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]

智通财经APP讯，思考乐教育(01769)公布，于2025年8月21日，根据计划规则及信托契据，受托人已于 市场上购入合共20万股股份，乃为获选参与者的利益以信托方式持有。 ...

Core Viewpoint - The company believes its current stock price is significantly undervalued compared to its performance and intrinsic value, presenting a good opportunity for share repurchase under the share award plan [1] Group 1: Share Repurchase - The trustee has purchased a total of 200,000 shares in the market as part of the share award plan [1] - The shares are held in trust for the benefit of selected participants [1] - The company will continue to monitor market conditions and its trading stock price, instructing the trustee to make further purchases when appropriate [1] Group 2: Business Outlook - The board expresses confidence in the company's business prospects and outlook [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） 自願性公告 根據股份獎勵計劃購買股份 茲提述思考樂教育集團（「本公司」）日期為二零二零年十二月二十八日、二零二三年七月四 日、二零二三年七月二十一日、二零二三年九月二十九日、二零二三年十月三十一日、二 零二四年四月三十日、二零二四年五月三十一日、二零二四年六月二十八日、二零二四年 七月三十一日、二零二四年九月三十日、二零二四年十月三十一日、二零二四年十一月二 十九日及二零二五年一月二十八日的公告（ 統稱「該等公告」），內容分別是有關採納股份獎 勵計劃（「該計劃」）及根據該計劃購買股份。除另有界定外，本等公告所用詞彙與該等公告 所界定者具相同涵義。 受託人根據該計劃最近在市場上購買股份。本自願公告的目的是提供該購買的最新更新情 況。於二零二五年八月二十一日，根據計劃規則及信 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Insights - The company reported a revenue of 439 million CNY for the first half of 2025, reflecting a year-on-year growth of 10.1%, while the net profit attributable to shareholders decreased by 23.9% to 63 million CNY [1]. - The tutoring business showed strong growth, with revenues increasing by 58.7% to 52 million CNY, and the number of enrolled students rising by 56.6% to 23,000 [1][3]. - The company is expanding its presence in the Guangzhou market, with a significant increase in the number of learning centers, while facing challenges in the Shenzhen market due to intensified competition and management adjustments [3][4]. Summary by Sections Financial Performance - For the first half of 2025, the company's gross margin was 34.3%, down 10.1 percentage points year-on-year, primarily due to high initial costs associated with new learning centers in Guangzhou [2]. - The adjusted net profit for the same period was 81 million CNY, a decrease of 13.1% year-on-year [1][2]. Market Expansion - The company plans to continue expanding in the Guangdong province, with new learning centers in Guangzhou performing well and future plans for operations in Dongguan, Foshan, and other cities by 2028 [3][4]. Profit Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 have been revised downwards to 159 million CNY, 209 million CNY, and 271 million CNY, respectively, reflecting a decrease of 25%, 28%, and 29% [4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.28 CNY, 0.37 CNY, and 0.48 CNY, with corresponding price-to-earnings (P/E) ratios of 9x, 7x, and 6x [4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 6.03 [1][4]. Core Views - The company reported a revenue of HKD 439 million for the first half of 2025, representing a year-on-year increase of 10.1%, while the adjusted net profit attributable to the parent company was HKD 81 million, down 13.1% year-on-year. The revenue and profit accounted for approximately 38% and 33% of the previously forecasted annual figures, slightly below expectations due to internal adjustments and increased operational costs in new learning centers [1][9]. - The company plans to actively expand into new provincial markets over the next three years and will focus on new business opportunities in high school and full-time education, as well as enhancing its teaching and operational capabilities [1][3]. Summary by Sections Financial Performance - In the first half of 2025, the company's quality education revenue reached HKD 388 million, up 5.8% year-on-year, driven mainly by an increase in student numbers [2]. - The tutoring course revenue saw a significant increase of 58.7% to HKD 52 million, with student numbers rising by 56.6% [2]. - The total 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 [2]. Internal Adjustments - The company initiated internal adjustments in the first half of 2025 to align with its growth strategy for the next three years, including further refinement of business lines and team roles, promotion of young leaders, and optimization of teacher structure [3]. - The proportion of newly recruited teachers in Shenzhen with a bachelor's degree or higher reached 91%, with over 70% being recent graduates, which is expected to build a strong talent pool for future expansion [3]. Profitability and Valuation - The adjusted net profit forecasts for 2025, 2026, and 2027 have been revised down to HKD 207 million, HKD 276 million, and HKD 388 million, reflecting decreases of 15%, 16%, and 8% respectively [4][9]. - The target price of HKD 6.03 is based on a 15x PE ratio for 2025, considering the company's lower liquidity compared to comparable companies listed in the US and A-share markets [4][9].

智通财经APP获悉，思考乐教育(01769)跌超5%，截至发稿，跌4.9%，报2.72港元，成交额1492.17万港 元。 消息面上，思考乐教育发布截至2025年6月30日止六个月业绩，收益4.39亿元(人民币，下同)，同比增长 10.1%；公司拥有人应占溢利6293.3万元，同比下降23.9%；撇除基于股份的薪酬开支，公司拥有人应占 经调整净溢利0.81亿元，同比减少13.1%。 华西证券指出，净利下降主要由于受到广州新校区爬坡影响、深圳地区人员调整、以及为学习中心扩张 储备老师。该行认为，公司上半年主要为短期影响，深圳团队调整、广州成本和费用前置导致业绩低于 预期，但公司新招高质量应届生老师、深圳团队调整完毕，有望为未来重启高增长打下基础；除了广州 爬坡之外，公司在东莞、佛山等地区有望重启扩张，新地区度过爬坡期后有望迎来利润率释放弹性。 ...

思考乐教育(01769)跌超5%，截至发稿，跌4.9%，报2.72港元，成交额1492.17万港元。 消息面上，思考乐教育发布截至2025年6月30日止六个月业绩，收益4.39亿元(人民币，下同)，同比增长 10.1%；公司拥有人应占溢利6293.3万元，同比下降23.9%；撇除基于股份的薪酬开支，公司拥有人应占 经调整净溢利0.81亿元，同比减少13.1%。 华西证券（002926）指出，净利下降主要由于受到广州新校区爬坡影响、深圳地区人员调整、以及为学 习中心扩张储备老师。该行认为，公司上半年主要为短期影响，深圳团队调整、广州成本和费用前置导 致业绩低于预期，但公司新招高质量应届生老师、深圳团队调整完毕，有望为未来重启高增长打下基 础；除了广州爬坡之外，公司在东莞、佛山等地区有望重启扩张，新地区度过爬坡期后有望迎来利润率 释放弹性。 ...