Core Viewpoint - The company Kede Education (300192) announced that its director, Dong Bing, plans to reduce his shareholding due to personal financial needs, which may impact the company's stock performance [1] Shareholding Details - Dong Bing currently holds 6.0075 million shares, representing 1.83% of the company's total share capital [1] - He intends to reduce his holdings by up to 1.5019 million shares, which accounts for 0.4563% of the total share capital [1] Reduction Plan - The reduction will take place within three months after a 15 trading day period following the announcement [1] - The selling price will be determined based on the market price at the time of the reduction [1] - The decision to implement the reduction plan will depend on market conditions and the company's stock price, indicating uncertainty [1]

证券代码：300192 证券简称：科德教育 公告编号：2025-021 一、减持股东的基本情况 截至本公告披露之日，董兵先生持股情况如下： | 股东名称 | 职务 | 持股数量（股） | 占公司总股本比例 | | --- | --- | --- | --- | | 董兵 | 董事 | 6,007,500 | 1.83% | 苏州科德教育科技股份有限公司 关于公司董事减持股份的预披露公告 公司董事董兵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。 特别提示： 公司董事董兵先生持有公司股份6,007,500股，占公司总股本比例1.83%，计 划自本公告披露之日起15个交易日之后的3个月内（2025年6月30日至2025年9月 29日）以集中竞价方式减持公司股份不超过1,501,875股（占公司总股本比例 0.4563%）。 苏州科德教育科技股份有限公司（以下简称"公司"）于近日收到董事董兵 先生出具的《股份减持计划告知函》，现将有关情况公告如下： 7、上述股东不存在《深圳证券交易所上市公司自律监管指引第18 ...

证券代码：300192 证券简称：科德教育 公告编号：2025-020 苏州科德教育科技股份有限公司 2024年年度权益分派实施公告 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"）2024年度利润分配预 案已获公司于2025年5月26日召开的2024年年度股东大会审议通过，现将权益分 派事宜公告如下： 一、股东大会审议通过利润分配预案情况 1、公司2024年度利润分配方案为：以现有总股本329,143,329股为基数，向 全体股东每10股派发现金红利人民币1.00元（含税），合计派发现金红利 32,914,332.90元（含税）,不送红股，不以资本公积金转增股本，剩余未分配利 润结转以后年度分配。若在本次利润分配方案实施前公司总股本发生变动，公司 将维持每股分配现金红利不变，相应调整利润分配总额； 2、自上述利润分配预案披露至本次权益分派实施期间，公司股本总额未发 生变化； 3、本次实施的分派方案与股东大会审议通过的分配方案一致； 4、本次权益分派的实施距离股东大会通过利润分配预案时间未超过两个月。 本次分派对 ...

证券代码：300192 证券简称：科德教育 公告编号：2025-019 苏州科德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、本次股东大会无增加、变更、否决议案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议； 3、本次股东大会以现场会议、网络投票相结合的方式召开。 一、会议召开和出席情况 1、召开时间： （1）现场会议召开时间为：2025年5月26日（星期一）下午14:00 （2）网络投票时间为：2025年5月26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26日上午9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为2025年5月 26日9:15-15:00期间的任意时间。 2、现场会议召开地点：苏州市相城区黄埭镇春申路989号公司会议室 3、召开方式：本次会议采用现场投票和网络投票相结合的方式召开 5、主持人：吴敏先生 6、本次会议的召集、召开程序符合《公司法》、《证券法》、《 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 （1）通过深圳证券交易所交易系统投票的时间为：2025年5月26日上午9:15 至9:25，9:30至11:30，下午13:00至15:00；通过深圳证券交易所互联网投票系统 投票的时间为：2025年5月26日9:15至15:00期间的任意时间。 （2）本次股东大会现场会议于2025年5月26日下午2:00在江苏省苏州市相城 区黄埭镇春申路989号公司会议室召开，会议的时间、地点及其他事项与会议通 知披露的一致。经本所律师核查，本次会议的召集、召开程序符合相关法律、法 规及《公司章程》的规定。 国浩律师（上海）事务所 法律意见书 二、出席会议人员的资格与召集人资格 关于苏州科德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：苏州科德教育科技股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）和中国证券监督管理委员会《上市公司 股东大会规则》的规定，国浩律师（上海）事务所接受苏州科德教育科技股份有 限公司（以下简称"公司"）董事会的聘请，指派许航律师、刘悦律师出席并见证 ...

Group 1 - The core point of the news is that Kede Education's controlling shareholder, Wu Xianliang, is transferring 77,584,267 shares to Shiyan Zhongjing Hedao Enterprise Management Partnership for a total of 1.142 billion yuan, which will result in Zhongjing Hedao becoming the controlling shareholder of Kede Education [1] - The transaction price per share is set at 14.72 yuan, and if completed, the Shiyan Municipal Government State-owned Assets Supervision and Administration Commission will become the actual controller of the company [1] - Kede Education, listed on the Growth Enterprise Market in 2011, operates in two main sectors: vocational education and ink production, with the education sector including vocational schools and training [1] Group 2 - There will be a three-year transition period for the existing business operations, during which all assets related to the ink sector will be integrated into Suzhou Kesiwood Color Technology Co., Ltd for independent accounting [2] - Wu Xianliang will continue to manage the ink sector's R&D, production, and sales, ensuring stability in the core management team and relationships with suppliers and customers [2] - If the ink sector incurs losses during the transition period, Wu Xianliang is obligated to compensate the company in cash within 60 days of the audit report [2] Group 3 - Wu Xianliang has committed to completing the separation of the ink business during the transition period, with a cash purchase of all related assets and liabilities to be negotiated based on a professional valuation [3] - The education business will maintain its existing management model during the transition, with Wu Xianliang assisting in stabilizing the core management team [3] - The transaction is expected to enhance the company's strategic development, optimize its industrial structure, and improve operational efficiency, ultimately benefiting shareholder returns [3]

[Table_Author] 范欣悦 教育人服行业首席分析师 执业编号：S1500521080001 邮 箱：fanxinyue@cindasc.com [Table_Title] 控股权变更，国资入主 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 科德教育(300192) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_ReportDate] 2025 年 05 月 22 日 [Table_S 事件：公司ummar控股股东、实际控制人吴贤良先生与十堰中经和道企业管理合伙 y] 企业（有限合伙）签署了《股份转让协议》。吴贤良先生拟将其持有的无限 售条件流通股 7758 万股股份以 14.72 元/股的价格协议转让给中经和道。 点评： | 相关研究 | | --- | [Table_OtherReport] 24&25Q1 点评：24 年教育业务小幅增 长 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：1000 ...

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]