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8月31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 呈交日期: 2025年9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) | 01890 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本 ...

Group 1 - The core viewpoint of the article highlights a significant increase in the stock prices of vocational education companies in Hong Kong, driven by a national initiative to enhance vocational skills training from 2025 to 2027 [1] - The government has launched a large-scale vocational skills enhancement training action, focusing on increasing the supply of skilled talent in the manufacturing and service sectors [1] - The rising tuition fees for private universities, which are expected to exceed 10,000 yuan, are contributing to increased profitability for private education companies, with 中教控股 (China Education Holdings) projected to have a net profit margin of 30% for the first half of fiscal year 2025 and 宇华教育 (Yuhua Education) expected to have a net profit margin of 32% for 2024 [1] Group 2 - The stock performance of various vocational education companies includes 中教控股 (China Education Holdings) rising by 7.6%, 宇华教育 (Yuhua Education) increasing by 5%, and 中国东方教育 (China Oriental Education) up by 3% [1] - Other companies in the sector, such as 新高教集团 (New Higher Education Group), 民生教育 (Minsheng Education), 中国新华教育 (China Xinhua Education), 中汇集团 (Zhonghui Group), and 中国科培 (China Kaiping), also experienced gains [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7月31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 | 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 ...

Investment Rating - The report maintains a positive outlook on the higher education sector, indicating a "Buy" recommendation for specific companies such as New Higher Education, Neusoft Ruixin, Xijiao International Holdings, and Zhonghui Group [30]. Core Insights - The report anticipates a turning point in educational investment, with improved operational efficiency expected in the higher education sector. It notes that while revenue growth for higher education companies is generally slowing due to a deceleration in student enrollment, tuition fee increases are becoming the primary driver of revenue growth [3][12]. - The report predicts that the average revenue growth rate for six higher education companies in FY25 will be 8.8%, a decline of 2.8 percentage points from the previous year and a drop of 11.8 percentage points from the five-year average [4][13]. - The report highlights that the average tuition fee growth for FY25 is expected to remain stable at 9.3%, which is an increase of 1.2 percentage points compared to the five-year average [4][12]. Summary by Sections Market Review - The education index increased by 2.9% during the week, outperforming the Hang Seng Index by 0.4 percentage points. Year-to-date, the education index has risen by 14.21%, lagging behind the Hang Seng Index by 7.23 percentage points [11]. Financial Projections - The report forecasts that the average gross profit growth for the six higher education companies in FY25 will be 3.7%, a decrease of 1.1 percentage points from the previous year and a drop of 14.4 percentage points from the five-year average. The average gross profit margin is expected to be 43.6%, down 2.9 percentage points from the previous year [5][18]. - The average number of teachers is projected to grow by 2.9% in FY25, continuing to outpace student enrollment growth. Teacher salaries are expected to increase by an average of 14.7%, indicating a trend towards hiring higher-caliber talent [5][18]. Cost Management - The average sales expense ratio for FY25 is projected to be 2.5%, remaining stable compared to the previous year. The average management expense ratio is expected to rise to 11.8%, while the average financial expense ratio is anticipated to decrease to 3.7% [6][22]. Operational Efficiency - The report suggests that the operational efficiency of higher education companies is expected to bottom out, with quality improvements in education becoming the main theme of the industry. It predicts that the cost growth for higher education companies will align with student enrollment growth in the coming year [8][27]. - The report also indicates that as educational investment peaks, the resumption of dividends from higher education companies is anticipated [29].

Summary of Key Points Core Viewpoint - As of July 14, a total of 138 stocks reached their 52-week highs, indicating a strong performance in the market, with notable leaders including Green Heart Group Holdings, OK Blockchain, and Pearl River Steel Pipe [1]. Group 1: Top Performers - Green Heart Group Holdings (02999) achieved a closing price of 0.013 with a peak of 0.017, marking a 70.00% increase [1]. - OK Blockchain (01499) closed at 0.680, reaching a high of 0.690, reflecting a 48.39% rise [1]. - Pearl River Steel Pipe (01938) had a closing price of 0.335 and a peak of 0.340, resulting in a 33.33% increase [1]. Group 2: Other Notable Stocks - Weishi Jiajie (00856) saw a 32.01% increase, closing at 8.870 with a high of 11.300 [1]. - Cloud Intelligence (09678) reached a high of 520.000, closing at 510.000, which is a 20.99% increase [1]. - China Chengtong Development Group (00217) closed at 0.165 with a peak of 0.166, marking a 14.48% rise [1]. Group 3: Additional Stocks with Significant Increases - Sihuan Pharmaceutical (00460) closed at 1.380, reaching a high of 1.430, which is a 14.40% increase [1]. - Taited Pharmaceutical (03880) had a closing price of 36.950 and a peak of 37.400, reflecting a 13.85% rise [1]. - Beihai Kangcheng-B (01228) closed at 0.850 with a high of 0.960, resulting in a 12.94% increase [1].

Core Viewpoint - China Kepei Education Group Limited is a leading private higher education operator in South China, focusing on professional education and aiming to become a top-tier education group in China [1][2]. Group Overview - The company reported a stock price of HKD 1.560 as of July 9, with a 2.63% increase from the previous trading day, reaching a one-year high of HKD 1.570 during the day [1]. - The total number of enrolled students across the group's schools exceeds 80,000, indicating significant scale in operations [1]. Strategic Focus - The group adheres to a strategy of group-based education, capital operation, and international expansion, enhancing service quality and educational resources [2]. - The company emphasizes a student-centered employment service, resulting in high employment rates for graduates, distinguishing it from other private institutions in China [2]. Social Responsibility - The group actively participates in social welfare initiatives, including support for education and cultural development, demonstrating a commitment to social responsibility [2]. - The company engages in various charitable activities, such as disaster relief and support for military families, reflecting its dedication to giving back to society [2]. Future Aspirations - China Kepei Education aims to align with global educational trends, focusing on innovation and excellence to strengthen its position in the education and cultural industries [2].

Financial Performance - Revenue for the six months ended February 28, 2025, was RMB 918,236,000, representing a 5.3% increase from RMB 871,970,000 in the previous year[9]. - Gross profit decreased to RMB 478,560,000, down 9.7% from RMB 529,853,000, indicating a decline in profitability[9]. - The adjusted EBITDA for the period was RMB 581,251,000, reflecting a decrease of 5.7% compared to RMB 616,431,000 in the prior year[9]. - Core net profit decreased by RMB 25.7 million or 5.6% to RMB 434.1 million for the six months ended February 28, 2025[28]. - Profit before tax was RMB 454,974,000, compared to RMB 480,787,000 in the previous year, indicating a decline of approximately 5.4%[61]. - Net profit for the period was RMB 426,559,000, down from RMB 452,488,000 in 2024, a decrease of around 5.7%[63]. - Basic and diluted earnings per share for the period were RMB 0.2119, compared to RMB 0.2249 in the previous year, reflecting a decrease of about 5.4%[61]. - The total comprehensive income for the period was RMB 437,883,000, down from RMB 477,580,000 in the previous year, indicating a decline of about 8.3%[71]. Revenue Sources - Tuition fees accounted for approximately 94.7% of total revenue, with total tuition fees rising by RMB 51.4 million or 6.3% to RMB 869.3 million[16]. - Tuition revenue for the six months ended February 28, 2025, was RMB 358,739,000, an increase of 9.1% from RMB 327,925,000 for the same period in 2024[97]. - Accommodation revenue for the same period was RMB 29,240,000, slightly up from RMB 29,062,000, reflecting a growth of 0.6%[97]. - Total revenue recognized from contract liabilities for the six months ended February 28, 2025, was RMB 387,979,000, representing an 8.7% increase compared to RMB 356,987,000 in 2024[97]. Expenses and Costs - The total sales cost increased by 28.5% to RMB 439,676,000, compared to RMB 342,117,000 in the previous year, impacting overall profitability[9]. - Selling and distribution expenses decreased by RMB 1.9 million or 43.8% to RMB 2.5 million, attributed to improved brand building and reduced student recruitment promotion[24]. - Administrative expenses increased by RMB 5.7 million or 6.5% to RMB 94.5 million, mainly due to an increase in the number of management professionals[25]. - Employee benefits expenses (excluding directors and key management personnel) totaled RMB 227,662,000, an increase of 13.2% from RMB 201,080,000 in 2024[102]. Cash Flow and Liquidity - Cash flow from operating activities for the six months was RMB 459,184,000, a decrease of 33.5% from RMB 690,969,000 in the prior year[74]. - The company experienced an increase in cash and cash equivalents, ending the period with RMB 1,263,750,000, up from RMB 868,111,000, representing a growth of approximately 45.5%[76]. - The company raised RMB 608,634,000 through new bank and other borrowings, compared to RMB 178,016,000 in the prior year, indicating a significant increase in financing activities[74]. - The management anticipates sufficient operating funds to meet financial obligations, supported by positive cash flow and available credit facilities[81]. Awards and Achievements - The group received approximately 147 national awards and 164 provincial awards during the reporting period, highlighting significant achievements in faculty development[12]. - The Guangdong school ranked 35th in the GDI University Rankings (2025) among the top 300 private institutions, and 3rd within Guangdong province[12]. Strategic Initiatives - The implementation of the "AI + Vocational Education" strategy is underway, with the establishment of an AI application promotion working group to integrate AI technology into educational processes[13]. - A cooperation management agreement was signed with Hunan Vocational School, marking the first private vocational undergraduate cooperation project, which will enhance the company's management service capabilities[14]. - The company plans to expand international education services and deepen industry-education integration, focusing on key industries such as new energy vehicles and digital economy[18]. Shareholder Information - As of February 28, 2025, the total number of issued shares is 2,014,248,667[55]. - Director Ye Nianqiao holds 677,280,000 shares, representing 33.62% of the total shares[51]. - Major shareholder Cantrust (Far East) Limited holds 677,280,000 shares, representing 33.62% of the total shares[56]. - The company declared an interim dividend of HKD 0.07 per share, totaling RMB 130,751,000, compared to RMB 127,942,000 for the same period in 2024, representing an increase of approximately 1%[118]. Financial Position - Total assets as of February 28, 2025, amounted to RMB 6,560,440,000, an increase from RMB 6,122,732,000 as of August 31, 2024[65]. - Total liabilities as of February 28, 2025, were RMB 1,509,627,000, compared to RMB 1,490,764,000 as of August 31, 2024, showing a slight increase of approximately 1.3%[67]. - The debt-to-equity ratio as of February 28, 2025, was 17.7%, unchanged from August 31, 2024[36]. - The group has no significant contingent liabilities or guarantees as of February 28, 2025, consistent with the previous year[129]. Taxation and Compliance - The total tax expense for the period was RMB 28,415,000, slightly up from RMB 28,299,000 in the previous year, indicating a year-over-year increase of about 0.4%[117]. - The group has not incurred any taxable profits in Hong Kong during the reporting period, thus no provisions for Hong Kong profits tax have been made[105]. - The group’s tax rate for certain subsidiaries is 15%, benefiting from preferential tax policies in the Tibet region[114]. Other Information - The company is registered as a foreign-owned enterprise under Chinese law[147]. - The company operates in compliance with Hong Kong Financial Reporting Standards[146]. - The company is listed on the Hong Kong Stock Exchange[147].

Financial Performance - For the six months ended February 28, 2025, the company reported revenue of RMB 918,236,000, an increase of RMB 46,266,000 or 5.3% compared to the same period in 2024[10]. - The cost of sales for the same period was RMB 439,676,000, reflecting an increase of RMB 97,559,000 or 28.5% year-over-year[10]. - Gross profit decreased to RMB 478,560,000, down RMB 51,293,000 or 9.7% from the previous year[10]. - Profit before tax was RMB 454,974,000, a decline of RMB 25,813,000 or 5.4% compared to the prior period[10]. - The net profit for the period was RMB 426,559,000, down RMB 25,929,000 or 5.7% year-over-year[10]. - Core net profit was RMB 434,081,000, a decrease of RMB 25,684,000 or 5.6% from the previous year[10]. - Adjusted EBITDA for the period was RMB 581,251,000, down RMB 35,180,000 or 5.7% compared to the same period in 2024[10]. - The total comprehensive income for the period was RMB 438,216,000, down from RMB 477,580,000 in 2024, a decrease of approximately 8.2%[64]. - The basic and diluted earnings per share for the period were RMB 0.2119, down from RMB 0.2249 in the previous year, a decrease of about 5.3%[62]. Revenue Composition - Tuition fees accounted for approximately 94.7% of total revenue, with total tuition fees rising by RMB 51.4 million or 6.3% to RMB 869.3 million[17]. - Other income and gains rose by RMB 32.4 million or 37.3% to RMB 119.6 million, mainly driven by an increase in management service income[24]. - The management service income increased to RMB 75,008,000 from RMB 51,315,000, marking a growth of 46.1%[94]. Student Enrollment - The number of full-time students reached approximately 77,000, including about 69,000 undergraduates, representing a year-on-year growth of 5.4%[18]. Cost and Expenses - Other expenses increased by RMB 14.4 million or 97.3% to RMB 29.2 million for the six months ended February 28, 2025, primarily due to increased employee costs[27]. - Sales costs increased by RMB 97.6 million or 28.5% to RMB 439.7 million, primarily due to investments in high-quality education and student training[22]. - Total employee compensation costs for the six months ended February 28, 2025, were RMB 251.7 million, compared to RMB 223.7 million for the six months ended February 29, 2024[41]. Dividends and Shareholder Information - The board declared an interim dividend of HKD 0.07 per share, representing approximately 30% of the profit attributable to the owners of the company[12]. - The interim dividend of HKD 0.07 per share will be paid for the six months ending February 28, 2025, consistent with the previous period[46]. - The company will suspend the register of shareholders from March 10 to March 13, 2026, to determine eligibility for the interim dividend[47]. - Major shareholders include Ye Nianqiao with 33.62% and Ye Xun with 14.89% of the shares[52]. Assets and Liabilities - As of February 28, 2025, total non-current assets amounted to RMB 6,286,878,000, an increase of 2.68% from RMB 6,122,732,000 as of August 31, 2024[66]. - Current assets totaled RMB 1,672,289,000, reflecting a growth of 12.16% compared to RMB 1,490,797,000 in the previous period[68]. - Total liabilities decreased to RMB 2,509,627,000 from RMB 2,490,764,000, resulting in a net asset value of RMB 5,449,540,000, up 6.38% from RMB 5,122,765,000[68]. - The company has a current liability net amount of RMB 281,888,000 as of February 28, 2025, which includes contract liabilities of RMB 826,309,000 to be settled through educational services[81]. Cash Flow and Financing - Operating cash flow for the six months was RMB 459,184,000, down 33.43% from RMB 690,969,000 in the previous year[73]. - The net cash flow from operating activities for the six months ended February 28, 2025, was RMB 459,184,000, a decrease of 33.5% compared to RMB 690,969,000 for the same period in 2024[75]. - The net cash flow used in investing activities was RMB 211,727,000, compared to a net cash inflow of RMB 35,552,000 in the previous year, indicating a significant shift in investment strategy[75]. - The net cash flow from financing activities was RMB (90,274,000), a substantial improvement from RMB (755,858,000) in the prior year, reflecting better management of financing[75]. - The company has increased bank and other borrowings to RMB 608,634,000, up from RMB 178,016,000, reflecting a strategic move to enhance liquidity[75]. Corporate Governance - The board has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[48]. - The audit committee reviewed the unaudited interim consolidated results and confirmed compliance with relevant accounting standards[48]. - No changes in director information have been reported since the last annual report[51]. Taxation - The total tax expense for the six months ended February 28, 2025, was RMB 28,415,000, compared to RMB 28,299,000 for the same period in 2024, reflecting an increase of 0.4%[119]. - The company benefits from a 15% corporate income tax rate for its subsidiary in Tibet, which is set to continue through 2024[116]. - The company has enjoyed tax exemptions for its educational services, with no corporate income tax expenses recognized during the reporting period[116]. - The company’s other non-school subsidiaries in mainland China are subject to a 25% corporate income tax rate on their taxable income[117]. Strategic Initiatives - The group plans to expand international education services and light-asset management for private higher education institutions, focusing on high-quality educational service delivery[19]. - The group aims to enhance its AI integration in vocational education, with plans to develop AI tools and a smart library by 2025[14]. - The group has established a partnership with Hunan Vocational School to manage its operations, marking a significant step in its asset-light expansion strategy[15]. - The company is undergoing internal restructuring to convert existing schools into for-profit institutions in compliance with the 2016 decision and related regulations[112].

Company Overview - The company has established a strong reputation in China's private higher education sector over 24 years, aiming to maintain and enhance its market position[3]. - The company is a leading private vocational education provider in China, focusing on professional and vocational education[159]. Financial Performance - Revenue increased by 11.6% from RMB 1,517.5 million for the year ended August 31, 2023, to RMB 1,692.8 million for the year ending August 31, 2024[40]. - The company's total equity rose from RMB 4,392,082 thousand in 2022 to RMB 5,122,765 thousand in 2024, indicating strong financial growth[25]. - Core net profit increased by 5.1% from RMB 790.1 million for the year ended August 31, 2023, to RMB 830.0 million for the year ended August 31, 2024[60]. - The annual profit for the year ended August 31, 2024, was RMB 827.8 million, an increase from RMB 743.3 million for the year ended August 31, 2023, representing an increase of approximately 11.4%[85]. - Adjusted EBITDA grew by RMB 64.3 million or 6.0% from RMB 1,065.4 million for the year ended August 31, 2023, to RMB 1,129.7 million for the year ended August 31, 2024[62]. - Gross profit rose by 8.4% from RMB 874.7 million for the year ended August 31, 2023, to RMB 948.6 million for the year ended August 31, 2024, with a gross margin of 56.0%, down from 57.6%[52]. - Financing costs decreased by 37.7% from RMB 85.9 million for the year ended August 31, 2023, to RMB 53.5 million for the year ended August 31, 2024[82]. - The asset-liability ratio improved significantly from approximately 39.9% as of August 31, 2023, to about 17.7% as of August 31, 2024, primarily due to a reduction in interest-bearing bank and other borrowings[92]. Investments and Development - In the 2023/24 academic year, the company invested in the second phase of the Huai Bei School, adding approximately 100 modern laboratories and training rooms[8]. - The company has introduced around 200 virtual cloud multimedia classrooms and standardized examination rooms to enhance its smart campus initiative[12]. - The group aims to enhance the quality of education by implementing a "3+1" applied talent training model and establishing a joint doctoral training base with Melaka University in Malaysia[37]. - The group has established partnerships with nearly 1,000 companies, providing approximately 10,000 student internship positions annually[37]. - The company is focused on high-quality development and continues to increase its investment in education[11]. Student Support and Satisfaction - Over 40,000 students received financial aid to ensure they can complete their studies, demonstrating the company's commitment to supporting economically disadvantaged students[15]. - The group has improved student satisfaction significantly by enhancing campus facilities and services, including introducing popular dining options and shared amenities[38]. - The total number of enrolled students and the focus on engineering programs are aimed at meeting local employment demands and enhancing practical skills[66]. Operational Challenges - The company has faced operational risks including changes in market conditions and regulatory environments in the private higher education sector[18]. - The company aims to expand its operations into other regions of China, enhancing its potential for growth[18]. Human Resources - The total number of employees increased to 4,555 as of August 31, 2024, up from 3,871 a year earlier, indicating a growth of about 17.6%[96]. - Total salary costs for the year amounted to RMB 493.9 million, compared to RMB 399.8 million for the previous year, representing an increase of approximately 23.6%[97]. - The company regularly reviews employee compensation policies and provides both external and internal training programs[112]. - The company has a commitment to employee training and development, ensuring a skilled workforce[112]. Governance and Management - The company has a diverse board of directors with extensive experience in education and business management[126]. - The CEO has over 40 years of experience in the education industry, contributing to the overall management and strategic planning of the company[115]. - The CFO has played a significant role in the company's listing process and has nearly 20 years of experience in the education sector[118]. - Executive director Ye Nianqiao has stepped down as CEO since July 2, 2024, and executive director Li Yan has been appointed as the new CEO[195]. Environmental and Social Responsibility - The company is committed to improving environmental sustainability and has integrated sustainable development concepts into its educational programs and extracurricular activities[185]. - The company has maintained good relationships with employees, suppliers, and customers, with no significant disputes reported during the reporting period[167]. Dividend and Shareholder Information - The company proposed a final dividend of HKD 0.06 for the year ending August 31, 2024, compared to no dividend for the previous year[137]. - The company’s dividend policy, effective from January 15, 2019, will continue to be reviewed and updated by the board[161]. - The board will consider financial performance, cash flow, business conditions, and future operational needs when deciding on dividend distributions[135].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 1.35, maintaining the rating for the next six months [1]. Core Viewpoints - The company reported a revenue of HKD 1.693 billion for FY24, representing a year-on-year increase of 11.6%, while the adjusted net profit attributable to shareholders was HKD 830 million, up 5.1% [1]. - The company maintains a stable dividend payout ratio, planning to distribute a final dividend of HKD 0.06 per share and an interim dividend of HKD 0.07 per share, which is approximately 28% of the adjusted net profit [1]. - The total number of full-time students reached 76,000 as of August 2024, with undergraduate students accounting for about 90% of the total [1]. - The company has established partnerships with over 3,000 enterprises, providing more than 10,000 student internship positions annually [1]. Revenue Breakdown - The revenue sources include tuition fees, accommodation fees, and other educational service fees, with tuition fees accounting for 93.8% of total revenue as of August 31, 2024 [1]. - The breakdown of revenue includes tuition fees of HKD 1.587 billion, accommodation fees of HKD 97 million, and other educational service fees of HKD 8 million, with year-on-year growth rates of +12.4%, +5.1%, and -34.2% respectively [1]. Future Outlook - The company aims to continue its high-quality development path, deepen the integration of industry and education, and increase investment in education to cultivate skilled talents [1]. - The company has introduced new majors in artificial intelligence, intelligent manufacturing engineering, and robotics engineering to serve emerging national strategic industries [1].