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利空 | K-12教育股大跌,民辦學校新規下義務教育階段上市公司盈利將面臨挑戰

uSMART友信智投9月2日消息,港股內地教育股現普跌行情,尤其是擁有K-12業務的教育股,睿見教育跌超20%,天立教育跌超18%,楓葉教育跌17%,成實外教育跌超10%。

消息面上,9月1日,習近平主席主持召開中央全面深化委員會第十五次會議,會議審議通過了包括《關於新時代振興中西部高等教育的若幹意見》和《關於規範民辦義務教育發展的實施意見》(“實施意見”)兩份教育相關文件。其中,實施意見再次強調了義務教育的公益屬性,與民促法修法精神相契

會議指出,規範民辦義務教育發展,旨在“加強分類指導,強化民辦義務教育規範管理,營造良好教育生態”。會議強調,各級黨委和政府要“堅持國家舉辦義務教育,確保義務教育公益屬性,辦好辦強公辦義務教育”。

中金公司預計,正式文件有望於近期出臺,且民促法實施條例或出臺在即

中金分析師表示,在民促法修法下,義務階段學校僅可設立爲非營利性學校,因此或在外延擴張及持續獲得收益方面遇到挑戰。民促法實施條例的加速落地或使得可變利益實體(VIE)架構下的義務教育階段上市公司面臨更爲緊迫的挑戰。

高等教育板塊而言,由於高等教育可選擇爲營利性學校,併購發展並不會受限,因此整體影響不大。

培訓機構而言,旨在加強事中事後監管,推進行業自律,營利層面並不受影響。

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