华西证券（002926）发布研报称，维持中国春来(01969)盈利预测，维持FY26年收入为21.40亿元，新增 FY27-28收入预测24.04/26.31亿元;维持FY26归母净利预测10.33亿元，新增FY27-28预测11.72/12.90亿元; 维持FY26EPS0.86元，新增FY27-28EPS预测0.98/1.07元，2025年12月3日收盘价4.36港元，对应FY26- 284.6/4.1/3.7XPE，维持"买入"评级。 华西证券主要观点如下： FY2025业绩 FY2025公司收入/净利/经调整净利分别为17.91/8.36/8.37亿元、同比增长9.8%/7.4%/5.9%。归母净利的调 整项中，以股份为基础的补偿FY2025为329万元，汇兑方面FY2025为收益196万元。 商丘学院、安阳学院原阳校区、健康学院、荆州学院业绩高增长 (1)收入分拆来看，FY2025集团学费/住宿费收入分别为16.36/1.54亿元，同比增长10.1%/6.3%。 (2)按分学校收入来看，商丘学院/商丘学院应用科技学院/安阳学院/安阳学院原阳校区/健康学院/荆州学 院收入分别为4.16/2.60/4. ...

FY2025公司收入/净利/经调整净利分别为17.91/8.36/8.37亿元、同比增长9.8%/7.4%/5.9%。归母净利的调 整项中，以股份为基础的补偿FY2025为329万元，汇兑方面FY2025为收益196万元。 智通财经APP获悉，华西证券发布研报称，维持中国春来(01969)盈利预测，维持FY26年收入为21.40亿 元，新增FY27-28收入预测24.04/26.31亿元;维持FY26归母净利预测10.33亿元，新增FY27-28预测 11.72/12.90亿元;维持FY26EPS0.86元，新增FY27-28EPS预测0.98/1.07元，2025年12月3日收盘价4.36港 元，对应FY26-284.6/4.1/3.7XPE，维持"买入"评级。 华西证券主要观点如下： FY2025业绩 (2)公司旗下院校主要位于河南、湖北、江苏省，未来学费仍具备较大提升空间，且持续通过债务置 换、财务费用率有下降空间，带来净利率提升。 商丘学院、安阳学院原阳校区、健康学院、荆州学院业绩高增长 (3)积极拓展国际教育业务合作，2024年11月安阳学院、商丘学院与澳大利亚精英教育学院签订中外办 学合作协议，安 ...

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: 中國春來教育集團有限公司 呈交日期: 2025年12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) | 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 | | 0.00001 | HKD | | 500,000 | 本月底法定/註冊股本總額： HKD ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is expected to see stable growth in student enrollment, particularly from the Anyang College Yuanyang Campus, Health College, and Jingzhou College, with the new Tianping College campus anticipated to contribute to enrollment and revenue growth after its establishment [5] - The company has a solid financial performance with FY2025 revenue and net profit showing year-on-year growth of 9.8% and 7.4% respectively, indicating a positive trend in its financial health [2][4] - The company is actively expanding its international education partnerships, which is expected to enhance its growth prospects and create synergies between domestic and foreign institutions [5] Financial Summary - For FY2025, the company's revenue, net profit, and adjusted net profit are projected to be CNY 1.791 billion, CNY 0.836 billion, and CNY 0.837 billion respectively, reflecting a year-on-year growth of 9.8%, 7.4%, and 5.9% [2] - The gross margin for FY2025 is 54.2%, with a net margin of 46.7%, showing a decline from the previous year primarily due to increased employee costs [4] - The company maintains a strong cash position with cash and cash equivalents of CNY 0.832 billion, a 5.2% increase year-on-year [4] Enrollment and Tuition Insights - The total number of enrolled students for FY2025 is 110,000, representing a 6.4% increase year-on-year [3] - Tuition fees across various colleges have shown an upward trend, with average tuition fees for different colleges increasing, indicating potential for further revenue growth [3] Future Projections - Revenue forecasts for FY2026, FY2027, and FY2028 are CNY 2.140 billion, CNY 2.404 billion, and CNY 2.631 billion respectively, with corresponding net profit projections of CNY 1.033 billion, CNY 1.172 billion, and CNY 1.290 billion [6][9] - The company is expected to maintain a strong earnings per share (EPS) growth trajectory, with FY2026 EPS projected at CNY 0.86, increasing to CNY 1.07 by FY2028 [6][9]

Core Viewpoint - China Spring's latest financial report demonstrates robust revenue and profit growth despite challenges in the macroeconomic environment and structural adjustments in the education sector, showcasing strong internal growth momentum and operational efficiency [1]. Financial Performance - For the fiscal year ending August 31, 2025, the company achieved revenue of 1.791 billion RMB, a year-on-year increase of 9.8%, and a net profit of 835.5 million RMB, up 7.4% from the previous year [2][3]. - The company's earnings per share rose to 0.7 RMB, reflecting a direct enhancement in shareholder value [1]. Revenue Composition - Tuition revenue increased from 1.486 billion RMB to 1.636 billion RMB, marking a 10.1% growth, while accommodation revenue rose from 145 million RMB to 154 million RMB, a 6.3% increase [5][7]. - Tuition fees accounted for 91.4% of total revenue, indicating a stable and pure revenue model driven by the competitive market demand for educational services [5]. Profitability and Efficiency - The net profit margin reached 46.7%, positioning the company among the top in the private higher education sector, demonstrating strong internal profitability and cost control capabilities [3]. - The company maintained effective control over administrative and marketing expenses, allowing for continued operational leverage and enhanced profitability despite increased student enrollment [9]. Strategic Investments - The company is focusing on strategic investments to solidify long-term competitive advantages, including significant salary increases to attract and retain top talent, which is essential for enhancing educational quality and operational efficiency [10][11]. - Although profit margins faced short-term pressure due to increased costs, the company’s financial health remains strong, with operating cash flow increasing and a reduction in the debt-to-equity ratio from 57.9% to 42.5% [11][12]. Growth Strategy - China Spring's growth strategy emphasizes a dual approach of internal growth and strategic investments, aiming to enhance market share, talent barriers, and brand value while maintaining a healthy financial structure [12]. - The company is positioned to further expand its leading advantage in the private higher education sector through strategic investments in faculty, technology, and regional development [12].

Group 1 - The company reported a revenue of RMB 1,790.6 million for the year ending August 31, 2025, representing a year-on-year growth of 9.8% [1] - The gross profit was RMB 970.7 million, with a growth of 1.6% year-on-year, and the net profit reached RMB 835.5 million, reflecting a 7.4% increase [1] - The overall net profit margin stood at 46.7% [1] Group 2 - The total enrollment for the 2024/2025 academic year increased by 6.4% to 109,952 students, up from 103,301 in the previous year, with a total enrollment rate of 96.9% [3] - The Health College saw a significant increase in enrollment, with a 43.2% growth to 9,743 students, while the Anyang College's original campus recorded a 20.9% increase to 13,045 students [3][4] - Other colleges also experienced growth, with enrollment increases of 15.5% for Jingzhou College, 4.5% for Shangqiu College, and 2.2% for Shangqiu College of Applied Technology [3] Group 3 - The expansion of student enrollment has led to revenue growth across multiple colleges, with Health College achieving RMB 137.8 million in revenue, a 42.5% increase [4] - Anyang College's original campus reported revenue of RMB 215.7 million, up 21.7%, while Jingzhou College's revenue reached RMB 341.3 million, reflecting a 16.4% increase [4] - Shangqiu College and Shangqiu College of Applied Technology reported revenue growth of 8.3% and 4.2%, respectively, with revenues of RMB 416.1 million and RMB 260.4 million [4] Group 4 - The company emphasizes the importance of industry-education integration to cultivate application-oriented talents, enhancing school-enterprise cooperation and exploring diverse talent training models [6] - The company is actively developing AI education and applications, planning to integrate the DeepSeek R1 model into its AI education platform in collaboration with Beijing Gravity Internet Technology Co., Ltd [8] - Strategic partnerships have been established with Australian and New Zealand educational institutions to promote educational diversification and internationalization [8] Group 5 - The company has recognized improvements in education industry policies since 2025, leading to increased demand and opportunities for growth [8] - The company aims to expand college capacity, increase total student enrollment, and recruit outstanding teachers to enhance teaching outcomes and employment rates [8] - The focus on AI applications in education is expected to drive sustainable development and maximize shareholder value [8]

Core Viewpoint - The company reported a revenue of 1.791 billion yuan for the fiscal year ending August 31, 2025, representing a year-on-year increase of 9.8% [1] - Adjusted net profit reached 837 million yuan, up 5.9% year-on-year, driven by an increase in student enrollment [1] - The total comprehensive income for the year was 836 million yuan, reflecting a 7.4% increase compared to the previous year [1] Group 1 - The increase in adjusted net profit is primarily attributed to the expansion of student enrollment [1] - The company plans to acquire more land use rights and construct new educational and living facilities to further increase student enrollment [1] - The company believes that increasing campus capacity is crucial for its future expansion strategy, as student enrollment is largely dependent on dormitory capacity [1] Group 2 - Current dormitory capacity is insufficient to significantly increase enrollment due to gender differences and student gender structure [2] - The company expects to gradually increase campus capacity to achieve a reasonable balance between enrollment numbers and campus utilization [2] - The company is confident that the education department in China will accept its application to increase admission quotas, provided it can demonstrate sufficient school capacity, facilities, and the ability to offer high-quality educational programs [2]

Core Points - The company reported a revenue of 1.791 billion yuan for the year ending August 31, 2025, representing a year-on-year increase of 9.8% [1] - Adjusted net profit reached 837 million yuan, up 5.9% year-on-year, with total comprehensive income of 836 million yuan, reflecting a 7.4% increase [1] - The growth in adjusted net profit is primarily attributed to an increase in student enrollment [1] Group 1 - The company plans to acquire more land use rights and construct new educational and living facilities to continue increasing student enrollment [1] - The expansion of campus capacity is deemed crucial for the company's future enrollment growth strategy [1] - The number of students enrolled is significantly dependent on the capacity of student dormitories, as most colleges require students to reside on campus [1] Group 2 - Current dormitory capacity is insufficient to significantly increase enrollment due to gender differences and student gender structure [2] - The company anticipates gradually increasing college capacity to achieve a reasonable balance between enrollment numbers and campus utilization [2] - The company believes that its strong record in providing high-quality private higher education will support its application for increased admission quotas, contingent on demonstrating sufficient capacity and quality educational offerings [2]

Core Viewpoint - China Spring's financial performance for the year ending August 31, 2025, shows a significant revenue of RMB 179.1 billion and a gross profit of RMB 9.71 billion, indicating a strong operational capacity despite a slight decline in gross margin compared to the previous year [1] Financial Performance - Revenue for the year ending August 31, 2025, reached RMB 179.1 billion, while the gross profit was RMB 9.71 billion [1] - The gross margin for the year was 54.2%, down from 58.6% in the previous year [1] - Net profit for the year was RMB 836 million, an increase from RMB 778 million in the previous year [1] - The net profit margin for the year was 46.7%, compared to 47.7% in the previous year [1] - Adjusted net profit was RMB 837 million, reflecting an increase of RMB 47 million or 5.9% from the previous year [1] - The adjusted net profit margin for the year was 46.7%, down from 48.4% in the previous year [1] - The increase in adjusted net profit was primarily driven by an expansion in student enrollment, which boosted revenue [1]

Financial Performance - For the fiscal year ending August 31, 2025, the company reported total revenue of RMB 1,790,614,000, representing a 9.8% increase from RMB 1,631,496,000 in 2024[5] - Gross profit for the same period was RMB 970,712,000, up 1.6% from RMB 955,503,000 in the previous year[5] - Profit before tax increased by 7.6% to RMB 846,942,000 compared to RMB 786,913,000 in 2024[5] - The net profit for the year was RMB 835,546,000, reflecting a 7.4% growth from RMB 778,171,000 in 2024[5] - Adjusted net profit, excluding share-based compensation and foreign exchange gains/losses, was RMB 836,875,000, a 5.9% increase from RMB 789,883,000[5] - Basic earnings per share rose to RMB 0.70 from RMB 0.65, while diluted earnings per share increased to RMB 0.68 from RMB 0.63[7] - Revenue for the reporting period rose by 9.8% to RMB 1,790.6 million, driven primarily by an increase in student enrollment[68] - Adjusted net profit increased by RMB 47.0 million or 5.9% year-over-year, reaching RMB 836.9 million[67] - Gross profit for the reporting period was RMB 970.7 million, with a gross margin of 54.2%, down from 58.6% in the previous year[67][71] Assets and Liabilities - Non-current assets totaled RMB 5,130,215,000, slightly down from RMB 5,248,388,000 in 2024[8] - Current assets increased to RMB 2,604,027,000 from RMB 2,005,442,000, with trade and other receivables rising to RMB 1,771,717,000[8] - The company's total equity reached RMB 4,611,857,000, up from RMB 3,883,903,000 in the previous year[8] - The total borrowings amount to RMB 1,958,530,000 in 2025, down from RMB 2,248,190,000 in 2024, indicating a reduction of about 12.9%[40] - The company has unsecured loans totaling RMB 936,100,000 as of August 31, 2025, up from RMB 722,700,000 in 2024, marking an increase of about 29.5%[39] - The company's accounts payable and other payables totaled RMB 437,187,000 in 2025, an increase from RMB 395,688,000 in 2024, reflecting a growth of approximately 10.5%[38] Revenue Sources - The company operates primarily in the private higher education sector in China, generating revenue from tuition and accommodation fees[12] - Tuition fees increased to RMB 1,636,432,000 in 2025, up 10.1% from RMB 1,486,406,000 in 2024[14] - Other income rose to RMB 137,394,000 in 2025, compared to RMB 128,788,000 in 2024, marking a 6.3% increase[16] - The health college saw a significant revenue increase of 42.5%, from RMB 96.7 million to RMB 137.8 million, attributed to higher student enrollment[68] Student Enrollment - The total number of students at Shangqiu College for the 2024/2025 academic year is 26,165, representing a 4.5% increase from 25,046 in the previous year[56] - The total number of enrolled students increased by 6.4% from 103,301 in the previous academic year to 109,952 in the 2024/2025 academic year[57] - Anyang College has a total of 26,143 students for the 2024/2025 academic year, reflecting a 9.0% decrease from 28,738[56] Strategic Initiatives - The company aims to transform Tianping College into an independent private university by September 2026, with a new campus planned in Nanjing covering approximately 600,000 square meters[55] - The company emphasizes the integration of industry and education, focusing on applied talent cultivation and strengthening school-enterprise cooperation[48] - Strategic initiatives include deploying the DeepSeek R1 model to enhance AI education and improve teaching and learning environments[63] Financial Management - The company reported a decrease in financing costs to RMB 62,969,000 in 2025 from RMB 95,720,000 in 2024, a reduction of 34.2%[19] - Administrative expenses rose by 4.0% to RMB 197.5 million for the year ending August 31, 2025, compared to RMB 190.0 million in the previous year, primarily due to new property management costs[75] - The total salary cost for the reporting period was RMB 459.6 million, compared to RMB 356.2 million for the year ending August 31, 2024[90] Dividends and Governance - The company did not declare a final dividend for the year ended August 31, 2025, compared to a final dividend of RMB 0.0924 per share in 2024[23] - The board does not recommend the payment of a final dividend for the year ending August 31, 2025[92] - The company has adopted and complied with the Corporate Governance Code as per the Listing Rules during the reporting period[95] Audit and Compliance - The Audit Committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ending August 31, 2025[98] - The annual results announcement will be published on the Hong Kong Stock Exchange and the company's website[100]