Core Insights - Minsheng Education (01569.HK) reported total revenue of approximately RMB 895 million for the six months ending June 30, 2025, representing a decrease of about 17.1% compared to the same period in 2024 [1] - The adjusted net profit for the group was approximately RMB 57.1 million, a decline of about 56.6% year-on-year [1] - The capital debt ratio of the group stands at approximately 42.3%, indicating a healthy level of leverage [1] Revenue Breakdown - The primary source of revenue for the group comes from providing campus education and online education services to students and users [1] - The significant decrease in total revenue is attributed to changes in market conditions during the reporting period, which led to a reduction in online education revenue [1]

Core Viewpoint - Minsheng Education (01569) reported a total revenue of approximately 895 million RMB for the six months ending June 30, 2025, representing a year-on-year decrease of about 17.1% [1] - The company experienced a loss attributable to equity holders of 4.075 million RMB, compared to a profit of 105 million RMB in the same period last year, with a basic loss per share of 0.0010 RMB [1] Revenue Breakdown - The group's revenue primarily comes from providing campus and online education services to students and users [1] - The decline in total revenue is mainly attributed to changes in market conditions during the reporting period, which led to a decrease in online education revenue [1] Enrollment Plans - The group's enrollment plan for the 2025/2026 academic year has significantly increased by approximately 24.0% compared to the previous academic year, with a 29.0% increase in undergraduate program enrollment plans [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，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Minsheng Education Group Company Limited 民生教育集团有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1569） 截至2025年6月30日止六個月的中期業績公告 概要 1. 財務摘要 截至2025年6月30日止六個月 於2025年6月30日 - 1 - – 本集團的總收益約人民幣894.8百萬元，較2024年同期減少約17.1%。 – 本集團的經調整EBITDA為約人民幣247.4百萬元，較2024年同期減少約35.9%。 – 本集團的經調整淨溢利為約人民幣57.1百萬元，較2024年同期減少約56.6%。 – 本集團的總資產為約人民幣10,710.7百萬元；及本集團的淨資產為約人民幣5,992.2 百萬元。 – 本集團的資本負債率（乃按總計息銀行及其他借款除以總權益計算）為約42.3%。 本集團的資本負債率處於健康水平。 2. 本集團旗下學校2025/2 ...

Core Viewpoint - Minsheng Education (01569.HK) announced that it will hold a board meeting on August 19, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to discuss the potential distribution of an interim dividend, if any [1] Group 1 - The board meeting is scheduled for August 19, 2025 [1] - The meeting will focus on the approval of the interim results for the period ending June 30, 2025 [1] - The company will also consider the distribution of an interim dividend during the meeting [1]

Minsheng Education Group Company Limited 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，概不對因本公告全部或任何部分內容 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。 民生教育集团有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司將於 2025年8月19日（星期二）舉行董事會會議，藉以（其中包括）(i)考慮及批准本公司及其附屬 公司截至2025年6月30日止半年度之中期業績及其發佈，以及(ii)考慮派發中期股息（如 有）。 於本公告日期，執行董事為李學春先生、張衛平女士、左熠晨先生及林毅龍先生；非執 行董事為梁興超先生及李雁平女士；及獨立非執行董事為陳毅生先生、余黃成先生及王 惟鴻先生。 承董事會命 民生教育集团有限公司 主席 李學春 香港，2025年8月7日 1569 董事會會議召開日期 ...

Core Viewpoint - Minsheng Education (01569) expects a significant decrease in net profit for the six months ending June 30, 2025, projecting a reduction of approximately 56.4% compared to the net profit of about RMB 113 million for the six months ending June 30, 2024 [1] Group 1: Financial Performance - The anticipated net profit decline is primarily attributed to increased operational investments in schools within China, leading to a substantial rise in related costs compared to the same period in 2024 [1] - Additionally, the online education segment under the group has been adversely affected by market conditions, resulting in a significant drop in net profit compared to the six months ending June 30, 2024 [1]

Minsheng Education Group Company Limited 1569 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，概不對因本公告全部或任何部分內容 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。 並非基於已由本公司獨立核數師審核或審閱或由本公司審核委員會批准之數字或資料而 得出。因此，本集團之實際業績或會須予修訂及於需要時有所調整。 因此，股東及潛在投資者不應依賴該等財務資料，相信其會提供與經審核或審閱財務報 表相關之相同質量資料。 股東及潛在投資者於使用有關數據以評估本集團之財務狀況及營運業績時務請審慎行 事。本公司將於必要時就此刊發進一步公告。股東及潛在投資者務請細閱本公司將於 2025年8月底前所刊發本集團於本期間之年度業績公告。 承董事會命 民生教育集团有限公司 盈利預警 本公告由民生教育集团有限公司（「本公司」，連同其附屬公司及合併附屬實體統稱「本集 團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第571 章證券及期貨條例第XIVA部之內幕消息之條文（定義見 ...

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: 民生教育集团有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01569 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.00001 | USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.00001 | USD | | 100,000 | 本月底法 ...

Financial Performance - The Group's revenue for the year ended 31 December 2024 was approximately RMB1,947.2 million, a decrease of 17.2% compared to RMB2,352.4 million in 2023[12]. - The gross profit for the same period was approximately RMB870.2 million, reflecting a gross margin of 44.7%[12]. - The Group's profit for the year was RMB47.7 million, a significant decline of 60.6% from RMB121.2 million in 2023[12]. - Total revenue decreased by approximately 17.2% to approximately RMB1,947.2 million for the year ended December 31, 2024, from approximately RMB2,352.4 million for the year ended December 31, 2023[77]. - The decrease in revenue was mainly due to the suspension of new student enrollment in online formal education, which began in the autumn of 2022[78]. - Gross profit decreased by approximately 31.0% from approximately RMB1,260.3 million for the year ended December 31, 2023, to approximately RMB870.2 million for the year ended December 31, 2024, with gross profit margin declining from approximately 53.6% to approximately 44.7%[87][91]. - Other income and gains decreased by approximately 17.5% from approximately RMB181.2 million for the year ended December 31, 2023, to approximately RMB149.5 million for the year ended December 31, 2024[88][92]. - Selling expenses decreased by approximately 21.5% from approximately RMB229.8 million for the year ended December 31, 2023, to approximately RMB180.3 million for the year ended December 31, 2024[95][99]. - Administrative expenses decreased by approximately 4.2% from approximately RMB504.4 million for the year ended December 31, 2023, to approximately RMB483.0 million for the year ended December 31, 2024[97][100]. - Other expenses increased by approximately 21.3% from approximately RMB153.2 million for the year ended December 31, 2023, to approximately RMB185.9 million for the year ended December 31, 2024, primarily due to impairment of goodwill and intangible assets[98][101]. - Finance costs decreased by approximately 22.0% from approximately RMB174.9 million for the year ended December 31, 2023, to approximately RMB136.4 million for the year ended December 31, 2024[103][106]. - The Group recorded a net profit of RMB47.7 million for the year ended December 31, 2024, compared to a net profit of approximately RMB121.2 million for the year ended December 31, 2023[105][108]. - Adjusted net profit for the Reporting Period decreased by approximately RMB93.9 million or approximately 34.3% compared to 2023, with an adjusted net profit margin dropping from approximately 11.7% to approximately 9.3%[111][112]. Assets and Liabilities - Total assets as of 31 December 2024 were approximately RMB11,255.4 million, with a gearing ratio of approximately 37.0%[17]. - As of December 31, 2024, the Group had net current assets of approximately RMB758.5 million, with current assets decreasing to approximately RMB4,222.3 million from RMB4,312.7 million as of December 31, 2023[113]. - Current liabilities decreased from approximately RMB3,775.2 million as of December 31, 2023, to approximately RMB3,463.8 million as of December 31, 2024, primarily due to the repayment of interest-bearing bank and other borrowings[114]. - The Group's interest-bearing bank and other borrowings amounted to approximately RMB2,198.3 million as of December 31, 2024, with effective interest rates ranging from 2.2% to 10.0% per annum[121][124]. - The gearing ratio increased to approximately 37.0% as of December 31, 2024, up from 35.9% as of December 31, 2023, due to a slight increase in interest-bearing borrowings[136]. Capital Expenditure and Commitments - The Group's capital expenditure on infrastructure capabilities was approximately RMB384.4 million during the reporting period[17]. - Capital expenditure for the year ended December 31, 2024, was approximately RMB384.4 million, mainly for the construction of school buildings and upgrading online education facilities[119][123]. - Capital commitments at the end of the Reporting Period included approximately RMB86.6 million for equipment and RMB164.6 million for buildings, totaling RMB342.996 million[117]. Education Services and Development - The Group aims to strengthen its position as a leading "Internet+" vocational education group by advancing high-quality development and building a digital service platform ecosystem[18]. - The Group operates over 1,900 learning centers across all 31 provinces in China, connecting approximately 3.1 million C-end users and 4 million job opportunities, serving a total scale of more than 50 million users[23]. - As of December 31, 2024, the Group managed 10 schools with a total student population of approximately 100,000, including around 61,000 full-time undergraduate students[25]. - The Group's online education services are supported by partnerships with approximately 350 domestic key universities and institutions, providing services through over 1,900 learning centers nationwide[31]. - The Group's vocational education network integrates eight business sectors, including on-campus education, online education services, and human resources services[23]. - The Group's schools offer a total of 119 undergraduate majors, 138 junior college majors, and 35 secondary vocational majors[25]. - The integration of industry and education has been promoted, with successful projects recognized by the Ministry of Education, including "New Engineering" and "New Liberal Arts" initiatives[26]. - The Group aims to continue benefiting from favorable policies in vocational education and plans to enhance its digital intelligence and employment service capabilities[20]. - The Group's comprehensive employment service capabilities connect colleges, students, and enterprises to achieve precise matching for talent employment[22]. - The Group's integration of industry and education focuses on strategic emerging industries such as artificial intelligence, big data, and blockchain[49]. - The Group cooperated with the Ministry of Industry and Information Technology and Baidu to issue Generative AI Training Standards and Certifications[49]. - The Group's education informatization services include a user-centric, end-to-end education service cloud platform[53]. - The Group's integrated platform supports collaboration in various strategic emerging industries, including AI and big data[52]. Government Support and Policies - The government allocated RMB31.257 billion to support the modernization and high-quality development of vocational education, which will benefit the Group's education businesses in China[15]. - The Chinese government allocated RMB 31.257 billion to support the modernization and high-quality development of vocational education in 2024[61]. - The National Education Work Conference in January 2024 emphasized enhancing the adaptability and attractiveness of vocational education[63]. - The Ministry of Human Resources and Social Security issued an action plan to cultivate digital talents to support the digital economy from 2024 to 2026[65]. - The Ministry of Education's policies are promoting the integration of various forms of continuing education, including online education, to enhance the sector's development[81]. Human Resources and Management - As of December 31, 2024, the Group employed approximately 6,700 employees, a decrease from approximately 6,900 employees in 2023[142][146]. - The Group reviewed and increased employee salaries in 2024 to motivate better performance, with increments based on performance, experience, and industry practices[143][146]. - The Group participates in various employee social security plans, including pension, medical, maternity, work-related injury, unemployment insurance, and housing provident fund[143][146]. - The Group provides training programs for existing and newly recruited employees and sponsors attendance at job-related training courses[144][146]. Leadership and Governance - Mr. Li Xuechun has over 20 years of experience in the education industry and has been the Chairman of the Board since January 17, 2006[147][149]. - Ms. Zhang Weiping, with over 20 years of experience in the education industry, serves as the Chief Executive Officer and has been with the Group since April 2007[151][152]. - Mr. Zuo Yichen, the President of the Company, has over 20 years of experience in finance and education, having joined the Group in August 2016[153][154]. - Mr. Lam Ngai Lung has served as the Chief Financial Officer since May 22, 2016, and has over 20 years of experience in accounting and finance[155]. - Mr. Liang Xingchao, aged 56, appointed as a non-executive director in December 2024, has been the deputy general manager of Shenzhen OCT Capital since December 2018[159]. - Ms. Li Yanping, aged 63, has over 30 years of experience in the financial service industry and has been a non-executive director since June 2017[160]. - Mr. Chan Ngai Sang, Kenny, aged 60, has over 35 years of experience in accounting and is an independent non-executive director since March 2017[164]. - Mr. Yu Huangcheng, aged 49, has served as an investment director at Kunwu Jiuding Capital since March 2010 and is an independent non-executive director since March 2017[165]. - Mr. Wang Wei Hung, Andrew, aged 69, has over 30 years of legal experience and has been an independent non-executive director since March 2017[168]. Risks and Challenges - Key operational risks include changes in market conditions of formal higher education and the regulatory environment in the PRC education industry[187]. - The Group's exposure to interest rate risk is primarily related to bank loans with floating interest rates, with no current use of derivative contracts for hedging[189]. - The Group faces competition from other school operators offering similar quality education and scale[187]. - The Group's management emphasizes the importance of risk management for its success[192]. - The Group has established risk management structures and measures to properly manage financial risks, detailed in the corporate governance report[197]. Legal and Arbitration Matters - The Group is involved in an arbitration dispute regarding a put option for the sale of 49% shares in Leed International, with the Vendors claiming an inflated exit price of approximately RMB2.18 billion[125]. - The Group has a dispute regarding the put option for the acquisition of 49% of Leed International, with the Vendors claiming an inflated exit price of RMB2,180,735,576.50[126]. - As of December 31, 2024, the Group made no provision related to the ongoing arbitration concerning the put option[127]. - The total principal amount of loans extended to Leed National Education Technology (Beijing) Limited is RMB400,000,000, secured by a pledge of 49% shares in Leed International[129]. - The Vendors and Leed National filed for arbitration claiming the obligation to repay the loan has been extinguished, while the Group counter-claimed for repayment of the principal and unpaid interest[129]. - As of December 31, 2024, certain buildings valued at approximately RMB79.2 million and time deposits of RMB551.3 million were pledged to secure bank loans[134]. - The conditional injunction order issued by the Grand Court of the Cayman Islands restricts the Group from enforcing share charges over the 49% stake in Leed International[132]. - The arbitration with CIETAC regarding the loan repayment is still ongoing as of the date of the annual report[131]. Future Outlook - The Group anticipates promising long-term prospects for its "internet +" vocational education business[84][89]. - The Group aims to increase student enrollment and raise tuition rates as part of its growth strategy[187]. - The Group aims to maintain a balance between funding continuity and flexibility through internally generated cash flows and other borrowings, regularly reviewing major funding positions to ensure adequate financial resources[196].

Core Viewpoint - Minsheng Education is implementing a new smart education ecosystem strategy, focusing on the dual development of "higher education + vocational education" and the integration of "campus education + online education" [2] Group 1: Company Overview - Minsheng Education Group was founded in 1998 and operates higher education and online education institutions in various regions including Beijing, Chongqing, Shandong, Yunnan, Inner Mongolia, Hong Kong, and countries like Singapore and Australia [2] - The company offers a wide range of educational services including associate, undergraduate, and graduate education, HSK (Chinese proficiency test), teacher training, IT online courses, and modern distance education public services [2] - As of November 2020, Minsheng Education had approximately 93,000 students enrolled in campus education (including about 56,000 undergraduates) and around 1.3 million students in online education [2] Group 2: Financial Performance - As of April 15, the stock price of Minsheng Education was HKD 0.131, up 2.34% from the previous trading day, with an intraday low of HKD 0.123, marking a near one-year low [1] - The net capital inflow on that day was HKD 99,800, with a total inflow of HKD 168,710 and outflow of HKD 68,900 [1] Group 3: Strategic Vision and Recognition - The company aims to become a leader in smart education and a trusted quality private higher education group, emphasizing the importance of technology in education [3] - Minsheng Education has received numerous accolades, including "National Advanced Social Organization" and "Top Ten Leading Brands in 2020" in the education industry, reflecting its recognition by educational authorities and society [3]