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9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) | 01769 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 564,869,050 | | 0 | | 564,869,050 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 564,869,050 | | 0 | | 564,869,050 | 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所 ...

Core Viewpoint - Thinker Education (01769) has seen its stock price drop over 6%, reaching a low of 2.22 HKD, which is a 57.6% decline from its yearly high of 5.23 HKD [1] Financial Performance - For the six months ending June 30, 2025, the company reported revenue of 439 million RMB, representing a year-on-year growth of 10.1% [1] - The profit attributable to the company's owners was 62.93 million RMB, a decrease of 23.9% year-on-year [1] - After excluding share-based compensation expenses, the adjusted net profit attributable to owners was 81 million RMB, down 13.1% year-on-year [1] Margin Analysis - The gross margin for the first half of the year was 34.3%, which is a decline of 10.1 percentage points year-on-year [1] - The decline in gross margin is attributed to the new learning center in Guangzhou being in a ramp-up phase, leading to higher initial costs for rent and salaries, while initial revenues from experiential courses were relatively low [1] Market Dynamics - Revenue growth has slowed compared to 2024, primarily due to challenges in the Shenzhen market [1] - Increased competition in the Shenzhen market, along with personnel changes and management adjustments, have contributed to the slowdown in revenue growth [1]

Core Viewpoint - Thinker Education (01769) has seen its stock price drop over 6%, reaching a low of 2.22 HKD, which is a 57.6% decline from its year-to-date high of 5.23 HKD [1] Financial Performance - For the six months ending June 30, 2025, the company reported revenue of 439 million RMB, representing a year-on-year growth of 10.1% [1] - The profit attributable to the company's owners was 62.93 million RMB, a decrease of 23.9% year-on-year [1] - After excluding share-based compensation expenses, the adjusted net profit attributable to owners was 81 million RMB, down 13.1% year-on-year [1] Margin Analysis - The gross margin for the first half of the year was 34.3%, which is a decline of 10.1 percentage points year-on-year [1] - The decline in gross margin is attributed to the new learning center in Guangzhou being in a ramp-up phase, leading to higher initial costs for rent and salaries, while initial revenues from experiential courses were relatively low [1] Market Dynamics - Revenue growth has slowed compared to 2024, primarily due to challenges in the Shenzhen market [1] - Increased competition in the Shenzhen market, along with personnel changes and management adjustments, have contributed to the slowdown in revenue growth [1]

Group 1 - The company, Thinker Education (01769), announced the purchase of a total of 80,000 shares on the market as part of a trust arrangement for the benefit of selected participants [1]

Group 1 - The company, Thinking Academy Education (01769), announced the purchase of a total of 80,000 shares on the market as part of its share award plan [1] - The shares are held in trust for the benefit of selected participants according to the plan rules and trust deed [1]

Core Viewpoint - The announcement from Thinker Education (01769.HK) indicates that the trustee has recently purchased shares in the market as part of a plan to benefit selected participants through a trust arrangement [1] Group 1 - The trustee has acquired a total of 80,000 shares in the market as of August 22, 2025 [1] - The purpose of the voluntary announcement is to provide an update on the recent share purchases [1] - The shares are held in trust for the benefit of selected participants according to the plan rules and trust deed [1]

Group 1 - The company reported H1 2025 performance with revenue of 439 million yuan, a year-on-year increase of 10.1%, and adjusted net profit of 81 million yuan, a year-on-year decrease of 13.1% [1] - Revenue and profit accounted for approximately 38% and 33% of the company's previous full-year forecasts, slightly below expectations due to internal adjustments and increased operational costs in the new learning center in Guangzhou [1] - The company plans to actively expand into new provincial markets over the next three years, focusing on new business opportunities in high school/full-time education and enhancing teaching and operational capabilities [1] Group 2 - In H1 2025, the company's quality education revenue reached 388 million yuan, up 5.8% year-on-year, driven mainly by a 4.8% increase in student numbers; tutoring course revenue grew 58.7% to 52 million yuan, with student numbers increasing by 56.6% [1] - The number of learning centers reached 184, with 162 in Shenzhen and 22 in Guangzhou, reflecting an increase of 2 and 13 centers respectively since the end of 2024 [1] - The company is prioritizing revenue and market share growth in Guangzhou, leveraging its strong talent pool and research resources to support local branches, with plans to expand into other cities in the Greater Bay Area starting in 2026 [1] Group 3 - The company initiated internal adjustments in H1 2025 to align with its growth strategy for the next three years, including refining business lines and team roles, promoting young leaders, and optimizing teacher structure [2] - Among newly hired teachers in Shenzhen, 91% hold a bachelor's degree or higher, with over 70% being recent graduates, which is expected to build a strong talent reserve for future expansion [2] - The company plans to reorganize its product line to better meet market demands and explore new business opportunities such as vocational education for college entrance examinations [2] Group 4 - The company maintains a buy rating despite short-term profit drag from rapid new outlet expansion, adjusting the forecast for adjusted net profit for 2025-2027 to 207 million, 276 million, and 388 million yuan, reflecting decreases of 15%, 16%, and 8% respectively [2] - The target price is set at 6.03 HKD, based on a 15x PE for 2025, adjusted from a previous value of 7.01 HKD due to changes in profit forecasts [2]

Core Viewpoint - Company reported a mixed performance in the first half of 2025, with revenue growth but declining net profit, indicating challenges in the competitive education market and the impact of new center openings [1][2][3][4] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 439 million yuan, a year-on-year increase of 10.1%, while net profit attributable to shareholders was 63 million yuan, down 23.9% year-on-year [1] - Adjusted net profit attributable to shareholders was 81 million yuan, reflecting a decrease of 13.1% year-on-year [1] - The gross profit margin for H1 2025 was 34.3%, a decline of 10.1 percentage points, primarily due to high initial costs from new centers in Guangzhou [2] Group 2: Business Segments - Revenue from non-academic quality courses and other businesses was 388 million yuan, up 5.8% year-on-year, with student enrollment reaching 177,800, an increase of 4.8% [1] - The tutoring business showed significant growth, generating 52 million yuan in revenue, a year-on-year increase of 58.7%, with student enrollment of 23,000, up 56.6% [1] Group 3: Market Dynamics - Revenue growth in the Shenzhen market slowed due to intensified competition and internal management changes, while the Guangzhou market showed promising expansion [3] - The company plans to continue expanding in the Guangdong province, with new centers in Dongguan, Foshan, and other cities scheduled for future operations [3] Group 4: Profit Forecast and Valuation - The company revised its net profit forecasts for 2025-2027 downwards to 159 million, 209 million, and 271 million yuan, representing reductions of 25%, 28%, and 29% respectively [4] - The projected earnings per share (EPS) for 2025-2027 are 0.28, 0.37, and 0.48 yuan, with corresponding price-to-earnings (PE) ratios of 9x, 7x, and 6x [4]

Group 1 - Company announced the purchase of a total of 200,000 shares on the market as of August 21, 2025 [1] - The shares are held in trust for the benefit of selected participants according to plan rules and trust deed [1]

Core Viewpoint - The company, Thinker Education (01769.HK), has announced the purchase of 200,000 shares at an average price of approximately HKD 2.63 per share, totaling HKD 525,000, to benefit selected participants through a trust arrangement [1] Group 1 - The trustee currently holds 12.852 million shares, representing 2.28% of the total issued shares [1] - The company expresses confidence in its business outlook and will continue to monitor market conditions and stock prices closely [1] - The trustee is instructed to conduct share purchases at appropriate times as per the plan [1]