证券代码：000526 证券简称：学大教育 公告编号：2025-043 学大（厦门）教育科技集团股份有限公司 第十届董事会第二十三次会议决议公告 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。 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"）第十届董事 会第二十三次会议的通知已于 2025 年 5 月 20 日以电子邮件方式送达全体董事。 本次会议于 2025 年 5 月 23 日 14:00 在北京市朝阳区樱辉科技中心 4 层会议室以 现场结合通讯方式召开。本次会议应参加表决董事 7 人，实际参加表决董事 7 人，会议由董事长金鑫先生主持。公司监事和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》（以下简称"《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《关于修订<公司章程>的议案》 根据《公司法》《上市公司章程指引》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》等法律法 规及规范性文 ...

Summary of Key Points from Conference Call Records Industry Overview Gold and Jewelry Industry - The gold and jewelry industry is undergoing a significant transformation from channel-driven to product-driven, influenced by increased information transparency and consumer sophistication. Brands are innovating in design and craftsmanship to cope with rising gold prices. Valuation varies, with weight-based products valued lower and fixed-price products valued higher, potentially leading to a reevaluation in the context of new consumer sentiment [1][4][7]. - In April 2025, the industry showed decent performance in retail sales data, primarily due to a low base and investment gold's strong influence. However, the beta for jewelry is not ideal, with companies like Changhong Jiahua and Mankalon showing resilience against budget and price pressures [3][4]. - The valuation of the gold and jewelry sector is at historical lows, with weight-based products valued below 15 times earnings and fixed-price products valued around 20 to 30 times. This sector is expected to gain more attention as new consumer sentiment rises [7]. Tea Beverage Industry - The tea beverage industry is shifting from price competition to product innovation, with new products contributing more to revenue and improving average transaction value and gross margins. Leading brands have high market concentration, limiting the survival space for new entrants. Notable performers include Cha Bai Dao and Gu Ming, which excel in product innovation and geographic expansion [1][11][12]. - In Q1 2025, Cha Bai Dao's new product contribution to revenue increased from 10% to 18%, indicating a positive trend in product innovation and pricing strategy [11][13]. - The market share of leading tea brands like Mi Xue Bing Cheng, Gu Ming, and others accounts for approximately 50% of the market, indicating high concentration and competitive dynamics [9][10]. Beauty Industry - The beauty industry is transitioning from channel-driven growth to a focus on comprehensive capabilities. International brands are recovering, and domestic brands are no longer engaging in aggressive price wars. Key areas of interest include collagen restructuring and functional skincare products, with Hong Kong-listed beauty brands valued between 25 to 35 times earnings and expected to grow at a compound annual growth rate of about 30% over the next three years [1][19][20]. - Companies like Shangmei and Mao Ge Ping are adjusting their product lines and expanding into new categories, such as fragrances and body care, to meet urban women's needs [23][24]. Key Companies and Their Strategies Shangmei Co. - Shangmei is leveraging data from Douyin and expanding its product line to seek growth. The brand is transitioning towards a broader market appeal and plans to launch collaborative products with popular IPs [23]. Mao Ge Ping - Mao Ge Ping is restructuring its skincare business and has launched a new fragrance line. The company aims to meet the demands of urban women and is expected to achieve around 30% growth over the next few years [24]. Ke Fu Mei - Ke Fu Mei holds a strong position in the collagen cosmetics sector, with expectations of maintaining approximately 30% growth over the next three years. The company is preparing for medical aesthetics commercialization [25]. Bu Lu Ke - Bu Lu Ke is projected to achieve significant revenue growth, with expectations of reaching 11 to 12 billion yuan in 2025. The company is diversifying its IP portfolio and expanding its market presence [35]. Market Trends and Future Outlook - The overall consumer market is expected to recover, with the beauty sector showing signs of growth despite previous pessimism. The beauty industry is transitioning from a focus on price to product quality and brand-driven growth, with many companies expected to maintain a compound growth rate of around 30% [21][29]. - The medical aesthetics industry is also transitioning from a saturated market to one with growth potential, particularly with upcoming shopping events and new product launches expected to drive performance [32]. Conclusion - The gold and jewelry, tea beverage, and beauty industries are all experiencing significant transformations driven by consumer behavior changes and market dynamics. Companies that adapt to these changes through innovation and strategic positioning are likely to see substantial growth opportunities in the coming years.

Meeting Announcement - The company will hold its 2024 Annual Shareholders' Meeting on May 23, 2025, at 14:30, combining on-site voting and online voting [1][6] - The online voting will take place on the same day, with specific time slots for voting through the Shenzhen Stock Exchange trading system and internet voting system [1][5] Eligibility and Registration - All ordinary shareholders registered by the close of trading on May 19, 2025, are eligible to attend the meeting and vote [1][5] - Shareholders can register for the meeting in person or via mail/fax, with specific documentation required for both methods [5][6] Proposals for Voting - The meeting will include several proposals, including: - A proposal regarding unremedied losses exceeding one-third of the total paid-in capital [4] - A proposal to terminate certain fundraising investment projects and permanently supplement remaining funds for working capital [4] - A proposal to authorize the board to handle small-scale rapid financing matters [4] - Special resolutions require approval from at least two-thirds of the voting rights held by attending shareholders, while ordinary resolutions require a simple majority [4] Voting Process - The company provides a network voting platform for all shareholders, with detailed procedures for participating in the voting process [7] - Shareholders must complete identity verification to access the online voting system [7]

证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20250512-20250518） 投资要点 ➢ 机构调研热门公司梳理 近30天机构调研数前二十的热门公司有华明装备、雅戈尔、曼卡龙、中际联合、 泰和新材和塞恩斯等。近5天机构调研数前二十的热门公司有泰和新材、星帅尔、 农产品、国脉科技、雅化集团和东方嘉盛等。近30天机构调研数前二十的热门公 司中评级机构家数大于或等于10家的有7家，分别为华明装备、中际联合、周大 生、伟星新材、怡和嘉业、华利集团和小商品城。华明装备、中际联合、华利集 团和小商品城2024年归母净利润相较2023年实现较大增长。 ➢ 本周A股上市公司重要股东增持情况 2025年5月5日至2025年5月9日，发布重要股东增持进展情况公告的公司共计13 家，评级机构家数大于10家（含10家）的有3家，拟增持金额上下限均值占最新 公告日市值比例大于1%的共5家，分别为*ST庚星、海南发展、中铁工业、华懋科 技和玲珑轮胎。 ➢ 本周A股上市公司回购情况 2025年5月12日至2025年5月16日，共计109家公司发布回购进展情况公告，评 级机构家数大于10家（含10家）的共20家公司，其 ...

证券代码：000526 证券简称：学大教育 公告编号：2025-041 学大（厦门）教育科技集团股份有限公司 关于召开 2024 年年度股东会的提示性公告 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"或"本公司"） 于2025年4月24日召开第十届董事会第二十二次会议，审议通过了《关于召开2024 年年度股东会的议案》。公司于2025年4月26日在巨潮资讯网（www.cninfo.com.cn） 披露了《关于召开2024年年度股东会的通知》（公告编号：2025-021）。公司2024 年年度股东会将采用现场表决和网络投票相结合的方式召开。现将有关事项再次 提示如下 一、召开会议的基本情况 1．股东会届次：2024年年度股东会。 2．股东会的召集人：公司董事会，本公司2025年4月24日召开的第十届董事 会第二十二次会议审议通过了《关于召开2024年年度股东会的议案》。 3．会议召开的合法、合规性：本次股东会的召开符合有关法律、行政法规、 部门规章、规范性文件、深圳证券交易所相关业务规则和《公司章程》的规 ...

Investment Rating - The report maintains a "Positive" investment rating for the social services industry [9] Core Insights - In 2024, the overall revenue of the social services industry is expected to grow by 0.97% year-on-year, with a 13.71% increase compared to 2019. Key sectors such as hotels, scenic spots, and restaurants are benefiting from resilient demand and market share expansion [2][4] - The overall net profit attributable to shareholders in the social services industry is projected to decline by 43.61% year-on-year, recovering to 50.08% of 2019 levels. Specific sectors show varied performance, with scenic spots and human resources seeing significant growth, while sectors like duty-free and outbound tourism face substantial declines [2][4] Revenue Overview - In 2024, the social services industry is expected to achieve a revenue of 2,627.71 billion yuan, with outbound tourism, human resources, education, restaurants, hotels, scenic spots, and duty-free sectors showing year-on-year growth rates of 83.2%, 14.7%, 5.1%, 3.2%, 1.4%, 0.9%, and -13.5% respectively [20] - In Q1 2025, the industry is anticipated to experience a slight revenue decline of 1.58% year-on-year, although it shows a 23.45% increase compared to the same period in 2019 [2][4] Profitability Analysis - The overall gross margin of the social services industry is expected to decrease by 2.37 percentage points to 24.28% in 2024, with varying impacts across sectors. Scenic spots and human resources show positive growth in gross margins, while restaurants and duty-free sectors experience declines [23][24] - The net profit margin for the industry is projected to decline by 2.24 percentage points to 3.83% in 2024, with scenic spots and education sectors showing improvements, while duty-free and outbound tourism face significant declines [26][30] Cash Flow Insights - The operating cash flow of the social services industry is expected to decline by 33.25 percentage points year-on-year, with significant drops in sectors like duty-free and hotels. However, human resources and education sectors are showing improvement in cash flow [33][34] Sector-Specific Highlights - **Education**: The demand remains strong, with AI+ education products emerging. The sector is witnessing a recovery in compliance and growth among leading institutions [5][40] - **Human Resources**: The employment market is showing structural recovery, with significant demand in first-tier cities and certain industries. AI technology is expected to enhance efficiency and create new business models [5][40] - **Scenic Spots**: The tourism sector is experiencing high resilience, with visitor numbers and spending showing double-digit growth, surpassing pre-pandemic levels [6][19] - **Hotels**: The hotel industry is undergoing deep adjustments, with operational data under pressure. The number of hotel facilities is decreasing while room numbers are increasing [6][19] - **Restaurants**: The restaurant sector is stabilizing with the help of consumption vouchers, although growth rates are slowing [6][19] - **Duty-Free**: The duty-free sector is expected to see recovery in sales, particularly in airport channels, despite challenges in the offshore duty-free market [7][19]

Summary of Conference Call Records Industry Overview - The new consumption sector shows significant differentiation, with the personal care industry growing faster than medical beauty and cosmetics. Brand iteration is accelerating, leading to widening performance gaps among companies such as Mao Ge Ping, Shangmei, and Juzi Biological, which are experiencing rapid growth, while Shanghai Jahwa and Huaxi Biological are seeing slower growth [1][4]. Key Insights and Arguments - **Beauty Sector Valuation**: The beauty sector still has room for valuation improvement, with PEG values referencing 2019 levels. Recommended companies include Jingbo Biological, Juzi Biological, and Dengkang Oral Care, along with Japanese brands Perfect Diary and Shangmei Life [1][5]. - **Food and Beverage Sector**: Focus is on food additives and snacks, with Baiming Chuangyuan expected to experience rapid growth from 2024 to 2026 due to capacity release and new product approvals. The current valuation is around 20 times. The konjac products are driving explosive growth in the snack sector, with attention on Yanjinpuzi and Wehaomei [1][6]. - **High School Education Reform**: The reform in the high school education system is favorable for private high schools, with Tianli International Holdings being undervalued at a PEG of about 0.3 and an annual growth rate of approximately 35%. Other companies like Xueda Education and Kevin Education are also worth monitoring [1][7][8]. - **Domestic Brands Growth**: Domestic brands are rapidly rising, while overseas brands, particularly from Japan and South Korea, are declining. The American brand group has collapsed in the domestic market, with only L'Oréal managing to sustain itself, but its momentum is expected to diminish next year [2]. Additional Important Insights - **AI in Consumption**: The AI-enhanced consumption sector is thriving, with AI glasses, AI e-commerce, AI education, and AI toys being the four core directions. Recommended companies include Kangnait Optical, with attention on Focus Technology, Xiaogoods City, and Haizhu Wang [3][11]. - **Traditional Retail Recommendations**: In traditional retail, focus on high dividend-yielding stocks. Companies like Chongqing Department Store, Bubugao, and Dashang Co. are highlighted for their stability and dividend performance [12]. - **Pet Industry Trends**: The pet industry is showing strong sales trends, particularly during the 618 shopping festival, with domestic brands rapidly gaining market share. Brands like Guibao Pet and Zhongchong Co. are maintaining strong growth momentum [16][17]. - **Home Appliance Sector**: The home appliance sector is expected to see improved revenue due to promotional activities and national subsidy policies, despite increased price competition. Companies like Midea and Haier are actively engaging in price wars to boost sales [18][19][20]. Conclusion The new consumption sector is characterized by rapid growth in personal care and food sectors, with significant opportunities in AI applications and domestic brands. The education reform and pet industry trends also present promising investment avenues. The home appliance sector faces challenges but shows potential for recovery through strategic pricing and export opportunities.

Investment Rating - The report maintains a "Positive" investment rating for the social services industry [11] Core Insights - In 2024, the overall revenue of the social services industry is expected to grow by 0.97% year-on-year, with a 13.71% increase compared to 2019. Key sectors such as hotels, scenic spots, and restaurants are benefiting from resilient demand and market share expansion [2][6] - The overall net profit attributable to shareholders in the social services industry is projected to decline by 43.61% year-on-year, recovering to 50.08% of 2019 levels. Specific sectors show varied performance, with scenic spots and human resources experiencing significant growth [2][6] - In Q1 2025, the industry is expected to see a revenue decline of 1.58% year-on-year, but a 23.45% increase compared to the same period in 2019 [2][6] Revenue Overview - The social services industry is projected to achieve a revenue of 2,627.71 billion yuan in 2024, with various sectors showing different growth rates: outbound tourism (+83.2%), human resources (+14.7%), education (+5.1%), restaurants (+3.2%), hotels (+1.4%), scenic spots (+0.9%), and duty-free shops (-13.5%) [25] - In Q1 2025, revenue growth is expected to continue in outbound tourism, human resources, education, and restaurants, with respective year-on-year increases of 10.2%, 10.0%, 6.8%, and 2.6% [25] Profitability Analysis - The overall gross margin of the social services industry is expected to decline by 2.37 percentage points to 24.28% in 2024, with specific sectors showing varied changes [28][29] - Despite the decline, the gross margin is approaching pre-pandemic levels, with duty-free, hotel, restaurant, human resources, and education sectors recovering to 86%, 49%, 45%, 40%, and 75% of 2019 levels, respectively [29] Cash Flow Insights - The industry is experiencing a decline in operating cash flow, with an overall decrease of 33.25 percentage points year-on-year. Specific sectors like duty-free, hotels, and outbound tourism are seeing significant cash flow declines [36] - In Q1 2025, while revenue slightly declines, cash flow from duty-free and hotel sectors remains above 2019 levels, indicating strong sales collection capabilities [36] Sector-Specific Highlights - **Education**: The demand remains strong, with AI+ education products emerging. The K12 training sector is experiencing a supply-demand imbalance, leading to accelerated growth for compliant institutions [7][44] - **Human Resources**: The employment market is showing structural recovery, with AI technology enhancing efficiency and reducing reliance on manual labor. Recommended stocks include 科锐国际 and 北京人力 [7][44] - **Scenic Spots**: The tourism sector is recovering, with visitor numbers and spending showing double-digit growth. Recommended stocks include 黄山旅游 and 宋城演艺 [8] - **Hotels**: The hotel industry is undergoing deep adjustments, with performance not matching 2023 levels. Recommended stocks include 首旅 and 锦江 [8] - **Restaurants**: The restaurant sector is stabilizing with the help of consumption vouchers, and growth is expected to rebound in Q1 2025. Recommended stocks include 同庆楼 and 百胜中国 [8] - **Duty-Free**: The duty-free sector is seeing positive trends, with sales expected to grow. Recommended stock is 中国中免 [9]

Investment Rating - The report maintains a "Buy" rating for the company [6][4][11] Core Insights - The company reported Q1 2025 revenue of approximately 1.5 billion RMB, a year-on-year increase of about 58%, significantly exceeding the upper guidance of 50.8% [1] - The operating profit for Q1 2025 was approximately 34.8 million RMB, marking a return to profitability year-on-year [1] - Non-GAAP net profit reached approximately 140 million RMB, well above Bloomberg consensus expectations of 70 million RMB, driven by rapid growth in core business and improved operational efficiency through AI [1][3] - The company announced a new share repurchase plan with a total amount of 100 million USD to enhance shareholder returns [1] Revenue and Growth Projections - K12 business accounted for about 85% of total revenue in Q1, with a year-on-year growth rate exceeding 80% [2] - Traditional learning services grew over 35% year-on-year, while new quality education services achieved triple-digit growth for four consecutive quarters [2] - The company expects Q2 total revenue to grow by 28.5% to 30.5% year-on-year, with traditional learning services projected to see a slight increase of around 10% due to seasonal effects [2] Profitability and Efficiency - The company achieved a non-GAAP net profit margin of 9.2% in Q1 2025, indicating a significant improvement in profitability [3] - The reduction in sales, R&D, and management expense ratios by 6.0, 5.9, and 0.3 percentage points respectively contributed to enhanced operational efficiency [3] - For the full year, the company anticipates a significant narrowing of losses, projecting a non-GAAP operating loss of approximately 350 million RMB, a reduction of nearly 70% year-on-year [3] Financial Forecasts - Revenue forecasts for 2025 to 2027 are maintained at 5.726 billion RMB, 7.244 billion RMB, and 8.589 billion RMB respectively [5][11] - Non-GAAP operating profit forecasts are projected at -350 million RMB for 2025, 58 million RMB for 2026, and 143 million RMB for 2027 [5][11] - The target price is set at 4.84 USD, based on a price-to-sales ratio of 1.5x for 2025 [4][11]

内容概况：自"双减"政策实施以来，学科类培训全面纳入监管框架，非学科类机构亦需完成备案及资金 监管。2024年，全国超70%的少儿培训机构完成合规化整改，行业准入门槛显著提升。政策同时鼓励素 质教育发展，如编程、艺术、体育等赛道获得明确支持，推动机构向多元化转型。同时，在技术赋能 下，AI互动课、智能题库等新模式降低获客成本，如斑马AI课通过"9.9元体验课"获客超百万。此外， 教育部门推动的"课后服务进校园"政策，促使机构与公立校合作项目增加，形成"B端+C端"双轮驱动。 2024年，中国少儿培训行业市场规模为9984亿元，同比增长7.51%。 相关上市企业：学大教育（000526）、美吉姆（002621）、全通教育（300359）、科德教育 （300192）、昂立教育（600661） 相关企业：世纪天鸿教育科技股份有限公司、北京楷德教育咨询有限公司、北京大米科技有限公司、北 京大米科技有限公司、北京猿力科技有限公司、北京作乐科技有限公司、北京翼鸥教育科技有限公司、 深圳市腾讯计算机系统有限公司、中国少儿培训联盟有限公司、科大讯飞股份有限公司、北京智慧树教 育科技有限公司、迪士尼英语培训服务（上海）有限公司 ...