对于本次变动，科德教育表示，将进一步优化上市公司的股权结构，剥离油墨资产，同时利用收购方自 身资源，充分发挥其资源整合和资本运作能力，为上市公司在流动资金、企业管理、资产结构等方面赋 能。 本次权益变动前，吴贤良持有上市公司9075万股股份，占上市公司总股本的27.5716%。本次权益变动 后，吴贤良持有上市公司1316.6万股股份，占上市公司总股本的4%。 5月21日晚，科德教育（300192）公告称，公司控股股东、实际控制人吴贤良与十堰中经和道企业管理 合伙企业(有限合伙)签署了《股份转让协议》，吴贤良拟将其持有的上市公司无限售条件流通股7758.43 万股以每股14.72元合计11.42亿元的价格协议转让给中经和道。 若本次股份转让事项顺利实施并完成，中经和道将成为公司控股股东，十堰市国资委将成为公司实际控 制人。5月21日收盘，科德教育报收于16.16元，上涨1.76%，总市值为53.19亿元。 公开资料显示，科德教育主营业务包括教育业务及油墨业务，其中教育业务包括中等职业学校、全日制 学校和职业技能培训等，油墨业务包括胶印油墨和UV油墨的研发、生产和销售。 吴贤良承诺在原有业务过渡期内完成油墨业务板 ...

证券代码： 300192 证券简称：科德教育 | 2、在竞争激烈的职业培训赛道，公司计划如何进一步提高 | | --- | | 市场渗透率实现用户数量和营收的增长？ | | 答:您好！为了应对日益加剧的市场竞争，公司将在以下几 | | 个方面共同发力，一是紧跟政策趋势，教育行业受政策影响较大， | | 公司会及时跟踪国家和地方教育政策的变化，提前预判可能的影 | | 响，通过多元化布局，有效降低政策风险，抓住新的市场机遇， | | 同时，及时学习和领会相关政策及文件精神，继续聚焦现代职业 | | 教育，深化产教融合，持续完善产业链布局；二是加强技术创新 | | 与应用，子公司科德荟英基于对"AI + 教育"应用场景的探索， | | 推出了 AI 智能学习软件——科德 AI 学，未来会继续加大技术投 | | 入，利用人工智能等新技术优化教学体验、提升教学成绩、降低 | | 教学成本，推动线上线下融合，提升学习效率和个性化服务；三 | | 是强化课程研发，开发符合市场需求的课程体系，满足不同学员 | | 的升学与职业发展需求，满足更多学员的学习需求；四是提升服 | | 务质量，注重品牌建设与口碑传播，以优质服务树 ...

Core Insights - The company reported a revenue of 795 million yuan for 2024, representing a year-on-year increase of 3.10%, and a net profit attributable to shareholders of 145 million yuan, up 4.73% year-on-year [1] - In Q1 2025, the company experienced a revenue decline of 2.27% to 183 million yuan and a net profit decrease of 6.80% to 38 million yuan [1] Financial Performance - For 2024, the education business saw a slight revenue increase of 3.45%, with vocational schools and full-time schools generating 365 million yuan [3] - The gross margin for the education segment decreased by 1.97 percentage points to 46.28%, while the gross margin for the ink business increased by 1.94 percentage points to 22.27% [3] - The overall gross margin for the company increased by 0.11 percentage points to 33.37% in 2024 [3] - The company reduced its expense ratios in 2024, with sales expense ratio down by 0.87 percentage points to 3.13%, management expense ratio down by 0.08 percentage points to 6.16%, R&D expense ratio down by 0.08 percentage points to 2.18%, and financial expense ratio down by 0.05 percentage points to -0.23% [3] Investment and New Initiatives - The company reported an investment income of 5.93 million yuan from its associate company, Zhonghao Xinying, which achieved a revenue of 598 million yuan, up 23% year-on-year, and a net profit of 85.91 million yuan, up 6% [3][4] - The company has diluted its equity stake in Zhonghao Xinying to 5.99% [4] - The launch of "Kede AI Learning" aims to integrate AI technology into vocational education, offering over 20 popular professional certifications and life skills courses [4] - Currently, "Kede AI Learning" has nearly 30,000 users [5] Q1 2025 Performance and Outlook - In Q1 2025, the company experienced a slight decline in both revenue and net profit, attributed mainly to a decrease in ink product prices due to lower raw material costs and an investment loss of 4.57 million yuan from Zhonghao Xinying, which was higher than in Q1 2024 [5] - The profit forecasts for 2025 to 2027 have been adjusted to 161 million yuan, 185 million yuan, and 210 million yuan respectively, with current stock price valuations at 31x, 27x, and 24x [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's education business experienced slight growth in 2024, with total revenue reaching 795 million yuan, a year-on-year increase of 3.1%, and net profit attributable to the parent company at 145 million yuan, up 4.73% [1][2] - In Q1 2025, the company reported a revenue of 183 million yuan, a decrease of 2.27%, and a net profit of 38 million yuan, down 6.80% [2] - The company launched "Kede AI Learning," integrating AI technology into vocational education, which has attracted nearly 30,000 users [3] - The company adjusted its net profit forecasts for 2025 to 161 million yuan, 185 million yuan for 2026, and 210 million yuan for 2027, maintaining a valuation of 31x, 27x, and 24x respectively [3] Financial Performance Summary - In 2024, the education business generated revenue of 365 million yuan, a year-on-year increase of 3.45% [3] - The overall gross margin for the company increased by 0.11 percentage points to 33.37%, while the education business gross margin decreased by 1.97 percentage points to 46.28% [3] - The company’s operating expenses decreased, with sales expense ratio down by 0.87 percentage points to 3.13% and management expense ratio down by 0.08 percentage points to 6.16% [3] - The company’s total revenue projections for 2025, 2026, and 2027 are 828 million yuan, 913 million yuan, and 999 million yuan respectively, with growth rates of 4.1%, 10.3%, and 9.5% [4]