Core Viewpoint - Kede Education's stock price has shown mixed performance in 2023, with a year-to-date increase of 12.42% but a recent decline in the last 20 days by 10.81% [2] Financial Performance - For the period from January to September 2025, Kede Education reported a revenue of 557 million yuan, representing a year-on-year decrease of 3.64% [3] - The net profit attributable to the parent company for the same period was approximately 92.45 million yuan, down 12.98% year-on-year [3] Stock Market Activity - As of October 30, Kede Education's stock price was 17.65 yuan per share, with a market capitalization of 5.809 billion yuan [1] - The stock experienced a net outflow of 18.002 million yuan from main funds, with significant selling activity [1] - Kede Education has appeared on the stock market's "Dragon and Tiger List" twice this year, with the most recent instance on August 26, where it recorded a net buy of -69.1483 million yuan [2] Shareholder Information - As of September 30, 2025, Kede Education had 45,100 shareholders, a decrease of 0.60% from the previous period [3] - The average number of circulating shares per shareholder increased by 0.60% to 7,192 shares [3] - The company has distributed a total of 356 million yuan in dividends since its A-share listing, with 204 million yuan distributed in the last three years [4] Business Overview - Kede Education, established on January 14, 2003, and listed on March 22, 2011, is based in Suzhou, Jiangsu Province [2] - The company's main business includes the research, production, and sales of environmentally friendly printing inks and education training services [2] - The revenue composition includes 48.77% from vocational and full-time schools, 20.04% from quick-drying glossy printing inks, 17.13% from high-gloss printing inks, and 13.64% from high-wear printing inks [2]

Market Overview - The education sector increased by 0.2% on October 29, with Chuangye Heima leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - Chuangye Heima (300688) closed at 30.40, up 6.70% with a trading volume of 123,500 shares and a turnover of 361 million yuan [1] - China High-Tech (600730) closed at 10.14, up 3.58% with a trading volume of 262,000 shares and a turnover of 266 million yuan [1] - Other notable stocks include: - ST Guohua (600636) at 8.35, up 0.72% [1] - Bo Rui Chuan Bo (600880) at 5.03, up 0.60% [1] - Zhong Gong Education (002607) at 2.73, unchanged [1] - Ang Li Education (600661) at 10.56, down 0.09% [1] - Xue Da Education (000526) at 41.77, down 0.17% [1] - Xing Dong Education (605098) at 40.57, down 0.32% [1] - ST Chuan Zhi (003032) at 6.76, down 0.44% [1] - Guomai Technology (002093) at 11.48, down 0.52% [1] Capital Flow Analysis - The education sector experienced a net outflow of 59.66 million yuan from institutional investors and 33.64 million yuan from retail investors, while retail investors saw a net inflow of 93.31 million yuan [2] - Notable capital flows include: - Chuangye Heima with a net inflow of 36.83 million yuan from institutional investors [3] - China High-Tech with a net inflow of 24.05 million yuan from institutional investors [3] - Xue Da Education with a net inflow of 10.23 million yuan from institutional investors [3] - ST Kaiyuan (300338) saw a net outflow of 2.24 million yuan from institutional investors [3] - Kevin Education (002659) had a net outflow of 3.23 million yuan from institutional investors [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [5]. Core Insights - In Q3 2025, the company achieved revenue of 190 million yuan, a year-on-year decrease of 8.1%, and a net profit attributable to the parent company of 39.17 million yuan, down 9.8% year-on-year [2][5]. - The company is expected to benefit from the capital operations of its associate company, Zhonghao Xinying, which has initiated its IPO process [5]. - The report adjusts the net profit forecasts for 2025 to 150 million yuan, 2026 to 172 million yuan, and 2027 to 195 million yuan, with corresponding P/E ratios of 40x, 35x, and 31x [5]. Financial Performance Summary - Total revenue (in million yuan) is projected to be 771 in 2023, 795 in 2024, 800 in 2025, 879 in 2026, and 959 in 2027, with a growth rate of -2.9% in 2023 and expected growth rates of 3.1%, 0.6%, 9.9%, and 9.1% in the following years [4]. - The net profit attributable to the parent company is forecasted to be 139 million yuan in 2023, 145 million yuan in 2024, 150 million yuan in 2025, 172 million yuan in 2026, and 195 million yuan in 2027, with significant growth in 2023 at 83.6% [4]. - The gross margin is expected to remain stable around 33.1% to 34.3% from 2025 to 2027 [4]. Investment and Profitability Metrics - The report indicates an increase in gross margin to 42.7% in Q3 2025, up 3.0 percentage points year-on-year [5]. - The return on equity (ROE) is projected to be 15.6% in 2023, slightly decreasing to 14.8% in 2025, before rising to 16.3% in 2027 [4]. - Earnings per share (EPS) is expected to grow from 0.42 yuan in 2023 to 0.59 yuan in 2027 [4]. Other Relevant Information - The company realized investment income of 2.28 million yuan in Q3 2025, primarily attributed to the profitability of Zhonghao Xinying [5]. - The report highlights the potential impact of macroeconomic conditions on consumer willingness to spend on educational products, which may have contributed to the revenue decline [5].

Market Overview - The education sector increased by 0.25% on October 27, with Kede Education leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Individual Stock Performance - Kede Education (300192) closed at 18.20, up 3.59% with a trading volume of 174,800 shares and a turnover of 314 million yuan [1] - Angli Education (600661) closed at 10.94, up 2.72% with a trading volume of 112,300 shares and a turnover of 122 million yuan [1] - Kevin Education (002659) closed at 5.96, up 1.71% with a trading volume of 266,200 shares and a turnover of 159 million yuan [1] - Zhonggong Education (002607) closed at 2.77, up 1.47% with a trading volume of 1,273,200 shares and a turnover of 350 million yuan [1] - ST Kaiyuan (300338) closed at 3.90, up 1.04% with a trading volume of 47,600 shares and a turnover of 18.43 million yuan [1] - ST Chuan Zhi (003032) closed at 6.78, up 0.59% with a trading volume of 40,200 shares and a turnover of 2.71 million yuan [1] - Other notable performances include Chuangye Heima (300688) at 28.52, up 0.42%, and Xueda Education (000526) at 44.25, up 0.41% [1] Capital Flow Analysis - The education sector saw a net inflow of 13.12 million yuan from institutional investors, while retail investors experienced a net inflow of 3.71 million yuan [2] - The overall net outflow from speculative funds was 16.83 million yuan [2] Detailed Capital Flow for Selected Stocks - Zhonggong Education (002607) had a net inflow of 70.96 million yuan from institutional investors, but a net outflow of 34.06 million yuan from speculative funds [3] - Angli Education (600661) saw a net inflow of 18.91 million yuan from institutional investors, with a small net inflow from speculative funds [3] - Kede Education (300192) experienced a net inflow of 8.58 million yuan from institutional investors, but a net outflow from speculative funds [3] - Kevin Education (002659) had a net inflow of 7.01 million yuan from institutional investors, with a net outflow from speculative funds [3] - Xueda Education (000526) faced a net outflow of 2.43 million yuan from institutional investors, but a net inflow from retail investors [3]

Group 1 - The core point of the article is that Kede Education (SZ 300192) held its seventh board meeting on October 24, 2025, to discuss amendments to the company's articles of association [1] - For the first half of 2025, Kede Education's revenue composition was 54.29% from ink and similar products manufacturing and 45.71% from education and training [1] - As of the report date, Kede Education's market capitalization was 5.8 billion yuan [1]

苏州科德教育科技股份有限公司 总经理工作细则 苏州科德教育科技股份有限公司 总经理工作细则 第一章 总则 第一条 为进一步完善苏州科德教育科技股份有限公司（以下简 称"公司"）的治理结构，根据《中华人民共和国公司法》《深圳证 券交易所创业板股票上市规则》《苏州科德教育科技股份有限公司章 程》（以下简称"《公司章程》"）及有关法律、法规的规定，制定 本工作细则。 本工作细则所适用人员范围为总经理、副总经理、财务负责人等 高级管理人员。 第二章 总经理的聘任、解聘及任职资格 第二条 总经理的任职资格： （一）具有丰富的经济、管理知识及企业经营、管理实际经验； 熟悉国家有关法律、法规及政策；具备一定的税务、财务及会计知识； （二）洞悉行业发展趋势，并能作出正确的企业经营决策； （三）具有实施有效激励与监督，沟通与协调，团队建设及建立 高效组织架构的能力； 第 1 页 共 11 页 （四）具有强烈的使命感和积极开拓的进取精神；诚信勤勉、廉 苏州科德教育科技股份有限公司 总经理工作细则 洁奉公、民主公道。 第三条 有下列情形之一的，不得担任公司总经理： （一）无民事行为能力或者限制民事行为能力； （二）因贪污、贿赂、侵 ...

苏州科德教育科技股份有限公司 对外提供财务资助管理制度 苏州科德教育科技股份有限公司 对外提供财务资助管理制度 第一章 总则 第一条 为规范苏州科德教育科技股份有限公司（以下简称"本 公司"或"公司"）对外提供财务资助行为，维护公司利益，防范资 金风险，确保公司经营稳健，依照《中华人民共和国公司法》（以下 简称"《公司法》"）《深圳证券交易所创业板股票上市规则》（以 下简称"《上市规则》"）、《深圳证券交易所上市公司自律监管指 引第2号——创业板上市公司规范运作》等法律法规、规范性文件及 《苏州科德教育科技股份有限公司章程》（以下简称"《公司章程》"）， 结合公司实际情况，制定本制度。 第二条 本制度所称"对外提供财务资助"指公司及其控股子公 司有偿或者无偿对外提供资金、委托贷款等行为。但资助对象为公司 合并报表范围内且持股比例超过50%的控股子公司，且该控股子公司 其他股东中不包含公司的控股股东、实际控制人及其关联人的除外。 第三条 公司存在下列情形之一的，应参照本制度的规定执行： （一）在主营业务范围外以实物资产、无形资产等方式对外提供 资助； （二）为他人承担费用； 第 1 页 共 8 页 苏州科德教育 ...

苏州科德教育科技股份有限公司 内部审计制度 苏州科德教育科技股份有限公司 内部审计制度 第一章 总则 第一条 为规范苏州科德教育科技股份有限公司（以下简称"公 司"）内部审计工作，提高内部审计工作质量，保护投资者合法权益， 根据《中华人民共和国公司法》（以下简称"《公司法》"）《深圳 证券交易所上市公司自律监管指引第2号——创业板上市公司规范运 作》等法律法规、规范性文件及《苏州科德教育科技股份有限公司章 程》（以下简称"《公司章程》"）的有关规定，制定本制度。 第二条 本制度所称内部审计。是指由公司内部审计人员，对公 司内部控制和风险管理的有效性，财务信息的真实性、准确性和完整 性以及经营活动的效率和效果等实施独立、客观的监督、评价和建议， 以促进公司完善治理，实现目标活动。 第二章 内部审计机构的设立 第三条 公司设立内部审计部，对公司的业务活动、风险管理、 内部控制、财务信息等事项进行监督检查。内部审计部对董事会负责， 向董事会审计委员会报告工作，并接受审计委员会的监督指导。 第 1 页 共 9 页 第四条 公司内部审计部配置专职人员从事内部审计工作。审计 部应当根据公司规模、生产经营特点及内审工作需要 ...

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董事会审计委员会实施细则 苏州科德教育科技股份有限公司 董事会审计委员会实施细则 苏州科德教育科技股份有限公司 第一章 总则 第一条 为强化苏州科德教育科技股份有限公司（以下简称"公 司"）董事会的功能，提高董事会的效率，健全董事会的审计评价和 监督机制，确保董事会对公司的有效监督，完善公司治理结构，根据 《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董 事管理办法》《深圳证券交易所上市公司自律监管指引第2号——创 业板上市公司规范运作》《苏州科德教育科技股份有限公司章程》（以 下简称"《公司章程》"）及其他有关规定，公司设立董事会审计委 员会，并制定本细则。 第二条 审计委员会是董事会依《公司章程》设立的专门工作机 构，是由董事组成的委员会，主要负责内、外部审计的沟通和评价， 财务信息及其披露的审阅，重大决策事项监督和检查工作，对董事会 负责。 第二章 人员组成 第三条 审计委员会由三名董事委员组成，且应当为不在公司担 任高级管理人员的董事，其中独立董事二名，委员中至少有一名独立 董事为会计专业人士。 第 1 页 共 7 页 苏州科德教育科技股份有限公司 董事会审计委员会实施细则 第四条 审计委 ...