华泰证券则表示，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。 消息面上，中教控股于11月26日发布年度业绩。中金发表研究报告指，中教控股2025财年收入同比增长 11.9%至73.6亿元，基本符合该行预期；经调整EBITDA同比增长10.5%至41.7亿元，超出该行预期，主 要得益于费用控制优于预期。本财年，公司并未宣布派发股息。 智通财经APP获悉，中教控股(00839)再涨近6%，绩后累计涨幅已近15%。截至发稿，涨5.7%，报3.15港 元，成交额2915.26万港元。 ...

Core Insights - Company reported a revenue growth of 11.9% year-on-year to 7.36 billion yuan for the fiscal year 2025, which is in line with expectations; adjusted EBITDA increased by 10.5% to 4.17 billion yuan, exceeding expectations due to better-than-expected cost control [1] - The number of full-time students increased by approximately 5% year-on-year to 282,000 as of August 31, 2025, but growth in student numbers for the 2025/26 academic year showed a slowdown with only a 0.2% increase [1] Financial Performance - The gross margin for the fiscal year 2025 was 53.3%, a decrease of 2.1 percentage points year-on-year; adjusted EBITDA margin was 56.6%, down 0.7 percentage points year-on-year [2] - The company recognized goodwill impairment totaling 1.706 billion yuan for three of its schools during the period [2] - Capital expenditures decreased by 45.2% year-on-year to 2.66 billion yuan, indicating a turning point in capital spending [2] - As of August 31, 2025, the company's interest-bearing debt ratio was approximately 26.0%, slightly down from 26.4% in the previous year, indicating a healthy level of debt [2] Future Outlook - The company has adjusted its revenue forecast for fiscal year 2026 down by 4% to 7.77 billion yuan and reduced the adjusted EBITDA forecast by 1% to 4.19 billion yuan; it has introduced a revenue forecast for fiscal year 2027 of 8.16 billion yuan and an adjusted EBITDA forecast of 4.42 billion yuan [2] - The target price has been lowered by 30% to 3.5 HKD, corresponding to 3.4 times the estimated adjusted EV/EBITDA for 2026 [2] - The company is currently trading at 2.8 times the estimated adjusted EV/EBITDA for 2026, indicating a potential upside of 22% [2]

中金发表研究报告指，中教控股2025财年收入按年增长11.9%，大致符合该行预期，经调整EBITDA按 年增长10.5%，胜于预期，主要来自于成本开支控制得宜，期内未宣派股息。 计及对学生人数及学费增长的更审慎预期，该行将集团2026财年收入及经调整EBITDA预测下调4%及 1%，分别至77.7亿元及41.9亿元，对2027财年收入及经调整EBITDA预测分别为81.6亿元及44.2亿元。由 于行业平均估值下降，中金将中教控股目标价下调至3.5港元，维持"跑赢行业"评级。 ...

每经AI快讯，中教控股(00839.HK)盘中涨超5%，截至发稿，涨3.85%，报2.97港元，成交额6608.1万港 元。 （文章来源：每日经济新闻） ...

消息面上，里昂研报指出，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。华西证券（002926）也 表示，公司归母净利主要受海南学校就商誉及无形资产确认的非现金减值计提17.06亿元影响，调整项 合计为17.74亿元(无形资产减值17.06亿元、汇兑收益0.17亿元、校舍应付建设成本的公允价值变动0.51 亿元)，还原后该行分析正常归母净利约20.5亿元。目前账上商誉为9.09亿元。 中教控股(00839)盘中涨超5%，截至发稿，涨3.85%，报2.97港元，成交额6608.1万港元。 ...

消息面上，里昂研报指出，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。华西证券也表示，公司 归母净利主要受海南学校就商誉及无形资产确认的非现金减值计提17.06亿元影响，调整项合计为17.74 亿元（无形资产减值17.06亿元、汇兑收益0.17亿元、校舍应付建设成本的公允价值变动0.51亿元），还 原后该行分析正常归母净利约20.5亿元。目前账上商誉为9.09亿元。 智通财经APP获悉，中教控股(00839)盘中涨超5%，截至发稿，涨3.85%，报2.97港元，成交额6608.1万 港元。 ...

Core Viewpoint - CICC has revised down the revenue forecast for China Education Holdings (00839) for the fiscal year 2026 by 4% to 7.77 billion yuan, and adjusted EBITDA forecast by 1% to 4.19 billion yuan, while introducing revenue and EBITDA forecasts for fiscal year 2027 at 8.16 billion yuan and 4.42 billion yuan respectively [1] Group 1: Financial Performance - For the fiscal year 2025, the company's revenue increased by 11.9% to 7.36 billion yuan, which is in line with CICC's expectations; adjusted EBITDA grew by 10.5% to 4.17 billion yuan, exceeding expectations due to better-than-expected cost control [2] - The company's gross profit margin for fiscal year 2025 was 53.3%, a decrease of 2.1 percentage points year-on-year; adjusted EBITDA margin was 56.6%, down 0.7 percentage points year-on-year [4] Group 2: Student Enrollment and Growth - As of August 31, 2025, the total number of full-time students increased by approximately 5% to 282,000; for the 2025/26 academic year, full-time student enrollment grew by 0.2%, with higher education enrollment increasing by 2.8% [3] Group 3: Capital Expenditure and Dividends - The company's total capital expenditure decreased by 45.2% year-on-year to 2.66 billion yuan; as of August 31, 2025, the interest-bearing debt ratio was approximately 26.0%, which is considered a healthy level [5] - The management indicated uncertainty regarding future dividend policies during the earnings call [5]

Core Viewpoint - CICC has revised down the revenue forecast for China Education Holdings (00839) for the fiscal year 2026 by 4% to 7.77 billion yuan, and adjusted EBITDA forecast by 1% to 4.19 billion yuan, while introducing revenue and EBITDA forecasts for fiscal year 2027 at 8.16 billion yuan and 4.42 billion yuan respectively [1] Group 1: Financial Performance - For the fiscal year 2025, the company's revenue increased by 11.9% to 7.36 billion yuan, which is in line with CICC's expectations; adjusted EBITDA grew by 10.5% to 4.17 billion yuan, exceeding expectations due to better-than-expected cost control [2] - The company's gross profit margin for fiscal year 2025 was 53.3%, a decrease of 2.1 percentage points year-on-year; adjusted EBITDA margin was 56.6%, down 0.7 percentage points year-on-year [4] Group 2: Student Enrollment and Growth - As of August 31, 2025, the total number of full-time students increased by approximately 5% to 282,000; for the 2025/26 academic year, full-time student enrollment grew by only 0.2%, with higher education enrollment increasing by 2.8% [3] Group 3: Capital Expenditure and Dividends - The company's total capital expenditure decreased by 45.2% year-on-year to 2.66 billion yuan; the interest-bearing debt-to-asset ratio was approximately 26.0%, slightly down from 26.4% in the previous year, indicating a healthy level [5] - Management indicated uncertainty regarding future dividend policies during the earnings call [5]

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國教育集團控股有限公司 呈交日期: 2025年12月1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) | 00839 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.00001 | HKD | | 500,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.00001 | HKD | | 500,000 | 本月底法 ...

Group 1 - The core viewpoint of the article highlights that Zhongjiao Holdings reported FY25 revenue of 7.363 billion yuan, an increase of 11.9% year-on-year, and a net profit of 506 million yuan, up 0.8% year-on-year, aligning with performance forecasts [1] - The company is transitioning from external expansion to a new phase focused on internal growth and value enhancement, indicating a stable long-term profitability outlook [1] - The company’s domestic revenue grew by 11.8% year-on-year, while international revenue increased by 14.8%, continuing the trend of simultaneous volume and price growth [1] Group 2 - The total number of full-time students reached 282,000, a year-on-year increase of approximately 5%, with the higher education segment being a key stabilizer, showing a 9% growth in student enrollment [1] - Capital expenditures were optimized to 2.66 billion yuan, a nearly 45% decrease year-on-year, marking a shift towards a more cash flow-focused growth period [1] - The company maintained an industry-leading gross margin of 53.32%, despite a year-on-year decline of about 2 percentage points due to increased investments in faculty and teaching quality [1] Group 3 - The net profit for FY25 was 506 million yuan, with a slight increase attributed to a one-time impairment of goodwill and intangible assets amounting to approximately 1.706 billion yuan (after tax 1.675 billion yuan) [1] - Excluding this impact, EBITDA still achieved a year-on-year growth of 10.5%, indicating underlying operational strength [1] - The domestic corporate income tax significantly increased to 320 million yuan year-on-year, reflecting proactive optimization of the group structure [1] Group 4 - The Guangdong Provincial Education Department released a draft document on November 5 regarding the classification management reform for private colleges, which may support sentiment and valuation recovery for Zhongjiao Holdings if it successfully completes the profit-oriented registration [2] - Adjusted net profit estimates for FY26-28 are projected at 2.037 billion, 2.137 billion, and 2.175 billion yuan respectively, reflecting an increase from previous estimates [2] - The target price is set at 3.68 HKD, with a maintained "buy" rating, based on the assumption of a 40% dividend payout ratio starting in FY27 [2]