Group 1 - The control change of Kede Education has been terminated, with the controlling shareholder remaining as Wu Xianliang [1][3] - On June 20, Kede Education announced the termination of the share transfer agreement with Zhongjing Hedao, which was intended to change the company's control [3][6] - The share transfer involved Wu Xianliang planning to sell 77.5843 million shares at a price of 14.72 yuan per share, totaling 1.142 billion yuan [5][6] Group 2 - Kede Education's business is transitioning from ink manufacturing to education services, with a dual business model that includes both ink chemical and education services [6][7] - As of 2024, the revenue distribution is projected to be 46.24% from education services and 53.76% from ink chemical business [7] - The company has made strategic investments in AI-related education technology, enhancing its growth potential [7]

Core Viewpoint - Kede Education announced the termination of its control change matter, with the current controlling shareholder remaining as Wu Xianliang [2][4]. Termination of Control Change Matter - On June 20, Kede Education received a notice from its controlling shareholder Wu Xianliang and Zhongjing Hedao, deciding to terminate the share transfer and control change matter [4]. - The company expressed apologies for any inconvenience caused to investors due to the termination of the control transfer agreement, clarifying that it was a personal transfer by the shareholders and would not affect the normal operations of the listed company [6]. Background of the Control Change - On May 21, Wu Xianliang signed a share transfer agreement to transfer 77.5843 million shares at a price of 14.72 yuan per share, totaling 1.142 billion yuan to Zhongjing Hedao [8]. - If the transfer had been completed, the Shiyan State-owned Assets Supervision and Administration Commission would have become the actual controller of Kede Education. The transaction was expected to enhance the company's strategic development and optimize its industrial structure [9]. Business Overview - Kede Education, originally named Kesiwood, primarily engaged in the research, production, and sales of printing inks. The company is transitioning to the education service industry through acquisitions, including Longmen Education and Xi'an Peiying [9]. - As of 2024, the revenue breakdown shows that the education business accounts for 46.24% and the ink chemical business accounts for 53.76% of total revenue [10]. Financial Performance - For 2024, Kede Education's total revenue is projected to be approximately 795.14 million yuan, reflecting a year-on-year increase of 3.10% from 2023 [10]. - The education business revenue is expected to be around 367.70 million yuan, a 2.94% increase from the previous year, while the ink chemical business revenue is projected at 427.44 million yuan, a 3.24% increase [10]. - The company has also made strategic investments in AI education, enhancing its revenue and profitability [10]. Market Position - As of June 20, Kede Education's stock price was reported at 13.79 yuan per share, with a total market capitalization of 4.5 billion yuan [11].

科德教育（300192.SZ）深度报告 油墨龙头战略转型，AI+教育值得期待 2025 年 05 月 14 日 ➢ 油墨+教育双主业发展，投资收益增强弹性。科德教育原名是科斯伍德，主要 从事胶印油墨和 UV 油墨研发、生产和销售等业务，旗下的"东吴牌"和"Kingswood" 品牌的油墨销量处于行业较高地位。受油墨化工行业发展空间影响，公司战略转型教 育服务行业，通过外延并购将龙门教育、西安培英、天津旅外和毛坦中学等纳入旗下， 快速抢占中高考复读、营利性高中和中职教育等市场，形成了油墨化工和教育服务双 主业发展态势。同时，公司积极寻找投资机会，战略投资中国自研推理和训练芯片公 司——中昊芯英，为布局 AI+教育提供了有利条件。受益于双主业发展和投资收益， 公司营业收入稳步增长，盈利能力显著提升，投资收益增强弹性，业绩快速释放。 ➢ "双减"加速供给出清，AI+教育龙头受益。2021 年 7 月"双减"政策来袭， 校外培训受到严重影响和冲击，教培公司采取收缩、转型和退出等策略，教培行业供 给出清。根据教育部数据，截至 2022 年 2 月末，线下教培机构减少 92.14%，线上 教培机构减少 87.07%。受益 ...