Core Viewpoint - Tianli International Holdings reported FY25 results with revenue of 3.589 billion yuan, a year-on-year increase of 8.1%, and a net profit of 648 million yuan, up 16.5%, aligning with performance forecasts. However, adjusted net profit of approximately 634 million yuan fell short of the expected 771 million yuan due to increased investments in quality-focused strategies [1][2] Group 1: Financial Performance - The company maintained a total dividend of approximately 200 million yuan, with a payout ratio around 30%, indicating stable shareholder returns [1] - Revenue growth across various segments: Comprehensive education services, product sales, comprehensive logistics services, and management and franchising increased by 7%, 8%, 2.7%, and 93.9% respectively [1] - Adjusted net profit for FY25 was lower than expectations primarily due to increased costs from logistics upgrades, quality faculty recruitment, and AI-related investments [2] Group 2: Strategic Focus - The company adopted a "quality first" strategy, leading to a focus on optimizing student quality and investments in quality faculty, logistics, and AI, which impacted short-term financial performance [1][2] - For FY26, the company plans to balance educational quality with short-term financial performance, aiming to gradually restore profit growth [1] - The student enrollment growth rate for the fall semester of FY26 was 8%, a decrease from 30% the previous year, attributed to the company's focus on quality control [2] Group 3: Future Outlook - The company intends to expand its enrollment scope and increase the penetration of diversified services in managed schools to maintain steady revenue growth [2] - Adjusted net profit forecasts for FY26, FY27, and FY28 have been revised down to 699 million yuan, 795 million yuan, and 864 million yuan respectively, reflecting a 30% reduction from previous estimates [2] - The DCF target price has been lowered to 4.21 HKD from 5.89 HKD, maintaining a WACC of 10.76% and a perpetual growth rate of 1% [2]

天立国际控股(01773)发布公告，根据其于2018年6月24日采纳的购股权计划，公司于2025年12月2日向 合资格参与者合共授出1200万份购股权，以认购公司股本中每股面值0.1港元之普通股，须待承授人接 纳购股权后，方可作实。 ...

Core Viewpoint - Tianli International Holdings (01773) announced the grant of 12 million stock options to eligible participants under its stock option plan adopted on June 24, 2018, allowing the subscription of ordinary shares with a par value of HKD 0.1 each, subject to acceptance by the grantees [1] Group 1 - The company granted a total of 12 million stock options [1] - The stock options are part of a plan adopted on June 24, 2018 [1] - The ordinary shares have a par value of HKD 0.1 each [1]

格隆汇12月2日丨天立国际控股(01773.HK)公告，公司于2025年12月2日向合资格参与者("承授人")合共 授出1200万份购股权，以认购公司股本中每股面值0.1港元普通股，须待承授人接纳购股权后，方可作 实。 ...

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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 承授人 ： 所有承授人均為本集團僱員。 授出購股權之數目 ： 12,000,000份購股權（每份購股權應賦予承授人認購一 股股份之權利）。 授出購股權之行使價 ： 每股股份2.38港元 （行權價相當於下列各項的最高者：(i)股份於緊接授出 日期前五個營業日（定義見上市規則）於聯交所發出的 每日報價表所示的平均收市價，即約2.38港元；(ii)股 份於授出日期於聯交所發出的每日報價表所示的收市 價，即2.23港元；及(iii)股份面值） 1 （於開曼群島註冊成立的有限公司） （股份代號：1773） 根據購股權計劃授出購股權 本公告乃由天立國際控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）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 作出。 本公司董事（「董事」）會（「董事會」）謹此宣佈，根據其於二零一八年六月二十四 日採納的購股權計劃（「購股權計劃」）， ...

公司派发末期股息 3.9 分，中期派息为 5.78 分，分红率维持 30%，对应股息率 3.98%。 证券研究报告|港股公司点评报告 [Table_Date] 2025 年 12 月 01 日 [Table_Title] 存在一次性费用影响，期待明年招生恢复增 长及 AI 业务突破 [Table_Title2] 天立国际控股(1773.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1773 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 4.76/2.08 | | 目标价格(港元)： | | 总市值(亿港元) | 51.25 | | 最新收盘价(港元)： | 2.29 | 自由流通市值(亿港元) | 51.25 | | | | 自由流通股数(百万) | 2,109.26 | [Table_Summary] 事件概述 FY2025 集团总收入/年内利润/经调归母净利/经营性现金流分别为 35.89/6.48/6.18/8.53 亿元、同比增长 8.1%/16.5%/7.0%/3.1%，符合业绩预告。 ...

Core Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

Investment Rating - The report maintains a "Buy" rating for Tianli International Holdings (1773 HK) with a target price of HKD 4.21 [5][10][4]. Core Insights - Tianli International Holdings reported FY25 revenue of RMB 3.589 billion, an increase of 8.1% year-on-year, and a net profit of RMB 663.48 million, up 16.5% year-on-year, aligning with performance forecasts. However, the adjusted net profit of approximately RMB 634 million fell short of the expected RMB 771 million due to increased investments in quality and resources [1][4]. - The company is focusing on a "quality first" strategy, enhancing student quality and investing in quality faculty, logistics, and AI business, which has led to a slight underperformance in short-term financial results. Starting FY26, the company plans to rebalance educational quality and short-term financial performance to drive profit growth [1][3]. Revenue Growth - Revenue from various segments showed steady growth in FY25: Comprehensive education services increased by 7%, product sales by 8%, comprehensive logistics services by 2.7%, and management and franchising by 93.9%. The company achieved a 90% undergraduate rate and a 58% first-tier rate in mature campuses for the 2025 college entrance examination [2][3]. Enrollment and Profitability - The growth rate of enrolled students in the fall semester of FY26 was 8%, a decline from 30% the previous year, primarily due to the company's focus on controlling the quality of new students. The adjusted net profit for FY25 was lower than expected due to increased costs related to logistics, quality faculty, and AI investments [3][4]. Financial Projections - The adjusted net profit estimates for FY26, FY27, and FY28 have been revised down to RMB 699 million, RMB 795 million, and RMB 864 million, respectively, reflecting a 30% reduction from previous estimates. The revenue projections for FY26, FY27, and FY28 are set at RMB 3.900 billion, RMB 4.277 billion, and RMB 4.574 billion, respectively [10][11]. Valuation Metrics - The report indicates a DCF target price adjustment to HKD 4.21 from a previous HKD 5.89, maintaining a WACC of 10.76% and a perpetual growth rate of 1% [4][10]. The current valuation is considered to have a high cost-performance ratio [1]. Shareholder Returns - The total dividend payout for the year was approximately RMB 200 million, maintaining a dividend payout ratio of around 30%, indicating stable shareholder returns [1]. Market Sentiment - The report suggests that recent market fluctuations have largely reflected pessimistic expectations regarding short-term performance, supporting the maintained "Buy" rating despite the adjustments in profit forecasts [4][10].

Financial Performance - The company reported revenue of RMB 3.589 billion for the year ending August 31, 2025, representing an 8.1% increase year-on-year [1][4] - Net profit increased by 16.5% to RMB 648 million compared to the previous year [1][4] - Basic earnings per share rose to RMB 0.3225 from RMB 0.27519 [4] Business Segments - Revenue from comprehensive education services and product sales contributed significantly to the overall revenue growth [1] - The company maintained industry-leading levels with a 23.8% increase in revenue across various segments, including comprehensive logistics services, comprehensive education services, product sales, and management and franchise fees [5] Educational Strength - The company operates in 18 provincial administrative regions and serves 63 schools, with a total of 141,000 students, marking an 8% year-on-year growth [10] - High school enrollment increased by 11% to 60,000 students [11] - The company achieved record results in college admissions, with 28 students admitted to top universities like Tsinghua and Peking University [13] Expansion and Services - The company has expanded its custodial services to cover 12 public and private schools [20] - New educational projects have been signed, including partnerships with notable universities for historical theme projects and integrated courses [22] - The company reported a 22% year-on-year increase in high school student participation in extracurricular activities [23] Technological Advancements - The "Tianli Qiming AI Companion" model has been successfully implemented in educational settings, becoming the first AI model to achieve large-scale application in schools [29] - The AI model has received national recognition and awards for its innovative contributions to education [29] Shareholder Returns - The company maintained a dividend payout ratio of 30% and has repurchased 22.62 million shares from the secondary market since the reporting year [33][36] - The total dividend payout for the year is approximately RMB 200 million, with a final dividend of RMB 0.039 per share [36]

Group 1 - The company reported a revenue of RMB 3.589 billion for the year ending August 31, 2025, representing an increase of 8.07% year-on-year [1] - The profit attributable to the company's owners was RMB 664 million, reflecting a year-on-year increase of 15.33% [1] - The basic earnings per share were RMB 0.3225, and a final dividend of RMB 0.039 per share was proposed [1] Group 2 - The increase in revenue was primarily driven by the growth in comprehensive education services and product sales [1] - The company has established AI as a core strategic direction for future development, responding to national calls for digital education [1] - The self-developed "Qiming AI Companion" model has successfully passed the national generative AI service filing as of June 2025, featuring various functionalities such as personalized profile setup and precise learning situation analysis [1] Group 3 - The company's AI product series includes AI Sprint Camp, AI Smart Study Room, AI Classroom, and diversified college guidance services, which have completed market promotion and performance testing [1] - The future AI smart education business will follow an "internal and external dual circulation" development model, enhancing internal capabilities and expanding external market presence [2] - The company aims to leverage its nationwide school network, resources, and brand reputation to strengthen its industry moat through AI education empowerment [2]