Financial Performance - The total revenue for the year ended December 31, 2025, was approximately RMB 1,649.6 million, a decrease of about 15.3% compared to RMB 1,947.2 million for the year ended December 31, 2024, primarily due to reduced revenue in the online education segment caused by market conditions [4]. - The net loss for the year was approximately RMB 729.1 million, mainly due to goodwill and intangible asset impairment of approximately RMB 548.2 million and net impairment losses on financial assets of approximately RMB 140.2 million [4]. - The gross profit for the year was RMB 569.3 million, down from RMB 870.2 million in the previous year, reflecting a significant decline in profitability [6]. - The basic and diluted loss per share for the year was RMB 0.1765, compared to a profit of RMB 0.0003 per share in the previous year [7]. - The company reported a total comprehensive loss of RMB 696.3 million for the year, compared to a total comprehensive income of RMB 26.7 million in the previous year [7]. - The group reported a pre-tax loss of RMB 666,584,000 for the year ended December 31, 2025, compared to a pre-tax profit of RMB 11,411,000 in 2024 [18][23]. - The company reported a pre-tax loss of RMB 744,274,000 for 2025, compared to a profit of RMB 1,190,000 in 2024 [28]. - The adjusted net loss for the year ending December 31, 2025, was approximately RMB 639.6 million, compared to an adjusted net profit of approximately RMB 180.1 million for the year ending December 31, 2024 [51]. Assets and Liabilities - The total assets of the group as of December 31, 2025, were approximately RMB 10,788.6 million, with cash reserves of approximately RMB 3,396.1 million [4]. - The total liabilities increased, with current liabilities totaling RMB 4,089.5 million compared to RMB 3,463.8 million in the previous year [8]. - Non-current liabilities decreased to RMB 1,457.9 million from RMB 1,853.6 million in the previous year [9]. - The equity attributable to owners of the parent company decreased to RMB 4,322.3 million from RMB 5,036.2 million in the previous year [9]. - As of December 31, 2025, the group recorded net current liabilities of RMB 491,198,000, including contract liabilities of RMB 896,349,000 to be settled through educational services [12]. - Current assets decreased from approximately RMB 4,222.3 million as of December 31, 2024, to about RMB 3,598.3 million as of December 31, 2025, primarily due to a reduction in cash and cash equivalents [52]. - Current liabilities increased from approximately RMB 3,463.8 million as of December 31, 2024, to about RMB 4,089.5 million as of December 31, 2025, mainly due to an increase in contract liabilities and borrowings [52]. Revenue Segmentation - The campus education segment generated revenue of RMB 1,395,708, while the online education segment contributed RMB 253,881, resulting in a total segment revenue of RMB 1,653,994 [18]. - Total revenue for the year ended December 31, 2025, reached RMB 1,649,589,000, with campus education contributing RMB 1,395,708,000 and online education contributing RMB 253,881,000 [24]. Expenses and Cost Management - Sales expenses decreased by approximately 31.9% from RMB 180.3 million for the year ending December 31, 2024, to about RMB 122.8 million for the year ending December 31, 2025, due to optimization of sales and marketing personnel structure and reduced promotional costs [45]. - Administrative expenses decreased by approximately 14.1% from RMB 483.0 million for the year ending December 31, 2024, to about RMB 414.7 million for the year ending December 31, 2025, attributed to effective control of administrative costs [46]. - Other expenses increased significantly by approximately 209.3% from RMB 185.9 million for the year ending December 31, 2024, to about RMB 575.0 million for the year ending December 31, 2025, primarily due to impairment of goodwill and intangible assets [47]. - Financing costs decreased by approximately 3.4% from RMB 136.4 million for the year ending December 31, 2024, to about RMB 131.8 million for the year ending December 31, 2025, due to optimization of financing costs [48]. Investments and R&D - The group invested approximately RMB 500 million in education-related R&D over the past five years, focusing on "AI-enabled education" as a strategic priority [37]. - The group has invested at least RMB 1.5 billion in campus infrastructure over the past five years to enhance the teaching environment and facilities [39]. - The company incurred research and development costs of RMB 49,250,000 in 2025, down from RMB 84,682,000 in 2024 [25]. Operational Highlights - The number of full-time new students in the group's schools reached approximately 27,000, representing a year-on-year increase of about 20.0%, with undergraduate new students numbering around 22,000, up approximately 28.0% [36]. - The group has hosted or managed 10 schools across various provinces, with a total student population of nearly 100,000, including over 65,000 full-time undergraduates [35]. - The group’s schools achieved significant results in innovation and practical ability training, winning nearly 1,000 honors at various competitions [37]. Financial Resources and Future Outlook - The group has sufficient financial resources, including available financing of RMB 827,471,000 as of December 31, 2025, to meet its financial obligations in the foreseeable future [12]. - The group plans to continue developing a digital and intelligent service platform for learning, employment, and entrepreneurship, covering all aspects from enrollment to employment [40]. - The group aims to strengthen the integration of education with industry, enhancing the cultivation of applied talents through collaboration with regional industrial clusters [39]. Corporate Governance - The audit committee reviewed the accounting standards and internal controls for the group's financial reporting during the year [70]. - The independent auditor confirmed that the financial data in the preliminary announcement is consistent with the group's financial statements [71]. - The group remains bound by a court injunction preventing the enforcement of share pledges as of the announcement date [58]. Dividends and Securities - The company did not recommend any dividends for the year, consistent with the previous year [33]. - The group has not declared any final dividends for the reporting period [67]. - The group has not purchased, sold, or redeemed any listed securities during the reporting period [68].

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 2026年3月27日（星期五）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12月31日止年度之年度業績及其發佈，以及(ii)考慮派發末期股息（如 有）。 承董事會命 民生教育集团有限公司 主席 李學春 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 行董事為徐文雅女士及李雁平女士；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。 董事會會議召開日期 香港，2026年3月17日 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。 Minsheng Education Group Company Limited 1569 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（定義見上市規則）而刊發。 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，根據本 集團截至2025年12月31日年度止（「本期間」）未經審核綜合管理賬目所作之初步審閱以及 本公司目前所得資料，本集團預計本期間錄得淨虧損（不考慮(i)與仲裁相關的財務影響 （如有）；及(ii)商譽和無形資產減值產生的任何損失（如有））為不少於人民幣210.0百萬 元，而截至2024年12月31日年度止則錄得淨利潤（不考慮商譽和無形資產減值產生的任何 損失）約人民幣187. ...

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: 2026年2月28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: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 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 ...

更新關聯交易及須予披露交易提供貸款 茲提述本公司於2018年12月26日、2019年1月4日、2019年6月27日、2023年7月28日及 2023年9月3日就貸款協議所刊發的公告。除另有說明外，日期為2023年9月3日之公告 （「該公告」）所界定的詞彙與本公告所用者具有相同涵義。 如該公告所述，重慶悅誠與勵德國教就貸款協議存在爭議，該爭議正在中國國際經濟貿 易仲裁委員會(CIETAC)通過仲裁解決。就該仲裁而言，開曼群島大法院於2023年8月頒佈 了一項命令，禁止民生職業教育有限公司強制執行股權質押等事項。該命令截至本公告 之日仍然有效。 董事會謹此告知本公司股東，本公司已向開曼群島上訴法院提出上訴，請求撤銷該命 令，並於2023年9月至2025年3月期間向樞密院司法委員會申請進一步上訴，但均未能成 功。截至本公告之日，根據該命令，在該仲裁結果尚未作出前，民生職業教育仍被禁止 執行股權質押。 如有任何進一步進展，本公司將在適當的時候發佈進一步公告，向股東及潛在投資者匯 報最新情況。 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 ...

Core Viewpoint - Minsheng Education (01569.HK) is involved in an arbitration managed by the Hong Kong International Arbitration Centre (HKIAC) regarding a dispute over a share purchase agreement (SPA) related to the sale of a 49% stake in Leed International Education Group Limited [1] Group 1 - The arbitration involves Minsheng Vocational Education Limited (the respondent) and Leed Education Holding Limited, National Education Holding Limited, and Hyde Education Holding Limited (collectively the claimants) [1] - On February 6, 2026, HKIAC issued a partial ruling requiring the respondent to fulfill the terms of the SPA and pay damages for any violations, along with other relief measures including interest [1] - Minsheng Vocational Education is consulting its legal advisors regarding the partial ruling and reserves all rights to take necessary and appropriate actions concerning the arbitration and subsequent final ruling [1]

民生职业教育正在向其法律顾问就部分裁决征询法律建议，并保留就仲裁、部分裁决及后续最终裁决所 采取必要和适当措施的所有权利。 民生教育(01569)发布公告，内容涉及由香港国际仲裁中心(HKIAC)管理的仲裁，该仲裁涉及公司附属公 司民生职业教育有限公司("民生职业教育"或"被申请人")与Leed Education Holding Limited、National Education Holding Limited及Hyde Education Holding Limited(统称"申请人")之间就各方于2018年订立的股 份购买协议(SPA)项下出售励德国际教育集团有限公司49%股权的选择权所产生的争议。于2026年2月6 日，HKIAC同日作出部分裁决，该部分裁决裁定被申请人履行SPA的相关条款，并支付因违反SPA而造 成的损害赔偿(如有)，以及其他附带的救济，包括利息。HKIAC的最终裁决将于适当时候作出。 ...

Core Viewpoint - Minsheng Education (01569) is involved in an arbitration case managed by the Hong Kong International Arbitration Centre (HKIAC) regarding a dispute over a share purchase agreement (SPA) related to the sale of a 49% stake in Leed International Education Group Limited [1] Group 1 - The arbitration involves Minsheng Vocational Education Limited (the respondent) and Leed Education Holding Limited, National Education Holding Limited, and Hyde Education Holding Limited (collectively the claimants) [1] - A partial ruling was made by HKIAC on February 6, 2026, ordering the respondent to fulfill the terms of the SPA and pay damages for any violations, along with other reliefs including interest [1] - Minsheng Vocational Education is seeking legal advice regarding the partial ruling and reserves all rights to take necessary and appropriate actions concerning the arbitration and subsequent final ruling [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。 於2026年2月6日（交易時段後），HKIAC同日作出部分裁決（「部分裁決」），該部分裁決裁 定被申請人履行SPA的相關條款，並支付因違反SPA而造成的損害賠償（如有），以及其他 附帶的救濟，包括利息。HKIAC的最終裁決將於適當時候作出。 民生職業教育正在向其法律顧問就部分裁決徵詢法律建議，並保留就仲裁、部分裁決及 後續最終裁決所採取必要和適當措施的所有權利。 - 1 - 本公司將根據上市規則，在適當時候向其股東發佈進一步公告，滙報與仲裁有關的任何 重大進展。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 民生教育集团有限公司 主席 李學春 1569 內幕消息公告 仲裁裁決 本公告由民生教育集团有限公司（「本公司」）根據《證券及期貨條例》（香港法例第571章）第 XIVA部有關內幕消息及香港聯合交易 ...

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: 2026年1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 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 | 本月底法定/註冊股本總額： USD 10 ...