Beijing Kaiwen Education Technology Co., Ltd (002659.SZ)

Beijing Kaiwen Education Technology Co., Ltd (002659.SZ) — VMCI valuation read

Headline read on 002659.SZ: VMCI of 44/100 versus a Basic Materials sector median of 50. The 6-point below-median position is what makes Beijing Kaiwen Education Technology Co., Ltd a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 002659.SZ: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on 002659.SZ: value (002659.SZ trades at 27.0x earnings, 50% above the Basic Materials median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Basic Materials median (10.0%)), and risk (net debt to EBITDA of -1.3x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Basic Materials 12.0x baseline.

002659.SZ fell 2.7% over the trailing 7 days, with a +7.0% read on a 30-day basis.