股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 利润率超预期，关注旺季客单及利润率调整 思考乐教育(1769) [Table_Industry] 教育产业 [Table_Invest] 评级： 增持 ——思考乐教育 24H1 业绩预告点评 | --- | --- | --- | --- | |----------|------------------------------------------------------|--------------------------------|------------------------------| | | [table_Authors] 刘越男 ( 分析师 ) \n021-38677706 | 庄子童 ( 分析师 \n021-38032683 | ) | | | liuyuenan@gtjas.com | | zhuangzitong026312@gtjas.com | | 登记编号 | S08805 ...

日考乐教育 S C H O L A R E D U C A T I O N 截至二零二三年十二月三十一日止年度 有關購股權計劃的資料 就上市規則第17.07 (3)條而言，截至二零二三年十二月三十一日止年度，根據購股權計劃項 下已授出購股權而可予發行的股份數目除以年內已發行股份加權平均數為0.05。為求完整 起見，上市規則第17.07 (3)條不適用於股份獎勵計劃，原因為根據該計劃授出的獎勵並不涉 及新股份。 香港，二零二四年七月二十五日 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 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） 茲提述思考樂教育集團（「本公司」）截至二零二三年十二月三十一日止年度的年報（「二零二 三年報」）。除另行界定外，本公告所用詞彙與二零二三年報所界定者具有相 ...

这期的培训啊 包括其他的一些相关的活动呢也会逐渐的开展那我们也是看到公司作为这个华南的领先教培品牌呢一直也都有比较好的一个需求的增长包括扩张这块呢也在稳步的进行中那所以近期呢我们也是请到再次请到苏总来为大家做一个更新那首先呢我就先把时间交给苏总呢请苏总再为我们简单的 更新一下情况然后后续呢我们会在开放这个问答环节也欢迎大家提问苏总好的好的大家早上好我是许家集团的CFO苏伟恒非常感谢大家今天参加这个教育会也感谢天峰把我们主题一个很好的一个跟大家博众这个教育的一个机会 首先我跟大家简单介绍一下我们公司的一些最新情况第一就是我们公司今年有35家的经销区可以在深圳成立就是开业了我们去年年底在深圳里面有110家的学校今年15家已经增加到145家 所以现在我们基本上所有的一些区里面都可以找到我们的分项包括一些较偏的一些专卖地区包括一些新区等等基本上我们可以说是全覆盖第一第二就是我们今年也会开始收费有些提加的情况因为我们目前的收费基本上是跟21年是一样的就是21年 包括2023年24年上半年基本上也是没有改变的今年暑假开始我们的那个K九包括高中我们的一些政策课程都可以提五个点这样子然后我们之后吧也是按大概每年提早五个点的节 ...

这期的培训啊 包括其他的一些相关的活动呢也会逐渐的开展那我们也是看到公司作为这个华南的领先教培品牌呢一直也都有比较好的一个需求的增长包括扩张这块呢也在稳步的进行中那所以近期呢我们也是请到再次请到苏总来为大家做一个更新那首先呢我就先把时间交给苏总呢请苏总再为我们简单的 更新一下情况然后后续呢我们会在开放这个问答环节也欢迎大家提问苏总好的好的大家早上好我是许家集团的CFO苏伟恒非常感谢大家今天参加这个教育会也感谢天峰把我们主题一个很好的一个跟大家博众这个教育的一个机会 首先我跟大家简单介绍一下我们公司的一些最新情况第一就是我们公司今年有35家的经销区可以在深圳成立就是开业了我们去年年底在深圳里面有110家的学校今年15家已经增加到145家 所以现在我们基本上所有的一些区里面都可以找到我们的分项包括一些较偏的一些专卖地区包括一些新区等等基本上我们可以说是全覆盖第一第二就是我们今年也会开始收费有些提加的情况因为我们目前的收费基本上是跟21年是一样的就是21年 包括2023年24年上半年基本上也是没有改变的今年暑假开始我们的那个K九包括高中我们的一些政策课程都可以提五个点这样子然后我们之后吧也是按大概每年提早五个点的节 ...

各位投资人早上好我是天风清访教育团队的子君欢迎大家参加我们今天 长沙特别会思考的教育的小组会最近也是临近上半年逐渐结束马上暑期的培训包括暑假的一些相关的活动也会逐渐的开展我们也是看到公司作为华南的领先教培品牌一直也都有比较好的需求的增长包括扩张这块也在稳步的进行中所以近期我们也是再次请到苏总来为大家做一个 首先我就先把时间交给苏总请苏总再为我们简单的更新一下情况然后后续我们会再开放问答环节欢迎大家提问苏总好的好的大家早上好我是西瓜大集团的CFO苏伟腾 非常感谢大家今天参加这个教育会也感谢天峰把我们组织一个很好的一个跟大家有活动的一个教育的机会首先我跟大家简单介绍一下我们公司的一些最新情况吧第一就是我们公司今年有35家的经销区可以在深圳成立就是开业了 我们去年年底在深圳里面有110家学校今年暑假已经增加到145家所以现在我们基本上所有的一些区里面都可以找到我们的分校包括一些较偏的一些专卖地区包括一些新区等等基本上我们可以说是全覆盖第一 第二就是我们今年也会开始收费有些提高的情况因为我们目前的收费基本上是跟二一年是一样的就是二一年包括二二年二三年二四年三八年基本上也是没有改变的今年暑假开始我们的黑酒包括高中我们的 ...

Revenue and Profit Growth - Revenue increased by 41.9% from RMB 402.1 million in 2022 to RMB 570.6 million in 2023, driven by an increase in student enrollments and tutoring hours due to the expansion of learning centers[14] - Gross profit rose by 72.0% from RMB 138.7 million in 2022 to RMB 238.6 million in 2023, with gross margin improving significantly[32] - Adjusted net profit attributable to equity holders surged by 98.5% from RMB 54.4 million in 2022 to RMB 108.0 million in 2023, excluding non-operational items such as share-based compensation and losses from the live e-commerce business[32] - The company's pre-tax profit increased by 175.9% from RMB 42.3 million in 2022 to RMB 116.7 million in 2023[19] - The company's adjusted basic earnings per share increased from RMB 0.0979 in 2022 to RMB 0.1956 in 2023[23] Business Expansion and Strategy - The company plans to expand its "LeXue" brand, focusing on quality education in areas such as art, sports, painting, and international literacy, to meet diverse student needs and promote holistic development[36] - The company is exploring new opportunities, including educational tourism and international courses, to diversify its revenue base and contribute to long-term growth[32] - The number of learning centers increased during 2023, contributing to the growth in student enrollments and tutoring hours[14] - The company's future prospects and development strategies are outlined in the Chairman's Report on pages 6-7 of the annual report[105] Expenses and Cost Management - Sales expenses increased by 144.2% from RMB 4.7 million in 2022 to RMB 11.4 million in 2023, primarily due to advertising and exhibition expenses, as well as customer service costs related to the live e-commerce business, which was terminated at the end of 2023[17] - The live e-commerce business, which incurred a net loss of RMB 13.9 million in 2023, was terminated, and no significant related expenses are expected in 2024[7] Share Repurchase and Capital Management - The company repurchased a total of 10,397,000 shares on the Hong Kong Stock Exchange during the year ended December 31, 2023[43] - The company repurchased 438,000 shares from the market between January 1, 2024, and January 19, 2024, for a total consideration of HKD 997,000 (approximately RMB 906,000), to be held for cancellation[63] - The company repurchased a total of 330,000 shares on the Hong Kong Stock Exchange at a total cost of HKD 289,360, with the highest price per share at HKD 0.93 and the lowest at HKD 0.86[84] - The company's repurchased shares have not been canceled, and the board believes this will increase earnings per share and net asset value per share[84] Corporate Governance and Board Structure - The company has appointed three independent non-executive directors, constituting more than one-third of the board, to balance the interests of shareholders and enhance overall corporate governance[81] - The company's board decision-making mechanisms include provisions to avoid conflicts of interest, requiring directors to declare any significant interests in contracts or arrangements[81] - The company's board of directors includes four executive directors, one non-executive director, and three independent non-executive directors as of the annual report date[117] - The company has established four board committees: Audit Committee, Remuneration Committee, Nomination Committee, and Strategic Development Committee to oversee specific areas of corporate governance[192] Employee and Compensation Management - The company employed a total of 2,319 employees as of December 31, 2023, compared to 1,350 employees in 2022, representing a significant increase[54] - The company's compensation policy is aligned with market practices and is determined based on individual employee performance and experience[54] - The company's retirement and employee benefit plan details are provided in Note 39.17 of the consolidated financial statements[52] - The company's directors and top five highest-paid individuals' remuneration details are disclosed in the consolidated financial statements[115] - The company has adopted a share incentive plan and a share plan to provide rewards to eligible employees[116] - The company's share incentive plan aims to retain and attract talent by providing direct economic benefits to eligible participants, without diluting existing shareholders[198][199] - The board of directors has the authority to determine the number of incentive shares awarded to selected participants based on the company's financial condition and the participants' performance and rank[200] Legal and Compliance - The company has not issued any debentures during the year ended December 31, 2023[46] - The company has not been involved in any significant litigation or arbitration during the year ended December 31, 2023[47] - The company has arranged appropriate insurance for legal proceedings against directors and senior management[49] - The company's structural contracts remain legally enforceable as of December 31, 2023, with no violations of current Chinese laws and regulations[82] - The company has implemented measures to enhance control over its Chinese operating entities prior to the termination of structural contracts[82] - The company is committed to disclosing any significant adverse impacts from changes in foreign investment laws and ensuring compliance with these laws[78] - The company is not aware of any unfulfilled structural contracts or non-compliance with the measures as of the annual report date[82] - The company has maintained its structural contracts without significant changes as of the annual report date[83] - The company's legal advisor confirmed that the structural contracts are enforceable and compliant with Chinese laws as of December 31, 2023[82] Shareholder and Equity Management - The company's share premium available for distribution to shareholders was approximately RMB 79.8 million as of December 31, 2023[132] - The company's major shareholder, Tiansheng, held a 39.48% beneficial ownership interest in the company as of December 31, 2023[146] - Chen Qiyuan, the controlling shareholder, holds 219,395,000 shares, representing approximately 39.48% of the company's equity[164] - The company maintains a public float of at least 25% of its total issued shares, as required by the Hong Kong Stock Exchange listing rules[187] Share Option and Incentive Plans - The company's share option plan allows the board to grant options to eligible participants within 10 years from the adoption date, with an exercise price determined by the board[148] - The company's share option plan aims to retain, incentivize, and reward selected participants, with a nominal acceptance fee of HKD 1.00[150] - The company's board has the authority to determine the exercise price of share options, which must not be lower than the highest of the closing price, the average closing price of the preceding five trading days, or the par value of the shares[151] - The company granted 27,785,000 share options under the share option plan on February 6, 2023, with an exercise price of HKD 1.62 per share[152] - The fair value of each share option granted was estimated to be between HKD 0.81 and HKD 1.01 using a trinomial valuation model, with key inputs including a stock price of HKD 1.53, expected volatility of 86.32%, and a risk-free interest rate of 3.29% to 3.57%[154] - The maximum number of shares that can be granted under the share award plan is limited to 1% of the company's issued share capital as of the adoption date[157] - The total number of shares that may be issued upon the exercise of all share options granted under the share option plan is capped at 55,570,000 shares, representing 10% of the issued shares as of the annual report date[174] - The company granted a total of 27,785,000 share options to grantees under the share option plan on February 6, 2023, with vesting conditions tied to performance standards and employment duration[178] - The share options will vest in three tranches: 33% after the 2023 annual results announcement, 33% after the 2024 annual results announcement, and the remaining 34% after the 2025 annual results announcement[178] - The share option plan was terminated on February 27, 2024, and no further share options will be granted under this plan, although previously granted options remain exercisable[197] Financial and Operational Details - The company's top five suppliers accounted for less than 30% of the cost of revenue for the year ended December 31, 2023[107] - The company had no bank borrowings as of December 31, 2023, and December 31, 2022[111] - The company's property, plant, and equipment details are included in the consolidated financial statements[110] - The company's top five customers contributed less than 30% of the total revenue for the year ended December 31, 2023[127] - The company implemented environmental protection measures and encouraged employees to save energy and reduce waste, with no environmental violations reported for the year[128] - The company's environmental, social, and governance (ESG) performance and policies are detailed in the annual report[109] Dividend and Shareholder Returns - The company does not recommend paying a final dividend for the year ended December 31, 2023 (year ended December 31, 2022: none)[90] - The total number of shares available for future grants under the share plan is 38,899,000, with a service provider sub-limit of 5,557,000 shares[91] Auditors and Financial Reporting - PricewaterhouseCoopers was appointed as the auditor for the fiscal year ending December 31, 2023, and audited the financial statements prepared under International Financial Reporting Standards[189] Leadership and Management - The company's founder, Mr. Chen Qiyuan, is responsible for the overall formulation and guidance of the company's business strategy and development[65] - The company's CFO, Mr. Hua Ribao, is responsible for the financial management of the group[74] - The company's independent non-executive directors have service contracts with an initial fixed term of one year, terminable with at least three months' written notice[136] - The company's board has established a remuneration committee to review the company's remuneration policies and structures for directors and senior management based on performance and market practices[137]

港股公司报告 | 公司点评 港股总市值(百万港元) 2,333.94 一年内最高/最低(港元) 5.20/0.79 思考乐教育（01769） 证券研究报告 2024 年 03 月 30 日 投资评级 行业 非必需性消费/支援服 务 6 个月评级 买入（维持评级） 当前价格 4.2 港元 目标价格 港元 2023 年公司收入 5.7 亿元，同增 41.9%；毛利 2.4 亿元，同增 72%；归母 净利 0.86 亿，同增 58%；调后净利 1.08 亿元，同增 98.5%。 截止 2023 年底，思考乐现金及等价物以及定期存款 3.62 亿元，同增 21.2%， 系经营活动所得现金流入净额增长。合约负债（主要为预收学费）2.76 亿 元，同增 52%。 公司将加强公司旗下「乐学」品牌业务发展，包括美术、体育、绘画、表 演、书法、科学素养、国学、逻辑思维及国际素养等素质教育，配合学生 不同的需要，鼓励学生兴趣和特长发展，让孩子在「德、智、体、美、劳」 五方面得到均衡的发展，促进他们健康成长和全人发展，为学生提供优质 的服务。 港股总股本(百万股) 555.70 资产负债率(%) 56.12 发布 2023 年业绩 ...

智通财经APP讯，思考乐教育(01769)发布截至2023年12月31日止年度业绩，集团收益人民币5.71亿元(单位下同)，同比增长41.9%;股东应占溢利8598.8万元，同比增长58.0%;每股基本盈利15.58分。 公告称，集团积极寻求新的商机，并于截至2023年12月31日止年度推出教育旅游业务及国际课程。集团相信，新的业务举措将扩阔集团的收益基础，为长远发展带来贡献。 ...

經調整每股盈利 (a) 經調整每股基本盈利 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------|----------------| | | | | | 本 公 司 權 益 持 有 人 應 佔 經 調 整 盈 利 （ 以人 民 幣 千 元 計 ） | 107,999 | 54,411 | | 已 發 行 普 通 股 加 權 平 均 數 （ 千 股 ） (i) | 552,033 | 555,700 | | 經 調 整 每 股 基 本 盈 利 （ 以每股人 民 幣 分 計 ） | 19.56 | 9.79 | | (i) 經 調 整 每 股 基 本盈利按本 公 司 權 益 持 有 人 應 佔 經 調 整 年 三 年 及 二 零 二二年十二月三十一 日 止 年度 已 ...

股 票 研 究 [Table_MainInfo] [Table_Title] 思考乐教育（1769） 供给出清，教培龙头受益 | --- | --- | --- | |----------|---------------------|------------------------------| | | | —— 思考乐教育首次覆盖报告 | | | 刘越男 ( 分析师 ) | 庄子童 ( 研究助理 ) | | | 021-38677706 | 021-38032683 | | | liuyuenan@gtjas.com | zhuangzitong026312@gtjas.com | | 证书编号 | S0880516030003 | S0880122050050 | 本报告导读： 供给大幅出清下率先完成合规化的龙头有望受益，扎根广深地区，有望通过非学科素 质教育培训与高中业务实现快速回暖。 摘要： [Table_Summary] 首次覆盖，给予"增持"评级。考虑到政策逐步明确+供给恢复缓慢， 合规化龙头有望继续受益，预计公司 2023-2025 年净利润分别为 1.02/1.5/2.18 亿元，EPS 分别 ...