Group 1 - First Beijing Investment Limited increased its stake in Tianli International Holdings (01773) by 2.244 million shares at a price of HKD 2.1674 per share, totaling approximately HKD 4.8636 million [1] - After the increase, the total number of shares held by First Beijing Investment Limited is approximately 275 million, representing a holding percentage of 13.06% [1]

Summary of Key Points Core Viewpoint - First Beijing Investment Limited has increased its stake in Tianli International Holdings (01773.HK) by acquiring 2.244 million shares at an average price of HKD 2.1674 per share, raising its ownership percentage from 12.95% to 13.06% [1]. Group 1 - First Beijing Investment Limited purchased 2,244,000 shares on December 4, 2025, with a total investment of approximately HKD 4.8636 million [1]. - Following the acquisition, First Beijing Investment Limited's total shareholding in Tianli International Holdings reached 275,490,000 shares [1]. - The increase in ownership percentage indicates a strategic move by First Beijing Investment Limited to strengthen its position in Tianli International Holdings [1].

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 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 天立國際控股有限公司 呈交日期: 2025年12月4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) | 01773 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HK ...

Group 1 - The core viewpoint of the article highlights the company's financial performance for FY2025, with total revenue of 3.589 billion, net profit of 648 million, adjusted net profit of 618 million, and operating cash flow of 853 million, reflecting year-on-year growth of 8.1%, 16.5%, 7.0%, and 3.1% respectively, in line with performance forecasts [1] - The company experienced a revenue and profit split between the first and second half of the fiscal year, with the first half showing revenue of 1.876 billion and profit of 390 million, representing year-on-year growth of 14.0% and 36.3%, while the second half saw revenue of 1.713 billion and profit of 259 million, with growth of 2.2% and a decline of 4.3% respectively [1] - The company’s core business in education services and management saw an overall growth of 7% and 94%, with the addition of 8 new managed schools, and comprehensive education services revenue reaching 1.868 billion, reflecting a year-on-year increase of 7.0% [2] Group 2 - The gross margin for FY2025 was reported at 33.8%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin and adjusted net profit margin were 18.1% and 17.2%, showing increases of 1.3 and a decrease of 0.2 percentage points respectively [3] - Contract liabilities decreased to 1.3 billion, down 3.5% year-on-year, while capital expenditures remained stable at 404 million, nearly unchanged from the previous year [3] - The company anticipates a recovery in high school enrollment growth in the coming year, supported by a strategic shift towards A-class students, with an expected growth rate of over 5% for self-sourced students [3]

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」）， ...

Investment Rating - The report assigns a "Buy" rating to the company, Tianli International Holdings (1773.HK) [1] Core Insights - The company experienced a total revenue of 3.589 billion and a net profit of 648 million for FY2025, reflecting year-on-year growth of 8.1% and 16.5% respectively, in line with performance forecasts [2] - The report highlights a one-time expense impact of approximately 110-120 million due to increased investments in AI and changes in recruitment strategies, which affected student enrollment numbers [2][4] - The company distributed a final dividend of 3.9 cents and an interim dividend of 5.78 cents, maintaining a dividend payout ratio of 30%, resulting in a dividend yield of 3.98% [3] Financial Performance Summary - For FY2025, the company's core education services and management business grew by 7% and 94% respectively, with the addition of 8 new managed schools [4] - The overall revenue from comprehensive education services, product sales, restaurant operations, and management fees was 1.868 billion, 0.992 billion, 0.613 billion, and 0.116 billion respectively, with year-on-year growth rates of 7.0%, 8.0%, 2.6%, and 93.9% [4] - The gross margin for FY2025 was 33.8%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin decreased slightly to 18.1% [5] Future Outlook - The company anticipates a recovery in high school enrollment next year, supported by a strategic shift towards A-class students, which is expected to enhance its reputation in the long term [6] - The AI business is expected to accelerate with the establishment of new marketing teams and the introduction of products such as AI camps and classrooms [7] - The high-margin management business is projected to maintain an expansion rate of 20 new segments annually, while the education services are expected to continue growing steadily [7]