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 對 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 New Higher Education Group Limited 中國新高教集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2001） 截 至2025年2月28日止六個月 中期業績公告 董事會欣然宣佈本集團截至2025年2月28日 止 六 個 月 之 中 期 業 績。 要 點 – 1 – • 集 團 堅 決 持 續 貫 徹 高 質 量 發 展 戰 略，秉 持「讓 每 一 位 學 生 獲 得 職 業 成 就 和 人 生 幸 福」的 使 命、「創 建 最 以 學 生 為 中 心 的 百 年 大 學」的 願 景，聚 焦 學 生 「更 好 的 學 習 成 效、更 高 的 就 業 質 量、更 優 的 服 務 體 驗、更 美 的 校 園 環 境」 的 核 心 訴 求，持 續 加 大 高 質 量 投 入，全 面 提 升 教 育 教 學 ...

2.3 已頒佈但尚未生效的香港財務報告 準則（續） 香港財務報告準則第9號金融工具：修訂本釐 清當承租人根據香港財務報告準則第9號釐定 租賃負債已終止時，承租人須應用香港財務 報告準則第9號第3.3.3段並於損益中確認所 產生的任何收益或虧損。此外，修訂本已更 新香港財務報告準則第9號第5.1.3段及香港 財務報告準則第9號附錄A的若干措辭，以消 除潛在混淆。允許提早應用。預期修訂本對 本集團的財務報表並無任何重大影響。 HKFRS 7 Financial Instruments: Disclosures: The amendments have updated certain wording in paragraph B38 of HKFRS 7 and paragraphs IG1, IG14 and IG20B of the Guidance on implementing HKFRS 7 for the purpose of simplification or achieving consistency with other paragraphs in the standard and/or with ...

Investment Rating - The report maintains a "Buy" rating for New Higher Education Group [6][15]. Core Views - New Higher Education Group reported FY24 revenue of RMB 2.4 billion, a year-on-year increase of 13.8%, with an adjusted net profit attributable to shareholders of RMB 770 million, up 6.1% year-on-year. The company distributed final dividends in shares, with a payout ratio of 50% [6][12]. - The company continues to optimize its student structure, with a slight decrease in total enrollment to 139,000 from 140,000 in FY23. However, the proportion of new undergraduate students increased by 4 percentage points year-on-year, and the proportion of undergraduate students rose by 1 percentage point year-on-year, leading to a 13.2% increase in tuition revenue despite the slight decline in total enrollment [6][13]. - The company has increased its investment in educational facilities, resulting in a 19.1% rise in accommodation fees, contributing to the overall revenue growth [6][13]. Financial Data and Profit Forecast - For FY24, the company's revenue cost was RMB 1.54 billion, a year-on-year increase of 16.9%. Teaching-related costs rose by 31.3%, and teacher salaries increased by 12.1% [7][14]. - The report indicates that the company will maintain capital expenditures at approximately RMB 600 million to RMB 800 million annually over the next two years due to ongoing evaluations of two undergraduate schools [7][15]. - Profit forecasts for FY25 and FY26 have been downgraded to RMB 800 million and RMB 830 million, respectively, with a new profit forecast of RMB 880 million for FY27. The target price has been adjusted to HKD 2.99 from HKD 3.46 [7][15]. Revenue and Profit Projections - The projected revenue and profit figures for the upcoming years are as follows: - FY24 Revenue: RMB 2,412 million (10% growth) - FY25 Revenue: RMB 2,617 million (estimated) - FY26 Revenue: RMB 2,844 million (estimated) - FY27 Revenue: RMB 3,119 million (estimated) - FY24 Net Profit: RMB 756 million (estimated) - FY25 Net Profit: RMB 801 million (estimated) - FY26 Net Profit: RMB 831 million (estimated) - FY27 Net Profit: RMB 881 million (estimated) [9][17].

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，概不對因本公 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 New Higher Education Group Limited 中國新高教集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2001） 截至2024年8月31日止年度 全年業績公告 中國新高教集團有限公司董事會欣然宣佈本集團截至2024年8月31日止的年度業 績。 要點 • 集團堅決持續貫徹高質量發展戰略，以「讓每一位學生獲得職業成就和人 生幸福」作為集團使命，將「創建最以學生為中心的百年大學」作為集團 願景，堅守「以學生為中心，以貢獻者為本，堅持長期主義」的價值觀， 聚焦學生「更好的學習成效、更高的就業質量、更優的服務體驗、更美的 校園環境」核心訴求，持續加大投入保障，全面提高教育教學和人才培 養質量，服務區域經濟社會發展，為國家高等教育的高質量發展貢獻力 量。 • 高質量充分就業穩步提升。截至2023年12月31日，2023屆最終畢業去向落 實率96.97%，為連續四年 ...

Financial Performance - For the six months ended February 29, 2024, the Group achieved a 13.8% year-on-year increase in revenue from its principal business[10]. - Total revenue for the six months ended February 29, 2024, was RMB 1,482.3 million, an increase of 12.2% from RMB 1,321.3 million for the same period in 2023[55]. - Revenue increased to RMB 1,310.8 million, up 13.8% from RMB 1,152.2 million year-on-year, driven by the group's continuous high-quality development and steady growth in tuition and accommodation fees[56]. - Gross profit for the period was RMB 521.2 million, representing a 15.1% increase from RMB 452.7 million in the previous year, with a gross margin of 39.8% compared to 39.3% in the prior year[58]. - Adjusted net profit attributable to owners of the parent for the six months ended February 29, 2024, was RMB 426.1 million, a 7.6% increase from RMB 396.0 million for the same period in 2023[55]. - Profit before tax increased to RMB 530.0 million, representing a 14.7% increase from RMB 462.1 million year-on-year[68]. - Net profit increased by 10.6% to RMB 432.0 million, compared to RMB 390.5 million for the same period last year[68]. - Basic and diluted earnings per share for the period were RMB 0.28, compared to RMB 0.25 for the same period last year, indicating a 12% increase[172]. - Total comprehensive income for the period was RMB 424,950,000, up from RMB 386,838,000, marking a 9.8% increase year-over-year[174]. Employment and Talent Development - The employment rate of the Group's schools is among the highest in each province and region, with continuous improvement in high-quality employment rates[6]. - The overall employment rate of the Group's 2023 graduates is 96.97%, with high-quality employment proportion reaching 27.76%, an increase of 5.8 percentage points year-on-year[16]. - The number of graduates employed in Fortune Global 500, China's Top 100, and A-share listed companies increased by 88.06%[17]. - The Group has cumulatively cultivated over 400,000 high-quality technical talents for society as of February 29, 2024[6]. - The Group has established strategic partnerships with 1,156 well-known companies and built 54 modern industrial colleges[12]. - The number of students reaching the score line in the postgraduate entrance examination increased by 31.5% compared to last year[14]. - The Group has added 7 undergraduate majors urgently needed for national strategic and local regional development, including a dentistry program, with only five institutions nationwide approved to offer it[12]. Educational Quality and Initiatives - The Group focuses on building a student-oriented university and adheres to the philosophy of "teaching students in accordance with their aptitude" to enhance educational quality[10]. - The Group has been dedicated to higher vocational education for over 25 years, emphasizing practical application in its educational approach[10]. - The "Wonderful Classroom" competition has been successfully held for 15 consecutive years, promoting quality improvement in teaching[12]. - The proportion of students with high satisfaction reached 84%, an increase of 12 percentage points compared to the previous year[19]. - Complaints on the student and teacher opinion management platform have dropped by 39%, while praise opinions increased from 3% to 16%[19]. - The Group aims to create high-quality teaching, employment, experience, and campus environments for students[22]. Financial Management and Investments - The Group has invested RMB 281 million to enhance the educational environment, including upgrading teaching facilities and beautifying the campus[18]. - Investment in teachers increased by 10.5% year-on-year, with the number of "dual-qualified" teachers and "double-high" teachers rising by 19% and 25%, respectively[12]. - The group’s administrative expenses rose to RMB 53.3 million, an increase of 18.7% from RMB 44.9 million in the previous year[55]. - The cost of sales increased to RMB 789.6 million, up 12.9% from RMB 699.5 million year-on-year, primarily due to campus upgrades and increased personnel costs[57]. - Capital expenditures during the reporting period were RMB 397.3 million, mainly for the construction of school buildings and facilities, land acquisition, and purchase of furniture and equipment[78]. Corporate Governance and Compliance - The Group has complied with all applicable code provisions set out in the Corporate Governance Code during the reporting period[92]. - The Board will continue to review and improve corporate governance practices to optimize returns for shareholders[92]. - The Group emphasizes effective corporate governance as essential for creating shareholder value[92]. - The Group is committed to integrating ESG principles into its operations, focusing on stable performance growth and sustainable development[55]. - The Group has been awarded the "Best ESG Information Disclosure Award" in the 8th Zhitong Finance Listed Company Selection in 2023[21]. Shareholder Information and Dividends - The Group will maintain a dividend payout ratio of 50% for this financial year[10]. - The Group has resolved not to declare an interim dividend for the six months ended 29 February 2024, planning to pay dividends once a year instead[92]. - The company has a dividend policy aiming to recommend an annual dividend of not less than 30% of the profits available for distribution earned in each financial year[163]. - The board will continue to review the dividend policy but there is no assurance that dividends will be paid in any specific amount or at all[163]. Regulatory Environment - The provision of higher education in the PRC falls within the "restricted" category according to the Negative List, requiring foreign investors to cooperate with PRC educational institutions[127]. - The foreign portion of total investment in a Sino-Foreign Joint Venture Private School must be below 50% as per the Implementation Opinions[127]. - The establishment of these schools requires approval from provincial or national education authorities[130]. - The company is still awaiting approval from the BPPE to establish a new school in California[131]. - The Group's operations have not been affected by the 2021 Implementation Rules as of the report date[138].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.85 [4][9]. Core Insights - The company reported a robust performance with a 13.8% year-on-year increase in revenue to RMB 1.31 billion for the first half of FY2024, driven primarily by tuition fee growth [2]. - The gross profit margin remained stable at 39.8%, reflecting a slight increase of 0.5 percentage points year-on-year, supported by an optimized cost structure [2][3]. - The company has strengthened its educational offerings by adding new undergraduate programs and enhancing partnerships with over 1,156 well-known enterprises [2]. Financial Performance Summary - Revenue for FY2024 is projected to reach RMB 2.366 billion, representing a growth rate of 11.6% [5]. - Net profit is expected to increase by 16.6% to RMB 819 million, with a net profit margin of 34.6% [4][5]. - The company has effectively controlled operational costs, with selling expenses at RMB 22 million and administrative expenses rising to RMB 53 million due to external consultancy fees [3]. Valuation Metrics - The current valuation stands at approximately 3.7x and 3.3x FY24E and FY25E P/E ratios, respectively, with a dividend yield of around 15.0% [4]. - The report highlights a projected dividend payout ratio of 50%, despite a change in the dividend policy to only pay a final dividend [4]. Future Outlook - The company is expected to continue its growth trajectory with a focus on improving educational quality and employment rates for graduates, while maintaining stable revenue streams [4]. - The financial forecasts indicate a steady increase in earnings per share, projected to reach RMB 0.526 in FY2024, with continued growth in subsequent years [5].

Investment Rating - The report maintains a "Buy" rating for New Higher Education Group [2][4][7] Core Views - New Higher Education Group reported a revenue of RMB 1.311 billion for the first half of FY24, representing a year-on-year increase of 13.8%, and a net profit attributable to the parent company of RMB 426 million, up 7.6% year-on-year, aligning with previous expectations [4][7] - The growth in revenue is primarily driven by increases in tuition and accommodation fees, with the average tuition fee reaching RMB 16,000, a 13% increase year-on-year [4][7] - The student structure has been optimized, with the proportion of undergraduate students increasing by 3.4 percentage points to 39.8% [4][7] - The gross profit margin for the first half of FY24 was 39.8%, a slight increase of 0.5 percentage points year-on-year, indicating stable profitability despite rising costs [4][7] - The company is expected to maintain a compound annual growth rate (CAGR) of 5.2% in average tuition fees from FY24 to FY26 [4][7] Financial Summary - Revenue for FY24E is projected at RMB 2.262 billion, with a year-on-year growth rate of 6.74% [5] - Net profit for FY24E is forecasted to be RMB 786 million, reflecting a year-on-year increase of 11.82% [5] - The company’s earnings per share (EPS) is expected to grow from RMB 0.51 in FY24E to RMB 0.64 in FY26E [5] - The price-to-earnings (P/E) ratio is projected to decrease from 4.15 in FY24E to 3.31 in FY26E, indicating potential undervaluation [5] Strategic Developments - The transition to for-profit status for private universities is being implemented, allowing institutions to set their own tuition fees based on market conditions [4][7] - The company is focusing on high-quality educational strategies and has increased investments in human resources and infrastructure, with labor costs rising by 11.4% and depreciation costs by 28.4% year-on-year [4][7]

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，概不對因本公告全部或任 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 New Higher Education Group Limited 中國新高教集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2001） 截至2024年2月29日止六個月 中期業績公告 董事會欣然宣佈本集團截至2024年2月29日止六個月之中期業績。 要點 • 集團堅決持續貫徹高質量發展戰略，以「讓每一位學生獲得職業成就和人生 幸福」作為集團使命，將「創建最以學生為中心的大學」作為集團願景，堅守 「以學生為中心，以貢獻者為本，堅持長期主義」的價值觀，聚焦學生「更好的 學習成效、更高質量的就業、更優的服務體驗、更美的校園環境」核心訴求， 扎實推進「強一線」行動，持續加大投入保障，全面提高教育教學和人才培養 質量，服務區域經濟社會發展，為國家高等職業教育的高質量發展貢獻力量。 • 集團持續深化教學改革，依託訪企、拓崗、問需，收集市場需求反向驅動教學 改革。集團旗下院校新增7個國家戰 ...

China New Higher Education Group Limited 中國新高教集團有限公司 年報 ANNUAL REPORT 2022/2023 China New Higher Education Group Limited 中國新高教集團有限公司 2022/2023 ANNUAL REPORT 年報 目錄 CONTENTS | 集團簡介 | 3 | | --- | --- | | Corporate Profile | | | 升級辦學條件和育人環境 | 4 | | Upgrade School Operation Conditions and Educational Environment | | | 全方位育人成效顯著 | 5 | | Remarkable Achievements of Comprehensive Education | | | 企業發展里程碑 | 6 | | Corporate Milestones | | | 2023財年回顧 | 8 | | Review of the 2023 Financial Year | | | 學校網絡 | 10 | | School N ...

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，概不對因本公告全部或任 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 New Higher Education Group Limited 中國新高教集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2001） 截至2023年8月31日止年度 全年業績公告 中國新高教集團有限公司董事會欣然宣佈本集團截至2023年8月31日止的年度業績。 要點 • 集團堅決貫徹高質量發展戰略，堅守「立德樹人、因材施教、學以致用」的育 人理念，將「讓每一位學生獲得職業成就和人生幸福」作為集團使命，致力於 建設「成為中國最以學生為中心的大學」，將高質量就業作為立校之本，不斷 加強教學變革和投入保障，全面提高教育教學和人才培養質量，服務區域經 濟社會發展，為國家高等職業教育的高質量發展貢獻力量。 • 集團持續深化教育教學變革，以高質量人才培養牽引高質量發展。充分發揮 集團化辦學優勢，明確集團人才培養總目標，指導院校設立專業人才培養目標， 落實全員、全程、全方位育人，持續完善 ...