Summary of Conference Call Records Industry Overview - The service consumption in China is significantly lower than in developed countries, currently at approximately 30% compared to 70% in the US, indicating substantial growth potential [1][2] - The new policies aim to enhance service consumption, particularly in the cultural and tourism sectors, with local governments actively improving service quality [1][2] Key Policy Insights - Five major increments in the new policy include: 1. Optimizing student holiday arrangements to explore spring and autumn breaks, benefiting tourism [1][4] 2. Encouraging IP collaborations to promote cross-industry partnerships [1][4] 3. Linking sports events with cultural tourism to boost consumer engagement [1][4] 4. Promoting AI applications in various sectors such as e-commerce and education [1][4] 5. Regulating non-academic training institutions to encourage market-oriented vocational training [1][4] Impact on Specific Sectors - **Tourism and Hospitality**: - The expansion of the visa-free entry policy is expected to significantly boost inbound tourism, particularly benefiting major cities like Beijing and Shanghai, as well as OTA platforms and hotels [3][9][12] - **Cultural and Sports Events**: - The policy encourages the introduction of international sports events and supports local sports activities, which will benefit event organizers and related industries, enhancing investor expectations [1][6] - **Education and Training**: - The new regulations for non-academic training institutions will favor companies like New Oriental and others in the vocational training sector [7][8] Financial and Economic Support - The government plans to utilize central budget investments and local special bonds to support cultural tourism and elderly care facilities, which will attract social capital investment [13] - Financial tools will be employed to increase credit availability, directly benefiting companies involved in consumer lending, such as Chongqing Department Store [13] Additional Considerations - The adjustment of student holiday schedules is anticipated to increase tourism frequency while alleviating congestion during peak seasons [11][12] - The integration of AI in service sectors is expected to enhance operational efficiency and reduce costs, indicating a significant trend in future consumption development [10]

Core Viewpoint - The company, Thinker Education (01769), has announced the granting of a total of 33.342 million stock options (old stock options) to grantees, which have not yet been exercised, including 8.3355 million vested old stock options and 25.0065 million unvested old stock options [1] Summary by Relevant Sections - The company has decided to cancel the 25.0065 million unvested old stock options and replace them with 22.228 million new stock options (new stock options) to incentivize and retain grantees for the company's development, effective September 11, 2025, subject to the agreement and acceptance of the grantees [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 股權（「新購股權」（）「替換」），以替換上述已註銷的舊購股權，惟須獲承授人各自同意及接 納。替換的詳情載列如下： 替換之詳情 （ 在開曼群島註冊成立的有限公司） （股份代號：1769） 替換購股權 本公告乃由思考樂教育集團（「本公司」）根據香港聯合交易所有限公司（「聯交所」）證券上市 規則（「上市規則」）第17.06A條刊發。 茲提述本公司日期為於二零二四年二月二十八日、二零二四年三月五日及二零二四年十一 月二十九日的公告，內容有關於二零二四年二月二十八日及二零二四年十一月二十九日根 據其於二零二四年二月十七日採納的股份計劃（「股份計劃」）向本公司部分員工（「承授人」） 授出購股權（「購股權」）。於本公告日期，合共33,342,000份購股權（「舊購股權」）已授予承授 人，該等購股權均尚未行使，包括8,335,500份已歸屬舊購股 ...

Group 1 - FIL Limited increased its stake in Think Education (01769.HK) by purchasing 950,000 shares at an average price of HKD 2.2589 per share, totaling approximately HKD 2.146 million [1] - Following this transaction, FIL Limited's total shareholding rose to 57.402 million shares, increasing its ownership percentage from 9.99% to 10.16% [1][2]

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]