格隆汇12月10日丨天溯计量(301449.SZ)公布，发行人和保荐人（主承销商）根据初步询价结果，综合 考虑剩余报价及拟申购数量、有效认购倍数、发行人基本面及所处行业、市场情况、同行业上市公司估 值水平、募集资金需求及承销风险等因素，协商确定本次发行价格为36.80元/股，网下发行不再进行累 计投标询价。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 投资者请按此价格在2025年12月12日（T日）进行网上和网下申购，申购时无需缴付申购资金。本次网 下发行申购日与网上申购日同为2025年12月12日（T日），其中，网下申购时间为9:30-15:00，网上申购 时间为9:15-11:30，13:00-15:00。 ...

Core Viewpoint - The company, Lide Education (01449), has entered into a financing lease agreement with Haitong Hengxin for educational equipment and platforms, indicating a strategic move to enhance its educational offerings and infrastructure [1] Group 1: Financing Lease Agreement - The financing lease agreement was signed on December 5, 2025, between Heilongjiang Industrial and Commercial College (the company's comprehensive affiliated entity) as the lessee and Haitong Hengxin as the lessor [1] - The lease assets include teaching electronic devices, multimedia equipment, training platforms, experimental models, experimental platforms, and experimental equipment, which are essential for modern educational practices [1]

Core Viewpoint - The company, Lide Education (01449), has entered into a financing lease agreement with Haitong Hengxin for various educational equipment and platforms, indicating a strategic move to enhance its educational offerings and infrastructure [1] Group 1: Financing Lease Agreement - The financing lease agreement is set to be effective on December 5, 2025, between Heilongjiang Industrial College (the company's comprehensive affiliated entity) as the lessee and Haitong Hengxin as the lessor [1] - The leased assets include teaching electronic devices, multimedia equipment, training platforms, experimental models, experimental platforms, and experimental equipment, which are essential for modern educational practices [1]

格隆汇12月5日丨立德教育(01449.HK)公告，于2025年12月5日，公司的综合联属实体黑龙江工商学院与 海通恒信订立融资租赁协议(海通)及专项协议(海通)，内容有关融资租赁安排(海通)。 透过订立融资租赁安排(海通)，集团可获得财务资源以为建设集团校区拨资及应付其一般营运资金需 求，同时集团的营运不会因融资租赁安排(海通)而受到影响，因为根据融资租赁安排(海通)，概无向海 通恒信转让资产的拥有权或使用权。根据国际财务报告准则，融资租赁安排(海通)项下拟进行交易并不 构成一项资产出售，故不会产生任何须于集团收益表内入账的收益或亏损。于租期届满后，集团将支付 名义保留金以将租赁资产(海通)转回予集团。因此，实际上及就会计处理而言，订立融资租赁安排(海 通)实际上与借入一项有抵押贷款大致相同。 海通恒信为于中国注册成立的股份有限公司，其股份于联交所上市(股份代号：1905)，主要从事通过融 资租赁安排、经营租赁安排等为客户提供融资服务、提供谘询服务及其他服务。 ...

主要交易 融資租賃安排（海通） 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。 Leader Education Limited 立德教育股份有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1449） 融資租賃安排（海通） 於2025年12月5日（交易時段後），黑龍江工商學院與海通恆信訂立融資租賃協議 （海通）及專項協議（海通），內容有關融資租賃安排（海通）。 上市規則涵義 由於融資租賃安排（海通）及過往融資租賃安排（海通）均於12個月期間內與同 一訂約方訂立，故融資租賃安排（海通）應與過往融資租賃安排（海通）合併計算， 且由於最高適用比率按合併基準計超過25%但低於100%，故融資租賃安排（海通） 構成一項主要交易。因此，融資租賃安排（海通）須遵守上市規則第十四章項下 申報、公告、通函及股東批准規定。 據董事經作出一切合理查詢後所深知、盡悉及確信，倘本公司將召開股東大會以 批准、確認及╱或追認融資租賃安排（海通 ...

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: 立德教育股份有限公司 呈交日期: 2025年12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) | 01449 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.01 | USD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 1,000,000,000 | USD | | 0.01 | USD | | 10,000,000 | ...

Core Viewpoint - Lide Education (01449.HK) reported a revenue increase of 6.9% for the fiscal year ending August 31, 2025, compared to the previous year, but recorded a significant loss of RMB 73.9 million [1] Financial Performance - Revenue increased from RMB 322 million for the fiscal year ending August 31, 2024, to RMB 345 million for the fiscal year ending August 31, 2025, representing an increase of RMB 22.1 million [1] - The company recorded a loss of RMB 73.9 million for the fiscal year ending August 31, 2025, compared to a profit of RMB 20 million for the fiscal year ending August 31, 2024 [1]

Core Viewpoint - Lide Education (01449) reported a revenue of 345 million RMB for the fiscal year ending August 31, 2025, representing a year-on-year increase of 6.9%. However, the company experienced a loss attributable to equity holders of the parent amounting to 73.912 million RMB, marking a shift from profit to loss compared to the previous year. The basic loss per share was 0.1109 RMB [1]. Group 1 - The company achieved a revenue of 345 million RMB, which is a 6.9% increase year-on-year [1]. - The loss attributable to equity holders of the parent was 73.912 million RMB, indicating a transition from profit to loss [1]. - The basic loss per share was reported at 0.1109 RMB [1].

Financial Performance - Total revenue for the year ended August 31, 2025, was RMB 345,039,000, representing a 6.9% increase from RMB 322,901,000 in 2024[4] - Gross profit decreased by 1.1% to RMB 117,545,000 from RMB 118,871,000 in the previous year[4] - The company reported a net loss of RMB 73,912,000 for the year, a significant decline of 470.4% compared to a profit of RMB 19,952,000 in 2024[4] - The company recorded a net loss per share of RMB (0.1109), compared to earnings per share of RMB 0.0299 in 2024[6] - The total equity attributable to the owners of the parent company decreased to RMB 854,855,000 from RMB 927,895,000 in the previous year[8] - The company reported a pre-tax loss of RMB 73.9 million for the year ended August 31, 2025, compared to a profit of RMB 19.96 million in 2024[21] - Profit before tax decreased by approximately 80.8% to RMB 3.9 million for the year ending August 31, 2025, compared to RMB 20.1 million for the previous year[37] - The company recorded a loss of RMB 73.9 million for the year ending August 31, 2025, compared to a profit of RMB 20.0 million for the previous year[39] Revenue Sources - Tuition revenue rose by RMB 21.3 million or 7.2% from RMB 296.4 million in 2024 to RMB 317.7 million in 2025, attributed to an expanded enrollment[27] - Accommodation fees increased by RMB 0.8 million or 3.0% from RMB 26.5 million in 2024 to RMB 27.3 million in 2025[27] - The company's revenue increased by RMB 22.1 million or 6.9% from RMB 322.9 million in the year ended August 31, 2024, to RMB 345.0 million in the year ended August 31, 2025[27] Expenses and Costs - Administrative expenses rose to RMB 61,353,000, up from RMB 39,358,000 in 2024, indicating increased operational costs[5] - Sales cost increased by RMB 23.5 million or 11.5% to RMB 227.5 million for the year ending August 31, 2025, primarily due to heating costs, maintenance expenses, and student activity costs[29] - Gross profit decreased by RMB 1.3 million or 1.1% to RMB 117.5 million for the year ending August 31, 2025, with gross margin declining from 36.8% to 34.1%[31] - Other income and gains rose to RMB 14.1 million, an increase of RMB 6.2 million from RMB 7.9 million, mainly due to higher government grants and donations[32] - Administrative expenses increased by RMB 22.0 million or 55.9% to RMB 61.4 million, primarily due to tax penalties and professional service costs[35] Assets and Liabilities - The company had total non-current assets of RMB 2,333,306,000 as of August 31, 2025, compared to RMB 2,179,742,000 in 2024[7] - Current liabilities totaled RMB 772,374,000, a decrease from RMB 840,265,000 in the previous year, reflecting improved liquidity management[7] - Trade receivables increased to RMB 1,060 thousand in 2025 from RMB 573 thousand in 2024[23] - Contract liabilities totaled RMB 303.5 million as of August 31, 2025, compared to RMB 299.8 million in 2024[24] - Other payables and accrued expenses rose to RMB 77.2 million in 2025 from RMB 65.7 million in 2024[25] Cash Flow and Financing - The company has bank financing of RMB 726,000,000, with RMB 687,425,000 already drawn down as of August 31, 2025[12] - The cash flow forecast for the next 18 months includes internal operational funds and available credit financing, indicating a focus on maintaining liquidity[12] - Cash and cash equivalents were approximately RMB 275.8 million as of August 31, 2025, down from RMB 345.4 million the previous year[41] - Capital expenditures for the year ending August 31, 2025, were RMB 218.2 million, a decrease from RMB 359.6 million in 2024[44] - The financial leverage ratio increased from 1.3 to 1.5 as of August 31, 2025[47] - The company has unutilized financing of RMB 43.8 million and expects no obstacles in obtaining external financing in the future if needed[43] Enrollment and Student Statistics - The total number of full-time students for the 2024/25 academic year was 11,909, slightly down from 11,941 in the previous year[28] - The number of distance education students grew from 1,213 in 2024 to 2,424 in 2025[28] - The enrollment rate at Heilongjiang University of Commerce is 88.52% for the 2025/2026 academic year, up from 85.32% in the previous year[53] - The average tuition fee for the 2025/2026 academic year is RMB 25,556, a decrease of 0.75% from RMB 25,750 in the previous year[54] - In 2025, the total enrollment reached 4,043 students, with an admission rate of 96.8% for regular programs and a 100% admission rate for the transfer program[59] - The employment placement rate for the 2025 graduating class was 92.72%, with a local employment rate of 44.68%[59] Strategic Initiatives and Future Plans - The company aims to expand its international education strategy and has already attracted students from Morocco and other countries[62] - The company plans to invest in vocational education and establish a group of vocational schools in the Yangtze River Delta and Beijing-Tianjin-Hebei regions[70] - The company is developing a digital lifelong learning system to create a "Future Learning Center" for educational services[70] - The company aims to integrate its strengths with the Belt and Road Initiative to actively develop international student education[70] - The board has approved a new strategic plan focusing on digital transformation to improve operational efficiency[100] - The company is exploring potential acquisitions to diversify its educational offerings, with a budget of 100 million RMB allocated for this purpose[99] Regulatory and Compliance Issues - The implementation of the 2021 Regulations allows private schools to enjoy tax benefits similar to public schools, with non-profit private schools receiving equal tax treatment[72] - Non-profit private schools must reserve at least 10% of their audited annual net asset increase as a development fund, while for-profit schools must reserve 10% of their audited annual net income[73] - The 2021 Regulations impose stricter controls on transactions between private schools and related parties, requiring fair pricing and public disclosure mechanisms[77] - The company may incur significant compliance costs due to the establishment of disclosure mechanisms and government reviews, which could divert management's attention[76] - Future acquisitions may face increased regulatory scrutiny, potentially impacting the company's expansion plans[77] - The company has confirmed compliance with foreign investment control restrictions, ensuring that the principal and board members are Chinese citizens[78] - The foreign investment portion in Sino-foreign cooperative private schools must be less than 50%, with no specific implementation guidelines currently available[79] - The company has not received any significant fines or penalties related to its existing corporate structure or contractual arrangements as of the announcement date[75] - The interpretation of the 2021 Regulations remains uncertain, which could affect the company's operations and financial condition[75] - The company may need to modify or terminate its contractual arrangements if deemed non-compliant with applicable laws, potentially impacting its operational licenses[75] Corporate Governance - The company has established an audit committee composed of three independent non-executive directors to oversee internal controls and risk management[89] - The company has complied with the corporate governance code, except for the separation of the roles of chairman and CEO, which are currently held by the same individual[85] - The company has not reported any significant events occurring after August 31, 2025[83] Shareholder Information - The board of directors does not recommend the payment of a final dividend for the fiscal year ending August 31, 2025[92] - The company maintains a sufficient public float of at least 25% of its issued share capital as required by listing rules[95] - The annual general meeting is scheduled for February 24, 2026, with a record date for shareholder voting eligibility set from February 19 to February 24, 2026[94]

Summary of Key Points Core Viewpoint - As of November 26, a total of 39 stocks reached their 52-week highs, with notable performances from Fire Rock Holdings (02975), Crocodile Garments (02977), and Aisuo Holdings (08585) showing significant increases in their high rates [1]. 52-Week Highs - Fire Rock Holdings (02975) achieved a closing price of 0.114 with a peak of 0.231, marking a high rate of 285.00% - Crocodile Garments (02977) closed at 0.085, reaching a high of 0.189, reflecting a high rate of 170.00% - Aisuo Holdings (08585) closed at 0.021, with a peak of 0.040, resulting in a high rate of 110.53% - Other notable stocks include: - Fulltech Electric Group Holdings (01750) with a high rate of 23.64% - Century United Holdings (01959) at 22.05% - Cassava Resources (00841) at 20.19% [1]. 52-Week Lows - The stock with the largest decline was Jia Jin Investment International (00310), which closed at 0.141, reaching a low of 0.137, resulting in a decline rate of -25.95% - Crown Central Properties (00193) closed at 0.168, with a low of 0.141, reflecting a decline rate of -18.02% - Lion Holdings (02562) had a closing price of 4.710, with a low of 4.680, showing a decline rate of -9.48% - Other significant declines include: - Huading Holdings (03398) at -7.14% - XL Two South Strategy - U (09799) at -5.96% [2].