证券代码：300192 证券简称：科德教育 公告编号：2024-029 苏州科德教育科技股份有限公司 关于召开2024年第一次临时股东大会的通知 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2024年5月24日 召开了第五届董事会第十八次会议，公司董事会决定于2024年6月20日以现场 表决与网络投票相结合的方式召开2024年第一次临时股东大会（以下简称 "本次会议"或"本次股东大会"）。现将会议有关情况通知如下： 一、召开会议的基本情况 1、股东大会届次：2024年第一次临时股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会会议的召集、召开符合《中 华人民共和国公司法》及有关法律、法规和《公司章程》的规定。 4、会议召开时间： （1）现场会议时间：2024年6月20日（星期四）下午2:00 （2）网络投票时间：2024年6月20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2024年6月20日上午9:15-9:25，9:30-11:30，下 午13:00-15:00 ...

苏州科德教育科技股份有限公司 独立董事提名人声明与承诺 提名人苏州科德教育科技股份有限公司董事会现就提名施健为苏州科 德教育科技股份有限公司第六届董事会独立董事候选人发表公开声明。被 提名人已书面同意作为苏州科德教育科技股份有限公司第六届董事会独立 董事候选人(参见该独立董事候选人声明)。本次提名是在充分了解被提名人 职业、学历、职称、详细的工作经历、全部兼职、有无重大失信等不良 记录等情况后作出的，本提名人认为被提名人符合相关法律、行政法规、 部门规章、规范性文件和深圳证券交易所业务规则对独立董事候选人任职 资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过苏州科德教育科技股份有限公司第五届董事会 提名委员会或者独立董事专门会议资格审查，提名人与被提名人不存在 利害关系或者其他可能影响独立履职情形的密切关系。 是 □否 如否，请详细说明：______________________________ 四、被提名人符合公司章程规定的独立董事任职条件。 是 □否 如否，请详细说明：______________________________ 是 □否 如否，请详细说明：______________ ...

一、本人已经通过苏州科德教育科技股份有限公司第五届董事会提名 委员会或者独立董事专门会议资格审查，提名人与本人不存在利害关系 或者其他可能影响独立履职情形的密切关系。 是 □否 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百四十六条等规定 不得担任公司董事的情形。 苏州科德教育科技股份有限公司 独立董事候选人声明与承诺 声明人施健作为苏州科德教育科技股份有限公司第六届董事会独立董 事候选人，已充分了解并同意由提名人苏州科德教育科技股份有限公司董 事会提名为苏州科德教育科技股份有限公司（以下简称该公司）第六届董 事会独立董事候选人。现公开声明和保证，本人与该公司之间不存在任何 影响本人独立性的关系，且符合相关法律、行政法规、部门规章、规范性 文件和深圳证券交易所业务规则对独立董事候选人任职资格及独立性的要 求，具体声明并承诺如下事项： 是 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证 券交易所业务规则规定的独立董事任职资格和条件。 是 □ ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 1、公司已于2024年4月26日在巨潮资讯网向公司股东发出了召开公司2023年 年度股东大会的会议通知。经核查，通知载明了会议的时间、地点、内容、会议 出席对象，并说明了有权出席会议的股东的股权登记日、出席会议的股东的登记 方法、联系电话和联系人的姓名等事项。 2、经本所律师核查，本次股东大会采取现场投票与网络投票相结合的方式 召开，其中： （1）通过深圳证券交易所交易系统投票的时间为：2024年5月22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：2024年5月22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2024年5月22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 2023年年度 ...

证券代码：300192 证券简称：科德教育 公告编号：2024-023 苏州科德教育科技股份有限公司 2023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：2024年5月22日（星期三）下午2:00 （2）网络投票时间为：2024年5月22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2024年5月22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2024年5月 22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 （1）本次出席会议股东的总体情况：本次会议现场出席及网络出席的股东 和股东代表共1 ...

证券代码：300192 证券简称：科德教育 公告编号：2024-022 苏州科德教育科技股份有限公司 关于召开2023年度股东大会的提示性公告 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2024年4月26日 在巨潮资讯网发布了《关于召开2023年年度股东大会通知的公告》（公告编 号：2024-019），本次股东大会采用现场投票和网络投票相结合的方式召开， 现将召开本次会议的相关事宜再次提示如下： 一、召开会议的基本情况 1、股东大会届次：2023年年度股东大会 2、会议召集人：公司董事会 （2）网络投票时间：2024年5月22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2024年5月22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2024 年5月22日9:15-15:00期间的任意时间。 5、会议召开方式：采取现场投票和网络投票相结合的方式召开。 （1）现场投票：股东本人出席现场会议或通过授权委托他人出席现场会 ...

Summary of Kede Education Conference Call Company Overview - **Company**: Kede Education - **Date of Call**: May 17, 2024 Key Points Financial Performance - For the fiscal year 2023, Kede Education achieved consolidated revenue of **¥770 million** and a net profit of **¥139 million**, representing an **83.6% increase** year-over-year [3][4] - The revenue slightly decreased by **3%** due to the complete divestiture of the K12 business in 2022, which had generated approximately **¥110-120 million** in revenue [4] - In Q1 2024, the company reported consolidated revenue of **¥188 million**, a **10.46% increase** year-over-year, with a net profit of **¥40.74 million**, up **13.94%** [7] Business Segments - Kede Education operates primarily in two segments: 1. **Ink Business**: - Revenue of **¥414 million** with a gross margin exceeding **20%** [8] - Production capacity maintained at **20,000 tons** with utilization increasing from **75% to 80%** [8] 2. **Education Business**: - Focused on vocational education with two full-time private vocational high schools and one private general high school [10] - Total student enrollment across the group is approximately **11,000** [11] Growth Strategies - The company is optimistic about future growth, particularly in the vocational education sector, with plans to expand student capacity through internal resource optimization rather than new site acquisitions [14][15] - Kede Education is exploring opportunities for acquisitions in the vocational education sector but is cautious due to the current market conditions and the need for profitable targets [20] K12 Business Divestiture - The company does not plan to reintegrate the K12 business in the short term despite market interest, citing high costs and regulatory challenges associated with re-entering the sector [18][19] AI and Technology Initiatives - Kede Education is collaborating with Zhonghao New to develop AI-related courses, although progress has been slower than anticipated due to resource allocation issues [21] Pricing and Revenue Model - Tuition fees vary by region, with average annual fees around **¥18,000** in Tianjin and **¥38,000-39,000** in Xi'an [28][29] - The company has autonomy in pricing, subject to local regulatory reporting but not direct government control [29] Seasonal Revenue Patterns - The education business experiences seasonal revenue fluctuations, particularly around enrollment periods in March and September, but overall revenue is averaged over the year [30] Future Outlook - Kede Education anticipates revenue growth of **10-20%** for 2024, aiming for over **¥800 million** in revenue and a profit increase of **20-25%** [58] - The company is focused on maintaining a steady growth trajectory while addressing capacity constraints in existing facilities [59][71] Regulatory Environment - The company is optimistic about obtaining new licenses for vocational and general high schools, as the regulatory environment is currently supportive of private educational institutions [68][69] Challenges - Capacity constraints in existing schools are identified as a potential bottleneck for future growth, particularly if new facilities are not established by 2025 [71] Additional Insights - The company has a strong reputation in Xi'an, which aids in student recruitment, and is exploring the possibility of converting vocational schools into comprehensive high schools to enhance its educational offerings [39][57]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 188 million yuan in Q1 2024, representing an increase of 83.6% year-on-year, with a net profit margin of 17.96% [2] - The company announced a cash dividend of 2.5%, reflecting a commitment to returning value to shareholders [2] - The forecast for net profit for 2024-2026 is adjusted to 168 million, 201 million, and 235 million yuan respectively, with year-on-year growth rates of 21.7%, 19.7%, and 17.0% [2] - The company is expected to benefit from the steady growth of its vocational education business and improvements in its ink business [2] Financial Performance Summary - In 2023, the company's revenue from vocational schools and repeat students was 353 million yuan, up 23.74% year-on-year, while the ink business generated 414 million yuan, up 7.49% year-on-year [2] - The overall gross margin for the company in 2023 was 33.26%, an increase of 2.39 percentage points year-on-year [4] - The net profit for 2023 was approximately 95.49 million yuan, with a contribution of 7.36 million yuan from the investment in AI chip company Zhonghao Xinying [2][4] Business Segments - The education business has a gross margin of 48.35%, while the ink business has improved its gross margin to 20.33%, an increase of 10.33 percentage points year-on-year [2] - The company is focusing on expanding its vocational education offerings, which are seen as having high scarcity and significant growth potential [2] AI Chip Investment - The company holds a 7.8% stake in Zhonghao Xinying, which achieved a revenue of 485 million yuan in 2023, significantly exceeding its performance targets [2] - Zhonghao Xinying specializes in AI training chips (TPU), which are expected to drive value re-evaluation for the company [2]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the benchmark index [15]. Core Insights - The company reported a revenue of 771 million yuan in 2023, a decrease of 2.94% year-on-year, primarily due to the divestment of its K12 education business at the end of 2022 [15]. - The net profit attributable to the parent company for 2023 was 139 million yuan, reflecting a significant increase of 83.60% year-on-year [15]. - The company’s gross margin improved to 33.26% in 2023, an increase of 2.39 percentage points compared to the previous year [15]. - The report highlights a strong recovery in vocational schools and repeat education businesses, with revenues from these segments reaching 353 million yuan, up 23.74% year-on-year [15]. - The company’s investment in the AI chip company Zhonghao Xinying yielded a profit contribution of 7.36 million yuan in 2023, indicating successful investment performance [15]. Financial Summary - Total revenue is projected to grow from 905 million yuan in 2024 to 1,223 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 15.7% [1]. - The net profit attributable to the parent company is expected to increase from 176 million yuan in 2024 to 262 million yuan in 2026, reflecting a CAGR of 21.2% [1]. - The gross margin is anticipated to improve from 33.3% in 2024 to 35.2% in 2026, indicating enhanced operational efficiency [1]. - The return on equity (ROE) is projected to rise from 16.5% in 2024 to 17.0% in 2026, suggesting better profitability relative to shareholders' equity [1]. - The earnings per share (EPS) is expected to grow from 0.53 yuan in 2024 to 0.80 yuan in 2026, reflecting strong earnings growth potential [1].

Investment Rating - Buy (First Coverage) [21] Core Views - The company has transitioned from traditional ink manufacturing to the education sector, focusing on modern education and AI chip investments [2][11] - The company holds a 7.8% stake in Zhonghao Xinying, a domestic AI chip unicorn, which is undervalued and has significant potential for revaluation [21][22] - The education sector, particularly vocational schools and retake programs, is expected to drive steady growth, with the company's business model being highly replicable [29][84] Business Overview - The company, originally named Suzhou Kingswood Printing Ink Co., Ltd., transitioned from ink manufacturing to education in 2017 by acquiring Longmen Education [2][11] - The education business includes vocational schools, full-time retake schools, and vocational skills training services [2][11] - The company's education business has been impacted by public events and education policies but is expected to return to normal growth from 2024 [29][84] Financial Performance - The company's revenue for 2023 is expected to be 737 million yuan, with a year-on-year decrease of 7.3% [23] - Net profit attributable to the parent company is expected to be 130 million yuan in 2023, with a year-on-year increase of 75.7% [23] - The company's EPS for 2023-2025 is forecasted to be 0.40, 0.52, and 0.69 yuan, respectively [22] AI Chip Investment - Zhonghao Xinying, in which the company holds a 7.8% stake, is a domestic AI chip unicorn with significant potential for revaluation [21][22] - Zhonghao Xinying's "Chana TM" AI training chip has a single-chip computing power of 204TFLOPS (FP16)/396TOPS (INT8), comparable to Google's TPUv4 and TPUv5p [19][80] - The company's stake in Zhonghao Xinying could be worth approximately 3.9 billion yuan, based on a PS valuation of 99x and a 2024 revenue target of 500 million yuan [22][82] Education Sector Growth - The company's education business is expected to grow steadily, with revenue from vocational schools and retake programs projected to increase by 29%, 32%, and 30% from 2023 to 2025 [17] - The company's vocational schools and retake programs have a high college entrance exam pass rate, ensuring sustainable student enrollment [29][84] - The company's education business model is highly replicable, with a focus on "middle-tier students" and a strong emphasis on management and teaching quality [104] Valuation and Comparison - The company's current PE ratios for 2023-2025 are 26x, 20x, and 15x, respectively, which are lower than the average PE ratios of comparable education companies [22][138] - The company's valuation is discounted compared to its peers, and the potential revaluation of its stake in Zhonghao Xinying could significantly increase its market value [22][82]