证券研究报告 | 2025年09月15日 社会服务行业双周报（第 114 期） 优于大市 预制菜国标草案通过审查，港股高教板块行情强势 板块复盘：消费者服务板块报告期内上涨 0.69%，跑赢大盘 0.13pct。报告 期内（2025 年 9 月 1 日-2025 年 9 月 14 日），国信社服板块涨幅居前的股 票为宇华教育（43.14%）、新高教集团（23.85%）、中教控股（22.81%）、 长白山（14.77%）、岭南控股（14.77%）、凯撒旅业、海伦司、大连圣亚、 希教国际控股、张家界。国信社服板块跌幅居前的股票为东方甄选 （-16.65%）、奈雪的茶（-16.33%）、西藏旅游（-11.95%）、科德教育（-11.10%）、 全聚德（-9.93%）、科锐国际、中国东方教育、兰生股份、粉笔、同道猎聘。 行业与公司动态：预制菜国标草案通过审查，首次明确不添加防腐剂并强制 餐饮门店披露使用情况。高德地图推出"扫街榜"，基于真实用户行为动态 更新餐饮酒店景区榜单，上线首日用户突破 4000 万。哈啰出行发布 Robotaxi 战略及量产车型 HR1，计划两年内计划实现规模化无人驾驶运营。幸运咖门 店数突破 ...

盘面上，大型科技股集体上涨，尤其是百度大涨8%、阿里巴巴涨5.44%，据报二者用自研芯片训练AI模 型；网易、快手涨近3%，腾讯涨超2%，京东涨1.46%，小米涨约1%，美团最终平收；财政部：今年国 家财政安排1000亿元发放育儿补贴、200亿元逐步推行免费学前教育，教育股尾盘拉升十分明显，宇华 教育飙涨超43%领衔，新高教集团大涨超27%，中教控股、民生教育涨超20%；昨日大幅下跌的生物医 药股集体回暖，内房股、黄金股、军工股、物管股、重型基建股、保险股纷纷上涨。 港股三大指数均收涨超1.1%以上，并且盘中皆刷新阶段新高，本周市场做多情绪高涨。截止收盘，恒 生指数涨1.16%强势重上26000点上方，国企指数涨1.13%，恒生科技指数涨1.71%。 另一方面，香港本地消费股表现弱势，苹果概念股、煤炭股、家电股、体育用品股、乳制品股、光伏股 普遍走低。此外，全市场近30只个股跌幅在10%以上，细价股开源控股跌21.7%跌幅居市场首位。(格隆 汇) ...

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: 中國新高教集團有限公司 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) | 02001 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | | 0.0001 USD | | 200,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | | 0.0001 USD | | 200,000 | III.已發行股份及/或庫存股份變動詳情 本月底法 ...

Group 1 - The core viewpoint of the article highlights a significant increase in the stock prices of vocational education companies in Hong Kong, driven by a national initiative to enhance vocational skills training from 2025 to 2027 [1] - The government has launched a large-scale vocational skills enhancement training action, focusing on increasing the supply of skilled talent in the manufacturing and service sectors [1] - The rising tuition fees for private universities, which are expected to exceed 10,000 yuan, are contributing to increased profitability for private education companies, with 中教控股 (China Education Holdings) projected to have a net profit margin of 30% for the first half of fiscal year 2025 and 宇华教育 (Yuhua Education) expected to have a net profit margin of 32% for 2024 [1] Group 2 - The stock performance of various vocational education companies includes 中教控股 (China Education Holdings) rising by 7.6%, 宇华教育 (Yuhua Education) increasing by 5%, and 中国东方教育 (China Oriental Education) up by 3% [1] - Other companies in the sector, such as 新高教集团 (New Higher Education Group), 民生教育 (Minsheng Education), 中国新华教育 (China Xinhua Education), 中汇集团 (Zhonghui Group), and 中国科培 (China Kaiping), also experienced gains [1]

| 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) | 02001 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | | 0.0001 USD | | 200,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | | 0.0001 USD | | 200,000 | 本月底法定/註冊股本總額： USD 200,000 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: 2025年7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: 中國新高教集團有限公司 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 ...

Investment Rating - The report maintains a positive outlook on the higher education sector, indicating a "Buy" recommendation for specific companies such as New Higher Education, Neusoft Ruixin, Xijiao International Holdings, and Zhonghui Group [30]. Core Insights - The report anticipates a turning point in educational investment, with improved operational efficiency expected in the higher education sector. It notes that while revenue growth for higher education companies is generally slowing due to a deceleration in student enrollment, tuition fee increases are becoming the primary driver of revenue growth [3][12]. - The report predicts that the average revenue growth rate for six higher education companies in FY25 will be 8.8%, a decline of 2.8 percentage points from the previous year and a drop of 11.8 percentage points from the five-year average [4][13]. - The report highlights that the average tuition fee growth for FY25 is expected to remain stable at 9.3%, which is an increase of 1.2 percentage points compared to the five-year average [4][12]. Summary by Sections Market Review - The education index increased by 2.9% during the week, outperforming the Hang Seng Index by 0.4 percentage points. Year-to-date, the education index has risen by 14.21%, lagging behind the Hang Seng Index by 7.23 percentage points [11]. Financial Projections - The report forecasts that the average gross profit growth for the six higher education companies in FY25 will be 3.7%, a decrease of 1.1 percentage points from the previous year and a drop of 14.4 percentage points from the five-year average. The average gross profit margin is expected to be 43.6%, down 2.9 percentage points from the previous year [5][18]. - The average number of teachers is projected to grow by 2.9% in FY25, continuing to outpace student enrollment growth. Teacher salaries are expected to increase by an average of 14.7%, indicating a trend towards hiring higher-caliber talent [5][18]. Cost Management - The average sales expense ratio for FY25 is projected to be 2.5%, remaining stable compared to the previous year. The average management expense ratio is expected to rise to 11.8%, while the average financial expense ratio is anticipated to decrease to 3.7% [6][22]. Operational Efficiency - The report suggests that the operational efficiency of higher education companies is expected to bottom out, with quality improvements in education becoming the main theme of the industry. It predicts that the cost growth for higher education companies will align with student enrollment growth in the coming year [8][27]. - The report also indicates that as educational investment peaks, the resumption of dividends from higher education companies is anticipated [29].

Summary of the Conference Call for New Higher Education Group Company Overview - New Higher Education Group is focused on increasing the proportion of undergraduate students while reducing the proportion of vocational students, maintaining total enrollment numbers. Currently, the undergraduate student ratio is 40% and is expected to continue this trend in the coming years [2][6][8]. Financial Performance and Projections - Average tuition fee is projected to increase by approximately 5% to 10%, aligning with revenue growth. The average tuition fee for the 2024 academic year is around 16,000 RMB [2][9]. - The group anticipates annual capital expenditures of 800 to 900 million RMB over the next 3 to 5 years, primarily for the construction of the third phase of the Guizhou campus in 2025 [2][15]. - The company generates approximately 1.3 billion RMB in operating cash flow annually, with 900 to 1,000 million RMB available for discretionary cash flow after interest payments [2][15]. Debt Management - As of the latest interim results, the company has total interest-bearing liabilities of approximately 2.8 billion RMB, with 800 million USD in bank syndicate loans and the remainder being domestic liabilities. The plan is to keep short-term liabilities at around 30% to mitigate risk [2][16]. - The company is discussing the possibility of restarting dividends, considering options such as stock dividends or optional cash dividends, but no definitive answer has been provided yet [2][21][17]. Enrollment and Employment Metrics - The group operates 8 institutions, with 4 being undergraduate and 4 vocational colleges. The overall enrollment is approximately 140,000 students [5][3]. - The employment rate for the 2024 graduating class is 98.39%, with a high-quality employment rate of 37.72%, an increase of 10 percentage points from the previous year [3][28]. Strategic Initiatives - The group is committed to high-quality development, with plans to maintain or slightly increase total enrollment while ensuring average tuition and overall revenue grow by 5% to 10% annually [8][2]. - The group is focusing on enhancing its core competitiveness through continuous investment in teaching quality, student services, and campus facilities [12][13][29]. Market Position and Challenges - The perception of private undergraduate education is generally as a secondary option to public universities, with a need for improved brand recognition and educational quality [22][26]. - The group faces competition from public universities, especially in regions with increasing enrollment pressures, but reports strong enrollment figures in the Northeast region [12][26]. Future Outlook - The group plans to optimize its existing value propositions, such as better learning outcomes and higher employment quality, to enhance competitiveness in the face of potential declines in total student numbers [28][12]. - The company is also exploring the potential for expanding its offerings, including the elevation of vocational schools to undergraduate status, in response to market demands [28][10]. Conclusion - New Higher Education Group is strategically positioned to enhance its educational offerings and financial performance while navigating the challenges of the private education sector. The focus on increasing undergraduate enrollment, improving employment outcomes, and managing financial health will be critical for its future success [2][8][12].

Employment and Talent Development - The Group has cultivated over 450,000 high-quality applied and technical talents for society as of February 28, 2025[11]. - The employment rate of graduates is among the highest in each province, with a high-quality employment rate continuously improving[11]. - The employment rate for the 2024 graduating class reached 98.03%, maintaining a high level for five consecutive years[27]. - The number of graduates employed in Fortune 500 companies and top national firms increased by 90% compared to the previous year[27]. - The Group established partnerships with 3,880 well-known enterprises, creating over 3,000 job positions in key industries[27]. - A new employment service center in the Sichuan-Chongqing region was added, forming a "four-center" system to enhance employment services[27]. - The final employment rate for 2024 graduates reached 98.03%, maintaining a high level for five consecutive years, while the proportion of graduates with high-quality employment reached 37.72%[30]. - The number of students employed by prestigious enterprises increased by 90% compared to the same period last year, with over 3,000 job opportunities created through partnerships with 3,880 well-known companies[30]. - The Group's schools ranked higher in the 2025 national rankings for private universities and vocational colleges[26]. - The Group is committed to building a student-oriented university with a century-long vision, focusing on career success and life fulfillment for every student[23]. Educational Achievements and Recognition - Three schools have achieved significant breakthroughs in educational levels, with Yunnan and Northeast schools approved for master's degree programs[26]. - Three schools achieved major breakthroughs in education levels, with Yunnan and Northeast Schools obtaining provincial-level approval for new master's degree units, and Guizhou School progressing towards becoming an undergraduate-level university[29]. - Students achieved a total of 222 national-level awards and 462 provincial-level awards in academic competitions, with a 100% increase in top awards compared to the previous year[36]. - The Group has been awarded the "Top 50 National Employment" by the Ministry of Education, with continuous improvement in high-quality employment rates[47]. Financial Performance - Total revenue for the six months ended February 28, 2025, was RMB 1,651.3 million, an increase of 11.4% compared to RMB 1,482.3 million for the same period in 2024[82]. - Revenue increased by 7.8% to RMB 1,412.9 million from RMB 1,310.8 million year-over-year[83]. - Gross profit rose by 4.4% to RMB 544.2 million, up from RMB 521.2 million in the previous year[83]. - Other income and gains significantly increased by 39.0% to RMB 238.4 million, compared to RMB 171.5 million in the prior period[83]. - Profit before tax grew by 12.2% to RMB 594.8 million, compared to RMB 530.0 million for the same period in 2024[83]. - Net profit for the six months ended February 28, 2025, was RMB 469.3 million, reflecting an 8.6% increase from RMB 432.0 million in 2024[83]. - Adjusted net profit increased by 7.0% to RMB 455.8 million from RMB 426.1 million year-over-year[83]. ESG and Sustainability Initiatives - The Group's ESG score was 37, ranking seventh globally and first in China in the diversified consumer goods industry, maintaining the highest score in China's education sector[33]. - Five schools were recognized as "Water-Saving Universities," and two schools were awarded "Green Campus" and "Green and Beautiful Campus" titles, reflecting the Group's commitment to sustainability[37]. - The Group's ESG risk score decreased to 16.7, placing it in the top 16% of 15,000 companies assessed globally[72]. Infrastructure and Investment - The Group is focusing on long-term development by enhancing campus infrastructure, faculty upgrading, and improving student learning outcomes[40]. - The Group has increased investment in teaching hardware, equipping classrooms with the latest smart blackboards and podiums to enhance teaching effectiveness[60]. - The Group invested RMB 11.37 million to improve campus network performance, achieving a 40% reduction in average latency and a 30% increase in transmission speed[62]. - Capital expenditures during the Reporting Period were RMB393.3 million, mainly for school building construction and facility purchases[119]. Governance and Compliance - The Group has complied with all applicable corporate governance code provisions during the Reporting Period[147]. - The Group did not declare an interim dividend for the six months ended February 28, 2025[156]. - The Group has not engaged in any off-balance sheet transactions as of the date of this report[136]. Shareholder Information - Mr. Li holds 772,070,025 shares, representing approximately 50.05% of the company[162]. - The total issued shares of the company as of February 28, 2025, is 1,542,734,630[173]. - IQ EQ Trustees (Singapore) Pte. Ltd. and Lendit Holdings Limited each hold 631,021,637 shares, accounting for 40.90% of the company[172]. - Elm Pacific Holdings Limited is a beneficial owner of 522,727,625 shares, which is 33.88% of the company[172]. - Sunnyland Ventures Limited holds 108,294,012 shares, representing 7.02% of the company[172]. Regulatory Environment - The provision of higher education in the PRC is classified under the "restricted" category according to the 2024 Negative List[188]. - The foreign portion of total investment in Sino-Foreign Joint Venture Private Schools must be below 50%[189]. - The establishment of Sino-Foreign Joint Venture Private Schools is subject to approval from education authorities at the provincial or national level[194]. - The revised Laws for Promoting Private Education of the PRC, effective from September 1, 2017, allow private school sponsors to choose between non-profit and for-profit models[196].

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company's fundamentals remain robust, with a focus on expanding its educational network through new partnerships and capital expenditures [1][4]. - The company reported a revenue of 1.413 billion RMB for FY25H1, a year-on-year increase of 7.8%, and an adjusted net profit of 456 million RMB, up 7.0% year-on-year, slightly exceeding expectations [1]. - The company is actively enhancing its enrollment competitiveness and optimizing its student demographics, with significant improvements in school rankings and an increase in the proportion of undergraduate students [2]. Summary by Sections Financial Performance - For FY25H1, the company achieved a revenue of 1.413 billion RMB, accounting for 54% of the annual forecast, and an adjusted net profit of 456 million RMB, representing 57% of the annual forecast [1]. - The company’s capital expenditure for the first half of FY25 was approximately 393 million RMB, aligning with the annual guidance of 800-900 million RMB [1][3]. Enrollment and Competitive Position - The company has seen significant improvements in its school rankings, with notable advancements in various provinces, enhancing its enrollment appeal [2]. - The average tuition fee for enrolled students increased by 9.5%, contributing to an 8.1% year-on-year growth in tuition revenue for FY25H1 [2]. Expansion Plans - The company has signed a cooperation agreement to establish a higher education institution in Hainan, aiming to leverage diverse educational and research experiences to cultivate internationally-minded talent [4]. - The ongoing construction of new campuses and the application for master's degree programs are progressing well, with expectations to start enrollment in September 2025 [3]. Profit Forecast and Valuation - The report slightly raises the profit forecast for FY25-27, projecting net profits of 803 million RMB, 857 million RMB, and 917 million RMB respectively [5]. - The target price based on the Dividend Discount Model (DDM) is set at 2.71 HKD, reflecting adjustments for exchange rates and share count changes [5].

Financial Performance - The group achieved a revenue of RMB 1.413 billion for the six months ending February 28, 2025, representing a year-on-year growth of 7.8%[7]. - Adjusted net profit increased by 7.0% year-on-year to RMB 456 million for the same period[7]. - Total revenue for the six months ended February 28, 2025, was RMB 1,651.3 million, an increase of 11.4% compared to RMB 1,482.3 million for the same period in 2024[25]. - Income for the reporting period was RMB 1,412.9 million, up 7.8% from RMB 1,310.8 million year-on-year, driven by continuous high-quality development and growth in tuition and accommodation fees[26]. - Gross profit for the period was RMB 544.2 million, a 4.4% increase from RMB 521.2 million in the previous year, with a gross margin of 38.5%, down 1.3 percentage points from 39.8%[28]. - Other income and gains rose to RMB 238.4 million, a 39.0% increase from RMB 171.5 million, primarily due to enhanced school-enterprise cooperation and increased donations[29]. - Profit before tax increased by 12.2% to RMB 594.8 million from RMB 530.0 million in the previous year[34]. - Net profit for the period was RMB 469.3 million, an increase of 8.6% from RMB 432.0 million year-on-year[35]. - The group reported a net profit attributable to ordinary shareholders of RMB 469,287,000 for the six months ended February 28, 2025, compared to RMB 431,986,000 for the same period in 2024, representing an increase of approximately 8.6%[102]. - Total comprehensive income for the period was RMB 484,072,000, up 13.9% from RMB 424,950,000 year-over-year[80]. Student Outcomes and Employment - The final graduation employment rate for the 2024 cohort reached 98.03%, maintaining a high level for five consecutive years[4]. - The proportion of graduates with high-quality employment reached 37.72%, with a significant 90% increase in employment at Fortune 500 companies and A-share listed companies compared to the previous year[8]. - The group has delivered over 450,000 high-quality applied and technical skilled talents to society[5]. - The group is expanding its employment service centers to the Sichuan-Chongqing region, enhancing high-quality employment opportunities[9]. Educational Development and Infrastructure - The group has successfully completed the construction of three campuses in Guizhou, advancing to undergraduate level education[7]. - The group has expanded its student enrollment, with a total of approximately 139,000 students, and the proportion of undergraduate students has increased by 4 percentage points for the 2024/2025 academic year[18]. - The group has improved its campus environment, with new facilities such as upgraded libraries and smart gyms to support high-quality development[16]. - The group has seen a significant increase in the admission scores for its programs, with the lowest admission score for the dental program exceeding the provincial control line by 44 points[18]. - The group has completed the construction of its third campus in Guizhou and has received approval for new master's degree programs in Yunnan and Northeast campuses[21]. Teaching and Faculty Achievements - The group has achieved significant recognition in teaching competitions, with teachers winning 29 awards in national competitions, including 3 first prizes and 10 second prizes[14]. - The group has initiated professional construction reforms, establishing a teaching reform center to align with industry needs[11]. - The group has implemented a "Three Excellence" incentive plan to motivate teachers, enhancing teaching quality and student development[13]. - The group has achieved a 100% increase in the number of national-level awards won by students in key national competitions, totaling 222 awards[12]. Corporate Governance and ESG - The group has maintained a strong ESG performance, scoring 37 points in the S&P Global ESG rating for 2025, ranking first in China's education industry[19]. - The group aims to integrate ESG principles into its operations, ensuring stable financial performance and sustainable development[23]. - The group is committed to enhancing corporate governance to create more value for shareholders, with ongoing reviews and improvements to governance practices[70]. Financial Position and Investments - Total cash and cash equivalents as of February 28, 2025, were RMB 1,208.0 million, down from RMB 2,321.7 million as of August 31, 2024[39]. - Interest-bearing loans and other borrowings amounted to RMB 2,828.4 million, a decrease from RMB 3,504.8 million as of August 31, 2024, with the debt-to-total assets ratio declining from 31.8% to 28.0%[40]. - Capital expenditures for the reporting period were RMB 393.3 million, primarily for school campus construction and equipment purchases[42]. - The company believes it has sufficient financial resources to continue operating in the foreseeable future based on its cash flow and available funding sources[84]. Regulatory Environment and Compliance - The implementation of the 2021 Regulations on the Promotion of Private Education provides tax benefits for private schools, with non-profit institutions enjoying the same tax benefits as public schools[55]. - The company is monitoring any updates related to the Foreign Investment Law to ensure compliance with all relevant laws and regulations in China[64]. - The company’s operations have not yet been affected by the 2021 implementation regulations[61]. Shareholder Relations and Market Expansion - The board of directors has resolved not to declare interim dividends for the six-month period ending February 28, 2025[67]. - The company reported a profit of RMB 469,287,000 for the six months ending February 28, 2025, representing an increase of 8.3% compared to RMB 431,986,000 in the same period of 2024[80]. - A school operation cooperation agreement was signed on April 14, 2025, to establish a higher education institution in Hainan Free Trade Port, indicating future market expansion[75]. - The company is actively exploring potential mergers and acquisitions to strengthen its market position[121].