Market Overview - The education sector experienced a decline of 2.7% on September 2, with Guomai Technology leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Action Education (605098) closed at 36.05, with a slight increase of 0.14% and a trading volume of 15,700 shares [1] - Kevin Education (002659) remained unchanged at 5.24, with a trading volume of 214,400 shares [1] - Xueda Education (000526) fell by 0.98% to 47.70, with a trading volume of 27,300 shares [1] - ST Dongshi (603377) decreased by 1.39% to 3.56, with a trading volume of 212,600 shares [1] - Zhonggong Education (002607) dropped 1.66% to 2.97, with a trading volume of 3,027,500 shares [1] - Angli Education (600661) fell by 1.92% to 10.70, with a trading volume of 60,100 shares [1] - Borui Communication (600880) decreased by 2.15% to 5.01, with a trading volume of 292,400 shares [1] - ST Kaiyuan (300338) fell by 2.17% to 4.05, with a trading volume of 57,100 shares [1] - ST Chuan Zhi (003032) decreased by 2.38% to 6.56, with a trading volume of 67,600 shares [1] - Quantu Education (300359) fell by 2.45% to 5.96, with a trading volume of 170,300 shares [1] Capital Flow Analysis - The education sector saw a net outflow of 401 million yuan from institutional investors, while retail investors experienced a net inflow of 307 million yuan [2] - The net inflow from speculative funds was 93.74 million yuan [2] Detailed Capital Flow for Selected Stocks - Kevin Education (002659) had a net inflow of 8.16 million yuan from institutional investors, while speculative funds saw a net outflow of 4.64 million yuan [3] - Action Education (605098) experienced a net inflow of 6.19 million yuan from institutional investors, with a net outflow of 3.53 million yuan from speculative funds [3] - Xueda Education (000526) had a minimal net inflow of 143,500 yuan from institutional investors, with a net outflow of 3.46 million yuan from speculative funds [3] - Kede Education (300192) saw a slight net outflow of 187,300 yuan from institutional investors, with a significant net outflow of 24.17 million yuan from speculative funds [3] - ST Kaiyuan (300338) experienced a net outflow of 3.39 million yuan from institutional investors, while speculative funds had a net inflow of 711,800 yuan [3] - ST Chuan Zhi (003032) had a net outflow of 6.13 million yuan from institutional investors, with a net inflow of 890,700 yuan from speculative funds [3] - Angli Education (600661) saw a net outflow of 8.87 million yuan from institutional investors, while retail investors had a net inflow of 9.28 million yuan [3] - ST Dongshi (603377) experienced a net outflow of 12.71 million yuan from institutional investors, with a net inflow of 9.10 million yuan from retail investors [3] - Quantu Education (300359) had a net outflow of 12.94 million yuan from institutional investors, while retail investors saw a net inflow of 7.30 million yuan [3]

Core Viewpoint - The recent financial report of Qiantong Education (300359) shows significant declines in revenue and profit, indicating a deteriorating financial situation for the company [1] Financial Performance - Total revenue for the first half of 2025 was 125 million yuan, a year-on-year decrease of 36.58% [1] - The net profit attributable to shareholders was -32.30 million yuan, down 153.25% year-on-year [1] - In Q2 2025, total revenue was 70.07 million yuan, a decline of 41.99% compared to the same quarter last year [1] - The net profit for Q2 2025 was -13.24 million yuan, a decrease of 61.21% year-on-year [1] - The gross margin was 18.26%, down 33.43% year-on-year, while the net margin was -27.5%, a drop of 361.8% [1] Cost Structure - The combined expenses (selling, administrative, and financial) totaled 45.69 million yuan, accounting for 36.68% of total revenue, which is an increase of 71.15% year-on-year [1] - The financial expenses, selling expenses, and administrative expenses have significantly increased, indicating rising operational costs [1] Asset and Cash Flow Analysis - Cash and cash equivalents decreased to 306 million yuan, down 14.76% year-on-year [1] - Accounts receivable also fell to 214 million yuan, a decrease of 15.52% [1] - The company reported a negative operating cash flow per share of -0.07 yuan, which is an increase of 20.36% year-on-year [1] Historical Performance and Investment Return - The company's historical return on invested capital (ROIC) has been weak, with a median of 2.62% over the past decade [2] - The worst year recorded was 2019, with an ROIC of -49.33%, indicating poor investment returns [2] - The company has reported losses in three out of ten years since its IPO, suggesting a fragile business model [2] Debt and Financial Health - The company maintains a healthy cash asset position, but the cash flow situation is concerning, with a three-year average operating cash flow to current liabilities ratio of -3.98% [2] - Financial expenses have reached 81.34% of the average operating cash flow over the past three years, indicating high financial burden [2]

2025年8月29日，全通教育(300359.SZ)发布2025年中报。 公司营业总收入为1.25亿元，在已披露的同业公司中排名第10，较去年同报告期营业总收入减少7184.55万元，同比较去年同期下降36.58%。归母净利润 为-3230.26万元，在已披露的同业公司中排名第11，较去年同报告期归母净利润减少1954.72万元。经营活动现金净流入为-4474.94万元，在已披露的同业公 司中排名第9，较去年同报告期经营活动现金净流入增加1144.23万元，实现2年连续上涨。 公司最新资产负债率为18.62%，在已披露的同业公司中排名第2，较上季度资产负债率减少0.83个百分点，较去年同期资产负债率减少0.04个百分点。 公司最新毛利率为18.26%，在已披露的同业公司中排名第12，较上季度毛利率增加0.22个百分点，实现2个季度连续上涨，较去年同期毛利率减少9.17个百 分点。最新ROE为-5.75%，在已披露的同业公司中排名第11，较去年同期ROE减少3.89个百分点。 公司摊薄每股收益为-0.05元，在已披露的同业公司中排名第10，较去年同报告期摊薄每股收益减少0.03元。 公司最新总资产周转率为0.1 ...

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].

证券代码：300359 证券简称：全通教育 公告编号：2025-040 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 董事、监事、高级管理人员异议声明 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 ■ 董事、监事、高级管理人员异议声明的风险提示 董事温小桦因其内部会议议程未完成，未取得相应授权，故投弃权票。其无法保证公司2025年半年度报 告的内容真实、准确、完整，不确认是否存在虚假记载、误导性陈述或重大遗漏。请投资者注意投资风 险。 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 ...

Core Insights - The company reported a revenue of 125 million yuan and a net loss of 32.3 million yuan for the first half of 2025 [1] - The company plans to focus on enhancing home-school interaction, continuing education, educational information technology projects, and exploring AI in education [1] Business Strategy - The company aims to deepen its involvement in home-school interaction upgrades, continuing education, and educational information technology project construction and operation [1] - The company is also committed to expanding its efforts in smart psychology and vocational education [1] - The company is actively exploring the AI+ education business sector [1] Product Development - The company is developing a home-school collaboration platform called "All Course Cloud AI Platform," which is based on new curriculum standards and aims to enhance both teacher effectiveness and student comprehensive quality [1] - The platform integrates various algorithms and AI technologies, aggregating high-quality content resources to provide rich educational scenario support [1] - The platform aims to address the challenges of personalized, high-quality, and large-scale education, referred to as the "impossible triangle" [1] - The All Course Cloud AI Platform is currently under comprehensive development and will be promoted to the market soon [1]

Core Viewpoint - The company reported a significant decline in revenue and an increase in net losses for the first half of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first half of 2025 was 125 million yuan, representing a year-on-year decrease of 36.58% [1] - The net loss attributable to shareholders of the listed company was 32.3026 million yuan, which is an increase of 153.25% year-on-year [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 34.5527 million yuan, reflecting a year-on-year increase of 129.66% [1] - The basic loss per share was 0.05 yuan [1]

证券代码：300359 证券简称：全通教育 公告编号：2025-042 全通教育集团（广东）股份有限公司 关于修订《公司章程》的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 | 序号 | 公司章程（修订前） | 公司章程（修订后） | | --- | --- | --- | | | 章程。 | 制订本章程。 | | | 第七条 董事长为公司的法定代表 | 第七条 董事长为公司的法定代表 | | | 人。 | 人。担任法定代表人的董事长辞任 | | | | 的，视为同时辞去法定代表人。法定 | | | | 代表人辞任的，公司将在法定代表人 | | 2 | | 辞任之日起三十日内确定新的法定 | | | | 代表人，公司法定代表人的产生与变 | | | | 更程序同公司董事长的产生与变更 | | | | 程序。 | | | 新增 | （新增第八条，后续编号顺延） | | | | 第八条 法定代表人以公司名义从 | | | | 事的民事活动，其法律后果由公司承 | | | | 受。本章程或者股东会对法定代表人 | | | | 职权的限制，不得对抗善意相对人 ...

证券代码：300359 证券简称：全通教育 公告编号：2025-043 全通教育集团（广东）股份有限公司 全通教育集团（广东）股份有限公司董事会 2025 年 8 月 28 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 为进一步提升公司规范运作水平，完善公司治理结构，根据《中华人民共和 国公司法》《上市公司章程指引》等相关法律、法规、规范性文件的最新规定， 结合公司自身实际情况，全通教育集团（广东）股份有限公司（以下简称"公司"） 于 2025 年 8 月 28 日召开第四届董事会第三十四次会议，审议通过了《关于制定、 修订公司部分制度的议案》，具体情况如下： | 序号 | 制度名称 | 是否需要提交 股东会审议 | 备注 | | --- | --- | --- | --- | | 1 | 《股东会议事规则》 | 是 | 修订 | | 2 | 《董事会议事规则》 | 是 | 修订 | | 3 | 《独立董事工作制度》 | 是 | 修订 | | 4 | 《董事会审计委员会实施细则》 | 是 | 修订 | | 5 | 《董事会提名、薪酬与考核委员会实施细则 ...

全通教育集团（广东）股份有限公司 2025 年半年度报告披露提示性公告 本公司及除董事温小桦外的董事会全体成员保证信息披露的内容真实、准 确、完整，没有虚假记载、误导性陈述或者重大遗漏。 证券代码：300359 证券简称：全通教育 公告编号：2025-037 全通教育集团（广东）股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开第四届董事会第三十四次会议，审议通过了《2025 年半年度报告》及 其摘要。为使投资者全面了解公司 2025 年上半年的经营情况和财务状况，公司 《2025 年半年度报告》全文及其摘要于 2025 年 8 月 29 日在中国证监会指定创 业板信息披露网站巨潮资讯网（http://www.cninfo.com.cn）上披露，敬请投资者 注意查阅。 特此公告。 全通教育集团（广东）股份有限公司董事会 2025 年 8 月 28 日 董事温小桦因其内部会议议程未完成，未取得相应授权，故不能保证公告 内容真实、准确、完整。 ...