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]

Core Insights - The company reported a revenue of RMB 3.589 billion for the fiscal 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, up 15.33% year-on-year, with basic earnings per share at RMB 0.3225 [1] - The increase in revenue was primarily driven by the growth in comprehensive educational services and product sales [1] Group 1 - The company has established AI as a core strategic direction for future development in response to national digital education initiatives [1] - The self-developed "Qiming AI Companion" model successfully passed the national generative AI service filing in June 2025, featuring functions such as personalized profile setup, precise learning situation analysis, multimodal teaching explanations, and personalized homework grading [1] - 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 verification [1] Group 2 - The company's AI smart education business will follow an "internal and external dual circulation" development model [2] - Internally, the company aims to empower schools by addressing weak student performance, enhancing overall school quality, and optimizing the teacher-student ratio to achieve cost reduction and efficiency [2] - Externally, the company plans to leverage its nationwide school network, resources, and brand reputation to expand external market stores and services, strengthening its industry moat through AI education empowerment [2]

Core Viewpoint - Tianli International Holdings (01773.HK) announced a final dividend of HKD 0.039 per share for the period ending August 31, 2025, to be distributed on February 27, 2026 [1] Summary by Category - **Company Announcement** - Tianli International Holdings will distribute a final dividend of HKD 0.039 per share [1]

Group 1 - The company's revenue for the fiscal year ending August 31, 2025, is expected to increase by 8.1% to approximately RMB 3.589 billion, driven by growth in comprehensive educational services and product sales [1] - Adjusted net profit for the year is projected to be RMB 618 million, reflecting a year-on-year growth of 7.0% [1] - Basic earnings per share attributable to ordinary shareholders is estimated at 32.25 cents [1] Group 2 - In the 2025 college entrance examination, 399 high school graduates received admission offers from the world's top 50 universities, an increase of 127 students compared to 272 in 2024 [1] - Among these, 26 students were admitted to the top 10 universities according to Quacquarelli Symonds (QS) rankings, including 2 to Imperial College London (QS rank 2), 1 to the University of Oxford (QS rank 3), 2 to the University of Cambridge (QS rank 5), and 21 to University College London (QS rank 9) [1] - Approximately 90% of high school candidates from mature schools exceeded the Chinese university admission score line, and about 58% surpassed the score line for first-tier universities; growing schools also showed improvement with a 32% increase in undergraduate admission rates and a 14% increase in first-tier university admission rates compared to their entry scores [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。 （於開曼群島註冊成立的有限公司） （股份代號：1773） 建議修訂現行組織章程大綱及細則 及採納新組織章程大綱及細則 主席、執行董事兼行政總裁 羅實 中國，二零二五年十一月二十八日 於本公告刊發日期，董事會成員包括主席兼執行董事羅實先生；執行董事王銳 先生；非執行董事章文藻先生、潘平先生及李曉梅女士；以及獨立非執行董事 廖啟宇先生、楊東先生及程益群先生。 本公司董事（「董事」）會（「董事會」）建議修訂本公司現行的第三次經修訂及重訂 組織章程大綱及細則（「現行組織章程大綱及細則」），並採納本公司第四次經修訂 及重列組織章程大綱及細則（「新組織章程大綱及細則」）以取代及摒除現行組織章 程大綱及細則。 作出建議修訂旨在：(i)使現行組織章程大綱及細則符合有關混合會議、電子投票 及上市發行人以電子方式發佈公司通訊之最新監管規定；(ii)優化有關庫存股份的 條文；及(iii)作出相應及其他輕微修訂（「建議修訂」）。 ...

| 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，概不對因 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的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 天立國際控股有限公司 | | 股份代號 | 01773 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年8月31日止末期股息 | | 公告日期 | 2025年11月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年8月31日 | | 宣派股息的報告期末 | 2025年8月31日 | | 宣派股息 | 每 股 0.039 RMB | | 股東批准日期 | 2026年1月28日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.0429 HKD | | 匯率 | 1 RMB : 1.09902 HKD | | ...

Financial Performance - Revenue for the year ended August 31, 2025, was RMB 3,588,901, an increase of RMB 268,003 or 8.1% compared to the previous year[3] - Gross profit for the same period was RMB 1,213,533, reflecting an increase of RMB 94,564 or 8.5% year-over-year[3] - Net profit for the year was RMB 648,130, up by RMB 91,968 or 16.5% from the previous year[3] - Adjusted net profit was RMB 617,588, an increase of RMB 40,174 or 7.0% compared to the prior year[4] - Basic earnings per share rose to RMB 0.3225, an increase of RMB 0.0474 or 17.2% year-over-year[3] - The total dividend per share increased to RMB 0.0968, up by RMB 0.0143 or 17.3% from the previous year[3] - Total comprehensive income for the year reached RMB 648,044,000, an increase of 16.5% compared to RMB 556,183,000 in the previous year[48] - The company's net profit attributable to ordinary shareholders for 2025 is RMB 664,258,000, an increase from RMB 575,956,000 in 2024, representing a growth of approximately 15.4%[89] Enrollment and Educational Services - The company provided comprehensive education services to 53,900 high school students during the reporting year[5] - A total of 399 high school graduates received admission offers from the world's top 50 universities, an increase of 127 students compared to the previous year[7] - The company aims to increase its high school student enrollment to approximately 60,000 by the fall semester of 2025, which is an 11% increase from about 54,000 in the fall semester of 2024[16] - The company is committed to maintaining stable enrollment and operations at its schools, ensuring high-quality comprehensive education services for students and parents[15] Operational Efficiency and Strategic Direction - The company has established AI as a core strategic direction for future development, with its self-developed "Qiming AI Companion" model successfully passing national registration in June 2025[16] - The company plans to enhance operational efficiency through digital upgrades and process reengineering, aiming for a more streamlined management structure[16] - The company’s AI product offerings include AI Sprint Camps, AI Smart Learning Rooms, and AI Classrooms, which have completed market promotion and performance verification[16] Financial Position and Liabilities - The net cash flow from operating activities for the year ending August 31, 2025, was RMB 852.6 million, compared to RMB 827.1 million for the previous year, reflecting a growth of 3.1%[36] - The company's net current liabilities decreased to approximately RMB 2,126.2 million as of August 31, 2025, down from RMB 2,438.4 million a year earlier, primarily due to an increase in long-term bank loans[35] - The total borrowings as of August 31, 2025, amounted to approximately RMB 2,379.0 million, up from RMB 2,053.0 million in the previous year, indicating a rise of 15.8%[37] - The debt-to-equity ratio increased to 23.9% as of August 31, 2025, compared to 20.1% a year earlier, reflecting a higher leverage position[37] - The company has no significant contingent liabilities as of August 31, 2025, maintaining a stable financial position[42] Expenses and Costs - Total sales costs rose by 7.9% from approximately RMB 2,201.9 million to approximately RMB 2,375.4 million, primarily due to increased material consumption and procurement costs[24] - Administrative expenses decreased by 1.3% from approximately RMB 257.5 million to approximately RMB 254.2 million, primarily due to reduced share-based payment expenses[28] - Financial costs increased by 44.5% from approximately RMB 86.4 million to approximately RMB 124.8 million, as there were no capitalized interest amounts in the reporting year[33] - Other expenses increased by 60.4% from approximately RMB 28.1 million to approximately RMB 45.0 million, mainly due to property and land use tax payments[32] Compliance and Governance - The company confirmed compliance with the corporate governance code, with a review of governance practices ongoing[122] - The audit committee, consisting of three members, assists the board in financial control, risk management, and internal control systems[123] Future Outlook and Strategic Plans - The company plans to explore investment opportunities and strategic expansions to enhance its revenue base and financial performance in the future[40] - The company will continue to monitor the developments of the Foreign Investment Law and its potential impact on operations, ensuring compliance and strategic alignment[13] Shareholder Information - The board proposed a final dividend of RMB 3.90 per share for the year ending August 31, 2025, amounting to approximately RMB 81.75 million, subject to shareholder approval[116] - The company repurchased a total of 12,061,000 shares at a total cost of HKD 43,117,079 during the reporting period[120] - The company sold a total of 13,000,000 shares for a cash consideration of HKD 51,535,000 during the reporting period[120]