Summary of Key Points Core Viewpoint - A total of 142 stocks reached their 52-week highs as of August 12, with notable performers including Yingmei Holdings (02028), Elite Group (01775), and Fuying Global Group (01620) achieving high rates of 164.89%, 84.78%, and 40.63% respectively [1]. Stock Performance - **Top Performers**: - Yingmei Holdings (02028) closed at 0.223 with a peak of 0.249, marking a 164.89% increase [1]. - Elite Group (01775) closed at 0.350 with a peak of 0.425, reflecting an 84.78% increase [1]. - Fuying Global Group (01620) closed at 0.180, reaching its peak at 0.180, showing a 40.63% increase [1]. - **Other Notable Stocks**: - Aoya Group (02425) increased by 34.36% [1]. - Fuyiy International Holdings (01470) saw a rise of 28.30% [1]. - Huajian Medical (01931) experienced a 27.58% increase [1]. 52-Week High Rankings - The ranking of stocks that reached their 52-week highs includes: - Yingmei Holdings (02028) at 164.89% [1]. - Elite Group (01775) at 84.78% [1]. - Fuying Global Group (01620) at 40.63% [1]. 52-Week Low Rankings - The report also highlights stocks that reached their 52-week lows, with notable declines including: - Jiadeng International Group (08153) at -15.25% [4]. - Kun Group (00924) at -12.86% [4]. - Zhongjia Guoxin (00899) at -10.00% [4].

董事會會議通告 思考樂教育集團（「本公司」，連同其附屬公司及併表聯屬實體統稱「本集團」）董事會（「董事 會」）謹此宣佈，將於二零二五年八月二十日（ 星期三 ）舉行董事會會議，藉以（ 其中包括 ）考 慮及批准本集團截至二零二五年六月三十日止六個月的中期業績及其刊發，以及考慮派付 中期股息（ 如有）。 承董事會命 思考樂教育集團 主席兼執行董事 陳啟遠 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 （ 在開曼群島註冊成立的有限公司） （股份代號：1769） 執行董事 陳啟遠先生 （ 主席） 齊明智先生 （ 行政總裁） 李愛玲女士 冷新蘭女士 獨立非執行董事 楊學枝先生 嚴加敏女士 張文俊教授 香港，二零二五年八月八日 於本公告日期，董事會包括： ...

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8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 FF301 第 1 頁 共 10 頁 v 1 ...

Investment Ratings - Upgrade New Oriental Education (EDU) to Buy with target prices of US$77/HK$60, representing a potential upside of 54% [1][9] - Downgrade TAL Education Group (TAL) to Neutral with a target price of US$11.54, indicating a downside of 14% [1][18] Core Insights - The report highlights a pair trade strategy to capitalize on the diverging operational trajectories between EDU and TAL, with EDU expected to benefit from operating leverage in K12 education while TAL faces ongoing hardware losses [1][4] - EDU's revenue mix is shifting towards domestic segments, with K9 and Senior High expected to grow from 45% to 55% of revenue by FY26E, leading to significant margin expansion [2][12] - TAL's core Learning Services business provides a solid downside floor, but persistent losses in the Content Solutions segment limit near-term upside potential [3][18] Summary by Sections New Oriental Education (EDU) - The upgrade to Buy is based on a compelling domestic mix-shift story, with structural margin expansion expected as domestic segments grow significantly [2][54] - The report projects that each 1% revenue shift from overseas to domestic will add 8-10 basis points to consolidated margins, creating a multi-year earnings tailwind [2][13] - EDU's current valuation at ~17x NTM P/E does not reflect its intrinsic value, with a sum-of-parts analysis suggesting substantial upside potential [2][55] - Cost discipline measures, including rent cuts and controlled headcount growth, are expected to amplify operating leverage [2][14] - The anticipated dividend plan is viewed as a key near-term catalyst for re-rating [2][15] TAL Education Group (TAL) - The downgrade to Neutral reflects a balanced risk/reward profile, with limited near-term upside due to ongoing operational challenges [3][18] - TAL's core Learning Services business, combined with its net cash position, suggests a firm value floor at US$10.89 per share [3][31] - The Content Solutions segment is projected to continue incurring losses through FY27E, which significantly impacts overall profitability [3][18] - A proprietary lease-based analysis indicates that TAL's center maturity distribution is evolving, which is expected to drive margin expansion over time [20][24] - The report emphasizes the uncertainty surrounding the path to profitability for the Content Solutions segment, with execution risks persisting through FY28E [3][33]

Summary of the Conference Call for Thinker Education Company Overview - Thinker Education anticipates a revenue growth rate of 20%-30% for 2025, despite challenges from the economic environment and parents' willingness to pay, maintaining an optimistic outlook on performance [2][4][5] - The company is focusing on expanding its presence in the Guangzhou market, increasing the number of campuses from 9 in 2024 to over 20 in 2025, with a primary focus on winter and spring courses [2][4][6] Key Points and Arguments - The international business of Thinker Education is currently small, contributing only a few million yuan to overall revenue, and is not expected to significantly impact the company [7] - The company is exploring online digital avatars and AI-related businesses, but these initiatives are still in the exploratory phase and will not involve large-scale investments at this time [8] - The competitive pressure in the education and training market is normalized, with the economic environment affecting parents' payment willingness; however, Thinker Education expects to maintain a growth rate of over 20% [9][10] - The summer class renewal rate has improved compared to previous years, indicating healthy regular business operations [11] Additional Important Insights - The company plans to recruit approximately 1,000 outstanding graduates from top universities, with a smooth recruitment process and plans for employee iteration [4] - The company has added about 100-200 teachers in high school due to the new dual holiday system, expecting significant growth in the fall [3][15] - The Guangzhou campus is actively processing school qualification approvals, and the overall progress is in line with expectations [12] - Future expansion into new cities, including K12 offline education, is not ruled out for next year, as the company aims for steady development [14] - The company has seen a stable operating situation without significant changes in profit guidance, despite market concerns due to fewer roadshows [13]

Core Insights - The education industry in China is undergoing a significant transformation driven by policy adjustments and technological advancements, particularly in AI [1] - Companies are adopting diverse strategies to adapt to market changes, including building comprehensive education ecosystems and leveraging AI technology for breakthroughs [1] Performance Overview: Mixed Results and Growth Strategies - New Oriental reported a net revenue of $4.31 billion for the fiscal year 2024, a 43.9% increase year-on-year, with core education business revenue growing by 21.2% [2][3] - TAL Education achieved a net income of $2.25 billion, a substantial 51.0% increase year-on-year, with a net profit of $102 million, marking a turnaround from a loss [4][5] - Gaotu's revenue reached 4.54 billion yuan, a 53.8% increase, but the net loss expanded to 430 million yuan due to increased operational costs [6] - NetEase Youdao reported a net income of 5.6 billion yuan, a 4.4% increase, and achieved profitability for the first time with a net profit of 83 million yuan [6] - Xueda Education's revenue was 2.786 billion yuan, a 25.9% increase, with a net profit of 180 million yuan [6] - Excellent Education's revenue surged by 125.2% to 1.102 billion yuan, with a net profit of 192 million yuan [6] - Anlong Education's revenue was 1.230 billion yuan, a 27.32% increase, but it reported a net loss of 48.58 million yuan [6] - Thinking乐 Education achieved revenue of 852 million yuan, a 49.4% increase, with a net profit of 146 million yuan [6] - Kede Education's revenue was 795 million yuan, a 3.1% increase, with a net profit of 145 million yuan [6] - Dou Shen Education's revenue declined by 23.77% to 757 million yuan, but net profit increased significantly to 137 million yuan [6] Diverse Ecosystem Builders: New Oriental, TAL Education, Xueda Education - New Oriental focuses on core education business and has increased investment in quality education, particularly in non-subject tutoring and intelligent learning systems [10] - TAL Education is building a "hardware + content" ecosystem, enhancing user engagement and market competitiveness [10] - Xueda Education is expanding its personalized education services and integrating vocational education and cultural reading into its offerings [10] AI Technology as a Core Differentiator: NetEase Youdao, Excellent Education, Dou Shen Education - NetEase Youdao is leveraging AI to enhance content quality and user experience, achieving profitability for the first time [11] - Excellent Education has increased investment in AI technology, developing applications to improve teaching efficiency and student engagement [11] - Dou Shen Education launched its self-developed AI model and reduced operational costs, leading to a significant increase in net profit despite a decline in revenue [11] Differentiated Strategies to Capture Market Share: Gaotu, Thinking乐, Anlong Education, Kede Education - Gaotu's investment in R&D and technology is yielding returns, with non-subject tutoring services seeing over 150% growth [12] - Thinking乐 Education is successfully re-entering the Guangzhou market with a focus on small class sizes and diverse course offerings [12] - Anlong Education is implementing a five-year strategic plan to enhance operational efficiency despite reporting a net loss [13] - Kede Education maintains stable revenue through diversified operations, focusing on vocational education and training [13] Conclusion - The financial reports of education companies in 2024 highlight two main transformation trends: "policy-driven market shifts" and "technology-enabled efficiency revolutions" [14] - Companies like New Oriental and TAL Education are leveraging brand and capital advantages, while others like Xueda and Excellent Education are establishing barriers in niche markets [14]

Financial Performance - For the fiscal year ending December 31, 2024, the company's total revenue increased by 49.4% to RMB 852.3 million, compared to RMB 570.6 million in 2023[9]. - The gross profit for the same period rose by 39.8% to RMB 333.4 million, up from RMB 238.6 million in the previous year[9]. - Net profit attributable to the company's owners surged by 69.4% to RMB 145.6 million, compared to RMB 86.0 million in 2023[9]. - Basic earnings per share rose by 71.2% to RMB 26.68, compared to RMB 15.58 in the previous year[10]. - The adjusted net profit for the year was RMB 175.7 million, a 62.7% increase from RMB 108.0 million in 2023[9]. - The operating profit for the year was reported at RMB 191.5 million, reflecting ongoing operational efficiency improvements[12]. - Profit before tax increased by 55.0% from RMB 116.7 million to RMB 181.0 million[28]. - Income tax expense rose by 10.0% from RMB 32.2 million to RMB 35.5 million due to an increase in taxable profits and withholding tax[29]. - Profit attributable to owners increased by 69.4% from RMB 86.0 million to RMB 145.6 million[30]. - Adjusted profit attributable to owners increased by 62.7% from RMB 107.999 million to RMB 175.716 million[31]. Revenue Sources and Growth - Revenue from competency courses grew from RMB 518.9 million to RMB 766.8 million, indicating a robust market for these offerings[12]. - The number of tutoring class hours increased significantly from 5,973,028 hours to 8,692,591 hours, reflecting strong demand for non-academic courses[12]. - The number of enrolled students for non-academic quality courses increased by 45.8% to 348,523, while tutoring course hours rose by 61.8% to 935,748 hours[19]. - For the fiscal year ending December 31, 2024, the company reported revenue and profit attributable to owners of approximately RMB 852.3 million and RMB 145.6 million, respectively, with about 90.0% of revenue coming from non-academic quality courses and others, and approximately 10.0% from tutoring courses[76]. Business Strategy and Expansion - The company plans to diversify its offerings and enhance service quality by leveraging artificial intelligence technology[8]. - The company aims to expand its revenue base through new initiatives, including educational tourism and international courses[8]. - The company plans to expand its business in Guangzhou, having received positive feedback from parents and students, and aims to diversify its offerings in quality education[14]. - The company has initiated new business opportunities, including educational tourism and international courses, to broaden its revenue base for long-term growth[14]. Regulatory Environment - The Ministry of Education issued the "Interim Measures for Administrative Penalties for Off-campus Training" on August 23, 2023, which will take effect on October 15, 2023, outlining penalties for illegal training activities[48]. - The new regulations specify that illegal off-campus training may result in penalties such as rectification orders, refunds, and fines for organizations operating without necessary permits[48]. - The Ministry of Education's notification on December 18, 2023, emphasizes the need to strengthen supervision and enforcement to prevent hidden variations in subject training and reduce the burden of off-campus training on students[48]. - The "Interim Measures" include provisions for administrative penalties related to pricing, fee collection, and pre-collection fund supervision for off-campus training institutions[48]. - The Ministry of Education has been actively working to regulate non-academic training institutions, ensuring compliance with standards and enhancing daily supervision[47]. Financial Position - Total assets as of December 31, 2024, amounted to RMB 1,327.4 million, with total liabilities of RMB 692.6 million, resulting in total equity of RMB 634.8 million[18]. - Total equity increased to RMB 634.8 million from RMB 453.4 million[37]. - Cash and cash equivalents increased by 7.9% from RMB 362.0 million to RMB 390.7 million[37]. - The company has bank borrowings of RMB 40.0 million as of December 31, 2024, compared to none in 2023[87]. Shareholder and Governance Matters - The board has proposed a final dividend of HKD 0.07 per share for the year ending December 31, 2024, compared to no dividend for the previous year[51]. - The company has established a compensation committee to review its compensation policies based on operational performance and market practices[93]. - The board consists of four executive directors and three independent non-executive directors, complying with listing rules regarding board composition[195]. - The company aims to maintain the current female member ratio on the board, with a long-term goal of achieving gender parity in board nominations and elections[198]. - Independent non-executive directors have confirmed their independence according to Listing Rule 3.13, and the company considers them all to be independent individuals[199]. Compliance and Risk Management - The company is committed to compliance with relevant laws and regulations, with no significant violations reported for the fiscal year ending December 31, 2024[82]. - The company will regularly disclose updates regarding compliance with foreign investment laws and any significant impacts on its operations and financial condition[173]. - The company has engaged an auditor to confirm compliance with the disclosure requirements of the listing rules regarding related party transactions[148]. Employee and Operational Metrics - As of December 31, 2024, the company employed 2,973 employees, an increase of 28.2% from 2,319 employees in 2023[44]. - Research and development expenses increased by 76.2% to RMB 26.5 million, primarily due to higher personnel costs related to developing teaching materials and market research for various quality courses[24]. Share Incentive Plans - The company has three active share incentive plans, including a share option plan that was approved on June 3, 2019[103]. - A total of 27,785,000 stock options were granted under the stock option plan, with an exercise price of HKD 1.62 per share[107]. - The share reward plan aims to retain and attract qualified participants by providing direct economic benefits and recognizing their contributions to the group's growth[125]. Related Party Transactions and Structured Contracts - The company has established multiple structured contracts with related parties, including exclusive operational and consulting agreements, to ensure economic benefits flow to the company[146]. - The structured contracts allow the company to retain most profits generated by the Chinese operating entities, with no dividends or distributions made to the owners of these entities[148]. - The company does not hold any equity in the Chinese operating entities but controls them through structured contracts to minimize potential conflicts with Chinese laws[153].

Core Viewpoint - The public fund industry achieved impressive performance in Q1 2025, driven by a structural market led by AI and robotics themes [1][2]. Group 1: Fund Performance - The fund performance leaderboard for Q1 2025 was dominated by robotics-themed funds, Beijing Stock Exchange funds, and Hong Kong stock funds [2]. - The top-performing fund, Penghua Carbon Neutral Theme A, managed by Yan Siqian, achieved a return of 60.26%, heavily investing in several robotics stocks [3][5]. - Other notable funds include Ping An Advanced Manufacturing Theme A and Yongying Advanced Manufacturing Smart Selection A, both exceeding 50% returns, also focusing on robotics [6]. Group 2: Robotics Theme Funds - Penghua Carbon Neutral Theme A's significant holdings included stocks like Beite Technology and Hechuan Technology, with Double Forest Co. seeing a year-to-date increase of 118.16% [3][6]. - Fund managers expressed optimism about the rapid production of humanoid robots and the investment opportunities in new materials and technologies [7]. - The focus on core components and AI perception in humanoid robots indicates a growing market potential, with significant room for technological advancement [7][8]. Group 3: Beijing Stock Exchange Funds - Beijing Stock Exchange funds also performed well, with notable returns from funds like CITIC Construction Investment and Huaxia, achieving returns of 38.98% and 37.45% respectively [9]. - These funds have successfully identified high-performing stocks within the Beijing Stock Exchange, such as Kelaite, which saw a remarkable increase of 136.01% [9]. Group 4: Hong Kong Stock Funds - Hong Kong stock funds regained attention, with funds like Huatai Hong Kong Advantage Selection and Zhongyin Hong Kong Medical achieving returns of 38.9% and 32.25% respectively [12]. - The performance of these funds was bolstered by significant gains in pharmaceutical stocks, with companies like Kelun Pharmaceutical and Rongchang Biological seeing increases of 78.08% and 64.58% [12]. - The manager of Huatai Hong Kong Advantage Selection highlighted the growing competitiveness of Chinese innovative drugs in the global market, projecting a significant increase in overseas licensing deals [12][13].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company reported a revenue of 850 million RMB for 2024, representing a 49% year-on-year increase, and a net profit of 176 million RMB, which is a 63% increase [1]. - The growth in revenue is attributed to an increase in tutoring hours and operational efficiency improvements [1][2]. - The company is expanding its business in Guangzhou and has launched new educational tourism and international courses, aiming to diversify its revenue streams [2]. - Future revenue projections for 2025-2027 are adjusted to 1.18 billion RMB, 1.61 billion RMB, and 2.19 billion RMB respectively, with net profits expected to be 236 million RMB, 321 million RMB, and 433 million RMB [3]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 850 million RMB, with non-academic courses contributing 770 million RMB, and tutoring course revenue reaching 86 million RMB [1]. - The number of enrolled students increased to 350,000, with tutoring course hours totaling 8.69 million [1]. Business Development - The company is actively working on re-establishing its presence in the Guangzhou market, which has shown positive initial results [2]. - It aims to enhance its service offerings in various educational areas, including arts, sports, and logic training, to support balanced development for students [2]. Future Outlook - The company plans to leverage its brand influence and management expertise to explore new opportunities and expand its revenue base [2]. - Cost control measures will be strictly implemented to maintain healthy cash flow while enhancing service quality through technology and AI [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5][13] Core Insights - The company reported a revenue of 850 million RMB for 2024, representing a 49% year-on-year increase, and a net profit of 176 million RMB, which is a 63% increase [1] - The growth in revenue is attributed to an increase in tutoring hours and operational efficiency improvements [1] - The company is expanding its business in Guangzhou and has launched new initiatives such as educational tourism and international courses, aiming for diversified growth [2] Financial Performance - For 2024, the company generated 770 million RMB from non-academic quality courses, a 48% increase, with 350,000 student enrollments, up 46% [1] - The tutoring course revenue reached 86 million RMB, a 65% increase, with 37,000 students enrolled, marking a 62% increase [1] - The adjusted net profit forecast for 2025-2027 is 236 million RMB, 321 million RMB, and 433 million RMB respectively [3] Future Outlook - The company plans to leverage its brand influence and management experience to explore new opportunities and expand its revenue base [2] - It aims to maintain a strong cash flow and improve service quality through technology and AI [2]