（记者 王晓波） 每经AI快讯，凯文教育8月28日发布公告称，公司第六届第十七次董事会会议于2025年8月26日以现场 结合通讯表决方式召开。会议审议了《2025年半年度报告及其摘要》等文件。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ ...

8月26日，佛山市台商投资企业协会成立30周年活动在佛山南海举行，各地台协友会以及台商台胞代表 等共约500人齐聚一堂。 佛山市台商投资企业协会成立30周年活动在佛山南海举行。通讯员供图 自1987年第一家佛山台资企业成立以来，全市累计批准设立台资企业1600多家，许多企业已发展成为行 业翘楚、"隐形冠军"。佛山市台商协会热情支持公益慈善事业，先后为地震洪灾、助学奖学、扶贫济 困、疫情防控、"百千万工程"等捐款捐物折合人民币累计近8000万元。如今，越来越多的台湾青年和企 业选择在佛山多元布局，他们正推动两岸向更深层次合作交流，继续与这座制造业大市同频共振。 采写：南都、N视频记者 刘红豆 鹿筱悦 实习生 陈林侦 从传统产业到新兴产业，越来越多台商在佛山找到了投资兴业的新赛道，不断拓宽既有的产业边界。冠 华教育集团董事长黄良华接受南都N视频记者专访时表示，自己曾在佛山开办船厂，之后转型做教育， 与佛山的下一代产生了更深的联结。有部分台商尚未转型成功，相信佛山市政府会与佛山台商协会一 道，共同帮助台商将路走好走实。 通讯员：陈俊良 佛山市市长白涛在现场致辞中表示，希望广大台商继续坚定在佛山深耕发展的信心，走好高 ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [7]. Core Viewpoints - The company's education business experienced a slight decline, with total revenue of 365 million yuan, down 1.15% year-on-year, and a net profit attributable to shareholders of 53 million yuan, down 15.16% year-on-year [1]. - The ink business showed stable growth, with high-gloss ink revenue increasing by 3.55% year-on-year, while the overall profitability of the ink segment improved [2]. - The company's debt ratio is on a downward trend, with a total asset-liability ratio of 21.53%, down 0.89 percentage points year-on-year, indicating a healthy cash flow situation [3]. - Strategic investment in Zhonghao Xinying, focusing on "AI + Education," is expected to yield positive results, with the company actively developing its AI education platform [4]. - Revenue projections for 2025-2027 are estimated at 859 million yuan, 910 million yuan, and 956 million yuan, with corresponding EPS of 0.48 yuan, 0.51 yuan, and 0.54 yuan, indicating a positive growth outlook [4][6]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 365 million yuan, a decrease of 1.15% year-on-year, and a net profit of 53 million yuan, down 15.16% year-on-year [1]. - The company's sales and management expenses increased by 8.80% and 4.68% respectively, contributing to the decline in net profit [1]. Business Segments - The ink business showed resilience, with high-gloss ink revenue reaching 58 million yuan, up 3.55% year-on-year, while other ink products experienced slight declines [2]. - The gross profit margins for high-gloss, high-wear, and fast-drying inks improved, indicating enhanced profitability [2]. Strategic Initiatives - The company invested 130 million yuan in Zhonghao Xinying, acquiring a 5.53% stake, and is focusing on AI-driven educational solutions [4]. - The AI education platform, Kede AI Learning, is in its growth phase, with over 30,000 users and ongoing upgrades [4]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 859 million yuan, 910 million yuan, and 956 million yuan, with EPS estimates of 0.48 yuan, 0.51 yuan, and 0.54 yuan respectively [6]. - The dynamic PE ratios for the next three years are projected at 49x, 46x, and 43x, reflecting a favorable valuation trend [4][6].

证券代码：000526 证券简称：学大教育 公告编号：2025-078 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、召开会议的基本情况 事会第三次会议审议通过了《关于召开2025年第三次临时股东会的议案》。 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》的规定。 现场会议召开的时间：2025年9月16日（星期二）14:30起； 网络投票时间：2025年9月16日。其中：通过深圳证券交易所交易系统进行 网络投票的具体时间为 2025 年9月16日 9:15 —9:25,9:30 —11:30 和13:00— 月16日9:15-15:00。 （1）在股权登记日持有公司股份的普通股股东或其代理人； 于2025年9月10日下午收市时在中国证券登记结算有限责任公司深圳分公司 登记在册的公司全体普通股股东均有权出席股东会，并可以以书面形式委托代理 人出席会议和参加表决，该股东代理人不必是本公司股东。 （2）公司董事和高级管理人员； 学大（厦门）教育科技集团股份有限公司 关于召开 2025 年第三次临时股东会的通知 （3）公司聘请的律师； （4）根据 ...

北京商报讯（记者 吴其芸）8月27日，北京凯文德信教育科技股份有限公司（以下简称"凯文教育"）发 布2025年半年度报告，报告期内，凯文教育实现营业收入1.71亿元，同比增长12.51%，归属于上市公司 股东的净利润73.5万元，实现扭亏为盈。 ...

凯文教育公告，2025年上半年营业收入1.71亿元，同比增长12.51%。净利润73.5万元，同比增长 107.44%。 ...

Market Overview - The education sector experienced a decline of 3.78% on August 27, with Kede Education leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Kede Education's stock price fell by 10.33% to 23.60, with a trading volume of 1.0176 million shares and a transaction value of 2.476 billion [2] - Other notable declines included: - Dou Shen Education down 6.38% to 8.95 with a transaction value of 2.992 billion [2] - ST Kaiyuan down 4.38% to 4.15 with a transaction value of 42.99 million [2] - Xueda Education down 4.28% to 51.20 with a transaction value of 251 million [2] Capital Flow Analysis - The education sector saw a net outflow of 805 million from institutional investors, while retail investors contributed a net inflow of 587 million [2] - The capital flow for individual stocks showed: - Bo Rui Chuan Bo had a net inflow of 50.01 million from institutional investors [3] - ST Kaiyuan experienced a significant net outflow of 7.22 million from institutional investors [3] - Kede Education had a net outflow of 1.6052 million from institutional investors [3]

Group 1 - The core point of the news is that Dou Shen Education's stock price dropped by 5.02% to 9.08 CNY per share, with a trading volume of 2.684 billion CNY and a turnover rate of 16.97%, resulting in a total market capitalization of 18.765 billion CNY [1] - Dou Shen Education, established on January 8, 1999, and listed on October 30, 2009, primarily engages in content (security) management solutions, educational products and management solutions, and audio-visual solutions and services. The revenue composition is as follows: 84.85% from educational products and management solutions, 14.25% from content (security) management solutions and services, and 0.90% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under Rongtong Fund has a significant position in Dou Shen Education. The Rongtong Cross-Border Growth Flexible Allocation Mixed Fund (001830) held 28,700 shares in the second quarter, accounting for 1.25% of the fund's net value, ranking as the eighth largest holding. The estimated floating loss today is approximately 13,800 CNY [2] - The Rongtong Cross-Border Growth Flexible Allocation Mixed Fund (001830) was established on September 30, 2015, with a latest scale of 19.0271 million CNY. Year-to-date return is 5.9%, ranking 6508 out of 8194 in its category; the one-year return is 14.24%, ranking 6248 out of 7963; and the return since inception is 97.3% [2] Group 3 - The fund managers of the Rongtong Cross-Border Growth Flexible Allocation Mixed Fund (001830) are Liu Ankun, Liu Lining, and Min Wenqiang. As of the report, Liu Ankun has been in position for 6 years and 105 days, managing a total fund size of 3.41 billion CNY, with the best return during his tenure being 72.51% and the worst being -28.15% [3] - Liu Lining has been in position for 2 years and 25 days, managing a total fund size of 11.676 billion CNY, with the best return during his tenure being 8.36% and the worst being 0.66% [3] - Min Wenqiang has been in position for 254 days, managing a total fund size of 384 million CNY, with the best return during his tenure being 13.5% and the worst being 1.65% [3]

Core Viewpoint - The recent financial performance of Kede Education shows a decline in revenue and net profit, while its investment in the AI chip company Zhonghao Xinying has seen a reduction in ownership percentage, raising concerns about its future growth prospects [1][2][3]. Financial Performance - In the first half of 2025, Kede Education reported revenue of 366 million yuan, a year-on-year decrease of 1.15%, and a net profit attributable to shareholders of 53.28 million yuan, down 15.16% year-on-year [1]. - The company's revenue has remained relatively stable over the past few years, fluctuating between 350 million to 390 million yuan in the first half of the year, and annual revenue between 770 million to 800 million yuan [9]. Investment in Zhonghao Xinying - Kede Education invested a total of 130 million yuan in Zhonghao Xinying, acquiring an 8.3791% stake, which has since decreased to 5.53% as of August 26, 2025 [3][4]. - The investment has not yielded positive returns, with Kede Education reporting an investment loss of 8.92 million yuan from Zhonghao Xinying in the first half of 2025 [4]. - Zhonghao Xinying, which focuses on AI chip development, reported revenue of 598 million yuan in 2024 but incurred a net loss of 14.4 million yuan in the first half of 2025 [4]. Business Segments - Kede Education's revenue from its vocational and full-time school business was 166 million yuan in the first half of 2025, a decrease of 3.30% year-on-year, with a gross margin of 41.06% [9]. - The remaining revenue primarily came from its ink business, with high-gloss, high-wear, and quick-drying inks contributing approximately 58.38 million yuan, 46.50 million yuan, and 68.28 million yuan, respectively [9]. Ownership Changes - The actual controller of Kede Education, Wu Xianliang, had previously planned to transfer shares, which would have changed the company's control structure, but the agreement was terminated a month later [9][10].

Summary of the Conference Call for Gaotu Education Company Overview - **Company**: Gaotu Education - **Industry**: Education Technology Key Financial Metrics - Net loss narrowed by 49.7% with deferred revenue increasing by 38.9% to approximately $2.2 billion [2][4] - Total cash and investments exceeded $3.8 billion, indicating a strong financial position for future growth [2][4] - For Q2 2025, net revenue reached nearly $1.4 billion, exceeding guidance by 5.4% [4] - Gross profit increased by 31.6% to $915.5 million, with a gross margin of 66.0% [13] - Total operating expenses decreased by 0.2% to approximately $1.2 billion [13] Strategic Initiatives - **AI Integration**: The company is advancing its "Forever AI" strategy, embedding AI deeply into teaching models and course content development [2][5] - **User-Centric Products**: Launched new products like the "go to reading app" to enhance user engagement and cater to diverse learning needs [2][7] - **Long-term Learning Platform**: Development of a lifelong learning service platform offering various educational options [7] Revenue Streams - Learning services account for over 95% of net revenue, with academic tutoring services growing over 50% year-on-year [2][11] - Online and offline academic tutoring services have achieved triple-digit growth for five consecutive quarters, contributing nearly 40% of total revenue [11] Operational Efficiency - Cash position increased by $135.6 million year-on-year, attributed to investments in user experience and operational quality [10] - Sales expense ROI increased by 38.6%, reaching the highest level in four years [10][17] - Operating costs decreased by 31.6% as a percentage of net revenue [10] Future Outlook - The company expects Q3 total net revenue to be between $1.558 billion and $1.578 billion, reflecting a year-on-year growth of 28.9% to 7.6% [3][14] - Continued focus on educational product innovation and optimization, supported by a robust financial foundation [9] Social Responsibility and Shareholder Value - The company has repurchased approximately 25 million shares for nearly $557 million, demonstrating a commitment to creating shareholder value [2][8] - Collaborations with top institutions to provide career support for young talent, reflecting a dual commitment to business and social value [8] Customer Acquisition Strategies - Enhanced customer acquisition through optimized solutions and targeted marketing efforts, leveraging AI technology [18][19] - Improved customer retention rates and new student interest, contributing to overall business growth [16] Conclusion Gaotu Education is positioned for sustained growth through strategic investments in AI, user-centric product development, and operational efficiency, while maintaining a strong financial foundation and commitment to social responsibility.