Market Overview - The education sector experienced a decline of 1.29% on September 22, with Dou Shen Education leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Dou Shen Education (300010) closed at 7.70, down 3.39% with a trading volume of 599,500 shares and a turnover of 463 million yuan [2] - Other notable declines include: - China High-Tech (600730) down 2.92% to 10.32 [2] - Quanta Education (300359) down 2.55% to 5.73 [2] - Zhonggong Education (002607) down 2.33% to 2.94 [2] - Conversely, some stocks showed positive performance, such as: - Chuangye Bama (300688) up 2.60% to 32.77 [1] Capital Flow Analysis - The education sector saw a net outflow of 163 million yuan from institutional investors, while retail investors had a net inflow of 131 million yuan [2] - The overall capital flow indicates a mixed sentiment, with retail investors showing some confidence despite the sector's decline [2] Detailed Capital Flow for Selected Stocks - Kevin Education (002659) had a net inflow of 19.93 million yuan from institutional investors, but a net outflow of 18.97 million yuan from retail investors [3] - Other stocks like Kede Education (300192) and Chuangye Bama (300688) also experienced varied capital flows, indicating differing investor sentiments across the sector [3]

证券代码：300338 证券简称：ST 开元 公告编号：2025-055 开元教育科技集团股份有限公司 关于参加 2025 年湖南辖区上市公司投资者网上集体接待日 暨半年度业绩说明会活动的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特此公告。 开元教育科技集团股份有限公司董事会 2025 年 9 月 13 日 为进一步加强与投资者的互动交流，开元教育科技集团股份有限公司(以下 简称"公司")将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有 限公司联合举办的"资本聚三湘 楚光耀新程——2025 年湖南辖区上市公司投 资者网上集体接待日暨半年度业绩说明会"活动，现将相关事项公告如下: 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (https://rs.p5w.net)，或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 9 月 19 日(星期五)14:00-17:00。届时 公司高管将在线就公司 2024 年至 2025 半年度业绩、公司治理、发展战略、经营 状况、融资计划、股权激励和 ...

Financial Performance - ST Kaiyuan reported a net profit decline of 146.22% year-on-year, with a total revenue of 75.643 million yuan, down 22.6% [1] - In Q2, the company generated a revenue of 41.582 million yuan, a decrease of 30.46% year-on-year, and a net profit of -26.548 million yuan, down 138.69% [1] - The gross margin was 47.58%, a decrease of 20.85% year-on-year, while the net margin was -59.03%, down 208.47% [1] Cost and Expenses - Total sales, management, and financial expenses amounted to 76.179 million yuan, accounting for 100.71% of revenue, an increase of 13.75% year-on-year [1] - The company reported a negative operating cash flow per share of -0.22 yuan, a decrease of 722.23% year-on-year [1] Historical Performance and Business Model - The company's historical median Return on Invested Capital (ROIC) over the past decade is -14.67%, with the worst year being 2024 at -543.62% [2] - The business model relies heavily on marketing-driven performance, necessitating a thorough examination of the underlying drivers [2] - The company has reported losses in 5 out of 12 annual reports since its listing, indicating a generally poor financial history [2] Cash Flow and Financial Health - The cash flow situation is concerning, with a cash and cash equivalents to current liabilities ratio of only 46.12% [2] - The average net cash flow from operating activities over the past three years has been negative [2]

Core Viewpoint - The A-share education sector in the first half of 2025 continues to exhibit a "polarized" pattern, with some companies thriving while others struggle, reflecting the complex and changing market environment [1][20]. Group 1: "Fire Zone" Companies - Companies in the "fire zone" such as Xueda Education, Angli Education, and Tuo Wei Information show significant growth and profitability, driven by different strategies: scale expansion, comprehensive transformation, and technology-driven approaches [3][20]. - Xueda Education achieved revenue of 1.92 billion with a growth rate of 18.3% and a net profit of 230 million, focusing on personalized education and national expansion [4][20]. - Angli Education reported revenue of 632 million, up 11.84%, and turned a profit of 2.88 million, diversifying into multiple educational sectors including quality education and vocational training [6][20]. - Tuo Wei Information's revenue was 1.306 billion, down 24.42%, but net profit surged to 78.81 million due to non-recurring gains, highlighting a reliance on financial adjustments rather than core business growth [8][20]. Group 2: "Ice Zone" Companies - Companies in the "ice zone" like Quantu Education, Honghe Education, and ST Kaiyuan face severe challenges, including significant revenue declines and ongoing losses, reflecting the harsh realities of the education industry [10][20]. - Quantu Education's revenue fell to 125 million, down 36.58%, with a net loss of 32.3 million, struggling with policy tightening and reduced client payment capabilities [11][20]. - Honghe Education reported revenue of 1.4 billion, down 10.99%, with a net profit of only 45 million, as its core interactive whiteboard business continues to decline [12][20]. - ST Kaiyuan's revenue dropped to 75.64 million, down 22.6%, with a net loss of 44.36 million, facing severe financial distress and potential delisting risks [16][20]. Group 3: "Middle Zone" Companies - Companies like Keda Xunfei, Kewen Education, and Kede Education are positioned in the middle zone, showing both growth potential and structural challenges [20][24]. - Keda Xunfei achieved revenue of 10.91 billion, up 17%, but reported a net loss of 360 million, indicating a struggle to convert growth into profitability [21][20]. - Kewen Education's revenue was 171 million, with a net profit of 735,000, reflecting a strong brand in international education despite its small scale [23][20]. - Kede Education's revenue declined to 366 million, down 1.15%, while its net profit fell by 15.16%, showcasing a dual narrative of declining core business and capital market interest due to its AI chip investments [22][20].

Group 1 - ST Kaiyuan reported a revenue of approximately 75.64 million yuan for the first half of 2025, a year-on-year decrease of 22.6% [1] - The net loss attributable to shareholders for the same period was approximately 44.36 million yuan, with a basic loss per share of 0.1102 yuan [1] - In comparison, the revenue for the first half of 2024 was approximately 97.73 million yuan, with a net loss of about 18.02 million yuan and a basic loss per share of 0.0447 yuan [1] Group 2 - As of the report, ST Kaiyuan's market capitalization stands at 1.7 billion yuan [2]

上市公司2025半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：开元教育科技集团股份有限公司 金额单位：人民币万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 的关联关系 | 上市公司核算的会 计科目 | 2025年初占用资金 余额 | 2025年度占用累计 发生金额（不含利 | 2025半年度占用资 金的利息（如有） | 2025半年度偿还累 计发生额 | 2025半年末占用资 金余额 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 息） | | | | | | | 控股股东、实际控制人及 | | | | | | | | | | 非经营性占用 | | 其附属企业 | | | | | | | | | | 非经营性占用 | | 小 计 | —— | —— | —— | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | —— | —— | | 前控股股东、实际控制⼈ | | | | | | | | | | 非经营性 ...

证券代码：300338 证券简称：ST 开元 公告编号：2025-052 《2025年半年度报告全文》及《2025年半年度报告摘要》详见公司于同日在 巨潮资讯网（www.cninfo.com.cn）披露的公告。 审议结果：3票赞成、0票反对、0票弃权。 开元教育科技集团股份有限公司 第五届监事会第七次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、会议召开情况 开元教育科技集团股份有限公司（以下简称"公司"）第五届监事会第七次 会议于 2025 年 8 月 15 日以微信的方式发出会议通知，会议于 2025 年 8 月 27 日下午 14:00 以通讯表决的方式召开。会议应出席监事 3 名，实际出席监事 3 人。 本次会议由梁大钢先生主持。会议的召开符合《中华人民共和国公司法》和《公 司章程》的有关规定。 二、会议审议情况 1、 审议通过《<2025 年半年度报告>全文及摘要的议案》 经审议，监事会认为：公司《<2025 年半年度报告>全文及摘要》的编制和 审核程序符合相关法律、法规及中国证监会的规定，报告内容真实、准确、完整 地反映了公司的实际情 ...

证券代码：300338 证券简称：ST 开元 公告编号：2025-051 开元教育科技集团股份有限公司 第五届董事会第九次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、会议召开情况 开元教育科技集团股份有限公司（以下简称或"公司"）第五届董事会第九 次会议于2025年8月15日以电子邮件与微信的方式发出会议通知，会议于2025年8 月27日上午10：00以线上通讯表决的方式召开。会议应出席董事7名，实际出席 董事7人，公司监事、高管列席会议，本次会议由董事长赵君先生主持。会议的 召开符合《公司法》和《公司章程》的有关规定。 二、会议审议情况 与会董事经过讨论，以记名投票表决方式审议通过了以下议案： 1、 审议通过《<2025 年半年度报告>全文及摘要》 《2025 年半年度报告全文》及《2025 年半年度报告摘要》详见公司于同日 在巨潮资讯网（www.cninfo.com.cn）披露的公告。 审议结果：7 票赞成、0 票反对、0 票弃权。 本议案已经公司董事会审计委员会审议并取得了全体成员同意。 三、备查文件 1、第五届董事会第九次会议决议； ...

Financial Performance - The company's operating revenue for the first half of 2025 was ¥75,642,981.45, a decrease of 22.60% compared to ¥97,729,603.44 in the same period last year[24]. - The net loss attributable to shareholders for the first half of 2025 was ¥44,361,895.06, representing a 146.22% increase in losses compared to ¥18,016,955.29 in the previous year[24]. - The net cash flow from operating activities was -¥86,825,027.36, a significant decline of 722.23% from -¥10,559,674.22 in the same period last year[24]. - The basic and diluted earnings per share for the first half of 2025 were both -¥0.1102, a decrease of 146.53% compared to -¥0.0447 in the previous year[24]. - The total assets at the end of the reporting period were ¥468,264,540.44, down 22.63% from ¥605,224,556.36 at the end of the previous year[24]. - The net assets attributable to shareholders were -¥19,100,905.60, a decrease of 173.95% compared to ¥25,829,995.17 at the end of the previous year[24]. - Revenue for the reporting period was $75.64 million, a decrease of 22.60% compared to $97.73 million in the same period last year[44]. - Operating costs increased by 1.71% to $39.65 million from $38.99 million year-over-year[44]. - Research and development expenses decreased by 33.50% to $7.37 million, primarily due to a reduction in personnel and outsourced R&D[44]. - The company reported a net profit of -143.07 million yuan for 2024, indicating significant financial distress[78]. - The company's operating cash flow was -3.69 million yuan, reflecting ongoing liquidity challenges[78]. - As of December 31, 2024, current liabilities exceeded current assets by 113.16 million yuan, highlighting a critical liquidity issue[78]. Restructuring and Financial Stability - The company is facing significant uncertainty regarding its restructuring process, which could impact its financial stability and stock listing status[4]. - The company has received a warning regarding the risk of delisting due to negative net profits for the years 2022-2024[6]. - The company is undergoing a pre-restructuring process approved by the Changsha Intermediate People's Court, with a focus on improving cash flow and management[84]. - The company has signed a restructuring investment agreement with Shenzhen Jiadao Engineering Equity Investment Fund, indicating progress in its restructuring efforts[85]. - The company is currently under judicial reorganization, which may impact its future operational capabilities[167]. Operational Challenges and Risks - The company faces risks from industry regulation and policy changes, which could impact business operations and performance[60]. - Increased competition in the vocational education training industry poses a risk to maintaining market competitiveness and operational performance[61]. - Talent retention is critical, and the company is focusing on attractive compensation and career development opportunities to reduce turnover[62]. - The company has experienced a change in its actual controller, with Jiang Yong transferring control to Cai Zhihua[164][165]. - The financial statements are prepared based on the assumption of going concern, despite uncertainties regarding the company's ability to continue operations[168]. Investment and Development Initiatives - The company has focused on vocational education, enhancing its training services through platforms like "Hengqi Education," "Zhun Tiku," and "Zhongda Online School" to cover various levels of professional training[31]. - The company has developed a new IT system based on See.AI, implementing a "central kitchen" strategy to transform its operations and improve training efficiency[35]. - The company is leveraging 5G and artificial intelligence technologies to build an OMO education platform, aiming to enhance the value of vocational education and streamline the learning process[40]. - The company has made significant breakthroughs in content development, industrial internet platform development, and opportunity flow acquisition, forming its core competitive advantages[36]. - The company plans to expand its market presence by investing in new product development and technology enhancements[153]. - The company is exploring potential mergers and acquisitions to enhance its market position and drive future growth[153]. Shareholder and Equity Information - As of June 30, 2025, the controlling shareholder Jiang Yong holds 18,507,245 shares, representing 4.60% of the total share capital[89]. - Jiang Yong has significant debts due, totaling approximately 20 million CNY in principal and interest from various courts[90]. - The total number of shareholders at the end of the reporting period is 10,976[120]. - Shareholder Jiang Yong holds 4.60% of shares, totaling 18,507,245 shares, with 1,828,392 shares frozen[122]. - The company has no knowledge of the relationships between other shareholders outside of the identified concerted actions among Jiang Yong, Zhao Jun, and Jiang Sheng[123]. Compliance and Governance - The company has established a comprehensive communication system for investor relations, ensuring transparency and timely information disclosure[71]. - The company has maintained compliance with labor laws, ensuring employee rights and benefits are upheld[71]. - The company did not engage in any major asset or equity sales during the reporting period[57]. - The company has not reported any major litigation or arbitration matters during the reporting period[88]. - There were no significant penalties or rectification situations reported during the period[88]. Cash Flow and Liquidity - The net increase in cash and cash equivalents was -$124.00 million, reflecting a 9,461.12% decrease from -$1.30 million in the prior year[45]. - Cash inflows from operating activities were 64,436,985.86, down from 219,412,570.75, representing a decline of approximately 70.7%[147]. - Cash outflows from operating activities totaled 151,262,013.22, compared to 229,972,244.97, indicating a decrease of about 34.2%[147]. - The ending cash and cash equivalents balance was 189,928,035.16, down from 313,926,289.33[148]. - The company's current liabilities exceeded current assets by 144.97 million yuan, raising concerns about its liquidity[167]. Accounting and Financial Reporting - The semi-annual financial report was not audited[130]. - The company adheres to the accounting standards, ensuring that financial statements accurately reflect its financial position, operating results, and cash flows[170]. - The accounting period for the company is based on the calendar year, running from January 1 to December 31[171]. - The company recognizes bad debt provisions for receivables over 5 million RMB that are overdue[174].

Market Overview - The education sector experienced a decline of 0.46% on August 28, with ST Dongshi leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - China High-Tech (600730) saw a significant increase of 6.26%, closing at 9.51 with a trading volume of 446,300 shares and a turnover of 414 million yuan [1] - Kede Education (300192) rose by 2.25%, closing at 24.13 with a trading volume of 819,900 shares and a turnover of 192.6 million yuan [1] - ST Dongshi (603377) led the decline with a drop of 5.01%, closing at 3.79 with a trading volume of 344,400 shares and a turnover of 132 million yuan [2] - Xueda Education (000526) fell by 4.36%, closing at 48.97 with a trading volume of 76,300 shares and a turnover of 371 million yuan [2] Capital Flow Analysis - The education sector saw a net outflow of 479 million yuan from institutional investors, while retail investors contributed a net inflow of 350 million yuan [2] - Major stocks like China High-Tech and Xueda Education experienced mixed capital flows, with China High-Tech seeing a net inflow of 17.98 million yuan from institutional investors [3] - ST Dongshi and Kede Education faced significant net outflows from institutional investors, indicating potential concerns among larger investors [3]