[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]

本月底法定/註冊股本總額： HKD 5,000,000 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: 上海建橋教育集團有限公司 呈交日期: 2025年8月5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 | | ...

Financial Performance - The company achieved revenue of approximately RMB 969.9 million for the year ended December 31, 2024, representing a year-on-year growth of 4.3%[13] - Gross profit for the same period was approximately RMB 539.9 million, a decrease of 6.0% year-on-year[13] - Net profit for the year was approximately RMB 223.6 million, reflecting a year-on-year decline of 21.1%[13] - Revenue increased by RMB 40.0 million or 4.3% to RMB 969.9 million for the year ending December 31, 2024, primarily due to an increase in tuition and boarding fees by approximately RMB 36.6 million or 4.0%[47] - Cost of sales rose by approximately RMB 74.5 million or 20.9% to RMB 430.0 million, mainly driven by an increase in salary costs by approximately RMB 50.3 million or 26.8%[48] - Gross profit decreased by approximately RMB 34.5 million or 6.0% to approximately RMB 539.9 million, with a gross margin of 55.7%, down 6.1 percentage points from the previous year[49] - Profit before tax decreased by approximately RMB 81.0 million or 21.4% to approximately RMB 298.3 million[54] - The net profit margin fell to 23.1% in 2024 compared to 30.5% in 2023[65] - The return on assets (ROA) declined to 5.6% in 2024 from 7.5% in 2023[65] - The return on equity (ROE) decreased to 9.7% in 2024 from 13.1% in 2023[65] Student Enrollment and Employment - For the 2024/25 academic year, the company enrolled 4,505 undergraduate students and 763 diploma students, with a total full-time student population reaching 23,928[14] - The total number of full-time students at the university for the 2024/25 academic year is 23,928, a decrease of 1,085 from the previous year[21] - The university's undergraduate program enrollment for 2024/25 is 4,505, with 763 in the associate degree program and 1,838 in the top-up program[21] - The company maintained a stable employment rate for graduates, achieving a rate of 99.1% for the 2024 cohort[14] - The employment rate for the 2024 graduating class reached 99.1%, with a further 5.7% pursuing further education and 4.6% studying abroad[36] - The overall satisfaction rate of employers hiring graduates from the institution has consistently exceeded 95% from 2022 to 2024[36] Academic Programs and Development - The company has established 15 first-class undergraduate programs recognized by Shanghai, along with various national and provincial level programs[14] - The university has established 70 "AI+ courses" and successfully approved 9 of them for the 2024 Shanghai key course application, accounting for 32.1% of the total approved courses[17] - The college has 29 programs ranked in the top 10 nationally and 33 programs in the top 20, with 14 programs, including Gemstone and Material Craft, ranked first in the country[33] - The college aims to enhance practical teaching and quality education, with 12 courses selected as first-class undergraduate courses in Shanghai for 2024, bringing the total to 31[34] - The college is actively exploring new models of industry-education integration, supported by national policies to enhance vocational education quality[30] - The college's faculty development strategy includes a focus on dual-qualified teachers, with 45.7% of faculty meeting this criterion[34] Financial Management and Governance - The company plans to distribute a final dividend of HKD 0.1 per share, resulting in a total annual dividend of HKD 0.2 per share, with a payout ratio of 34.0%[13] - The company has established a risk management framework to address various operational risks, including changes in the regulatory environment and competition from other educational institutions[122] - The company has complied with all relevant laws and regulations that significantly impact its operations during the fiscal year ending December 31, 2024[121] - The company has not faced significant operational or liquidity issues due to currency fluctuations[68] - The company has a policy of conducting credit checks on all potential clients, and the level of bad debts remains insignificant[125] Strategic Initiatives and Future Plans - The university aims to complete the transformation into a vocational education integration university by 2030, with a full completion target by 2035[18] - The university is actively promoting digital transformation and has plans to enhance educational services by 2025 through the development of a large educational model[17] - The university's strategic focus includes deepening integration with industry and internationalization, aiming to enhance its influence as a leading private university in China[18] - The company plans to utilize the remaining unallocated net proceeds of approximately HKD 231.7 million for campus construction, reflecting a strategic focus on enhancing educational facilities[129] Shareholder Information and Corporate Structure - As of December 31, 2024, Mr. Zhao Donghui holds a total of 100,000,000 shares, representing 24.10% of the company's equity[148] - Mr. Ye Qionghai holds 4,728,000 shares, representing 1.14% of the company's equity[148] - The total issued share capital of the company is 415,000,000 shares as of December 31, 2024[149] - The company has a share incentive plan adopted on December 11, 2020, allowing for the issuance of existing shares and new shares under specific conditions[154] - The share incentive plan has a remaining duration of about 6 years as of December 31, 2024[157] Legal and Regulatory Compliance - The company is committed to complying with the qualification requirements for foreign investors in the education sector, which stipulate that the foreign investment portion must be less than 50%[188] - Future legal or regulatory changes could classify the new contractual arrangements as foreign investment, impacting their legality and operational status[191] - The effectiveness of the new contractual arrangements may not equate to direct ownership, potentially leading to loss of control over the new Chinese affiliate[197] - The company is monitoring the legal and operational environment to ensure compliance with applicable laws and regulations[200]

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 04 月 01 日 [Table_Title] 学费提价明显，利润受成本费用提升影响 [Table_Title2] 建桥教育(1525.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1525 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 3.4/2.15 | | 目标价格(港元)： | | 总市值(亿港元) | 8.92 | | 最新收盘价(港元)： | 2.15 | 自由流通市值(亿港元) | 8.92 | | | | 自由流通股数(百万) | 415.00 | [Table_Summary] 事件概述 2024 年公司收入/归母净利分别为 9.7/2.24 亿元、同比增长 4.3%/-21.1%。收入增长而利润下降主要由于 上半年受折旧年限变更导致毛利下降（23 年 7 月开始变更），下半年同样存在公司增聘双师教师带来的薪酬增 加、管理费用增加等影响。 2024 年派发末期股息每股 0.1 港元，叠加中期股息每股 0.1 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 969,854,000, representing a 4.3% increase from RMB 929,885,000 in 2023[5] - Gross profit decreased by 6.0% to RMB 539,894,000 in 2024, down from RMB 574,377,000 in 2023[5] - Profit before tax fell by 21.4% to RMB 298,331,000 compared to RMB 379,332,000 in the previous year[5] - Net profit for the year was RMB 223,618,000, a decline of 21.1% from RMB 283,365,000 in 2023[5] - Basic and diluted earnings per share decreased to RMB 0.57 from RMB 0.72 in 2023[6] - Total revenue for 2024 reached RMB 969,854,000, an increase of 4.3% from RMB 929,885,000 in 2023[22] - Tuition fees contributed RMB 809,987,000 in 2024, up from RMB 781,456,000 in 2023, reflecting a growth of 3.2%[22] - Other income totaled RMB 46,143,000 in 2024, a rise of 7.3% compared to RMB 42,888,000 in 2023[24] - Financing costs increased to RMB 27,126,000 in 2024 from RMB 24,807,000 in 2023, marking an increase of 9.3%[25] - The effective tax expense for 2024 was RMB 74,713,000, a decrease of 22.1% from RMB 95,967,000 in 2023[29] - Basic earnings per share for 2024 were RMB 0.564, down from RMB 0.715 in 2023, representing a decline of 21.1%[30] Assets and Liabilities - Total non-current assets increased to RMB 3,144,694,000 in 2024 from RMB 2,931,354,000 in 2023[8] - Current assets decreased to RMB 830,568,000 in 2024 from RMB 871,148,000 in 2023[8] - Total liabilities increased slightly to RMB 1,658,132,000 in 2024 from RMB 1,632,673,000 in 2023[9] - The company's net asset value rose to RMB 2,317,130,000 in 2024, up from RMB 2,169,829,000 in 2023[9] - The group recorded a net current liability of RMB 148,425,000 as of December 31, 2024, indicating a careful assessment of future liquidity and financial resources[13] - Accounts receivable increased to RMB 12,446,000 in 2024 from RMB 10,102,000 in 2023, reflecting a growth of 23.2%[32] - The total amount of other payables and accrued expenses decreased from RMB 259,782 thousand in 2023 to RMB 250,394 thousand in 2024, a reduction of 3.6%[41] - Current liabilities net increased by approximately RMB 82.7 million or 125.8% to approximately RMB 148.4 million for the year ending December 31, 2024, primarily due to increased bank borrowings for campus construction projects[82] Education Services - The company continues to focus on providing undergraduate and vocational education services in China, with no significant changes in its main business operations during the year[10] - The group provides higher education services primarily in China, with no separate financial data for independent operating segments[19] - The institution has established 40 undergraduate programs and 10 specialized programs, covering various disciplines[52] - The college has successfully established 12 courses recognized as first-class undergraduate courses in Shanghai, with a total of 31 such courses to date[61] - The college has introduced a new undergraduate program in Business English for the 2024/25 academic year, aimed at cultivating talent for international business[60] - The college aims to transform into a vocational education integration university by 2030, focusing on a model that integrates industry, education, research, and innovation[65] Student Enrollment and Employment - The total number of full-time students at the institution for the 2024/25 academic year is 23,928, a decrease of 1,085 students compared to the previous year[49] - The institution's undergraduate program enrollment for the 2024/25 academic year is 4,505 students, while the specialized program enrollment is 763 students, and the top-up program enrollment is 1,838 students[49] - The employment rate for the 2024 graduating class reached 99.1%, with a further 5.7% pursuing further education and 4.6% studying abroad[64] - The college's graduates have maintained a satisfaction rate of over 95% among employers from 2022 to 2024[64] Corporate Governance and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards and the Hong Kong Companies Ordinance, ensuring compliance and transparency[13] - The company maintained a high level of corporate governance, adhering to all applicable code provisions for the year ended December 31, 2024[103] - The company is committed to corporate governance as per the Listing Rules Appendix C1, ensuring compliance and transparency in its operations[109] - The financial data presented does not constitute the audited consolidated financial statements for the year ending December 31, 2024, but is extracted from the consolidated financial statements reviewed by Ernst & Young according to international auditing standards[107] Strategic Initiatives - The institution's strategic initiatives are supported by policies aimed at promoting industry-education integration in the Lingang New Area[55] - The group aims to deepen the integration of industry and education, focusing on high-quality development and the cultivation of high-skilled talents[70] - The group has established an international curriculum center to expand international course offerings and facilitate overseas study opportunities[69] - The college has developed 70 "AI+ courses" to enhance teaching quality and has received approval for 9 of these courses, accounting for 32.1% of the total approved courses in Shanghai[61] Dividends and Shareholder Information - The company proposed a final dividend of HKD 0.10 per share for 2024, consistent with the previous year[29] - The board has proposed a final dividend of HKD 0.10 per ordinary share for the year ending December 31, 2024, subject to shareholder approval[47] - The company has proposed a final dividend of HKD 0.10 per share for the year ended December 31, 2024, which, along with the interim dividend, results in a total dividend of HKD 0.20 per share, representing a payout ratio of 34.0% of the profit attributable to shareholders[100] Employee Information - The company reported a total employee benefit expense of RMB 405,071,000 in 2024, an increase of 19.6% from RMB 338,660,000 in 2023[26] - The company had a total of 1,889 full-time employees as of December 31, 2024, an increase from 1,793 employees as of December 31, 2023[95] - As of September 30, 2024, 85.8% of full-time faculty hold a master's degree or higher, with 28.7% holding a doctoral degree[61] Financial Health and Investments - The company has not made any significant investments or acquisitions during the year ended December 31, 2024, and has no immediate major investment plans[93] - The company has not entered into any financial instruments for hedging purposes and believes it has sufficient foreign exchange to meet its requirements[92] - The company did not purchase, sell, or redeem any of its listed securities during the year ended December 31, 2024[105]

SHANGHAI GENCH EDUCATION GROUP LIMITED 上海建橋教育集團有限公司 2024 中期報告 股份代號：1525 (於開曼群島註冊成立的有限公司) 目錄 | --- | --- | --- | |--------------------------|-------|-------| | | | | | | | | | 公司資料 | 2 | | | 財務概要 | 3 | | | 管理層討論與分析 | 4 | | | 其他資料 | 17 | | | 中期簡明綜合損益表 | 27 | | | 中期簡明綜合全面收益表 | 28 | | | 中期簡明綜合財務狀況表 | 29 | | | 中期簡明綜合權益變動表 | 30 | | | | | | | 中期簡明綜合現金流量表 | 32 | | | 中期簡明綜合財務資料附註 | 34 | | | 釋義 | 48 | | | | | | | | | | | | | | | | | | | | | | 公司資料 | --- | --- | |----------------------------------------|-------------- ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 535,434,000, representing an increase of 8.3% compared to RMB 494,242,000 in the same period of 2023[1] - Gross profit decreased by 2.3% to RMB 330,833,000 from RMB 338,625,000 year-on-year[2] - Profit before tax declined by 2.0% to RMB 241,690,000 compared to RMB 246,521,000 in the previous year[2] - Net profit for the period was RMB 179,857,000, down 2.0% from RMB 183,459,000 in the same period last year[2] - Basic and diluted earnings per share were RMB 0.45, compared to RMB 0.46 in the previous year[2] - Other income and gains increased to RMB 16,585,000 from RMB 10,211,000, marking a significant growth[2] - Tuition fees contributed RMB 454,760,000, up from RMB 422,329,000, reflecting a growth of 7.7% year-over-year[14] - The cost of services provided was RMB 204,601,000, compared to RMB 155,617,000 in the previous year, indicating an increase of 31.5%[17] - Employee benefits expenses totaled RMB 177,175,000, which is an increase from RMB 159,149,000, representing an increase of 11.0%[17] - The income tax expense for the six months ended June 30, 2024, was RMB 61,833,000, slightly down from RMB 63,062,000 in the same period of 2023[18] Assets and Liabilities - Total non-current assets as of June 30, 2024, amounted to RMB 2,963,528,000, slightly up from RMB 2,931,354,000 at the end of 2023[4] - Current assets decreased to RMB 507,419,000 from RMB 871,148,000, indicating a reduction in liquidity[4] - Total liabilities decreased significantly, with current liabilities at RMB 383,660,000 compared to RMB 936,893,000 at the end of 2023[4] - The original cost of property, plant, and equipment as of June 30, 2024, was RMB 237,078,000, slightly up from RMB 236,965,000 as of December 31, 2023[21] - Accounts receivable as of June 30, 2024, totaled RMB 7,611,000, a decrease of 20.6% from RMB 9,590,000 as of December 31, 2023[21] - The company had capital commitments for property, plant, and equipment amounting to RMB 45,913,000 as of June 30, 2024, down from RMB 88,979,000 at the end of 2023[25] Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.10 per share for the six months ended June 30, 2024, consistent with the previous period[19] - The board recommended a final dividend of HKD 0.10 per share for the year ending December 31, 2023, subject to shareholder approval[19] - The company has no issued potential dilutive ordinary shares as of June 30, 2024[20] - The board proposed an interim dividend of HKD 0.10 per share for the six months ended June 30, 2024, to be paid on October 14, 2024[67] - The record date for the interim dividend is set for October 14, 2024, with payment expected on October 25, 2024[73] Operational Focus and Strategy - The company continues to focus on providing undergraduate and vocational education services in China, with no new product or market expansion strategies disclosed in the report[6] - All revenue was generated in China, with no geographical diversification in operations[12] - The company has no major investments, acquisitions, or disposals planned as of June 30, 2024[64] - The group aims to leverage the policy opportunities in the Lingang New Area to enhance vocational education and develop a high-quality talent pool[44] - The group plans to continue its focus on integrating education and industry, enhancing internationalization and digitalization strategies[44] Employment and Education Statistics - The total number of full-time students at Shanghai Jianqiao University for the 2023/24 academic year is 25,013, an increase of 546 students compared to the 2022/23 academic year[27] - The employment rate for the 2023 graduating class reached 99.1%, with 58.9% of graduates remaining in Shanghai for employment[39] - The college has established 159 industry-education cooperation projects and added 36 new off-campus internship and training bases in 2023[40] - As of September 30, 2023, 83.7% of full-time teachers hold a master's degree or higher, with 24.7% holding a doctoral degree and 35.5% holding senior professional titles[37] Governance and Compliance - The audit committee reviewed the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2024, confirming compliance with applicable accounting standards and regulations[77] - The company has adopted a corporate governance code to ensure high standards of governance and accountability, complying with all applicable provisions for the six months ended June 30, 2024[75] - The company has also adopted a standard code for securities trading by directors, with all directors confirming compliance for the six months ended June 30, 2024[76] Changes in Management - The CEO and a non-executive director resigned due to age reasons, with new appointments announced on August 29, 2024[68][69]

Financial Performance - Total revenue for the year ended December 31, 2023, reached RMB 929,885,000, representing a year-on-year increase of 17.7% compared to RMB 790,114,000 in 2022[21] - Gross profit for 2023 was RMB 574,377,000, with a gross margin of 61.8%, slightly down from 63.9% in 2022[21] - Profit before tax increased to RMB 379,332,000, up 24.2% from RMB 305,306,000 in the previous year[21] - Net profit for the year was RMB 283,365,000, reflecting a net profit margin of 30.5%, compared to 28.5% in 2022[21] - The group achieved revenue of approximately RMB 929.9 million, representing a year-on-year growth of 17.7%[23] - Gross profit was approximately RMB 574.4 million, with a year-on-year increase of 13.7%[23] - Net profit for the year reached approximately RMB 283.4 million, reflecting a year-on-year growth of 26.0%[23] Assets and Liabilities - Current assets as of December 31, 2023, totaled RMB 871,148,000, while current liabilities were RMB 936,893,000, resulting in a net current liability of RMB 65,745,000[21] - Total assets increased to RMB 3,802,502,000, with total equity rising to RMB 2,169,829,000[21] - As of December 31, 2023, the company had distributable reserves of approximately RMB 259.0 million[181] Shareholder Information - The board proposed a final dividend of HKD 0.1 per share, resulting in a total annual dividend of HKD 0.2 per share, with a dividend payout ratio of 26.4%[23] - As of December 31, 2023, Zhao Donghui holds a 24.10% equity interest in the company through controlled entities, with an additional 21.05% interest in shares pledged[83] - The company has a total of 20,750,000 new shares authorized for issuance under the share incentive plan, representing approximately 5% of the total issued shares as of the report date[97] - The total number of new shares that can be issued under the share incentive and option plans is capped at 40,000,000 shares, approximately 9.6% of the total issued shares as of the report date[97] Educational Expansion and Integration - The company plans to continue expanding its educational facilities, with the fourth phase of campus construction initiated in December 2022 to enhance living conditions for staff and students[9] - The company aims to deepen its integration of education and industry in the Lingang New Area, focusing on sustainable development[14] - The total number of full-time students increased to 25,013, an increase of 546 compared to the previous academic year[30] - The group operates four high-level industry-education integration bases in high-tech fields such as communication technology and integrated circuits[25] - The group plans to continue expanding its campus construction to promote industry-education integration[25] - The company aims to enhance the supply of quality higher education degrees in response to the central government's initiative for high-quality development in modern vocational education[199] - The company is actively pursuing opportunities in the Lingang New Area, which is designated as a pilot zone for modern socialist construction and integration of industry and education[199] Risk Management and Compliance - The company has established a risk management framework to address liquidity risks and uncertainties[50] - The company is committed to complying with qualification requirements for foreign educational institutions to operate in China[116] - The company will continue to monitor relevant laws and operational environments to comply with applicable regulations[126] - The company acknowledges potential risks associated with the financial performance of the new Chinese affiliated entities, which could adversely affect its overall business and financial condition[145] Governance and Social Responsibility - The company has a commitment to disclose its environmental, social, and governance performance in its annual report[56] - The company made charitable donations totaling RMB 3,100,000 during the reporting period[193] - The audit committee reviewed the accounting principles and practices adopted by the company and discussed audit, internal control, and financial reporting matters[195] - The company has complied with all relevant laws and regulations that significantly impact its business and operations during the reporting period[192] Supplier and Customer Information - As of December 31, 2023, the company had no single customer contributing over 5% of total revenue, with the top five customers accounting for less than 30% of total revenue[176] - The company’s procurement from the top five suppliers amounted to RMB 311.1 million, representing 74.1% of total procurement for the year ended December 31, 2023[176] - The largest supplier accounted for RMB 276.8 million, which is 65.9% of total procurement, primarily due to construction services for educational facilities[176]