Kaiwen Education(SZ:002659) Guoxin Securities·2025-09-29 12:57Investment Rating - The report maintains an "Outperform" rating for the social services sector [4][28]. Core Insights - Kevin Education has partnered with Zhizhu Huazhang to establish a joint venture focused on AI education, expanding its business into this new area while holding a 65% stake in the venture [2][14]. - In the first half of 2025, Kevin Education reported a revenue of 171 million CNY, reflecting a year-on-year growth of 12.51%, and successfully turned a profit [2][13]. - The joint venture aims to leverage Zhizhu's advanced model technology and Kevin Education's educational resources to provide intelligent products and solutions for schools and students [2][15]. Summary by Sections Industry Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating a positive outlook for the industry [4][28]. Company Dynamics - Kevin Education operates in three main segments: K12 school services, quality education services, and vocational education services, with a focus on enhancing educational quality and expanding its service offerings [2][13]. - The establishment of the joint venture with Zhizhu Huazhang is expected to enhance Kevin Education's capabilities in AI education, utilizing advanced technology to improve educational outcomes [2][14][15]. Market Performance - The consumer services sector experienced a decline of 3.42% during the reporting period, underperforming the broader market by 4.04 percentage points [3][16]. - Notable stocks within the sector included Xiabu Xiabu and Dongfang Zhenxuan, which saw significant gains, while stocks like Tianli International Holdings and Yuhua Education faced substantial declines [3][17]. Policy and Industry Trends - Recent government initiatives aim to stimulate service consumption, including measures to encourage non-academic training and optimize tourism experiences [21][22]. - The Ministry of Education has launched a plan to revitalize county-level high schools, focusing on resource expansion and balanced development [22].