Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The return of everyday dining and the rise of home-cooked meals are significant trends, with the market for casual dining exceeding 1.2 trillion RMB, emphasizing high cost-performance [5][58] - The creator economy, particularly in the music streaming sector, is experiencing stable growth, with platforms enhancing their bargaining power through non-music content [22][24] - The casual dining market is projected to grow at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, reaching 55.87 billion RMB by 2028 [56][58] Summary by Sections 1. Trend in Casual Dining - The average spending on Chinese dining has decreased from 87.6 RMB in 2023 to 79.2 RMB in 2024, a decline of 9.6% [53][55] - The casual dining market is characterized by a shift towards high cost-performance and practicality, with a significant increase in home cooking frequency [53][56] - The market for affordable casual dining (under 100 RMB per meal) is the largest segment, accounting for 88.7% of the total dining market, with a current size of 36.18 billion RMB [56][58] 2. Creator Economy and Music Streaming - The global music streaming market is projected to reach over 20.4 billion USD in 2024, with a year-on-year growth of 7.3% [27][30] - Subscription users in the music streaming sector are expected to grow to 263 million in 2024, reflecting an increase of 11% year-on-year [30] - Spotify's market penetration in emerging markets is driving user growth, with a CAGR of 35% from 2021 to 2025 [26][30] 3. Trends in Toy and Creator Economy - The online sales of trendy toys in June 2025 reached 1.348 billion RMB, with a year-on-year growth of 16% [12][14] - The sales of blind boxes and plush toys showed strong performance, with blind boxes growing by 109% year-on-year [12][13] - The creator economy is bolstered by the growth of non-music content, enhancing platforms' bargaining power [22][24] 4. Beauty and Personal Care Market - The skincare market on Tmall has seen a concentration increase, with the top 20 brands accounting for 46.2% of the total GMV [66] - Domestic brands have seen a decline in both quantity and market share, while international brands have experienced double-digit growth [66][67]

Group 1 - The control change of Kede Education has been terminated, with the controlling shareholder remaining as Wu Xianliang [1][3] - On June 20, Kede Education announced the termination of the share transfer agreement with Zhongjing Hedao, which was intended to change the company's control [3][6] - The share transfer involved Wu Xianliang planning to sell 77.5843 million shares at a price of 14.72 yuan per share, totaling 1.142 billion yuan [5][6] Group 2 - Kede Education's business is transitioning from ink manufacturing to education services, with a dual business model that includes both ink chemical and education services [6][7] - As of 2024, the revenue distribution is projected to be 46.24% from education services and 53.76% from ink chemical business [7] - The company has made strategic investments in AI-related education technology, enhancing its growth potential [7]

【导读】科德教育宣布终止控制权变更事项 中国基金报记者 李智 科德教育控制权变更事项，宣告终止。 终止控制权变更事项 6 月 20 日， 科德教育 发布公告称，公司于 6 月 20 日收到控股股东、实际控制人吴贤良及 中经和道出具的《告知函》，决定终止本次股份转让暨公司控制权变更事项。公司控股股 东、实际控制人仍为吴贤良。 科德教育表示，公司对本次终止协议转让暨终止公司控制权变更事项给投资者带来的不便深 表歉意。本次控制权转让事项系公司股东的个人转让行为，不会对上市公司正常经营活动产 生影响。 试图剥离油墨资产 5 月 21 日，吴贤良与中经和道签署了《关于苏州科德教育科技股份有限公司的股份转让协 议》。吴贤良拟将其持有的公司无限售条件流通股 7758.43 万股股份，以每股 14.72 元、 合计 11.42 亿元的价格协议转让给中经和道。 若本次股份转让事项顺利实施并完成，十堰市国资委将成为科德教育实际控制人。 科德教育此前表示，本次交易完成后收购方将全面助力上市公司战略发展，集中优势资源， 剥离油墨资产，优化产业结构，充分发挥其资源整合和资本运作能力，为上市公司业务发展 赋能，提高上市公司的经营及管理效 ...

Group 1 - The core point of the article is that Suzhou Kede Education Technology Co., Ltd. has terminated the share transfer agreement with Zhongjing Hedao, which was intended to transfer control of the company at a price of 14.72 yuan per share, totaling 1.142 billion yuan for 23.57% of the shares [1][3] - The company had previously announced the intention to transfer control to Zhongjing Hedao, which was seen as a strategic move during a critical period of transformation in vocational education [3] - The termination of the agreement means that the current control remains with the existing major shareholder, Wu Xianliang, which may impact the company's ability to attract external strategic investors [3][4] Group 2 - Kede Education has a dual business model, having transitioned from an ink chemical company to the vocational education sector in 2017, with 2024 revenue reported at 795 million yuan and a gross margin of 46.28% for the education business, significantly higher than the 22.27% margin for the ink business [3] - In Q1 2025, the company experienced a year-on-year decline in revenue and net profit by 2.27% and 6.80%, respectively, primarily due to seasonal fluctuations in the ink business [3] - The vocational education sector is facing challenges from the influx of K12 transformation institutions and the upgrading of corporate training demands, which may pressure Kede Education's growth [4] Group 3 - The company is exploring the application of AI technology in teaching, and as technologies like AI and virtual reality penetrate training, companies with a dual focus on "education + technology" will gain competitive advantages [4] - There is a growing demand for skills training in areas such as industrial internet, new energy vehicle maintenance, and digital media technology, which Kede Education needs to address by focusing on high-skill training in manufacturing and enhancing its smart teaching product development [4] - The company is advised to optimize its financing structure to alleviate funding pressures through the introduction of industrial capital and issuance of special bonds [4][5] Group 4 - As of June 20, the company's stock price closed at 13.79 yuan per share, down 1.5%, with a total market capitalization of 4.539 billion yuan [6]

Core Viewpoint - Kede Education announced the termination of the control change matter regarding its shares, which was initially planned by the controlling shareholder Wu Xianliang to transfer 77,584,267 shares to Zhongjing Hedao [1] Group 1 - Kede Education received a notice on June 20, 2025, from its controlling shareholder Wu Xianliang and Zhongjing Hedao regarding the decision to terminate the share transfer [1] - The proposed share transfer involved Wu Xianliang's unrestricted circulating shares [1]

Group 1 - The share transfer agreement between the controlling shareholder Wu Xianliang and Zhongjing Hedao has been terminated [1] - The planned transfer involved 77.5843 million shares at a price of 14.72 yuan per share, representing 23.5716% of the company's total share capital [1] - The control transfer is a personal action by the shareholder and will not affect the company's normal operations [1] Group 2 - The management team will continue to operate steadily and focus on core business development [1]

证券代码：300192 证券简称：科德教育 公告编号：2025-023 苏州科德教育科技股份有限公司 一、本次协议转让事项概述 关于公司控股股东、实际控制人终止协议转让 暨终止控制权变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州科德教育科技股份有限公司（以下简称"公司"）于2025年6月20日 收到公司控股股东、实际控制人吴贤良先生及十堰中经和道企业管理合伙企 业（有限合伙）（以下简称"中经和道"）出具的《告知函》，本次股份转让 暨公司控制权变更事项终止。现就相关事项公告如下： 2025年5月21日，公司控股股东、实际控制人吴贤良先生与中经和道签署 了《关于苏州科德教育科技股份有限公司的股份转让协议》。吴贤良先生拟 将其持有的公司无限售条件流通股77,584,267股股份以每股14.72元合计 1,142,040,410.24元的价格协议转让给中经和道。本次权益变动后，中经和 道将持有公司77,584,267股股份，占公司总股本的23.5716%。 具体内容详见公司于2025年5月21日在巨潮资讯网披露的《关于控股股东、 实际控制人签署<股份 ...

Core Viewpoint - Major shareholder Ma Liangming plans to reduce his stake in Kede Education (300192) by selling 3.58 million shares, which represents 1.0877% of the company's total equity, from September 30, 2024, to June 9, 2025 [1] Summary by Category - Shareholder Actions - Ma Liangming will reduce his holdings from 8.9991% to 7.9114% through a centralized bidding method [1] - Impact on Company - The reduction in shareholding will not lead to a change in control of the company [1] - There will be no significant impact on the company's governance structure or its future operations [1]

证券代码：300192 证券简称：科德教育 公告编号：2025-022 董事会 | 是否为第一大股东或 | 是□ 否 | | | | | --- | --- | --- | --- | --- | | 实际控制人 | | | | | | 股份种类（A股、B股 | | | | | | | 减持股数（股） 减持比例（%） | | | | | 等） | | | | | | A股 | 3,580,000 | | 1.0877% | | | | 3,580,000 | | 1.0877% | | | | 通过证券交易所的集中交易 | |  | | | 本次权益变动方式 | 通过证券交易所的大宗交易 | | □ | | | （可多选） | 其他 | | □（请注明） | | | 股份性质 | 本次变动前持有股份 | | 本次变动后持有股份 | | | | 占总股本 股数(股) | | 股数(股) | 占总股本 | | | 比例(%) | | | 比例(%) | | 合计持有股份 | 29,619,997 8.9991% | | 26,039,997 | 7.9114% | | 其中：无限售条件股 | | | | | ...

Group 1 - The Ministry of Education is launching a "100-day sprint" initiative to enhance employment opportunities for the 2025 college graduates, focusing on job creation and employment guidance [1] - Beijing is set to conduct the 2025 ordinary high school academic level examination on June 9 and 10, with specific instructions for students and parents regarding exam logistics [2] - Beijing's education authorities have introduced measures to reduce non-educational burdens on primary and secondary school teachers, aiming to create a better teaching environment [3] Group 2 - iFlytek has signed a strategic cooperation agreement with the China Minmetals Chemical Import and Export Chamber of Commerce to enhance technical collaboration in the mining and chemical sectors, addressing industry-specific challenges [4] - Kede Education announced that its director plans to reduce holdings by up to 150,190 shares, representing 0.4563% of the company's total share capital [5]