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 ...

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]

Core Viewpoint - Hanghua Co., Ltd. plans to acquire 60% of Zhejiang Dick Donghua Fine Chemical Co., Ltd. for RMB 18 million, which will make Zhejiang Dick a subsidiary and included in Hanghua's consolidated financial statements [1][2]. Company Overview - Zhejiang Dick specializes in the production and sales of pigment dispersions and inkjet color pastes, with its nano pigment dispersions being crucial for the production of color photoresists used in LCD displays, impacting display quality parameters such as color gamut and contrast [2]. - Zhejiang Dick is one of the few domestic companies with complete equipment and core micro-dispersion technology for nano pigment dispersions, although it is not expected to be profitable in 2024 due to high initial investments and the nascent stage of domestic color photoresist production [2]. - Hanghua Co., Ltd., established in 1988, is one of the earliest companies in China engaged in ink production and R&D, with a product range that includes various types of inks used in printing, packaging, and publishing [2]. Strategic Implications - The acquisition is expected to enhance Hanghua's position in the industry by extending its value chain and broadening its development scope, while also complementing resources and improving competitiveness in the new materials technology sector [2].