证券研究报告 2025 年 12 月 01 日│中国香港 互联网 天立国际控股公布 FY25 业绩：收入 35.89 亿元，yoy+8.1%；净利润 6.48 亿元，yoy+16.5%，符合业绩预告；调整后归母净利润约 6.34 亿元，不及 我们预期的 7.71 亿元。FY25 公司在"质量优先"战略下加强了生源优化和 对优质师资、餐饮后勤、AI 业务的投入，导致短期财务表现略逊预期。FY26 起公司将加强教育质量和短期财务表现的再平衡，推动利润逐渐重回增长。 公司全年派息总额约 2 亿元，派息率维持在 30%左右，股东回报稳健。当 前估值具备较高性价比，维持"买入"评级。 各板块收入稳健增长，升学成果再创新高 FY25 综合教育服务/产品销售/综合后勤服务/管理及特许经营收入分别同比 增长 7%/8%/2.7%/93.9%。公司升学成绩硕果累累，2025 高考成熟校区本 科率达 90%，一本率达 58%；成长期校区本科率达 32%，一本率达 14%； 国际升学、强基竞赛亦取得亮眼成绩。作为第二曲线的托管业务持续发展， 截至 25 年秋季已签约 23 所学校、40 个学段。 "质量优先"导向下招生及利润略逊预 ...

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]

在2025年高考中，公司有399名高中毕业生收到世界前50名大学的录取通知书，较2024年的272名学生增 加了127名学生。其中，26人入读全球Quacquarelli Symonds(QS)前十顶级名校：包括2人升入QS排名第 二的帝国理工学院；1人升入QS排名第三的牛津大学；2人升入QS排名第五的剑桥大学；共21人升入QS 排名第九的伦敦大学学院。公司成熟期学校的高考考生中，有约90%超过中国大学本科录取分数线，及 约58%超过中国一本大学录取分数线；成长期学校也实现低进高出，本科上线率、一本上线率较生源入 口成绩分别提升32%及14%。 格隆汇11月28日丨天立国际控股(01773.HK)公告，截至2025年8月31日止年度，公司的收益同比增加 8.1%至约人民币35.89亿元，主要受到公司综合教育服务及产品销售的收益增加所带动。经调整年内溢 利6.18亿元，同比增长7.0%；公司普通股权益持有人应占每股基本盈利32.25分。 ...

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 | | ...

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，並明確表示概不就因本公告全部或任何部分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） 年度業績公告 截至二零二五年八月三十一日止年度 財務摘要 | | 截至 | 截至 | | | | --- | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | | | 八月三十一日 | 八月三十一日 | | | | | 止年度 | 止年度 | 變動 | 百分比變動 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | | | 收益 | 3,588,901 | 3,320,898 | 268,003 | 8.1% | | 毛利 | 1,213,533 | 1,118,969 | 94,564 | 8.5% | | 年內溢利 | 648,130 | 556,162 | 91,968 | 16.5% | | 經調整年內溢利 | 617,588 | 577,414 | 40,174 | 7.0% | | ...

天立国际控股(01773)午后涨超9%，截至发稿，涨7.83%，报2.34港元，成交额6591.08万港元。 国信证券发布研报称，目前公司的AI产品矩阵已包含AI冲刺营、AI智习室、AI课堂和多元升学指导服 务等多项产品，2024-25年，公司借助AI产品赋能助力2名学子获北大录取、1名学子获清华录取。同时 冲刺营覆盖的千名学员中，81%的学生在最终高考实现了提分，平均实现提分48分。该行指出，公司AI 教育产品为学生提供学习辅助，有望提供业务增长增量。 消息面上，天立国际控股拟于11月28日举行董事会会议以审批末期业绩。公司此前发布盈喜，预计截至 2025年8月31日止年度收入约36亿元，同比增长约8%；利润约6.5亿元，同比增长约17%。业绩增长主要 由于综合教育服务的客户人数有所增长。未来，公司将有序推进各项多元业务，和AI冲刺营等AI系列 产品的商业化布局及市场推广。 ...