此乃要件 請即處理 閣下如對本通函任何方面有任何疑問，應諮詢 閣下之股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之中滙集團控股有限公司之股份全部售出或轉讓，應立即將本通函連同隨 本通函附奉之選擇表格（如適用）送交買主或承讓人，或經手買賣或轉讓之銀行、股票經紀 或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並表明概不就因本通函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。 任何境外股東如在香港以外任何司法權區收到本通函及╱或選擇表格，概不可視之為參與 以股代息計劃之邀約，除非本公司可在毋須遵照有關司法權區之任何登記或其他規定或手 續的情況下合法向其作出有關邀約。任何境外股東如欲就中期股息收取代息股份，其須自 行承擔責任，遵守一切任何有關司法權區之法律規定，包括獲得任何政府或其他同意或遵 守任何規定及辦理所需手續。 Edvantage Group Holdings Limited 中滙集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份 ...

New Stock Activities - Companies currently in the IPO process include Botai Cheliang, Xipuni, and Zijin Gold International [1] - Chery Automobile is at the pricing stage, while Different Group is set for its listing date [1] Earnings Announcements - JBB Builders and Chuangneng Group are scheduled to announce their earnings [1] Shareholder Meetings - Companies holding shareholder meetings include Xinhua Wencuan, Jiajin Investment International, and Everbright Securities [1] - Other companies with scheduled meetings are Jiajin Investment International, Huangdafukong, Liangqing Holdings, Youran Muye, and Jinshi Holdings Group [1] Trading Suspension and Resumption - Changhong Jiahua is set to resume trading [1] Dividend Distribution - Companies with upcoming dividend-related dates include Tian Ge Interactive (ex-dividend date), KLN (dividend payment date), COSCO Shipping Holdings (ex-dividend date), Anta Sports (dividend payment date), and Yisheng Biotechnology (dividend payment date) [1] - Other companies with dividend-related dates include Tai Hing Group (ex-dividend date), Longji Group (dividend payment date), Zhou Li Fu (ex-dividend date), and Junjie Group Holdings (ex-dividend date) [1]

Group 1: Industry Investment Rating - The report maintains a positive outlook on the overseas education sector, indicating a favorable investment rating due to the maturation of profit-oriented classification management and market reforms driving the expansion of higher education institutions [1][2]. Group 2: Core Insights - The conditions for profit-oriented classification management in private education are gradually maturing, with quality improvement in private schools being a crucial prerequisite for this transition. The report anticipates an acceleration in the implementation of profit-oriented policies for private schools, which will enhance the supply of higher education while ensuring quality [1][9]. - The establishment of profit distribution rights for private schools has led to increased certainty in asset returns. The average profit margin for the six listed private higher education companies is approximately 30.9%, with an average ROE of 12%. This indicates a robust commercial model that seeks to expand scale and revenue [2][10]. - The report highlights a significant mismatch between supply and demand in the higher education sector, with the number of college admissions only increasing from 10.36 million in 2021 to 10.69 million in 2024, while the number of high school graduates entering the college entrance examination has risen from 10.78 million in 2021 to 13.42 million in 2024. This has resulted in a declining college admission rate from 96.1% in 2021 to 79.6% in 2024 [2][10]. - The report suggests that the current quality standards achieved by listed private higher education companies will lay a solid foundation for the reintroduction of profit-oriented choices, which is expected to enhance the valuation of the higher education sector [2][11]. Group 3: Company Focus - The report recommends focusing on several key companies in the overseas education sector, including Yuhua Education, Zhongjiao Holdings, China Kepei, Neusoft Ruixin, Zhonghui Group, New Higher Education, Xijiao International Holdings, and Huaxia Holdings, as they are well-positioned to benefit from the anticipated policy changes [3][11][14].

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 呈交日期: 2025年9月2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 | 本月底法定/註冊股本總額： USD 15,000,000 截至月份: 2025年8月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 致：香港 ...

Group 1 - The core viewpoint of the article highlights a significant increase in the stock prices of vocational education companies in Hong Kong, driven by a national initiative to enhance vocational skills training from 2025 to 2027 [1] - The government has launched a large-scale vocational skills enhancement training action, focusing on increasing the supply of skilled talent in the manufacturing and service sectors [1] - The rising tuition fees for private universities, which are expected to exceed 10,000 yuan, are contributing to increased profitability for private education companies, with 中教控股 (China Education Holdings) projected to have a net profit margin of 30% for the first half of fiscal year 2025 and 宇华教育 (Yuhua Education) expected to have a net profit margin of 32% for 2024 [1] Group 2 - The stock performance of various vocational education companies includes 中教控股 (China Education Holdings) rising by 7.6%, 宇华教育 (Yuhua Education) increasing by 5%, and 中国东方教育 (China Oriental Education) up by 3% [1] - Other companies in the sector, such as 新高教集团 (New Higher Education Group), 民生教育 (Minsheng Education), 中国新华教育 (China Xinhua Education), 中汇集团 (Zhonghui Group), and 中国科培 (China Kaiping), also experienced gains [1]

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 截至月份: 2025年7月31日 狀態: 新提交 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8月6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 | 本月底法定/ ...

Investment Rating - The report maintains a positive outlook on the higher education sector, indicating a "Buy" recommendation for specific companies such as New Higher Education, Neusoft Ruixin, Xijiao International Holdings, and Zhonghui Group [30]. Core Insights - The report anticipates a turning point in educational investment, with improved operational efficiency expected in the higher education sector. It notes that while revenue growth for higher education companies is generally slowing due to a deceleration in student enrollment, tuition fee increases are becoming the primary driver of revenue growth [3][12]. - The report predicts that the average revenue growth rate for six higher education companies in FY25 will be 8.8%, a decline of 2.8 percentage points from the previous year and a drop of 11.8 percentage points from the five-year average [4][13]. - The report highlights that the average tuition fee growth for FY25 is expected to remain stable at 9.3%, which is an increase of 1.2 percentage points compared to the five-year average [4][12]. Summary by Sections Market Review - The education index increased by 2.9% during the week, outperforming the Hang Seng Index by 0.4 percentage points. Year-to-date, the education index has risen by 14.21%, lagging behind the Hang Seng Index by 7.23 percentage points [11]. Financial Projections - The report forecasts that the average gross profit growth for the six higher education companies in FY25 will be 3.7%, a decrease of 1.1 percentage points from the previous year and a drop of 14.4 percentage points from the five-year average. The average gross profit margin is expected to be 43.6%, down 2.9 percentage points from the previous year [5][18]. - The average number of teachers is projected to grow by 2.9% in FY25, continuing to outpace student enrollment growth. Teacher salaries are expected to increase by an average of 14.7%, indicating a trend towards hiring higher-caliber talent [5][18]. Cost Management - The average sales expense ratio for FY25 is projected to be 2.5%, remaining stable compared to the previous year. The average management expense ratio is expected to rise to 11.8%, while the average financial expense ratio is anticipated to decrease to 3.7% [6][22]. Operational Efficiency - The report suggests that the operational efficiency of higher education companies is expected to bottom out, with quality improvements in education becoming the main theme of the industry. It predicts that the cost growth for higher education companies will align with student enrollment growth in the coming year [8][27]. - The report also indicates that as educational investment peaks, the resumption of dividends from higher education companies is anticipated [29].

Group 1: Government Initiatives - The State Council's Employment Promotion and Labor Protection Working Group issued guidelines for a large-scale vocational skills enhancement training initiative from 2025 to the end of 2027, targeting the supply of skilled labor in manufacturing and service sectors, aiming to provide over 30 million subsidized training opportunities [1] - Shanghai plans to implement a three-year action plan for building a strong education system, focusing on modern vocational education, deepening industry-education integration, and enhancing governance capabilities in vocational education [1] - Guangzhou released implementation opinions to strengthen the high-skilled talent workforce, promoting reforms in the modern vocational education system and integrating vocational and general education [1] Group 2: Industry Developments - China Oriental Education (00667) is a nationwide vocational training institution offering professional training services in culinary arts, information technology, automotive services, and fashion beauty [2] - South China Vocational Education (06913) operates two schools and plans to restructure its colleges, adding new programs in dental and optical technology, with over 40 diverse subjects offered [2] - China Spring Education (01969) operates six private vocational schools, with a total enrollment of 104,000 students, and is positioned to benefit from the growth of private vocational education in Central China [3] - Zhonghui Group (00382) reported a 21.7% revenue growth in higher vocational education, with higher vocational education accounting for 84.9% of total revenue [3] - Fenbi (02469), a leading vocational education company, launched an AI-based product that generated over 14 million yuan in sales within two months, indicating a successful scale-up of its AI strategy [3] Group 3: Company Performance - Neusoft Ruixin Group (09616) reported a 14.9% increase in revenue from educational resource output to 220 million yuan, while its lifelong education business saw a 12.3% decline in revenue to 140 million yuan [4]

Core Viewpoint - Zhonghui Group has been recognized for its outstanding practices and contributions in the ESG (Environmental, Social, and Governance) field, winning the "ESG Social Responsibility Excellence Enterprise Award" at the annual "Golden Award" ceremony, highlighting its commitment to sustainable development in the private higher education sector since its listing in 2019 [1][6]. Group 1: Social Empowerment Formula - As the largest private higher education group in the Guangdong-Hong Kong-Macao Greater Bay Area, Zhonghui Group adheres to its founding mission of "creating a century-old prestigious school and nurturing talents for China," fulfilling its social responsibility through high-quality education services [2]. - The social value of private higher education extends beyond knowledge transfer, focusing on resource integration to address societal pain points, with Zhonghui Group redefining industry responsibility through "educational equity," "industry-education integration," and "community feedback" practices [2]. Group 2: Industry-Education Integration - Zhonghui Group deepens industry-education integration by incorporating corporate resources into the entire teaching chain, ensuring talent cultivation aligns seamlessly with market demands [3]. - In 2025, the group focuses on developing cutting-edge fields such as artificial intelligence, new energy vehicles, and smart healthcare, collaborating with industry leaders to establish 13 types of training bases, enhancing the "integration of industry, academia, research, and application" talent training system [3]. - The group emphasizes student innovation and practical skills, establishing industry-education integration workshops with leading enterprises, ensuring course content aligns with industry needs, and providing over 5,000 internship positions in the past three years [3]. Group 3: Social Responsibility and Educational Equity - Zhonghui Group actively fulfills its social responsibility through various means, including scholarships and financial aid, assisting over 29,000 economically disadvantaged students with funding exceeding 30 million RMB [4]. - The group operates multiple campuses in and out of Guangdong Province, promoting talent integration in the Greater Bay Area and ensuring high-quality education services are accessible to students in different regions [4]. - The group engages in rural revitalization and community education initiatives, including training programs and volunteer services, contributing to local development and education equity [4]. Group 4: ESG Value and Business Growth - With the increasing popularity of ESG investment concepts, Zhonghui Group's strong ESG performance attracts long-term investors, enhancing its market valuation and reducing financing costs [7]. - The group's commitment to ESG principles not only supports its business development but also creates new growth opportunities, transforming social responsibility into a long-term value driver [8]. - The recent guidance from financial authorities to support education sector enterprises in issuing bonds provides Zhonghui Group with diversified financing channels for business upgrades and development [7]. Group 5: Educational Quality and Regional Development - The demand for high-quality talent in economically developed regions like the Greater Bay Area and the Chengdu-Chongqing Economic Circle is significant, and Zhonghui Group's educational resource investment enhances the overall level of private education in these areas [5]. - By offering courses aligned with emerging industries and innovating teaching models, Zhonghui Group provides quality education services, contributing to the development of high-quality talent that supports regional growth [5].

Financial Performance - Revenue for the six months ended February 28, 2025, was RMB 1,247,486,000, representing a 7.5% increase compared to RMB 1,160,191,000 for the same period in 2024[9] - Gross profit decreased by 16.5% to RMB 482,814,000 from RMB 578,009,000 year-on-year[9] - Profit attributable to owners of the company was RMB 243,683,000, down 28.0% from RMB 338,242,000 in the previous year[9] - Adjusted net profit attributable to owners was RMB 258,543,000, a decrease of 25.3% compared to RMB 346,204,000 in 2024[9] - Basic earnings per share fell by 29.5% to RMB 20.98 from RMB 29.76[9] - Total comprehensive income for the period was RMB 284,621,000, compared to RMB 375,066,000 in the same period last year[10] - The profit for the period ending February 28, 2025, was RMB 338,242 thousand, compared to RMB 243,683 thousand for the same period in the previous year, indicating a year-over-year increase of about 38.9%[16] - The total comprehensive income for the period was RMB 375,066 thousand, compared to RMB 284,621 thousand for the previous period, representing an increase of approximately 32%[16] - The pre-tax profit for the six months ended February 28, 2025, was RMB 286,011,000, compared to RMB 386,460,000 for the same period in 2024, indicating a decrease of approximately 26%[33][34] - The adjusted net profit attributable to the company's owners for the six months ended February 28, 2025, was approximately RMB 258.5 million, a decrease of 25.3% compared to the same period last year[96] - The group's total profit for the six months ended February 28, 2025, was RMB 280.5 million, down from RMB 378.5 million in the previous year[97] Student Enrollment and Tuition - The number of enrolled students increased by 4.4% to 100,300 from 96,100[9] - Tuition fees recognized during the period were RMB 1,062,894 thousand, an increase from RMB 1,018,416 thousand in the previous year, representing a growth of about 4.4%[28] - The recognized accommodation fees for the same period were RMB 102,671 thousand, compared to RMB 98,794 thousand in 2024, marking an increase of approximately 3.0%[28] - The recognized non-academic vocational education service fees surged to RMB 81,921 thousand, up from RMB 42,981 thousand in the previous year, indicating a substantial increase of about 90.5%[28] Assets and Liabilities - Non-current assets totaled RMB 6,948,001,000 as of February 28, 2025, compared to RMB 6,638,518,000 as of August 31, 2024[13] - Cash and cash equivalents decreased to RMB 1,864,569,000 from RMB 2,122,102,000[13] - As of February 28, 2025, the company's current liabilities totaled RMB 2,527,368 thousand, a decrease from RMB 2,728,200 thousand as of August 31, 2024, representing a reduction of approximately 7.4%[15] - The total assets minus current liabilities increased to RMB 6,664,171 thousand as of February 28, 2025, compared to RMB 6,373,348 thousand as of August 31, 2024, reflecting an increase of about 4.6%[15] - The company's total equity attributable to owners increased to RMB 4,287,457 thousand as of February 28, 2025, up from RMB 4,065,758 thousand as of August 31, 2024, marking a growth of approximately 5.5%[15] - The group had approximately 8,182 employees as of February 28, 2025, with employee costs totaling around RMB 472.7 million for the six months ended[111] Cash Flow and Financing - For the six months ended February 28, 2025, the net cash used in operating activities was RMB (16,436) thousand, an improvement from RMB (89,608) thousand in the same period of 2024, representing a decrease of approximately 81.7%[18] - The total cash used in investing activities amounted to RMB (505,477) thousand, compared to RMB (371,205) thousand in the previous year, indicating an increase of about 36.1%[18] - The net cash generated from financing activities was RMB 177,620 thousand, a significant recovery from RMB (161,778) thousand in the prior year[20] - The cash and cash equivalents at the end of the period were RMB 1,724,135 thousand, an increase from RMB 1,358,822 thousand in the previous year, reflecting a growth of approximately 26.9%[20] - The group expects sufficient operating cash inflows and available bank financing to meet its future financial obligations over the next twelve months[24] Dividends - The company declared an interim dividend of 6.60 HKD per share, down 31.3% from 9.60 HKD in the previous year[9] - The interim dividend declared for the six months ended February 28, 2025, was approximately RMB 77,763,000, compared to RMB 109,614,155 for the same period in 2024, indicating a decrease of around 29%[41] - The final dividend for the year ending August 31, 2024, amounted to approximately RMB 108,704,000, expected to be partially distributed in new shares and partially in cash by May 30, 2025[42] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ending February 28, 2025[138] - The company has complied with the Corporate Governance Code during the reporting period[134] - The company emphasizes the importance of good corporate governance to enhance management and protect shareholder interests[133] Strategic Initiatives - The company is actively engaging in new product development and market expansion strategies to drive future growth[17] - The group plans to expand its workshop offerings and deepen collaboration with enterprises to enhance the "learning-practice-employment" cycle, aiming to cultivate high-quality application-oriented talents[82] - The group will focus on developing cutting-edge fields such as AI, new energy vehicles, and smart healthcare, while optimizing its professional layout in response to industry demands[88] - The group is actively embracing educational transformation by investing in AI and digitalization, aiming to integrate AI technology into vocational education[79] - Partnerships with major companies like Huawei, Baidu, and JD.com have been established to create a collaborative education platform in emerging fields[79] Share Options and Employee Compensation - The 2024 Share Option Plan allows for a maximum of 114,181,411 shares to be issued, representing approximately 10% of the total issued shares as of the adoption date[55] - The total number of unexercised stock options for directors as of February 28, 2025, is 5,951,491[58] - The total number of unexercised stock options for directors and major shareholders' contacts is 1,385,662[59] - The total number of share options for employees (non-related parties) is 7,980,140 shares, with no options exercised during the period[60] - The company has committed to acquiring properties, plants, and equipment, totaling RMB 785,265,000, primarily for the construction of new campuses[68]