Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth across its various business segments, with a notable acceleration in the mass production of AI chips by Zhonghao Xinying [1] - For the year 2024, the company achieved a revenue of 795 million yuan, representing a year-on-year growth of 3.1%, and a net profit attributable to shareholders of 145 million yuan, up 4.73% year-on-year [4][5] - In Q1 2025, the company reported a revenue of 183 million yuan, a decrease of 2.27% year-on-year, and a net profit of 38 million yuan, down 6.8% year-on-year, primarily due to an investment loss in Zhonghao Xinying [4][5] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 166 million, 184 million, and 204 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.50, 0.56, and 0.62 yuan [4][5] Financial Performance Summary - The company’s revenue for 2024 is projected to be 795 million yuan, with a year-on-year growth of 3.1% [7] - The net profit for 2024 is expected to be 145 million yuan, reflecting a year-on-year increase of 4.7% [7] - The gross margin for 2024 is estimated at 33.4%, with a net margin of 18.2% [7] - The company’s earnings per share (EPS) for 2025 is projected at 0.50 yuan, with a price-to-earnings (P/E) ratio of 30.3 [7] Business Segment Analysis - The education segment generated a revenue of 368 million yuan in 2024, growing by 2.94% year-on-year, with a gross margin of 46.28% [5] - The ink business maintained a high gross margin, with a revenue of 427 million yuan in 2024, up 3.24% year-on-year, and a gross margin of 22.27% [5] - Zhonghao Xinying achieved a revenue of approximately 597.96 million yuan in 2024, with a net profit of 85.91 million yuan, significantly outperforming its peers [6]

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]

Group 1 - Beijing's higher education admission process for undergraduate programs will allow students to fill out their applications for the first time from June 27 to July 1, 2025, following the release of their exam scores [1] - The Tongzhou District of Beijing has announced its 2025 compulsory education enrollment policy, which will primarily use a registration-based admission system, considering factors such as housing and residency [2] - The "Beijing University Student Entrepreneurship Park" has been officially launched, focusing on key industries such as high-end equipment and life health, to encourage student entrepreneurship [3] Group 2 - Peking University has established a new School of Science and Intelligence at its Shenzhen Graduate School, aimed at integrating artificial intelligence with basic sciences to cultivate interdisciplinary talents [4] Group 3 - Kede Education reported a 2.27% year-on-year decline in revenue for Q1 2025, totaling 183 million yuan, and a net profit of 37.97 million yuan, reflecting a 6.8% decrease compared to the previous year [5]

苏州科德教育科技股份有限公司 2024 年度内部控制评价报告 苏州科德教育科技股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合苏州科德教育科技股份有限公 司（以下简称"公司"）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司截至2024年12月31日（内部控制评价报告基准日）的 内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制、评价其 有效性并如实披露内部控制评价报告是公司董事会的责任，监事会对董事会建立 和实施内部控制进行监督，经理层负责组织领导企业内部控制的日常运行。公司 董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假记 载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由于情况的变化 可 ...

苏州科德教育科技股份有限公司 2024 年度监事会工作报告 2024 年度，苏州科德教育科技股份有限公司（以下简称"公司"）监事会 严格按照《公司法》《证券法》等相关法律法规及《公司章程》的要求，本着对 全体股东负责的原则，依法履行职责，通过列席董事会、出席股东大会，对公司 生产经营活动、财务状况及董事会、高级管理人员履职情况等进行监督，切实维 护公司利益及股东合法权益。现将监事会 2024 年度工作情况向各位股东汇报， 具体情况如下： 一、监事会 2024 年的工作情况 2024 年度，监事会共召开 7 次监事会会议，会议的召开和表决程序符合《公 司法》《公司章程》等有关规定，具体内容如下： | 会议届次 | 会议时间 | 会议议案 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2024 | 年 | 1 | 月 | 第五届监事会第十 | 1、审议《关于向全资子公司划转不动产的议案》 | | | 六次会议 | 26 | 日 | | | | | | 1、审议《2023 | 年度监事会工作报告》 | 2、审议《<2023 | 年年度报告>及其摘要》 ...

2023 年 4 月 9 日，苏州科德教育科技股份有限公司(以下简称"公司")召 开第五届董事会第三次临时会议和第五届监事会第一次临时会议，审议通过了 《关于与中昊芯英(杭州)科技有限公司及其股东签署增资及股权转让协议的议 案》，同意公司支付现金 1.3 亿元对中昊芯英(杭州)科技有限公司（以下简称 "目标公司"或"中昊芯英"）进行增资及股权收购。2023 年 4 月 27 日，公司 召开 2023 年第一次临时股东大会审议通过上述事项。本次交易完成后，中昊芯 英成为公司的参股公司。公司持有中昊芯英 811,221 元注册资本，占交易时点中 昊芯英注册资本的 8.3791%。 2023 年 5 月 5 日，公司披露《关于对外投资进展暨工商变更登记完成的公 告》（公告编号：2023-034）。中昊芯英完成了相关工商变更登记手续并取得杭 州高新技术产业开发区（滨江）市场监督管理局换发的《营业执照》。 公司完成本次投资后，中昊芯英根据其战略发展与实际经营情况考虑, 引入 战略投资者进行增资扩股，公司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。截至本公告披露日， ...

证券代码：300192 证券简称：科德教育 公告编号：2025-015 苏州科德教育科技股份有限公司 关于2024年度计提信用减值损失及资产减值损失的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州科德教育科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日 召开第六届董事会第五次会议和第六届监事会第五次会议，审议通过了《关于 2024 年度计提信用减值损失和资产减值损失的议案》。 根据《深圳证劵交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》以及《公司章程》等相关规定， 本次计提信用减值损失和资产减值损失（以下简称"本次计提减值损失"）事项 无需提交股东大会审议。现将具体情况公告如下： 一、本次计提减值损失的概况 根据《企业会计准则》和公司会计政策等规定，公司对合并报表范围内可能 发生减值迹象的各项资产进行了全面清查。2024 年度，公司计提信用减值损失 666,245.80 元，计提资产减值损失 790,878.75 元，上述减值损失合计计提 1,457,124.55 元。具 ...

苏州科德教育科技股份有限公司 董事会审计委员会关于会计师事务所 2、聘任会计师事务所履行的程序 2024年度履职情况评估及履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》和《公司章程》等规 定和要求，苏州科德教育科技股份有限公司（以下简称"公司"）董事会审计委 员会本着勤勉尽责的原则，恪尽职守，认真履职。现将董事会审计委员会对会计 师事务所 2024 年度履职评估及履行监督职责的情况汇报如下： 一、2024 年年审会计师事务所基本情况 1、会计师事务所基本情况 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰 斗潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成 改制的特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建 弟先生。立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新证券 法实施前具有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众公 司会计监督委 ...