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: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 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) | 01981 | 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 | | | | 1,654,937,000 | | 0 | | 1,654,937,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 1,654,937,000 | | 0 | | 1,654,937,000 | 第 2 頁 共 10 頁 v 1.1.1 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 ...

Group 1 - The core point of the article highlights the performance of the Sci-Tech Innovation ETF (588050), which opened down 0.85% at 1.510 yuan on October 28 [1] - Major holdings in the ETF include companies like SMIC, which fell by 1.12%, and Cambrian, which dropped by 1.68%, while Kingsoft Office saw an increase of 4.42% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index, managed by ICBC Credit Suisse Asset Management Company, with a return of 6.10% since its inception on September 28, 2020, and a return of 2.28% over the past month [1]

Group 1 - The core point of the article highlights the performance of the Southern Science and Technology Chip ETF (588890), which opened down 0.55% at 2.707 yuan on October 16 [1] - The major holdings of the ETF include companies such as SMIC, which opened down 1.36%, and Haiguang Information, which fell by 4.58%, while Cambrian Technology increased by 1.45% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index, managed by Southern Fund Management Co., Ltd., with a return of 172.63% since its establishment on April 15, 2024, and a return of 10.94% over the past month [1]

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: 2025年9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: 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: 2025年10月8日 I. 法定/註冊股本變動 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) | 01981 | 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 | | | | 1,654,937,000 | | 0 | | 1,654,937,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 1,654,937,000 | | 0 | | 1,654,937,0 ...

Revenue Performance - For the six months ended June 30, 2025, total revenue from media and arts higher education, vocational education, and international education reached RMB 352.2 million, representing a 10.0% increase compared to RMB 320.3 million in the same period of 2024[5]. - Total revenue decreased by RMB 7.3 million or 1.9% to RMB 379.3 million for the six months ended June 30, 2025, compared to RMB 386.6 million for the same period in 2024[26]. - Revenue from the media and arts higher education, vocational education, and international education segment increased by RMB 31.9 million or 10.0% to RMB 352.2 million, driven by increased undergraduate course revenue[27]. - Revenue for the six months ended June 30, 2025, was RMB 379,289 thousand, a decrease of 1.3% from RMB 386,570 thousand in the same period of 2024[99]. - Revenue from higher education courses increased to RMB 266,091,000, up 14.6% from RMB 231,957,000 in the previous year[99]. - The entertainment and live e-commerce segment reported a significant decline in revenue, dropping 59.2% to RMB 27.1 million from RMB 66.3 million year-over-year[5]. - Revenue from live e-commerce promotions dropped to RMB 1,964,000, a decline of 78.5% from RMB 9,159,000 in the previous year[99]. - The total revenue from artist management services was RMB 24,450,000, down 46.5% from RMB 45,781,000 in the same period last year[99]. Profitability - The gross profit for the period was RMB 207.7 million, an increase of 7.2% from RMB 193.8 million in the previous year[5]. - Net profit for the period surged by 136.4% to RMB 140.1 million, compared to RMB 59.3 million in the same period last year[5]. - Adjusted net profit, as per non-Hong Kong Financial Reporting Standards, was RMB 140.6 million, up 29.7% from RMB 108.4 million in 2024[5]. - Overall gross profit increased by 7.2% to RMB 207.7 million, with a gross profit margin rising from 50.1% to 54.8%[30]. - The entertainment and live e-commerce segment recorded a loss of RMB 45.2 million, primarily due to a fair value loss of RMB 31.4 million related to the production of "Dou Po Cang Qiong" and reduced live streaming activities by key artists[16]. - The group achieved a profit before tax of RMB 140,623,000, significantly higher than RMB 59,658,000 for the same period in 2024[102]. - Basic and diluted earnings per share were both RMB 7.73, compared to RMB 2.99 in the same period last year[86]. - The group’s total income from other education-related services increased to RMB 4,440,000, up 35.6% from RMB 3,274,000 in the previous year[99]. Student Enrollment and Education Capacity - The total number of students enrolled as of June 30, 2025, was approximately 29,742, with full-time undergraduates accounting for 25,157, reflecting a year-over-year growth of about 4.1%[9]. - The group plans to expand its media and arts education capacity to accommodate approximately 50,000 students, with around 40,000 in degree education[19]. - The group is committed to enhancing its position in the private media and arts education sector in China, providing more practical opportunities and diverse employment channels for students[22]. Financial Position and Liquidity - As of June 30, 2025, the cash and cash equivalents totaled RMB 1,114.8 million, down from RMB 1,306.2 million as of December 31, 2024, primarily due to cash used in operating activities and dividend distributions[42]. - The current ratio as of June 30, 2025, was 457.7%, significantly up from 241.4% as of December 31, 2024, indicating improved liquidity[42]. - The debt-to-asset ratio decreased from 20.0% on December 31, 2024, to 8.8% on June 30, 2025, reflecting a stronger financial position[42]. - The total equity as of June 30, 2025, was RMB 2,492.3 million, slightly up from RMB 2,445.6 million as of December 31, 2024[43]. - The company had no interest-bearing borrowings as of June 30, 2025, maintaining a zero interest-bearing debt ratio[44]. Operational Efficiency and Cost Management - Sales expenses decreased from RMB 9.3 million to RMB 7.4 million, primarily due to reduced expenses in the entertainment and live e-commerce segment[34]. - Administrative expenses decreased from RMB 60.0 million to RMB 55.8 million, also due to reductions in the entertainment and live e-commerce segment[35]. - Total salary costs for the six months ended June 30, 2025, were RMB 102.1 million, compared to RMB 103.9 million for the same period in 2024, indicating a reduction in payroll expenses[53]. Strategic Initiatives and Future Outlook - The group aims to launch a subscription-based product for AI teaching and AI arts courses in the second half of 2025, focusing on personalized education in film production, animation design, and digital media arts[21]. - The knowledge payment and vertical e-commerce sector is expected to integrate high-quality resources in media and arts, targeting a subscription model with millions of potential subscribers[20]. - The company is exploring strategic acquisitions to enhance its product offerings, with a budget of up to RMB 200 million allocated for potential deals[137]. - A new marketing strategy was introduced, aiming to increase brand awareness by 40% in the next year[137]. - The company provided guidance for the next quarter, expecting revenue to be between RMB 550 million and RMB 600 million, indicating a potential growth of 10% to 20%[137]. Shareholder Information and Corporate Governance - The company did not recommend the distribution of an interim dividend for the six months ended June 30, 2025, consistent with the previous period[62]. - The company’s major shareholder, Mr. Pu, holds 1,208,000,000 shares, representing approximately 72.99% of the total shares issued as of June 30, 2025[65]. - The company has two existing share plans, with no new shares issued during the reporting period under these plans[70]. - The company’s board of directors remains unchanged since the last annual report, with no new disclosures required[63]. Regulatory and Compliance Matters - The independent auditor conducted a review of the interim financial information in accordance with the relevant Hong Kong standards[59]. - There were no significant litigations or arbitration proceedings involving the company during the reporting period[61]. - The company has not reported any major developments since the publication of the 2024 annual report regarding qualification requirements[80].

Group 1: Industry Investment Rating - The report maintains a positive outlook on the overseas education sector, indicating a favorable investment rating due to the maturation of profit-oriented classification management and market reforms driving the expansion of higher education institutions [1][2]. Group 2: Core Insights - The conditions for profit-oriented classification management in private education are gradually maturing, with quality improvement in private schools being a crucial prerequisite for this transition. The report anticipates an acceleration in the implementation of profit-oriented policies for private schools, which will enhance the supply of higher education while ensuring quality [1][9]. - The establishment of profit distribution rights for private schools has led to increased certainty in asset returns. The average profit margin for the six listed private higher education companies is approximately 30.9%, with an average ROE of 12%. This indicates a robust commercial model that seeks to expand scale and revenue [2][10]. - The report highlights a significant mismatch between supply and demand in the higher education sector, with the number of college admissions only increasing from 10.36 million in 2021 to 10.69 million in 2024, while the number of high school graduates entering the college entrance examination has risen from 10.78 million in 2021 to 13.42 million in 2024. This has resulted in a declining college admission rate from 96.1% in 2021 to 79.6% in 2024 [2][10]. - The report suggests that the current quality standards achieved by listed private higher education companies will lay a solid foundation for the reintroduction of profit-oriented choices, which is expected to enhance the valuation of the higher education sector [2][11]. Group 3: Company Focus - The report recommends focusing on several key companies in the overseas education sector, including Yuhua Education, Zhongjiao Holdings, China Kepei, Neusoft Ruixin, Zhonghui Group, New Higher Education, Xijiao International Holdings, and Huaxia Holdings, as they are well-positioned to benefit from the anticipated policy changes [3][11][14].

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: 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: 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: 2025年9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 ...

Core Viewpoint - 华夏控股 reported significant financial growth for the six months ending June 30, 2025, with notable increases in revenue, gross profit, and net profit [1] Financial Performance - Revenue reached RMB 379 million, reflecting a year-on-year increase of 7.2% [1] - Gross profit amounted to RMB 208 million, also showing a year-on-year increase of 7.2% [1] - Adjusted net profit was RMB 141 million, representing a year-on-year increase of 29.7% [1] - Profit attributable to owners of the company was RMB 125 million, marking a substantial year-on-year increase of 158.3% [1] - Basic earnings per share stood at RMB 0.0773 [1]

Core Viewpoint - 华夏控股 reported a slight decrease in revenue but a significant increase in profit attributable to shareholders for the first half of the fiscal year ending June 30, 2025 [1] Financial Performance - The group's revenue for the period was RMB 379 million, representing a year-on-year decrease of 1.88% [1] - Profit attributable to shareholders was RMB 125 million, showing a year-on-year increase of 158.3% [1] - Earnings per share were reported at 7.73 cents [1]

华夏控股(01981)发布截至2025年6月30日止6个月中期业绩，集团收益人民币3.79亿元，同比减少1.88%; 股东应占溢利1.25亿元，同比增长158.3%;每股盈利7.73分。 ...