Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is undergoing a change in control, with state-owned assets taking over, which may lead to a focus on its education business while potentially divesting its ink business [6] - The company is expected to benefit from the resource integration and capital operation capabilities of the Shiyan State-owned Assets Supervision and Administration Commission [6] - Profit forecasts for 2025, 2026, and 2027 are projected at 1.61 billion, 1.85 billion, and 2.10 billion CNY respectively, maintaining a "Buy" rating [6] Financial Performance Summary - Total revenue is projected to grow from 771 million CNY in 2023 to 999 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 9.5% [5] - Net profit attributable to the parent company is expected to increase from 139 million CNY in 2023 to 210 million CNY in 2027, reflecting a CAGR of about 13.5% [5] - The gross margin is forecasted to improve slightly from 33.3% in 2023 to 34.8% in 2027 [5] - The return on equity (ROE) is anticipated to rise from 15.6% in 2023 to 17.3% in 2027 [5] - Earnings per share (EPS) is projected to grow from 0.42 CNY in 2023 to 0.64 CNY in 2027 [5] - The price-to-earnings (P/E) ratio is expected to decrease from 38.40 in 2023 to 25.30 in 2027, indicating a more attractive valuation over time [5]

Market Overview - The Shanghai Composite Index is at 3389.00 points, above the six-month moving average, with a slight increase of 0.04% [1] - The total trading volume of A-shares today is 512.26 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 75 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Meirui New Materials (300848) with a deviation rate of 8.28% and a price increase of 8.72% [1] - Wankong Intelligent Manufacturing (603070) with a deviation rate of 7.52% and a price increase of 9.97% [1] - Hitec High-tech (002023) with a deviation rate of 5.81% and a price increase of 10.01% [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Sichuan Jiuzhou (000801) with a price increase of 3.47% and a deviation rate of 2.56% [2] - Phoenix Light (600071) with a price increase of 3.05% and a deviation rate of 2.47% [2] - Raytheon Micro Power (301050) with a price increase of 4.04% and a deviation rate of 2.26% [2]

Group 1 - The Ministry of Education has launched the "Educator Spirit Journey" initiative to promote positive energy and showcase the dedication and professionalism of teachers across the country [1] - Haidian District has intensified enforcement checks against illegal offline subject training, targeting companies that violate regulations related to training for primary and secondary school students [2] - Hunan University plans to increase its enrollment by 300 students in 2025, introducing three new majors: Quantum Information Science, Electronic Information Materials, and Integrated Circuit Design and Integrated Systems [3] Group 2 - Kede Education announced that its controlling shareholder, Wu Xianliang, intends to transfer 77.58 million shares at a price of 14.72 yuan per share, totaling 1.142 billion yuan, to become controlled by the Shiyan State-owned Assets Supervision and Administration Commission [4]

Group 1 - The State Financial Supervision Administration and seven other departments issued measures to support financing for small and micro enterprises, emphasizing the establishment of a coordination mechanism for financing support [1] - The measures include conducting extensive visits to small and micro enterprises to assess their operational status and financing needs, facilitating direct access to bank credit [1] - There is a focus on addressing the operational difficulties faced by small and micro enterprises and encouraging support for key sectors such as foreign trade, private enterprises, technology, and consumption [1] Group 2 - In May 2025, a total of 130 domestic online games were approved by the National Press and Publication Administration [2] Group 3 - The State Council announced the removal of Wang Jianjun from the position of Vice Chairman of the China Securities Regulatory Commission [3] Group 4 - The Shanghai Municipal Government issued a plan to boost consumption, which includes measures to promote reasonable income growth and improve wage distribution mechanisms [4] - The plan aims to enhance the minimum wage adjustment mechanism and support the development of the rural economy and new business models [4] Group 5 - Shanghai is accelerating the introduction of childcare subsidies and maternity social security subsidies as part of its efforts to build a family-friendly society [5] - The city plans to explore increasing parental leave and spouse's paternity leave while enhancing the quality of public kindergartens [5] Group 6 - The Ministry of Foreign Affairs stated that China has the capability and confidence to handle external risks, including tariff wars, as evidenced by a 2.4% year-on-year increase in total goods import and export in the first four months of the year [6] - Exports grew by 7.5%, indicating strong international competitiveness despite high tariff barriers [6] Group 7 - The Ministry of Foreign Affairs expressed strong opposition to the EU's unilateral sanctions against Chinese companies, emphasizing the need for fair trade practices [8] - The ministry highlighted that normal business interactions between Chinese and Russian companies should not be disrupted by these sanctions [8] Group 8 - The Dalian Commodity Exchange announced trading arrangements for the Dragon Boat Festival period, with a market closure from May 31 to June 2, 2025, and a return to normal trading on June 3 [9] Group 9 - Heng Rui Pharmaceutical set the issuance price for its H-shares at HKD 44.05 per share [11] - Xinyuan Technology plans to issue H-shares and list on the Hong Kong Stock Exchange [11] - The company Guokai Microelectronics is planning a major asset restructuring, leading to a suspension of its stock from May 22 [11]

Core Viewpoint - The announcement reveals a significant change in the ownership structure of Kede Education, with the controlling shareholder transferring a substantial number of shares to a new entity, which will lead to a shift in control and management focus towards the education sector while divesting from the ink business [1][2]. Group 1: Share Transfer and Ownership Change - Kede Education's controlling shareholder, Wu Xianliang, plans to transfer 77.5843 million shares at a price of 14.72 yuan per share, totaling 1.142 billion yuan to Zhongjing Heda [1]. - Following the transfer, Zhongjing Heda will become the controlling shareholder, and the Shiyan State-owned Assets Supervision and Administration Commission will become the actual controller of the company [1]. - Prior to the transfer, Wu Xianliang held 90.75 million shares, representing 27.57% of the total share capital, which will decrease to 13.166 million shares, or 4% post-transfer [1]. Group 2: Business Transition and Management - The company will undergo a three-year transition period (2025-2027) during which the ink business will be integrated into Color Technology for independent accounting [2]. - Wu Xianliang will continue to manage the ink business and serve as the general manager of Color Technology, while the financial head will be appointed by Kede Education [2]. - Wu Xianliang has committed to completing the divestiture of the ink business during the transition period, with a cash purchase of all related assets and liabilities to be negotiated later [2]. Group 3: Financial Performance and Future Outlook - Kede Education's projected revenue for 2024 is 795 million yuan, reflecting a year-on-year growth of 3.1%, with a net profit of 145 million yuan, up 4.73% [3]. - In Q1 of the current year, the company reported a revenue of 183 million yuan, a decline of 2.27% year-on-year, and a net profit of 37.9724 million yuan, down 6.8% [3]. - The decline in Q1 revenue is attributed to seasonal fluctuations in the ink business and a loss from an investment in Zhonghao Xinying, with a focus on adapting to educational policy changes and enhancing technological innovation [3][4].

Core Viewpoint - The announcement reveals that the controlling shareholder and actual controller of Kede Education, Wu Xianliang, has signed a share transfer agreement to sell 77.5843 million unrestricted circulating shares at a price of 14.72 yuan per share, totaling 1.142 billion yuan, to Zhongjing Heda [1] Group 1 - Wu Xianliang intends to transfer his shares to Zhongjing Heda, which will result in Zhongjing Heda becoming the controlling shareholder of the company [1] - Following the successful completion of this share transfer, the State-owned Assets Supervision and Administration Commission of Shiyan will become the actual controller of Kede Education [1]

科德教育（300192）公告，2025年5月21日，控股股东、实际控制人吴贤良与十堰中经和道企业管理合 伙企业签署了《股份转让协议》。吴贤良拟将其持有的7758.43万股股份以每股14.72元的价格转让给中 经和道，总价款为11.42亿元。若本次股份转让实施，中经和道将成为公司控股股东，十堰市人民政府 国有资产监督管理委员会成为实际控制人。本次股份转让需取得国有资产监督管理部门批准及深圳证券 交易所合规性确认。 ...

详式权益变动报告书 粤开证券股份有限公司 关于 苏州科德教育科技股份有限公司 签署日期：二〇二五年五月 财务顾问核查意见 声 明 本声明所述的词语或简称与本核查意见"释义"部分所定义的词语或简称具 有相同的含义。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购管 理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告 书》及《公开发行证券的公司信息披露内容与格式准则第 16 号—上市公司收购 报告书》等法律法规和规范性文件的规定，本财务顾问按照行业公认的业务标准、 道德规范，本着诚实信用、勤勉尽责的精神，对本次权益变动的相关情况和资料 进行了核查，对信息披露义务人出具的《苏州科德教育科技股份有限公司详式权 益变动报告书》所披露的内容出具核查意见。本财务顾问特作出以下声明： 1、本财务顾问所依据的有关资料由信息披露义务人提供。信息披露义务人 已做出声明，保证其所提供的所有文件、材料及口头证言真实、准确、完整、及 时，不存在任何重大遗漏、虚假记载或误导性陈述，并对其真实性、准确性、完 整性和合法性负责。 之 财务顾问核查意见 财务顾问 2、本财务顾问已按照规定履行了尽职调 ...

苏州科德教育科技股份有限公司 简式权益变动报告书 上市公司名称：苏州科德教育科技股份有限公司 股票上市地点：深圳证券交易所 股票简称：科德教育 股票代码：300192 信息披露义务人名称：吴贤良 住所/通讯地址：江苏省苏州市工业园区******** 权益变动性质：股份减少（协议转让） 签署日期：二〇二五年五月 苏州科德教育科技股份有限公司简式权益变动报告 信息披露义务人声明 本声明所述的词语或简称与本报告书"释义"部分所定义的词语或简称具有 相同的含义。 2 一、本报告书系信息披露义务人依据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与 格式准则第 15 号——权益变动报告书》及其他相关法律、法规及部门规章的有 关规定编写。 二、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在苏州科德教育科技股份有限公司拥有权益 的股份变动情况。 截至本报告书签署日，除本报告书披露的信息外，信息披露义务人没有通过 任何其他方式增加或减少其在苏州科德教育科技股份有限公司中拥有权益的股 份。 三、截至本报告书签署日，本次 ...

苏州科德教育科技股份有限公司详式权益变动报告 苏州科德教育科技股份有限公司 详式权益变动报告书 上市公司名称：苏州科德教育科技股份有限公司 股票上市地点：深圳证券交易所 股票简称：科德教育 股票代码：300192 信息披露义务人名称：十堰中经和道企业管理合伙企业（有限合伙） 注册/通讯地址：湖北省十堰市十堰经济开发区白浪街道林安物流园 1 幢（1-3） -1（自主申报） 权益变动性质：增加 三、本次权益变动未触发要约收购义务。 四、截至本报告书签署日，本次权益变动尚未正式生效。本次权益变动尚需 取得国有资产监督管理部门审核批准以及相关法律法规所要求的其他可能涉及 的批准或核准。本次交易变动尚存在不确定性，提请投资者关注相关风险。 五、本次权益变动是根据本报告书所载明的资料进行的。除信息披露义务人 和所聘请的专业机构外，没有委托或者授权任何其他人提供未在本报告书中列载 的信息和对本报告书做出任何解释或者说明。 六、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗漏， 并对其真实性、准确性、完整性、及时性承担个别和连带的法律责任。 签署日期：二〇二五年五月 苏州科德教育科技股份有限公司详式权益变动报告 ...