香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所導致或因倚賴該等內 容而產生的任何損失承擔任何責任。 Virscend Education Company Limited 成 實 外 教 育 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1565） 截 至 二 零 二 三 年 八 月 三 十 一 日 止 年 度 的 年 度 業 績 公 告 年度業績概要 董事會議決就截至二零二三年八月三十一日止年度建議派付末期股息每股0.4港仙 及特別股息每股0.7港仙。 截至 截至 二零二三年 二零二二年 八月 八月 三十一日 三十一日 止年度 止年度 變動 百分比 人民幣千元 人民幣千元 人民幣千元 變動 收益 762,268 551,118 211,150 +38.3% 毛利 251,775 167,607 84,168 +50.2% 溢利 38,561 3,891 34,670 +891.0% 母公司擁有人 ...

Financial Performance - For the six months ended February 28, 2023, the total customer contract revenue was RMB 407,579,000, an increase of 36.5% compared to RMB 298,659,000 for the same period in 2022[3] - Tuition fees amounted to RMB 333,277,000, up 35.5% from RMB 245,662,000 year-on-year[3] - The net profit attributable to equity holders of the parent company for the six months ended February 28, 2023, was RMB 23,500,000, compared to RMB 10,136,000 for the same period in 2022, representing a significant increase of 132.5%[8] - The basic and diluted earnings per share for the six months ended February 28, 2023, were RMB 0.008, compared to RMB 0.003 for the same period in 2022, reflecting a 166.7% increase[8] - Revenue for the six months ended February 28, 2023, increased to RMB 407,579,000, representing a growth of 36.5% compared to RMB 298,659,000 for the same period in 2022[82] - Gross profit rose to RMB 139,984,000, a significant increase of 63.4% from RMB 85,689,000 year-over-year[82] - Net profit for the period surged to RMB 27,004,000, marking a remarkable increase of 255.5% compared to RMB 7,597,000 in the previous year[82] - Adjusted net profit reached RMB 37,846,000, reflecting an 89.6% increase from RMB 19,964,000 in the same period last year[82] Revenue Sources - The company reported a revenue of RMB 9,044,000 from loan fundraising with Virscend Holdings for the six months ended February 28, 2023, compared to zero in the previous year[37] - The company generated RMB 932,000 from dining and accommodation services with Tianren Hotel, an increase from RMB 749,000 in the previous year[37] - The total revenue from other income and gains was RMB 14,536,000, a decrease from RMB 16,966,000 in the previous year[3] - Revenue from overseas study consulting services recorded RMB 2.3 million for the six months ending February 28, 2023[103] - The company has developed a comprehensive education program in partnership with commercial property owners, generating RMB 6.6 million in revenue[105] Enrollment and Education Services - Total enrollment for the 2022-2023 academic year reached 27,155 students, with 6,871 in high school and 20,284 in university[89] - The number of domestic high school students increased by 62.5% to 6,427, contributing to an overall enrollment growth of 18.2%[98] - The average tuition for domestic high school programs rose to RMB 41,621, while international high school programs reached RMB 116,314[97] - The overall utilization rate of schools improved to 52.6% for the period ended February 28, 2023, compared to 43.5% for the previous year[121] - The company plans to open a new profit-making high school in Meishan, Sichuan Province, by September 2023[120] Operational Efficiency - The company is committed to developing new products and technologies to improve its educational services and operational efficiency[37] - Employee costs increased by RMB 28.4 million (or 32.4%) due to a rise in the number of teachers as a result of increased student enrollment and the opening of new high schools[137] - Administrative expenses rose by RMB 23.4 million (or 46.4%) to approximately RMB 74.8 million, primarily due to increased fees for business consulting services related to financial matters[157] - Sales and distribution expenses increased by RMB 0.3 million (or 15.8%) to RMB 2.2 million due to higher advertising costs from the promotion of two new schools for the 2022/2023 academic year[139] Financial Position and Liabilities - As of February 28, 2023, the total bank loans to be repaid amounted to RMB 1,051,800,000, an increase from RMB 796,400,000 as of August 31, 2022[18] - The company reported a decrease in other payables from RMB 115,930,000 as of August 31, 2022, to RMB 25,946,000 as of February 28, 2023, reflecting a significant reduction in liabilities[14] - The group's leverage ratio increased from approximately 178.7% as of August 31, 2022, to approximately 198.9% as of February 28, 2023, mainly due to an increase in interest-bearing bank borrowings[188] Strategic Initiatives - The company is focusing on expanding its operations in the southwestern region of China, including Sichuan, Guizhou, Yunnan, and Chongqing[33] - The company is exploring new strategies for market expansion and potential acquisitions to enhance its educational offerings[37] - The company aims to establish new high schools in collaboration with third-party partners, primarily following a light-asset model[99] - The company has expanded its educational product offerings to include international education programs in Europe and Asia since 2022[124] Governance and Compliance - The board of directors did not recommend the payment of a dividend for the year ended August 31, 2022[42] - The company did not recommend any dividend payment for the six months ended February 28, 2023[61] - The group has established an audit committee to oversee financial reporting procedures and risk management systems[195] - The group has no significant contingent liabilities as of February 28, 2023[189]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所導致或因倚賴該等內 容而產生的任何損失承擔任何責任。 Virscend Education Company Limited 成 實 外 教 育 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1565） 截 至 二 零 二 三 年 二 月 二 十 八 日 止 六 個 月 之 中 期 業 績 公 告 成實外教育有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附 屬公司截至二零二三年二月二十八日止六個月的未經審核綜合業績。本公告列載本 公司二零二三年中期報告全文，並符合香港聯合交易所有限公司證券上市規則中有 關中期業績初步公告附載資料之相關要求。 承董事會命 成實外教育有限公司 主席 王小英 香港，二零二三年四月二十八日 ...

Enrollment and Academic Performance - Total enrollment for the 2022-2023 academic year reached 27,155 students, with 6,871 in high school and 20,284 at Sichuan International Studies University[4]. - Approximately 94.7% of flagship school graduates achieved scores qualifying them for top Chinese universities, an increase from 90.4% in the previous year[5]. - In the 2022 Gaokao, 47 high school graduates were admitted to Peking University or Tsinghua University, up from 27 in 2021[5]. - The average university admission rate in Sichuan Province is approximately 36.4%, significantly lower than the 72.4% rate for other Virscend schools[5]. - The university ranked 18th among 157 independent colleges in the 2022 Wu Shulian rankings, with a comprehensive strength ranking of 64th among 396 independent and private universities[23]. - The flagship schools achieved a college admission score of approximately 94.7% for graduates eligible to apply to top universities in China, an increase from 90.4% in the previous year[37]. - 47 high school graduates were admitted to Peking University or Tsinghua University, up from 27 in the previous year[37]. - The total number of enrolled students increased to 27,155 in the 2022/2023 academic year, up from 22,967 in the previous year, resulting in an overall utilization rate of 52.6%, compared to 43.5% in 2021/2022[60]. Financial Performance - The adjusted net profit for the year ended August 31, 2022, was RMB 12.1 million, an increase of RMB 41.8 million compared to the previous year[20]. - Revenue for the year ended August 31, 2022, rose to RMB 551.1 million, representing a growth rate of 14.1%[20]. - The gross profit margin for the year ended August 31, 2022, was 30.4%[13]. - The net profit margin for the year ended August 31, 2022, was 0.7%[13]. - The total revenue of the group increased from RMB 483.0 million for the year ended August 31, 2021, to RMB 551.1 million for the year ended August 31, 2022, representing a growth of 14.1%[45]. - Tuition fees increased by 9.7% from RMB 397.8 million in 2021 to RMB 436.3 million in 2022, with a notable increase in accommodation fees by 23.8%[46]. - The company reported a significant increase in service fee revenue by RMB 12.0 million or 123.5%, mainly from educational management and consulting services provided to various schools[102]. - The company reported a net profit of RMB 3,891,000 for the year ended August 31, 2022, recovering from a net loss of RMB 139,268,000 in the previous year[113]. Operational Changes and Strategies - The company terminated all schools providing compulsory education services due to regulatory changes, impacting business expansion plans[20]. - The company plans to establish new high schools and improve existing campus utilization while gradually increasing tuition fees[25]. - The company will focus on providing non-degree education services to third-party owned kindergartens, responding to increasing demand due to significant advancements in online kindergarten operations[25]. - The company plans to expand its school network into new regions and increase tuition fees as part of its growth strategy[77]. - The company aims to enhance investment in AP and A level programs to counteract the negative impact of declining enrollment in other courses[52]. - The company is exploring opportunities to provide non-academic services, such as dormitory and cafeteria services for students[70]. - The company plans to implement multiple expansion strategies to strengthen its market position in the high-quality private education sector in Southwest China[59]. Human Resources - The company employs 1,319 teachers across its institutions in China[4]. - The total number of teachers increased to 1,319 in 2022 from 1,177 in 2021, indicating a growth of 12.1%[53]. - The total employee compensation expense for the year ended August 31, 2022, was approximately RMB 228.3 million, compared to RMB 151.2 million for the eight months ended August 31, 2021[125]. Risk Management and Compliance - The company faced various operational risks, including changes in the regulatory environment and competition from other educational institutions[77]. - The company has established a risk management structure to oversee significant business decisions related to major risk exposures[77]. - The company has maintained compliance with relevant laws and regulations impacting its business operations during the reporting period[152]. - There were no significant disputes with employees, suppliers, or customers during the year ending August 31, 2022[160]. Shareholder and Governance - The company did not recommend a final dividend for the year ending August 31, 2022, consistent with the previous year[153]. - The company's available distributable reserves as of August 31, 2022, were zero, unchanged from the previous year[166]. - The company has established a remuneration committee to review the compensation policy for directors and senior management, considering the group's operational performance and market practices[180]. - The company has not entered into any significant contracts with major shareholders or their affiliates during the fiscal year ending August 31, 2022[178]. - The company has not disclosed any significant related party transactions outside of those mentioned in the annual report[178].

Financial Performance - The total revenue for the six months ended February 28, 2022, was RMB 298.7 million, an increase of 15.2% from RMB 259.2 million for the same period in 2021[9][18]. - Gross profit for the same period was RMB 85.7 million, reflecting an 8.2% increase from RMB 79.2 million in the previous year[10]. - The net profit for the period was RMB 7.6 million, a significant turnaround from a loss of RMB 63.7 million in the prior year, marking an increase of 111.9%[11]. - Earnings attributable to equity holders of the parent reached RMB 10.1 million, compared to a loss of RMB 59.8 million in the previous year, representing a 117.0% increase[12]. - Revenue increased by RMB 39.4 million (or 15.2%) to RMB 298.7 million for the six months ended February 28, 2022, compared to RMB 259.2 million for the same period last year[42]. - Tuition revenue rose by RMB 29.9 million (or 13.8%) to RMB 245.7 million, driven by an increase in student enrollment[42]. - The company reported a profit before tax of RMB 10,101,000, a significant recovery from a loss of RMB 54,710,000 in the previous year[100]. - The company reported a net loss of RMB 1,797,535,000 for the period, compared to a profit in the previous year[108]. Student Enrollment and Education Services - The number of students enrolled in self-operated schools reached 22,967, with high school enrollment at 4,449 and university enrollment at 18,518[3]. - Total student enrollment as of February 28, 2022, reached 22,967, a 9.7% increase from 20,928 in the previous year[23]. - The company operates 8 schools across five cities in Sichuan Province, maintaining a strong reputation in the private education sector for over 20 years[4]. - The company plans to establish new high schools in Sichuan, with a total expected capacity of 9,870 students across multiple locations[26]. - Virscend University is expected to achieve full accreditation by September 2022, enhancing its educational offerings[3]. Tuition Fees and Revenue Generation - Tuition fees generated RMB 245.7 million, up 13.8% from RMB 215.8 million in the previous year, driven by increased student enrollment[19][20]. - Average tuition fees for domestic high schools increased from RMB 35,359 to RMB 37,998, while international high school fees rose from RMB 104,973 to RMB 107,548[21]. - The current tuition fees for high schools range from RMB 30,000 to RMB 58,000, while university fees are RMB 15,000 for diplomas and RMB 17,000 for bachelor's degrees[31]. Operational Efficiency and Costs - The gross margin for the six months ended February 28, 2022, was 28.7%, down from 30.5% in the previous year[16]. - The overall utilization rate of the school's capacity improved to 43.5% from 41.0% year-on-year[28]. - Research and development costs increased by RMB 0.5 million (or 23.8%) due to the expansion of new schools and academic center initiatives[46]. - Selling and distribution expenses decreased by RMB 4.1 million (or 68.2%) to RMB 1.9 million, primarily due to reduced advertising costs from previous school openings[47]. - Administrative expenses decreased by RMB 6.5 million (or 12.0%) for the six months ended February 28, 2022[49]. - Other expenses decreased by RMB 44.4 million (or 94.6%), largely due to the absence of impairment losses related to a joint venture in the previous year[50]. Financial Position and Cash Flow - The net cash flow from operating activities was RMB 5,384 thousand, while cash flow from investing activities was RMB (77,480) thousand, and cash flow from financing activities was RMB (433,777) thousand, resulting in a net decrease in cash and cash equivalents of RMB 505,873 thousand[55]. - The company's cash and cash equivalents decreased to RMB 126,101,000 from RMB 631,735,000[104]. - The company’s total liabilities increased, with a net cash outflow from financing activities of RMB 433,777,000[112]. - The company issued new bank loans totaling RMB 197,000,000 during the period, compared to RMB 140,000,000 in the previous year[112]. Risk Management and Compliance - The group faces operational risks including changes in the regulatory environment and competition from other educational institutions[36]. - The board is responsible for managing overall risks and approving significant business decisions related to school expansion and tuition increases[40]. - The company confirmed compliance with structural contracts and believes it has adhered to all significant aspects of these contracts[79]. - The company has not disclosed any specific policies regarding the implementation of new regulations affecting private education institutions in China[81]. Shareholder Information and Corporate Governance - As of February 28, 2022, the major shareholders held approximately 44.79% of the company's shares[83]. - The company has adopted a share option scheme to incentivize qualified individuals, allowing for a maximum of 300,000,000 shares to be issued, representing approximately 9.71% of the issued shares as of the report date[92]. - The board did not recommend the declaration of an interim dividend for the six months ending February 28, 2022, compared to an interim dividend of HKD 0.019 for the same period in 2021[74]. - The company has not established any arrangements for directors to acquire shares or debt securities during the reporting period[85]. Related Party Transactions - The group has various related party transactions, including receivables from Chengdu Experimental Foreign Language School amounting to RMB 340,478,000 as of February 28, 2022[161]. - The group has secured bank borrowings of RMB 253,000,000 with properties located in Chengdu[15]. - The group recorded revenue from related party transactions with Tianren Hotel amounting to RMB 749,000 for the six months ended February 28, 2022, compared to RMB 705,000 in the previous year, reflecting a growth of approximately 6.24%[164].