易主十堰市国资委告吹后，科德教育(300192)再度筹划控制权变更。 在取得科德教育股份后，东方国际资管将在上市公司决策时与华芯未来保持一致行动。 若本次股份转让最终实施完成，科德教育控股股东将变更为华芯未来，公司实际控制人将变更为周启 超。记者关注到，A股上市公司创世纪前董秘姓名亦为周启超，其还曾在格林美、中顺洁柔、科士达、 星源材质、杰恩设计等上市公司担任过董事或高管职务，并曾先后在中南民族大学、东风汽车公司、香 港合基集团、湖北日报传媒集团任职教师、公共事务总监、媒介总监等职务。二者是否为同一人，目前 仍不得而知。 1月8日晚间，科德教育发布公告，控股股东、实际控制人吴贤良拟以协议方式向深圳华芯未来投资合伙 企业(有限合伙)(以下简称"华芯未来")、中国东方国际资产管理有限公司(以下简称"东方国际资管")合计 转让7758.43万股公司股份(占总股本的23.57%)。 本次股份主要受让方华芯未来成立于2025年7月，主要以自有资金从事投资活动，经营范围包括创业投 资，半导体照明器件、半导体分立器件、半导体器件专用设备销售及制造等。 公告显示，本次股份转让的价格为17.21元/股，较科德教育最新收盘价21 ...

华芯未来及其一致行动人东方国际资管已出具承诺，在本次权益变动中，通过协议受让取得的股份自过 户登记完成之日起18个月内不进行转让；前述股份在锁定期内由于上市公司送红股、转增股本等原因增 持的上市公司股份，也按照前述承诺执行；但该等股份在同一实际控制人控制的不同主体之间进行转让 不受前述18个月的限制。周启超已出具承诺，在本次权益变动完成后，36个月内不改变对于华芯未来的 实际控制，不改变对于上市公司的实际控制。 除《股份转让协议》中"原有业务及相关承诺"相关约定外，华芯未来及其一致行动人东方国际资管无其 他在未来12个月内对上市公司或其子公司的资产和业务进行出售、合并、与他人合资或合作的计划，或 上市公司拟购买或置换资产的重组计划。 1月8日晚，科德教育（300192）公告称，公司控股股东、实际控制人吴贤良拟转让23.57%公司股份。 公司控股股东、实际控制人将发生变更，华芯未来将成为公司控股股东，公司实际控制人将变更为周启 超。 控制权将发生变更 依据科德教育1月8日晚间公告，吴贤良于1月8日与华芯未来、东方国际资管签署了《关于苏州科德教育 科技股份有限公司的股份转让协议》。吴贤良拟以协议转让方式将其持有的 ...

前言：UV涂料领跑我国光引发剂下游应用，UV油墨紧随其后，两大行业产值持续扩容，带动光引发剂市场需求不断释放。近年来我国光引发剂产量、产 值稳步增长，2024年产量达5.90万吨、产值达51.5亿元。2025年以来，市场供应趋紧推动光引发剂价格短期上涨。此外，行业技术壁垒高、集中度高，久 日新材等头部企业主导市场。 ——观研报告网 ChinaBaoGao.com 1. UV涂料领跑光引发剂下游应用，UV油墨紧随其后 根据观研报告网发布的《中国光引发剂行业发展趋势分析与投资前景研究报告（2026-2033年）》显示，光引发剂又称光敏剂或光固化剂，是一类在光照 下产生自由基、阳离子等从而引发单体或低聚物聚合、交联、固化的化合物。该产品种类丰富，主流品种为907、TPO、184、1173、DETX、ITX等，可 以根据特定需求进行复配使用。作为辐射固化技术中的关键配方成份，光引发剂广泛应用于UV油墨、UV涂料、UV胶粘剂和光刻胶等紫外光固化产品领 域。其中，UV涂料是我国光引发剂下游最大应用市场，占比超40%；UV油墨为第二大应用市场，占比超过25%。 数据来源：慧聪化工网、观研天下整理 2.UV涂料+UV油墨双赛 ...

Group 1: Company Overview and Investment - Suzhou Kede Education Technology Co., Ltd. holds a 5.53% stake in Zhonghao Xinying, a company specializing in TPU architecture AI chip technology and mass production [4][8]. - Zhonghao Xinying has initiated the process for its IPO and is currently undergoing a share reform [7][20]. - In 2024, Zhonghao Xinying is expected to contribute an investment income of 5.9299 million CNY to Suzhou Kede, based on its shareholding [20]. Group 2: Market Strategy and Value Management - The company emphasizes value management, having established a value management system to enhance corporate governance and improve information disclosure quality [3]. - Suzhou Kede aims to leverage AI technology in education, focusing on integrating new technologies and products to enhance competitiveness [10][16]. - The company is actively seeking to optimize its business operations and explore new market opportunities to ensure sustainable growth [15][16]. Group 3: Financial Performance and Investment Insights - The company's R&D expenses for the first three quarters of 2025 reached 18.7236 million CNY, reflecting a 52.03% increase compared to the previous year [21]. - The company reported a decrease in accounts receivable compared to the beginning of the year, while inventory saw a slight increase due to preparations for the National Day holiday [20]. - The company has a long-term investment strategy focused primarily on Zhonghao Xinying, which is expected to enhance its investment value [6][12].

Financial Performance - In the first half of 2025, the company achieved a consolidated operating revenue of 365.93 million yuan, a decrease of 4.24 million yuan (1.15%) compared to the same period last year [2] - The net profit attributable to shareholders was 53.28 million yuan, down 9.52 million yuan (15.16%) year-on-year [2] - The net profit after deducting non-recurring gains and losses was 53.15 million yuan, a decrease of 8.80 million yuan (14.21%) compared to the previous year [2] - The investment loss from the company's stake in Zhonghao Xinying was 8.92 million yuan, significantly impacting the overall profit reduction [3] Revenue Insights - In Q1 2025, the company reported an operating revenue of 183.35 million yuan, a decrease of 4.25 million yuan due to seasonal fluctuations in the ink business [4] - The revenue for Q2 2025 was stable compared to the same period last year, with expectations for the full year to remain consistent with previous years [4] Educational Sector Developments - The company is focusing on the integration of AI technology in vocational education, launching the Kede AI Learning Platform, which has over 30,000 users [5] - The competitive landscape in the education market is intensifying, with an increase in private high schools and vocational institutions [5] - The company plans to enhance hardware facilities and teaching management to improve student enrollment and satisfaction [6] Ink Business Performance - The core product lines include offset and UV inks, with brands "Dongwu" and "Kingswood" maintaining a strong market presence [7] - Cost control measures include a "long-term agreement + dynamic adjustment" procurement strategy to ensure stable supply and competitive pricing [7] - The ink market is expected to grow, particularly in high-end printing segments, despite challenges in traditional publishing due to digitalization [8] Investment in Zhonghao Xinying - The company holds a 5.53% stake in Zhonghao Xinying, which specializes in TPU architecture AI chips [8] - The investment loss from Zhonghao Xinying is a key factor in the company's profit decline, but future revenue recognition is anticipated to improve overall investment returns [4][8]

Core Viewpoint - Kede Education's stock price has experienced significant fluctuations, with a cumulative increase of over 30% in two trading days, primarily due to its stake in Zhonghao Xinying and its strategic focus on AI+ education [2][4]. Group 1: Investment and Business Strategy - Kede Education holds a 5.53% stake in Zhonghao Xinying, which is not a controlling interest and does not significantly impact its profits [2]. - The company invested a total of 130 million yuan in Zhonghao Xinying to acquire an 8.38% stake, aiming to enhance its presence in the AI+ education sector [3]. - Kede Education has developed an AI learning software called Kede AI Learning, targeting various professional certifications and currently has nearly 30,000 users [6]. Group 2: Financial Performance and Impact - Kede Education's investment in Zhonghao Xinying contributed 592.99 million yuan to its profits in 2024, but a subsequent loss of 456.66 million yuan in 2025 negatively affected its net profit [6]. - The company reported a revenue of 183 million yuan in the first quarter, reflecting a year-on-year decline of 2.27%, attributed to seasonal fluctuations in its ink business [9]. Group 3: Corporate Governance and Control - Kede Education had previously planned to undergo a change in control by transferring shares to a state-owned entity, but this plan was ultimately abandoned [7][8]. - The company remains under the control of its current major shareholder, Wu Xianliang, following the termination of the proposed share transfer [8].

Core Viewpoint - Kede Education's stock has experienced significant growth, achieving a closing price of 25.91 yuan per share with a 20.01% increase on August 25, following two consecutive trading days of price deviations exceeding 30% [1][3]. Group 1: Stock Performance - Kede Education's stock price has risen sharply, with a cumulative increase of over 30% in two trading days [3]. - The company reported a closing price of 25.91 yuan per share on August 25, marking a 20.01% increase [1]. Group 2: Investment in Zhonghao Xinying - Kede Education holds a 5.53% stake in Zhonghao Xinying, which does not constitute a controlling interest and is not included in the consolidated financial statements [3]. - The investment in Zhonghao Xinying aims to accelerate Kede Education's layout in the AI + education sector, with a total investment of 130 million yuan for an 8.38% stake [4]. - Following a dilution of shares due to subsequent financing rounds, Kede Education's stake in Zhonghao Xinying decreased to 5.99% by April 28, 2025 [4]. Group 3: AI + Education Development - Kede Education's subsidiary, Kede Huiying, has launched an AI intelligent learning software called Kede AI Learning, targeting over 20 popular professional certifications [5]. - The software integrates various large models and is currently in the market promotion phase, with nearly 30,000 users [5]. - The partnership with Zhonghao Xinying is not expected to yield continuous profits, as Kede Education reported a profit of 592.99 million yuan from Zhonghao Xinying in 2024, followed by a loss of 456.66 million yuan in the first quarter of 2025 [5]. Group 4: Corporate Restructuring Attempts - Kede Education previously planned a change of control by transferring 23.57% of shares to a state-owned enterprise for 1.142 billion yuan, but this plan was ultimately unsuccessful [8][9]. - The company has reaffirmed its commitment to stable operations and focusing on core business development following the termination of the restructuring plan [10]. Group 5: Financial Performance - In the first quarter of the year, Kede Education reported revenue of 183 million yuan, a year-on-year decrease of 2.27%, attributed to seasonal fluctuations in the ink business [10].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, which is the largest and most comprehensive manufacturer of photoinitiators in China, actively advancing its semiconductor materials layout to create a second growth curve [3]. Core Viewpoints - The company has a leading position in the photoinitiator industry, with a market share of approximately 30%. It has been focusing on the photopolymerization industry for over 20 years and is expanding into semiconductor chemical materials [19]. - The company's revenue and operating performance are closely tied to the cyclical nature of the photopolymer materials market, with expectations for recovery as the industry improves [23]. - The company has strong R&D capabilities and is actively developing a full industrial chain from raw materials to downstream photolithography products, enhancing its diversified growth strategy [4][22]. Financial Summary - Revenue is projected to grow from 1,235 million yuan in 2023 to 2,090 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.13% [2]. - The net profit attributable to the parent company is expected to turn from a loss of 96 million yuan in 2023 to a profit of 197 million yuan in 2027, indicating a significant recovery [2]. - Earnings per share (EPS) is forecasted to improve from -0.89 yuan in 2023 to 1.22 yuan in 2027, reflecting a positive trend in profitability [2]. Industry Overview - The photoinitiator market is expected to benefit from the growing demand for UV coatings and inks, driven by environmental policies and the increasing penetration of UV technology in various applications [5][64]. - The domestic UV coating production has grown from 68,200 tons in 2015 to 194,200 tons in 2023, with a CAGR of 14%, indicating substantial growth potential in the market [5]. - The company is well-positioned to capitalize on the recovery of the PCB industry, with the market value of domestic UV inks increasing from 3.291 billion yuan in 2018 to 5.537 billion yuan in 2023, achieving a CAGR of 11% [5]. R&D and Product Development - The company has developed over ten types of photoinitiators, including 184, TPO, and 1173, and has a production capacity of 22,850 tons, making it the largest manufacturer in the country [6][21]. - The company is also advancing its semiconductor materials layout, with projects in photolithography and core raw materials expected to enter trial production in 2024 [22]. Management and Governance - The company has a stable ownership structure, with significant shareholding by executives, reflecting confidence in long-term development [47].

Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [8] Core Insights - The light initiator industry is experiencing frequent supply disruptions, with significant events such as a fire at Jiangxi Yangfan's subsidiary leading to production halts, and Ningxia Wokailong facing operational difficulties. Despite these challenges, the industry's high concentration and growing demand suggest a potential recovery in market conditions, making it a point of interest for investment opportunities [2][7] Summary by Sections Industry Overview - The light initiator industry is crucial for light-curing materials, which include UV coatings, inks, adhesives, and composites. The market has seen stable growth, with the output value increasing from 3.11 billion in 2018 to 4.59 billion in 2023, reflecting a CAGR of 8.1% [10] Supply Disruptions - Recent supply disruptions include a fire incident at Jiangxi Yangfan and operational challenges faced by Ningxia Wokailong, which has been listed as a dishonest executor due to unfulfilled obligations. These events are expected to improve the supply-demand balance in the industry [7][10] Market Dynamics - Historical price elasticity in the light initiator market indicates significant upward potential, especially as the current market conditions are at a low point. The report notes that in 2017, prices surged due to high demand and limited supply, with notable increases in various product prices [10] Investment Opportunities - The report suggests focusing on key players like Jiu Ri New Materials, which holds a leading position in the market with a projected production of 19,851 tons in 2024, capturing approximately 34% of the domestic market share. The company is expected to increase its sales by 20.2% year-on-year, indicating a strong competitive advantage [10]

Group 1 - The core point of the news is that Kede Education's controlling shareholder, Wu Xianliang, is transferring 77,584,267 shares to Shiyan Zhongjing Hedao Enterprise Management Partnership for a total of 1.142 billion yuan, which will result in Zhongjing Hedao becoming the controlling shareholder of Kede Education [1] - The transaction price per share is set at 14.72 yuan, and if completed, the Shiyan Municipal Government State-owned Assets Supervision and Administration Commission will become the actual controller of the company [1] - Kede Education, listed on the Growth Enterprise Market in 2011, operates in two main sectors: vocational education and ink production, with the education sector including vocational schools and training [1] Group 2 - There will be a three-year transition period for the existing business operations, during which all assets related to the ink sector will be integrated into Suzhou Kesiwood Color Technology Co., Ltd for independent accounting [2] - Wu Xianliang will continue to manage the ink sector's R&D, production, and sales, ensuring stability in the core management team and relationships with suppliers and customers [2] - If the ink sector incurs losses during the transition period, Wu Xianliang is obligated to compensate the company in cash within 60 days of the audit report [2] Group 3 - Wu Xianliang has committed to completing the separation of the ink business during the transition period, with a cash purchase of all related assets and liabilities to be negotiated based on a professional valuation [3] - The education business will maintain its existing management model during the transition, with Wu Xianliang assisting in stabilizing the core management team [3] - The transaction is expected to enhance the company's strategic development, optimize its industrial structure, and improve operational efficiency, ultimately benefiting shareholder returns [3]