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].

Group 1: SoftCloud Technology - SoftCloud Technology successfully listed on NASDAQ on April 8, 2025, under the stock code RYET, raising $15 million by issuing 3.75 million shares at $4 each [1] - As of April 11, 2025, the stock closed at $4.76, representing a 19% increase from the issue price, with a current market capitalization of $161 million [1] - The company, founded in 2012 and headquartered in Nanchang, focuses on the K12 education sector, providing innovative teaching and learning tools through the use of the internet and artificial intelligence [1] Group 2: MasterBeef Group - MasterBeef Group successfully listed on NASDAQ on April 10, 2025, under the stock code MB, raising $8 million by issuing 2 million shares at $4 each [2] - Additionally, 1.81 million shares were sold by shareholders for $7.24 million [2] - As of April 11, 2025, the stock closed at $3.20, reflecting a 20% decrease from the issue price, with a current market capitalization of $5.44 billion [2] - The company operates 12 restaurants under the "MasterBeef" and "Anping BBQ" brands, specializing in Taiwanese hot pot and barbecue [2] Group 3: Nocen International - Nocen International successfully transitioned to NASDAQ on April 10, 2025, under the stock code CIIT, raising $7.16 million by issuing 2.17 million shares at $4 each [3] - The stock opened at $3.30, down 17.5% from the issue price, and closed at $2.60, marking a 35% decline, with a total market capitalization of $4.40747 million [3] - The company provides global logistics services, including booking and transportation arrangements [3] Group 4: Webull Corporation - Webull Corporation received approval from the China Securities Regulatory Commission for its overseas listing on April 8, 2025, through a merger with SK Growth Opportunities Corporation [4] - The company plans to issue up to 64,221,920 shares on NASDAQ, focusing on providing a comprehensive digital investment platform for individual investors [4] - Webull operates in multiple markets, including North America, Asia-Pacific, Europe, and Latin America, with 11 brokerage licenses globally [4] Group 5: CATL (Contemporary Amperex Technology Co., Limited) - CATL has passed the hearing for its potential listing on the Hong Kong main board, aiming to raise between $5 billion and $7 billion (approximately HKD 39 billion to HKD 54.6 billion) [6] - If successful, this would be the largest IPO in Hong Kong since Kuaishou's listing in 2021 [6] - Founded in 2011 and listed on the Shenzhen Stock Exchange in 2018, CATL specializes in the research, production, and sales of power and energy storage batteries [6] Group 6: Mingji Hospital - Mingji Hospital successfully passed the Hong Kong Stock Exchange hearing on April 11, 2025, after two previous failed attempts [7] - The hospital reported a revenue of RMB 2.659 billion in 2024, a slight decrease of 1.07% year-on-year, with a net profit of RMB 109 million, down 34.95% year-on-year [7] - Mingji Hospital is a leading private profit-oriented hospital group in mainland China, operating two comprehensive hospitals [7]