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3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: | 卓越教育集團 | | | | | | 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) | 03978 | 說明 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | USD | | 0.00005 | USD | | 150,000 | | 增加 / 減少 (-) | | ...

Industry and Company Analysis - The lithium battery industry is experiencing accelerated industrialization, with companies like Samsung SDI and Chasing releasing AI-specific all-solid-state batteries, and plans for mass production by 2027 [3][33] - CATL maintains high-speed growth in performance, indicating strong market demand and operational efficiency [3][33] - The European natural gas futures prices are rising, which may impact energy costs for battery production and overall industry dynamics [3][33] Financial Performance Insights - BOSS Zhipin reported a revenue growth rate exceeding expectations for Q4 2025, indicating a positive trend in spring recruitment [3][33] -卓越教育集团 emphasizes high dividends and shareholder returns, suggesting a competitive advantage in the Greater Bay Area [3][33] - Huazhu Group's operational turning point is validated, with expansion in market share and cyclical recovery [3][33] - Tencent is actively investing in AI, focusing on enhancing model capabilities, which may drive future growth [3][33] - Zhongan Online's diversified layout has deepened, leading to significant profit improvements [3][33] - Dongfang Caifu's performance is on an upward trend, seeking new growth spaces [3][33] - Nanjing Steel's main business profitability remains stable, although its coking business has negatively impacted overall performance [3][33] - Guokang Gold Group is progressing with the expansion of its mining capacity, indicating strong future growth potential [3][33] - Juzhi Biotechnology's short-term adjustments do not alter its long-term growth logic, with a promising pipeline in the medical beauty sector [3][33]

2026 年 3 月 21 日 公司研究 素养业务维持较快增长，26 年聚焦网点提质提效 ——卓越教育集团（3978.HK）2025 年年报点评 资料来源：Wind，光大证券研究所预测，股价时间为 2026-03-20 注：1HKD=0.8792CNY 要点 事件：卓越教育集团 25 年实现营业收入 19 亿元，同比+72.8%；归母净利润 3 亿元，同比+56.6%。其中，25H2 实现营业收入 9.9 亿元，同比+26.5%；归母 净利润 1.5 亿元，同比+8.9%。 综合素养业务为公司业绩增长主要驱动力。分业务看，2025 年综合素养/辅导项 目/全日制复习分别实现收入 15.0/2.2/1.6 亿元，分别同比+111.5%/+22.9%/ -21.1%。综合素养业务收入增长亮眼，主要受课时数增长驱动，课时单价亦同 比增长。2025 年公司收入实现高速增长，主要系：1）公司坚守高质量教学与服 务，用户认可度高，推动报读人次、续报率等运营指标创历史新高。2）公司深 耕大湾区，在巩固广州市场领先地位的同时，加快了在深圳、佛山市场的拓展步 伐并取得明显成效。3）公司持续推进"ALL IN AI"战略，通过" ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is expected to maintain rapid revenue and profit growth, with projected revenue of 1.904 billion RMB in 2025, representing a 72.8% increase, and an adjusted net profit of 305 million RMB, reflecting a 57.9% increase. This growth is primarily driven by the successful compliance transformation of the quality education segment and the company's strong teaching quality and service capabilities [1][9] - The company is actively pursuing its "ALL IN AI" strategy, which includes the launch of various AI tools to enhance personalized education and operational efficiency. Additionally, the company is committed to returning value to shareholders, proposing a total dividend of 181 million RMB for 2025, with a dividend payout ratio of approximately 60% [3][20] - Despite the competitive pressures in the Shenzhen and Foshan K12 education markets, the company is expected to benefit from long-term demographic advantages in the Greater Bay Area, supporting its mid-term performance [4][20] Summary by Sections Revenue and Profit Growth - In 2025, the company achieved revenue of 1.904 billion RMB (+72.8%) and an adjusted net profit of 305 million RMB (+57.9%). The growth is attributed to the successful transformation of the quality education segment and strong operational metrics [1][9] - The comprehensive quality education business is projected to generate revenue of 1.502 billion RMB (+111.5%), becoming the core growth driver, while tutoring projects (mainly for high school) are expected to generate 223 million RMB (+22.9%) [12] Cost and Profitability - The company's gross margin for 2025 is forecasted at 45.4%, slightly down by 0.9 percentage points year-on-year. The net profit margin is expected to decline by 1.5 percentage points to 15.8% due to increased R&D investments and competitive pricing pressures [2][17] Strategic Initiatives - The company is implementing its "ALL IN AI" strategy, which includes the development of AI tools for personalized education. The company has also increased its workforce by 55.2% to support its expansion [19] - The board has proposed a final dividend of 10.6 cents per share, with a total dividend payout of 181 million RMB for 2025, reflecting a commitment to shareholder returns [3][20] Financial Forecasts - Revenue is projected to grow to 2.188 billion RMB in 2026 and 2.501 billion RMB in 2027, with net profit expected to reach 363 million RMB and 421 million RMB respectively. The company’s valuation is under pressure due to market concerns about demographic trends and competitive dynamics [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is expected to achieve rapid revenue and profit growth, with projected revenue of 1.904 billion RMB in 2025, representing a 72.8% increase, and an adjusted net profit of 305 million RMB, reflecting a 57.9% increase. This growth is primarily driven by the successful compliance transformation of the quality education segment and the company's strong teaching quality and service capabilities [1][9] - The company is actively pursuing its "ALL IN AI" strategy, which includes the implementation of AI tools to enhance personalized teaching and operational efficiency. The board has proposed a final dividend of 0.106 RMB per share, with a total dividend payout of 181 million RMB for 2025, resulting in a dividend payout ratio of approximately 60% [3][20] - Despite competitive pressures in the Shenzhen and Foshan K12 education markets, the company maintains a positive outlook for medium-term performance, supported by its brand and research advantages in the Greater Bay Area [4][20] Revenue and Profit Forecast - For 2025, the company is projected to generate revenue of 1.904 billion RMB, with a year-on-year growth of 72.8%. The adjusted net profit is expected to be 305 million RMB, marking a 57.9% increase. The revenue growth is attributed to the successful transformation of the quality education segment and strong operational metrics [1][9] - The revenue breakdown shows that the comprehensive quality education business is expected to generate 1.502 billion RMB, a 111.5% increase, while tutoring projects are projected to earn 223 million RMB, a 22.9% increase. However, the full-time review project is expected to decline by 21.1% to 163 million RMB due to market conditions [12][19] Financial Metrics - The company's gross margin for 2025 is projected to be 45.4%, slightly down by 0.9 percentage points year-on-year. The net profit margin is expected to decrease by 1.5 percentage points to 15.8%, reflecting the impact of increased R&D investments and competitive pressures [2][17] - The company plans to continue its dividend policy, returning 70% of net profits to shareholders in 2026, with a projected net profit of 363 million RMB for that year [3][20] - The financial forecast indicates a steady increase in revenue and net profit over the next few years, with net profit expected to reach 484 million RMB by 2028 [5][22]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.78 per share, indicating an expected upside of 83.4% from the current price of HKD 3.15 [3][10][11]. Core Insights - The company's performance in 2025 met expectations, with revenue of approximately HKD 1.904 billion, representing a year-on-year growth of 72.8%, and a net profit of HKD 302 million, up 57.3% year-on-year [3][7]. - The growth in revenue is primarily driven by the comprehensive quality education business, which saw a 106% increase in total class hours and a 2.5% increase in average class price [3][7]. - The company is leveraging AI to enhance its educational offerings and operational efficiency, introducing products like AI Learning Partners and AI Reading tools to improve personalized teaching and operational diagnostics [8][9]. Financial Performance - The gross margin for 2025 was 45.4%, a slight decline of 0.9 percentage points year-on-year, attributed to new teacher recruitment, expansion of new locations, and competitive market conditions [5][9]. - The company has a commitment to shareholder returns, with a dividend payout ratio projected to increase from 50% in 2024 to 70% in 2026, and a dividend yield exceeding 7% in 2025 [5][9]. - The forecasted net profit for 2026-2028 is expected to grow at rates of 12.0%, 12.8%, and 14.3%, respectively, with projected net profits of HKD 338 million, HKD 381 million, and HKD 435 million [11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.78 per share, indicating an expected upside of 83.4% from the current price of HKD 3.15 [1][10][11]. Core Insights - The company's performance in 2025 met expectations, with revenue of approximately HKD 1.904 billion, a year-on-year increase of 72.8%, and a net profit of HKD 302 million, up 57.3% [3][7]. - The growth in performance is primarily attributed to the increase in the comprehensive quality education business, which saw a 106% year-on-year increase in class hours and a 2.5% increase in overall class prices [3][8]. - The company is leveraging AI to enhance its educational offerings, focusing on personalized teaching and operational efficiency, with products like AI Learning Companion and AI Reading being introduced [3][8]. Financial Performance - The gross margin for 2025 was 45.4%, a slight decline of 0.9 percentage points, influenced by factors such as new teacher recruitment and market competition [5][9]. - The company has a progressive dividend policy, with payout ratios expected to increase from 50% in 2024 to 70% in 2026, and a projected dividend yield exceeding 10% by 2026 [5][10]. - The projected net profit for 2026-2028 is expected to grow at rates of 12.0%, 12.8%, and 14.3%, respectively, with net profits estimated at HKD 338 million, HKD 381 million, and HKD 435 million [11].

發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，卓越教育集團的執行董事為唐俊京先生、唐俊膺先生、周貴先生及關瑋瑩女士，非執行董事為吳煒先生，及獨立非 執行董事為隆雨女士、甘軍先生及沈海鵬先生。 第 2 頁 共 2 頁 v 1.1.1 EF001 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 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 | 卓越教育集團 | | 股份代號 | 03978 | | 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19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 ...

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 分 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。 China Beststudy Education Group 卓 越 教 育 集 團 * （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：3978） 截 至2025年12月31日止年度 全年業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截 | 至12月31日止年度 | | | | 2025年 | 2024年 | 變 動 | | | 人民幣千元 | 人民幣千元 | % | | 收 入 | 1,904,430 | 1,102,001 | 72.8 | | 毛 利 | 863,855 | 510,118 | 69.3 | | 淨利潤 | 302,464 | 192,339 | 57.3 | | 經 ...

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].