Suzhou Kingswood Education Technology Co., Ltd. (Kingswood Education) (300192)

Stock Analysis Report | Industry: Education Services + Eco-friendly Offset Printing Ink | Report Date: September 13, 2026 | As of the close on September 11, 2026; the latest verifiable date for complete technical indicators including MA, MACD, RSI, and Bollinger Bands is September 4, 2026. Some market and capital flow data may be subject to page delays or discrepancies in methodology.

This report is automatically compiled by AI based on public information and is for reference only. It does not constitute investment advice.

1. Core Summary

Kingswood Education's operating performance in the first half of 2026 came under significant pressure: revenue was RMB 357 million, down 2.35% year-on-year; net profit attributable to shareholders was RMB 18.6886 million, down 64.92% year-on-year; net profit attributable to shareholders after deducting non-recurring items was down 67.17% year-on-year; and net cash flow from operating activities was down 79.12% year-on-year. The profit decline was significantly larger than the revenue decline, mainly affected by rising total operating costs, increased administrative expenses, financial expenses turning from negative to positive, and expanded investment losses in associates, indicating that the company's current earnings quality and profit stability are weaker than its revenue performance.

The company still maintains a dual-core business structure of education and ink. In 2025, ink business revenue was RMB 413 million, accounting for 54.70%, with a gross margin of 25.37%; education and training business revenue was RMB 342 million, accounting for 45.30%, with a gross margin of 42.95%. However, education business revenue declined 6.94% year-on-year, and gross margin continued to slide to 42.95%, reflecting operating leverage pressure from enrollment scale, school capacity utilization, and rigid labor costs; ink business revenue declined 3.31% year-on-year, but gross margin improved to 25.37%, mainly supported by lower raw material costs and improved product mix.

The company recently has been advancing share buybacks, employee stock ownership plans, artificial intelligence business initiatives, and the establishment of a Hong Kong investment platform, but these matters have not yet formed a clear contribution to operating performance. As of August 31, the RMB 100-200 million buyback plan had not yet been implemented; Kedu Huiying had a small revenue scale and was in a loss-making state before the capital increase, and the Hong Kong subsidiary investment has not yet disclosed specific targets, project returns, or profit forecasts. The company also faces expanding investment losses in the first half of 2026 and the drag from equity-method investment in Zhonghao Xinying.

As of September 11, 2026, the company's stock price closed at RMB 17.50, retreating from the stage high of RMB 19.66 on September 3, with a single-day decline of 5.10% and turnover of approximately RMB 340 million, indicating widening short-term divergence. Technical indicators as of September 4 still showed MACD above the zero line, but RSI6 and RSI12 were both near 70, and the stock price had previously approached the upper Bollinger Band; the September 11 close had fallen below the then MA5 and MA10, but remained above MA20 and the middle Bollinger Band. Based on technical data, the dynamic PE is approximately 90x, and the valuation already reflects high expectations for future earnings recovery and new business prospects.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Education business: Includes secondary vocational schools, full-time high school academic education, high school repeat studies, vocational skills training, and online education. Main entities and schools include Xi'an Peiying Yucai Vocational High School, Tianjin Lv Wai Vocational High School, full-time schools operated by Shaanxi Longmen Education, and Hebi Maotanchang Middle School.
• Ink business: Main products include offset printing ink and UV ink, applied in packaging printing, publication printing, and commercial printing. Main brands include "Dongwu" and "Kingswood."
• In 2025, education and training business revenue was RMB 342 million, accounting for 45.30% of revenue, with a gross margin of 42.95%; ink chemical business revenue was RMB 413 million, accounting for 54.70% of revenue, with a gross margin of 25.37%.
• In 2025, vocational school and full-time school revenue was RMB 340 million, accounting for 44.99% of revenue, with a gross margin of 42.80%; ink product revenue was RMB 409 million, accounting for 54.16% of revenue.
• In 2025, ink designed production capacity was 20,000 tons/year, capacity utilization rate was 79.70%, actual production was 15,940 tons, sales were 15,936 tons, and ending inventory was 1,152 tons.
• As of the end of 2025, the ink business had 15 invention patents, 57 utility model patents, and 42 core R&D technical personnel, and maintained a professional ink R&D laboratory and the Suzhou Eco-friendly Ink Engineering Technology Center.
• The company's ink products have been sold to more than 80 countries and regions worldwide; specific country-level revenue, single overseas customer concentration, and overseas business profit margins have not been disclosed.

2.3 Industry Chain Position and Cost-Profit Structure

Kingswood Education occupies two different positions in the value chain simultaneously: the education business is in the regional education services and academic advancement services segment, while the ink business is in the midstream formulation, processing, and application services segment of the printing industry chain. In the 2025 revenue structure, the ink business slightly dominated, but the education business gross margin was significantly higher than that of the ink business.

• The ink business mainly procures pigments, oils, resins, additives, and other chemical materials. In 2025, procurement proportions were: pigments 28.36%, oils 23.76%, resins 14.92%, additives 9.80%, and chemical materials 7.61%, with the aforementioned main raw materials accounting for approximately 84.45% of total procurement.
• Ink procurement is primarily based on inquiry-based purchasing, adopting a "production based on sales, procurement based on production" approach as well as a "long-term agreement + dynamic adjustment" mechanism. Pigment, resin, and oil prices are affected by petrochemical product prices, international commodity prices, market supply and demand, and environmental requirements.
• The company does not control the resource pricing power for pigments, resins, and petrochemical raw materials. It is overall a midstream formulator, processor, and application service provider with certain cost transmission capability to upstream, but is not an absolute cost pass-through entity. In 2025, raw materials accounted for 82.05% of ink operating costs, up from 80.96% in 2024, making profitability relatively sensitive to raw material prices and product selling prices.
• The main inputs for the education business include teachers, research staff, school premises, teaching equipment, enrollment channels, and educational content resources. In 2025, education business labor costs were RMB 121 million, accounting for 61.78% of education business operating costs; its main costs are not industrial raw materials.
• The research notes did not disclose the concentration of major ink suppliers or the top five suppliers' procurement proportion, making it impossible to judge supply-side concentration.
• Ink products are mainly sold to packaging printing, publication printing, and commercial printing customers. In 2025, distribution revenue was RMB 354 million, accounting for 85.67% of ink chemical business revenue; direct sales revenue was RMB 59 million, accounting for 14.33%.
• In 2025, the company's consolidated top five customers had total sales of RMB 85.0729 million, accounting for 11.26% of annual total sales; the single largest customer accounted for 3.54%. This data is not split between education and ink businesses and cannot be directly equated to ink business customer concentration; specific ink customer concentration may be higher than the company's overall figure.
• Ink downstream customers are typically sensitive to price and quality stability. Standardized offset printing inks are susceptible to price competition; high-end packaging, food packaging, pharmaceutical packaging, tobacco and alcohol packaging, and special function inks rely more on formulation certification, printing compatibility, delivery stability, and on-site technical services.
• The company enhances customer stickiness through "ink + technical support + color management" and serves leading packaging printing companies and large publishing groups through its key account division, but its core customers' overall bargaining power is weaker than printing product customers with brands and end-user channels.
• The downstream of the education business mainly consists of students and families, corporate training clients, and academic advancement demand groups. The boundaries of demand and supply are affected by local education policies, enrollment approvals, student demographic changes, school brands, academic advancement results, and employment outcomes. Education business expansion is also constrained by private school regulation and school operating qualifications.
• The education business primarily improves profits through enrollment scale, school utilization rates, education quality, and improvements in faculty and teaching management efficiency, rather than through declines in industrial raw material costs.
• As of December 31, 2025, the company's accounts receivable was RMB 112 million, accounting for 8.68% of total assets and approximately 14.87% of 2025 revenue; accounts receivable turnover days were approximately 55 days. Accounts payable was RMB 73.3782 million, notes payable was RMB 26.3199 million, totaling approximately RMB 99.69 million; contract liabilities and other advance receipt items were approximately RMB 103 million. The above indicators are on a consolidated basis for education and ink and cannot accurately split the cash conversion cycle of the two businesses. The approximately 55-day accounts receivable turnover cycle indicates certain working capital occupation, but does not show particularly severe deterioration; accounts payable and notes payable can provide support for part of procurement funding.
• Customer concentration data is on a 2025 consolidated basis: the top five customers together accounted for 11.26% of annual total sales, and the single largest customer accounted for 3.54%. This data comes from the 2025 annual report but is not split between education and ink businesses, so it cannot directly determine ink business customer concentration; the research notes did not disclose the top five suppliers' procurement proportion. Ink sales are primarily distribution-based, and channel and customer receivables management remain key priorities for working capital management.

The company overall exhibits a "dual-core, dual-position" characteristic: the education business is in the downstream service segment with higher gross margins but constrained by enrollment scale, school efficiency, academic advancement results, and labor costs; the ink business is in the midstream formulation, processing, and application services segment with lower gross margins and sensitivity to raw material prices such as pigments, oils, and resins. Further profit improvement in the education business mainly depends on enrollment scale growth, improved school utilization rates, and improved faculty and teaching management efficiency; the ink business mainly depends on raw material cost control, eco-friendly and functional product upgrades, product mix optimization, brand channel development, and customized technical services.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

As of June 30, 2026, the company has disclosed its 2026 semi-annual report, with a disclosure date of August 29, 2026. In H1 2026, net profit attributable to shareholders after deducting non-recurring items was RMB 17.4506 million, down 67.17% year-on-year; basic earnings per share was RMB 0.0568, and basic earnings per share after deducting non-recurring items was RMB 0.0530; weighted average return on equity was 1.89%, and weighted average return on equity after deducting non-recurring items was 1.77%. Net cash flow from operating activities was RMB 12.9141 million, down 79.12% year-on-year. FY 2025 net profit attributable to shareholders after deducting non-recurring items was approximately RMB 122.55 million, down 14.95% year-on-year, and basic earnings per share was approximately RMB 0.3758.

In H1 2026, the revenue decline was relatively small, but the decline in net profit attributable to shareholders and net profit after deducting non-recurring items expanded significantly. The profit decline is related to growth in total operating costs: total operating costs were RMB 308.35 million, up approximately 4.91% year-on-year; administrative expenses were RMB 33.7322 million, up approximately 25.53% year-on-year; financial expenses turned from negative RMB 3.2804 million in the same period last year to positive RMB 2.7945 million. In addition, investment loss was RMB 23.0334 million, compared with an investment loss of RMB 8.9234 million in the same period last year, of which investment loss from associates and joint ventures was RMB 16.7489 million, and loss from disposal of long-term equity investments was RMB 6.3714 million. As of June 30, 2026, total assets were RMB 1,325.83 million, total liabilities were RMB 327.87 million, net assets attributable to shareholders of the parent company were RMB 992.64 million, monetary funds were RMB 380.37 million, long-term equity investments were RMB 195.00 million, goodwill was RMB 105.02 million, share capital was 329.14 million shares, and the asset-liability ratio was approximately 24.73%.

3.2 Earnings Forecasts

Tonghuashun data as of September 7, 2026, with only 2 institutions in the sample, mainly providing 2026-2028 net profit attributable to shareholders and EPS forecasts, without revenue forecasts. Minsheng Securities' forecast was published on August 27, 2025, earlier than the company's 2026 semi-annual report, and cannot be directly regarded as the current market consensus. Minsheng Securities' forecast revenue growth rates for 2025E, 2026E, and 2027E were 8.0%, 6.0%, and 5.0%, respectively; Tonghuashun shows a 2026 forecast EPS of RMB 0.30, lower than the 2025 actual EPS of approximately RMB 0.38, indicating possible differences in share capital basis, forecast revisions, or page display methodology.

3.3 Valuation Level and Institutional Ratings

As of the close on September 9, 2026, the stock price was RMB 18.33. Based on the share capital of 329.14 million shares disclosed in the 2026 semi-annual report, total market capitalization is approximately RMB 6.033 billion; based on net assets attributable to shareholders of the parent company of RMB 992.64 million as of June 30, 2026, net assets per share are approximately RMB 3.02, and PB is approximately 6.08x. Based on FY 2025 net profit attributable to shareholders of RMB 123.69 million, H1 2025 net profit attributable to shareholders of RMB 53.2817 million, and H1 2026 net profit attributable to shareholders of RMB 18.6886 million, TTM net profit attributable to shareholders is approximately RMB 89.0955 million, and PE (TTM) is approximately 67.7x. Based on Tonghuashun's 2-institution forecasts, assuming a stock price of RMB 18.33 and no significant change in share capital, 2026E, 2027E, and 2028E PE are approximately 61.1x, 52.4x, and 47.0x, respectively; based on Minsheng Securities' earlier forecast EPS, 2026E and 2027E PE are approximately 35.9x and 33.9x, respectively, but this forecast predates the 2026 interim report and should not be directly adopted at present. Some market websites show PE (TTM) of approximately 89.89x and PB of approximately 8.07x, which were not adopted due to differences in share capital, net profit period, or data update methodology compared to the company's periodic report basis. Recent public brokerage materials have not disclosed clear target prices. Overall, the company's current valuation still contains high expectations for future earnings recovery, AI + education initiatives, and the investment value of Zhonghao Xinying; if the main education business and investment returns do not improve, there is a risk of earnings forecast downgrades and valuation digestion.

4. Recent News and Announcements

4.1 Kingswood Education Passes RMB 100-200 Million Share Buyback Plan, But Had Not Implemented It as of August 31

The company's board of directors approved a share buyback plan on July 17, 2026, which was approved by the extraordinary shareholders' meeting on August 3, 2026. The buyback amount is no less than RMB 100 million and no more than RMB 200 million, with a buyback price not exceeding RMB 23.27/share, and an expected buyback of 4.2974 million to 8.5948 million shares, approximately 0.93% to 1.87% of total share capital. The repurchased shares are intended for equity incentive plans or employee stock ownership plans, but do not apply to the "Leaper" Phase I Employee Stock Ownership Plan. The buyback period is within 12 months from the date of approval by the shareholders' meeting. As of August 31, 2026, the company had not yet implemented this buyback.

4.2 "Leaper" Phase I Employee Stock Ownership Plan Continues to Increase Holdings

As of July 30, 2026, the "Leaper" Phase I Employee Stock Ownership Plan had cumulatively purchased 886,700 shares, approximately 0.19% of total share capital, at an average transaction price of approximately RMB 11.28/share, with total transaction amount of approximately RMB 9.9982 million, excluding transaction fees. According to company announcement data around August 29, 2026, during the period from July 31 to August 28, 2026, the employee stock ownership plan further increased holdings by approximately 1,523,300 shares, approximately 0.33% of outstanding shares. The relevant data should be ultimately verified against the company's official announcements.

4.3 H1 2026 Net Profit Attributable to Shareholders Declined 64.92% Year-on-Year

The company disclosed its semi-annual report on August 29, 2026. In H1 2026, revenue was approximately RMB 357.33 million, down 2.35% year-on-year; net profit attributable to shareholders of the listed company was approximately RMB 18.6886 million, down 64.92% year-on-year; net profit attributable to shareholders after deducting non-recurring gains and losses was approximately RMB 17.4506 million, down 67.17% year-on-year; net cash flow from operating activities was approximately RMB 12.9141 million, down 79.12% year-on-year; basic earnings per share was approximately RMB 0.0568. The company disclosed that in addition to changes in education business profits, the profit decline was also affected by decreased investment income, with equity-method investment losses recognized for associate Zhonghao Xinying dragging on profits.

4.4 No Q1-Q3 2026 or Full-Year Earnings Preview Found as of Now

As of September 13, 2026, the recent key formal disclosure is the 2026 semi-annual report, and no clear earnings preview for Q1-Q3 2026 or the full year has been found. The absence of search results does not mean absolute non-existence; the final reference should be based on announcement search results on Cninfo.

4.5 Plans to Establish Wholly-Owned Subsidiary and Grandsubsidiary in Hong Kong, Total Investment Approximately HKD 100 Million

On August 11, 2026, the company's board of directors approved a proposal to establish a wholly-owned subsidiary and grandsubsidiary in Hong Kong. The company plans to use its own funds to establish a first-tier wholly-owned subsidiary "Huaxin Vision Holdings Limited" (tentative name), which will then establish a wholly-owned grandsubsidiary "Huaxin Vision Investment Limited" (tentative name). The total outbound investment is approximately HKD 100 million, with the actual amount subject to approval or registration by relevant authorities. This matter still requires completion of overseas investment filing, foreign exchange registration, and Hong Kong local enterprise registration or approval procedures. The announcement has not yet disclosed clear acquisition targets, specific investment projects, or investment return forecasts, and does not constitute a related-party transaction or major asset restructuring.

4.6 Capital Increase of RMB 44 Million to Wholly-Owned Subsidiary Kedu Huiying and Expansion of Business Scope

On August 11, 2026, the company approved a capital increase to its wholly-owned subsidiary Suzhou Kedu Huiying Smart Technology Co., Ltd. and a change in business scope, planning to use its own funds to increase capital by RMB 44 million. Before the capital increase, registered capital was RMB 6 million; after the increase, it will be RMB 50 million, and the company will still hold 100% equity. The business scope plans to add technical services, AI industry application system integration, software development, AI foundational software and application software, enterprise management consulting, and information technology consulting. On August 25, 2026, the company disclosed that this wholly-owned subsidiary had completed industrial and commercial registration changes.

4.7 Kedu Huiying Had Small Operating Scale and Was in a Loss-Making State Before Capital Increase

As of March 31, 2026, Kedu Huiying's unaudited total assets were approximately RMB 1.029 million, and net assets were approximately RMB 763,200; Q1 2026 revenue was approximately RMB 87,800, and net profit loss was approximately RMB 186,300. The company stated that Kedu Huiying operates normally and remains a wholly-owned subsidiary before and after the capital increase. The announcement did not disclose clear orders, customers, project returns, or profit targets for the new AI and software businesses.

4.8 Controlling Shareholder's Upper-Level Equity Structure Completed Internal Adjustment, Actual Controller Unchanged

On August 19, 2026, the company disclosed an announcement regarding the internal adjustment of the controlling shareholder's upper-level equity structure, and the relevant industrial and commercial registration change procedures have been completed. The adjustment involves Hubei Shengxian Equity Investment Co., Ltd., an upper-level shareholder of the controlling shareholder Shenzhen Huaxin Future Investment Partnership (Limited Partnership). The company's controlling shareholder remains Shenzhen Huaxin Future Investment Partnership (Limited Partnership), and the actual controller remains Zhou Qichao. This adjustment does not involve increased or decreased holdings at the listed company level, does not change the number or proportion of shares held by the controlling shareholder or actual controller, and does not involve a tender offer.

4.9 Continuous Disclosure of Supervision Documents After Control Change and Change of Financial Advisor Sponsor Representative

The company completed a control change in early 2026. Huaxin Future and China Orient International Asset Management Co., Ltd. collectively acquired approximately 77.5843 million shares of the company, accounting for approximately 23.5716% of total share capital at that time, and the relevant share transfer was completed in March 2026. On September 4, 2026, the company disclosed the "Continuous Supervision Opinion for Q2 2026 on the Detailed Equity Change Report" and the "Announcement on Changing the Continuous Supervision Financial Advisor Sponsor Representative." The financial advisor sponsor representative was changed due to job changes, and the company stated that this change would not affect the continuity and effectiveness of continuous supervision work.

4.10 Company Shareholder Count Declined Consecutively

As of August 10, 2026, the company's total number of A-share shareholders was 27,132, a decrease of 776 from July 31, 2026, a decline of approximately 2.78%. As of August 20, 2026, the total number of shareholders further declined to 26,054, a decrease of 1,078 from August 10, 2026, a decline of approximately 3.97%. A decline in shareholder count may reflect increased chip concentration, but does not equate to institutional increases in holdings or a certain stock price rise.

4.11 No Major Regulatory Measures, Disciplinary Actions, or Major Inquiry Letters Found Recently

As of September 13, 2026, in searches of Kingswood Education's recent announcements, no clear records were found of the company being publicly subject to major regulatory measures, disciplinary actions, or receiving major inquiry letters from regulatory authorities during July to September 2026. Recent announcements mainly focused on share buybacks and employee stock ownership plans, continuous supervision after control change, adjustment of the controlling shareholder's upper-level equity structure, Hong Kong outbound investment, and subsidiary layout related to artificial intelligence and technical services.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Kingswood Education closed at RMB 17.50, down 5.10% for the day, retreating from the stage high of RMB 19.66 on September 3, transitioning from a high-level strong phase to a pullback confirmation phase in the short term. The latest complete technical indicators as of September 4 showed the stock price still in a bullish moving average structure, with MACD above the zero line, but RSI6 and RSI12 both near 70, and the stock price near the upper Bollinger Band, indicating strong prior upward momentum with overbought and profit-taking pressure. The September 11 close has fallen below the September 4 MA5 and MA10 but remains above the then MA20 and middle Bollinger Band. The short-term key is whether the RMB 17.10-17.40 area can attract support. If this area is breached, watch the strong support at RMB 16.20-16.80; if the stock recaptures RMB 18.30-18.60 with increased turnover, the short-term technical pattern may strengthen again. On the capital side, main capital had a total net outflow of approximately RMB 53.6 million over the most recent 10 trading days, and the September 11 decline was accompanied by volume expansion, indicating high-level divergence persists. Dynamic PE is approximately 90x, with third-party pages showing approximately 90-97x; both valuation and technical position are at relatively high levels, and short-term price volatility may be significant.

5.3 Short-Term Outlook (Next Week, Scenario Analysis, For Reference Only)

⚠️ Risk Warning: The following content is solely a subjective scenario analysis based on September 11, 2026 closing data, historical prices, and public technical indicators. It does not constitute investment advice and does not represent a deterministic judgment of future actual trends.

① Key Technical Levels

② Next Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Consolidation (relatively higher weight, approximately 60%; this is a subjective heuristic weight based on current technical position, volume-price relationship, and capital flow, not a statistical probability or model backtest result.): Observation range of RMB 17.10-18.60. Trigger conditions include the stock price finding support near RMB 17.10-17.40, turnover declining to the recent normal range of approximately RMB 200-350 million, and no obvious sustained sell-off in the education sector; the upward rebound to RMB 18.30-18.60 without significant volume breakout. Under this scenario, the September 11 decline may enter a high-volatility consolidation and pullback confirmation phase.
• Weaker Downside (medium weight; this is a subjective heuristic judgment, not a statistical probability or model backtest result.): Observation range of RMB 16.20-17.10. Trigger conditions include the stock price breaking below the RMB 17.10-17.40 support zone on increased volume, daily turnover consistently exceeding RMB 400 million, continued net outflow of main capital, and continued decline in risk appetite for education, AI applications, or ChiNext overall. If the RMB 17.10 area is breached, the short-term structure may shift from high-level pullback to weak adjustment, testing the strong support at RMB 16.20-16.80; if the strong support zone is also breached on increased volume, the area near RMB 15.80-16.00 can be further observed.
• Rebound and Strengthening (relatively lower weight; this is a subjective heuristic judgment, not a statistical probability or model backtest result.): Observation range of RMB 18.30-19.30, with attention to RMB 19.30-19.70 in a strong scenario. Trigger conditions include recapturing the RMB 18.30-18.60 resistance zone, daily turnover reaching or consistently exceeding RMB 400 million, volume significantly higher than the normal level from September 7-10, main capital turning to consecutive net inflows, and strong sector-wide linkage in education. If the rebound reaches RMB 19.30-19.70 but volume does not continue to expand, watch for the risk of another pullback after the rally.

③ Capital and Liquidity Background

As of September 11, 2026, turnover was approximately RMB 338-340 million, volume was approximately 19.29 million shares, and estimated turnover rate based on outstanding shares was approximately 4.2%-4.3%. Recent daily turnover has roughly been in the range of RMB 200-760 million, with significant volume expansion from September 2-4, declining to approximately RMB 200-300 million from September 7-10, and re-expanding to approximately RMB 340 million on September 11. Turnover rates on September 2-3 were close to 9%, significantly higher than the approximately 2.4%-3.6% level in subsequent days, reflecting high capital competition during the prior rally, with recent trading activity somewhat declining, and the September 11 decline with renewed volume expansion corresponding to widened short-term divergence. On shareholder structure, as of June 30, 2026, the top ten shareholders collectively held approximately 37.15%; as of July 28, 2026, the top ten outstanding shareholders cumulatively held approximately 36.74%; as of August 20, 2026, total shareholders were 26,054, lower than 27,052 as of June 30, 2026. The top ten shareholders include multiple types of entities such as controlling shareholders, natural persons, asset management accounts, state-owned legal persons, and Hong Kong Central Clearing, and cannot all be regarded as mainstream institutional investors; although insurance funds and Hong Kong Central Clearing and other institutional or channel accounts appear among the top ten outstanding shareholders, the ultimate investors and trading intentions cannot be confirmed. The above shareholder data is as of June 30, July 28, and August 20, 2026, respectively, with disclosure lag, and the latest holding changes after the July-September price rally have not been fully reflected. From a trading perspective, current turnover is adequate, but turnover is strongly correlated with price volatility, and concentrated short-term capital inflows and outflows may lead to increased price volatility and execution deviation.

Verifiable Volume Confirmation Signals: If daily turnover consistently reaches RMB 400 million or more in the coming week, with turnover rate around 5% or higher, while the closing price recaptures the RMB 18.30-18.60 resistance zone, this can serve as an observation signal of renewed short-term capital strengthening; if turnover expands but the price continues to fall below RMB 17.10, it is more indicative of volume-driven distribution or risk release.

④ Key Points to Watch (Observation Thoughts Only, Not Trading Instructions)

• Observe whether the RMB 17.10-17.40 first support zone can attract support, and whether a breach is accompanied by significant turnover expansion; the above are observation thoughts, not trading instructions.
• Observe whether the RMB 16.20-16.80 strong support zone shows stabilization on reduced volume or breach on increased volume; the above are observation thoughts, not trading instructions.
• Observe whether the stock price can recapture the RMB 18.30-18.60 resistance zone, with simultaneous daily turnover reaching or consistently exceeding RMB 400 million and turnover rate around 5% or higher; the above are observation thoughts, not trading instructions.
• Observe the direction of main capital after the September 11 decline and changes in risk appetite for education, AI applications, and ChiNext overall, but the complete main capital net amount for September 11 currently lacks stable cross-verification; the above are observation thoughts, not trading instructions.

The above scenario analysis is based on September 11, 2026 closing data and historical price and technical indicator calculations. Short-term stock prices will also be affected by multiple factors including news, capital flows, and overall market conditions. Technical indicators themselves have lag and limitations, do not guarantee future actual trends, and do not constitute buy or sell recommendations. Please make independent judgments based on the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

The company does not have a single comparable company that can fully correspond to both education and ink businesses simultaneously; education and ink should be observed separately as two segments. The vocational education industry is transitioning from a purely employment-oriented approach to one that emphasizes both employment and academic advancement; the offset printing ink industry is transitioning from pure price competition to competition in technology, environmental protection, brand, service, and customized solutions.

6.2 Competitive Landscape

• The main competitive factors in the vocational education industry include school operating qualifications and regional enrollment capability, school brands and academic advancement results, faculty and teaching management quality, alignment of program offerings with industry needs, enrollment channels, regional demographic structure, and local education policies and private education regulation.
• The company's education business is more oriented toward regional secondary vocational education, full-time high school, and repeat studies, with a gap in scale and brand influence compared to national vocational education groups; its business portfolio includes vocational schools, full-time schools, repeat studies, and online vocational training, and it attempts to combine AI tools with vocational education scenarios.
• Offset printing ink industry trends include green eco-friendly ink replacing traditional high-VOC products, expanded application of soybean oil, vegetable oil-based, bio-based, and low mineral oil products, penetration of UV and UV-LED rapid curing technology, and product development toward high performance, functionality, and customization.
• The ink industry also shows a trend toward integration of printing equipment, ink, and color management services; environmental investment, raw material price volatility, and weak downstream printing demand may compress profits for small and medium-sized enterprises.
• The company's 2025 annual report believes that ink industry concentration has a rising trend, but total industry size, market share, and competitor revenue data are not all disclosed under a unified statistical basis, and relevant judgments mainly represent management's industry views and need further tracking in conjunction with the China Ink Association and competitor annual reports.

6.3 Main Competitors

Kingswood Education's comparison should be split into two main lines: for the ink business, Hanghua Ink can be a key reference, along with attention to product competition from multinational companies such as DIC and Toyo Ink and Letong Shares; for the education business, Xueda Education, Chuanzhi Education, and China East Education can be referenced, but these companies are not entirely consistent with Kingswood Education in business model, revenue structure, and scale basis. Kingswood Education's differentiation lies in the coexistence of education and ink dual-core businesses, with the education business having regional school and academic advancement service attributes, and the ink business having a foundation in traditional offset printing ink, eco-friendly ink, and overseas sales.

7. Risk Warnings

• Risk of continued decline in education business revenue and profitability: In 2025, education and training business revenue declined 6.94% year-on-year, gross margin dropped from 46.28% in 2024 to 42.95%, and labor costs accounted for 61.78% of education business operating costs; if enrollment scale, school utilization rates, or academic advancement service performance do not improve, rigid labor costs may continue to compress profits.
• Ink raw material price and cost transmission risk: Pigments, oils, resins, additives, and other chemical materials together account for approximately 84.45% of main procurement, and raw materials account for 82.05% of ink operating costs. The company does not have upstream resource pricing power; if petrochemical product, international commodity, or related chemical material prices rise while product selling prices and customer structure adjustments lag, ink gross margin may decline.
• Risk of investment losses further dragging on performance: In H1 2026, investment loss was RMB 23.0334 million, including investment loss from associates and joint ventures of RMB 16.7489 million and loss from disposal of long-term equity investments of RMB 6.3714 million; if the operating or valuation performance of related investments does not improve, losses outside the main business may continue to amplify earnings volatility.
• Uncertainty risk of returns on AI and new business investment: Before the capital increase, Kedu Huiying's revenue as of Q1 2026 was only RMB 87,800, with a net profit loss of RMB 186,300. The new AI, software development, and technical services businesses have not yet disclosed clear orders, customers, project returns, or profit targets, and business expansion after the RMB 44 million capital increase may face the possibility of implementation and returns falling short of expectations.
• Uncertainty risk of Hong Kong investment platform project: The company plans to establish a Hong Kong wholly-owned subsidiary and grandsubsidiary with approximately HKD 100 million, but has not yet disclosed clear acquisition targets, specific investment projects, or investment return forecasts, and still needs to complete overseas investment filing, foreign exchange registration, and Hong Kong local registration or approval; project progress and returns are subject to uncertainty.
• Cash flow and working capital pressure risk: In H1 2026, net cash flow from operating activities was only RMB 12.9141 million, down 79.12% year-on-year; at the end of 2025, accounts receivable were RMB 112 million, approximately 14.87% of that year's revenue, and ink sales are primarily distribution-based. If collection of education and ink business receivables slows, it may increase cash conversion cycle and capital occupation pressure.
• Valuation and stock price volatility risk: The September 11, 2026 stock price was RMB 17.50, dynamic PE approximately 90x, and September 11 saw a volume-driven decline with main capital net outflow of approximately RMB 53.6 million over the most recent 10 trading days. If main business profit recovery falls short of expectations or investment losses persist, the relatively high valuation may face earnings forecast downgrades and valuation digestion pressure.
• Risk of buyback and employee stock ownership plan implementation falling short of expectations: The company has approved a RMB 100-200 million share buyback plan, but had not implemented it as of August 31, 2026; although the employee stock ownership plan has continued to increase holdings, the related arrangements cannot directly guarantee main business improvement. If buyback progress, implementation scale, or subsequent incentive effects fall short of expectations, it may affect the market's expectations for corporate governance and performance recovery.

8. Conclusion and Outlook

Kingswood Education's medium-to-long-term growth logic mainly comes from two main lines: the education business improving profitability through increased enrollment scale, school utilization rates, teaching management efficiency, and academic advancement service quality; the ink business enhancing competitiveness through eco-friendly and functional product upgrades, raw material cost control, product mix optimization, overseas channels, and technical services. In 2025, ink gross margin improved, and the company has a foundation in eco-friendly ink R&D, patents, and overseas sales, but education business revenue and gross margin have been under continuous pressure, and the pace of profit improvement between the two core businesses is not consistent.

The current performance observation focus is whether the education business can stabilize, whether ink gross margin improvement can continue, and whether investment losses can narrow. The AI and information technology business, Hong Kong investment platform, and buyback/employee stock ownership arrangements can improve market expectations, but currently lack clear orders, project returns, or profit targets, and are not yet sufficient to replace main business verification of performance. There is also significant uncertainty between institutional forecasts and actual performance, as earlier Minsheng Securities forecasts have not yet reflected the profit changes in the 2026 semi-annual report.

From a trading and valuation perspective, the stock price is in a confirmation phase after a pullback from a stage high, with RMB 17.10-17.40 as the short-term observation support zone and RMB 18.30-18.60 as the rebound resistance zone. Technical signals may still be affected by high valuation, capital flows, and ChiNext risk appetite. The company's subsequent performance depends on main business profit recovery, changes in investment losses, and new business implementation. At this stage, focus should be on financial realization and announcement progress, rather than judging company value solely based on buybacks, employee stock ownership, or technical patterns.

Data Sources

• https://static.cninfo.com.cn/finalpage/2026-04-29/1225241167.pdf
• https://static.cninfo.com.cn/finalpage/2025-04-29/1223358099.PDF
• Suzhou Kingswood Education Technology Co., Ltd. 2025 Annual Report Full Text
• Hanghua Ink Co., Ltd. 2024 Annual Report
• Education Industry Research Framework and View Update: A New Dawn - Research Report Main Text _ Data Center _ East Money
• Kingswood Education (300192)_Company Announcements_Kingswood Education: 2026 Semi-Annual Report Summary Sina Finance_Sina
• Kingswood Education (300192)_Company Announcements_Kingswood Education: 2026 Semi-Annual Report Sina Finance_Sina
• Suzhou Kingswood Education Technology Co., Ltd.
• Kingswood Education (300192) Earnings Forecast_F10_Tonghuashun Financial Services Network
• https://pdf.dfcfw.com/pdf/H3_AP202508271735543478_1.pdf?1756331160000.pdf=
• Kingswood Education (300192) - Stock Quote Center - Sohu Securities
• Kingswood Education (300192) - Historical Trading Data | Daban Ke Network
• Kingswood Education: H1 2026 Net Profit RMB 18.6886 Million, Down 64.92% YoY_Company_PB Ratio_ROE
• Securities Code: 300192 Securities Abbreviation: Kingswood Education Announcement No.: 2026-038
• Kingswood Education (300192.SZ): "Leaper" Phase I Employee Stock Ownership Plan Cumulatively Purchased 886,700 Shares_Sina Finance_Sina
• Kingswood Education_ Individual Stock Calendar _ East Money_ Data Channel
• Kingswood Education (300192)_Company Announcements_Kingswood Education: 2026 Semi-Annual Report Sina Finance_Sina
• Securities Code: 300192 Securities Abbreviation: Kingswood Education Announcement No.: 2026-046
• Items subject to approval by relevant departments before business activities can be carried out, with specific business items subject to approval results) General items: technical services, technical development, technical consulting, technical exchange, technical transfer, technical promotion; AI industry application system integration services; enterprise management consulting; market research (excluding foreign-related research); safety consulting services; human resources services (excluding vocational intermediary activities, labor dispatch services); business training (excluding education and training, vocational skills training, and other training requiring permits); computer system services; software development; software sales; information system operation and maintenance services; AI hardware sales; AI general application systems; AI foundational software development; AI theory and algorithm software development; AI application software development; enterprise management; information consulting services (excluding licensed information consulting services); information technology consulting services; education consulting services (excluding education and training activities requiring license approval); internet sales (excluding goods requiring licensing); enrollment auxiliary services (excluding projects requiring approval by law, independently conducting business activities in accordance with business license)
• Kingswood Education (300192) Company Announcements_Sina Finance_Sina
• Securities Code: 300192 Securities Abbreviation: Kingswood Education Announcement No.: 2026-050
• [Tianfeng Securities Co., Ltd.

Regarding

Suzhou Kingswood Education Technology Co., Ltd. Detailed Equity Change Report

Q1 2026 Continuous](https://notice.10jqka.com.cn/api/pdf/2eb538f7f4aa5436.pdf?utm_source=openai)

• Kingswood Education (300192)_Company Announcements_Kingswood Education: Announcement on Changing the Continuous Supervision Financial Advisor Sponsor Representative Sina Finance_Sina
• Kingswood Education (300192) Shareholder Research_F10_Tonghuashun Financial Services Network
• Education Industry Weekly: New Policies Empower Education Upgrades, Two-Way Quality Improvement of Faculty and Textbooks
• Kingswood Education (300192)_Company Announcements_Kingswood Education: 2026 Semi-Annual Report Summary Sina Finance_Sina
• Kingswood (300192) Stock Historical Data: Historical Quotes, Prices, Trend Charts_Investing.com
• Single Stock Research
• Kingswood Education (300192.SZ) Stock Quotes_Historical Data_Main Capital - Big Wave Data
• Kingswood Education (300192) - Historical Trading Data | Daban Ke Network
• Kingswood Education (300192) Shareholder Research_F10_Tonghuashun Financial Services Network
• Kingswood Education: Announcement on the Shareholding of the Top Ten Shareholders and Top Ten Shareholders with Unrestricted Conditions as of the Equity Registration Date of the Shareholders' Meeting for the Share Buyback Matter_Mobile Tonghuashun Finance

This report is automatically retrieved, compiled, and generated by AI based on public channel information, with information as of the close on September 11, 2026; the latest verifiable date for complete technical indicators including MA, MACD, RSI, and Bollinger Bands is September 4, 2026. Some market and capital flow data may be subject to page delays or discrepancies in methodology. There may be timeliness differences; specific data should be subject to the company's official announcements and authoritative data terminals. This report is solely for information compilation and research reference, does not constitute any investment advice, and investors should make independent judgments and bear investment risks themselves.