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]

中汇集团(00382)公布，将于2026年5月29日派发末期股息每股7.4港仙。 ...

公告称，收入增长主要归因于集团旗下华商职业学院及城市职业学院的在校学生人数及中国学校的平均 学费增加。毛利减少主要归因于集团坚持内涵式发展战略，加大投入，加强建设高质量教育队伍。 智通财经APP讯，中汇集团(00382)公布截至2025年8月31日止年度的年度业绩，实现收入约24.89亿元， 同比增长7.7%;毛利约10.12亿元，同比减少10%;公司拥有人应占利润约5.14亿元，同比减少28.1%;每股 基本盈利43.79分，末期股息每股7.4港仙。 ...

Core Viewpoint - Zhonghui Group (00382) reported a revenue of approximately 2.489 billion HKD for the fiscal year ending August 31, 2025, representing a year-on-year growth of 7.7% [1] Financial Performance - Revenue increased primarily due to the rise in student enrollment at Huashang Vocational College and Urban Vocational College, as well as an increase in average tuition fees in Chinese schools [1] - Gross profit was approximately 1.012 billion HKD, showing a year-on-year decrease of 10% [1] - Profit attributable to shareholders was around 514 million HKD, reflecting a year-on-year decline of 28.1% [1] - Basic earnings per share were 43.79 HKD, with a final dividend of 7.4 HKD per share [1] Strategic Focus - The decrease in gross profit is attributed to the company's commitment to an intrinsic development strategy, which involves increased investment in building a high-quality education workforce [1]

| 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 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，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中滙集團控股有限公司 | | 股份代號 | 00382 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年8月31日止年度末期股息 | | 公告日期 | 2025年11月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年8月31日 | | 宣派股息的報告期末 | 2025年8月31日 | | 宣派股息 | 每 股 0.074 HKD | | 股東批准日期 | 2026年1月26日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.074 HKD | | 匯率 | 1 HKD : 1 HKD | | 除淨日 | ...