中國春來教育集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1969） 董事會會議通告 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。 CHINA CHUNLAI EDUCATION GROUP CO., LTD. 中國春來教育集團有限公司（「本公司」，連同其附屬公司及併表聯屬實體統稱 「本集團」）董事（「董事」）會（「董事會」）謹此宣佈，將於二零二五年十一月二 十八日（星期五）舉行董事會會議，藉以（其中包括）考慮及批准本集團截至二 零二五年八月三十一日止年度之經審核綜合年度業績，並批准分別於本公司 ( www.chunlaiedu.com )及香港聯合交易所有限公司網站( www.hkexnews.hk )進行刊 發，以及考慮支付末期股息（如有）。 承董事會命 中國春來教育集團有限公司 執行董事 侯俊宇 香港，二零二五年十一月十八日 於本公告日期，董事會由侯俊宇先生及蔣淑琴女士（均為執行董事）、張潔女士 （執行董事兼行政總裁）、侯春來先 ...

Core Viewpoint - The education sector, particularly private higher education, is experiencing a recovery with strong cash flow and clear growth expectations, making it an attractive investment opportunity in the current market environment [1][2]. Industry Analysis - The education sector is currently undervalued, presenting a significant market expectation gap. This is supported by three main value drivers: policy and demand resonance, high growth certainty, and the integration of AI in education [4][5][6][7]. - Recent policy improvements, such as birth subsidies and free preschool education, are expected to stimulate educational consumption and enhance the sector's valuation recovery [5]. - The education sector's growth is characterized by strong demand, particularly in higher education, where the value of institutions in enhancing employability is increasingly recognized [5]. - The education sector's growth certainty is backed by solid data, with many listed education companies reporting positive net profits and increasing contract liabilities, indicating a sustainable trend rather than a short-term rebound [6]. - The integration of AI in education is becoming a catalyst for valuation enhancement, supported by favorable policies and technological advancements, which are expected to drive rapid development and commercialization in the AI+ education space [7]. Company Analysis: China Spring (1969.HK) - China Spring exhibits unique value potential across three dimensions: valuation attractiveness, solid fundamental growth momentum, and proactive AI integration [9]. - The current valuation of China Spring is low compared to the average in the sector, with a dynamic P/E ratio of 6 times, while the average for mainland education stocks is around 12 times, indicating significant room for recovery [10]. - The company has a robust business foundation, with steady growth in student enrollment, campus expansion, and strong employment outcomes, which are critical for sustained growth [11]. - Financially, China Spring reported a revenue of 891 million yuan and an adjusted net profit of 403 million yuan for the mid-2025 fiscal year, reflecting a high adjusted net profit margin of 45.2% [11]. - The company's strategic approach to AI+ education is systematic and ecosystem-oriented, with initiatives like the deployment of the DeepSeek R1 model and partnerships to develop AI education platforms, enhancing its competitive edge [12][13]. - The integration of AI technology is expected to drive operational efficiency and create new revenue streams, positioning China Spring favorably for long-term growth [13]. Conclusion - In the context of a supportive bull market and increasing attention on the education sector, China Spring is well-positioned to benefit from a potential revaluation, supported by its unique combination of valuation advantages, resilient fundamentals, and AI empowerment [15].

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10月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 FF301 致：香港交易及結算所有限公司 公司名稱: 中國春來教育集團有限公司 呈交日期: 2025年11月6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) | 01969 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 50,000,000,000 | | HKD | | 0.00001 HKD | | | 500,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | 0 | | 本月底結存 | | | 50,000,000,000 | HKD | | 0 ...

Core Viewpoint - The recent announcement by China Chunlai (01969.HK) regarding the donation of AI and blockchain technology rights from its founder is seen as a strategic move to enhance its competitive edge in the education sector amidst ongoing industry transformation [1][4]. Group 1: Financial Implications - The donation allows China Chunlai to acquire essential technology without incurring capital expenditures, effectively achieving a "zero-cost" acquisition of technological infrastructure [3][9]. - The entire profit generated from the Washington data center will be reinvested into the company, creating a self-sustaining cash flow loop that supports ongoing technological innovation [3][4]. - This strategic maneuver is characterized as a "win-win" for the company, as it minimizes financial risk while enabling a transition to a technology-driven education model [4][9]. Group 2: Industry Transformation - The shift from traditional education to technology-driven education is no longer optional but essential for survival and competitiveness in the current market [2][5]. - China Chunlai's recent initiatives, including the establishment of AI colleges across multiple campuses, demonstrate its commitment to integrating technology into its educational framework [6][7]. - The introduction of blockchain technology is expected to enhance data security and academic integrity, providing a competitive advantage in an increasingly homogenized education market [7][8]. Group 3: Strategic Development - The company is transitioning from being a mere user of technology to becoming an ecosystem builder with a complete technology stack, which includes foundational computing power, models, and applications [7][8]. - This transformation aims to reduce costs and improve efficiency while opening new growth avenues through technology-driven educational services [8][9]. - The strategic integration of AI and blockchain technologies positions China Chunlai to redefine itself as a modern enterprise that is both education-focused and technology-driven, establishing a unique competitive moat in the future [8][9].

Core Viewpoint - China Spring Education Group's chairman has agreed to donate AI and blockchain technology developed at a data center in Washington, D.C., to the group, along with all profits generated from the data center to support educational technology innovation [1] Group 1: Company Developments - The company's stock price rose over 6.7%, reaching a peak of 4.89 HKD during trading [1] - The chairman's donation will strategically align with the deployment of the DeepSeek R1 model and the development of an AI education platform in collaboration with partners [1] - The donated technology and computing power will provide foundational support for the company's AI education initiatives [1]

Core Viewpoint - The significant donation by Chairman Hou Chunlai supports China Chunlai's "AI + Education" strategy, providing a foundational basis for advancing AI and blockchain research and education [1][3]. Group 1: Company Strategy and Developments - China Chunlai is transitioning towards a technology-driven education model, leveraging AI and blockchain technologies [2][3]. - The company has established a data center in Washington, equipped with advanced infrastructure to support high-performance computing, aimed at enhancing AI capabilities [3]. - The donation from Hou Chunlai includes free access to AI and blockchain technologies developed at the data center, positioning the company at the forefront of technological innovation in education [3]. Group 2: Financial Performance - For the six months ending February 28, 2025, China Chunlai reported revenues of 891 million yuan, a year-on-year increase of 9.4% [6]. - The gross profit for the same period was approximately 500 million yuan, reflecting a 1.2% increase year-on-year [6]. - The adjusted net profit was reported at 403 million yuan, showing a year-on-year growth of 4.3% [6]. Group 3: Student Enrollment Growth - The number of students enrolled in China Chunlai's institutions is projected to increase by 6.5%, from 104,100 on February 29, 2024, to 110,900 by February 28, 2025 [5]. - This growth in enrollment is attributed to increased admissions across several campuses, including Shangqiu College and Health College [5].

Core Viewpoint - China Spring (01969) shares rose over 5% following the announcement of a significant strategic donation aimed at advancing AI and blockchain research and education within its affiliated schools [1] Group 1: Company Developments - The chairman, Mr. Hou Chunlai, has agreed to make a strategic donation to support the group's initiatives in AI and blockchain technology [1] - Mr. Hou owns a data center in Washington, USA, equipped with advanced infrastructure to support high-performance computing needs, focusing on enhancing AI-enabled computing and data center capabilities [1] - The donation will allow the group's schools to utilize cutting-edge AI and blockchain technologies as needed, ensuring the group remains at the forefront of technological innovation [1] Group 2: Financial Contributions - Mr. Hou has also agreed to donate all profits generated from the data center to the group, further promoting technological innovation in the education sector [1] - The donation reflects Mr. Hou's commitment to supporting the group through both technological and financial means, enhancing the group's capabilities [1]

Core Viewpoint - China Spring's stock rose over 5% following the announcement of a significant strategic donation aimed at advancing AI and blockchain research and education within its affiliated schools [1] Group 1: Strategic Donation - Chairman Hou Chunlai has agreed to make a strategic donation to support the development of AI and blockchain research and education in the group's schools [1] - The donation will allow the group to utilize cutting-edge AI and blockchain technologies developed by a data center owned by the chairman, ensuring the group remains at the forefront of technological innovation [1] Group 2: Data Center and Profit Donation - The chairman's data center, located in Washington, is equipped with advanced infrastructure to support high-performance computing, focusing on enhancing AI-enabled computing and data center capabilities [1] - All profits generated by the data center will be donated to the group to promote technological innovation in the education sector [1]

Core Insights - China Spring Education Group (01969) is advancing its integration of technology and education through a dual donation model involving AI and blockchain technology rights from its chairman, Mr. Hou Chunlai, along with profits from a US data center [1] Technology Integration - The donated AI computing power and blockchain technology will empower the group's ongoing AI education strategy, including the deployment of the DeepSeek R1 model for educational platforms, virtual classrooms, and personalized learning systems [1] - This initiative opens a clear path for deep integration of technology into the core educational business [1] Financial Implications - Profits generated from the data center will provide stable additional funding for the group, which can be directed towards long-term projects such as smart campus upgrades and AI course development [1] - The model aims to create a positive development loop where technology enhances educational experiences and profits reinvest in research and innovation [1] Future Outlook - While this initiative presents opportunities, it also introduces management challenges, including the need to effectively integrate overseas technology resources and address potential impacts of cryptocurrency market volatility on profits [1] - Investors are encouraged to monitor future financial reports for specific disclosures on technology implementation and profit utilization to assess the long-term value of this model [1]

Core Insights - China Spring Education Group (1969.HK) announced that its chairman, Mr. Hou Chunlai, has agreed to donate AI and blockchain technology developed at a data center in Washington, USA, to the group at no cost, along with all profits generated from the data center to support educational technology innovation [1] Strategic Significance Analysis - Low-cost enhancement of technological foundation: This move allows the group to acquire cutting-edge AI computing power and blockchain technology support without incurring direct capital expenditures, providing a foundational basis for its ongoing "AI + Education" strategy [2] - Diversified revenue and financial supplementation: The profit donation from the data center will create a new revenue source for the group, which can be used to reinvest in technological research and development for its core education business and smart campus construction [2] - Resource synergy effect: The group has recently announced the deployment of the DeepSeek R1 model and is collaborating with partners to develop an AI education platform. The donated technology and computing power will create strategic synergy, providing foundational support for its AI education layout [2] Market Perspective - Analysts noted that this arrangement injects technological assets and cash flow into the group at a very low cost. If subsequent operations proceed smoothly, it will assist China Spring in transforming from a traditional education group to a technology-driven education enterprise [3]