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產生或因依賴該等內容而引致的任何損失 承擔任何責任。 SCHOLAR EDUCATION GROUP 合資公司夥伴之資料 深圳華夏雋永由萬勝實業控股（ 深圳 ）有限公司全資擁有，該公司由王勝洪先生及王國祥先 生 分 別 持 有 98% 及 2 % 的 股 份 。 如 該 公 告 中 所 披 露 ， 據 董 事 經 合 理 查 詢 後 所 知 、 所 悉 及 所 信，深圳華夏雋永及其最終實益擁有人乃獨立第三方。 – 1 – （ 在開曼群島註冊成立的有限公司） （股份代號：1769） 補充公告 須予披露交易 成立合資公司 茲提述本公司日期為二零二五年十一月四日有關成立合資公司的公告（「該公告」）。本公告 為該公告的補充，並應與該公告一併閱讀。除另有所指外，本公告所用詞彙與該公告所界 定者具有相同涵義。 本公司謹就深圳華夏雋永及合資公司提供以下補充資料。 合資公司之商業計劃 思 考 樂 教 育 集 團 陳啟遠 香港，二零二五年十一月十二日 合資公司的主要目標是開發 ...

Market Overview - The Hang Seng Index rose by 0.61%, gaining 161 points to close at 26,406 points, while the Hang Seng Tech Index increased by 0.12%. The morning trading volume in Hong Kong reached 114.1 billion HKD [1]. Company Highlights - China Duty Free Group (601888) (01880) saw a surge of over 13% as the new duty-free policy in Hainan shows positive effects, with institutions suggesting a potential industry turning point [1]. - Pop Mart (09992) increased by over 6% due to gradual capacity expansion, with management expecting stronger sales performance in Q4 [1]. - Dongyang Sunshine Pharmaceutical (600673) (06887) rose by over 4% as flu activity is on the rise, and institutions are optimistic about the company's innovative pipeline development [1]. - China Liansu (02128) gained over 5% as the company is expected to benefit significantly from urban pipeline upgrades under the 14th Five-Year Plan [1]. - Hou Shang Ayi (02589) increased by over 8% after the company proposed adopting an H-share incentive plan, successfully entering the "10,000-store club" [1]. - Education stocks performed well, with institutions noting overall good performance in the education sector and the potential for AI+ education to enhance valuation. China Education Holdings (00839) rose by 8%, Thinking Academy (01769) by 3.3%, and New Oriental-S (09901) by 3.25% [1]. - Ruipu Lanjun (00666) increased by over 6% as global demand for energy storage remains strong, with the company reporting over 50 GWh of energy storage battery shipments in the first three quarters [1]. - Gilead Sciences-B (01672) rose by over 6% after being included in the MSCI Global Small Cap Index, with significant weight loss effects from ASC30 [1]. - Goldwind Technology (002202) (02208) fell by over 5% as a major shareholder, Harmony Health, plans to further reduce its stake by up to 1%, following a previous reduction at the end of last month [1]. - Robotics concept stocks declined, with DCH Holdings (00179) dropping over 4% and Sanhua Intelligent Controls (002050) (02050) falling over 3% [1].

Core Viewpoint - The Hong Kong education stocks are experiencing significant gains, indicating positive market sentiment towards the sector [1] Group 1: Stock Performance - Zhongjiao Holdings (00839.HK) increased by 7.67%, reaching HKD 3.09 [1] - Sikao Education (01769.HK) rose by 4.41%, trading at HKD 2.84 [1] - Yuhua Education (06169.HK) saw a 3.77% increase, priced at HKD 0.55 [1] - New Oriental-S (09901.HK) gained 2.87%, with a share price of HKD 43.06 [1]

Core Viewpoint - The education sector is experiencing significant stock price increases, driven by policy improvements, demand release, and supply constraints, with a positive outlook for 2025 and beyond [1] Group 1: Stock Performance - Education stocks are leading in gains, with notable increases: China Education Group (00839) up 7.67% to HKD 3.09, Thinker Education (01769) up 4.41% to HKD 2.84, Yuhua Education (06169) up 3.77% to HKD 0.55, and New Oriental-S (09901) up 2.87% to HKD 43.06 [1] Group 2: Policy Impact - Since July 2025, the education sector has benefited from policies such as childbirth subsidies and gradual free preschool education, which are expected to encourage childbirth and increase education spending [1] - Continuous optimization of education policies is anticipated to further support the sector [1] Group 3: AI Influence - The impact of AI on the education sector is profound, with ongoing policy support expected to benefit industry leaders significantly in the AI + education landscape [1] Group 4: Market Sentiment - The vocational education sector has been overlooked by capital markets, but sentiment is shifting, with a potential for value investors to identify opportunities as performance continues to improve [1] - The sector's valuation is stabilizing, and with ongoing performance growth and market liquidity, there is potential for recovery in investor interest, particularly in undervalued, high-dividend, and high-performance stocks [1]

Core Viewpoint - The education sector is experiencing significant stock price increases, driven by policy improvements, demand release, and supply constraints, with a positive outlook for 2025 and beyond [1] Group 1: Stock Performance - Education stocks are leading in gains, with notable increases: China Education Group Holdings (00839) up 7.67% to HKD 3.09, Think Tank Education (01769) up 4.41% to HKD 2.84, Yuhua Education (06169) up 3.77% to HKD 0.55, and New Oriental-S (09901) up 2.87% to HKD 43.06 [1] Group 2: Policy Impact - Since July 2025, the education sector has benefited from policies such as childbirth subsidies and gradual free preschool education, which are expected to encourage childbirth and increase education spending [1] - Continuous optimization of education policies is anticipated to further support the sector [1] Group 3: AI Influence - The impact of AI on the education sector is profound, with ongoing policy support expected to benefit industry leaders significantly in the AI + education landscape [1] Group 4: Vocational Education Sector - The vocational education sector remains undervalued and has been overlooked by capital markets, but there are signs of improving sentiment [1] - With ongoing performance growth and market capital dispersion, there is potential for value investors to identify opportunities in undervalued, high-dividend, and high-performance stocks within this sector [1]

Core Viewpoint - The establishment of a joint venture between the company and Shenzhen Huaxia Junyong aims to develop and explore educational artificial intelligence robots, enhancing the company's overall business development and competitive advantage in this sector [1][2]. Group 1: Joint Venture Details - The joint venture agreement was signed on November 4, 2025, with a registered capital of RMB 385 million [1]. - The company will contribute RMB 115.5 million, while Shenzhen Huaxia Junyong will contribute RMB 269.5 million, resulting in ownership stakes of 30% and 70%, respectively [1]. - The joint venture will be accounted for as an associate company in the company's consolidated financial statements, using the equity method [1]. Group 2: Strategic Benefits - The joint venture is expected to accelerate the company's entry into the educational AI robot industry, driving overall business growth [2]. - By leveraging the joint venture's network and resources, the company aims to access diverse and advanced equipment and technology, enhancing its technical development and accumulating valuable experience and knowledge [2]. - Educational AI robots can assist teaching by recognizing handwritten characters and complex formulas, providing step-by-step solutions and learning analysis, as well as offering real-time feedback to students and behavioral analysis to teachers for personalized instruction [2].

Core Viewpoint - The company has entered into a joint venture agreement with Shenzhen Huaxia Junyong to establish a company focused on the research and development of educational artificial intelligence robots, with a registered capital of RMB 385 million [1] Group 1 - The joint venture will have a registered capital of RMB 385 million, with the company contributing RMB 115.5 million and Shenzhen Huaxia Junyong contributing RMB 269.5 million, resulting in ownership stakes of 30% and 70% respectively [1] - The joint venture will be accounted for as an associate company in the company's consolidated financial statements, using the equity method [1] - The company believes that the development of educational AI robots complements its existing business and will create synergies for overall business growth [1] Group 2 - Establishing the joint venture will accelerate the company's entry into the educational AI robot industry and promote overall business development [2] - The joint venture will provide access to diverse and advanced equipment and technology, enhancing the company's technological capabilities and accumulating valuable experience and knowledge [2] - Educational AI robots can assist teaching by recognizing handwritten characters and complex formulas, providing step-by-step solutions and learning analysis, offering instant feedback, and enabling personalized teaching through student behavior analysis [2]

Core Viewpoint - The company, Thinker Education (01769.HK), has entered into a joint venture agreement with Shenzhen Huaxia Junyong to establish a company focused on the research and development of educational artificial intelligence robots, with a registered capital of RMB 385 million [1] Group 1 - The joint venture will have a registered capital of RMB 385 million, with Thinker Education contributing RMB 115.5 million and Shenzhen Huaxia Junyong contributing RMB 269.5 million [1] - After the establishment of the joint venture, Thinker Education will hold a 30% equity stake while Shenzhen Huaxia Junyong will hold 70% [1] - The joint venture will be accounted for as an associate company in Thinker Education's financial statements, with its financial performance included using the equity method [1] Group 2 - The company believes that the development of educational AI robots complements its existing business and will create synergies for overall business growth [1] - Establishing the joint venture is expected to accelerate the company's entry into the educational AI robot industry and promote overall business development [1] - The joint venture will provide access to diverse and advanced equipment and technology, enhancing the company's technological development and competitive advantage in the educational AI robot sector [1]

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 | | | 致：香港交易及結算所有限公司 公司名稱: 思考樂教育集團 呈交日期: 2025年11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) | 01769 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.001 | USD | | 1,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.001 | USD | | 1,000,000 | 本月底法定/註冊股本總額： USD 1,000,000 FF3 ...

（ 在開曼群島註冊成立的有限公司） （股份代號：1769） 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產生或因依賴該等內容而引致的任何損失 承擔任何責任。 SCHOLAR EDUCATION GROUP 思 考 樂 教 育 集 團 上市規則的涵義 由於成立合資公司適用的一項或多項百分比率超過5 %但低於25%，成立合資公司構成本 公司一項須予披露交易，須遵守上市規則第14章項下的申報及公告規定，惟獲豁免遵守 通函及股東批准規定。 – 1 – 成立合資公司 須予披露交易 成立合資公司 成立合資公司 董事會欣然宣佈，於二零二五年十一月四日（ 聯交所交易時段後 ），本集團與深圳華夏雋 永訂立合資協議，據此，訂約方同意成立合資公司，註冊資本為人民幣385.0百萬元，以 研發及開拓教育類人工智能機器人。 根據合資協議之條款，合資公司的註冊資本將為人民幣385.0百萬元。本集團及深圳華夏 雋永將分別對合資公司的註冊資本出資人民幣115.5百萬元及人民幣269.5百萬元。合資公 司成 立 後， 本集 團及 深 圳 ...