服务消费一头连着经济，一头连着民生。扩大服务消费，是大力提振消费、全方位扩大国内需求的重要 抓手，也是增进民生福祉、满足人民美好生活需要的内在要求。 随着市场潜力不断释放、消费结构持续升级、产业发展不断加快，扩大服务消费空间广阔。我国拥有全 球最大规模的中等收入群体，市场空间大、成长性好，特别是养老育幼、医疗健康等服务领域潜力巨 大。同时，新型城镇化进程加快，更多农业转移人口市民化，带动了教育培训、文化娱乐、居住服务等 消费新需求。移动支付、物联网、大数据、人工智能、虚拟现实等新技术在服务领域加快应用，也为扩 大服务消费注入新活力。 "十四五"时期，随着服务消费场景更新，服务消费潜能激活，居民服务性消费支出实现较快增长。2020 年至2024年，居民服务性消费支出年均增长9.6%。 （文章来源：人民日报） ...

Core Viewpoint - Xueda Education's stock price has experienced fluctuations, with a year-to-date increase of 3.73% but a recent decline over various trading periods, indicating potential volatility in the market [2]. Group 1: Stock Performance - As of October 13, Xueda Education's stock price was 43.63 CNY per share, with a market capitalization of 5.317 billion CNY [1]. - The stock has seen a decline of 5.17% over the last five trading days, 8.67% over the last 20 days, and 9.22% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Xueda Education reported a revenue of 1.916 billion CNY, representing a year-on-year growth of 18.27%, and a net profit attributable to shareholders of 230 million CNY, which is a 42.18% increase compared to the previous year [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Xueda Education increased by 6.88% to 12,200, while the average number of shares held per shareholder decreased by 6.44% to 9,632 shares [2]. - Notable institutional shareholders include Fu Guo Tian Hui Growth Mixed Fund, which increased its holdings by 1.3194 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 771,700 shares [3].

2025年10月8日 证券研究报告 | 社服行业10月投资策略： 双节出游韧性增长，Q 4兼顾高景气方向与周期预期修复 行业研究 · 行业投资策略 社会服务 投资评级：优于大市（维持评级） 证券分析师：曾光 证券分析师：张鲁 证券分析师：杨玉莹 联系人：周瑛皓 0755-82150809 010-88005377 zengguang@guosen.com.cn zhanglu5@guosen.com.cn yangyuying@guosen.com.cn zhouyinghao@guosen.com.cn S0980511040003 S0980521120002 S0980524070006 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 ◼ 行情回顾：9月板块跑输大盘，低估值且存在边际改善信号标的或区域题材相对领涨。2025.9.1-9.30 A股消费者服务板块涨2.69%，跑输沪 深300 5.89pct；2025.9.1-10.6港股消费者服务板块涨0.27%，跑输中信港股通指数6.68pct，其中国庆假期跌1.78%，跑输2.15pct。个股来 看，低估值且出现边际改善信号如行动教育、港股高 ...

学大教育今年以来股价涨13.69%，近5个交易日涨4.43%，近20日跌7.56%，近60日涨0.15%。 9月22日，学大教育盘中下跌2.01%，截至13:38，报47.82元/股，成交1.01亿元，换手率1.76%，总市值 58.27亿元。 资金流向方面，主力资金净流出859.46万元，特大单买入0.00元，占比0.00%，卖出449.46万元，占比 4.43%；大单买入1792.10万元，占比17.67%，卖出2202.10万元，占比21.71%。 机构持仓方面，截止2025年6月30日，学大教育十大流通股东中，富国天惠成长混合(LOF)A/B （161005）位居第六大流通股东，持股370.94万股，相比上期增加131.94万股。香港中央结算有限公司 位居第八大流通股东，持股260.71万股，相比上期增加77.17万股。汇添富消费行业混合（000083）位居 第九大流通股东，持股180.01万股，持股数量较上期不变。 责任编辑：小浪快报 资料显示，学大(厦门)教育科技集团股份有限公司位于福建省厦门市同安区滨海西大道紫光科技园2号 楼2层,北京市朝阳区神路街樱辉科技中心，成立日期1992年7月2日，上市 ...

9月16日，学大教育盘中上涨2.01%，截至10:30，报46.71元/股，成交5693.92万元，换手率1.03%，总市 值56.92亿元。 资金流向方面，主力资金净流入958.76万元，特大单买入637.98万元，占比11.20%，卖出0.00元，占比 0.00%；大单买入1314.57万元，占比23.09%，卖出993.79万元，占比17.45%。 学大教育今年以来股价涨11.06%，近5个交易日跌0.11%，近20日跌9.12%，近60日跌0.95%。 截至6月30日，学大教育股东户数1.22万，较上期增加6.88%；人均流通股9632股，较上期减少6.44%。 2025年1月-6月，学大教育实现营业收入19.16亿元，同比增长18.27%；归母净利润2.30亿元，同比增长 42.18%。 机构持仓方面，截止2025年6月30日，学大教育十大流通股东中，富国天惠成长混合(LOF)A/B （161005）位居第六大流通股东，持股370.94万股，相比上期增加131.94万股。香港中央结算有限公司 位居第八大流通股东，持股260.71万股，相比上期增加77.17万股。汇添富消费行业混合（000083）位居 ...

Group 1 - The core viewpoint of the news is that Kede Education's stock has shown fluctuations in price and trading volume, with a notable increase of 24.46% year-to-date, despite a recent decline of 1.56% over the last five trading days [1] - As of September 11, Kede Education's stock price was 19.54 CNY per share, with a market capitalization of 6.431 billion CNY and a trading volume of 2.21 billion CNY [1] - The company has experienced net outflows of main funds amounting to 12.63 million CNY, with significant buying and selling activities recorded [1] Group 2 - Kede Education, established on January 14, 2003, and listed on March 22, 2011, operates in the fields of environmentally friendly printing inks and educational training services [2] - The company's revenue composition includes 54.19% from ink products and 45.42% from vocational and full-time education, with specific ink types contributing to the overall revenue [2] - As of August 8, the number of shareholders was 30,600, a decrease of 2.23%, while the average circulating shares per person increased by 2.28% [2] Group 3 - Kede Education has distributed a total of 356 million CNY in dividends since its A-share listing, with 204 million CNY distributed over the past three years [3]

Core Viewpoint - The report highlights the significant improvement in the profitability of Xueda Education, with a strong performance in the first half of 2025, leading to a "buy" rating from Minsheng Securities [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.916 billion yuan, a year-on-year increase of 18.27%, and a net profit attributable to shareholders of 230 million yuan, up 42.18% year-on-year [2] - Earnings per share (EPS) reached 1.94 yuan, reflecting a year-on-year growth of 41.39% [2] - The education training service revenue was 1.848 billion yuan, with a growth of 18.42% year-on-year [2] Profitability and Cost Control - The gross profit margin for the reporting period was 36.30%, an increase of 0.26 percentage points year-on-year, and the net profit margin was 11.99%, up 2.01 percentage points year-on-year [3] - The company effectively controlled expenses, with a period expense ratio of 22.02%, down 1.1 percentage points year-on-year [3] - The total assets and total liabilities as of June 30, 2025, were 3.724 billion yuan and 2.777 billion yuan, respectively, with a debt ratio of 74.59%, down 2.69 percentage points year-on-year [3] Business Development - The company is rapidly developing its full-time training base and personalized full-time bilingual schools, with over 30 full-time training bases and 5 bilingual schools, serving more than 7,500 students [4] - Xueda Education is actively expanding into vocational education, cultural reading, and medical education integration, with 14 cultural spaces opened through partnerships with various vocational colleges [4] Investment Outlook - Revenue projections for 2025-2027 are 3.223 billion yuan, 3.717 billion yuan, and 4.088 billion yuan, with corresponding EPS of 2.07 yuan, 2.53 yuan, and 2.92 yuan [4] - The company is expected to benefit from the growth in the number of students for high school and college entrance examinations, with a strong outlook for personalized education and other business expansions [4]

学大教育（000526.SZ）2025 年中报点评： ➢ 全日制基地发展较快，职教等布局值得期待。凭借个性化教育优势，公司积 极发展全日制培训基地业务和个性化全日制双语学校。截止 2025 年 6 月末，公 司全日制培训基地超过了 30 所，全日制双语学校 5 所，在校生超过 7500 人， 全日制业务发展相对较快。同时，公司积极布局职业教育、文化阅读、医教融合 等业务。公司通过收购、托管、合作共建等方式与多所中高职院校合作发展职教 业务，已开业文化空间共计 14 所，职教等业务值得期待。 ➢ 投资建议：预计 2025-2027 年公司营业收入分别为 32.23 亿元、37.17 亿 元和 40.88 亿元，EPS 分别为 2.07 元、2.53 元和 2.92 元，对应动态 PE 分别为 24 倍、19 倍和 17 倍。公司是个性化教育龙头，受益未来中高考生源增长，个 性化教育业务快速增长。同时，公司积极发展职业教育、文化阅读和医教融合业 务，未来发展值得期待。公司盈利能力提高，费用控制成效显著，业绩有望持续 释放。我们看好公司未来成长性，维持公司"推荐"评级。 ➢ 风险提示：政策变动、市场竞争加剧、名师流 ...

Core Insights - The company reported a revenue of 366 million yuan for H1 2025, a decrease of 1.15% year-on-year, with a net profit attributable to shareholders of 53.28 million yuan, down 15.16% year-on-year [1][2] - The decline in education revenue is attributed to changes in parents' payment capabilities and increased competition in the education sector [2] - The company maintains a "buy" rating, anticipating improved profitability in H2 2025 due to the seasonal nature of its investments [3] Revenue Breakdown - Total revenue for H1 2025 was 366 million yuan, with the education training segment contributing 167 million yuan (down 3.9%) and the ink chemical chalk segment contributing 199 million yuan (up 1.3%) [1][2] - Dragon Gate Education's revenue decreased by 3.1%, while Tianjin Overseas Education's revenue fell by 15.0%, attributed to increased competition and recruitment challenges [2] Profitability Metrics - The overall gross margin increased by 0.2 percentage points to 32.5%, with the education training segment's gross margin decreasing by 1.3 percentage points to 41.2%, and the ink chemical chalk segment's gross margin increasing by 2.0 percentage points to 25.2% [2] - The company experienced an increase in expense ratios, with sales expenses rising by 0.2 percentage points to 2.6%, management expenses by 0.4 percentage points to 7.3%, and R&D expenses by 0.4 percentage points to 2.4% [2] Investment Performance - The investment loss from the associate company Zhonghao Xinying expanded due to seasonal losses, with H1 2025 revenue of 102 million yuan (up 87.6%) and a net loss of 144 million yuan [2] - The company expects improved performance in H2 2025 as Zhonghao Xinying enters its peak revenue season [3] Future Outlook - The company projects net profits of 161 million yuan, 185 million yuan, and 210 million yuan for 2025 to 2027, with current stock price corresponding to PE ratios of 54x, 47x, and 41x respectively [3] - The company is focused on its investment in artificial intelligence chip development and plans to acquire controlling interest in Tianpu shares [3]

Group 1 - The core viewpoint of the article highlights the announcement by Kede Education regarding its board meeting and the composition of its revenue for the year 2024 [1] - Kede Education's revenue composition for 2024 is detailed, with ink and similar products manufacturing accounting for 53.76% and education training accounting for 46.24% [1] - As of the report, Kede Education has a market capitalization of 8.7 billion yuan [1] Group 2 - The article also mentions the booming pet industry, valued at 300 billion yuan, indicating a significant growth opportunity for related companies [1] - The rise in the pet industry is reflected in the stock performance of industry-listed companies [1]