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。 ...

Financial Performance - Adjusted net profit attributable to equity holders increased by 58.0% to RMB 86.0 million for the year ended December 31, 2023, compared to RMB 54.4 million for the previous year[3]. - Total revenue grew by 41.9% to RMB 570.6 million for the year ended December 31, 2023, up from RMB 402.1 million in the previous year[3]. - Adjusted basic earnings per share rose to RMB 19.56, a 99.8% increase from RMB 9.79 in the previous year[9]. - Adjusted diluted earnings per share increased to RMB 19.37, reflecting a 97.9% rise from RMB 9.79 in the previous year[9]. - The company recorded an operating profit of RMB 122.6 million for the year ended December 31, 2023[3]. - The profit before tax increased by 175.9% to RMB 116.7 million for the year ended December 31, 2023, compared to RMB 42.3 million in the previous year[26]. - Net profit for the year ended December 31, 2023, was RMB 84.5 million, up from RMB 53.9 million for the year ended December 31, 2022[43]. - The adjusted profit attributable to equity holders for the year was RMB 107,999,000, a significant increase of 98.5% from RMB 54,411,000 in the previous year[190]. Revenue Sources - Revenue from non-academic quality courses increased from RMB 369.8 million to RMB 518.9 million, with related tutoring hours growing from 4,282,148 to 5,973,028[3]. - The number of students enrolled in non-academic quality courses rose to 239,020, with total tutoring hours reaching 5,973,028, marking a 39.6% increase[7]. - The company launched educational tourism and international courses during the year ended December 31, 2023, aiming to expand its revenue base[18]. - The company's revenue increased by 41.9% from RMB 402.1 million for the year ended December 31, 2022, to RMB 570.6 million for the year ended December 31, 2023, primarily due to an increase in student enrollment and tutoring hours[48]. Expenses and Costs - The cost of sales rose by 26.1% from RMB 263.4 million for the year ended December 31, 2022, to RMB 332.1 million for the year ended December 31, 2023, mainly due to increased teacher salaries and property management fees[50]. - Sales expenses increased by 144.2% from RMB 4.7 million for the year ended December 31, 2022, to RMB 11.4 million for the year ended December 31, 2023, primarily due to increased advertising and exhibition expenses as well as customer service personnel costs related to live e-commerce activities[51]. - Administrative expenses rose by 48.7% from RMB 82.4 million for the year ended December 31, 2022, to RMB 122.6 million for the year ended December 31, 2023, mainly due to increases in administrative personnel and office expenses[52]. - Total expenses for 2023 amounted to RMB 481,107,000, an increase of 31.1% from RMB 366,730,000 in 2022[135]. Assets and Liabilities - The total assets amounted to RMB 1,033.2 million, compared to RMB 754.9 million as of December 31, 2022[67]. - The total equity increased from RMB 371.4 million as of December 31, 2022, to RMB 453.4 million as of December 31, 2023[67]. - The total current liabilities increased from RMB 300.8 million as of December 31, 2022, to RMB 450.8 million as of December 31, 2023[69]. - The total non-current liabilities rose from RMB 82.8 million as of December 31, 2022, to RMB 129.1 million as of December 31, 2023[68]. - The company’s total current liabilities increased to RMB 94,192,000 in 2023, compared to RMB 83,431,000 in 2022, reflecting an increase of 13.3%[145]. Cash Flow and Liquidity - Cash and cash equivalents increased by 21.2% to RMB 362.0 million as of December 31, 2023, compared to RMB 298.7 million at the end of 2022[29]. - The company maintains sufficient cash reserves and bank balances to manage liquidity risks, with no significant liquidity risk identified[104]. - For the year ended December 31, 2023, cash outflow from leasing financing activities was RMB 49,329,000, compared to RMB 40,557,000 for the year ended December 31, 2022, representing an increase of 21.9%[164]. Shareholder Information - The board does not recommend the payment of a final dividend for the year ended December 31, 2023, compared to no dividend for the year ended December 31, 2022[61]. - The company did not recommend the payment of a final dividend for the year ended December 31, 2023, consistent with the previous year[167]. - The total number of ordinary shares outstanding was 552,033,000 in 2023, slightly down from 555,700,000 in 2022[116]. Corporate Governance - The board of directors includes both executive and non-executive members, ensuring compliance with corporate governance standards[170]. - The company continues to comply with public shareholding requirements as per listing rules[85]. Future Plans and Strategies - The company plans to enhance the development of its "Le Xue" brand, focusing on various quality education programs to meet diverse student needs[4]. - The group plans to continue exploring new opportunities across different sectors to broaden its revenue base and enhance shareholder returns[20].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][3]. Core Views - The leading company in the education sector is expected to benefit from a significant supply reduction and has completed compliance ahead of others. The company is well-positioned in the Greater Bay Area and is likely to achieve a rapid recovery through non-academic quality education training and high school business [2]. - The company is projected to have net profits of 102 million, 150 million, and 218 million CNY for the years 2023, 2024, and 2025 respectively, with corresponding EPS of 0.18, 0.27, and 0.39 CNY [2]. Summary by Sections 1. Profit Forecast and Investment Recommendations - The company is expected to recover quickly due to the significant supply reduction post-"double reduction" policy, with a focus on K9 quality education and stable high school operations. The projected revenues for 2023-2025 are 5.65 billion, 8.11 billion, and 11.76 billion CNY, with growth rates of 40%, 44%, and 45% respectively [18][19]. 2. Company Overview - The company has undergone strategic adjustments since the "double reduction" policy, launching K9 quality education courses in 2021, which now account for 80% of its revenue. The high school business contributes approximately 15% to the overall revenue [2][28]. 3. Industry Analysis - The education industry is experiencing a significant supply reduction, with a 90% decrease in academic training institutions post-policy. The demand for education remains resilient, particularly in the Greater Bay Area, where the number of students in primary and secondary education is gradually increasing [2][42]. 4. Business Focus - The company is concentrating on non-academic quality education and high school tutoring, with a diverse range of over 288 products and 1012 scientific experiments designed to meet the needs of preschool and primary school users [2][28]. 5. Financial Performance - In the first half of 2023, the company reported revenues of 251 million CNY, a 31% increase year-on-year, with a gross profit of 104 million CNY and a gross margin of 41% [35][36]. The non-academic quality education segment accounted for 92% of total revenue [36].

智通财经APP获悉，教育股早盘集体高开，截至发稿，思考乐教育(01769)涨6.67%，报2.72港元；新东方-S(09901)涨6.4%，报68.2港元；天立国际控股(01773)涨5.67%，报3.17港元；卓越教育集团(03978)涨5.19%，报1.62港元。 消息面上，教育部研究形成《校外培训管理条例（征求意见稿）》，现面向社会公开征求意见。《征求意见稿》明确了校外培训成为学校教育有益补充的基本定位，明确了校外培训公益性的基本原则，明确了规范管理、提高质量、满足多样化文化教育需求的目标导向，明确了平衡机构、家长、学生、学校等各方权利义务关系并保障各方合法权益的立法价值，进一步完善了校外培训管理制度。《征求意见稿》在推进依法管理的同时，正视家长的合理培训需求，提出鼓励、支持少年宫、科技馆、博物馆等各类校外场馆（所）开展校外培训，引导非学科类校外培训机构参与学校课后服务等举措。 民生证券表示，本周民办教育协会发布编程类、舞蹈类校外培训指引，非学科培训政策不断清晰，行业监管延续保护合规、打击非法。从新东方、好未来等头部企业财报来看，行业景气度趋势确定。该行认为教培是未来2年少有的边际向上赛道，值得重视。大 ...

本集團的行政開支由截至二零二二年六月三十日止六個月的人民幣35.0百萬元增加44.2%至截至二零 二三年六月三十日止六個月的人民幣50.4百萬元。該增加乃主要由於行政人員開支及辦公室開支增 加。 思考乐教育 S C H O L A R E D U C A T I O N 2023 中期業績報 T 思考 樂 育 237 Es SCHOLAR EDUCATION GROUP 股票代號: 1769 (於開曼群島註冊成立之有限公司) 目錄 2 公司資料 4 公司簡介 5 財務摘要 6 主席報告 中期財務資料審閱報告 8 中期簡明綜合全面收益表 9 10 中期簡明綜合資產負債表 12 中期簡明綜合權益變動表 14 中期簡明綜合現金流量表 15 中期財務資料附註 37 管理層討論及分析 42 企業管治及其他資料 49 釋義 1 思考樂教育集團 2023中期報告 公司資料 蘇偉恒先生 | --- | --- | |-------------------------|--------------------------| | | | | 董事會 | 法律顧問 | | 執行董事 | 關於香港法律： | | 陳啟遠先生 （主席） ...

董 事 會 並 不 建 議 派 付 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 股 息（ 截 至 二 零 二 二 年 六 月三十日止六個月：無）。 審核委 員會已 審閱本 集團截至 二零二 三年六 月三十 日止六 個月之未 經審核 綜合財 務報 表，並 已與獨 立核數 師羅兵咸 永道會 計師事 務所會 面，羅 兵咸永道 會計師 事務所 已根 據國際 審閱 聘用準 則第2410 號 審閱中 期財務 報表 。審核 委員會 亦已與 本集團 高級 管理 層成員討論有關本公司採用會計政策及常規和內部控制的事宜。 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 僱員及薪酬政策 本公司 將繼續 定期審 閱及監管 其企業 管治常 規，確 保遵守 企管守則 及維持 高標準 的企 業管治常規。 釋義 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 ...

| --- | |-------------------------------------------------------------------------------------------------| | | | 企業合夥人、特許經銷商、承包商、代理、代表及服務提供者）有機會於本公司持有個人權益，以激勵彼等 | | 日後對本集團作出最大貢獻及╱或作為彼等過往貢獻之獎勵，以吸引及挽留有關獲選參與者或以其他方式 | | 維持與彼等之持續關係。有關購股權計劃的進一步詳情，請參閱招股章程附錄五「法定及一般資料 — F. | | 股權計劃」。 | | 購股權計劃將令本公司靈活留任、激勵、獎勵獲選參與者並給獲選參與者酬勞、補償及╱或福利。 | | 於行使根據購股權計劃將予授出的所有購股權後而可能發行的最高股份總數合共不得超過 55,570,000 股， | | 佔本年報日期已發行股份的 10% 。於任何 12 個月期間，除非股東於股東大會批准，否則向參與者授出的購 | | 股權（包括已行使及尚未行使的購股權）已經及將予發行的股份總數不得超過該日已發行股份的 1% 。 | 思考樂教育集團 2022年年報 30 ...

| --- | --- | --- | --- | --- | |----------------------------------------|-------------------------|-------------------------|---------------------------|----------------------| | | | | | | | 二零二二年 | 第一級 人 民 幣 千 元 | 第二級 人 民 幣 千 元 | 第三 級 人 民 幣 千 元 | 總 計 人 民 幣 千 元 | | 資 產 | | | | | | 理 財 產 品 | | — — | | 117,295 117,295 | | 於 中 國 大 陸 之上 市 股 權 投 資 | 2,065 | | — — | 2,065 | | 於 中 國 大 陸 之 未 上 市 股 權 投 資 | | — — | | 30,630 30,630 | | | 2,065 | — | | 147,925 149,990 | | 二零二一 年 | 第一級 人 民 幣 千 元 | 第二級 人 民 幣 千 元 | 第 三 級 ...