机构：华泰证券 关注后续分类登记进展 11 月5 日广东省教育厅发布《广东省现有民办高校分类管理改革配套文件（征求意见稿）》，明确了现 有民办高校分类登记的主要程序，有望为平稳有序推进省内现有民办高校分类管理改革奠定基础。中教 控股在广东省内的高校若能顺利完成营利性登记，将有望支撑板块情绪和估值修复。 维持"买入"评级 研究员：夏路路/詹博/郑裕佳 综合考虑学生人数增速和资本开支优化，我们预计FY26-28 经调整归母净利润至20.37/21.37/21.75 亿元 （前值：19.69/21.58/-亿元）。由于分红政策对公司估值影响较大，我们采用DDM 估值，假设FY27 恢 复现金分红、分红率40%（参考FY24 分红率），维持WACC 为14.89%，永续增长率为1%，港元兑人民 币为0.91（前值0.92），目标价为3.68 港元（前值3.91港元）。维持"买入"评级。 中教控股公布FY25 财报：公司全年收入为73.63 亿元，yoy+11.9%；净利润5.06 亿元，yoy+0.8%，符合 业绩预告（4.4-6 亿元）。公司正从外延扩张转向以内生增长和价值深化为核心的新阶段，长期盈利能 力仍稳健， ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 7.363 billion yuan for FY2025, representing a year-on-year growth of 11.9%. The adjusted net profit was approximately 2.049 billion yuan, impacted by a non-cash impairment charge of 1.706 billion yuan related to goodwill and intangible assets [2][3] - The decline in gross margin to 53.3% was attributed to increased educational investment, while the net profit margin showed a smaller decline due to reduced administrative expenses and financing costs [4] - Capital expenditures significantly decreased by 45.2% to 2.66 billion yuan in FY2025, with expectations for continued decline as new educational facilities are completed [4][5] Summary by Sections Financial Performance - FY2025 revenue reached 7.363 billion yuan, with a year-on-year increase of 11.9%. The adjusted EBITDA was 4.169 billion yuan, and the net profit was 506 million yuan, reflecting a 132.3% increase in attributable net profit [2][3] - The number of full-time students increased by 5% to 282,000, with higher education students growing by 9% to 243,000, while secondary vocational education students decreased by 15.2% to 39,000 [3] Profitability Metrics - The gross margin decreased by 2.1 percentage points to 53.3%, while the net profit margin was 6.9%, showing a slight decline of 0.8 percentage points [4] - The company’s financial metrics indicate a net profit margin improvement due to lower administrative expenses and financing costs [4] Capital Expenditure and Future Outlook - Capital expenditures for FY2025 were 2.66 billion yuan, down 45.2% from the previous year, with expectations for further reductions as construction projects are completed [4][5] - Adjusted revenue forecasts for FY2026 and FY2027 have been revised down to 7.743 billion yuan and 8.139 billion yuan, respectively, with corresponding adjusted net profit estimates of 2.172 billion yuan and 2.337 billion yuan [6]

智通财经APP获悉，里昂发布研报称， 维持中教控股(00839)"持有"评级，主要考虑到其合同负债于 2025财年底同比下降1%，里昂对中教控股2026及2027年收入预测下调3.6%及5.9%，盈利预测下调 12.1%及10.5%，但将目标价由2.6港元上调至2.8港元，以反映资本开支减少的预期。 中教控股2025财年收入及盈利分别同比增长11.9%及0.8%，符合公司指引及此前盈利预告，当中主要由 于海南学校计提减值损失，未派发股息亦符合预期。 ...

中教控股2025财年收入及盈利分别同比增长11.9%及0.8%，符合公司指引及此前盈利预告，当中主要由 于海南学校计提减值损失，未派发股息亦符合预期。 里昂发布研报称，维持中教控股(00839)"持有"评级，主要考虑到其合同负债于2025财年底同比下降 1%，里昂对中教控股2026及2027年收入预测下调3.6%及5.9%，盈利预测下调12.1%及10.5%，但将目标 价由2.6港元上调至2.8港元，以反映资本开支减少的预期。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that China Education Holdings is expected to see revenue and profit growth of 11.9% and 0.8% respectively for the fiscal year 2025, aligning with the company's guidance and previous profit forecasts [1] Group 1: Financial Performance - Revenue and profit growth for fiscal year 2025 is projected at 11.9% and 0.8% respectively [1] - The anticipated growth is primarily attributed to impairment losses recognized for Hainan schools [1] - The company did not declare dividends, which is in line with expectations [1] Group 2: Future Projections - Contract liabilities for China Education Holdings are expected to decrease by 1% year-on-year by the end of fiscal year 2025 [1] - Revenue forecasts for 2026 and 2027 have been revised down by 3.6% and 5.9% respectively [1] - Profit forecasts for the same years have been adjusted down by 12.1% and 10.5% respectively [1] Group 3: Rating and Target Price - Credit Lyonnais maintains a "Hold" rating for China Education Holdings [1] - The target price has been increased from HKD 2.6 to HKD 2.8, reflecting expectations of reduced capital expenditures [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 3.68 [1][5]. Core Insights - The company has entered a new phase of stable organic growth, shifting focus from external expansion to internal growth and value enhancement, with long-term profitability remaining robust [1][2]. - For FY25, the company reported total revenue of RMB 7.363 billion, a year-on-year increase of 11.9%, and a net profit of RMB 506 million, up 0.8% year-on-year, aligning with performance forecasts [1][3]. - The company has optimized capital expenditures to RMB 2.66 billion, a decrease of nearly 45% year-on-year, indicating a transition to a more cash flow-focused growth period [2][5]. Summary by Sections Financial Performance - FY25 domestic revenue grew by 11.8% and international revenue by 14.8%, continuing a trend of simultaneous volume and price increases [2]. - The full-time student enrollment reached 282,000, a 5% increase year-on-year, with the higher education segment seeing a 9% growth in enrollment [2]. - The gross profit margin for FY25 was 53.32%, a decline of approximately 2 percentage points due to increased investments in faculty and teaching quality [3]. Profitability and Taxation - The net profit for FY25 was RMB 506 million, with a one-time impairment of goodwill and intangible assets amounting to RMB 17.06 billion (after tax RMB 16.75 billion) impacting short-term results [3]. - The company’s income tax expense increased significantly to RMB 320 million, reflecting proactive optimization of the group structure [3]. Regulatory Environment - The Guangdong Provincial Education Department has released a draft for the classification management reform of private higher education institutions, which could support sentiment and valuation recovery for the company if successful [4]. Future Projections - Adjusted net profit estimates for FY26-28 are projected at RMB 2.037 billion, RMB 2.137 billion, and RMB 2.175 billion respectively, with a dividend policy expected to resume in FY27 at a 40% payout ratio [5][10]. - The company’s weighted average cost of capital (WACC) is maintained at 14.89%, with a perpetual growth rate of 1% [5][11].

本文源自：财华网 【财华社讯】中教控股(00839.HK)公布，截至2025年8月31日止年度，收入约73.63亿元(人民币,下同)， 同比增长11.9%；公司拥有人应占利润9.77亿元，同比增长133.7%；每股盈利35.51分。不派末期股息。 ...

Group 1 - The core viewpoint of the article is that Zhongjiao Holdings (00839.HK) reported its financial results for the fiscal year ending August 31, 2025, indicating a revenue of RMB 7.363 billion, representing a year-on-year increase of 11.9% [2] - The net profit for the same period was RMB 506 million, showing a slight year-on-year growth of 0.8% [2]

Core Viewpoint - The company reported a significant increase in revenue and profit for the fiscal year ending August 31, 2025, indicating strong growth in the education sector [1] Financial Performance - The company achieved revenue of 7.363 billion, representing a year-on-year growth of 11.9% [1] - Profit attributable to owners for the year was 977 million, showing a substantial increase of 133.7% [1] - Basic earnings per share were reported at 35.51 cents [1] Student Enrollment - As of August 2025, the total number of full-time students enrolled in the group was approximately 282,000, reflecting a year-on-year growth of about 5% [1] - The number of full-time students in higher education was around 243,000, with a year-on-year increase of approximately 9% [1] - During the reporting period, the group had about 87,000 new full-time students in China, with approximately 75,000 in higher education [1] Future Outlook - As of October 2025, the total number of full-time students for the 2025/26 academic year is expected to grow by approximately 0.2% year-on-year, with higher education students projected to increase by about 2.8% [1]

Core Insights - The company reported a revenue of RMB 7.363 billion for the fiscal year ending August 31, 2025, representing a year-on-year increase of 11.9% [1] - Net profit reached RMB 506 million, showing a slight increase of 0.8% year-on-year [1] - Adjusted EBITDA was RMB 4.169 billion, reflecting a year-on-year growth of 10.5% [1] - Basic and diluted earnings per share were RMB 0.3551 [1] - Cash reserves stood at RMB 6.744 billion as of August 31, 2025 [1] Enrollment and Student Statistics - The total number of full-time students enrolled in the group was approximately 282,000, marking a year-on-year growth of about 5% [1] - Among these, the number of higher education students was approximately 243,000, which is a year-on-year increase of about 9% [1] - During the reporting period, the group had around 87,000 new full-time students in China, with approximately 75,000 in higher education [1] - As of October 2025, the total number of full-time students for the 2025/26 academic year showed a year-on-year growth of about 0.2%, with higher education students increasing by 2.8% [1]