6%[107]. - Total current liabilities decreased from ¥250,207,301.83 to ¥221,928,199.46, a decline of about 11.3%[109]. - Total equity increased slightly from ¥2,166,049,127.19 to ¥2,166,752,441.93, reflecting a growth of about 0.3%[109]. Educational Initiatives - The company operates two K12 schools, which have seen a continuous increase in student enrollment due to improved teaching reputation and parent satisfaction[23]. - The company plans to launch a "2+4" integrated quality class for junior high school students at Chaoyang Kevin School in the fall of 2025, expanding educational offerings[23]. - The company has established a vocational education business that focuses on integrating education with industry needs, enhancing student employability through practical training[25]. - The company has partnered with leading enterprises such as Xiaomi, Baidu, and Huawei to develop vocational education programs, ensuring a strong resource base for talent training[28]. - The company has expanded its quality education services beyond schools to include community training in sports, arts, and technology, enhancing its market competitiveness[24]. - The company has developed a unique quality education system that includes international art and music classes, resulting in excellent graduation outcomes for students[29]. Strategic Focus and Future Outlook - The company plans not to distribute cash dividends or issue bonus shares, focusing on reinvestment strategies[4]. - Future outlook includes continued focus on user data enhancement and market expansion strategies, although specific numerical targets were not disclosed[4]. - The company is actively expanding its vocational education initiatives, collaborating with multiple institutions across several provinces[35]. - The company is focusing on expanding its vocational education business in response to increasing competition in the sector[55]. - The company plans to optimize its asset structure to alleviate the impact of depreciation and amortization on its financial performance[56]. Compliance and Governance - The company strictly adheres to laws and regulations in its operations, ensuring compliance in governance and information disclosure[61]. - There were no significant lawsuits or arbitration matters during the reporting period[68]. - The company did not have any non-operating fund occupation by controlling shareholders or related parties during the reporting period[64]. - There were no violations regarding external guarantees during the reporting period[65]. - The company has not engaged in any major related party transactions during the reporting period[70]. - The semi-annual financial report has not been audited[66]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 21,108[96]. - The largest shareholder, Baidaochu Holdings, holds 28.84% of the shares, totaling 172,519,290 shares, with no changes during the reporting period[96]. - The number of limited sale condition shares decreased from 3,750 to 2,812, with a reduction of 938 shares due to the resignation of the former supervisor, Sun Lihua[94]. - The company has not reported any share repurchase progress or changes in shareholding structure during the reporting period[93]. - The company signed a share transfer agreement to transfer 88,784,808 shares (14.84% of total shares) at a price of 3.69 RMB per share to Hai Guo Investment[98]. Financial Reporting and Accounting Policies - The financial statements are prepared in accordance with the Chinese Accounting Standards, reflecting the company's financial position and performance accurately[140]. - The company recognizes revenue based on the progress of performance obligations over time when certain criteria are met, otherwise at a point in time[193]. - Revenue measurement is based on the transaction price allocated to each performance obligation, excluding amounts collected on behalf of third parties[194]. - The company assesses expected credit losses based on the credit risk characteristics of accounts receivable, using aging categories to determine loss rates, with a 5% loss rate for receivables within 1 year and 100% for those over 5 years[159]. - The company applies different accounting treatments for mergers depending on whether they are under common control or not, affecting how goodwill is recognized[145].

Market Overview - The education sector increased by 1.1% on August 26, with ST Dongshi leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Stock Performance - ST Dongshi (603377) closed at 3.96, up 5.04% with a trading volume of 236,300 shares and a transaction value of approximately 93.59 million yuan [1] - Xueda Education (000526) closed at 53.49, up 3.40% with a trading volume of 44,800 shares and a transaction value of approximately 238 million yuan [1] - Chuangye Education (300688) closed at 36.85, up 2.88% with a trading volume of 221,500 shares and a transaction value of approximately 819 million yuan [1] - Guomai Technology (002093) closed at 13.28, up 2.87% with a trading volume of 831,400 shares and a transaction value of approximately 1.097 billion yuan [1] - Kede Education (300192) closed at 26.32, up 1.58% with a trading volume of 1,385,700 shares and a transaction value of approximately 3.71 billion yuan [1] Capital Flow Analysis - The education sector experienced a net outflow of 531 million yuan from institutional investors, while retail investors saw a net inflow of 417 million yuan [2] - The main capital inflow and outflow for individual stocks showed varied trends, with Guomai Technology receiving a net inflow of approximately 72.95 million yuan from institutional investors [3] - ST Dongshi experienced a net outflow of approximately 8.08 million yuan from institutional investors, despite a net inflow of 4.55 million yuan from speculative funds [3]