科德教育(300192) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions This section provides crucial disclaimers, a detailed table of contents for easy navigation, and a glossary of key terms to ensure clear understanding of the report Important Notice The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility, while the company's head, chief accountant, and accounting department head affirm the financial report's accuracy - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[3] - Company head Wu Min, chief accountant Feng Lei, and head of accounting department (accounting supervisor) Feng Lei declare that the financial report in this semi-annual report is true, accurate, and complete[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4] Table of Contents This report's clear table of contents outlines eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports, facilitating quick information retrieval for investors - The report's table of contents includes eight main chapters, from important notices to financial reports, with a clear structure[6] Definitions This section defines common terms used in the report, including company names, key subsidiaries, critical technologies like AI and general large models, ink product types such as offset and UV inks, and the financial reporting period, ensuring a unified understanding of specialized terminology - The report defines the company name and major subsidiaries, such as Longmen Education, Tianjin Lvwei Vocational High School, and Hebi Maotan Middle School[14] - Key technology and product terms like Artificial Intelligence (AI), general large models, offset ink, UV ink, and LED-UV ink are explained[14] - The reporting period is specified as January 1, 2025, to June 30, 2025, with the prior year's corresponding period being January 1, 2024, to June 30, 2024[14] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and a summary of key accounting data and financial indicators for the reporting period I. Company Profile This section outlines the company's basic information, including stock ticker, code, listing exchange, Chinese and English names, and legal representative, confirming no changes in contact details, information disclosure, or registration during the reporting period, as detailed in the 2024 annual report Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Kede Education | | Stock Code | 300192 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Suzhou Kede Education Technology Co., Ltd. | | Legal Representative | Wu Min | - The company's registered address, office address, website, email, information disclosure and storage locations, and registration status remained unchanged during the reporting period, as detailed in the 2024 annual report[18][19][20] II. Contact Persons and Contact Information This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, facilitating investor communication and inquiries Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Feng | No. 989 Chunshen Road, Huangdai Town, Xiangcheng District, Suzhou | 0512-65370257 | 0512-65374760 | szkinks@szkinks.com | | Securities Affairs Representative | Wang Hui | No. 989 Chunshen Road, Huangdai Town, Xiangcheng District, Suzhou | 0512-65370257 | 0512-65374760 | szkinks@szkinks.com | III. Other Information This section confirms that the company's contact information, information disclosure and storage locations, and registration changes remained consistent with the 2024 annual report, with no alterations during the reporting period - The company's contact information, information disclosure and storage locations, and registration status remained unchanged during the reporting period, as detailed in the 2024 annual report[18][19][20] IV. Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue slightly decreased year-on-year, while net profit attributable to listed company shareholders and non-recurring net profit both saw double-digit declines, with basic and diluted earnings per share also falling, and total assets and net assets attributable to listed company shareholders remaining largely stable Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 365,932,307.27 | 370,173,634.00 | -1.15% | | Net Profit Attributable to Listed Company Shareholders | 53,281,718.66 | 62,805,762.45 | -15.16% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 53,149,233.36 | 61,952,282.17 | -14.21% | | Net Cash Flow from Operating Activities | 61,853,007.53 | 63,081,751.72 | -1.95% | | Basic Earnings Per Share (RMB/share) | 0.1619 | 0.1908 | -15.15% | | Diluted Earnings Per Share (RMB/share) | 0.1619 | 0.1908 | -15.15% | | Weighted Average Return on Net Assets | 5.53% | 6.96% | -1.43% | | End of Current Reporting Period vs. End of Prior Year | | | | | Total Assets | 1,188,881,498.66 | 1,213,943,217.36 | -2.06% | | Net Assets Attributable to Listed Company Shareholders | 936,224,953.78 | 936,216,038.86 | 0.00% | V. Differences in Accounting Data Under Domestic and International Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and those prepared under Chinese accounting standards - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and those under Chinese Accounting Standards[22] - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese Accounting Standards[23] VI. Non-Recurring Gains and Losses and Their Amounts During the reporting period, the company's total non-recurring gains and losses amounted to RMB 132,485.30, primarily from disposal gains/losses of non-current assets, government grants, and other non-operating income/expenses, after deducting income tax effects, with no other items defined as non-recurring or reclassified as recurring Non-Recurring Gains and Losses and Their Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 72,017.03 | | Government grants recognized in current profit/loss (excluding those closely related to normal operations, compliant with national policies, enjoyed by fixed standards, and with continuous impact on company profit/loss) | 143,203.94 | | Other non-operating income and expenses apart from the above | -49,334.23 | | Less: Income tax impact | 33,401.44 | | Total | 132,485.30 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified any non-recurring gains and losses listed in 'Interpretive Announcement No. 1 for Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses' as recurring items[26] Section III Management Discussion and Analysis This section provides a comprehensive analysis of the company's main businesses, core competencies, financial performance, asset and liability status, investment activities, and risk factors during the reporting period I. Main Businesses Engaged by the Company During the Reporting Period During the reporting period, the company experienced a decline in both operating revenue and net profit, with its main businesses spanning education, including vocational and full-time schools and skills training, and ink, focusing on R&D, production, and sales of offset and UV inks, with both segments continuously driving reform, technological innovation, and market expansion to adapt to industry trends Key Financial Performance for January-June 2025 | Indicator | Amount (RMB 10,000) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 36,593.23 | -1.15% | | Net Profit Attributable to Listed Company Shareholders | 5,328.17 | -15.16% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 5,314.92 | -14.21% | - The company's main businesses include education (secondary vocational schools, full-time schools, vocational skills training) and ink (R&D, production, and sales of offset and UV inks)[29] (I) Introduction to the Company's Main Businesses During the Reporting Period The company's education business encompasses secondary vocational schools, full-time schools, and vocational skills training, aiming to enhance teaching quality and student advancement/employment capabilities through diversified training systems and intelligent learning platforms, while its ink business focuses on R&D of polymer materials and modified vegetable oils, producing offset and UV inks with a green, environmentally friendly, and technology-driven approach, operating on a 'production-to-order, standardized production + customized blending, distribution + direct sales' model - The education business includes Xi'an Peiying Yucai Vocational High School and Tianjin Lvwei Vocational High School, two secondary vocational schools, as well as full-time high school education and re-study programs managed by Xi'an Longmen Education and Henan Maotan Middle School[29][30] - The company launched the intelligent certification learning platform "Kede AI Learn," integrating AI large model technology, covering over 20 popular professional qualification certifications and emerging life skills courses, accumulating over 30,000 users[31] - The ink business's core product lines include offset ink and UV ink, with brands "Dongwu Brand" and "Kingswood," achieving technological breakthroughs in green and environmentally friendly inks[33] - The ink business adopts a "demand-oriented, quality-first" procurement strategy, a "standardized production line + customized blending" production model, and a "distribution network coverage combined with direct sales to key customers" sales strategy[35][36] (II) Industry Overview of the Company During the Reporting Period The vocational education sector has significantly elevated its status with national policy support, showing trends of smoother academic pathways, deeper industry-education integration, accelerated digital transformation, and improved skill certification systems, while the ink industry, driven by environmental policies, is accelerating green development, exhibiting clear functional and specialized trends, deepening intelligent manufacturing and digital transformation, and making supply chain collaborative innovation a core competency - Vocational education's status has significantly risen with national policy support (e.g., new "Vocational Education Law," "Outline for Building a Strong Education Nation"), promoting integration of vocational and general education and industry-education collaboration[38] - Trends in secondary vocational education include more accessible pathways to higher education (vocational college entrance exams, integrated secondary-tertiary programs), deeper industry-education integration (school-enterprise collaborative education), accelerated digital transformation (AI-driven learning analysis, virtual simulation training), and continuously improving skill certification systems ("1+X" certificate system)[39][40][41] - The offset ink industry, benefiting from the booming packaging printing sector, is moving towards green and environmental friendliness (low VOCs, vegetable oil-based), functional and specialized applications (food packaging, anti-counterfeiting inks), intelligent manufacturing, and digital transformation, emphasizing supply chain collaborative innovation[42][43][44] II. Analysis of Core Competencies The company's core competencies lie in its education and ink business segments, with education leveraging a high-quality curriculum, scientific teaching management, continuous R&D, and professional faculty to offer personalized services, while the ink business consolidates market leadership and drives green development through strong brand influence, excellent R&D, stable customer base, and stringent product quality control - The core competencies of the education business include: a high-quality curriculum system (curriculum innovation, big data analysis), scientific teaching management ("5+" management model, learning diagnostics), continuous R&D capabilities (curriculum development, teaching method innovation), and a professional teaching staff (dual-track management and teaching)[45][46] - The core competencies of the ink business include: strong brand influence ("Dongwu Brand," "Kingswood"), excellent R&D capabilities (environmentally friendly, functional, personalized inks), stable customer resources (product iteration, rapid response), and strict product quality control (full-process quality management)[47][48] III. Analysis of Main Business During the reporting period, the company's main business revenue slightly decreased by 1.15% year-on-year, but operating costs saw a larger decline, while selling and administrative expenses increased, financial expenses rose due to lower interest income, and R&D investment grew significantly, with vocational and full-time school revenues decreasing and gross margins slightly falling, while offset ink product revenues varied but gross margins generally improved Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 365,932,307.27 | 370,173,634.00 | -1.15% | | | Operating Cost | 247,000,829.64 | 250,677,733.75 | -1.47% | | | Selling Expenses | 9,687,045.30 | 8,903,596.02 | 8.80% | Increase in business promotion expenses | | Administrative Expenses | 26,870,524.89 | 25,670,339.06 | 4.68% | Increase in rental expenses | | Financial Expenses | -328,038.85 | -944,477.36 | 65.27% | Decrease in interest income | | R&D Investment | 8,954,503.59 | 7,549,853.51 | 18.60% | Increase in R&D investment | | Net Cash Flow from Investing Activities | -1,332,121.60 | -2,513,727.64 | 47.01% | Decrease in fixed asset purchases | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Secondary Vocational and Full-time Schools | 166,211,658.83 | 97,956,892.54 | 41.06% | -3.30% | -1.72% | -0.95% | | High-Gloss Offset Ink | 58,383,888.27 | 42,623,275.11 | 26.99% | 3.55% | 0.70% | 2.07% | | High-Abrasion Resistant Offset Ink | 46,496,136.40 | 35,015,010.38 | 24.69% | -1.70% | -3.16% | 1.13% | | Fast-Drying Glossy Offset Ink | 68,278,620.35 | 51,429,287.10 | 24.68% | -1.05% | -4.05% | 2.35% | IV. Analysis of Non-Core Businesses During the reporting period, the company had no non-core business analysis, indicating its operations are primarily focused on the two core segments of education and ink - The company had no non-core business analysis content during the reporting period[54] V. Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to listed company shareholders slightly decreased, with a reduced proportion of monetary funds and accounts receivable, a slight increase in inventory and long-term equity investments, and a marginal rise in contract liabilities and lease liabilities; the company held no major overseas assets, financial assets measured at fair value remained stable, and certain monetary funds and notes receivable had restricted rights Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 328,882,226.86 | 27.66% | 350,196,375.43 | 28.85% | -1.19% | | Accounts Receivable | 111,690,229.40 | 9.39% | 120,142,739.33 | 9.90% | -0.51% | | Inventories | 65,392,354.78 | 5.50% | 60,619,102.92 | 4.99% | 0.51% | | Long-term Equity Investments | 197,470,108.81 | 16.61% | 193,080,250.99 | 15.91% | 0.70% | | Fixed Assets | 131,941,686.53 | 11.10% | 137,108,993.07 | 11.29% | -0.19% | | Contract Liabilities | 67,962,350.73 | 5.72% | 65,496,185.60 | 5.40% | 0.32% | | Lease Liabilities | 11,833,227.27 | 1.00% | 11,904,470.13 | 0.98% | 0.02% | - At the end of the reporting period, the company had no major overseas assets, and financial assets measured at fair value (trading financial assets) had a closing balance of RMB 3,000,000.00, consistent with the beginning of the period[56][57] Asset Rights Restriction Status | Item | Book Balance at Period End (RMB) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 4,825,464.09 | Guarantee | Education Bureau supervisory account | | Notes Receivable | 49,677,615.63 | Transfer of Ownership | Bank acceptance bills endorsed but not yet due | | Total | 54,503,079.72 | | | VI. Analysis of Investment Status During the reporting period, the company's investment amount decreased by 100% year-on-year, with no significant equity or non-equity investments, while financial assets measured at fair value remained stable, and there were no entrusted wealth management, derivative investments, entrusted loans, or use of raised funds Changes in Investment Amount During the Reporting Period | Indicator | Investment Amount in Reporting Period (RMB) | Investment Amount in Prior Year Period (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 0.00 | 2,000,000.00 | -100.00% | - During the reporting period, the company had no significant equity investments, non-equity investments, use of raised funds, entrusted wealth management, derivative investments, or entrusted loans[61][63][64][65][66] Financial Assets Measured at Fair Value | Asset Category | Amount at Period End (RMB) | Source of Funds | | :--- | :--- | :--- | | Other (Trading Financial Assets) | 3,000,000.00 | Bank Deposits | VII. Significant Asset and Equity Sales During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[67] - The company did not sell significant equity during the reporting period[68] VIII. Analysis of Major Holding and Participating Companies The company's major holding subsidiaries, including Shaanxi Longmen Education, Tianjin Lvwei Vocational High School, and Hebi Maotan Senior High School, significantly contributed to operating revenue and net profit in education and training, while associate company Zhonghao Xinying, focused on AI chips and computing clusters, is 5.53% owned by the company and not consolidated, but its development is continuously monitored to enhance investment value Major Subsidiaries and Associate Companies with Over 10% Impact on Company Net Profit | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shaanxi Longmen Education Technology Co., Ltd. | Subsidiary | Education and Training | 129,654,000.00 | 401,537,509.91 | 333,617,799.31 | 142,545,514.30 | 34,682,422.73 | | Tianjin Lvwei Vocational High School Co., Ltd. | Subsidiary | Full-time academic education | 5,000,000.00 | 53,387,054.42 | 12,226,365.62 | 20,585,048.06 | 4,239,678.38 | | Hebi Maotan Senior High School Co., Ltd. | Subsidiary | Full-time high school education, senior year re-study | 60,000,000.00 | 80,298,410.46 | 27,086,343.48 | 4,124,776.65 | 1,880,733.41 | | Suzhou Kingswood Color Technology Co., Ltd. | Subsidiary | Raw material procurement and sales, ink product sales | 50,000,000.00 | 101,969,099.73 | 99,711,149.79 | 10,894,118.40 | 978,187.82 | - The company holds a 5.53% stake in Zhonghao Xinying, which focuses on AI chips and computing clusters for the AIGC era and independently develops AIGC pre-trained large models, but is not included in the company's consolidated financial statements[69][70] IX. Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company had no structured entities under its control during the reporting period[71] X. Risks Faced by the Company and Countermeasures The company faces industry policy, market competition, operational management, and new business risks in its education segment, alongside raw material price volatility, R&D innovation, environmental compliance, and downstream industry fluctuation risks in its ink business, for which it has established robust response mechanisms including policy tracking, differentiated competition, quality control, market research, and environmental investment to mitigate risks and ensure stable business development - The education business faces industry policy risks (policy adjustments affecting operating models and profitability), market competition risks (homogenized competition, increasing user demands), operational management risks (teaching quality, faculty, student management), and new business risks ("Kede AI Learn" market acceptance)[71][72] - The ink business faces raw material price fluctuation risks (impact of commodity markets), R&D innovation risks (technological iteration, new product demand), environmental compliance risks (tightening policies, non-compliance with emissions standards), and downstream industry fluctuation risks (changes in demand from printing, packaging, and publishing industries)[73][74] - The company addresses various risks by establishing policy tracking mechanisms, developing differentiated products, strengthening teaching quality control, conducting market research, implementing raw material price monitoring and early warning systems, and increasing R&D and environmental investments[71][72][73][74] XI. Registration Form for Investor Relations Activities During the Reporting Period During the reporting period, the company actively engaged in investor relations activities, communicating with institutional investors such as Minsheng Securities, Changjiang Securities, and E Fund, as well as public investors, via phone and online platforms, primarily discussing the 2024 annual report, company operations, and future development plans - On April 29 and May 8, 2025, the company hosted institutional investors including Minsheng Securities, Changjiang Securities, E Fund, Yong'an Guofu, Manulife Fund, Dongxing Fund, and Western Lead Fund via phone calls[76] - On May 15, 2025, the company conducted an online exchange with public investors via a network platform, interpreting the 2024 annual and Q1 2025 performance and introducing the company's future development strategy[76] XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company formulated and the Board of Directors approved the 'Market Value Management System' on April 28, 2025, to regulate market value management and protect the legitimate rights and interests of the company and investors, but no valuation enhancement plan was disclosed - The company has formulated the "Market Value Management System," which was reviewed and approved by the fifth meeting of the sixth Board of Directors on April 28, 2025[77] - The company has not disclosed a valuation enhancement plan[77] XIII. Implementation of the 'Dual Improvement in Quality and Returns' Action Plan The company did not disclose an announcement regarding the 'Dual Improvement in Quality and Returns' action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period[78] Section IV Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive schemes, environmental information disclosure, and social responsibility initiatives I. Changes in the Company's Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with specific details available in the 2024 annual report - The company's directors, supervisors, and senior management experienced no changes during the reporting period, with details available in the 2024 annual report[80] II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[81] III. Implementation of the Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[82] IV. Environmental Information Disclosure The company and its main subsidiary, Suzhou Kede Education Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law, and have publicly disclosed relevant environmental information through the Jiangsu Provincial Department of Ecology and Environment and the National Pollutant Discharge Permit Management Information Platform - The company and its main subsidiary, Suzhou Kede Education Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[83] - Environmental information disclosure reports are available on the Jiangsu Provincial Department of Ecology and Environment and the National Pollutant Discharge Permit Management Information Platform[83] V. Social Responsibility The company actively fulfills its social responsibilities, achieving sustainable development by improving corporate governance, safeguarding shareholder and creditor rights, implementing talent strategies, fostering a healthy and safe work environment, building strong relationships with suppliers and customers, and practicing green development while engaging in social welfare - The company strictly adheres to laws and regulations, improves corporate governance, protects the rights and interests of shareholders and creditors, communicates with investors through various channels, and ensures that information disclosure is true, accurate, complete, timely, and fair[84] - The company adheres to a people-oriented approach, implements talent strategies, provides comprehensive compensation incentives and promotion systems, focuses on employee working environment and safety production, and has established a Safety Production Management Committee[84][85] - The company respects the interests of suppliers and customers, establishes good cooperative relationships, adheres to honesty, trustworthiness, and mutual benefit, provides high-quality products and services, and promptly understands customer needs[85] - The company upholds the environmental philosophy of "pollution reduction, consumption reduction, energy saving, and efficiency improvement," actively promotes green manufacturing, and participates in social welfare and various public benefit activities[85] Section V Significant Matters This section covers commitments by controlling shareholders and related parties, non-operating fund occupation, illegal external guarantees, auditor appointments, non-standard audit reports, bankruptcy reorganization, litigation, penalties, integrity status, major related party transactions, significant contracts, and other important events I. Fulfilled and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period During the reporting period, the company's actual controller, Wu Xianliang, and other related parties strictly fulfilled their commitments regarding share lock-ups, non-compete clauses, related party transactions, and fund occupation made during initial public offerings or refinancing, with no overdue unfulfilled commitments - The company's actual controller, Wu Xianliang, strictly fulfilled his share lock-up commitment, not transferring more than 25% of his total shares in the company annually during his tenure, and not transferring any shares within six months after leaving office[87] - Wu Xianliang, Wu Yanhong, and Yancheng Dongwu Chemical Co., Ltd. committed not to engage in businesses that compete or potentially compete with the listed company, and to ensure that controlled companies also do not engage in such businesses[87] - Wu Xianliang committed to avoiding and minimizing related party transactions with the company, and if they occur, to ensure fair transaction terms that do not harm the interests of the company and its shareholders[87] II. Non-Operating Occupation of Funds by Controlling Shareholders and Other Related Parties of the Listed Company During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties of the listed company[88] III. Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[89] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[90] V. Explanations by the Board of Directors, Supervisory Board, and Audit Committee Regarding the Accounting Firm's 'Non-Standard Audit Report' for This Reporting Period During the reporting period, the company did not receive a 'non-standard audit report' from its accounting firm - During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm[91] VI. Explanations by the Board of Directors Regarding the 'Non-Standard Audit Report' for the Prior Year During the reporting period, the company provided no explanations regarding the 'non-standard audit report' for the prior year - During the reporting period, the company provided no explanations regarding the "non-standard audit report" for the prior year[91] VII. Bankruptcy and Reorganization Matters During the reporting period, the company had no bankruptcy or reorganization matters - The company had no bankruptcy or reorganization matters during the reporting period[91] VIII. Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters; other litigation and arbitration cases not meeting the disclosure threshold totaled RMB 810,400, with the company as plaintiff in cases amounting to approximately RMB 737,400 and as defendant in cases totaling approximately RMB 73,000, most of which have resulted in judgments or mediation agreements and have no significant impact on the company's operations - The company had no significant litigation or arbitration matters in this reporting period[92] Summary of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation not meeting the disclosure threshold for significant litigation | 81.04 | No | 2 cases remain undecided, other cases have all received judgments or mediation agreements | The outcome of the litigation has no significant impact on the company's operations | - The largest amount involved in litigation was a sales contract dispute where the company was the plaintiff against Weiyu Supply Chain (Shenzhen) Co., Ltd., with an amount of RMB 737,400, for which a "Civil Mediation Agreement" has been issued, and the counterparty is fulfilling payment obligations as agreed, with no significant impact on the company's operations[92] IX. Penalties and Rectification During the reporting period, the company had no penalties or rectification matters - The company had no penalties or rectification matters during the reporting period[93] X. Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the reporting period, the company, its controlling shareholders, and actual controllers had no unfulfilled effective court judgments or large overdue debts - During the reporting period, the company had no unfulfilled effective court judgments or large overdue debts[94] XI. Significant Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party debt/credit, dealings with affiliated financial companies, or other significant related party transactions - The company had no related party transactions related to daily operations during the reporting period[94] - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[95] - The company had no related party debt or credit transactions during the reporting period[97] - The company had no other significant related party transactions during the reporting period[100] XII. Significant Contracts and Their Performance During the reporting period, the company had no trusteeship, contracting, or leasing matters, nor any significant guarantees, and all major contracts for daily operations and other significant contracts did not encounter major risks or non-performance issues - The company had no trusteeship, contracting, or leasing situations during the reporting period[101][102][103] - The company had no significant guarantee situations during the reporting period[104] - The company had no other significant contracts during the reporting period[107] XIII. Explanation of Other Significant Matters During the reporting period, the company completed its 2024 profit distribution, transferred ink business assets to a wholly-owned subsidiary to clarify strategic layout, terminated the proposed change in controlling shareholder, and completed the capital reduction and equity structure adjustment of its controlled subsidiary Xinchuang Qifu, making it a wholly-owned subsidiary - The company completed its 2024 profit distribution plan on June 5, 2025, distributing a cash dividend of RMB 1.00 (tax inclusive) per 10 shares to all shareholders, totaling RMB 32,914,332.90[108] - The company plans to transfer ink production lines, supporting equipment, and real estate assets to its wholly-owned subsidiary, Color Technology, to clarify business segments and enhance management efficiency, with some assets already transferred[109][110] - The share transfer agreement signed between controlling shareholder Wu Xianliang and Zhongjing Hedao was terminated, ending the proposed change in company control, with no impact on normal operations[110][111] - Controlled subsidiary Xinchuang Qifu completed a capital reduction of RMB 9.8 million by minority shareholders, increasing the company's stake to 100%, making Xinchuang Qifu a wholly-owned subsidiary, with industrial and commercial changes completed[111][112] XIV. Significant Matters of Company Subsidiaries During the reporting period, the company's subsidiaries had no other significant matters requiring separate disclosure - The company's subsidiaries had no significant matters during the reporting period[113] Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder numbers, top ten shareholders, director/supervisor/senior management shareholdings, and changes in controlling shareholders or actual controllers I. Share Change Status During the reporting period, the company's restricted shares decreased by 1,501,875 shares, with a corresponding increase in unrestricted shares, while the total share capital remained unchanged, primarily due to the unlocking of executive restricted shares held by Director Dong Bing as per regulations Share Change Status | Share Type | Number Before This Change (shares) | Increase/Decrease in This Change (shares) | Number After This Change (shares) | | :--- | :--- | :--- | :--- | | Restricted Shares | 6,007,500 | -1,501,875 | 4,505,625 | | Unrestricted Shares | 323,135,829 | 1,501,875 | 324,637,704 | | Total Shares | 329,143,329 | 0 | 329,143,329 | - The change in shares was due to the recalculation of transferable shares by company director Dong Bing at the beginning of the year, based on his holdings at the end of the previous year, resulting in a reduction of his executive restricted shares[116][119] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Unlocked in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Dong Bing | 6,007,500 | 1,501,875 | 4,505,625 | Executive Restricted Shares | II. Securities Issuance and Listing During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[120] III. Number of Shareholders and Shareholding Status At the end of the reporting period, the company had 33,257 common shareholders; among the top ten, Wu Xianliang was the largest shareholder with 27.57%, MA LIANGMING held 7.08%, Dong Bing held 4,505,625 restricted shares, and Guangzhou Science and Technology Financial Innovation Investment Holding Co., Ltd. held 0.43% with its shares frozen - The total number of common shareholders at the end of the reporting period was 33,257[120] Top 10 Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Xianliang | Domestic Natural Person | 27.57% | 90,750,000 | 0 | 90,750,000 | Not Applicable | | MA LIANGMING | Overseas Natural Person | 7.08% | 23,294,297 | 0 | 23,294,297 | Not Applicable | | Dong Bing | Domestic Natural Person | 1.83% | 6,007,500 | 4,505,625 | 1,501,875 | Not Applicable | | Guangzhou Science and Technology Financial Innovation Investment Holding Co., Ltd. | State-owned Legal Person | 0.43% | 1,407,413 | 0 | 1,407,413 | Frozen 1,407,400 shares | - Company shareholder He Xiaoling held a total of 909,700 shares through ordinary securities accounts and investor credit securities accounts[121] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with specific information available in the 2024 annual report - The company's directors, supervisors, and senior management experienced no changes in shareholdings during the reporting period, with details available in the 2024 annual report[122] V. Changes in Controlling Shareholder or Actual Controller During the reporting period, neither the company's controlling shareholder nor its actual controller changed - The company's controlling shareholder did not change during the reporting period[123] - The company's actual controller did not change during the reporting period[123] VI. Preferred Share Information During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[124] Section VII Bond-Related Information During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[126] Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax items, and financial statement items I. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[128] II. Financial Statements This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively illustrating the company's financial position, operating results, and cash flow, with data indicating a slight decrease in total assets and net assets, a year-on-year decline in both operating revenue and net profit, and a downward trend in net cash flow Consolidated Balance Sheet Key Data (Period-End Balance) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Monetary Funds | 328,882,226.86 | 350,196,375.43 | | Total Assets | 1,188,881,498.66 | 1,213,943,217.36 | | Total Liabilities | 255,926,373.48 | 282,109,014.66 | | Total Owners' Equity Attributable to Parent Company | 936,224,953.78 | 936,216,038.86 | Consolidated Income Statement Key Data (Current Period Amount) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 365,932,307.27 | 370,173,634.00 | | Operating Profit | 64,843,877.26 | 74,424,700.26 | | Net Profit | 52,277,487.35 | 61,068,126.60 | | Net Profit Attributable to Parent Company Shareholders | 53,281,718.66 | 62,805,762.45 | | Basic Earnings Per Share (RMB/share) | 0.1619 | 0.1908 | Consolidated Cash Flow Statement Key Data (Current Period Amount) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 61,853,007.53 | 63,081,751.72 | | Net Cash Flow from Investing Activities | -1,332,121.60 | -2,513,727.64 | | Net Cash Flow from Financing Activities | -84,107,917.80 | -92,216,010.83 | | Net Increase in Cash and Cash Equivalents | -23,570,568.16 | -31,925,043.31 | 1. Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets amounted to RMB 1.189 billion, a 2.06% decrease from the beginning of the period, with total current assets at RMB 636 million and non-current assets at RMB 553 million, while total liabilities were RMB 256 million and total owners' equity was RMB 933 million, showing decreases in monetary funds, accounts receivable, and fixed assets, and slight increases in inventory and long-term equity investments Consolidated Balance Sheet Key Items (Period-End Balance) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Monetary Funds | 328,882,226.86 | 350,196,375.43 | | Accounts Receivable | 111,690,229.40 | 120,142,739.33 | | Inventories | 65,392,354.78 | 60,619,102.92 | | Long-term Equity Investments | 197,470,108.81 | 193,080,250.99 | | Fixed Assets | 131,941,686.53 | 137,108,993.07 | | Total Assets | 1,188,881,498.66 | 1,213,943,217.36 | | Total Liabilities | 255,926,373.48 | 282,109,014.66 | | Total Owners' Equity Attributable to Parent Company | 936,224,953.78 | 936,216,038.86 | 2. Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets amounted to RMB 1.984 billion, a slight decrease from the beginning of the period, with total current assets at RMB 377 million and non-current assets at RMB 1.607 billion, while total liabilities were RMB 277 million and total owners' equity was RMB 1.707 billion, with long-term equity investments being the largest asset item at RMB 1.571 billion at period-end Parent Company Balance Sheet Key Items (Period-End Balance) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Monetary Funds | 101,027,369.38 | 106,901,853.02 | | Long-term Equity Investments | 1,570,999,183.10 | 1,555,933,951.13 | | Total Assets | 1,983,911,431.35 | 1,993,269,508.95 | | Total Liabilities | 276,643,650.94 | 301,581,208.55 | | Total Owners' Equity | 1,707,267,780.41 | 1,691,688,300.40 | 3. Consolidated Income Statement In H1 2025, the company achieved total operating revenue of RMB 366 million, a 1.15% year-on-year decrease, with operating profit at RMB 64.84 million, net profit at RMB 52.28 million, and net profit attributable to parent company shareholders at RMB 53.28 million, a 15.16% year-on-year decline, while investment income was negative, and both credit impairment losses and asset impairment losses decreased Consolidated Income Statement Key Items (Current Period Amount) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 365,932,307.27 | 370,173,634.00 | | Total Operating Cost | 293,917,767.67 | 293,535,700.50 | | Operating Profit | 64,843,877.26 | 74,424,700.26 | | Net Profit | 52,277,487.35 | 61,068,126.60 | | Net Profit Attributable to Parent Company Shareholders | 53,281,718.66 | 62,805,762.45 | | Investment Income | -8,923,388.72 | -6,401,687.11 | | Credit Impairment Loss | 497,582.66 | 1,978,818.58 | | Asset Impairment Loss | 230,243.53 | 311,899.83 | 4. Parent Company Income Statement In H1 2025, the parent company achieved operating revenue of RMB 202 million, largely consistent with the prior year, with operating profit at RMB 72.55 million and net profit at RMB 66.74 million, a year-on-year decrease of approximately 39%, while investment income was RMB 41.08 million, a significant reduction from the prior year Parent Company Income Statement Key Items (Current Period Amount) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 201,830,101.77 | 200,982,995.92 | | Operating Profit | 72,546,209.09 | 113,722,171.88 | | Net Profit | 66,736,044.87 | 109,873,077.34 | | Investment Income | 41,076,611.28 | 81,598,312.88 | 5. Consolidated Cash Flow Statement In H1 2025, the company's net cash flow from operating activities was RMB 61.85 million, a slight year-on-year decrease, with reduced cash outflows from investing and financing activities, primarily due to lower cash payments for dividend distribution, resulting in a net decrease in cash and cash equivalents of RMB 23.57 million Consolidated Cash Flow Statement Key Items (Current Period Amount) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 61,853,007.53 | 63,081,751.72 | | Net Cash Flow from Investing Activities | -1,332,121.60 | -2,513,727.64 | | Net Cash Flow from Financing Activities | -84,107,917.80 | -92,216,010.83 | | Net Increase in Cash and Cash Equivalents | -23,570,568.16 | -31,925,043.31 | | Cash and Cash Equivalents at Period End | 324,056,762.77 | 261,314,991.02 | 6. Parent Company Cash Flow Statement In H1 2025, the parent company's net cash flow from operating activities was RMB 9.87 million, turning positive from a negative figure in the prior year, with cash inflows from investing activities primarily from investment income, and cash outflows from financing activities mainly for dividend distribution, resulting in a period-end cash and cash equivalents balance of RMB 101 million Parent Company Cash Flow Statement Key Items (Current Period Amount) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 9,872,475.69 | -26,340,635.53 | | Net Cash Flow from Investing Activities | 50,065,242.76 | 58,555,000.00 | | Net Cash Flow from Financing Activities | -65,828,665.80 | -88,868,010.83 | | Net Increase in Cash and Cash Equivalents | -5,874,483.64 | -56,930,702.92 | | Cash and Cash Equivalents at Period End | 101,027,369.38 | 62,323,769.21 | 7. Consolidated Statement of Changes in Owners' Equity In H1 2025, the company's consolidated owners' equity totaled RMB 933 million, a slight increase from the beginning of the period, with total comprehensive income for the period at RMB 52.28 million and total comprehensive income attributable to parent company owners at RMB 53.29 million, while profit distribution led to a decrease in retained earnings and capital reserves increased due to other changes Consolidated Statement of Changes in Owners' Equity (Current Period Amount) | Item | Period-Beginning Balance (RMB) | Amount of Change in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | | Share Capital | 329,143,329.00 | 0.00 | 329,143,329.00 | | Capital Reserve | 448,670,799.91 | 11,192,200.34 | 459,863,000.25 | | Other Comprehensive Income | -5,231,832.71 | 4,807.32 | -5,227,025.39 | | Special Reserve | 3,565,401.68 | 1,358,854.40 | 4,924,256.08 | | Surplus Reserve | 73,514,735.74 | 0.00 | 73,514,735.74 | | Retained Earnings | 86,553,605.24 | -12,546,947.14 | 74,006,658.10 | | Total Owners' Equity Attributable to Parent Company | 936,216,038.86 | 8,914.92 | 936,224,953.78 | | Minority Interests | -4,381,836.16 | 1,112,007.56 | -3,269,828.60 | | Total Owners' Equity | 931,834,202.70 | 1,120,922.48 | 932,955,125.18 | 8. Parent Company Statement of Changes in Owners' Equity In H1 2025, the parent company's total owners' equity amounted to RMB 1.707 billion, an increase of RMB 15.5795 million from the beginning of the period, with total comprehensive income for the period at RMB 66.74 million, capital reserves increasing by RMB 13.3084 million due to other changes, and retained earnings decreasing due to profit distribution Parent Company Statement of Changes in Owners' Equity (Current Period Amount) | Item | Period-Beginning Balance (RMB) | Amount of Change in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | | Share Capital | 329,143,329.00 | 0.00 | 329,143,329.00 | | Capital Reserve | 1,056,389,271.32 | 13,308,439.22 | 1,069,697,710.54 | | Other Comprehensive Income | 4,909.55 | 4,807.32 | 9,716.87 | | Special Reserve | 3,565,401.68 | 1,358,854.40 | 4,924,256.08 | | Surplus Reserve | 73,514,735.74 | 0.00 | 73,514,735.74 | | Retained Earnings | 229,070,653.11 | 907,379.07 | 229,978,032.18 | | Total Owners' Equity | 1,691,688,300.40 | 15,579,480.01 | 1,707,267,780.41 | III. Company Basic Information This section details the development history of Suzhou Kede Education Technology Co., Ltd. since its establishment in 2003, including multiple share capital changes, initial public offering, acquisition of Shaanxi Longmen Education Technology Co., Ltd. equity, and conversion of private placement convertible corporate bonds into shares, with the company's share capital at RMB 329,143,329.00 as of December 31, 2024 - The company, formerly Suzhou Dayang Ink Co., Ltd., was established on January 14, 2003, and restructured into a joint-stock company in 2007[162] - Listed on the Shenzhen Stock Exchange on March 17, 2011, with stock code "300192," its total share capital after issuance was RMB 73,500,000.00[163] - In March 2020, the company acquired 50.17% equity of Shaanxi Longmen Education Technology Co., Ltd. through share issuance, convertible bonds, and cash payment, changing its share capital to RMB 274,801,193.00[165] - In September 2021, all private placement convertible corporate bonds were converted into shares, increasing the company's share capital to RMB 329,143,329.00, which remained unchanged as of December 31, 2024[166][167] IV. Basis of Financial Statement Preparation These financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis, accurately and completely reflecting the company's financial position as of June 30, 2025, and its operating results and cash flows - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the relevant provisions of "Reporting Rules No. 15 for Information Disclosure by Companies Issuing Securities to the Public—General Provisions for Financial Reports" by the China Securities Regulatory Commission[168] - These financial statements are prepared on a going concern basis and comply with the requirements of enterprise accounting standards, accurately and completely reflecting the company's consolidated and parent company financial position as of June 30, 2025, and consolidated and parent company operating results and cash flows for the six-month period ended June 30, 2024[169][171] V. Significant Accounting Policies and Accounting Estimates This section details the company's significant accounting policies and estimates for bad debt provisions for receivables, depreciation of fixed assets, amortization of intangible assets, and revenue recognition and measurement, adhering to enterprise accounting standards and specifying recognition and measurement methods for financial instruments, inventories, long-term equity investments, fixed assets, construction in progress, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, government grants, deferred tax assets/liabilities, and leases; during the reporting period, the company implemented new accounting standards, including 'Interpretation No. 17 of Enterprise Accounting Standards,' 'Interim Provisions on Accounting Treatment of Enterprise Data Resources,' and 'Interpretation No. 18 of Enterprise Accounting Standards,' without significant impact on financial position or operating result