蓝及立 2025 年 12 月 19 日 相关研究 #研究报 证券分析师 海外消费服务 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 册 分歧了后 海外教育：景气与困境反转交织，投资机会纷呈 -- 教育行业 26 年投资策略 ● 基本面触底叠加政策推进，高教困境反转可期。以办学质量提升为前提，以营利性牌照为激励, 鼓励高质量民办高校扩张，承接增量高教需求，是高教监管的主旨思路。25 年湖南省重启营利性 分类管理，或将成为试点，积累成熟经验后向全国推广。而营利性经营牌照的获取将给与民办高 校稳定的政策环境保证其投资回报，扩大经营规模，满足增量高等教育需求。因为办学质量提升 成为营利性分类管理的前提条件，经过５年办学投入持续增加后，办学质量关键指标如生师比，生 均办学经费等均已达标。我们判断投入周期见顶，未来规模效应显现，高教公司的经营效益有望 逐步触底回升。高教行业迎来盈利修复及估值提升双重利好。关注：宇华教 ...

机构：华西证券 集团现金较为充裕。FY2025 集团现金及现金等价物为11.64 亿元，同比提升4.8%，较为充裕；合约负 债为6.31 亿元，同比下降18.3%；FY2025 资本开支为4.43 亿元，同比提升21.0%，主要用于建立新校 区、维护及升级现有校舍以及购置教育设施设备。 投资建议 我们认为公司成长空间在于：（1）预计在校生人数规模有望维持稳定增长，在校生结构持续优化， 本 科生占全日制学生人数比例达90%，录取分数线及入学率持续提升，25/26 学年本科总新招生人数为 21000 人，同比增长5%。（2）预计明后年公司资本开支在4.5/3.5 亿元。（3）肇庆学院获批肇庆市首 批综合高中实验学校，将在25/26 学年开始首批招生，学校综合实力不断提高，招生生源有望不断扩 大。（4）淮北学校二期工程投入使用，为学生提供了现代化及高标准的教学设施，也为学校未来的学 生增长提供了空间。马鞍山学院并表提供新增量。首个民办职业本科合作项目落地，与湖南职校签订合 作管理协议，轻资产运营拓展策略有望成为新的业务增长点。基于马鞍山学院并表，调整盈利预测，上 调FY26-27 收入预测18.88/19.99 亿 ...

Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The report highlights stable dividends and revenue growth attributed to the consolidation of Ma'anshan College, with a projected revenue of 1.872 billion yuan for FY2025, reflecting a year-on-year growth of 10.6% [2][3] - The net profit is expected to decline by 9.6% year-on-year to 748 million yuan in FY2025, primarily due to increased educational investments and a decrease in gross margin [2][4] - The company plans to distribute interim and final dividends of 0.07 and 0.06 HKD respectively, resulting in a payout ratio of 30% and a dividend yield of 9.03% [2] Revenue and Profit Analysis - The revenue growth is significantly influenced by the consolidation of Ma'anshan College, with a 5% increase in student enrollment [3] - For FY2025, tuition, accommodation, and other educational service revenues are projected to be 1.757 billion, 107 million, and 8 million yuan respectively, with year-on-year growth rates of 10.7%, 10.0%, and 1.7% [3] - The gross margin is expected to decline to 45.7% in FY2025, down 10.3 percentage points year-on-year, due to increased investments in high-quality educational teams and facilities [4] Financial Projections - The company anticipates a stable growth in student enrollment, with a projected total of 77,000 full-time students in FY2025, of which 69,000 are undergraduates [5] - Revenue forecasts for FY2026 and FY2027 have been adjusted upwards to 2.018 billion and 2.138 billion yuan respectively, while net profit estimates have been revised downwards to 774 million and 825 million yuan [5][6] - The projected earnings per share (EPS) for FY2026 and FY2027 are adjusted to 0.38 and 0.41 yuan respectively [6] Cash Flow and Capital Expenditure - The company reported cash and cash equivalents of 1.164 billion yuan for FY2025, an increase of 4.8% year-on-year, indicating a strong cash position [4] - Capital expenditures are expected to rise to 443 million yuan in FY2025, primarily for establishing new campuses and upgrading existing facilities [4]

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: 中國科培教育集團有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01890 | 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 | | | | 2,014,248,667 | | 0 | | 2,014,248,667 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 2,014,248,667 | | 0 | | 2,014,248,667 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025年12月1日 ...

Core Viewpoint - China Education Group Holdings Limited (01890.HK) reported a 10.6% year-on-year increase in revenue to RMB 1.87 billion for the fiscal year ending August 31, 2025, while core net profit decreased by 8.2% to RMB 760 million [1] Financial Performance - Revenue increased to RMB 1.87 billion, reflecting a growth of 10.6% year-on-year [1] - Core net profit decreased to RMB 760 million, showing an 8.2% decline compared to the previous year [1] - The board proposed a final dividend of HKD 0.06 per share, along with an interim dividend of HKD 0.07 per share for 2025, totaling HKD 0.13 per share, which represents approximately 30% of the profit attributable to shareholders [1] Business Overview - The company has over 20 years of experience in operating vocational education institutions in China and is recognized as a leading private vocational education service provider [1] - The focus is on providing high-quality professional vocational education to meet the growing and rapidly changing market demands [1] - The company primarily emphasizes engineering disciplines while maintaining a balance with economics, management, education, and arts to offer comprehensive educational services [1] - Collaboration with research institutions and enterprises is a key strategy to provide students with various professional training and internship opportunities, enhancing their practical skills and market competitiveness [1]

Core Viewpoint - China Education Group Holdings Limited reported a revenue of 1.872 billion RMB for the fiscal year ending August 31, 2025, representing a year-on-year increase of 10.59% [1] - The net profit attributable to shareholders decreased by 9.63% to 748 million RMB, with basic earnings per share at 0.3719 RMB [1] Financial Performance - Revenue for the period reached 1.872 billion RMB, up 10.59% year-on-year [1] - Net profit attributable to the parent company was 748 million RMB, down 9.63% year-on-year [1] - Basic earnings per share stood at 0.3719 RMB [1] Student Enrollment and Growth - For the 2024/25 academic year, the group had approximately 77,000 full-time students, including about 69,000 undergraduates, reflecting a year-on-year growth of 5.4% [1] - The total new enrollment for undergraduate programs in the 2025/26 academic year reached 21,000, marking a year-on-year increase of 5.0% [1] - The proportion of undergraduates among full-time students increased to approximately 89.6% [1] Strategic Developments - The company is benefiting from favorable policies in vocational education and strong student demand [1] - The enrollment rate continues to improve, enhancing brand competitiveness and steadily advancing high-quality development strategies [1] Management Changes - Ms. Wu Jiawen has submitted her resignation as co-secretary of the company, effective November 28, 2025 [1] - Following her resignation, Ms. Li Yan has been appointed as the authorized representative of the company, effective November 28, 2025 [1]

中国科培(01890)发布公告，将于2026年8月21日派发截至2025年8月31日止年度的末期股息每股0.06港 元。 ...

智通财经APP讯，中国科培(01890)发布公告，将于2026年8月21日派发截至2025年8月31日止年度的末期 股息每股0.06港元。 ...

EF001 免責聲明 | 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。 | 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 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國科培教育集團有限公司 | | 股份代號 | 01890 | | 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日止年度之末期股息 | | 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 0.06 HKD | | 股東批准日期 | 2026年1月30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 0.06 HKD | | 匯率 | 1 HKD : 1 H ...

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 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 China Kepei Education Group Limited 中 國 科 培 教 育 集 團 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1890） 1.截至2025年8月31日止年度 之年度業績公告； 2.聯席公司秘書辭任； 及 3.授權代表變更 年度業績摘要 | | 截至8月31日止年度 | | | | | --- | --- | --- | --- | --- | | | 2025年 | 2024年 | 變動 | 變動百分比 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | (%) | | 收益 | 1,872,180 | 1,692,842 | +179,338 | +10.6 | | 年內溢利 | 748,445 | 827,791 | -79,346 | -9.6 | | 核心純利** | 761,871 | 830,014 ...