智通财经APP讯，卓越教育集团(03978)发布截至2025年6月30日止6个月中期业绩，该集团取得收入9.17 亿元，同比增加188.9%;经调整净利润1.52亿元，同比增加178.9%;净利润1.52亿元，同比增加178.5%;每 股基本盈利19.92分。 公告称，收入增加主要原因在于综合素养业务产品与服务质量的不断提升及广州、深圳、佛山市场拓展 成效显著。 ...

格隆汇8月21日丨卓越教育集团(03978.HK)公告，截至2025年6月30日止六个月，集团实现营收约人民币 9.17亿元，同比增长188.9%；实现净利润约人民币1.52亿元，较去年同期增长178.5%。董事会决议宣派 截至2025年6月30日止六个月的中期股息每股普通股11.8港仙（2024年同期：无）。 ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Group reported significant growth in revenue, gross profit, and net profit for the six months ended June 30, 2025 | Indicator | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 917,139 | 317,444 | 188.9% | | Gross Profit | 413,139 | 142,723 | 189.5% | | Net Profit | 151,537 | 54,415 | 178.5% | | Adjusted Net Profit | 151,780 | 54,415 | 178.9% | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's financial performance and position, highlighting substantial growth in revenue and net profit, alongside a strengthened balance sheet [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Excellence Education Group achieved substantial revenue and net profit growth, driven by comprehensive quality education, leading to a significant increase in earnings per share | Indicator | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 917,139 | 317,444 | | Cost of Sales | (504,000) | (174,721) | | Gross Profit | 413,139 | 142,723 | | Profit Before Tax | 196,296 | 74,167 | | Income Tax Expense | (44,759) | (19,752) | | Profit for the Period | 151,537 | 54,415 | | Profit for the Period Attributable to Owners of the Company | 151,255 | 54,527 | | Basic Earnings Per Share | RMB 19.92 cents | RMB 7.25 cents | | Diluted Earnings Per Share | RMB 19.57 cents | RMB 7.23 cents | [Interim Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group maintained a robust asset structure with increased current assets, positive net current assets, and significant total equity growth | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 867,714 | 956,696 | | Current Assets | 1,170,342 | 880,712 | | Current Liabilities | 993,770 | 968,752 | | Net Current Assets (Liabilities) | 176,572 | (88,040) | | Non-current Liabilities | 258,557 | 214,947 | | Net Assets | 785,729 | 653,709 | | Equity Attributable to Owners of the Company | 778,364 | 653,709 | | Total Equity | 785,729 | 653,709 | [Notes to the Interim Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the Group's financial statements, covering general information, accounting policies, revenue, operating segments, and other financial disclosures [1. General Information](index=5&type=section&id=1.%20General%20Information) The company, incorporated in the Cayman Islands, primarily offers comprehensive quality education, full-time review, and tutoring services, with no controlling shareholder - Company's principal activities include comprehensive quality education, full-time review programs, tutoring programs, and other services[8](index=8&type=chunk) - As of June 30, 2025, the company had no controlling shareholder or ultimate controlling shareholder[8](index=8&type=chunk) [2.1 Basis of Preparation and Principal Accounting Policies](index=5&type=section&id=2.1%20Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) Financial statements adhere to IAS 34 and HKEX Listing Rules on a going concern basis, with IFRS 21 adoption having no material impact - The financial statements are prepared in accordance with International Accounting Standard 34 and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, on a going concern basis[9](index=9&type=chunk) - The first-time application of IFRS 21 (amended) "Lack of Exchangeability" had no material impact on the financial position and performance[11](index=11&type=chunk) [3. Revenue](index=7&type=section&id=3.%20Revenue) Group revenue primarily from comprehensive quality education, full-time review, and tutoring, with all revenue recognized over time, showing strong growth in H1 2025 | Business Type | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Comprehensive Quality Education Business | 723,324 | 117,969 | | Full-time Review Programs | 101,269 | 123,927 | | Tutoring Programs | 88,864 | 75,548 | | Others | 3,682 | – | | Total | 917,139 | 317,444 | - All revenue is recognized over time as services are transferred[12](index=12&type=chunk) [4. Operating Segments](index=7&type=section&id=4.%20Operating%20Segments) The Group operates with a single operating and reportable segment, where key operating decision-makers regularly review consolidated financial results, with revenue analyzed by major products and services - The Group has only one operating and reportable segment[13](index=13&type=chunk) | Products and Services | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Comprehensive Quality Education Business | 723,324 | 117,969 | | Full-time Review Programs | 101,269 | 123,927 | | Tutoring Programs | 88,864 | 75,548 | | Others | 3,682 | – | | Total | 917,139 | 317,444 | [5. Income Tax Expense](index=8&type=section&id=5.%20Income%20Tax%20Expense) Income tax expense for the period was RMB 44.759 million, primarily Chinese corporate income tax, with some Chinese subsidiaries benefiting from a preferential 20% tax rate for small and micro enterprises | Tax Type | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | China Corporate Income Tax | 50,477 | 19,949 | | China Withholding Income Tax | 5,000 | – | | Over-provision in Prior Periods | (16,984) | (117) | | Deferred Tax Expense (Credit) | 6,266 | (80) | | Total | 44,759 | 19,752 | - Chinese subsidiaries are subject to a 25% tax rate, while some entities certified as small and micro enterprises enjoy a preferential corporate income tax rate of 20%[17](index=17&type=chunk) [6. Profit for the Period](index=9&type=section&id=6.%20Profit%20for%20the%20Period) Profit for the period was net of various expenses, with significant increases in staff costs, depreciation, amortization, and research and development costs | Expense Item | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Auditor's Remuneration | 1,270 | 1,076 | | Total Depreciation and Amortization | 62,965 | 44,771 | | Research and Development Costs Recognized | 54,095 | 13,912 | | Directors' and Chief Executive's Emoluments | 4,792 | 5,438 | | Total Staff Costs | 459,164 | 131,738 | - The majority of staff costs and depreciation and amortization expenses are included in the cost of sales[18](index=18&type=chunk) [7. Dividends](index=10&type=section&id=7.%20Dividends) The Board resolved to declare an interim dividend of RMB 10.7 cents per share for the six months ended June 30, 2025, and the 2024 final dividend of RMB 96.226 million was distributed in the first half - The Board resolved to declare an interim dividend of **RMB 10.7 cents per share** (HKD 11.8 cents per share)[19](index=19&type=chunk) - The 2024 final dividend of **RMB 96.226 million** was paid on June 16, 2025[19](index=19&type=chunk) [8. Earnings Per Share](index=10&type=section&id=8.%20Earnings%20Per%20Share) Basic and diluted earnings per share significantly increased to RMB 19.92 cents and RMB 19.57 cents respectively, reflecting enhanced profitability | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit for Calculation of Basic and Diluted Earnings Per Share (RMB thousands) | 151,255 | 54,527 | | Weighted Average Number of Ordinary Shares for Basic EPS | 759,287,754 | 752,270,882 | | Weighted Average Number of Ordinary Shares for Diluted EPS | 772,716,532 | 754,665,665 | | Basic Earnings Per Share | RMB 19.92 cents | RMB 7.25 cents | | Diluted Earnings Per Share | RMB 19.57 cents | RMB 7.23 cents | [9. Financial Assets at Fair Value Through Profit or Loss](index=11&type=section&id=9.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Total financial assets at fair value through profit or loss increased to RMB 159.628 million, primarily comprising funds and bank wealth management products, with some unlisted trust plans and funds overdue | Asset Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Equity Investments – Unlisted Equity Investments | 9,714 | 9,043 | | Equity Investments – Listed Equity Investments | – | 23,333 | | Debt Instruments – Funds | 105,164 | 22,445 | | Debt Instruments – Bank Wealth Management Products | 32,237 | 50,585 | | Debt Instruments – Unlisted Trust Plans and Asset Management Plans | 12,513 | 12,513 | | Total | 159,628 | 117,919 | - As of June 30, 2025, unlisted trust plans and funds with a carrying amount of **RMB 34.958 million**, pledged with collateral properties, were overdue and not redeemed according to subscription agreement terms[21](index=21&type=chunk) | Fair Value Change Type | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Fair Value Changes of Equity Investments | 536 | 2,889 | | Fair Value Changes of Debt Investments | 3,193 | – | | Total | 3,729 | 2,889 | [10. Debt Instruments at Amortized Cost](index=12&type=section&id=10.%20Debt%20Instruments%20at%20Amortized%20Cost) Debt instruments measured at amortized cost amounted to RMB 19.386 million, with a total carrying amount of RMB 85.184 million in overdue debt instruments, and accumulated impairment losses of RMB 65.798 million recognized | Debt Instrument Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Corporate Debt | 19,386 | 19,386 | | Analyzed for Reporting Purposes as: Current Assets | 19,386 | 19,386 | - As of June 30, 2025, debt instruments with a total carrying amount of **RMB 85.184 million** were overdue, of which **RMB 56.209 million** were pledged with equity instruments as collateral[23](index=23&type=chunk) - The carrying amount of debt instruments at amortized cost includes accumulated impairment losses of **RMB 65.798 million**[23](index=23&type=chunk) [11. Share Capital of the Company](index=13&type=section&id=11.%20Share%20Capital%20of%20the%20Company) The company repurchased 719,000 ordinary shares for equity incentives at RMB 2.869 million, maintaining unchanged total share capital | Share Capital Type | June 30, 2025 (thousands of shares) | December 31, 2024 (thousands of shares) | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Authorized Share Capital | 3,000,000 | 3,000,000 | 1,070 | 1,070 | | Issued and Fully Paid Share Capital | 847,221 | 847,221 | 303 | 303 | - For the six months ended June 30, 2025, the company repurchased **719,000** of its own ordinary shares for equity incentive purposes, with a total consideration of approximately **RMB 2.869 million**[24](index=24&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's strong performance, strategic initiatives, and future outlook, highlighting growth drivers and operational achievements [Performance Overview](index=14&type=section&id=Performance%20Overview) The Group achieved substantial revenue and net profit growth of 188.9% and 178.5% respectively, demonstrating robust business momentum | Indicator | H1 2025 (RMB billions) | Year-on-year growth (%) | | :--- | :--- | :--- | | Revenue | 0.917 | 188.9% | | Net Profit | 0.152 | 178.5% | [Performance Review](index=14&type=section&id=Performance%20Review) The Group made significant strides in product quality, market expansion, AI integration, talent development, and shareholder returns, while actively fulfilling social responsibilities [I. Developing High-Quality Products and Enhancing Teaching Service Quality](index=14&type=section&id=I.%20Developing%20High-Quality%20Products%20and%20Enhancing%20Teaching%20Service%20Quality) The Group enriched its comprehensive quality education offerings, launched AI-powered learning tools, and implemented rigorous closed-loop management, achieving new highs in operating metrics - Launched the **"AI Picture Book Parent-Child Co-creation Course"** to enhance children's reading, language expression, creativity, and AI tool usage skills[26](index=26&type=chunk) - Utilized AI technology to create an **"AI-powered immersive classroom"** for enhanced learning and introduced **"AI·iReading 1.0"**, an AI adaptive learning tool for personalized reading assistance[27](index=27&type=chunk) - Implemented a **"pre-class-in-class-post-class"** closed-loop management system to ensure teaching quality, resulting in record-high operating metrics such as enrollment numbers and re-enrollment rates during the reporting period[28](index=28&type=chunk)[29](index=29&type=chunk) [II. Deepening Guangzhou Market Layout and Launching Shenzhen-Foshan Markets](index=16&type=section&id=II.%20Deepening%20Guangzhou%20Market%20Layout%20and%20Launching%20Shenzhen-Foshan%20Markets) The Group strengthened its Guangzhou market presence, focused on suburban recovery, and strategically expanded into Shenzhen and Foshan, leveraging local expertise to boost brand influence - Continued to cultivate the Guangzhou market, focusing on suburban market recovery, with significant improvements in single-store ramp-up, re-enrollment rates, and enrollment numbers[30](index=30&type=chunk) - Strategically accelerated expansion into the Shenzhen and Foshan markets, developing localized curriculum systems based on Guangzhou experience, achieving notable results and expanding brand influence in the Greater Bay Area[30](index=30&type=chunk) [III. AI Empowerment for Organizational Efficiency](index=16&type=section&id=III.%20AI%20Empowerment%20for%20Organizational%20Efficiency) The company fully implemented its 'ALL IN AI' strategy, integrating AI across key functions like teaching, marketing, and operations to significantly enhance efficiency - Fully implemented the **"ALL IN AI"** strategy, extensively applying AI technology across teaching, marketing, training, operations, finance, procurement, and recruitment functions[31](index=31&type=chunk) - In teaching, the **Jingzhun Education Intelligent Teaching System** integrated the DeepSeek R1 model for comprehensive teaching scenarios; intelligent grading systems and home-school communication tools enhanced teacher efficiency[31](index=31&type=chunk) - In marketing, AI outbound calls pre-screened vast resources, reducing costs; AI customer service extracted key information and performed quality checks, enabling precise marketing; AI judges improved teacher training efficiency and quality[32](index=32&type=chunk) [IV. Continuously Attracting and Cultivating Talent to Ignite Vitality](index=17&type=section&id=IV.%20Continuously%20Attracting%20and%20Cultivating%20Talent%20to%20Ignite%20Vitality) The Group adopted a dual-track talent strategy, enhancing teacher capabilities through specialized training programs and invigorating core talent via a restricted share unit scheme - Implemented a dual-track talent strategy of **"social recruitment + campus recruitment"**, with programs like the **"Yingkui Plan," "N Plan," and "Star Teacher Training Camp"** to help new teachers quickly master teaching skills[33](index=33&type=chunk) - The **"Fuguang Plan"** helped outstanding socially recruited teachers broaden their horizons and improve teaching quality, while company-wide AIGC courses enhanced employees' AI application capabilities[33](index=33&type=chunk) - The first tranche of restricted share units granted in 2024 completed vesting, effectively enhancing the sense of belonging and cohesion among core talent[34](index=34&type=chunk) [V. Prioritizing Shareholder Returns and Enhancing Investment Value](index=17&type=section&id=V.%20Prioritizing%20Shareholder%20Returns%20and%20Enhancing%20Investment%20Value) The company announced a 'Three-Year Dividend Plan' to progressively increase the dividend payout ratio to 50%, 60%, and 70% of net profit, actively conducted share repurchases, and strengthened investor relations through various channels, conveying strong confidence in future development - Announced a **"Three-Year Dividend Plan"**, aiming to increase the dividend payout ratio to **50%, 60%, and 70%** of the previous year's net profit attributable to owners of the company over the next three years[35](index=35&type=chunk) - Declared the 2024 final dividend and the 2025 interim dividend in the first half, and actively conducted share repurchases under the restricted share unit scheme[35](index=35&type=chunk) - Maintained close communication with investors through various channels, including earnings conferences and investor meetings, to convey timely, accurate, and transparent company information[35](index=35&type=chunk) [VI. Actively Fulfilling Social Responsibility with an Educator's Commitment](index=18&type=section&id=VI.%20Actively%20Fulfilling%20Social%20Responsibility%20with%20an%20Educator%27s%20Commitment) Under the guidance of Party building, the Group actively participated in various Party building and public welfare activities, caring for families with special needs children, supporting youth development, and earning the 'Public Welfare Partner' title, contributing to harmonious social development - Actively participated in Party building and public welfare activities under the guidance of Party building, fulfilling social responsibilities[36](index=36&type=chunk) - Organized the **"Colorful Fun Day" Huiling Farm Integrated Volunteer Service event** to care for families with special needs children, and sponsored the **Guangdong-Hong Kong-Macao Greater Bay Area Youth Spring Plowing Experience Camp**[36](index=36&type=chunk) - Participated in the **"Yi Qi Ying Quan Yun, Xie Shou Jian Kang Xing" (Together for the Games, Hand in Hand for Health) First Donghaochong Public Welfare Sports Meeting**, earning the title of **"Public Welfare Partner"**[36](index=36&type=chunk) [Future Outlook](index=19&type=section&id=Future%20Outlook) The Group will deepen AI empowerment in education, leverage the Greater Bay Area's demographic dividend for business growth, and strengthen core competitiveness in line with policy guidance to achieve sustainable growth [I. Deepening AI Empowerment and Accelerating Application in Education Scenarios](index=19&type=section&id=I.%20Deepening%20AI%20Empowerment%20and%20Accelerating%20Application%20in%20Education%20Scenarios) The Group will continue its 'ALL IN AI' strategy, launching 'personalized question recommendation' on its AI adaptive learning product line, investing in AI-driven motivational learning and energy systems to create 'AI learning companions,' and comprehensively enhancing teaching quality and operational efficiency - Will launch a **"personalized question recommendation"** feature on its AI adaptive learning product line to build a precise learning stratification system[37](index=37&type=chunk) - Will invest in developing an **AI-driven motivational learning and energy system** to create **"AI learning companions"** tailored to the psychological characteristics of children across different age groups[37](index=37&type=chunk) - Will continue to advance the **"ALL IN AI"** strategy, accelerating the deep integration and deployment of AI technology across various business segments and management processes, including teaching and operations[37](index=37&type=chunk) [II. Leveraging Bay Area Dividends to Expand Business Growth](index=19&type=section&id=II.%20Leveraging%20Bay%20Area%20Dividends%20to%20Expand%20Business%20Growth) The Group will capitalize on Guangdong Province's strong population attraction, talent aggregation, and robust willingness to invest in education, increasing resource allocation in the Greater Bay Area market, and enhancing market competitiveness by adding teaching outlets and strengthening faculty - Guangdong Province ranks first nationally in permanent resident population, new permanent residents, and birth population, with a continuously increasing proportion of household expenditure on education, culture, and entertainment[38](index=38&type=chunk) - The Group will leverage its established foundation and brand influence in Guangzhou, Shenzhen, and Foshan to increase resource investment in the Greater Bay Area market[39](index=39&type=chunk) - Will continuously enhance brand awareness and market competitiveness by deepening localized product features, adding teaching outlets, and strengthening faculty[39](index=39&type=chunk) [III. Following Policy Guidance and Strengthening Core Competitiveness](index=20&type=section&id=III.%20Following%20Policy%20Guidance%20and%20Strengthening%20Core%20Competitiveness) The company will closely monitor national policies encouraging childbirth, promoting consumption, and fostering high-quality education, adhere to compliant operations, integrate quality education with AI technology, enhance teaching quality, seize industry opportunities, and achieve sustainable growth - Will closely monitor national policies encouraging childbirth, promoting consumption, and fostering high-quality education, viewing them as positive drivers for long-term industry development[40](index=40&type=chunk) - Upholding the educational mission of **"everything for the healthy growth of children,"** the company prioritizes teaching quality and user reputation, adhering to the bottom line of compliant operations[40](index=40&type=chunk) - Will strategically advance the integration of quality education with AI technology, enhancing teaching quality, optimizing service experience, and strengthening its core competitiveness[40](index=40&type=chunk) [Financial Review](index=21&type=section&id=Financial%20Review) This section provides a detailed analysis of the Group's financial performance, liquidity, and capital structure, highlighting key drivers of revenue and profit growth [Revenue](index=21&type=section&id=Revenue) Total revenue surged by 188.9% to RMB 917.1 million, primarily driven by significant growth in comprehensive quality education and successful market expansion | Business Type | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Comprehensive Quality Education Business | 723,324 | 117,969 | 513.1% | | Full-time Review Programs | 101,269 | 123,927 | (18.3%) | | Tutoring Programs | 88,864 | 75,548 | 17.6% | | Others | 3,682 | – | Not Applicable | | Total | 917,139 | 317,444 | 188.9% | - Revenue growth was primarily due to continuous improvement in the quality of comprehensive quality education products and services, and significant achievements in market expansion in Guangzhou, Shenzhen, and Foshan[42](index=42&type=chunk) [Cost of Sales](index=21&type=section&id=Cost%20of%20Sales) Cost of sales increased by 188.5% from approximately RMB 174.7 million in H1 2024 to approximately RMB 504.0 million in the reporting period, primarily due to business expansion | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 504.0 | 174.7 | 188.5% | - Cost of sales primarily includes salaries and benefits, rental and utilities, depreciation and amortization, and other expenses, increasing with business expansion[43](index=43&type=chunk) [Gross Profit and Gross Profit Margin](index=21&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit for the reporting period was approximately RMB 413.1 million, an increase of approximately RMB 270.4 million from H1 2024, with a gross profit margin of 45.0%, largely consistent with the prior year | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (RMB millions) | | :--- | :--- | :--- | :--- | | Gross Profit | 413.1 | 142.7 | 270.4 | | Gross Profit Margin | 45.0% | 45.0% | 0.0% | [Other Income](index=22&type=section&id=Other%20Income) Other income of approximately RMB 13.7 million was recorded for the reporting period, a 32.1% increase from the prior year, primarily attributable to interest income | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income | 13.7 | 10.347 | 32.1% | | Of which: Interest Income | 12.3 | N/A | N/A | [Other Gains and Losses](index=22&type=section&id=Other%20Gains%20and%20Losses) Other gains and losses of approximately RMB 5.1 million were recorded for the reporting period, mainly from gains recognized due to changes in lease contracts under the adoption of IFRS 16 | Indicator | H1 2025 (RMB millions) | | :--- | :--- | | Other Gains and Losses | 5.1 | | Of which: Gains recognized from changes in lease contracts | 1.9 | [Fair Value Changes of Investments at Fair Value Through Profit or Loss](index=22&type=section&id=Fair%20Value%20Changes%20of%20Investments%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Fair value changes of investments at fair value through profit or loss amounted to approximately RMB 3.7 million for the reporting period | Indicator | H1 2025 (RMB millions) | | :--- | :--- | | Fair Value Changes | 3.7 | [Selling Expenses](index=22&type=section&id=Selling%20Expenses) Total selling expenses increased by approximately 174.8% from RMB 22.7 million in H1 2024 to approximately RMB 62.5 million, primarily due to increased student recruitment costs driven by business expansion | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Selling Expenses | 62.5 | 22.7 | 174.8% | [Administrative Expenses](index=22&type=section&id=Administrative%20Expenses) Total administrative expenses amounted to approximately RMB 114.7 million, an increase of 180.0% from H1 2024, mainly due to higher administrative staff salaries and office expenses resulting from business expansion | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 114.7 | 40.9 | 180.0% | [Other Operating Expenses](index=22&type=section&id=Other%20Operating%20Expenses) Other operating expenses amounted to approximately RMB 54.1 million, a year-on-year increase of approximately 280.3%, primarily due to increased salaries for R&D and teaching research personnel as business expanded | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Other Operating Expenses | 54.1 | 14.231 | 280.3% | [Finance Costs](index=23&type=section&id=Finance%20Costs) Finance costs of approximately RMB 7.2 million were recorded for the reporting period, primarily interest expenses recognized on leases under the adoption of IFRS 16 | Indicator | H1 2025 (RMB millions) | | :--- | :--- | | Finance Costs | 7.2 | [Income Tax Expense](index=23&type=section&id=Income%20Tax%20Expense) Income tax expense for the reporting period amounted to approximately RMB 44.8 million | Indicator | H1 2025 (RMB millions) | | :--- | :--- | | Income Tax Expense | 44.8 | [Profit for the Period](index=23&type=section&id=Profit%20for%20the%20Period) The Group's profit for the period increased by 178.5% from approximately RMB 54.4 million in H1 2024 to approximately RMB 151.5 million in the reporting period | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 151.5 | 54.4 | 178.5% | [Non-GAAP Measures Regarding Profit for the Period](index=23&type=section&id=Non-GAAP%20Measures%20Regarding%20Profit%20for%20the%20Period) Adjusted net profit was RMB 151.8 million, a year-on-year increase of 178.9%, primarily adjusted by adding back equity-settled share-based payment expenses, used to assess business performance | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit | 151,537 | 54,415 | 178.5% | | Add: Equity-settled Share-based Payment Expenses | 243 | – | Not Applicable | | Adjusted Net Profit | 151,780 | 54,415 | 178.9% | - Adjusted net profit, a non-GAAP measure, is used to eliminate the impact of items not reflecting business performance, thereby assessing financial performance[54](index=54&type=chunk) [Liquidity and Financial Resources](index=24&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's cash and cash equivalents amounted to approximately RMB 473.0 million, primarily held in reputable banks | Indicator | June 30, 2025 (RMB millions) | | :--- | :--- | | Cash and Cash Equivalents | 473.0 | [Liquidity and Gearing Ratios](index=24&type=section&id=Liquidity%20and%20Gearing%20Ratios) As of June 30, 2025, the Group's current ratio increased to approximately 1.18, and the gearing ratio decreased to 0.61, indicating an improvement in financial position | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 1.18 | 0.91 | | Gearing Ratio | 0.61 | 0.64 | [Future Plans for Material Investments or Capital Assets](index=25&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of the date of this announcement, the Group has no future plans for any material investments or capital assets - As of the date of this announcement, the Group has no plans for any material investments or capital assets[58](index=58&type=chunk) [Material Investments, Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=25&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) The Group holds approximately RMB 169.3 million in debt investments and RMB 9.7 million in equity investments, adopting a prudent and pragmatic investment strategy to maximize returns and ensure sufficient working capital, with no material acquisitions or disposals during the reporting period | Investment Type | June 30, 2025 (RMB millions) | Percentage of Total Assets | | :--- | :--- | :--- | | Debt Investments | 169.3 | 8.3% | | Equity Investments | 9.7 | 0.5% | - The Group adopts a prudent and pragmatic investment strategy, selecting relatively low-risk standard short-term financial products to ensure stable investment income[60](index=60&type=chunk) - There were no material investments, major acquisitions, or disposals of subsidiaries, associates, or joint ventures during the reporting period[60](index=60&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities, guarantees, or litigations against it - As of June 30, 2025, the Group had no material contingent liabilities, guarantees, or litigations[61](index=61&type=chunk) [Pledge of Assets](index=25&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no material pledge of assets - As of June 30, 2025, the Group had no material pledge of assets[62](index=62&type=chunk) [Foreign Exchange Risk](index=26&type=section&id=Foreign%20Exchange%20Risk) The Group's transactions during the reporting period were primarily denominated in RMB, with foreign exchange risk mainly arising from short-term equity investments at fair value through profit or loss denominated in HKD, but no significant difficulties or impacts were encountered - The Group's transactions are primarily denominated in RMB, with foreign exchange risk mainly arising from short-term equity investments at fair value through profit or loss denominated in HKD[63](index=63&type=chunk) - During the reporting period, the Group did not encounter any significant difficulties or impacts due to currency exchange rate fluctuations, nor did it enter into any financial instruments for hedging purposes[63](index=63&type=chunk) [Bank Loans](index=26&type=section&id=Bank%20Loans) As of June 30, 2025, the Group had no bank loans or other borrowings - As of June 30, 2025, the Group had no bank loans or other borrowings[64](index=64&type=chunk) [Events After the Reporting Period](index=26&type=section&id=Events%20After%20the%20Reporting%20Period) No material events requiring disclosure occurred after the reporting period and up to the date of this announcement - No material events requiring disclosure occurred after the reporting period and up to the date of this announcement[65](index=65&type=chunk) [Human Resources](index=26&type=section&id=Human%20Resources) As of June 30, 2025, the Group's total number of employees increased to 3,592, with regular reviews of remuneration and provision of training to attract, retain, and enhance staff skills and knowledge | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Number of Employees | 3,592 | 3,072 | - The Group regularly reviews remuneration to attract and retain outstanding employees, and provides regular training to enhance employee skills and knowledge[66](index=66&type=chunk) [Other Information](index=27&type=section&id=Other%20Information) This section provides additional disclosures including interim dividend declaration, restricted share unit scheme details, corporate governance, and audit committee review [Interim Dividend](index=27&type=section&id=Interim%20Dividend) The Board resolved to declare an interim dividend of HKD 11.8 cents per ordinary share, totaling approximately RMB 90.753 million, payable on or about October 16, 2025 - The Board resolved to declare an interim dividend of **HKD 11.8 cents per ordinary share** (approximately **RMB 90.753 million**)[67](index=67&type=chunk) - The interim dividend will be paid on or about **October 16, 2025**, to shareholders whose names appear on the register of members on **September 26, 2025**[67](index=67&type=chunk) - To determine eligibility for the interim dividend, the company's share transfer registration will be suspended from **September 22, 2025, to September 26, 2025**[67](index=67&type=chunk) [Restricted Share Unit Scheme](index=27&type=section&id=Restricted%20Share%20Unit%20Scheme) On June 23, 2025, the company granted 1,912,875 restricted share units to 54 employees to reward and incentivize talent; as of June 30, 2025, the trustee held 107,411,469 shares, of which 31,483,750 shares had vested - On June 23, 2025, the company granted **1,912,875 restricted share units** to **54 employees**, aiming to reward and incentivize talent[68](index=68&type=chunk) - Based on individual and Group performance during the assessment period, **50%** of the restricted share units vested on April 7, 2025, with **23,329,946 shares** actually vested[69](index=69&type=chunk) - As of June 30, 2025, the trustee held **107,411,469 shares**, of which **31,483,750 shares** had vested and were awaiting transfer[69](index=69&type=chunk) [Corporate Governance Practices](index=28&type=section&id=Corporate%20Governance%20Practices) The company is committed to maintaining good corporate governance standards, having complied with the Corporate Governance Code except for the Chairman and CEO being the same person, an arrangement the Board believes ensures consistent internal leadership and enhances strategic planning and execution efficiency - The company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and complied with its provisions during the reporting period[70](index=70&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Tang Junjing, an arrangement the Board believes ensures consistent internal leadership and enhances strategic planning and execution efficiency[70](index=70&type=chunk) [Standard Code for Securities Transactions](index=29&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the reporting period after specific inquiries - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[72](index=72&type=chunk) - All directors confirmed compliance with the Standard Code during the reporting period[72](index=72&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=29&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Except for shares purchased by the trustee under the Restricted Share Unit Scheme, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period - Except for shares purchased by the trustee under the Restricted Share Unit Scheme, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period[73](index=73&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The Audit Committee, chaired by Mr. Gan Jun, discussed with management and reviewed the Group's unaudited interim financial information for the reporting period, confirming compliance with all applicable accounting standards and requirements and adequate disclosure - The Audit Committee comprises Mr. Gan Jun (Chairman), Ms. Long Yu, and Mr. Wu Wei[74](index=74&type=chunk) - The Audit Committee reviewed the interim results and confirmed compliance with applicable accounting principles, standards, and requirements, and that adequate disclosures were made[74](index=74&type=chunk) [Publication of 2025 Interim Results and Interim Report](index=30&type=section&id=Publication%20of%202025%20Interim%20Results%20and%20Interim%20Report) This announcement is published on the HKEXnews website and the company's website; the full interim report containing all information required by the Listing Rules will be published on these websites in due course - This announcement is published on the website of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and the company's website (www.zy.com)[75](index=75&type=chunk) - The company's interim report for the reporting period, containing all information required by the Listing Rules, will be published on the aforementioned websites in due course[75](index=75&type=chunk) [By Order of the Board](index=30&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Mr. Tang Junjing, Chairman, CEO, and Executive Director of Excellence Education Group, on behalf of the Board - This announcement is issued by Mr. Tang Junjing, Chairman, Chief Executive Officer, and Executive Director of Excellence Education Group, on behalf of the Board[76](index=76&type=chunk) [Board of Directors](index=30&type=section&id=Board%20of%20Directors) As of this announcement date, the Board comprises executive, non-executive, and independent non-executive directors, as listed - As of the date of this announcement, the executive directors are Mr. Tang Junjing, Mr. Tang Junying, Mr. Zhou Gui, and Ms. Guan Weiying[77](index=77&type=chunk) - The non-executive director is Mr. Wu Wei[77](index=77&type=chunk) - The independent non-executive directors are Ms. Long Yu, Mr. Gan Jun, and Mr. Shen Haipeng[77](index=77&type=chunk)

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。 China Beststudy Education Group 卓越教育集團*（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，本 公 司 將 於 二 零 二 五 年 八 月 二 十 一 日（星 期 四）舉 行 董 事 會 會 議，藉 以（其 中 包 括）考 慮及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之中 期 業 績 及 其 發 佈，並 考 慮 派 付 中 期 股 息（如 有）。 承董事會命 卓越教育集團* 主席、行政總裁兼執行董事 唐俊京 香港，二零二五年八月十一日 於本公告日期，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。 * 僅供識別 卓 越 教 育 ...

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [5]. Core Viewpoints - The company is a benchmark for K12 quality education transformation, focusing on the South China market and achieving steady growth [1][13]. - The company has completed its K9 transformation post "double reduction" policy, with a projected revenue of 1.102 billion RMB in 2024, representing a 125% increase [1][24]. - The company benefits from a comprehensive licensing system and local reputation, with a significant market share in Guangzhou [2][3]. Summary by Relevant Sections Company Overview - The company specializes in K12 extracurricular education services in South China, with a focus on quality education and a diversified business model [13]. - It has established a strong brand presence and operational experience over 20 years, adapting to regulatory changes and market demands [13][22]. Revenue Structure - In 2024, the company achieved total revenue of 1.102 billion RMB, with the revenue breakdown being 64.8% from quality education, 18.8% from full-time review, and 16.4% from tutoring projects [26][29]. - The quality education segment saw a remarkable growth of 411.7%, driven by innovative course offerings [29][30]. Growth Drivers - High retention rates support enrollment growth, with a projected retention rate of 91% for the spring of 2025 [2][3]. - There is significant potential for expansion in surrounding areas of Guangzhou, with plans to open new outlets [2][3]. - The introduction of programming courses aligns with the growing demand for AI education, potentially creating new revenue streams [2][3]. Financial Forecasts - The company forecasts revenues of 1.974 billion RMB in 2025, with a net profit of 329 million RMB, reflecting a growth rate of 79.1% and 70.8% respectively [4][24]. - Earnings per share (EPS) are projected to increase from 0.23 RMB in 2024 to 0.39 RMB in 2025 [4][24]. Investment Recommendations - The company is positioned to benefit from the rigid demand in the K12 education sector, with a focus on regional deepening strategies and shareholder returns [3][4]. - The report suggests a valuation correction is likely due to the company's strong local reputation and licensing advantages, with a target market capitalization of 5.37 to 5.73 billion HKD [3][4].

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 | | | 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: 2025年8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 (-) | | | | | | USD | | | | 本月底結存 | | | 3,000,000,000 | USD | | 0.00005 USD | | 150,000 | 本月底法定/註冊股本總額： USD 150,000 FF301 第 1 頁 共 10 頁 v 1.1. ...

近期份额规模变动情况： 日期期间申购（亿份）期间赎回（亿份）期末总份额（亿份）期末净资产（亿元）净资产变动率2025- 06-300.000.010.020.02-24.80%2025-03-310.000.000.020.02-2.54%2024-12-310.000.020.020.02-47.96%2024- 09-300.000.020.040.04-27.77% 数据显示，该基金近3个月收益率18.16%，近一年收益率49.93%，成立以来收益率为68.16%。其股票持 仓前十分别为：腾讯控股、泡泡玛特、赤子城科技、中芯国际、阿里巴巴-W、中国移动、网易-S、老 铺黄金、卓越教育集团、易鑫集团，前十持仓占比合计51.53%。 天眼查商业履历信息显示，南方基金管理股份有限公司成立于1998年3月，位于深圳市，是一家以从事 商务服务业为主的企业。注册资本36172万人民币，法定代表人为周易。 本文源自：金融界 截至2025年6月30日，南方基金旗下南方港股数字经济混合发起(QDII)A（019265）期末净资产0.49亿 元，比上期增加2.24%，该基金经理为熊潇雅。 简历显示，熊潇雅女士:中国国籍,研 ...

Group 1 - The company is a leading education training provider in South China, established in 1997 and listed on the Hong Kong Stock Exchange in 2018, focusing on comprehensive growth services for children [1][2] - The company has seen significant growth in net profit, with a projected year-on-year increase of 108.99% and 74.21% for 2023 and 2024 respectively, driven by a strategic shift towards quality education [1] - The K12 education market in Guangdong is expected to grow, with a projected CAGR of 5% for Guangzhou and 7% for Shenzhen from 2025 to 2030, reaching market sizes of 202 billion and 279 billion respectively by 2030 [1] Group 2 - The company has a strong reputation in the education sector, with a summer course renewal rate of nearly 80% in Guangzhou, leveraging its "strong Chinese language" advantage post "double reduction" policy [2] - The introduction of AI programming courses aligns with national trends in education, contributing to the company's competitive edge and expansion opportunities in the Greater Bay Area [2] - The company plans to increase its dividend payout ratio to 60% and 70% in 2025 and 2026 respectively, reflecting strong cash flow and enhancing investor confidence [2] Group 3 - Revenue projections for the company are 1.995 billion, 2.381 billion, and 2.811 billion for 2025-2027, with year-on-year growth rates of 81.0%, 19.3%, and 18.1% respectively [3] - The net profit forecast for the same period is 325 million, 382 million, and 446 million, with growth rates of 68.9%, 17.6%, and 16.8% [3] - The company is currently undervalued with a target price of 6.89 HKD per share, corresponding to a PE ratio of 15 for 2025, indicating a potential upside of approximately 26.9% [3]

Group 1 - The core viewpoint is that Guoyuan International has given a "buy" rating to Excellence Education Group, with a target price of HKD 6.89, highlighting its leadership in the South China education and training sector [1] - The company has actively transformed into quality education in 2022, resulting in significant growth in performance [1] - The demand in the industry is rigid, and the K12 education and training market in Guangdong has vast potential [1] Group 2 - Revenue projections for the company are estimated to reach 1.995 billion, 2.381 billion, and 2.811 billion yuan for the years 2025, 2026, and 2027 respectively [1] - The net profit attributable to the parent company is forecasted to be 325 million, 382 million, and 446 million yuan for the same years [1] - The company has a high dividend payout ratio and is currently undervalued [1]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 6.89, indicating a potential upside of 26.9% from the current price of HKD 5.43 [7]. Core Insights - The company, 卓越教育集团 (Excellence Education Group), is a leading player in the K12 education sector in South China, focusing on comprehensive growth services for children. The company has successfully transitioned to quality education, with a significant increase in net profit expected in the coming years [4][6]. - The K12 education market in Guangdong is projected to grow, with a compound annual growth rate (CAGR) of 5% to 7% from 2025 to 2030, driven by strong demand for quality non-subject education [5]. - The company has a strong brand reputation and teaching capabilities, with a high retention rate of nearly 80% for summer courses in Guangzhou. The introduction of AI-driven courses aligns with national trends, further enhancing its market position [6]. Summary by Sections Company Overview - Established in 1997 and listed in 2018, the company has shifted its focus from traditional subject education to quality education, particularly after the "double reduction" policy in 2021. The revenue from quality education is expected to account for 64.74% of total revenue by 2024 [16][21]. Industry Analysis - The "double reduction" policy has led to a significant reduction in the number of K9 subject training institutions, with a decrease of 96% in offline institutions. This has created opportunities for quality education providers [43][44]. - The demand for quality education remains strong, with increasing enrollment rates in high schools and a growing emphasis on comprehensive student development [48]. Financial Projections - The company is expected to achieve revenues of HKD 19.95 billion, HKD 23.81 billion, and HKD 28.11 billion from 2025 to 2027, with corresponding net profits of HKD 3.25 billion, HKD 3.82 billion, and HKD 4.46 billion, reflecting robust growth rates [7][8].