中汇集团(00382)公布，为筹备可能全数动用股东批准的公司股份计划的计划授权限额，并为日后的企 业行动提供弹性，公司建议透过增设5亿股额外股份，将公司的法定股本由1500万美元(分为15亿股股 份)，增加至2000万美元(分为20亿股股份)，额外股份于发行及缴足股款后，将在各方面与已发行股份享 有同等地位。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 Edvantage Group Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：0382） (1) 建議修訂組織章程大綱及細則 及 (2) 建議增加法定股本 本公告由中滙集團控股有限公司（「本公司」）根據香港聯合交易所有限公司（「聯 交所」）證券上市規則（「上市規則」）第13.51(1)及13.45(4)條而刊發。 建議修訂組織章程大綱及細則 根據聯交所於2025年1月24日刊發的《建議進一步擴大無紙化上市機制及其他上 市規則修訂的諮詢文件之諮詢總結》，聯交所已修訂上市規則附錄A1所載之核 心的股東保障水平，自2025年2月10日起生效。上市發行人須於2025年7月1日之 後首次舉行的股東週年大會或之前對其組織章程文件作出必要修訂，以使組 織章程文件符合上市規則的經修訂附錄A1的規定。 此外，聯交所於2025年5月刊發《實施無紙證券市場及「發行人平台」所需的上市 規則條文修 ...

Group 1: Higher Education Sector - The higher education sector is expected to see a reversal of difficulties due to a combination of bottoming fundamentals and policy advancements, with a focus on improving educational quality and encouraging the expansion of high-quality private colleges [5][6] - The reintroduction of profit-oriented classification management in Hunan Province in 2025 may serve as a pilot for nationwide implementation, providing a stable policy environment for private colleges to expand and meet the growing demand for higher education [5][6] - Key indicators of educational quality, such as student-to-teacher ratios and per-student funding, have met standards after five years of increased investment, suggesting that the investment cycle is peaking and operational efficiency in higher education companies is likely to recover [5][6] - Companies to watch in this sector include Yuhua Education, Zhongjiao Holdings, New Higher Education, China Kepei, Neusoft Ruixin, Xijiao International Holdings, and Zhonghui Group [5][6] Group 2: Vocational Education Sector - The demand for vocational training is surging, driven by an increasing number of university graduates and high school students entering the labor market, leading to a projected market size of 80 billion yuan in 2025 with a penetration rate of only 5% [6][7] - The youth unemployment rate, particularly among those aged 16 to 24, is higher than the urban average, indicating a growing need for vocational skills training [6][7] - Companies to focus on in the vocational education sector include China Oriental Education and Fenbi [6][7] Group 3: Education Industry Trends - The education industry has undergone significant changes due to the "double reduction" policy, resulting in a 96% reduction in capacity in the academic training sector, with a limited number of operational licenses being redistributed [7] - The shift towards competency-based training is gaining momentum, with institutions leveraging their operational qualifications to expand their market share through non-academic training services [7] - The industry is moving towards a "franchise" model, which is expected to enhance revenue and profit growth for compliant institutions [7] Group 4: Investment Recommendations - The report recommends focusing on Hong Kong-listed vocational education companies, particularly China Oriental Education, which is adapting its operational strategy to cater to the needs of high school graduates [9] - In the higher education sector, the potential reintroduction of profit-oriented options is expected to enhance the revenue-sharing certainty for private colleges, with companies like Yuhua Education, Zhongjiao Holdings, and China Kepei being highlighted for their growth potential [9] - The report also suggests monitoring Chinese education companies listed in the US, such as New Oriental, TAL Education, and others, which are showing strong enrollment data [9]

该行维持对中汇集团的"买入"评级，并指出：(1)短期来看，预计FY26在校生人数有所下滑，主要由于 公司为进行专业升级和高质量发展，主动下调专升本招生计划数；但FY27则有望恢复平稳增长。(2)未 来产教融合、社会培训有望成为公司下一个增长点。(3)国际化办学取得进展，今年迎来第一批外国留 学生，积极筹备中国香港教学中心以及海外教学中心，海外业务有望恢复增长。 格隆汇12月10日｜华西证券发表研报指，中汇集团FY2025集团总收入/归母净利/经调归母净利分别为 24,89/5.14/5.92亿元，公司拟派末期股息每股7.4港仙，中期每股派息6.6港仙，分红率30%，对应股息率 9.66%。报告期内，集团学费/住宿费/非学历职业教育服务费收入分别为21.56/2.05/1.28 亿元，同比增长 6.3%/4.9%/46.3%。在校人数稳健增长，截至FY2025末集团在校学生总人数为99,800人，同比增长 4.4%。 ...

机构：华西证券 研究员：唐爽爽/李佳妮 风险提示：国际化办学不及预期，招生情况低于预期，现有业务质量管控风险，系统性风险。 在校人数稳健增长。1）集团学费/住宿费/非学历职业教育服务费收入分别为21.56/2.05/1.28 亿元，同比 增长6.3%/4.9%/46.3%。分地区来看，中国/海外收入分别为24.65/0.24 亿元，同比增长8.6%/-43.1%，我 们分析海外下滑主要由于澳洲政府对外国学生签证政策变化导致招生暂停，目前已恢复正常招生。2） 截至FY2025 末集团在校学生总人数为99,800 人，同比增长4.4%，其中华商学院/华商职业学院/城市职 业学院/境外学院/城市技师学院/华商技工学校在校人数分别为3.12/2.55/2.59/0.12/1.00/0.61 万，同比增 长-2.4%/16.8%/18.7%/-29.5%/-10.8%/-14.8%，华商职业学院高增我们分析主要由于学校所在大湾区生源 基础好，叠加良好办学口碑，在校生规模提升。 购买土地及升级校舍导致资本开支增加，合约负债有所下降。FY25 资本开支8.65 亿元，同比增长 122%，主要用于1）华商职业学院收购江门市新 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing a decline in net profit primarily due to increased investments leading to a decrease in gross margin and goodwill impairment of 0.42 billion [2] - The company plans to distribute a final dividend of 7.4 Hong Kong cents per share and an interim dividend of 6.60 Hong Kong cents, resulting in a dividend payout ratio of 30% and a corresponding dividend yield of 9.66% [2] Revenue and Profit Analysis - For FY2025, the total revenue, net profit attributable to the parent company, and adjusted net profit are projected to be 24.89 billion, 5.14 billion, and 5.92 billion respectively, reflecting a year-on-year growth of 7.7%, a decline of 28.1%, and a decline of 20.7% [2] - The revenue from tuition, accommodation, and non-degree vocational education services is 21.56 billion, 2.05 billion, and 1.28 billion respectively, with year-on-year growth of 6.3%, 4.9%, and 46.3% [3] Student Enrollment and Geographic Performance - The total number of enrolled students at the end of FY2025 is 99,800, representing a year-on-year increase of 4.4% [3] - Revenue from China and overseas is 24.65 billion and 0.24 billion respectively, with year-on-year growth of 8.6% and a decline of 43.1% [3] Capital Expenditure and Liabilities - Capital expenditure for FY2025 is 8.65 billion, a year-on-year increase of 122%, primarily for land acquisition and construction of new educational facilities [4] - Contract liabilities for FY2025 are 14.41 billion, showing a year-on-year decrease of 9% [4] Profitability Metrics - The gross margin for FY2025 is 40.7%, a decrease of 8.0 percentage points year-on-year [5] - The net profit margin and adjusted net profit margin are 20.6% and 23.8%, reflecting declines of 10.3 and 8.5 percentage points year-on-year [5] Future Outlook and Earnings Forecast - Short-term projections indicate a decline in student enrollment for FY2026 due to a reduction in enrollment plans for professional upgrades, but a recovery is expected in FY2027 [6] - Revenue forecasts for FY2026 are adjusted to 29.09 billion to 25.41 billion, with net profit forecasts revised to 8.90 billion down to 6.05 billion [6] - The projected earnings per share (EPS) for FY2026 is adjusted from 0.78 to 0.50 [6]

截至月份: 2025年11月30日 狀態: 新提交 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 中滙集團控股有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00382 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | USD | | 0.01 USD | | 15,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 1,500,000,000 | USD | | 0.01 USD | | 15,000,000 | 本月底法 ...

Major Events - Excellence Risen (02687) plans to offer 6.6667 million H-shares globally from November 28 to December 3 [1] - Naxin Micro (02676) plans to offer 19.0684 million shares globally from November 28 to December 3 [1] - Stone Four Pharmaceutical Group (02005) received production registration approval for the sustained-release capsule of Tofacitinib (4mg) [1] - Innovent Biologics (01801) received approval from the National Medical Products Administration for its drug, Xinmeiyue® (Pikankizumab injection), for treating moderate to severe plaque psoriasis [1] - Jiangxi Copper (00358) intends to acquire shares of the overseas-listed company SolGold Plc [1] - ZTO Express-W (02057) plans to acquire 100% equity of Zhejiang Xinglian for 178 million yuan to enhance end-to-end domestic and international air logistics capabilities [1] - China Shenhua (01088) completed 168 hours of trial operation for the Beihai Phase II Unit 3 and transferred it to commercial operation [1] - Zhidatech (02650) signed a major contract worth over 100 million yuan for electric vehicle charging stations with Saudi Controls Ltd, expanding into the Middle East market [1] - Hendry (03389) received a voluntary cash offer from Junya at a 12% premium and will resume trading on December 1 [1] - Zijin Mining (02899) donated 20 million HKD to support post-fire reconstruction in Hong Kong's Tai Po District [1] - Guoquan (02517) donated 10 million HKD for fire rescue efforts in Hong Kong's Tai Po [1] - InnoCare Pharma (02577) donated 2 million HKD to assist in fire rescue efforts in Hong Kong's Tai Po [1] Operating Performance - Meituan-W (03690) reported Q3 revenue of approximately 95.5 billion HKD, a year-on-year increase of about 2%, with highlights in flash purchase and global expansion [1] - China Gas (00384) reported a mid-term profit attributable to shareholders of 1.334 billion HKD, with an interim dividend of 0.15 HKD per share [1] - Zhixing Group Holdings (01539) reported a mid-term profit attributable to shareholders of 27.533 million HKD, a year-on-year increase of 35.68%, with gross margin rising to approximately 67.3% [1] - Guofu Quantum (00290) reported mid-term revenue of 1.027 billion HKD, a year-on-year increase of 4564.52% [1] - Yuhua Education (06169) reported an annual adjusted profit attributable to shareholders of 914 million HKD, a year-on-year increase of 95.6% [1] - China Water Affairs (00855) achieved mid-term revenue of approximately 5.183 billion HKD, with a dividend of 0.13 HKD per share [1] - Zhonghui Group (00382) reported annual revenue of approximately 2.489 billion HKD, a year-on-year increase of 7.7% [1]

来源：中汇集团 ...

Performance Highlights - The company reported a revenue of approximately RMB 2,489 million for the fiscal year ending August 31, 2025, representing a year-on-year increase of 7.7% due to an increase in student enrollment and average tuition fees [4][5] - The number of enrolled students reached approximately 99,800, reflecting a year-on-year growth of about 4.4% [4][5] - The company has a strong cash position with cash and cash equivalents amounting to RMB 2,463 million [4][5] - The board proposed a final dividend of HKD 0.074 per share, resulting in a total annual dividend of HKD 0.14 per share, with a payout ratio of 30%, marking the 13th consecutive dividend since the company went public [4][5] Strategic Advantages - National policies are continuously promoting high-quality development in vocational education, providing strong momentum for the sector [5] - The company leverages its geographical advantages in the Guangdong-Hong Kong-Macao Greater Bay Area and Chengdu-Chongqing Economic Circle to align its professional systems with regional economic needs [5] - The company has proactively established programs in strategic emerging fields such as artificial intelligence, new energy, and health, creating a complete cycle from talent cultivation to industrial application [5] Educational Innovation - The company emphasizes a "renowned principals and teachers" approach, enhancing faculty quality through systematic training and recruitment of education experts [6] - Significant investments have been made in modern teaching facilities and advanced training bases to support talent development [6] - A diversified curriculum covering AI, industry-education integration, internationalization, innovation, and ESG has been developed, incorporating real industry projects into the classroom [6] Graduate Outcomes - The company focuses on high-quality employment and sustainable development for students, establishing an integrated support system for further education, employment, and entrepreneurship [7] - Many graduates have secured opportunities for further studies at prestigious institutions and quality domestic and international employment through partnerships and practical training programs [7] - The company has set up an "Innovation and Entrepreneurship Incubation Fund" and campus incubators to support student entrepreneurship, with a strong alumni network providing ongoing support [7] Future Outlook - The company aims to continue its mission of building a century-old prestigious school, deepening industry-academia-research collaboration [8] - It plans to leverage its geographical advantages to enhance international education and expand into vocational training and lifelong education markets [8] - Through strategic investments and educational innovations, the company seeks to cultivate more outstanding applied talents and establish a globally influential educational brand [8]