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This study explores the value of afterschool programs (ASPs) in compulsory education in China from an equity perspective, establishing a theoretical framework for the impact mechanism of ASPs on social equity. Using a questionnaire sample of 666 students in Shenzhen, China, a mediation model was developed and tested. Results indicate that ASPs partially mediate between family capital and educational attainment, while school investment significantly predicts ASPs participation. Moreover, students participating in ASPs are more influenced by schools in terms of their educational outcomes. ASPs organized and funded by schools promote social equity compared to shadow education. This study contributes to understanding ASPs' educational program impacts on social reproduction and offers insights for promoting educational equality.