Overview [1. Financial Highlights](index=1&type=section&id=1.%20Financial%20Highlights) The Group's total revenue, adjusted EBITDA, and adjusted net profit significantly decreased by 17.1%, 35.9%, and 56.6% respectively, while total and net assets remained stable with a healthy gearing ratio Financial Highlights for the Six Months Ended June 30, 2025 | Metric | Amount (RMB million) | YoY Change | | :--- | :--- | :--- | | Total Revenue | 894.8 | -17.1% | | Adjusted EBITDA | 247.4 | -35.9% | | Adjusted Net Profit | 57.1 | -56.6% | Financial Position as of June 30, 2025 | Metric | Amount (RMB million) | | :--- | :--- | | Total Assets | 10,710.7 | | Net Assets | 5,992.2 | - The Group's gearing ratio is approximately **42.3%**, indicating a healthy level[5](index=5&type=chunk) Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Overview of Profit or Loss Statement](index=2&type=section&id=Overview%20of%20Profit%20or%20Loss%20Statement) During the reporting period, the Group's revenue decreased by 17.1% year-on-year, with cost of sales increasing by 8.1%, leading to a significant 38.8% reduction in gross profit, and profit for the period decreased by 56.4%, with profit attributable to owners of the parent turning into a loss Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Metric (RMB thousand) | 2025 (Unaudited) | 2024 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 894,786 | 1,079,786 | -17.1% | | Cost of Sales | (539,374) | (498,948) | +8.1% | | Gross Profit | 355,412 | 580,838 | -38.8% | | Other Income and Gains | 55,762 | 71,543 | -22.1% | | Selling Expenses | (54,297) | (98,046) | -44.6% | | Administrative Expenses | (196,236) | (240,309) | -18.4% | | Net Other Expenses | (22,332) | (59,675) | -62.6% | | Finance Costs | (67,351) | (68,419) | -1.6% | | Profit Before Tax | 70,958 | 185,932 | -61.9% | | Income Tax Expense | (21,597) | (72,767) | -70.3% | | Profit for the Period | 49,361 | 113,165 | -56.4% | | Profit attributable to owners of the parent | (4,075) | 104,802 | Turned to loss | | Profit attributable to non-controlling interests | 53,436 | 8,363 | +539.0% | (Loss)/Earnings Per Share Attributable to Ordinary Equity Holders of the Parent (For the Six Months Ended June 30) | Metric | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Basic and diluted (loss)/earnings per share | RMB (0.0010) | RMB 0.0248 | Interim Condensed Consolidated Statement of Financial Position [Overview of Financial Position](index=4&type=section&id=Overview%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets slightly decreased, non-current assets remained stable, and current assets declined due to reduced cash and cash equivalents, while current liabilities decreased due to reduced contract liabilities, and net assets slightly increased Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Metric (RMB thousand) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 3,443,788 | 3,470,600 | | Goodwill | 2,229,574 | 2,229,574 | | Total non-current assets | 6,976,905 | 7,033,089 | | **Current assets** | | | | Cash and cash equivalents | 1,695,488 | 2,520,311 | | Total current assets | 3,733,808 | 4,222,337 | | **Current liabilities** | | | | Contract liabilities | 94,034 | 835,155 | | Total current liabilities | 2,829,903 | 3,463,788 | | Net current assets | 903,905 | 758,549 | | **Total equity** | | | | Net assets/Total equity | 5,992,180 | 5,937,992 | Notes to the Interim Condensed Consolidated Financial Information [1. Company and Group Information](index=6&type=section&id=1.%20Company%20and%20Group%20Information) Minsheng Education Group Company Limited, incorporated in the Cayman Islands on December 13, 2005, operates as an investment holding company primarily providing education services in China - The company was incorporated in the Cayman Islands and primarily provides education services in China[11](index=11&type=chunk) [2.1 Basis of Preparation](index=6&type=section&id=2.1%20Basis%20of%20Preparation) The Group's unaudited interim condensed consolidated financial information for the period is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" issued by the International Accounting Standards Board and presented in RMB - Financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and presented in RMB[12](index=12&type=chunk) [2.2 Changes in Accounting Policies and Disclosures](index=6&type=section&id=2.2%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) During the reporting period, the Group first adopted the revised International Accounting Standard 21 "Lack of Exchangeability" - First adoption of the revised International Accounting Standard 21 "Lack of Exchangeability"[13](index=13&type=chunk) [3. Operating Segment Information](index=7&type=section&id=3.%20Operating%20Segment%20Information) The Group's business is divided into campus education and online education segments; during the reporting period, online education revenue significantly decreased, leading to a reduction in total segment revenue, while campus education revenue increased - The Group is divided into two reportable operating segments: campus education and online education services[14](index=14&type=chunk) Segment Revenue (For the Six Months Ended June 30, RMB thousand) | Segment | 2025 (Unaudited) | 2024 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | Campus Education | 782,801 | 752,217 | +4.1% | | Online Education | 111,985 | 327,569 | -65.8% | | **Total** | **894,786** | **1,079,786** | **-17.1%** | Segment Results (For the Six Months Ended June 30, RMB thousand) | Segment | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | | Campus Education | 268,826 | 283,924 | | Online Education | (98,177) | (2,372) | | **Total Segment Results** | **170,649** | **281,552** | Segment Assets and Liabilities (RMB thousand) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Segment Assets** | | | | Campus Education | 9,983,401 | 10,463,743 | | Online Education | 2,436,361 | 2,516,331 | | **Segment Liabilities** | | | | Campus Education | 2,781,874 | 3,515,987 | | Online Education | 2,441,343 | 2,426,207 | [4. Revenue, Other Income and Gains](index=9&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) Total revenue decreased by 17.1% year-on-year, primarily due to a significant decline in remote education service income, while other income and gains also decreased due to reduced short-term investment income Revenue from Contracts with Customers by Type of Service (For the Six Months Ended June 30, RMB thousand) | Service Type | 2025 (Unaudited) | 2024 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | Tuition fees | 717,682 | 690,920 | +3.9% | | Accommodation fees | 65,119 | 61,297 | +6.2% | | Remote education services | 50,184 | 209,296 | -76.0% | | Teacher training services | 9,262 | 13,570 | -31.7% | | Online course services | 14,567 | 10,676 | +36.4% | | Sale of books | 6,406 | 15,615 | -59.0% | | Other education services | 31,566 | 78,412 | -59.7% | | **Total** | **894,786** | **1,079,786** | **-17.1%** | Other Income and Gains (For the Six Months Ended June 30, RMB thousand) | Type | 2025 (Unaudited) | 2024 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | Short-term investment income | 8,809 | 22,071 | -60.1% | | Rental income | 10,693 | 3,756 | +184.7% | | Bank interest income | 4,271 | 4,080 | +4.7% | | Government grants | 14,644 | 13,382 | +9.4% | | Net exchange gain | 4,763 | 9,202 | -48.3% | | **Total** | **55,762** | **71,543** | **-22.1%** | Revenue from Contracts with Customers by Segment and Timing of Recognition (For the Six Months Ended June 30, RMB thousand) | Segment/Timing of Recognition | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | **Campus Education** | | | | Recognized over time | 782,801 | 752,217 | | **Online Education** | | | | Recognized over time | 103,116 | 305,564 | | Recognized at a point in time | 8,809 | 22,005 | | **Total** | **894,786** | **1,079,786** | [5. Profit Before Tax](index=11&type=section&id=5.%20Profit%20Before%20Tax) Profit before tax was influenced by various factors, including depreciation and amortization, employee benefit expenses, and impairment losses on financial assets; during the reporting period, impairment losses on financial assets significantly decreased, while employee benefit expenses declined Items Deducted From/(Credited To) Profit Before Tax (For the Six Months Ended June 30, RMB thousand) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 85,013 | 83,433 | | Depreciation of right-of-use assets | 15,603 | 19,340 | | Amortization of other intangible assets | 15,491 | 40,053 | | Total employee benefit expenses | 367,095 | 391,146 | | Impairment of trade receivables | 17,409 | 5,553 | | Impairment of other financial assets | 458 | 52,588 | | Investment income from short-term investments | (8,809) | (22,071) | | Fair value loss/(gain) on equity investments | 2,676 | (4,182) | [6. Income Tax Expense](index=12&type=section&id=6.%20Income%20Tax%20Expense) Income tax expense significantly decreased during the reporting period, primarily due to changes in current tax levies and deferred tax Income Tax Expense (For the Six Months Ended June 30, RMB thousand) | Type | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Current – Mainland China | 23,875 | 127,203 | | Deferred | (2,278) | (54,436) | | **Total** | **21,597** | **72,767** | [7. Interim Dividends](index=12&type=section&id=7.%20Interim%20Dividends) The Board of Directors did not declare any interim dividends for the six months ended June 30, 2025 - The Board of Directors did not declare any interim dividends for the six months ended June 30, 2025[24](index=24&type=chunk) [8. (Loss)/Earnings Per Share Attributable to Ordinary Equity Holders of the Parent](index=12&type=section&id=8.%20(Loss)%2FEarnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) During the reporting period, basic and diluted (loss)/earnings per share attributable to ordinary equity holders of the parent turned into a loss of RMB (0.0010), compared to a profit of RMB 0.0248 in the same period last year Calculation of Basic and Diluted (Loss)/Earnings Per Share (For the Six Months Ended June 30) | Metric | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | (Loss)/Profit attributable to owners of the parent (RMB thousand) | (4,075) | 104,802 | | Weighted average number of ordinary shares outstanding (shares) | 4,217,720,000 | 4,217,720,000 | | **Basic and diluted (loss)/earnings per share** | **RMB (0.0010)** | **RMB 0.0248** | - No adjustment was made for the dilutive effect as share options had an anti-dilutive impact on basic earnings per share[25](index=25&type=chunk) [9. Trade Receivables](index=13&type=section&id=9.%20Trade%20Receivables) As of June 30, 2025, total trade receivables amounted to RMB 367.4 million, with the highest proportion aged within one year, but receivables aged one to two years significantly increased Ageing Analysis of Trade Receivables (RMB thousand) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within one year | 212,199 | 295,130 | | One to two years | 134,363 | 78,513 | | Two to three years | 19,220 | 9,360 | | Over three years | 1,650 | 848 | | **Total** | **367,432** | **383,851** | [10. Trade Payables](index=13&type=section&id=10.%20Trade%20Payables) As of June 30, 2025, total trade payables amounted to RMB 449.4 million, primarily due within one year, interest-free, and typically settled within 30 to 60 days Ageing Analysis of Trade Payables (RMB thousand) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within one year | 277,190 | 407,255 | | One to two years | 90,148 | 86,539 | | Two to three years | 76,991 | 6,714 | | Over three years | 5,054 | 25 | | **Total** | **449,383** | **500,533** | - Trade payables are interest-free and generally settled within 30 to 60 days[29](index=29&type=chunk) [11. Contract Liabilities](index=14&type=section&id=11.%20Contract%20Liabilities) Contract liabilities significantly decreased from RMB 835.2 million at the end of 2024 to RMB 94.0 million as of June 30, 2025, primarily due to a reduction in short-term prepayments for tuition and accommodation fees Details of Contract Liabilities (RMB thousand) | Type | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Tuition fees | 10,200 | 685,090 | | Accommodation fees | 15,960 | 77,899 | | Remote education service fees | 8,342 | 8,888 | | Other education businesses | 59,397 | 63,171 | | **Total** | **94,034** | **835,155** | [12. Other Payables and Accrued Expenses](index=14&type=section&id=12.%20Other%20Payables%20and%20Accrued%20Expenses) Total other payables and accrued expenses decreased from RMB 776.7 million at the end of 2024 to RMB 652.5 million as of June 30, 2025, mainly due to a reduction in payables for property, plant, and equipment purchases Other Payables and Accrued Expenses (RMB thousand) | Type | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Accrued bonuses and other employee benefits | 65,832 | 87,901 | | Payables for purchase of property, plant and equipment | 168,254 | 281,677 | | Miscellaneous expenses collected from students | 173,570 | 138,234 | | Consideration payable for business combinations | 42,225 | 42,225 | | **Total** | **652,466** | **776,711** | [13. Events After the Reporting Period](index=14&type=section&id=13.%20Events%20After%20the%20Reporting%20Period) No significant events occurred after the reporting period for the Group - No significant events occurred after the reporting period for the Group[31](index=31&type=chunk) Business Review [Business Overview](index=15&type=section&id=Business%20Overview) The Group is a leading "Internet+" vocational education group in China, offering integrated services from enrollment to employment, covering eight major segments with an extensive education network and talent employment service system - The Group is a leading "Internet+" vocational education group in China, providing integrated services from enrollment to employment[32](index=32&type=chunk) - Business covers **eight major segments**, including campus education, online education services, vocational skill enhancement and training, and human resource services[32](index=32&type=chunk) - As of June 30, 2025, the Group operates or manages **10 schools** in China, with approximately **100,000 enrolled students** and a cumulative total of over **50 million students and users served**[32](index=32&type=chunk) [Key Business Progress During the Reporting Period](index=15&type=section&id=Key%20Business%20Progress%20During%20the%20Reporting%20Period) The Group secured a RMB 300 million revolving loan facility from China CITIC Bank International and significantly increased its enrollment plan for the 2025/2026 academic year, particularly for undergraduate programs [1. Revolving Loan Facility](index=15&type=section&id=1.%20Revolving%20Loan%20Facility) The Company entered into a facility letter with China CITIC Bank International Limited for a revolving loan facility of up to RMB 300,000,000 or its equivalent in HKD and USD - Obtained a revolving loan facility of up to **RMB 300 million** from China CITIC Bank International Limited, with a final repayment date no later than one year from the first drawdown date[33](index=33&type=chunk) [2. Significant Increase in Enrollment Plan](index=15&type=section&id=2.%20Significant%20Increase%20in%20Enrollment%20Plan) The Group's schools' enrollment plan for the 2025/2026 academic year significantly increased by approximately 24.0% compared to the previous academic year, with undergraduate program enrollment increasing by approximately 29.0% - The 2025/2026 academic year enrollment plan increased by approximately **24.0%** year-on-year, with undergraduate program enrollment increasing by approximately **29.0%**[34](index=34&type=chunk) [Development Strategy](index=16&type=section&id=Development%20Strategy) Supported by national policies, the Group will continue to focus on high-quality development of higher education, build a digital and intelligent service platform ecosystem for "learning, employment, and entrepreneurship," and promote the integration of education and high-tech to empower talent cultivation - Government policies support the modernization and high-quality development of vocational education, with the central government allocating **RMB 31.257 billion** in funds[35](index=35&type=chunk) [(1) High-Quality Development of Higher Education](index=16&type=section&id=(1)%20High-Quality%20Development%20of%20Higher%20Education) The Group's institutions will continue to increase resource investment, optimize teaching environments and equipment, strengthen professional teaching teams, and provide high-quality teaching services to promote high-quality student employment - Continue to increase resource investment, optimize teaching environments and equipment, and strengthen professional teaching teams[36](index=36&type=chunk) - Provide high-quality teaching services to promote high-quality student employment and cultivate high-quality applied vocational talents for the country[36](index=36&type=chunk) [(2) Building a Digital and Intelligent Service Platform Ecosystem for "Learning, Employment, and Entrepreneurship"](index=16&type=section&id=(2)%20Building%20a%20Digital%20and%20Intelligent%20Service%20Platform%20Ecosystem%20for%20%22Learning%2C%20Employment%2C%20and%20Entrepreneurship%22) The Group will comprehensively advance the digitalization and intelligence of learning, employment, and entrepreneurship services, achieving full coverage of academic education and integrating the entire process from enrollment, assessment, teaching, examination, practical training, employment, to entrepreneurship - Comprehensively advance the digitalization and intelligence of learning, employment, and entrepreneurship services, achieving full coverage of academic education[37](index=37&type=chunk) - Integrate the entire process from enrollment, assessment, teaching, examination, practical training, employment, to entrepreneurship, from entry to exit[37](index=37&type=chunk) [(3) Promoting the Integration of Education and High-Tech to Empower Talent Cultivation](index=16&type=section&id=(3)%20Promoting%20the%20Integration%20of%20Education%20and%20High-Tech%20to%20Empower%20Talent%20Cultivation) The Group will accelerate the widespread application of big data and artificial intelligence in its business areas, enhance the level of educational digitalization, provide more precise learning solutions and support services for students and users, and enable teachers to teach and manage more efficiently - Accelerate the widespread application of big data and artificial intelligence in business areas, enhancing the level of educational digitalization[38](index=38&type=chunk) - Provide more precise learning solutions and support services for students and users, enabling teachers to teach and manage more efficiently[38](index=38&type=chunk) [Revenue](index=17&type=section&id=Revenue) Total revenue for the reporting period was approximately RMB 894.8 million, a year-on-year decrease of 17.1%, primarily due to reduced online education revenue resulting from changes in market conditions Revenue (For the Six Months Ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 894.8 | 1,079.8 | -17.1% | - Revenue decrease primarily due to reduced online education revenue resulting from changes in market conditions[39](index=39&type=chunk) [Cost of Sales](index=17&type=section&id=Cost%20of%20Sales) Cost of sales increased by 8.1% year-on-year to approximately RMB 539.4 million, mainly due to increased depreciation and amortization of the Group's schools, and an increase in the number, salaries, and allowances of teaching and administrative staff Cost of Sales (For the Six Months Ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Cost of Sales | 539.4 | 498.9 | +8.1% | - Cost of sales increased primarily due to increased depreciation and amortization of schools, and an increase in the number, salaries, and allowances of teaching and administrative staff[40](index=40&type=chunk) [Gross Profit](index=17&type=section&id=Gross%20Profit) Gross profit decreased by 38.8% year-on-year to approximately RMB 355.4 million, with the gross profit margin declining from approximately 53.8% to approximately 39.7%, mainly due to increased campus education expenses of the Group's schools during the reporting period Gross Profit and Gross Profit Margin (For the Six Months Ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Gross Profit | 355.4 | 580.8 | -38.8% | | Gross Profit Margin | 39.7% | 53.8% | -14.1 percentage points | - Gross profit and gross profit margin decreased primarily due to increased campus education expenses[41](index=41&type=chunk) [Other Income and Gains](index=17&type=section&id=Other%20Income%20and%20Gains) Other income and gains decreased by 22.1% year-on-year to approximately RMB 55.8 million, mainly due to a reduction in investment income from short-term investments received by the Group during the reporting period Other Income and Gains (For the Six Months Ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Other Income and Gains | 55.8 | 71.5 | -22.1% | - Decrease primarily due to reduced investment income from short-term investments[42](index=42&type=chunk) [Selling Expenses](index=18&type=section&id=Selling%20Expenses) Selling expenses decreased by 44.6% year-on-year to approximately RMB 54.3 million, primarily due to reduced salaries and other benefits for sales and marketing staff, and decreased promotion and advertising costs for online education entities Selling Expenses (For the Six Months Ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Selling Expenses | 54.3 | 98.0 | -44.6% | - Selling expenses decreased primarily due to reduced sales and marketing staff salaries and online education promotion costs[43](index=43&type=chunk) [Administrative Expenses](index=18&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 18.4% year-on-year to approximately RMB 196.2 million, attributed to the Group's effective control over administrative expenses during the reporting period Administrative Expenses (For the Six Months Ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 196.2 | 240.3 | -18.4% | - Administrative expenses decreased primarily due to effective control by the Group[44](index=44&type=chunk) [Net Other Expenses](index=18&type=section&id=Net%20Other%20Expenses) Net other expenses significantly decreased by 62.6% year-on-year to approximately RMB 22.3 million, mainly due to a substantial reduction in expenses related to impairment losses on financial assets Net Other Expenses (For the Six Months Ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Net Other Expenses | 22.3 | 59.7 | -62.6% | - Decrease primarily due to a significant reduction in expenses related to impairment losses on financial assets[45](index=45&type=chunk) [Finance Costs](index=18&type=section&id=Finance%20Costs) Finance costs slightly decreased by 1.5% year-on-year to approximately RMB 67.4 million, remaining stable during the reporting period Finance Costs (For the Six Months Ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Finance Costs | 67.4 | 68.4 | -1.5% | - Finance costs remained stable[46](index=46&type=chunk) [Profit for the Period](index=19&type=section&id=Profit%20for%20the%20Period) Considering the aforementioned factors, profit for the period decreased by 56.4% year-on-year to approximately RMB 49.4 million during the reporting period Profit for the Period (For the Six Months Ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 49.4 | 113.2 | -56.4% | [Adjusted Net Profit](index=19&type=section&id=Adjusted%20Net%20Profit) Adjusted net profit decreased by 56.6% year-on-year to approximately RMB 57.1 million, with the adjusted net profit margin declining from approximately 12.2% for the six months ended June 30, 2024, to approximately 6.4% during the reporting period Adjusted Net Profit Calculation (For the Six Months Ended June 30, RMB thousand) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Profit for the Period | 49,361 | 113,165 | | Add: Unrealized exchange gain | (5,427) | (3,188) | | Share option expenses | 12 | 47 | | Amortization of intangible assets recognized upon acquisition | 10,503 | 25,705 | | Change in fair value loss/(gain) | 2,676 | (4,182) | | **Adjusted Net Profit** | **57,125** | **131,547** | Adjusted Net Profit and Profit Margin (For the Six Months Ended June 30) | Metric | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Adjusted Net Profit (RMB million) | 57.1 | 131.5 | -56.6% | | Adjusted Net Profit Margin | 6.4% | 12.2% | -5.8 percentage points | Financial and Liquidity Position [Net Current Assets](index=20&type=section&id=Net%20Current%20Assets) As of June 30, 2025, the Group's net current assets were approximately RMB 903.9 million, an increase from the end of 2024, with current assets decreasing mainly due to reduced cash and cash equivalents, and current liabilities decreasing primarily due to reduced contract liabilities Changes in Net Current Assets (RMB million) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net Current Assets | 903.9 | 758.5 | +145.4 | | Current Assets | 3,733.8 | 4,222.3 | -488.5 | | Current Liabilities | 2,829.9 | 3,463.8 | -633.9 | - Current assets decreased primarily due to a reduction in cash and cash equivalents[50](index=50&type=chunk) - Current liabilities decreased primarily due to a reduction in contract liabilities[50](index=50&type=chunk) [Interest-Bearing Bank and Other Borrowings](index=20&type=section&id=Interest-Bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, interest-bearing bank and other borrowings amounted to approximately RMB 2,535.9 million, with annual interest rates ranging from 2.2% to 10.0%, and some loans having rates as high as 15%-24%; the Group maintains its funding balance through operating cash flow and borrowings - As of June 30, 2025, interest-bearing bank and other borrowings amounted to approximately **RMB 2,535.9 million**[51](index=51&type=chunk) - Loan annual interest rates range from **2.2% to 10.0%**, with some loans having rates as high as **15%-24%**[51](index=51&type=chunk) - The Group maintains continuous funding supply and flexibility through cash flows generated from operating activities and other borrowings[51](index=51&type=chunk) [Grant of Option to Acquire 49% of the Issued Share Capital of Lead Group](index=21&type=section&id=Grant%20of%20Option%20to%20Acquire%2049%25%20of%20the%20Issued%20Share%20Capital%20of%20Lead%20Group) The Group is involved in arbitration disputes with the seller of Lead Group regarding a 49% equity acquisition option, concerning inflated exit prices and loan offset controversies; the Group believes the seller's exercise of the option is invalid and has fulfilled its obligation to grant the option, with arbitration ongoing and no provision made - The Group is involved in an arbitration dispute with the seller of Lead Group regarding a 49% equity acquisition option at the Hong Kong International Arbitration Centre[52](index=52&type=chunk) - The seller claims to have validly exercised the option and seeks an inflated exit price of **RMB 2,180,735,567.50**, which the Group disputes as invalid[52](index=52&type=chunk) - The Group has made no provision for the arbitration, believing it has no obligation to purchase the 49% equity interest in Lead Group[52](index=52&type=chunk) - There is also a CIETAC arbitration concerning a **RMB 400 million** loan principal and interest repayment dispute, where the seller claims offset, and the Group counter-claims for repayment[54](index=54&type=chunk) [Pledged Assets](index=23&type=section&id=Pledged%20Assets) As of June 30, 2025, certain long-term assets with a net book value of approximately RMB 78.3 million and time deposits of RMB 897.6 million have been pledged by the Group to secure bank loans and other borrowings - Approximately **RMB 78.3 million** of long-term assets and **RMB 897.6 million** of time deposits have been pledged to secure bank loans and other borrowings[56](index=56&type=chunk) [Foreign Currency Exchange Risk](index=23&type=section&id=Foreign%20Currency%20Exchange%20Risk) The Group's majority of revenue and expenses are denominated in RMB, with some bank balances denominated in USD and HKD; the Group currently has no foreign exchange hedging policy, and management will continue to monitor foreign currency exchange risk - Most revenue and expenses are denominated in RMB, with some bank balances denominated in USD and HKD[57](index=57&type=chunk) - The Group currently has no foreign exchange hedging policy, and management will continue to monitor foreign currency exchange risk[57](index=57&type=chunk) [Gearing Ratio](index=23&type=section&id=Gearing%20Ratio) As of June 30, 2025, the gearing ratio increased from approximately 37.0% as of December 31, 2024, to approximately 42.3%, but remains at a healthy level Gearing Ratio | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gearing Ratio | 42.3% | 37.0% | +5.3 percentage points | - Gearing ratio increased but remains at a healthy level[58](index=58&type=chunk) Employee Remuneration, Training and Development [Employee Profile and Benefits](index=23&type=section&id=Employee%20Profile%20and%20Benefits) As of June 30, 2025, the Group employed approximately 6,800 employees; during the reporting period, the Group reviewed and increased employee remuneration and provided training and/or sponsored various work-related training courses for existing and newly hired employees - As of June 30, 2025, the Group employed approximately **6,800 employees**[59](index=59&type=chunk) - Employee remuneration was reviewed and increased during the reporting period, based on performance, experience, and prevailing industry practices[59](index=59&type=chunk) - Training and/or sponsorship for various work-related training courses were provided to employees[59](index=59&type=chunk) Corporate Governance Code [Corporate Governance Practices](index=23&type=section&id=Corporate%20Governance%20Practices) The Company is committed to establishing sound corporate governance practices and procedures, complying with the code provisions set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited to ensure transparency and accountability - The Company is committed to establishing sound corporate governance practices and procedures, ensuring transparency and accountability to shareholders[60](index=60&type=chunk) - For the six months ended June 30, 2025, the Company complied with the code provisions set out in Appendix C1 of the Listing Rules[61](index=61&type=chunk) [Standard Code for Securities Transactions by Directors of Listed Issuers](index=24&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions, and all directors confirmed compliance with the code during the reporting period - The Company has adopted the Standard Code set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions[62](index=62&type=chunk) - All directors confirmed compliance with the required standards set out in the Standard Code during the reporting period[62](index=62&type=chunk) [Interim Dividends](index=24&type=section&id=Interim%20Dividends) The Board of Directors did not declare any interim dividends for the reporting period - The Board of Directors did not declare any interim dividends for the reporting period[63](index=63&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=24&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and as of June 30, 2025, the number of treasury shares held by the Company was zero - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[64](index=64&type=chunk) - As of June 30, 2025, the number of treasury shares held by the Company was zero[65](index=65&type=chunk) [Audit Committee](index=24&type=section&id=Audit%20Committee) The Company's Audit Committee has reviewed and discussed with management the accounting principles and practices adopted by the Company, internal controls, financial reporting matters, and the Company's corporate governance policies and practices, and has reviewed the interim results - The Audit Committee has reviewed and discussed accounting principles, internal controls, financial reporting, and corporate governance matters with management[66](index=66&type=chunk) - The interim results have been reviewed by the Audit Committee[66](index=66&type=chunk) Other Information [Publication of Interim Results Announcement and Interim Report](index=25&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the HKEX website and the Company's website, and the interim report containing all information required by Appendix D2 of the Listing Rules will be dispatched to shareholders in due course - The interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (http://www.minshengedu.com)[67](index=67&type=chunk) - The interim report, containing all information required by Appendix D2 of the Listing Rules, will be dispatched to shareholders in due course[67](index=67&type=chunk)

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]

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 ...

本文源自：财华网 【财华社讯】民生教育(01569.HK)公布，预计截至2025年6月30日六个月止的净利润将较2024年同期净 利润约人民币1.132亿元减少约56.4%。净利润预期下降主要原因是集团中国营运学校持续加大办学投 入，相关的成本同比有较大幅度的增加；及集团旗下在线教育主体受到市场的影响，导致旗下在线教育 主体的净利润同比出现较大幅度的下滑。 ...

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]

智通财经APP讯，民生教育(01569)发布公告，集团截至2025年6月30日六个月止未经审核综合管理账目 所作之初步审阅以及公司目前所得资料，集团预计本期间的净利润将较截至2024年6月30日六个月止净 利润约人民币1.13亿元减少约56.4%。净利润预期下降的主要原因如下： 1.于本期间，集团中国营运学校持续加大办学投入，相关的成本与2024年6月30日六个月止同比有较大 幅度的增加。2.于本期间，集团旗下在线教育主体受到市场的影响，导致集团旗下在线教育主体的净利 润与2024年6月30日六个月止同比出现较大幅度的下滑。 ...

Core Viewpoint - Minsheng Education (01569.HK) expects a significant decline in net profit for the six months ending June 30, 2025, projecting a decrease of approximately 56.4% compared to the net profit of about RMB 113.2 million for the six months ending June 30, 2024 [1] Summary by Relevant Categories Financial Performance - The anticipated net profit for the period is expected to be substantially lower due to increased operational costs associated with the group's schools in China [1] - The online education segment under the group is also projected to experience a significant decline in net profit compared to the same period in 2024, influenced by market conditions [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 ...