部分教育股集体走高，截至发稿，中教控股(00839)涨3.43%，报3.62港元；建桥教育(01525)涨1.91%， 报3.2港元；中国东方教育(00667)涨1.89%，报7.53港元；希教国际控股(01765)涨0.92%，报0.22港元。 消息面上，宇华教育旗下湖南涉外经济学院选营获批。信达证券（601059）指出，上一轮选营进展高峰 期是在22年10月，黑龙江民办高校选营结果落地，新高教集团旗下哈尔滨华德学院和中国科培旗下哈尔 滨石油学院成功转设为营利性民办学校。此次湖南涉外经济学院选营获批或成为其他省份参考的范本， 各地民办高教选营进展有望得到推进。 该行指出，高教板块有望迎来估值修复。之前选营进展的停滞一直是压制民办高教板块估值的因素之 一，此次湖南涉外经济学院选营获批虽然是营利性转设中的阶段性进展，却是近三年停滞后的一抹亮 光。民办高教板块在普遍3-6x的PE的背景下，有望迎来显著的估值修复。建议重点关注民办高教板块估 值修复带来的投资机会，如中教控股等。 ...

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8月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 公司名稱: 上海建橋教育集團有限公司 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) | 01525 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | HKD | | 0.01 | HKD | | 5,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 500,000,000 | HKD | | 0.01 | HKD | | 5,000,000 | ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to see profit improvement in the second half of the year due to tuition fee increases and the completion of campus construction [7] - The company has optimized tuition fees for the 2025/26 academic year, with undergraduate tuition rising from RMB 32,000-39,800 to RMB 42,000-48,000 per year, and new student fees for diploma courses increasing from RMB 20,000 to RMB 23,000 per year [3][7] - The company has completed its fourth phase of campus construction, which is expected to enhance its educational offerings and potentially create new business models [7] Summary by Sections Financial Performance - In H1 2025, the company's revenue and net profit attributable to shareholders were RMB 534 million and RMB 162 million, respectively, showing a year-on-year decline of 0.3% and 9.9% [2] - The average tuition fee for H1 2025 was RMB 18,884 per semester, reflecting a year-on-year increase of 3.9% [3] - The gross profit margin for H1 2025 was 59.4%, down 2.4 percentage points year-on-year, primarily due to increased staff costs and depreciation [4] Enrollment and Tuition Trends - The total number of enrolled students for the 2024/25 academic year was 23,928, a decrease of 4.3% year-on-year, attributed to the graduation of students from the expanded programs in the previous academic year [3] - The company has seen a decline in the number of adult continuing education students, with a 36.38% year-on-year drop [3] Future Outlook - The company is expected to achieve positive profit growth in the second half of the year, despite challenges in the first half due to increased costs and depreciation [7] - The company is actively developing AI courses and has received approval for 9 "AI+ courses," which is 32.1% of the total approved courses [5] - The company is focusing on creating a smart campus ecosystem by integrating technologies such as AI, 5G, and VR into its educational processes [5] Earnings Forecast - The revenue forecast for 2025-2027 has been adjusted downwards to RMB 999.68 million, RMB 1,067.80 million, and RMB 1,144.45 million, respectively [8] - The net profit forecast for the same period has also been revised down to RMB 208.48 million, RMB 234.39 million, and RMB 262.18 million, respectively [8]

Group 1 - The core viewpoint of the article is that Jianqiao Education (01525) reported a decline in both revenue and net profit for the interim period ending June 30, 2025, indicating potential challenges in its financial performance [1] - The group's revenue for the six months was RMB 534 million, representing a year-on-year decrease of 0.3% [1] - The net profit for the same period was RMB 162 million, which reflects a year-on-year decrease of 9.9% [1] Group 2 - The company reported a loss per share of RMB 0.41 [1] - An interim dividend of HKD 0.1 per share was declared [1]

Core Viewpoint - Jianqiao Education (01525.HK) reported a slight decline in revenue and profit for the six months ending June 30, 2025, indicating challenges in maintaining growth in a competitive education sector [1] Financial Performance - Revenue for the period was RMB 534 million, a decrease of 0.3% year-on-year [1] - Gross profit amounted to RMB 317 million, reflecting a year-on-year decline of 4.1% [1] - Profit attributable to equity holders of the parent was RMB 162 million, down 9.9% compared to the previous year [1] - Basic earnings per share were RMB 0.41, with an interim dividend proposed at HKD 0.10 per share [1]

Group 1 - The company, Jianqiao Education (01525), reported a revenue of RMB 534 million for the six months ending June 30, 2025, representing a year-on-year decrease of 0.3% [1] - The net profit for the same period was RMB 162 million, reflecting a year-on-year decline of 9.9% [1] - The company reported a loss per share of RMB 0.41 and declared an interim dividend of HKD 0.1 [1]

EF001 免責聲明 EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 為陳百助先生、胡戎恩先生及劉濤女士。 | 於本公告日期，執行董事為趙東輝先生及丁哲寅先生；非執行董事為李慧惠女士、葉瓊海先生及趙佳俏女士；以及獨立非執行董事 | 第 2 頁 共 2 頁 v 1.1.1 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 上海建橋教育集團有限公司 | | 股份代號 | 01525 | | 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 | 建議截至2025年6月30日止六個月的中期股息 | | 公告日期 | 2025年8月28日 | | 公告 ...

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Group's unaudited interim condensed consolidated financial results for the six months ended June 30, 2025, show a decrease in revenue, gross profit, profit before tax, and profit for the period, with profit before tax declining by **12.1%** | For the six months ended June 30 | 2025 (RMB thousand) | 2024 (RMB thousand) | Percentage Change | | :------------------------------- | :------------------ | :------------------ | :---------------- | | Revenue | 534,054 | 535,434 | -0.3% | | Gross Profit | 317,204 | 330,833 | -4.1% | | Profit Before Tax | 212,334 | 241,690 | -12.1% | | Profit for the Period | 162,061 | 179,857 | -9.9% | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's revenue slightly decreased by **0.3%** to **RMB 534,054 thousand**, with cost of sales increasing by **6.0%**, leading to a **4.1%** decline in gross profit | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :------------------------------- | :------------------ | :------------------ | | Revenue | 534,054 | 535,434 | | Cost of Sales | (216,850) | (204,601) | | Gross Profit | 317,204 | 330,833 | | Profit Before Tax | 212,334 | 241,690 | | Profit for the Period | 162,061 | 179,857 | | Basic and Diluted Earnings Per Share | 0.41 | 0.45 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's profit for the period was **RMB 162,061 thousand**, with net other comprehensive income of **RMB 230 thousand**, resulting in total comprehensive income of **RMB 162,291 thousand**, a decrease from **RMB 178,511 thousand** in the prior year | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :------------------------------- | :------------------ | :------------------ | | Profit for the Period | 162,061 | 179,857 | | Net Other Comprehensive Income | 230 | (1,346) | | Total Comprehensive Income for the Period | 162,291 | 178,511 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total non-current assets increased to **RMB 3,190,508 thousand**, while current assets significantly decreased to **RMB 443,265 thousand**, primarily due to reduced financial assets and cash balances, with net assets increasing to **RMB 2,442,808 thousand** | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :----------------------------------- | :--------------------------- | :------------------------------- | | Total Non-current Assets | 3,190,508 | 3,144,694 | | Total Current Assets | 443,265 | 830,568 | | Total Current Liabilities | 513,792 | 978,993 | | Net Current Liabilities | (70,527) | (148,425) | | Total Assets Less Current Liabilities | 3,119,981 | 2,996,269 | | Total Non-current Liabilities | 677,173 | 679,139 | | Net Assets | 2,442,808 | 2,317,130 | | Total Equity | 2,442,808 | 2,317,130 | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [1. Company Information](index=6&type=section&id=1.%20Company%20Information) The Company, incorporated in the Cayman Islands on May 8, 2018, operates as an investment holding company primarily providing undergraduate and vocational education services in China - The company is an investment holding company, primarily providing undergraduate and vocational education services in China[10](index=10&type=chunk) [2. Basis of Preparation and Changes in Accounting Policies and Disclosures](index=6&type=section&id=2.%20Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The interim condensed consolidated financial information is prepared under IAS 34, with consistent accounting policies from 2024, and the initial adoption of revised IFRS had no material impact on the Group's financial information - Interim financial information is prepared in accordance with IAS 34, with accounting policies consistent with the prior year, and the newly adopted IAS 21 amendments have no impact on financial information[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [3. Operating Segment Information](index=7&type=section&id=3.%20Operating%20Segment%20Information) The Group operates solely in China, providing higher education services, and therefore presents no separate operating segment or geographical information as all revenue and long-term assets originate from China - The Group operates solely in China, providing higher education services, with no separate operating segment or geographical information presented[14](index=14&type=chunk)[15](index=15&type=chunk) - No single customer's revenue accounted for **10% or more of total revenue** during the period[16](index=16&type=chunk) [4. Revenue](index=7&type=section&id=4.%20Revenue) The Group's revenue, primarily from tuition and accommodation fees, totaled **RMB 534,054 thousand** for the six months ended June 30, 2025, remaining largely stable compared to the prior year, with performance obligations generally satisfied over time and paid in advance | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | | :----------------------- | :------------------ | :------------------ | | Tuition Fees | 451,863 | 454,760 | | Accommodation Fees | 72,202 | 70,636 | | Education-related Services | 8,473 | 8,409 | | Other Services | 1,516 | 1,629 | | **Total** | **534,054** | **535,434** | - Performance obligations for tuition and accommodation fees are satisfied over time and generally paid in advance before the start of the academic year[19](index=19&type=chunk) [5. Profit Before Tax](index=9&type=section&id=5.%20Profit%20Before%20Tax) The Group's profit before tax is reported after deducting various expenses, including increased employee benefit expenses and depreciation/amortization, reflecting operational costs for the period | Expense Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :----------------------------------------- | :------------------ | :------------------ | | Cost of Services Provided | 216,850 | 204,601 | | Total Employee Benefit Expenses | 191,843 | 177,175 | | Depreciation of Property, Plant and Equipment | 57,882 | 50,932 | | Depreciation of Right-of-Use Assets | 7,990 | 7,952 | | Amortization of Other Intangible Assets | 1,135 | 495 | | Net Impairment Loss on Trade Receivables | 2,653 | 2,176 | | Net Impairment Loss on Other Receivables | 98 | 26 | [6. Income Tax Expense](index=9&type=section&id=6.%20Income%20Tax%20Expense) The Company is exempt from income tax in the Cayman Islands, while its mainland China subsidiaries are subject to either a **15%** or **25%** corporate income tax rate, resulting in a period income tax expense of approximately **RMB 50.3 million** due to reduced profit before tax - Gench WFOE benefits from a **15% corporate income tax rate** due to its "High-tech Enterprise" qualification, while other mainland China subsidiaries are subject to **25%**[21](index=21&type=chunk)[22](index=22&type=chunk) | Income Tax Components | 2025 (RMB thousand) | 2024 (RMB thousand) | | :-------------------- | :------------------ | :------------------ | | Current | 48,879 | 56,246 | | Deferred | 1,394 | 5,587 | | **Total Tax for the Period** | **50,273** | **61,833** | [7. Dividends](index=10&type=section&id=7.%20Dividends) The Board of Directors has resolved to declare an interim dividend of **HKD 0.10 per ordinary share** for the six months ended June 30, 2025, maintaining consistency with the prior year - The Board of Directors resolved to pay an interim dividend of **HKD 0.10 per ordinary share** for the six months ended June 30, 2025, which is the same as the prior year[24](index=24&type=chunk) [8. Earnings Per Share Attributable to Owners of the Parent](index=11&type=section&id=8.%20Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) For the six months ended June 30, 2025, basic and diluted earnings per share decreased to **RMB 0.41** from **RMB 0.45** in the prior year, primarily reflecting a reduction in profit for the period | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :------------------------------------------------ | :------------------ | :------------------ | | Profit for the purpose of calculating basic and diluted earnings per share | 162,061 | 179,857 | | Weighted Average Number of Ordinary Shares (shares) | 394,500,000 | 395,401,500 | - For the six months ended June 30, 2025 and 2024, the Group had no outstanding potential dilutive ordinary shares[26](index=26&type=chunk) [9. Property, Plant and Equipment](index=12&type=section&id=9.%20Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the Group's net property, plant and equipment was **RMB 2,388,330 thousand**, a slight decrease from the beginning of the year, primarily due to depreciation expenses exceeding new additions | Item | June 30, 2025 (RMB thousand) | | :--------------------------------- | :--------------------------- | | As at January 1, 2025 | 2,407,320 | | Additions | 38,929 | | Disposals | (37) | | Depreciation for the Period | (57,882) | | As at June 30, 2025 | 2,388,330 | [10. Trade Receivables](index=12&type=section&id=10.%20Trade%20Receivables) As of June 30, 2025, total trade receivables significantly decreased to **RMB 5,359 thousand** from **RMB 11,748 thousand** as of December 31, 2024, with the majority concentrated within 1 year | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--------- | :--------------------------- | :------------------------------- | | Within 1 year | 4,288 | 9,517 | | 1 to 2 years | 885 | 1,684 | | 2 to 3 years | 186 | 481 | | Over 3 years | – | 66 | | **Total** | **5,359** | **11,748** | [11. Share Capital](index=13&type=section&id=11.%20Share%20Capital) As of June 30, 2025, the Company's authorized share capital was **500,000,000 ordinary shares** of **HKD 0.01** each, with **415,000,000 issued and fully paid shares**, amounting to **RMB 3,677 thousand**, consistent with December 31, 2024 | Share Capital Type | June 30, 2025 (Number of Shares) | December 31, 2024 (Number of Shares) | | :-------------------------------------- | :------------------------------- | :----------------------------------- | | Number of Authorized Ordinary Shares | 500,000,000 | 500,000,000 | | Number of Issued and Fully Paid Ordinary Shares | 415,000,000 | 415,000,000 | | Share Capital Amount | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :-------------------------------------- | :--------------------------- | :------------------------------- | | Authorized Ordinary Shares | 4,462 | 4,462 | | Issued and Fully Paid Ordinary Shares | 3,677 | 3,677 | [12. Share Award Scheme](index=13&type=section&id=12.%20Share%20Award%20Scheme) The Share Award Scheme, approved on December 11, 2020, aims to recognize and retain talent, with the trustee holding **20,500,000 shares** totaling **RMB 84,504 thousand** as of June 30, 2025, and no awards granted, lapsed, or cancelled during the period - The Share Award Scheme aims to recognize contributions, retain talent, and attract suitable personnel, valid from December 11, 2020, until terminated by the Board or no awards are granted after its 10th anniversary[31](index=31&type=chunk) - China Merchants Wing Lung Trust Company Limited, as trustee, manages the trust fund, including awarded shares and related income[32](index=32&type=chunk)[33](index=33&type=chunk) | Item | Number of Shares | Total (RMB thousand) | | :------------------------ | :----------------- | :------------------- | | As at January 1, 2025 | 20,500,000 | 84,504 | | Purchases and Withholdings | – | – | | As at June 30, 2025 | 20,500,000 | 84,504 | [13. Commitments](index=14&type=section&id=13.%20Commitments) As of the reporting period end, the Group's contractual commitments primarily related to the acquisition of property, plant and equipment, amounting to **RMB 6,293 thousand**, an increase from December 31, 2024 | Commitment Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--------------------------- | :--------------------------- | :------------------------------- | | Property, Plant and Equipment | 6,293 | 4,388 | [Business Overview](index=15&type=section&id=Business%20Overview) [Introduction to the Group](index=15&type=section&id=Introduction%20to%20the%20Group) The Group operates Shanghai Jian Qiao University, Shanghai's largest private university by full-time student enrollment in 2024/25, consistently ranking third among Type I private universities in China - Shanghai Jian Qiao University, operated by the Group, is Shanghai's largest private university and has consistently ranked **third among Type I private universities in China** for four consecutive years[37](index=37&type=chunk) [Student Enrollment](index=15&type=section&id=Student%20Enrollment) In the 2024/25 academic year, total full-time student enrollment was **23,928**, a decrease of **1,085** from the prior year, mainly due to graduates from the "Junior College to Undergraduate" program, while planned undergraduate enrollment for 2025/26 increased - Total full-time student enrollment for the 2024/25 academic year was **23,928**, a decrease of **1,085** from the 2023/24 academic year, mainly due to graduates from the "Junior College to Undergraduate" program[38](index=38&type=chunk) | Academic Year | Undergraduate Programs | Vocational Programs | Junior College to Undergraduate Programs | Total | | :------------ | :--------------------- | :------------------ | :--------------------------------------- | :------ | | 2020/21 | 17,274 | 2,548 | 1,516 | 21,338 | | 2021/22 | 17,643 | 2,427 | 2,384 | 22,454 | | 2022/23 | 17,945 | 4,195 | 2,327 | 24,467 | | 2023/24 | 17,937 | 4,750 | 2,326 | 25,013 | | 2024/25 | 17,802 | 3,826 | 2,300 | 23,928 | - Planned undergraduate enrollment for the 2025/26 academic year is **5,486** (2024/25 academic year: 4,886), vocational enrollment is **850**, and "Junior College to Undergraduate" enrollment is **1,902**[38](index=38&type=chunk) [Tuition Fee Data](index=16&type=section&id=Tuition%20Fee%20Data) For the 2025/26 academic year, new undergraduate tuition fees will increase to **RMB 42,000-48,000**, new vocational fees to **RMB 23,000**, while "Junior College to Undergraduate" program fees remain unchanged | Program | 2023/24 Academic Year (RMB) | 2024/25 Academic Year (RMB) | 2025/26 Academic Year (RMB) | | :------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Undergraduate Programs | 32,000-39,800 | 32,000-39,800 | 42,000-48,000 | | Vocational Programs | 20,000 | 20,000 | 23,000 | | Junior College to Undergraduate Programs | 30,000-39,800 | 32,000-39,800 | 32,000-39,800 | [Business Review and Operational Updates](index=16&type=section&id=Business%20Review%20and%20Operational%20Updates) [University Profile and Honors](index=16&type=section&id=University%20Profile%20and%20Honors) Shanghai Jian Qiao University offers **40 undergraduate** and **10 vocational programs** across 7 disciplines, consistently ranking third among Type I private universities in China for four years, and has repeatedly received "National Civilized Unit" honors - The University offers **40 undergraduate programs** and **10 vocational programs**, covering 7 disciplinary categories including economics, management, literature, engineering, arts, science, and education[40](index=40&type=chunk) - The University has consistently ranked **third among Type I private universities in China** for four consecutive years and has retained the "National Civilized Unit" honor title after three re-evaluations[42](index=42&type=chunk) - The University successfully passed the Ministry of Education's undergraduate teaching work audit evaluation twice, in November 2019 and April 2025[42](index=42&type=chunk) [Dual Support from Lingang Special Area Policies and Vocational Education Policies](index=17&type=section&id=Dual%20Support%20from%20Lingang%20Special%20Area%20Policies%20and%20Vocational%20Education%20Policies) Lingang New Area policies and national plans, including the "Outline of the Plan for Building a Strong Education Nation," provide strong support for industry-education integration and high-quality vocational education development, benefiting the Group's strategic initiatives - The "Implementation Plan for Comprehensive Reform Pilot in Pudong New Area (2023-2027)" grants greater autonomy to Pudong New Area, supporting high-level reform and opening up[43](index=43&type=chunk) - The Lingang New Area Administration Committee issued "Several Policy Opinions on Supporting Industry-Education Integration Development" and "Action Plan for High-Quality Development of Industry-Education Integration (2025-2027)," explicitly supporting the University's construction as an industry-education integrated university[44](index=44&type=chunk) - Both the "Outline of the Plan for Building a Strong Education Nation (2024-2035)" and the "2025 Government Work Report" emphasize promoting high-quality development of modern vocational education and industry-education integration[46](index=46&type=chunk) [Curriculum and Faculty Development](index=20&type=section&id=Curriculum%20and%20Faculty%20Development) The University optimizes its curriculum to meet market demands, with **29 programs ranking in the top 10 nationwide** and **13 ranked first**, while faculty development shows **85.8%** holding master's degrees or above and **28.7%** holding doctoral degrees, alongside the development of **70 "AI+Curriculum" courses** - The University has **29 programs ranked among the top 10 nationwide**, with **13 programs ranked first nationwide**[48](index=48&type=chunk) - The University introduced a new Business English undergraduate program, aiming to cultivate applied business English composite talents[48](index=48&type=chunk) - As of September 30, 2024, **85.8% of full-time teachers hold master's degrees or above**, and **28.7% hold doctoral degrees**[49](index=49&type=chunk) - The University has explored the development of **70 "AI+Curriculum" courses** and successfully approved **9 Shanghai key "AI+Curriculum" courses**[49](index=49&type=chunk) [Upgrade of Teaching Facilities and Smart Campus Construction](index=21&type=section&id=Upgrade%20of%20Teaching%20Facilities%20and%20Smart%20Campus%20Construction) The Group is upgrading teaching facilities and laboratories to create a modern, intelligent teaching environment, establishing a student-centric smart teaching platform, and integrating AI, 5G, and VR technologies to enhance campus management - The Group is committed to creating a modern and intelligent teaching environment, upgrading teaching and research instruments and laboratories[50](index=50&type=chunk) - The "Cloud Jian Qiao" smart teaching platform has been established, building a teaching process support system "student-centric and learning-focused"[50](index=50&type=chunk) - Actively developing the DeepSeek Jian Qiao Education Application Large Model to create intelligent service, management, and teaching entities, achieving intelligent campus management[50](index=50&type=chunk) [Student Cultivation and Employment](index=22&type=section&id=Student%20Cultivation%20and%20Employment) The University prioritizes high-quality student employment, with a **99.1% employment rate for 2024 graduates**, a **5.7% further study rate**, and **58.8% remaining employed in Shanghai**, consistently achieving over **95% employer satisfaction** - The University's graduate employment rate has consistently remained at **98% or above**, with the 2024 graduate employment rate reaching **99.1%**[51](index=51&type=chunk) - For 2024 graduates, the further study rate reached **5.7%**, overseas study rate **4.6%**, and **58.8% remained employed in the Shanghai area**[51](index=51&type=chunk) - Overall employer satisfaction with the University's graduates consistently exceeds **95%**[51](index=51&type=chunk) [School-Enterprise Cooperation and Industry-Education Integration](index=22&type=section&id=School-Enterprise%20Cooperation%20and%20Industry-Education%20Integration) As a Shanghai High-Skilled Talent Training Base and Lingang New Area's first industry-education integration base, the University is strategically transforming into an industry-education integrated university by **2035**, implementing pilot projects and operating industry colleges through a "secondary college + industry college + entity company" model - The University is a Shanghai High-Skilled Talent Training Base and Lingang New Area's first industry-education integration base[52](index=52&type=chunk) - The University has established a strategy to transform into an industry-education integrated university, aiming for full transformation by **2035**[53](index=53&type=chunk) - Eight pilot projects have been selected, introducing real production and service projects, and operating industry colleges through a "secondary college + industry college + entity company" model[53](index=53&type=chunk) [Phase IV Campus Facilities Put into Use](index=23&type=section&id=Phase%20IV%20Campus%20Facilities%20Put%20into%20Use) The Group's Phase IV campus facilities, totaling approximately **86,400 square meters**, were fully put into use in **March 2025**, including a teaching and training building, talent apartment, and R&D center, to deepen industry-education integration and attract talent - The Group's Phase IV campus facilities were fully put into use in **March 2025**, with a total construction area of approximately **86,400 square meters**[54](index=54&type=chunk) - The new campus facilities include a teaching and training building, talent apartment building, and multi-functional R&D center, facilitating deeper industry-education integration, talent attraction, and R&D support[54](index=54&type=chunk) [Outlook](index=24&type=section&id=Outlook) [Leveraging Existing Strengths, Adhering to High-Quality Development](index=24&type=section&id=Leveraging%20Existing%20Strengths%2C%20Adhering%20to%20High-Quality%20Development) The Group will maintain its high-quality education philosophy, optimizing tuition fees for 2025/26 to **RMB 42,000/year** for undergraduate and **RMB 23,000/year** for vocational students, while advancing talent cultivation, curriculum, and faculty development with AI integration - For the 2025/26 academic year, the minimum tuition fee for new undergraduate students will be optimized from **RMB 32,000/year to RMB 42,000/year**, and for new vocational students from **RMB 20,000/year to RMB 23,000/year**[55](index=55&type=chunk) - Future plans include deepening talent cultivation model reforms, optimizing professional and disciplinary structures, advancing digital and intelligent curriculum reforms, and exploring AI-empowered education and teaching, such as DeepSeek[55](index=55&type=chunk) [Promoting Business Diversification, Expanding New Growth Areas](index=24&type=section&id=Promoting%20Business%20Diversification%2C%20Expanding%20New%20Growth%20Areas) The Group plans to diversify by developing international, adult continuing, and non-degree vocational education, capitalizing on Lingang's talent demand, with adult continuing education having **4,065 enrolled students** and offering over **400 types of vocational qualification training** as of June 30, 2025 - The Group will vigorously develop international education, adult continuing education, and non-degree vocational education to meet Lingang's demand for international and highly skilled talent[56](index=56&type=chunk) - As of June 30, 2025, adult continuing education had **4,065 enrolled students**, and over **400 types of vocational qualification certificate training** have been cumulatively provided[57](index=57&type=chunk) [Seizing Policy Dividends of Lingang New Area, Achieving Industry-Education-City Integration](index=25&type=section&id=Seizing%20Policy%20Dividends%20of%20Lingang%20New%20Area%2C%20Achieving%20Industry-Education-City%20Integration) The Group will leverage Lingang New Area's policy opportunities to advance integrated, internationalized, and digitalized strategies, accelerating its transformation into an industry-education integrated university and aiming to become a first-class private university in China with international influence - The Group will fully leverage the policy opportunities of the Lingang New Area, serving the national strategy for high-quality vocational education development and Lingang's regional development strategy to build a "global power city"[58](index=58&type=chunk) - It will deeply advance integrated, internationalized, and digitalized strategies, accelerating its transformation into an industry-education integrated university, aiming to build a first-class private university in China[58](index=58&type=chunk) [Financial Review](index=26&type=section&id=Financial%20Review) [Revenue](index=26&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's revenue was approximately **RMB 534.1 million**, remaining stable year-on-year - For the six months ended June 30, 2025, revenue was approximately **RMB 534.1 million**, remaining stable year-on-year[59](index=59&type=chunk) [Cost of Sales](index=26&type=section&id=Cost%20of%20Sales) For the six months ended June 30, 2025, cost of sales increased by **6.0%** to **RMB 216,850 thousand**, primarily due to a **7.3%** increase in teacher salary costs and a **12.6%** increase in depreciation and amortization expenses from new campus facilities - Cost of sales increased by **6.0% to RMB 216,850 thousand**, primarily impacted by a **7.3% increase in teacher salary costs** and a **12.6% increase in depreciation and amortization expenses**[60](index=60&type=chunk) [Gross Profit and Gross Profit Margin](index=26&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit decreased by **4.1%** to **RMB 317.2 million**, with the gross profit margin at **59.4%**, a year-on-year decrease of **2.4 percentage points**, mainly due to increased salary and depreciation expenses - Gross profit decreased by **4.1% to RMB 317.2 million**, with a gross profit margin of **59.4%**, a year-on-year decrease of **2.4 percentage points**[61](index=61&type=chunk) [Other Income and Gains](index=26&type=section&id=Other%20Income%20and%20Gains) For the six months ended June 30, 2025, other income and gains amounted to **RMB 17.0 million**, remaining stable year-on-year, primarily from government grants, bank interest, and operating lease income - Other income and gains amounted to **RMB 17.0 million**, remaining stable year-on-year[62](index=62&type=chunk) [Selling and Distribution Expenses](index=27&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by **56.2%** to approximately **RMB 1.2 million**, primarily due to effective labor cost control leading to reduced staff remuneration - Selling and distribution expenses decreased by **56.2% to RMB 1.2 million**, primarily due to labor cost control[63](index=63&type=chunk) [Administrative Expenses](index=27&type=section&id=Administrative%20Expenses) For the six months ended June 30, 2025, administrative expenses increased by **20.4%** to **RMB 104.5 million**, mainly driven by an approximate **RMB 8.1 million** increase in administrative staff salaries and an approximate **RMB 8.7 million** increase in logistics expenses - Administrative expenses increased by **20.4% to RMB 104.5 million**, primarily impacted by increased administrative salaries and logistics expenses[64](index=64&type=chunk) [Finance Costs](index=27&type=section&id=Finance%20Costs) Finance costs decreased by **5.3%** to **RMB 13.0 million**, primarily due to a reduction in interest-bearing borrowings and a decrease in the average annual effective interest rate from **3.79% to 3.07%** - Finance costs decreased by **5.3% to RMB 13.0 million**, primarily due to a reduction in borrowing scale and a decrease in the average effective interest rate[65](index=65&type=chunk) [Profit Before Tax](index=27&type=section&id=Profit%20Before%20Tax) For the six months ended June 30, 2025, profit before tax was approximately **RMB 212.3 million**, representing a year-on-year decrease of approximately **RMB 29.4 million** - Profit before tax was approximately **RMB 212.3 million**, a year-on-year decrease of **RMB 29.4 million**[66](index=66&type=chunk) [Income Tax Expense](index=28&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was approximately **RMB 50.3 million**, primarily attributable to the decrease in profit before tax during the reporting period - Income tax expense was approximately **RMB 50.3 million**, primarily due to a decrease in profit before tax[67](index=67&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) The Group primarily funds its operations through cash generated from operations and bank borrowings, with future liquidity needs to be met by a combination of operating cash flow, bank borrowings, and capital market fundraising - Operations are primarily funded by cash generated from operations and bank borrowings[68](index=68&type=chunk) [Treasury Policy](index=28&type=section&id=Treasury%20Policy) The Group maintains a prudent financial management approach, with the Board actively monitoring liquidity to ensure all funding requirements are adequately met - The Group adopts a prudent financial management approach, with the Board closely monitoring liquidity status[69](index=69&type=chunk) [Property, Plant and Equipment](index=28&type=section&id=Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, property, plant and equipment amounted to approximately **RMB 2,388.3 million**, a **0.8%** decrease from December 31, 2024, mainly due to new additions being less than depreciation expenses - Property, plant and equipment amounted to approximately **RMB 2,388.3 million**, a year-on-year decrease of **0.8%**, primarily because new additions were less than depreciation expenses[70](index=70&type=chunk) [Cash and Cash Equivalents and Time Deposits](index=28&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Time%20Deposits) As of June 30, 2025, cash and cash equivalents and time deposits totaled approximately **RMB 277.0 million**, a **16.2%** decrease from December 31, 2024, primarily influenced by seasonal factors with lower first-half tuition income and higher expenses - Cash and cash equivalents and time deposits amounted to approximately **RMB 277.0 million**, a year-on-year decrease of **16.2%**, primarily due to seasonal factors[71](index=71&type=chunk) [Bank Borrowings](index=28&type=section&id=Bank%20Borrowings) As of June 30, 2025, total bank borrowings were approximately **RMB 827.3 million**, a slight decrease from December 31, 2024, with an effective annual interest rate of **3.07%**, primarily used for campus construction and working capital - Total bank borrowings amounted to approximately **RMB 827.3 million**, with an effective annual interest rate of **3.07%**[73](index=73&type=chunk) | Maturity Status | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :----------------------------------- | :--------------------------- | :------------------------------- | | Repayable within one year | 164,000 | 163,000 | | Repayable in the second year | 178,000 | 172,000 | | Repayable in the third to fifth year (inclusive) | 465,903 | 437,653 | | Repayable after five years | 19,372 | 57,273 | | **Total** | **827,275** | **829,926** | [Capital Expenditures](index=29&type=section&id=Capital%20Expenditures) During the reporting period, capital expenditures amounted to **RMB 58.5 million**, primarily allocated to the University's Phase IV campus construction plan and the maintenance and upgrade of existing school premises - Capital expenditures amounted to **RMB 58.5 million**, primarily for Phase IV campus construction and maintenance/upgrade of existing facilities[74](index=74&type=chunk) [Contractual Commitments](index=29&type=section&id=Contractual%20Commitments) As of June 30, 2025, the Group's capital commitments primarily related to the acquisition of property, plant and equipment, totaling **RMB 6,293 thousand** | Commitment Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--------------------------- | :--------------------------- | :------------------------------- | | Property, Plant and Equipment | 6,293 | 4,388 | [Contingent Liabilities](index=30&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant outstanding or threatened contingent liabilities or material guarantees that would impact its financial position - As of June 30, 2025, the Group had no significant contingent liabilities or guarantees[77](index=77&type=chunk) [Financial Leverage Ratio](index=30&type=section&id=Financial%20Leverage%20Ratio) For the six months ended June 30, 2025, the financial leverage ratio decreased from **0.4** as of December 31, 2024, to **0.3**, primarily due to the repayment of some bank borrowings and an increase in equity - The financial leverage ratio decreased from **0.4 to 0.3**, primarily due to repayment of bank borrowings and increased equity[78](index=78&type=chunk) [Foreign Exchange Risk Management](index=30&type=section&id=Foreign%20Exchange%20Risk%20Management) The Company's functional currency is RMB, with most income and expenses denominated in RMB, and no significant impact from currency exchange rate fluctuations was observed during the period, nor were any financial instruments entered into for hedging purposes - The Company's functional currency is RMB, with no significant impact from exchange rate fluctuations during the period, and no hedging activities undertaken[79](index=79&type=chunk) [Material Investments, Acquisitions and Disposals, Future Plans for Material Investments and Capital Assets](index=30&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals%2C%20Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of June 30, 2025, the Group had no other material investments, acquisitions, or disposals of subsidiaries and associates, nor any immediate plans for material investments and capital asset acquisitions - As of June 30, 2025, the Group had no material investments, acquisitions, disposals, or future plans for capital asset acquisitions[80](index=80&type=chunk) [Pledge of Assets](index=30&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, secured bank borrowings totaled **RMB 827.3 million**, with **RMB 642.4 million** secured by tuition and accommodation fee rights, and the remainder by the charging rights of the Phase IV Talent Center - Secured bank borrowings totaled **RMB 827.3 million**, with part secured by tuition and accommodation fee rights and part by charging rights of the Phase IV Talent Center[81](index=81&type=chunk) [Other Information](index=31&type=section&id=Other%20Information) [Employees and Remuneration Policy](index=31&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **1,896 full-time employees**, with a total remuneration cost of **RMB 191.8 million** for the period, and provides training and social security schemes - As of June 30, 2025, the Group had **1,896 full-time employees**, with a total remuneration cost of **RMB 191.8 million**[82](index=82&type=chunk) - The Group provides external and internal training programs and participates in various employee social security schemes[82](index=82&type=chunk) [Events After Reporting Period](index=31&type=section&id=Events%20After%20Reporting%20Period) In early August 2025, Jian Qiao University was ordered to pay approximately **RMB 8.3 million** in construction fees and interest due to a contract dispute, which it has appealed, with no material impact on financial position or daily operations to date - Jian Qiao University was ordered to pay approximately **RMB 8.3 million** in construction fees and interest due to a construction contract dispute, and has filed an appeal[83](index=83&type=chunk) - As of the announcement date, the Group's financial position and daily operations have not been materially affected[83](index=83&type=chunk) [Interim Dividend](index=31&type=section&id=Interim%20Dividend) The Board resolved to pay an interim dividend of **HKD 0.10 per ordinary share** for the six months ended June 30, 2025, from the share premium account, expected on or about **October 24, 2025** - The Board of Directors resolved to pay an interim dividend of **HKD 0.10 per ordinary share**, to be paid from the share premium account[84](index=84&type=chunk) - The 2025 interim dividend is expected to be paid on or about **October 24, 2025**, to shareholders registered on **October 10, 2025**[84](index=84&type=chunk) [Closure of Register of Members](index=31&type=section&id=Closure%20of%20Register%20of%20Members) To determine the entitlement to the 2025 interim dividend, the Company will suspend the registration of share transfers on **Friday, October 10, 2025**, which will also serve as the record date - To determine interim dividend entitlement, share transfer registration will be suspended on **October 10, 2025**, which is also the record date[85](index=85&type=chunk)[86](index=86&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, nor did they hold any treasury shares, and the Share Award Scheme trustee also made no purchases - Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities during the period, nor did they hold treasury shares[87](index=87&type=chunk) - The trustee of the Share Award Scheme also did not purchase any shares during the period[87](index=87&type=chunk) [Compliance with Corporate Governance Code](index=32&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Group is committed to high corporate governance standards, having adopted and complied with all applicable provisions of the Corporate Governance Code for the six months ended June 30, 2025 - The Group has adopted the Corporate Governance Code and complied with all applicable code provisions during the reporting period[88](index=88&type=chunk) [Compliance with Model Code](index=32&type=section&id=Compliance%20with%20Model%20Code) The Company has adopted the Model Code for directors' securities transactions and confirmed their compliance, also implementing a similar code for employees with inside information - The Company has adopted the Model Code as the code of conduct for directors' securities transactions and confirmed all directors' compliance[89](index=89&type=chunk) - A code of conduct no less exacting than the Model Code has been adopted for employees who may possess inside information[89](index=89&type=chunk) [Audit Committee and Review of Interim Results](index=32&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee has reviewed the Group's accounting principles and the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, confirming compliance with applicable standards and legal requirements - The Audit Committee has reviewed and deemed the interim condensed consolidated financial statements compliant with applicable accounting standards, Listing Rules, and legal requirements[90](index=90&type=chunk) [Publication of Interim Results and Interim Report](index=33&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This announcement and the interim report have been published on the HKEX website and the Company's website, with the report to be dispatched to shareholders requiring a printed copy - This announcement and the interim report have been published on the HKEX website and the Company's website[91](index=91&type=chunk) [Definitions](index=33&type=section&id=Definitions)

Shanghai Gench Education Group Limited 上海建橋教育集團有限公司 提名委員會職權範圍 （本公司根據2019年12月19日通過的董事會決議採納並於2025年8月28日修訂） 1. 組成 上海建橋教育集團有限公司（「本公司」）提名委員會（「委員會」）是按本公司董事會 （「董事會」）通過的決議成立的。 2. 成員 3. 委員會議事程序 - 1 - 2.1 委員會成員應由董事會從本公司的董事中委任。委員會最少由三名成員組成， 大部份成員應為本公司獨立非執行董事。 2.2 委員會的主席（「主席」）應由董事會委任，及應為董事會主席或本公司的獨立非 執行董事。 2.3 董事會及委員會分別通過決議，方可對委員會的成員進行罷免或委任額外人士 成為委員會成員。 2.4 委員會的組成應遵守經不時修訂的香港聯合交易所有限公司證券上市規則（「上 市規則」）的規定。 2.5 委員會須至少包括一名不同性別之成員。 3.1 會議通知 (a) 除非委員會全體成員另行同意，否則委員會的會議通知期不應少於七天。 (b) 任何一位委員會成員於任何時間均可召開委員會會議。 4. 書面決議 委員會全體成員可以以書面 ...

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]