Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 0.79 [2][6]. Core Insights - The company reported a revenue of RMB 3.96 billion for FY25, representing a year-on-year growth of 6.1%, while net profit decreased by 36.9% to RMB 390 million. Adjusted net profit, excluding certain impairments, increased by 6.5% to RMB 740 million, aligning with expectations [3][4]. - The company has optimized its school count and strengthened headquarters management, which is expected to lead to a recovery in profit margins. The average tuition fee increased by 6% to RMB 13,600 per academic year [4][6]. - The company sold eight low-efficiency school assets from FY24 to FY25, aiming to enhance operational efficiency by reducing the number of schools and increasing the proportion of undergraduate students [5][6]. Financial Data and Profit Forecast - For FY25, the company’s revenue is projected at RMB 3.96 billion, with an adjusted net profit of RMB 738 million. The adjusted net profit is expected to grow to RMB 764 million in FY26 and RMB 812 million in FY27 [7][10]. - The gross margin for FY25 is reported at 42.1%, slightly lower than the previous year, but operational efficiency is anticipated to improve moving forward [4][6]. - The company’s student enrollment for FY25 is 291,000, with a stable student structure, where undergraduate students account for 48% and vocational students for 3% [4][5].

Investment Rating - The investment rating for the company is maintained as "Buy" [2] Core Views - The company reported a revenue of 3.96 billion RMB for the fiscal year 2025, representing a year-on-year growth of 6.1%. However, net profit decreased by 36.9% to 390 million RMB. Adjusted net profit, excluding goodwill impairment and convertible bond disposal costs, was 740 million RMB, reflecting a growth of 6.5% [5] - The company has optimized its school count and strengthened headquarters management, which is expected to lead to a recovery in profit margins. The number of enrolled students remained stable at 291,000, with a slight increase of 0.1% compared to the previous fiscal year [5][6] - The average tuition fee increased by 6% to 13,600 RMB per academic year. The company effectively controlled cost growth, with main operating costs rising by 6.2% to 2.29 billion RMB, slightly above the revenue growth rate [5][6] Financial Data and Profit Forecast - The company expects adjusted profits for fiscal year 2026 to be 760 million RMB, down from an earlier forecast of 1.27 billion RMB. Adjusted profits for fiscal years 2027 and 2028 are projected to be 810 million RMB and 880 million RMB, respectively [7][8] - The financial data shows a steady increase in revenue and adjusted net profit over the forecast period, with revenue expected to reach 4.55 billion RMB by fiscal year 2028 [8][11]

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 希教國際控股有限公司 呈交日期: 2025年12月4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) | 01765 | 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 (-) | | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.00001 | USD | | 100,000 | 本月底法定/ ...

Core Insights - The company reported a revenue of 3.96 billion, an increase of 6.12% year-on-year, while the profit attributable to owners decreased by 36.88% to 385 million, with basic earnings per share at 4.68 cents [1] Group 1: Educational Initiatives - The company focuses on enhancing talent cultivation quality through a "four-dimensional integration" approach, which includes professional and industry integration, teacher skill enhancement, curriculum and certification integration, and practical training with enterprise scenarios [1] - Over the year, the company introduced more than 1,100 teachers, including 130 with senior titles and 26 PhDs, and implemented a mentorship system involving 206 mentors guiding 817 young teachers [1] - The company established 52 new specialized training rooms in cutting-edge fields such as robotics and new energy technology, upgraded 74 training rooms, and built 394 multimedia classrooms to strengthen skill training [1] Group 2: Industry Collaboration and Employment Services - The company collaborates with nearly 100 key enterprises to deepen the school-enterprise cooperation mechanism, covering areas like intelligent innovation and cloud classrooms, promoting talent cultivation alongside industrial innovation [2] - A total of 799 recruitment events were held, attracting 5,346 companies and offering over 181,000 job positions, with 5,464 online job postings expanding employment opportunities by more than 125,000 [2] - The average employment rate of graduates improved steadily, with their comprehensive abilities recognized by employers [2] Group 3: International Development - The company is advancing its international development strategy, with significant enhancements in the teaching strength and brand influence of overseas institutions [2] - Notable rankings include Malaysia's INTI International University at 509th in the 2026 QS World University Rankings and Thailand's Srinakharinwirot University at 250th in the QS Asia University Rankings [2] - The company is promoting resource sharing between overseas and domestic institutions, with steady progress in joint talent cultivation projects [2]

Core Insights - The company reported a revenue of 3.96 billion yuan for the fiscal year ending August 31, 2025, representing a year-on-year increase of 6.12%. However, the profit attributable to shareholders decreased by 36.88% to 385 million yuan, with basic earnings per share at 4.68 cents [1] Group 1: Educational Initiatives - The company focuses on enhancing talent cultivation quality through a "four-dimensional integration" approach, which includes professional-industry integration, teacher skill enhancement, curriculum alignment with industry standards, and practical training in real-world scenarios [1] - Over the year, the company introduced more than 1,100 teachers, including 130 with senior titles and 26 PhDs, and established a mentorship system involving 206 mentors guiding 817 young teachers [1] - The company constructed 52 new training rooms in cutting-edge fields such as robotics and new energy technology, upgraded 74 training rooms, and established 394 multimedia classrooms to strengthen skill training [1] Group 2: Industry Collaboration and Employment Services - The company collaborates with nearly 100 key enterprises to deepen the school-enterprise cooperative education mechanism, covering areas like intelligent innovation and cloud classrooms [2] - A total of 799 recruitment events were held, attracting 5,346 companies and offering over 181,000 job positions, with 5,464 online job postings expanding employment opportunities by more than 125,000 [2] - The average employment rate for graduates improved compared to the previous year, reflecting the recognition of graduates' comprehensive abilities by employers [2] Group 3: International Development - The company is advancing its international development strategy, with significant enhancements in the teaching strength and brand influence of overseas institutions [2] - Notable rankings include Malaysia's INTI International University at 509th in the 2026 QS World University Rankings and Thailand's Srinakharinwirot University at 250th in the QS Asia University Rankings [2] - The company is actively promoting resource sharing between overseas and domestic institutions, with steady progress in joint talent cultivation initiatives [2]

Group 1 - The core viewpoint of the article is that Xuejiao International Holdings (01765.HK) reported an increase in revenue for the fiscal year ending August 31, 2025, but a significant decrease in net profit compared to the previous year [1] Group 2 - For the fiscal year ending August 31, 2025, the company's revenue was RMB 3.96 billion, an increase of RMB 228 million or 6.12% from RMB 3.73 billion in the previous year [1] - The increase in revenue was primarily due to the rise in tuition fees for students in domestic and international institutions [1] - The company's net profit for the fiscal year ending August 31, 2025, was RMB 387 million, a decrease of RMB 226 million or 36.93% from RMB 613 million for the fiscal year ending August 31, 2024 [1]

Recruitment and Training - The company reported a total of 799 recruitment events, attracting 5,346 enterprises and providing over 306,000 job positions, with 181,000 offline and 125,000 online[11] - The company established 52 new professional training rooms covering cutting-edge fields such as robotics and e-commerce live streaming, and upgraded 74 training rooms[11] - The number of newly established professional programs increased by 32, focusing on industry frontiers like artificial intelligence and big data analysis, while 20 programs were discontinued due to insufficient market demand[9] - The average employment placement rate for graduates improved steadily compared to the previous year, with a 90% pass rate for students in employment guidance training[11] - The company hosted 127 employment guidance training sessions and 408 career planning lectures to support student career development[11] Research and Publications - The company achieved a 63.33% year-on-year increase in newly initiated research projects, totaling 1,068 projects, with provincial-level projects increasing by 16.4%[10] - The company’s overseas institutions published 2,021 papers in international journals, enhancing their research influence[10] International Education and Collaboration - The company’s international education influence expanded, with institutions like INTI International University ranking 509th in the 2026 QS World University Rankings[6] - The company has made significant progress in international education, with the QS World University Rankings placing Malaysia's INTI International University at 509 globally and 122 in Asia for 2026[12] - The company is actively promoting collaboration between domestic and foreign educational institutions, enhancing its competitiveness in the global higher education sector[12] Financial Performance - For the fiscal year ending August 31, 2025, the group's revenue was RMB 3,960.34 million, an increase of RMB 228.27 million or 6.12% compared to RMB 3,732.07 million in the previous year, primarily due to increased tuition fees for students in domestic and overseas institutions[23] - The group's gross profit for the fiscal year ending August 31, 2025, was RMB 1,667.80 million, an increase of RMB 94.23 million or 5.99% from RMB 1,573.57 million in the previous year[25] - The group's net profit for the fiscal year ending August 31, 2025, was RMB 386.68 million, a decrease of RMB 226.41 million or 36.93% from RMB 613.09 million in the previous year[30] - The group's financing costs decreased to RMB 225.68 million for the fiscal year ending August 31, 2025, down RMB 63.73 million or 22.02% from RMB 289.41 million in the previous year, mainly due to a reduction in loan scale and optimization of loan structure[28] - The group's cash and bank balances totaled RMB 3,291.59 million as of August 31, 2025, compared to RMB 3,100.75 million as of August 31, 2024, with cash and cash equivalents at RMB 2,647.54 million[32] Debt and Equity Management - The group's current ratio improved to 0.69 as of August 31, 2025, compared to 0.43 as of August 31, 2024, indicating better short-term financial health[34] - The net debt-to-equity ratio improved from 1.5% as of August 31, 2024, to -4.9% as of August 31, 2025, due to higher cash and cash equivalents compared to interest-bearing bank and other borrowings[36] - The group's total liabilities to equity ratio was approximately 29.5% as of August 31, 2025, down from 35.4% as of August 31, 2024, reflecting a decrease in leverage[37] Operational Expenses and Investments - The group's selling expenses increased to RMB 327.35 million for the fiscal year ending August 31, 2025, up RMB 85.50 million or 35.35% from RMB 241.85 million in the previous year, primarily due to efforts to expand enrollment channels[26] - The company has signed an agreement to sell 100% equity of Shanghai Pumeng Zhichuan Education Technology Co., Ltd. to Guilin Punoji Electronics Co., Ltd.[18] - The company has no significant investments or acquisitions planned beyond those disclosed in the announcement[39] Shareholder Actions - The company announced the repurchase of convertible bonds totaling $78.7 million, representing approximately 22.49% of the original issuance[15] - The company plans to issue 685,414,558 rights shares at a subscription price of HKD 0.2 per share, based on a ratio of one rights share for every twelve shares held[15] - The net proceeds from the rights issue amounted to approximately HKD 87.4 million after deducting all related expenses[41] Assets and Liabilities - Total non-current assets decreased from RMB 18,262,345 thousand in 2024 to RMB 15,906,432 thousand in 2025, a decline of approximately 12.9%[51] - Goodwill decreased significantly from RMB 2,051,684 thousand in 2024 to RMB 1,361,409 thousand in 2025, representing a reduction of about 33.6%[51] - Total current assets increased from RMB 4,019,166 thousand in 2024 to RMB 6,090,772 thousand in 2025, an increase of approximately 51.5%[51] - Total liabilities decreased from RMB 13,127,021 thousand in 2024 to RMB 12,415,062 thousand in 2025, a decrease of approximately 5.4%[52] - Total equity increased from RMB 9,154,490 thousand in 2024 to RMB 9,582,142 thousand in 2025, an increase of approximately 4.7%[52] Cash Flow and Financing Activities - Cash generated from operating activities was RMB 1,492,370,000, down from RMB 1,579,412,000 in the previous year, indicating a decline of approximately 5.5%[55] - The net cash flow from investing activities was negative at RMB 926,480,000, slightly improved from a negative RMB 972,453,000 in 2024[56] - The company raised RMB 1,493,895,000 from bank and other borrowings, while repaying RMB 1,694,212,000, resulting in a net cash outflow from financing activities of RMB 97,381,000[57] Future Outlook - The company plans to continue providing educational services to students, which is expected to generate operational cash inflows[59] - The company is actively seeking alternative financing and loans to meet existing financial obligations and future capital expenditures[59] - The company plans to continue its market expansion and product development strategies to enhance future growth prospects[62]

Core Viewpoint - The company expects a decrease in net profit for the fiscal year ending August 31, 2025, due to potential impairment losses related to goodwill from cash-generating units in Sichuan and Inner Mongolia, reflecting adjustments based on local market conditions [1] Financial Summary - The projected net profit for the fiscal year ending August 31, 2025, is estimated to be between RMB 366 million and RMB 416 million [1] - The net profit for the fiscal year ending August 31, 2024, is expected to be approximately RMB 613 million [1] Impairment and Market Conditions - The anticipated decrease in net profit is primarily attributed to potential impairment losses on goodwill associated with certain cash-generating units [1] - This adjustment is based on a downward revision of expected cash flows for these units, reflecting the current market conditions in the respective regions [1]

Group 1 - The company expects a net profit ranging from approximately RMB 366 million to RMB 416 million for the fiscal year ending August 31, 2025, compared to a net profit of approximately RMB 613 million for the fiscal year ending August 31, 2024 [1] - The anticipated decrease in net profit is primarily due to potential impairment losses related to goodwill associated with certain cash-generating units in Sichuan Province and Inner Mongolia [1] - A preliminary assessment indicates that a one-time, non-cash impairment loss of approximately RMB 558 million will need to be recognized for the fiscal year 2025, which does not exceed 5% of the company's total assets [1] Group 2 - The impairment loss is based on a downward adjustment of expected cash flows for these cash-generating units, reflecting the current market conditions in the local area [1] - Since the impairment loss is non-cash in nature, it will not impact the company's operating profit or cash flow [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 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 XJ International Holdings Co., Ltd. 希教國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1765） 內幕消息 有關截至2025年8月31日止年度財務表現的 最新消息 本公告乃由希教國際控股有限公司（「本公司」，連同其附屬公司及併表附屬實體統 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部項下的內幕消息條文（定義見上市規 則）作出。 預期非國際財務報告準則會計準則（「非國際財務報告準則」）淨利變動 董事會預計2025財年的未經審核經調整非國際財務報告準則淨利（經就可轉換債券 的公平值變動及重組費用、匯兌損益、獨立學院轉設為民辦學校的相關費用、商譽 及資產的減值損失等項目進行調整）較2024財年的未經審核經調整非國際財務報告 準則淨利約人民幣693百萬元增加人民幣–13百萬元 ...