FF301 致：香港交易及結算所有限公司 公司名稱: 華夏集團控股有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2026年4月1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) | 01981 | 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/註冊股本總額： USD 50,000 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: 20 ...

EF001 免責聲明 | 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 | | | --- | --- | | 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 | 華夏集團控股有限公司 | | 股份代號 | 01981 | | 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12月31日止年度之末期股息 | | 公告日期 | 2026年3月30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12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.068 HKD | | 股東批准日期 | 2026年5月29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 0.068 HKD | | 匯率 | 1 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 787,734,000, representing a 0.7% increase from RMB 782,359,000 in 2024[6] - Gross profit increased by 19.9% to RMB 456,907,000, up from RMB 381,154,000 in the previous year[6] - Net profit for the year surged by 183.6% to RMB 331,578,000, compared to RMB 116,911,000 in 2024[6] - Total comprehensive income for the year amounted to RMB 325,477,000, significantly higher than RMB 118,448,000 in the previous year[7] - The adjusted net profit for the year ended December 31, 2025, was RMB 332.4 million, a significant increase from RMB 218.3 million in 2024, representing a growth of 52.3%[73] Revenue Segments - The media and arts higher education segment generated total revenue of RMB 728.1 million, reflecting an 8.5% year-on-year growth[6] - Revenue from media and arts higher education courses was RMB 577,130,000, up from RMB 494,629,000 in the previous year, indicating a growth of about 16.7%[18] - The total revenue for the media and arts higher education, vocational education, and international education segments reached RMB 728.1 million, representing an 8.5% year-over-year increase[45] - Revenue from media and arts higher education, vocational education, and international education segment rose by RMB 56.7 million (or 8.5%) to RMB 728.1 million, driven by increased undergraduate course revenue[58] Cash and Liquidity - Cash and cash equivalents, along with time deposits and structured deposits, totaled RMB 1,648.6 million as of December 31, 2025, up from RMB 1,306.2 million in 2024[6] - The current ratio as of December 31, 2025, was 251.4%, compared to 241.4% in the previous year[6] - The total equity as of December 31, 2025, was RMB 2,681,291,000, an increase from RMB 2,445,608,000 in 2024[9] Dividends - The proposed final dividend for the year is HKD 0.068 per share, an increase from HKD 0.03 per share for the year ended December 31, 2024[4] - The company declared a final dividend of HKD 0.03 per share for the year ended December 31, 2025, totaling approximately RMB 90,607,000, compared to RMB 90,338,000 in 2024[32] - The final dividend is subject to approval at the annual general meeting scheduled for May 29, 2026[94] Employee Costs - The total employee costs for 2025 amounted to RMB 196,219,000, a decrease from RMB 204,014,000 in 2024, reflecting a reduction of approximately 3.9%[30] - The total salary cost for the year ended December 31, 2025, was RMB 196.2 million, a decrease from RMB 204.0 million in 2024, indicating a reduction of 3.8%[85] - The total number of students as of December 31, 2025, reached approximately 30,785, reflecting a year-over-year growth of about 3.5%[42] Impairment and Losses - The company reported a net impairment loss of RMB 5,061,000 for trade receivables, a significant decrease from RMB 80,128,000 in 2024, indicating improved asset quality[25] - The group reversed credit impairment losses of RMB 4.7 million during the reporting period, compared to a credit impairment of RMB 79.6 million for the year ending December 31, 2024[47] - The company recognized a credit loss provision of RMB 240,749,000 for receivables, unchanged from 2024, indicating stable risk assessment[35] Future Plans and Strategies - The group plans to expand its media and arts education capacity, expecting a total of approximately 12,000 new students for the 2026/2027 academic year[52] - The group is collaborating with the University of East Anglia to establish a digital creativity institute, with a total capacity of 1,200 students approved by the Ministry of Education[52] - The group is actively responding to national strategies by implementing an AI and media arts education integration strategy, enhancing its educational offerings[55] Accounting and Reporting - The company anticipates that the implementation of new accounting standards will not have a significant impact on its financial performance, although the structure of the consolidated income statement is expected to change[15] - The new Hong Kong Financial Reporting Standards will come into effect on January 1, 2027, with early application permitted, and are expected to require retrospective application[15][17] - The company’s auditor, Deloitte, confirmed that the preliminary announcement aligns with the audited financial statements approved by the board[91] Miscellaneous - The company has not identified any single customer contributing more than 10% of total revenue for the fiscal years ending December 31, 2025, and 2024, indicating a diversified customer base[23] - The company has not issued, repurchased, or canceled any shares during the reporting period[40] - The company has not been involved in any significant litigation or arbitration proceedings during the reporting period[93]

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的任何損失承擔任何責任。 CATHAY GROUP HOLDINGS INC. 華夏集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1981） 盈利預告 本公告乃由華夏集團控股有限公司（「本公司」，連同其附屬公司及綜合聯屬實 體統稱「本集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09(2)條及香港法例第571章證券及期貨條例第XIVA部下的內幕消息條文（定義 見上市規則）刊發。 本公司董事會謹此通知本公司股東及有意投資者，根據本集團截至2025年12月31 日止年度（「報告期間」）的未經審核綜合管理賬目以及目前可得資料，預期本集 團報告期間的綜合利潤將錄得超過人民幣3億元（人民幣300,000,000元），較截至 2024年12月31日止年度的人民幣1.17億元（人民幣116,911,000元）大幅增加。 本集團於報告期間的綜合利潤錄得顯著增長，主要歸因於：(i)傳媒及藝術高等教 育業 ...

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的任何損失承擔任何責任。 華夏集團控股有限公司（「本公司」，連同其附屬公司及併表聯屬實體統稱「本集 團」）董事會茲通告謹定於2026年3月30日（星期一）舉行董事會會議，以考慮及通 過本集團截至2025年12月31日止年度全年業績及建議之末期股息（如有），以及處 理其他事項。 承董事會命 華夏集團控股有限公司 董事長兼執行董事 蒲樹林 中國，2026年3月18日 於本公告日期，本公司執行董事為蒲樹林先生、羅佳女士、吳曄先生及劉志雄先 生；及本公司獨立非執行董事為張紀中先生、李卓然先生及黃煜先生。 CATHAY GROUP HOLDINGS INC. 華夏集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1981） 董事會會議召開日期 ...

Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector's performance compared to the overall market [5][10]. Core Insights - The report highlights significant developments in the pharmaceutical sector, including a licensing agreement between China National Pharmaceutical Group (Sinopharm) and Sanofi for the JAK/ROCK inhibitor, and the approval of a new indication for Innovent Biologics' BTK inhibitor in China [1][2]. - Performance forecasts for companies such as Crystal Holding and He Yu indicate substantial revenue growth, with Crystal Holding expected to achieve at least 780 million RMB in revenue for 2025, representing a year-on-year increase of approximately 193% [6][7]. Summary by Sections 1. Overseas Pharmaceuticals - Sinopharm and Sanofi have entered into an exclusive licensing agreement for the global development, production, and commercialization of the JAK/ROCK inhibitor, with potential milestone payments totaling up to 1.395 billion USD [2][7]. - Innovent Biologics' BTK inhibitor, Jiepalit (Pirtobrutinib), has received NMPA approval for a new indication in adult patients with chronic lymphocytic leukemia (CLL) who have previously undergone systemic treatment [2][7]. - Roche's BTK inhibitor Fenebrutinib has successfully met primary endpoints in a Phase III trial for relapsing multiple sclerosis, potentially becoming the first effective oral treatment for both relapsing and primary progressive forms of the disease [3][8]. 2. Performance Updates - Crystal Holding anticipates a revenue of no less than 780 million RMB in 2025, with a net profit of at least 100 million RMB, marking a turnaround from losses [6][7]. - He Yu expects to achieve 612 million RMB in revenue for 2025, reflecting a 21% year-on-year growth, with net profit projected at 55 million RMB, a 95% increase [6][7]. 3. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and others [10]. - It also highlights the importance of monitoring clinical progress in key pipelines for companies transitioning towards innovation [10].

FF301 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: 2026年2月28日 狀態: 新提交 呈交日期: 2026年3月2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) | 01981 | 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/註冊股本總額： USD 50,000 第 1 頁 共 10 頁 v 1.2.0 FF301 II. ...

Group 1: Industry Investment Rating - The investment rating for the overseas social services industry is positive, with a focus on the record-high visitor numbers during the Macau Spring Festival [6]. Group 2: Core Insights - The total number of inbound visitors to Macau during the Spring Festival reached 1.554 million, with an average daily visitor count of 173,000, marking a year-on-year increase of 5.5% [6][1]. - Among the inbound visitors, mainland tourists averaged 134,000 per day, reflecting a 7% year-on-year growth, while international visitors averaged nearly 7,900 per day, up by 8% [6][1]. - The hotel occupancy rate during the Spring Festival was 95.6%, with the highest rate of 99.2% recorded on the fourth day of the festival [6][1]. Group 3: Summary by Relevant Sections Overseas Pharmaceuticals - The report highlights significant developments in the pharmaceutical sector, including the announcement of clinical trial results for B7-H3 ADC by Yingensheng and the completion of Phase II trials for UBT251 by Lianbang Pharmaceutical [3][10]. - In 2025, BeiGene reported revenues of $5.343 billion, a 40% increase year-on-year, while adjusted net profits reached $917 million, marking a return to profitability [9][21]. - The report also notes that the average weight loss in the UBT251 trial was as high as 19.7% after 24 weeks, compared to a 2.0% loss in the placebo group [11][10]. Overseas Education - The vocational education sector is experiencing an upswing, with promising enrollment data, particularly for China Oriental Education [5][17]. - The education index saw a decline of 4.9% in the recent week, underperforming the Hang Seng National Enterprises Index by 2.1 percentage points [15]. - The report recommends focusing on China Oriental Education, which is expected to see accelerated enrollment growth due to its strategic adjustments in response to market demands [17][15].

Industry Overview - The art examination (艺考) is a comprehensive professional exam for high school students aiming to enter art colleges in China, regulated by the Ministry of Education [1][2][3] - Art examination training refers to pre-exam training provided by formal schools or social organizations outside the national education system, covering categories such as fine arts, music, and dance [1][2][3] Industry Characteristics - The art examination training industry features precise professional divisions, with institutions customizing teaching plans based on examination standards and conducting tiered teaching [4][5] - Regulatory oversight is increasing, with a comprehensive system for monitoring and penalizing institutions, making compliance a core operational principle [4][5] - Service models are evolving beyond traditional classroom teaching to a one-stop, diversified service system that meets various preparatory needs [4][5] - Market competition is intensifying, with smaller institutions struggling to compete, while leading institutions leverage their core competencies to consolidate market resources [4][5] Policy Background - A multi-level regulatory framework has been established for the art examination training industry, with national policies aimed at standardizing operations and tightening oversight [6] - Key policies include the July 2023 guidelines from the Ministry of Education and other departments, which incorporate art examination training into a unified regulatory framework [6] - Local governments have also issued management guidelines to implement national policies, focusing on compliance and the eradication of industry irregularities [6] Industry Development Status - The art examination training industry has shown steady growth from 2017 to 2023, with increasing market demand driven by a rising emphasis on art education [8][9] - However, the industry is expected to enter a contraction phase from 2024 to 2025, with tightening policies and increased regulatory scrutiny leading to a decline in market demand [9][10] - The overall market size for art examination training is projected to be 43.29 billion yuan in 2025, a decrease of approximately 6.01% from 2024, with the fine arts segment accounting for 55.9% of the market [9][10] Competitive Landscape - The art examination training industry has transitioned from rapid expansion to brand-focused competition, with brand recognition and user loyalty becoming critical competitive factors [12][13] - Major players in the industry include companies like 华夏视听, 老鹰教育, 微力量, 乐思教育, 中传伯乐, 绘君教育, and 环球艺盟 [12][13] Future Trends - The industry is moving towards standardized and regulated development, with smaller institutions facing challenges due to rising compliance costs and resource limitations [15] - Training content is expected to shift from a purely exam-oriented approach to a dual focus on cultural and professional courses, enhancing overall training quality [15] - AI technology will increasingly penetrate the training process, promoting digital transformation and personalized learning experiences [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: 2026年1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: 華夏集團控股有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 FF301 | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | --- | | ✔ 已符合適用的公眾持股量要求（見下方） | | 未符合適用的公眾持股量要求（見下方） | | 根據《主板上市規則》第13.32B條或第19A.28B條 / 《GEM上市規則》第17.37B條或第25.21B條（視情況而定）所載的有關股份類別的最低公眾持股量要求為： | | 適用的公眾持股量門檻 初始指定門檻 - 上市股份所屬類別的已發行股份總數(不包括庫存股份)的25% | | 額外信息 | 第 2 頁 共 10 頁 v 1.2.0 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於 ...