深圳市他山企业管理咨询有限公司 关于学大（厦门）教育科技集团股份有限公司 2023 年限制性股票激励计划首次授予第二个解除限 售期、预留授予第一个解除限售期解除限售条件成就 及回购注销事项的 独立财务顾问报告 二〇二五年六月 | 目 录 2 | | --- | | 释 义 3 | | 声 明 4 | | 一、本激励计划已履行的必要程序 5 | | 二、首次授予第二个解除限售期解除限售条件成就情况 7 | | 三、预留授予第一个解除限售期解除限售条件成就情况 10 | | 四、本次回购注销情况 13 | | 五、结论性意见 15 | | 六、备查信息 16 | 深圳市他山企业管理咨询有限公司 独立财务顾问报告 释 义 除非上下文文意另有所指，下列词语具有如下含义： | 公司 | 指 | 学大（厦门）教育科技集团股份有限公司 | | --- | --- | --- | | 本激励计划 | 指 | 学大（厦门）教育科技集团股份有限公司 2023 年 | | | | 限制性股票激励计划 | | 《股权激励计划（草案）》 | 指 | 《学大（厦门）教育科技集团股份有限公司 2023 | | | | 年限制性股票激励计划 ...

2023年限制性股票激励计划首次授予第二个解除限售期、预留授予第 一个解除限售期的解除限售条件成就及回购注销部分限制性股票 中国北京建国门外大街 1 号国贸写字楼 2 座 12-14 层 100004 12-14th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于学大(厦门)教育科技集团股份有限公司 的法律意见书 致：学大(厦门)教育科技集团股份有限公司 北京市通商律师事务所("本所")是经中华人民共和国北京市司法局批准成立， 具有合法执业资格的律师事务所，有资格就中国法律问题出具法律意见。现本所 接受学大(厦门)教育科技集团股份有限公司("学大教育"或"公司")的委托，就公司 2023年限制性股票激励计划("本计划") 相关事宜担任专项法律顾问。 本所根据《中 ...

学大(厦门)教育科技集团 股份有限公司 公 司 章 程 （本章程经公司 2025 年 6 月 24 日召开的第十一届董事会第二次会议审 议通过，尚需公司股东会审议） 2025 年 6 月 | | | | 第一章 | 总则 4 | | --- | --- | | 第二章 | 经营宗旨和范围 5 | | 第三章 股 | 份 5 | | 第一节 | 股份发行 5 | | 第二节 | 股份增减和回购 6 | | 第三节 | 股份转让 7 | | 第四章 | 股东和股东会 8 | | 第一节 | 股东的一般规定 8 | | 第二节 | 控股股东和实际控制人 10 | | 第三节 | 股东会的一般规定 11 | | 第四节 | 股东会的召集 13 | | 第五节 | 股东会的提案与通知 14 | | 第六节 | 股东会的召开 15 | | 第七节 | 股东会的表决和决议 18 | | 第五章 | 董事会 21 | | 第一节 | 董事的一般规定 21 | | 第二节 | 董事会 24 | | 第三节 | 独立董事 29 | | 第四节 | 董事会专门委员会 31 | | 第六章 | 高级管理人员 32 | | 第七章 | ...

证券代码：000526 证券简称：学大教育 公告编号：2025-065 学大（厦门）教育科技集团股份有限公司 关于变更公司注册资本并修订《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、误导性陈述或重大遗漏。 学大（厦门）教育科技集团股份有限公司（以下简称"公司"）于 2025 年 6 月 24 日召开第十一届董事会第二次会议，审议通过《关于变更公司注册资本并 修订<公司章程>的议案》，尚需提交公司股东会审议。 一、关于变更公司注册资本的事项 公司于 2025 年 6 月 24 日召开第十一届董事会第二次会议，审议通过《关于 回购注销 2023 年限制性股票激励计划部分限制性股票的议案》，鉴于本激励计 划首次授予的15名激励对象及预留授予的12激励对象因个人原因已离职而不符 合激励资格，公司相应回购注销本激励计划已授予但尚未解除限售的部分限制性 股票共计 16.47 万股。 回购注销限制性股票事项完成后，公司总股本将由 121,861,109 股减少为 121,696,409 股。公司注册资本由 121,861,109 元减少至 121,696,409 元。 尚需提 ...

三、关于回购注销 2023 年限制性股票激励计划部分限制性股票的核查意见 鉴于本激励计划首次授予的15名激励对象及预留授予的12名激励对象因个 人原因已离职而不符合激励资格，公司相应回购注销本激励计划已授予但尚未解 董事会薪酬与考核委员会关于2023年限制性股票激励计划 相关事项的核查意见 学大（厦门）教育科技集团股份有限公司（以下简称"公司"）董事会薪酬 与考核委员会依据《公司法》《证券法》《上市公司股权激励管理办法》《深圳证 券交易所上市公司自律监管指南第 1 号—业务办理》《公司章程》《2023 年限制 性股票激励计划（草案）》等有关规定，对 2023 年限制性股票激励计划（以下简 称"本激励计划"）相关事项进行核查，发表核查意见如下： 一、关于 2023 年限制性股票激励计划首次授予第二个解除限售期解除限售 条件成就的核查意见 本激励计划首次授予第二个解除限售期的解除限售条件已成就，符合限制性 股票解除限售资格的激励对象共计 378 名，可解除限售的限制性股票共计 120.72 万股。本次解除限售限制性股票事项符合《上市公司股权激励管理办法》《深圳 证券交易所上市公司自律监管指南第 1 号—业务办理》 ...

一、董事会会议召开情况 学大（厦门）教育科技集团股份有限公司（以下简称"公司"）第十一届董 事会第二次会议通知已于 2025 年 6 月 20 日以电子邮件方式送达全体董事，本次 会议于 2025 年 6 月 24 日 10:00 通讯方式召开。本次会议应参加表决董事 8 人， 实际参加表决董事 8 人，会议由董事长金鑫先生主持。公司高级管理人员列席了 本次会议。本次会议的召开符合《中华人民共和国公司法》等有关法律、法规、 规范性文件和《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于 2023 年限制性股票激励计划首次授予第二个解除限 售期解除限售条件成就的议案》 根据《上市公司股权激励管理办法》《深圳证券交易所上市公司自律监管指 南第 1 号—业务办理》《2023 年限制性股票激励计划（草案）》等有关规定， 本激励计划首次授予第二个解除限售期的解除限售条件已成就，符合限制性股票 解除限售资格的激励对象共计 378 名，可解除限售的限制性股票共计 120.72 万 股。 表决结果：同意：7 票，反对：0 票，弃权：0 票，关联董事朱晋丽女士予 以回避表决。 证券代码：000526 证券简 ...

Group 1: Virtual Assets and Stablecoins - The trend of virtual assets is continuously improving due to the enhancement of regulatory frameworks and increased institutional participation, with expectations of liquidity easing [2][18][25] - The global stablecoin market is projected to grow significantly, from approximately $5 billion in 2020 to around $200 billion by the end of 2024, indicating a clear expansion path for trading scenarios [25][26] - Various regions are implementing stablecoin policies, such as the U.S. passing the "Genius Act" and Hong Kong enacting the "Stablecoin Ordinance," which will take effect on August 1, 2025 [25][29] Group 2: Streaming Platforms - Music streaming platforms are identified as high-quality internet assets driven by domestic demand, with continuous scale effects driving profit leverage [2] - The market for music subscriptions is expected to grow, with major players like Spotify and Tencent Music holding significant market shares [33] Group 3: O2O Service Platforms - The trend of strong players becoming stronger is evident, with major platforms like Beike and Tuhu expected to increase market share amid a shrinking real estate and automotive aftermarket demand [2][39] - The used housing transaction volume in key cities showed a month-on-month decline, indicating a buyer's market, which may benefit established platforms [39] Group 4: Coffee, Tea, and E-commerce Delivery Platforms - The online retail sales of physical goods grew by 6.3% year-on-year from January to May 2025, indicating a competitive landscape where marketing expenses are rising [2][56] - The coffee and tea segment is highlighted as a key beneficiary in the delivery battle, with significant growth in order volumes and city coverage [68][75] Group 5: K12 Education and Training - The K12 education sector is experiencing a resurgence in non-subject training demand, with a significant reduction in subject-based training institutions, leading to a scarcity of quality compliant products [2][86] - Major players in the K12 sector, such as New Oriental and TAL Education, are showing strong performance with revenue growth exceeding 20% year-on-year [91]

Core Viewpoint - The education sector is expected to outperform the market, driven by demographic advantages and regulatory normalization, with significant opportunities in K12 education and vocational training [1][2]. Industry Trends and Outlook - Policies such as birth allowances are positively impacting the education sector, while K12 education is undergoing normalized regulation, enhancing consumer expectations [1]. - The decline in birth rates is leading to a decrease in the number of primary school students, with the Greater Bay Area showing significant demographic advantages [1]. - There is a strong desire for higher education, with increasing enrollment rates in general high schools and growing recognition of vocational education [1]. AI Education Development - The acceleration of AI education products is benefiting from technological advancements, with traditional education brands rapidly developing their own AI solutions [2]. - The education sector is characterized by strong domestic demand and essential needs, although there may be further differentiation in payment willingness for different educational services [2]. Market Performance Review - From January 1 to June 12, 2025, the education index rose by 5.04%, outperforming the CSI 800 index, which fell by 0.46% [3]. - Companies like China Eastern Education are leading in vocational training, while K12 education shows significant differentiation, with some firms like Gaotu and Youdao reaching profitability [3]. Subsector Analysis and Outlook - In primary and junior high education, the implementation of policies like "double reduction" is affecting K9 schools, but demand for high-quality educational services remains strong [4]. - The high school sector is experiencing a favorable policy environment, with continued population advantages expected to support growth [4]. - Vocational training is in demand, although the recruitment of students in secondary vocational schools is under pressure [4]. - The number of candidates for postgraduate exams and studying abroad has declined, indicating potential negative growth pressures in these areas [4]. Vocational Training and Public Examination - Vocational training is closely linked to economic cycles and industry conditions, with a high number of candidates for public examinations but a decreasing pass rate [5].

Macro and Strategy - The report highlights a seasonal increase in funding rates expected in June due to the peak of maturing funds and quarter-end factors [8][9] - The analysis of the public utility and environmental protection industry indicates a mixed performance, with the public utility index rising by 0.26% while the environmental index fell by 1.19% [9][10] Industry and Company - The public utility and environmental protection sector is undergoing significant changes, with the National Energy Administration initiating hydrogen energy pilot projects and Guangdong province issuing a "waste-free city" construction plan [10][11] - The report identifies a strong growth trajectory for the electronic specialty resin segment within Shengquan Group, driven by high demand in manufacturing and technology sectors [25][26] - AIA Group is recognized as a leading life insurance company in the Asia-Pacific region, achieving an annual new premium income of $8.606 billion and a net profit of $6.883 billion in 2024 [22][23] - The report emphasizes the unmet needs in the IBD treatment market, with a global market size exceeding $20 billion and significant opportunities for new drug development targeting this area [20][21] Investment Strategies - The public utility sector is recommended for investment, particularly in large coal-fired power companies and renewable energy leaders, as policies continue to support the growth of the renewable sector [11][12] - The education sector is highlighted for its resilience, with K12 education expected to maintain strong demand despite demographic challenges, and AI education products gaining traction [15][18] - The report suggests focusing on companies with strong cash flow in the waste incineration industry, as they are expected to benefit from improving cash flow dynamics [10][12]

Investment Rating - The report maintains an "Outperform" rating for the education sector [2] Core Insights - The education industry has two core functions: academic advancement and employment, leading to various sub-sectors. K12 education is characterized as a long-term growth sector with strong underlying demand and a long user lifecycle [3] - The K12 education market has previously reached valuations exceeding 1 trillion RMB, with leading companies like TAL Education, New Oriental, and Gaotu achieving peak market caps of 349.3 billion, 235 billion, and 217.8 billion RMB respectively [3] - The report highlights that the education sector is currently in a recovery phase post "Double Reduction" policy and pandemic, with structural investment opportunities still present [3] Summary by Sections Industry Trends - Favorable policies such as birth subsidies are expected to improve education consumption expectations, while K12 education is undergoing normalized regulation [6] - The population trend indicates a decline in the number of elementary school students starting in 2024 due to decreasing birth rates, although the demand for high school education remains strong [11][13] - There is a persistent strong desire for higher education, with the expansion of ordinary undergraduate degrees continuing [17][18] Market Performance - From January 1 to June 12, 2025, the education sector index rose by 5.04%, outperforming the broader market by 5.50 percentage points [24] - The report notes significant stock performance differentiation within the sector, with companies like China Oriental Education leading in vocational training due to a reassessment of blue-collar skill training value [30] Sub-sector Analysis - K12 Education: The report emphasizes the ongoing demand for K12 education despite regulatory challenges, with a focus on high-quality educational institutions benefiting from favorable demographic trends [30] - Vocational Education: The demand for vocational skills training is expected to grow, particularly as the labor market evolves [30] - AI in Education: The report highlights the rapid development and integration of AI in educational products, with traditional education companies accelerating their AI product offerings [22][24]