科德教育（300192.SZ）2025 年中报点评 教育业务略有下降，战略投资价值凸显 2025 年 08 月 27 日 ➢ 事件：2025 年上半年公司实现营业收入 3.65 亿元，同比下降 1.15%；归母 净利润 0.53 亿元，同比下降 15.16%；EPS 为 0.16 元/股，同比下降 15.15%。 ➢ 教育业务略有下滑，费用拖累业绩增长。报告期内，公司实现营业收入 3.65 亿元，同比下降 1.15%；其中中专及全日制学校业务收入 1.66 亿元，同比下降 3.30%，是拖累公司收入略有下滑的主要原因。同时，受费用增长拖累，公司净 利润下降幅度较大。报告期内，公司销售费用、管理费用分别为 0.10 亿元、0.27 亿元，分别同比增长 8.80%、4.68%；期间费用率 12.35%，同比提高 1.23 个百 分点。受此影响，报告期内公司归母净利润 0.53 亿元，同比下降 15.16%。 ➢ 油墨业务稳中有升，盈利能力明显增强。受益于品牌优势、产品创新和客户 忠诚，公司油墨业务稳中有升。报告期内，公司高光泽型胶印油墨实现收入 0.58 亿元，同比增长 3.55%；高耐磨型胶印油墨实现收入 0. ...

中昊芯英近期因为牵涉上市公司收购案而受到关注，除此以外，科德教育表示，公司目前经营正常，近期经营情况及内外部经营环境均未发生重大变化。 公司、控股股东和实际控制人不存在关于公司的应披露而未披露的重大事项，或处于筹划阶段的重大事项。 参股中昊芯英 8月25日晚间，科德教育发布公告表示，公司股价自8月22日、8月25日连续两个交易日收盘价格涨幅偏离值累计超过30%。截至公告披露日，公司持有中 昊芯英5.53%股权，对中昊芯英不构成控股关系，未纳入合并报表范围，其对公司利润不构成重大影响。 旨在加码AI+教育 科德教育参股中昊芯英，主要是为了加快在AI+教育领域的布局。 中昊芯英的主营业务是人工智能核心芯片的研发、设计和销售。2023年4月，科德教育以增资和股权转让形式合计出资1.3亿元参股中昊芯英，以此合计持 有后者8.38%股权。 彼时，科德教育表示，双方将在人工智能化职业教育方面开展深度合作，推动AI在职业教育应用下的场景设计、研发、创新和落地，并大力发展交互式 人工智能领域的职业教育教学与人才培养。 近期，不少投资者关注科德教育参股中昊芯英后，双方是否会在AI芯片领域展开合作？ 8月25日，科德教育（300 ...

8月25日，科德教育（300192）再度涨停，实现"两连板"，股票收盘价为25.91元/股，涨幅达20.01%。 中昊芯英的主营业务是人工智能核心芯片的研发、设计和销售。2023年4月，科德教育以增资和股权转让形式合计出资1.3亿元参股中昊芯英，以此合计持 有后者8.38%股权。 彼时，科德教育表示，双方将在人工智能化职业教育方面开展深度合作，推动AI在职业教育应用下的场景设计、研发、创新和落地，并大力发展交互式 人工智能领域的职业教育教学与人才培养。 此次投资后，中昊芯英引入战略投资者进行增资扩股，科德教育基于自身业务发展规划、未来投入在AI职业教育领域等因素考虑，自愿放弃行使后续增 资的优先认购权。截至2025年4月28日，科德教育持有中昊芯英股权比例已被稀释为5.99%。 中昊芯英近期因为牵涉上市公司收购案而受到关注，详见本报此前报道《605255又涨停！"易主预案"疑云重重》《605255跨界"易主"被追问》。 公司在5月的机构调研中透露，其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，其通过接入DeepSeek、豆包、 通义千问等大模型，打造智能学习新模式，提供 ...

Core Viewpoint - The announcement reveals a significant change in the ownership structure of Kede Education, with the controlling shareholder transferring a substantial number of shares to a new entity, which will lead to a shift in control and management focus towards the education sector while divesting from the ink business [1][2]. Group 1: Share Transfer and Ownership Change - Kede Education's controlling shareholder, Wu Xianliang, plans to transfer 77.5843 million shares at a price of 14.72 yuan per share, totaling 1.142 billion yuan to Zhongjing Heda [1]. - Following the transfer, Zhongjing Heda will become the controlling shareholder, and the Shiyan State-owned Assets Supervision and Administration Commission will become the actual controller of the company [1]. - Prior to the transfer, Wu Xianliang held 90.75 million shares, representing 27.57% of the total share capital, which will decrease to 13.166 million shares, or 4% post-transfer [1]. Group 2: Business Transition and Management - The company will undergo a three-year transition period (2025-2027) during which the ink business will be integrated into Color Technology for independent accounting [2]. - Wu Xianliang will continue to manage the ink business and serve as the general manager of Color Technology, while the financial head will be appointed by Kede Education [2]. - Wu Xianliang has committed to completing the divestiture of the ink business during the transition period, with a cash purchase of all related assets and liabilities to be negotiated later [2]. Group 3: Financial Performance and Future Outlook - Kede Education's projected revenue for 2024 is 795 million yuan, reflecting a year-on-year growth of 3.1%, with a net profit of 145 million yuan, up 4.73% [3]. - In Q1 of the current year, the company reported a revenue of 183 million yuan, a decline of 2.27% year-on-year, and a net profit of 37.9724 million yuan, down 6.8% [3]. - The decline in Q1 revenue is attributed to seasonal fluctuations in the ink business and a loss from an investment in Zhonghao Xinying, with a focus on adapting to educational policy changes and enhancing technological innovation [3][4].

Group 1: Investment and Business Strategy - The company focuses on core business areas, including education and ink production, and plans to invest based on strategic goals and shareholder interests [2] - Future investment plans will consider reducing external investments while exploring new project opportunities [2] Group 2: Market Penetration and Competition - To enhance market penetration in the competitive vocational training sector, the company will follow policy trends, strengthen technological innovation, and improve service quality [3] - The company aims to optimize course development to meet diverse student needs and enhance brand reputation [3] Group 3: Financial Performance - In 2024, the company achieved a net profit of CNY 145.06 million, a 4.73% increase from the previous year, with a net profit excluding non-recurring items of CNY 144.75 million, up by 2.91% [4] - The growth in revenue and profit is attributed to stable operations in education services, improved quality in ink business, and investment income from a subsidiary [5] Group 4: Technological Advancements - The company launched the AI learning software "Kede AI Learning," which has nearly 30,000 users and focuses on various professional certifications and life skills [4][7] - Future plans include leveraging AI to enhance teaching experiences and optimize ink production through data analysis [4] Group 5: Environmental Initiatives - The company has completed the development of eco-friendly inks and is committed to reducing volatile organic compounds (VOCs) and carbon emissions [3][7] - The company aims to increase its market share in the eco-friendly ink sector by utilizing biodegradable materials and meeting international environmental standards [7]

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]