Beijing Kaiwen Education Technology Co Ltd

Kaiwen Education has released its 2026 interim report. Total operating revenue was 184 million yuan, up 7.19% year on year, and net profit attributable to the parent company was 999,300 yuan, up 35.95% year on year, marking a fourth consecutive year of growth for both. Net cash inflow from operating activities was 38.74 million yuan, up 63.82% year on year. The company's asset-liability ratio was 25.73%, gross margin was 28.62%, return on equity was 0.05%, and diluted earnings per share rose 41.67% year on year. The number of shareholders was 21,700, and the top ten shareholders held 39.06% of total share capital.

AI application concept stocks surged again on August 4, with the Zhipu AI segment leading the gains and Chuanzhi Education locking in its seventh consecutive daily limit up. By the midday break, UCloud had risen over 12 percent, Kaiwen Education recorded three boards in two days, and Pingzhi Information and IAT Automobile Technology both gained more than 9 percent. On the news front, US-listed AI application concept stocks Palantir and Snap both reported results that beat expectations, sending their shares up more than 14 percent in after-hours trading at one point. Guolian Minsheng Securities believes the education sector is poised for a three-dimensional resonance of policy, supply, and demand, with AI plus education as the main investment theme. Huaxin Securities judges that 2026 will be a key watershed for the AI industry, and media application scenarios are also expected to capture the dividends of the AI era. Guosheng Securities flagged two industry shifts as opportunities: first, major domestic and overseas players are collectively betting on Work Agent, and Work is likely to become the next deterministic direction for token consumption after Coding; second, in multimodal AI, ByteDance's Seedance 2.5 and MiniMax's Hailuo H3 have been released in quick succession, with the competitive focus extending to controllability, editability, and commercial licensing, and downstream enterprises in short dramas, advertising, and film and television are expected to be the first to benefit.

Kaiwen Education announced that Badachu Holdings transferred its 28.84% stake in the company at 4.06 yuan per share, for a total consideration of approximately 700.4 million yuan, split equally between Haidian Education Company and Hai Kai Holdings, both subsidiaries of the Haidian District State-owned Assets Supervision and Administration Commission, with each party acquiring 14.42%. Previously, in September 2024, Badachu Holdings had planned to transfer a 14.84% stake to Haidian State-owned Investment at 3.69 yuan per share, but that plan is no longer proceeding. In April 2026, the company adjusted its voting rights structure, with Badachu Holdings and Haidian State-owned Investment entrusting the voting rights of their relevant shares to Haidian Education, which then held a total of 30% voting rights and became the controlling shareholder. After the completion of this internal state-owned asset transfer and registration, Haidian Education, Hai Kai Holdings, and Haidian State-owned Investment will act in concert, and the voting rights entrustment agreement effective in April will automatically terminate upon the transfer registration date. The transaction is an internal transfer among state-owned enterprises under the same actual controller, does not trigger a mandatory tender offer, and the control of the listed company remains unchanged, with the controlling shareholder still being Haidian Education and the actual controller still being the Haidian District State-owned Assets Supervision and Administration Commission. This integration implements the requirements of Haidian's state-owned enterprise reform. Going forward, Kaiwen Education will be operated under the unified management of Haidian Education, advancing the centralized integration and professional operation of district-level education-related state-owned assets.