Market Overview - The education sector experienced a decline of 0.64% on July 29, with Chuangye Heima leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Individual Stock Performance - China High-Tech (600730) saw a closing price of 7.83, with a rise of 5.10% and a trading volume of 483,200 shares, amounting to 365 million yuan [1] - All-in Education (300359) closed at 6.24, up 0.48%, with a trading volume of 309,900 shares, totaling 195 million yuan [1] - Xueda Education (000526) had a closing price of 51.00, with a slight increase of 0.08% and a trading volume of 9,136 shares, amounting to 46.6 million yuan [1] - ST Guohua (600636) closed at 8.42, down 0.24%, with a trading volume of 25,500 shares, totaling 21.4 million yuan [1] - Action Education (605098) closed at 35.64, down 0.34%, with a trading volume of 12,600 shares, amounting to 44.7 million yuan [1] Fund Flow Analysis - The education sector experienced a net outflow of 153 million yuan from institutional investors, while retail investors saw a net inflow of 119 million yuan [2] - The main funds showed a significant outflow from China High-Tech, with a net outflow of 54.62 million yuan, representing 14.95% of the total [3] - All-in Education had a net inflow of 17.60 million yuan from main funds, accounting for 9.02% of the total [3] - Xueda Education experienced a net inflow of 6.00 million yuan from main funds, representing 12.88% of the total [3]

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]

【5】海南洛桑旅游大学正式获批设立 6月20日，据"首都教育"微信公众号消息，为使广大考生在填报志愿时熟练掌握高考志愿填报流程和操 作方法，北京教育考试院拟于6月21日8时—23日17时进行2025年普通高等学校招生填报志愿模拟演练。 考生可于6月21日8时开始登录2025年北京市普通高等学校招生模拟志愿填报系统进行模拟填报演练，参 加2025年高考的考生均可参加。 【3】北京海淀通报两起违规开展线下学科培训情况 6月20日，据"首都教育"微信公众号消息，近期，海淀区"双减"专班针对违规学科培训密集开展执法检 查，同时核实处置问题线索，依法严厉打击面向中小学生的各类违规学科培训行为。现将王某、田某某 涉嫌违规组织线下学科培训的问题及处置情况进行通报。 【4】浙江一大学学费每人每学年9.6万引发争议 6月22日，宁波东方理工大学通过其官方微信公众号发布了该校2025年普通高校招生章程。根据该校招 生章程，该校学费标准为96000元/生/学年（学校为2025级本科生提供四年等额奖学金）；住宿费标准 为2000元/生/学年。消息一出，在社交平台引发热议，并登上百度热搜。有网友评论学费高昂。 【1】教育部等七部门：守 ...

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]

Core Viewpoint - Kede Education announced the termination of its control change matter, with the current controlling shareholder remaining as Wu Xianliang [2][4]. Termination of Control Change Matter - On June 20, Kede Education received a notice from its controlling shareholder Wu Xianliang and Zhongjing Hedao, deciding to terminate the share transfer and control change matter [4]. - The company expressed apologies for any inconvenience caused to investors due to the termination of the control transfer agreement, clarifying that it was a personal transfer by the shareholders and would not affect the normal operations of the listed company [6]. Background of the Control Change - On May 21, Wu Xianliang signed a share transfer agreement to transfer 77.5843 million shares at a price of 14.72 yuan per share, totaling 1.142 billion yuan to Zhongjing Hedao [8]. - If the transfer had been completed, the Shiyan State-owned Assets Supervision and Administration Commission would have become the actual controller of Kede Education. The transaction was expected to enhance the company's strategic development and optimize its industrial structure [9]. Business Overview - Kede Education, originally named Kesiwood, primarily engaged in the research, production, and sales of printing inks. The company is transitioning to the education service industry through acquisitions, including Longmen Education and Xi'an Peiying [9]. - As of 2024, the revenue breakdown shows that the education business accounts for 46.24% and the ink chemical business accounts for 53.76% of total revenue [10]. Financial Performance - For 2024, Kede Education's total revenue is projected to be approximately 795.14 million yuan, reflecting a year-on-year increase of 3.10% from 2023 [10]. - The education business revenue is expected to be around 367.70 million yuan, a 2.94% increase from the previous year, while the ink chemical business revenue is projected at 427.44 million yuan, a 3.24% increase [10]. - The company has also made strategic investments in AI education, enhancing its revenue and profitability [10]. Market Position - As of June 20, Kede Education's stock price was reported at 13.79 yuan per share, with a total market capitalization of 4.5 billion yuan [11].

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 ...

是□ 否? 律、行政法规、部门 | 证券代码：300192 | 证券简称：科德教育 公告编号：2025-022 | | --- | --- | | 苏州科德教育科技股份有限公司 | | | 持股5%以上股东马良铭（MA | LIANGMING）先生保证向本公司提供的信息内容 | | 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 | | | 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 | | | 苏州科德教育科技股份有限公司（以下简称"公司"）于近日收到持股5%以 | | | 上股东马良铭（MA | LIANGMING）先生出具的《股份变动告知函》，自2024年 | | 式累计减持公司股份3,580,000股，累计减持股份比例达到公司总股本的1.0877%。 | | | 本次权益变动后，马良铭（MA | LIANGMING）先生持有公司股份26,039,997股， | | 占公司总股本的7.9114%，权益变动触及1%的整数倍，现将具体情况公告如下： | | | 信息披露义务人 | 马良铭（MA LIANGMING） | | 住所 | 陕西省西安市******** | | 权益 ...