FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東軟睿新科技集團有限公司(於開曼群島註冊成立之有限公司) 呈交日期: 2025年11月3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) | 09616 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,900,000,000 | HKD | | 0.0002 | HKD | | 380,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 1,900,000,000 | HKD | | 0.0002 | ...

Core Viewpoint - Neusoft Ruixin Group (09616.HK) announced financial agreements involving its consolidated affiliate Dalian University, indicating a strategic move to invest idle funds in financial products [1] Group 1: Financial Agreements - Dalian University entered into a wealth management agreement with Industrial Bank, agreeing to invest RMB 200 million in wealth management products [1] - Dalian University also signed a structured deposit agreement with Guangfa Bank, committing to invest RMB 100 million in structured deposits [1]

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。 Neutech Group Limited （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9616） 須予披露的交易 進一步認購理財產品及結構性存款 進一步認購理財產品及結構性存款 茲題述本公司日期分別為2022年4月27日、2022年6月2日、2022年9月22日、 2022年10月14日 及2024年4月29日的有關本集團向興業銀行認購理財產品及 結 構 性 存 款 的 公 告。於 本 公 告 日 期，本 集 團 向 興 業 銀 行 認 購 理 財 產 品 合 計 本 金餘額約為人民幣168.4百 萬 元。 董 事 會 謹 此 宣 布，於2025年10月24日（交 易 時 段 後），(i)本公司之併表聯屬實 體 大 連 學 院 與 興 業 銀 行 訂 立 理 財 協 議，據 此 大 連 學 院 同 意 以 其 自 ...

Core Insights - The Neusoft Group, represented by its founder Liu Jiren, signed a cooperation agreement at the 2025 World Skills Organization General Assembly in Croatia, emphasizing its commitment to bridging skill gaps globally and enhancing education technology [1][2] Group 1: Company Initiatives - Neusoft Group aims to fulfill its social responsibility by integrating education, healthcare, and elderly care, focusing on cultivating high-skilled talents for the digital future [1] - The company has invested in establishing three universities to lead in digital talent education services, aligning its industrial layout with societal needs [1] - Neusoft's initiatives include developing a "smart healthcare" platform and urban cloud hospitals to support the integrated development of education, healthcare, and elderly care industries [1] Group 2: Industry Engagement - Liu Jiren highlighted the importance of integrating vocational education with industry needs, advocating for companies to participate actively in talent cultivation [2] - Neusoft has contributed to the successful hosting of international and domestic large-scale events, showcasing its capabilities in international skills competitions and technical services [2] - The signed agreement with the World Skills Organization aims to promote vocational skill standards innovation and deepen talent cultivation globally, leveraging Neusoft's expertise in software innovation, artificial intelligence, and big data for the 2026 World Skills Competition in Shanghai [2]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東軟睿新科技集團有限公司(於開曼群島註冊成立之有限公司) 呈交日期: 2025年10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) | 09616 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,900,000,000 | HKD | | 0.0002 HKD | | 380,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,900,000,000 | HKD | | 0.0002 HKD | | 380,000 | 本 ...

22 September 2025 Neutech Group Limited (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock code: 9616) （股份代號：9616） NOTIFICATION LETTER 通知信函 Dear Non-registered Holder(s)(Note 1), 本公司的本次公司通訊之中、英文版本已分別上載於本公司網站(https://www.neutech.com.cn)及香港聯合交易所有限公司（「聯交所」）之 網 站(www.hkexnews.hk)（「網站版本」）。本公司建議 閣下閱覽本公司本次公司通訊的網站版本。 如 閣下因任何理由無法以電子郵件方式收取或閱覽公司通訊 （附註2） 的網站版本，及欲索取本次及將來公司通訊 （附註2） 的印刷本，請填妥及簽 署隨附之申請表格，並以已預付郵費的郵寄標籤寄回本公司之香港股份過戶登記分處（「股份過戶登記分處」）卓佳證券登記有限公司（地址 為香港夏愨道16號遠東金融中心17樓）（如在香港投寄毋須貼上郵票）， ...

Neutech Group Limited (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock code: 9616) （股份代號：9616） NOTIFICATION LETTER 通知信函 22 September 2025 Dear Registered Shareholders, Neutech Group Limited (the "Company") – Notice of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at https://www.neutech.com.cn and the website of The Stock ...

[Company Information](index=3&type=section&id=Company%20Information) This chapter outlines the company's basic information, including board members, committee compositions, company secretary, authorized representatives, registered office, China headquarters, Hong Kong principal place of business, share registrar, legal counsel, auditor, principal bankers, stock code, company website, and listing date - Company Name: **Neutech Group Limited**[148](index=148&type=chunk) - Stock Code: **9616**[9](index=9&type=chunk) - Listing Date: **September 29, 2020**[9](index=9&type=chunk) - Chairman of the Board and Non-executive Director: **Dr. Liu Jiren**[7](index=7&type=chunk) - Auditor: **Ernst & Young**[9](index=9&type=chunk) [Major Events](index=5&type=section&id=Major%20Events) During the reporting period (January to June 2025), the company underwent significant events, including a name change, integration of education tech products with large domestic AI models, land acquisition by Guangdong College, continuous recognition in innovation competitions, commencement of Dalian Ruikang Rehabilitation Hospital, acquisition of Xikang Yunshe equity, joint operation of smart eldercare platforms, strategic partnership with WorldSkills, and topping out of a health and medical technology park apartment project - Company Name Change: In January 2025, the Group was renamed **Neutech Group** to better reflect its "Education, Healthcare, Eldercare, Wellness, and Tourism" integrated industrial layout and strategic transformation[10](index=10&type=chunk) - Education Technology Innovation: In February 2025, the education technology product "Neusoft Metaverse Creative Creation and Sharing Platform" fully integrated with **Zhipu AI-ChatGLM** and **DeepSeek**, two major domestic large models, promoting intelligent education upgrades[10](index=10&type=chunk) - Strategic Land Acquisition: In February 2025, Guangdong College successfully bid for the land use rights of a new plot in Nanhai District, Foshan City, planning to construct a university science park and international conference center as new practical training bases[10](index=10&type=chunk) - Healthcare and Eldercare Business Expansion: In May 2025, the Dalian Ruikang Rehabilitation Hospital project commenced construction, further enhancing the "medical, rehabilitation, eldercare, and nursing" service system; simultaneously, the company acquired partial equity in Xikang Yunshe, strengthening "wellness and tourism" business resource integration[13](index=13&type=chunk)[15](index=15&type=chunk) - Smart Eldercare Platform: In June 2025, the company, Dalian Eldercare Industry Group, and Neusoft Group jointly established and unveiled "Dalian Digital Smart Eldercare Industry Co., Ltd." to co-operate the "Dalian Smart Eldercare" service platform; the "Shengqing Eldercare" Shenyang City comprehensive eldercare service platform was also launched[16](index=16&type=chunk)[18](index=18&type=chunk) - International Cooperation: In June 2025, the company formed a strategic partnership with **WorldSkills**, becoming its **Global Premium Partner (GPP)**, to promote vocational skill standard innovation and talent development[20](index=20&type=chunk) [Financial Highlights](index=9&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the company's revenue decreased by 4.5% year-on-year to RMB 925.0 million, gross profit decreased by 22.0% to RMB 398.1 million, and profit for the period decreased by 26.5% to RMB 204.0 million; adjusted net profit also decreased by 26.3% year-on-year Key Financial Data for H1 2025 (Unaudited) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Percentage | | :--- | :--- | :--- | :--- | | Revenue | 924,953 | 968,108 | -4.5% | | Cost of Revenue | (526,821) | (457,452) | 15.2% | | Gross Profit | 398,132 | 510,656 | -22.0% | | Selling Expenses | (17,659) | (21,429) | -17.6% | | Administrative Expenses | (94,288) | (92,228) | 2.2% | | Research and Development Expenses | (12,977) | (20,623) | -37.1% | | Net Impairment Loss on Financial Assets | (2,869) | (14,434) | -80.1% | | Other Income | 53,349 | 55,499 | -3.9% | | Other Expenses | (15,983) | (14,629) | 9.3% | | Other Gains, Net | 527 | 315 | 67.3% | | Net Finance Costs | (55,651) | (42,829) | 29.9% | | Profit Before Income Tax | 252,581 | 360,298 | -29.9% | | Income Tax Expense | (48,543) | (82,727) | -41.3% | | Profit for the Period | 204,038 | 277,571 | -26.5% | | Profit for the Period Attributable to Owners of the Company | 203,923 | 277,414 | -26.5% | | Adjusted Net Profit | 204,129 | 276,794 | -26.3% | | Adjusted Net Profit Attributable to Owners of the Company | 204,014 | 276,637 | -26.3% | [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This chapter details the company's strategic transformation in H1 2025, shifting from digital talent education services to building an integrated "Education, Healthcare, Eldercare, Wellness, and Tourism" ecosystem, reviewing financial performance and outlining future development plans [About Us](index=10&type=section&id=1%20About%20Us) Since its establishment in 2000, the company has become a leader in digital talent education services in China, initiating a comprehensive strategic transformation in 2025 to build an integrated "Education, Healthcare, Eldercare, Wellness, and Tourism" ecosystem - Strategic Transformation: Starting in 2025, the company fully initiated a strategic transformation to build an integrated **"Education, Healthcare, Eldercare, Wellness, and Tourism"** new ecosystem for development[26](index=26&type=chunk) - Five Major Business Systems: Established five diversified business systems covering education services, healthcare and eldercare services, health technology, wellness and tourism services, and university science park and campus services[26](index=26&type=chunk) - Vision and Mission: Committed to becoming a **"leader in the Education, Healthcare, Eldercare, Wellness, and Tourism ecosystem"**, with the mission of **"technology empowering the education, healthcare, and eldercare ecosystem, and education innovating digital and intelligent life"**[27](index=27&type=chunk) Revenue by Major Business Segment During the Reporting Period | Business Type | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Percentage | Share of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Academic Higher Education Services | 779,904 | 802,937 | -2.9% | 84.3% | | Education Technology and Services | 95,393 | 158,301 | -39.7% | 10.3% | | Education Resource Output | 50,629 | 101,509 | -50.1% | 5.5% | | Lifelong Education Services | 44,764 | 56,792 | -21.2% | 4.8% | | Healthcare and Eldercare Services | 49,656 | 6,870 | 622.8% | 5.4% | | **Total** | **924,953** | **968,108** | **-4.5%** | **100.0%** | [Business Review](index=11&type=section&id=2%20Business%20Review) This chapter reviews the company's operational performance and key achievements across its four core business segments: academic higher education, education technology and services, healthcare and eldercare, and university science park and campus services during the reporting period [Academic Higher Education Services](index=11&type=section&id=2.1%20Academic%20Higher%20Education%20Services%EF%BC%8DCommitted%20to%20High-Quality%20Development) Academic higher education services generated approximately RMB 779.9 million in revenue, a slight year-on-year decrease, while the company's three universities maintained leading positions in educational quality, professional development, and innovation, achieving record enrollment numbers - Revenue: Academic higher education services revenue was approximately **RMB 779.9 million**[28](index=28&type=chunk) - Educational Quality: Dalian College ranked first among private universities nationwide in the number of approved national-level first-class undergraduate programs; Chengdu College and Guangdong College ranked leading in fields such as computer science and art design[30](index=30&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - Enrollment Quota: For the 2025/2026 academic year, the total enrollment quota for the three universities exceeded **21,000**, a year-on-year increase of **6.0%**, with undergraduate quotas increasing by **8.5%**[37](index=37&type=chunk) - Student Enrollment: As of June 30, 2025, the total student enrollment across the three universities was nearly **58,000**, a year-on-year increase of **1.8%**[37](index=37&type=chunk) - Quality Student Intake: Enrollment for the 2025/2026 academic year showed that the highest admission scores for all colleges significantly exceeded the provincial undergraduate control line[40](index=40&type=chunk) Enrollment Quota Changes (2025/2026 vs 2024/2025 Academic Year) | College | 2025/2026 Academic Year | 2024/2025 Academic Year | Change in Number | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Dalian College Subtotal | 9,742 | 9,251 | 491 | 5.3% | | Chengdu College Subtotal | 7,123 | 6,723 | 400 | 5.9% | | Guangdong College Subtotal | 4,531 | 4,206 | 325 | 7.7% | | **Total** | **21,396** | **20,180** | **1,216** | **6.0%** | Student Enrollment Changes (As of June 30, 2025 vs June 30, 2024) | College | June 30, 2025 | June 30, 2024 | Change Percentage | | :--- | :--- | :--- | :--- | | Dalian College Subtotal | 23,224 | 21,229 | 9.4% | | Chengdu College Subtotal | 21,557 | 21,934 | -1.7% | | Guangdong College Subtotal | 13,010 | 13,618 | -4.5% | | **Total** | **57,791** | **56,781** | **1.8%** | [Education Technology and Services](index=15&type=section&id=2.2%20Education%20Technology%20and%20Services%EF%BC%8DProviding%20Comprehensive%20%E2%80%9C4S%E2%80%9D%20Support%20Services) Education technology and services revenue reached approximately RMB 95.4 million, a 39.7% year-on-year decrease, as the company focused on IT, DT, and HT fields, building a "4S" product service system and expanding lifelong education services - Revenue: Education technology and services revenue was approximately **RMB 95.4 million**, a year-on-year decrease of **39.7%**[41](index=41&type=chunk) - **"4S" Service System**: Established a "4S" product service system comprising CaaS (Content as a Service), SaaS (Software as a Service), PaaS (Platform as a Service), and DaaS (Data as a Service)[41](index=41&type=chunk) - Lifelong Education Business Landscape: Developed elder education business on the foundation of continuing education, creating a synergistic development pattern for continuing and elder education[49](index=49&type=chunk) [Education Resource Output](index=15&type=section&id=2.2.1%20Education%20Resource%20Output) Education resource output revenue was approximately RMB 50.6 million, a 50.1% year-on-year decrease, primarily due to delayed delivery of education technology products, while the company continued to advance AI, big data, and metaverse technologies in education - Revenue: Education resource output revenue was approximately **RMB 50.6 million**, a year-on-year decrease of **50.1%**[48](index=48&type=chunk) - Product Innovation: Developed and iterated smart education platform software and teaching content, including **Smart Education Platform V3.0** and **Metaverse Creative Creation and Sharing Platform**, as well as smart training room products like intelligent connected vehicle training rooms and large model training rooms[42](index=42&type=chunk)[45](index=45&type=chunk) - Industry-Education Integration: Collaborated with **60 institutions** on joint program development and industry colleges, covering nearly **18,000 students**[48](index=48&type=chunk) - Industry Recognition: Included in the topic list for the **"China International College Students' Innovation Competition"** and became a supporting unit for multiple vocational skills competitions[11](index=11&type=chunk)[47](index=47&type=chunk) [Lifelong Education Services](index=19&type=section&id=2.2.2%20Lifelong%20Education%20Services) Lifelong education services generated approximately RMB 44.8 million in revenue, a 21.2% year-on-year decrease, mainly due to reduced student enrollment caused by market changes, despite the company's expansion in continuing and elder education - Revenue: Lifelong education services revenue was approximately **RMB 44.8 million**, a year-on-year decrease of **21.2%**[49](index=49&type=chunk) - Continuing Education: Obtained **2 national-level** and **2 provincial-level** training qualifications, delivering **53 training programs** for **43 institutional clients**, with government and state-owned enterprise training projects accounting for **81%**[50](index=50&type=chunk) - Eldercare Education: Launched the **"LIFECARES"** new eldercare education concept, established **"Neusoft Phoenix College"**, focusing on **"Digital + Art + Health"** featured courses, enrolling over **360 students** during the reporting period[51](index=51&type=chunk) - Online Platform: **"Neusoft Education Online"** accumulated **2.328 million registered users**, with top-paying courses including AI Application Engineer and JAVA Software Development Engineer[50](index=50&type=chunk) [Healthcare and Eldercare Business](index=20&type=section&id=2.3%20Healthcare%20and%20Eldercare%20Business%EF%BC%8DBuilding%20an%20%E2%80%9CEducation,%20Healthcare,%20Eldercare,%20Wellness,%20and%20Tourism%E2%80%9D%20Ecosystem%20for%20the%20Next%20Decade) Healthcare and eldercare business revenue significantly increased by 622.8% year-on-year to approximately RMB 49.7 million, primarily due to the consolidation of Neusoft Health Medical and its subsidiaries, as the company actively expands into the silver economy market - Revenue: Healthcare and eldercare business revenue was approximately **RMB 49.7 million**, a significant year-on-year increase of **622.8%**[52](index=52&type=chunk) - Reason for Growth: Primarily due to the completion of the acquisition of **Neusoft Health Medical and its subsidiaries** on May 31, 2024, with all related revenue consolidated into the Group in H1 2025[68](index=68&type=chunk) - Strategic Layout: Actively responding to the aging society, strategically expanding into the **silver economy market**, and building a mutually beneficial, efficient, and sustainable new business model through the integration of education and healthcare/eldercare businesses[52](index=52&type=chunk) [Medical Services](index=20&type=section&id=2.3.1%20Medical%20Services%EF%BC%8DEstablishing%20a%20Regional%20Health%20Service%20Benchmark) In medical services, Ruikang Cardiovascular Hospital served over 28,000 outpatient and emergency visits, with inpatient and surgical volumes increasing by 34%, while Ruikang Dental Hospital received over 10,000 outpatient visits and was recognized as a "Liaoning Province Elder-Friendly Medical Institution" - Ruikang Cardiovascular Hospital: Outpatient and emergency visits exceeded **28,000**, with inpatient and surgical volumes exceeding **5,800**, a year-on-year increase of **34%**[53](index=53&type=chunk) - Ruikang Dental Hospital: Outpatient visits exceeded **10,000**, awarded the honor of **"Liaoning Province Elder-Friendly Medical Institution"**[54](index=54&type=chunk)[55](index=55&type=chunk) - Teaching Hospital Feature: Ruikang Cardiovascular Hospital serves as a crucial practical training base for health and medical technology students and a experience center for health and rehabilitation courses at Neusoft Phoenix College[53](index=53&type=chunk) [Health and Eldercare Technology Services](index=21&type=section&id=2.3.2%20Health%20and%20Eldercare%20Technology%20Services%EF%BC%8DEnabling%20a%20New%20Smart%20Eldercare%20Service%20Ecosystem) In health and eldercare technology services, Ruikang Home Eldercare Institute achieved an 88% occupancy rate, Chengdu Qingcheng Kangdao Hotel officially opened, and the company acquired equity in Xikang Yunshe to strengthen wellness and tourism integration, while actively developing city-level smart eldercare platforms - Ruikang Home Eldercare Institute: Achieved an occupancy rate of **88%**, primarily serving elderly individuals aged **80 and above** with semi-disabled or higher care needs[56](index=56&type=chunk) - Wellness and Tourism Services: **Chengdu Qingcheng Kangdao Hotel** officially opened, and the company acquired approximately **4.2255% equity** in Xikang Yunshe and made capital contributions, further strengthening wellness and tourism business resource integration[57](index=57&type=chunk)[58](index=58&type=chunk) - Eldercare Technology: Actively developing and promoting **"city-level smart eldercare platforms"**, with Shenyang City's **"Shengqing Eldercare"** platform already launched, and Dalian City's platform soon to be launched[59](index=59&type=chunk)[60](index=60&type=chunk) - Platform Functions: The city-level smart eldercare platform integrates multiple functions such as government supervision, eldercare services, entrepreneurship and employment, and scientific research and innovation, promoting intelligent, efficient, and personalized eldercare services[60](index=60&type=chunk) [University Science Park and Campus Services](index=23&type=section&id=2.4%20University%20Science%20Park%20and%20Campus%20Services%EF%BC%8DProvider%20of%20High-Quality%20Logistics%20Services%20for%20%E2%80%9CEducation,%20Healthcare,%20Eldercare,%20Wellness,%20and%20Tourism%E2%80%9D) University science park and campus services leverage campus assets to provide high-quality logistics, operating a "three locations, three parks, three platforms" technology park system with significant achievements, while continuously optimizing campus life services and managing ongoing infrastructure expansion projects - Science Park Operations: Established a distinctive **"three locations, three parks, three platforms"** operating system, with Dalian Park approved as a national-level maker space, Chengdu Park building a multi-functional platform for industry-academia-research-application, and Foshan Park recognized as a national-level maker space and technology business incubator[62](index=62&type=chunk)[63](index=63&type=chunk) - Campus Life Services: Provided various services such as healthy catering, supermarket cultural and creative products, and sports and fitness for over **60,000 faculty and students**, introducing renowned brands like **KFC, McDonald's, and Luckin Coffee**[65](index=65&type=chunk) - Infrastructure Project Management: Dalian College Health and Medical Technology Park Apartment project is expected to be completed in **December 2025**, adding approximately **6,000 beds**; parts of Guangdong College International Exchange Center and University Science Park project are expected to be completed in **August 2026**, adding approximately **2,000 beds**[66](index=66&type=chunk) [Financial Review](index=24&type=section&id=3%20Financial%20Review) For the six months ended June 30, 2025, the company's revenue decreased by 4.5% year-on-year, gross profit by 22.0%, and profit for the period by 26.5%, with increased operating costs and finance expenses partially offset by optimized selling, R&D, and impairment expenses [Revenue](index=24&type=section&id=Revenue) For the six months ended June 30, 2025, the company's revenue was approximately RMB 925.0 million, a 4.5% year-on-year decrease, with academic higher education services and education technology services declining, while healthcare and eldercare services significantly increased due to acquisition consolidation - Total Revenue: **RMB 925.0 million**, a year-on-year decrease of **4.5%**[67](index=67&type=chunk) - Academic Higher Education Services Revenue: **RMB 779.9 million**, a year-on-year decrease of **2.9%**, primarily due to differences in the academic calendar[67](index=67&type=chunk) - Education Technology and Services Revenue: **RMB 95.4 million**, a year-on-year decrease of **39.7%**[67](index=67&type=chunk) - Education Resource Output Revenue: **RMB 50.6 million**, a year-on-year decrease of **50.1%**, primarily due to delayed product delivery[67](index=67&type=chunk) - Lifelong Education Services Revenue: **RMB 44.8 million**, a year-on-year decrease of **21.2%**, primarily due to reduced student enrollment caused by market changes[67](index=67&type=chunk) - Healthcare and Eldercare Services Revenue: **RMB 49.7 million**, a year-on-year increase of **622.8%**, primarily due to the consolidation of Neusoft Health Medical and its subsidiaries completed on May 31, 2024[68](index=68&type=chunk) [Cost of Revenue](index=25&type=section&id=Cost%20of%20Revenue) For the six months ended June 30, 2025, cost of revenue was approximately RMB 526.8 million, a 15.2% year-on-year increase, primarily due to the consolidation of Neusoft Health Medical and increased staff remuneration and depreciation from growing student enrollment and new facilities - Cost of Revenue: **RMB 526.8 million**, a year-on-year increase of **15.2%**[69](index=69&type=chunk) - Primary Reasons: Consolidation of **Neusoft Health Medical Management Co., Ltd. and its subsidiaries**, coupled with increased staff remuneration and depreciation expenses due to growing student enrollment and the commissioning of expansion projects[69](index=69&type=chunk) [Gross Profit](index=25&type=section&id=Gross%20Profit) For the six months ended June 30, 2025, gross profit was approximately RMB 398.1 million, a 22.0% year-on-year decrease, mainly due to the combined impact of decreased revenue and increased cost of revenue - Gross Profit: **RMB 398.1 million**, a year-on-year decrease of **22.0%**[70](index=70&type=chunk) [Selling Expenses](index=25&type=section&id=Selling%20Expenses) For the six months ended June 30, 2025, selling expenses were approximately RMB 17.7 million, a 17.6% year-on-year decrease, primarily due to the optimization of the sales team structure and reduced staff remuneration - Selling Expenses: **RMB 17.7 million**, a year-on-year decrease of **17.6%**[71](index=71&type=chunk) - Primary Reason: Optimization of the sales team structure, leading to reduced staff remuneration for sales personnel[71](index=71&type=chunk) [Research and Development Expenses](index=25&type=section&id=Research%20and%20Development%20Expenses) For the six months ended June 30, 2025, research and development expenses were approximately RMB 13.0 million, a 37.1% year-on-year decrease, mainly because major R&D projects, such as the smart education platform, were largely completed - Research and Development Expenses: **RMB 13.0 million**, a year-on-year decrease of **37.1%**[72](index=72&type=chunk) - Primary Reason: Major early-stage R&D projects, such as the smart education platform, have been largely completed[72](index=72&type=chunk) [Net Impairment Loss on Financial Assets](index=25&type=section&id=Net%20Impairment%20Loss%20on%20Financial%20Assets) For the six months ended June 30, 2025, net impairment loss on financial assets was approximately RMB 2.9 million, an 80.1% year-on-year decrease, primarily due to the recovery of certain receivables, leading to a lower bad debt ratio - Net Impairment Loss on Financial Assets: **RMB 2.9 million**, a year-on-year decrease of **80.1%**[73](index=73&type=chunk) - Primary Reason: Recovery of certain receivables, leading to a lower bad debt ratio[73](index=73&type=chunk) [Other Income](index=25&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income was approximately RMB 53.3 million, a 3.9% year-on-year decrease, primarily due to a reduction in government grants - Other Income: **RMB 53.3 million**, a year-on-year decrease of **3.9%**[74](index=74&type=chunk) - Primary Reason: Decrease in government grants[74](index=74&type=chunk) [Net Finance Costs](index=25&type=section&id=Net%20Finance%20Costs) For the six months ended June 30, 2025, net finance costs were approximately RMB 55.7 million, a 29.9% year-on-year increase, primarily due to higher interest expenses - Net Finance Costs: **RMB 55.7 million**, a year-on-year increase of **29.9%**[75](index=75&type=chunk) - Primary Reason: Increase in interest expenses[75](index=75&type=chunk) [Income Tax Expense](index=25&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was approximately RMB 48.5 million, a 41.3% year-on-year decrease, primarily due to a reduction in taxable profit during the reporting period - Income Tax Expense: **RMB 48.5 million**, a year-on-year decrease of **41.3%**[76](index=76&type=chunk) - Primary Reason: Decrease in taxable profit during the reporting period[76](index=76&type=chunk) [Profit for the Period](index=26&type=section&id=Profit%20for%20the%20Period) For the six months ended June 30, 2025, profit for the period decreased by approximately 26.5% year-on-year, with profit attributable to owners of the company at approximately RMB 203.9 million, a 26.5% decrease, and earnings per share decreasing by approximately 25.6% - Profit for the Period: Decreased by **26.5%** year-on-year[77](index=77&type=chunk) - Profit Attributable to Owners of the Company: **RMB 203.9 million**, a year-on-year decrease of **26.5%**[77](index=77&type=chunk) - Earnings Per Share: Decreased by **25.6%** year-on-year[77](index=77&type=chunk) [Non-IFRS Measures](index=26&type=section&id=Non-IFRS%20Measures) The company uses "Adjusted Net Profit" and "Adjusted Net Profit Attributable to Owners of the Company" as non-IFRS measures to exclude the impact of net exchange differences, better reflecting operating performance - Adjusted Net Profit: **RMB 204.1 million**, a year-on-year decrease of **26.3%**[80](index=80&type=chunk) - Adjusted Net Profit Margin: **22.1%** (H1 2024: 28.6%)[80](index=80&type=chunk) Reconciliation of Adjusted Net Profit to Profit for the Period | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 204,038 | 277,571 | | Adjustment Item: Net Exchange Loss/(Gain) | 91 | (777) | | **Adjusted Net Profit** | **204,129** | **276,794** | [Financial and Liquidity Position](index=27&type=section&id=Financial%20and%20Liquidity%20Position) As of June 30, 2025, the company's cash and cash equivalents decreased, net current liabilities increased, but the asset-bearing debt ratio and gearing ratio slightly improved, with capital expenditure primarily for campus upgrades and expansion [Liquidity, Financial Resources, and Capital Structure](index=27&type=section&id=Liquidity,%20Financial%20Resources,%20and%20Capital%20Structure) As of June 30, 2025, cash and cash equivalents were approximately RMB 1,456.4 million, a decrease from year-end 2024, with total borrowings from financial institutions at approximately RMB 3,142.9 million, comprising both fixed and floating rate loans - Cash and Cash Equivalents: **RMB 1,456.4 million** (December 31, 2024: RMB 1,664.8 million)[82](index=82&type=chunk) - Total Borrowings from Financial Institutions: **RMB 3,142.9 million** (December 31, 2024: RMB 3,104.0 million)[82](index=82&type=chunk) - Borrowing Interest Rate Types: Approximately **RMB 648.7 million** in fixed-rate borrowings and approximately **RMB 2,494.2 million** in floating-rate borrowings[82](index=82&type=chunk) [Net Current Liabilities](index=28&type=section&id=Net%20Current%20Liabilities) As of June 30, 2025, net current liabilities increased to approximately RMB 510.9 million from RMB 275.5 million at year-end 2024, primarily due to a decrease in total current assets from reduced cash and cash equivalents, leading to a lower current ratio - Net Current Liabilities: **RMB 510.9 million** (December 31, 2024: RMB 275.5 million)[84](index=84&type=chunk) - Current Ratio: **0.79** (December 31, 2024: 0.89)[85](index=85&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities or material litigation against it - No significant contingent liabilities or litigation[86](index=86&type=chunk) [Foreign Exchange Risk](index=28&type=section&id=Foreign%20Exchange%20Risk) The Group's majority of income and expenses are denominated in RMB, and no significant difficulties or impacts from currency fluctuations were experienced during the reporting period, with the Board believing sufficient foreign exchange measures are in place - The majority of income and expenses are denominated in **RMB**, and foreign exchange risk is not significant[87](index=87&type=chunk) [Pledge of Assets](index=28&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, certain bank borrowings of the Group were secured by pledge of tuition and accommodation fee collection rights (RMB 1,942.1 million), equity interests (RMB 157.0 million), and equipment and intellectual property (RMB 44.3 million) - Bank Borrowing Pledges: **RMB 1,942.1 million** secured by the pledge of certain tuition and accommodation fee collection rights[88](index=88&type=chunk) - Equity Pledges: **RMB 157.0 million** secured by the pledge of certain equity interests[88](index=88&type=chunk) - Equipment and Intellectual Property Pledges: **RMB 44.3 million** secured by the pledge of certain equipment and intellectual property[88](index=88&type=chunk) [Asset-Bearing Debt Ratio](index=28&type=section&id=Asset-Bearing%20Debt%20Ratio) As of June 30, 2025, the Group's asset-bearing debt ratio was 43.1%, a slight decrease from 44.0% at year-end 2024 - Asset-Bearing Debt Ratio: **43.1%** (December 31, 2024: 44.0%)[89](index=89&type=chunk) [Gearing Ratio](index=28&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio was 138.0%, a slight decrease from 139.7% at year-end 2024 - Gearing Ratio: **138.0%** (December 31, 2024: 139.7%)[90](index=90&type=chunk) [Capital Expenditure](index=28&type=section&id=Capital%20Expenditure) For the six months ended June 30, 2025, the Group's capital expenditure was approximately RMB 331.2 million, primarily for upgrading and expanding campuses - Capital Expenditure: **RMB 331.2 million**[91](index=91&type=chunk) - Primary Use: Upgrading and expanding campuses[91](index=91&type=chunk) [Significant Acquisitions or Disposals of Subsidiaries, Associates, and Joint Ventures](index=29&type=section&id=Significant%20Acquisitions%20or%20Disposals%20of%20Subsidiaries,%20Associates,%20and%20Joint%20Ventures) On May 20, 2025, the company acquired approximately 4.2255% equity in Xikang Yunshe for RMB 30.0 million and invested RMB 45.0 million, holding approximately 9.9341% as of June 30, 2025, with no other significant acquisitions or disposals during the period - Acquisition of Xikang Yunshe: Acquired approximately **4.2255% equity** for **RMB 30.0 million** and made a capital contribution of **RMB 45.0 million**[92](index=92&type=chunk) - Shareholding Percentage: As of June 30, 2025, held approximately **9.9341% equity** in Xikang Yunshe[92](index=92&type=chunk) [Material Investments Held](index=29&type=section&id=Material%20Investments%20Held) For the six months ended June 30, 2025, the company held no material investments valued at or exceeding 5% of its total assets - No material investments held[93](index=93&type=chunk) [Future Plans for Material Investments or Capital Assets](index=29&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) In February 2025, Guangdong College acquired land use rights for two plots in Nanhai District, Foshan City, for RMB 108.53 million, designated for constructing an international exchange center and university science park project - Guangdong College Land Acquisition: Successfully bid for the land use rights of two plots in Nanhai District, Foshan City, for a consideration of **RMB 108.53 million**[94](index=94&type=chunk) - Future Use: For the construction of an international exchange center and university science park project[94](index=94&type=chunk) [Employees and Remuneration Policy](index=29&type=section&id=4%20Employees%20and%20Remuneration%20Policy) The company is committed to building a high-caliber, professional, application-oriented, and international team to support its integrated "Education, Healthcare, Eldercare, Wellness, and Tourism" strategy, offering competitive remuneration, social security, and training benefits - Total Employee Remuneration Cost: For the six months ended June 30, 2025, **RMB 377.3 million** (H1 2024: RMB 340.6 million)[97](index=97&type=chunk) - Total Full-time Employees: **3,918**[100](index=100&type=chunk) - Full-time Teachers: **2,270**, of whom approximately **95.3%** hold master's or doctoral degrees, and approximately **47.1%** have corporate engineering practical experience[98](index=98&type=chunk) - Medical and Nursing Team: **277** individuals, of whom approximately **42.9%** have 10-20 years of experience, and approximately **25.7%** have over 20 years of experience[98](index=98&type=chunk) - Share Incentive Schemes: Established pre-IPO and post-IPO share incentive schemes to incentivize directors and eligible employees[97](index=97&type=chunk) [Future Development Plan](index=31&type=section&id=5%20Future%20Development%20Plan) The company's future development plan focuses on addressing China's aging population and national strategies for high-quality education, aiming to build an integrated "Education, Healthcare, Eldercare, Wellness, and Tourism" ecosystem by 2035 [Development Environment](index=31&type=section&id=5.1%20Development%20Environment) China's aging population is rapidly increasing, with over 300 million people aged 60 and above by the end of 2024, driving the silver economy to an estimated RMB 30 trillion by 2035, supported by national policies promoting technology-enabled eldercare and high-quality education - Aging Trend: As of the end of 2024, China's population aged **60 and above** exceeded **300 million** for the first time[101](index=101&type=chunk) - Silver Economy Scale: Approximately **RMB 7.1 trillion** in 2023, projected to reach **RMB 30 trillion** by 2035[101](index=101&type=chunk) - Policy Support: The state encourages **technology empowerment for healthcare and eldercare services**, building a **"home + community + institutional"** three-in-one eldercare service network; in education, emphasis is placed on high-quality development and industry-education integration, supporting universities to align with strategic emerging industries and future industries in setting up majors[102](index=102&type=chunk)[103](index=103&type=chunk) [Development Strategies](index=32&type=section&id=5.2%20Development%20Strategies) The company will build an integrated "Education, Healthcare, Eldercare, Wellness, and Tourism" ecosystem through resource integration and complementary advantages, enhancing risk resilience and market reach, while upgrading academic higher education, integrating technology into lifelong learning, and becoming a "Education + Technology + Platform" driven eldercare provider - Core Strategy: Build an integrated **"Education, Healthcare, Eldercare, Wellness, and Tourism"** five-in-one ecosystem, achieving multi-business integration to enhance risk resilience and market space[104](index=104&type=chunk) - Education Development: **"Quality Improvement and Excellence Cultivation"** in academic higher education, focusing on IT, digital media, and eldercare fields, adding health and medical technology majors; education technology and services integrating the latest technologies with a **"4S" service model**, creating an online-offline integrated lifelong education system, and optimizing the **"LIFECARES"** eldercare education model[105](index=105&type=chunk) - Healthcare and Eldercare Services: Become a new type of healthcare and eldercare service provider driven by **"Education + Technology + Platform"**, building and operating city-level smart eldercare integrated service platforms, and creating smart health and eldercare solutions combining technologies like AI and big data[106](index=106&type=chunk)[107](index=107&type=chunk) - Campus Services: Standardize campus services, using deep integration of education parks, science parks, and healthcare/eldercare parks as a path to build beautiful smart campuses and communities, and expand a diversified, specialized, and value-added service ecosystem[108](index=108&type=chunk) [Other Information](index=34&type=section&id=Other%20Information) This chapter discloses directors' and major shareholders' interests, pre- and post-IPO share incentive schemes, use of IPO proceeds, listed securities transactions, continuing disclosure obligations, board changes, audit committee review, compliance with directors' securities transaction code (noting Dr. Liu Jiren's share pledge non-compliance and remedial actions), corporate governance code compliance, public float sufficiency, and no significant post-reporting period events [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Issuer or its Associated Corporations](index=34&type=section&id=1%20Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares,%20and%20Debentures%20of%20the%20Issuer%20or%20its%20Associated%20Corporations) As of June 30, 2025, Dr. Liu Jiren held approximately 63.23% of the company's shares through controlled corporations, and Mr. Sun Yinhuan held approximately 10.06% through a discretionary trust - Dr. Liu Jiren: Held **408,586,000 shares** through controlled corporations, representing approximately **63.23%**[110](index=110&type=chunk) - Mr. Sun Yinhuan: Held **65,010,000 shares** as the settlor of a discretionary trust, representing approximately **10.06%**[110](index=110&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=36&type=section&id=2%20Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Kangruidao, Dongkong First, Dongkong Second, Century Bliss, and FIL Limited were substantial shareholders, each holding over 5% of the company's shares, with Dongkong First and Dongkong Second jointly pledging approximately 38.30% of shares as supplementary collateral for a subsidiary loan - Kangruidao: Beneficial interest in **154,689,000 shares**, representing approximately **23.94%**[112](index=112&type=chunk) - Dongkong First and Dongkong Second: Combined beneficial interest in **253,897,000 shares**, representing approximately **39.29%**[112](index=112&type=chunk) - Dongkong First and Dongkong Second jointly pledged approximately **38.30%** of shares to Industrial Bank as supplementary collateral for a **RMB 325.5 million** subsidiary loan[114](index=114&type=chunk) - Century Bliss: Beneficial interest in **65,010,000 shares**, representing approximately **10.06%**[112](index=112&type=chunk) - FIL Limited: Held **41,527,427 shares** through controlled corporations, representing approximately **6.43%**[112](index=112&type=chunk) [Pre-IPO Share Incentive Scheme](index=38&type=section&id=3%20Pre-IPO%20Share%20Incentive%20Scheme) The Pre-IPO Share Incentive Scheme, adopted on June 19, 2019, aimed to incentivize participants, with 33,135,452 share options cancelled, 4,465,116 lapsed, and 3,381,935 exercised as of June 30, 2025 - Scheme Adoption Date: **June 19, 2019**[116](index=116&type=chunk) - As of June 30, 2025: **33,135,452 share options** were cancelled, **4,465,116 share options** lapsed, and **3,381,935 share options** were exercised[116](index=116&type=chunk) [Post-IPO Share Incentive Scheme](index=38&type=section&id=4%20Post-IPO%20Share%20Incentive%20Scheme) The Post-IPO Share Incentive Scheme, adopted on September 11, 2020, aims to retain, incentivize, and reward participants, with no options granted, exercised, lapsed, or cancelled, and no outstanding options as of June 30, 2025 - Scheme Adoption Date: **September 11, 2020**[117](index=117&type=chunk) - As of June 30, 2025: No share options were granted, exercised, lapsed, or cancelled[118](index=118&type=chunk) - Maximum Number of Shares Grantable: Not exceeding **10%** of the total issued shares on the listing date, i.e., **66,666,720 shares**[117](index=117&type=chunk) [Use of Proceeds from Initial Public Offering](index=39&type=section&id=5%20Use%20of%20Proceeds%20from%20Initial%20Public%20Offering) The net proceeds of approximately RMB 777.5 million from the initial public offering have been fully utilized, primarily for upgrading existing school facilities, campus expansion, repaying commercial loans, and supplementing working capital, with some reallocations from planned school acquisitions - Net Proceeds: Approximately **RMB 777.5 million**, fully utilized[120](index=120&type=chunk) Allocation of Proceeds | Use | Percentage of Net Proceeds | Amount Utilized (RMB millions) | | :--- | :--- | :--- | | Upgrading existing school facilities and campus expansion | 51.4% | 399.6 | | Repaying commercial loans | 37.5% | 291.4 | | Supplementing working capital | 11.1% | 86.5 | | **Total** | **100%** | **777.5** | - Change in Use: A portion of funds originally designated for acquiring other schools was reallocated to repay commercial loans and supplement working capital[119](index=119&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=39&type=section&id=6%20Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and the company held no treasury shares - No purchase, sale, or redemption of listed securities during the reporting period[120](index=120&type=chunk) - No treasury shares held[120](index=120&type=chunk) [Continuing Disclosure Obligations under the Listing Rules](index=40&type=section&id=7%20Continuing%20Disclosure%20Obligations%20under%20the%20Listing%20Rules) The company disclosed that Dongkong First and Dongkong Second, wholly-owned subsidiaries of controlling shareholder Neusoft Holdings, pledged approximately 39.29% of the company's shares to Industrial Bank on March 6, 2025, as supplementary collateral for a RMB 325.5 million subsidiary loan, which remains outstanding - Share Pledge: Dongkong First and Dongkong Second pledged a total of approximately **39.29%** of the company's shares to Industrial Bank[121](index=121&type=chunk) - Purpose of Pledge: To provide supplementary collateral for a **RMB 325.5 million** subsidiary loan[121](index=121&type=chunk) - Outstanding Balance: As of the reporting date, the outstanding balance of the loan was **RMB 109 million**[121](index=121&type=chunk) [Changes in Board of Directors and Directors' Information](index=40&type=section&id=8%20Changes%20in%20Board%20of%20Directors%20and%20Directors'%20Information) During the reporting period, several changes occurred in the roles of the company's board members, including adjustments to Dr. Liu Jiren, Dr. Wen Tao, and Mr. Rong Xinjie's positions within Neusoft Group and its subsidiaries, and Dr. Zhang Yinghui's cessation of roles in certain subsidiaries - Dr. Liu Jiren: Appointed Honorary Chairman and Director of Neusoft Group from **April 2025**, and Director of Shenyang Kangyang and Dalian Kangyang from **June 2025**[123](index=123&type=chunk) - Dr. Wen Tao: Appointed Chairman of Neusoft Education Technology from **March 2025**, and Chairman of Shenyang Kangyang and Dalian Kangyang from **June 2025**[123](index=123&type=chunk) - Mr. Rong Xinjie: Appointed Chairman of Neusoft Group from **April 2025**[123](index=123&type=chunk) - Dr. Zhang Yinghui: Ceased to be a Director of Neusoft Education Technology from **March 2025**, and ceased to be a Director and Manager of Chengdu Neusoft Ruixin Health Technology Management Co., Ltd. from **June 2025**[124](index=124&type=chunk) [Audit Committee](index=41&type=section&id=9%20Audit%20Committee) The Audit Committee, comprising two independent non-executive directors and one non-executive director with Dr. Liu Shulian as chair, reviewed the interim results and report for the six months ended June 30, 2025, confirming compliance with applicable accounting principles and adequate disclosure - Composition: Two independent non-executive directors (**Dr. Liu Shulian, Dr. Qu Daokui**) and one non-executive director (**Mr. Rong Xinjie**)[125](index=125&type=chunk) - Chairperson: **Dr. Liu Shulian**[125](index=125&type=chunk) - Review Outcome: Reviewed the interim results and report, confirming compliance with accounting principles and regulations, and adequate disclosure[125](index=125&type=chunk) - Auditor: **Ernst & Young** conducted the review in accordance with **International Standard on Review Engagements 2410**[125](index=125&type=chunk) [Compliance with the Code for Securities Transactions by Directors](index=41&type=section&id=10%20Compliance%20with%20the%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Model Code and a code of conduct, and all directors confirmed compliance, except for Dr. Liu Jiren whose share pledge during a blackout period constituted a "transaction" not strictly adhering to Model Code paragraphs A.3(a)(i) and B.8, for which remedial actions are being taken - Compliance Status: All directors confirmed compliance with the code, except for **Dr. Liu Jiren** whose share pledge did not strictly adhere to blackout period regulations[126](index=126&type=chunk)[127](index=127&type=chunk) - Non-Compliance Matter: Dr. Liu Jiren's share pledge during a blackout period constituted a "transaction" and did not strictly comply with paragraphs A.3(a)(i) and B.8 of the Model Code[127](index=127&type=chunk) - Remedial Measures: Reminding directors of their obligations, providing enhanced annual training, and sending blackout period notices[127](index=127&type=chunk) [Compliance with the Corporate Governance Code](index=42&type=section&id=11%20Compliance%20with%20the%20Corporate%20Governance%20Code) The company is committed to maintaining stringent corporate governance and has complied with the code provisions and best practices of the Corporate Governance Code, with the Board continuously reviewing and monitoring the company's practices - Complied with the code provisions and best practices of the Corporate Governance Code[128](index=128&type=chunk) [Sufficiency of Public Float](index=42&type=section&id=12%20Sufficiency%20of%20Public%20Float) The Directors confirmed that the company maintained the minimum public float as required by the Listing Rules throughout the six months ended June 30, 2025 - Maintained the minimum public float[130](index=130&type=chunk) [Interim Dividend](index=42&type=section&id=13%20Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the reporting period - No interim dividend recommended for payment[131](index=131&type=chunk) [Events After the Reporting Period](index=42&type=section&id=14%20Events%20After%20the%20Reporting%20Period) No significant events affecting the company or its subsidiaries occurred after the reporting period and up to the date of this report - No significant events after the reporting period[132](index=132&type=chunk) [Review Report on Interim Financial Information](index=43&type=section&id=Review%20Report%20on%20Interim%20Financial%20Information) Ernst & Young conducted a review of the interim condensed consolidated financial information for the six months ended June 30, 2025, in accordance with International Standard on Review Engagements 2410, concluding that no matters came to their attention suggesting the financial information was not prepared in all material respects in accordance with IAS 34 - Reviewing Firm: **Ernst & Young**[134](index=134&type=chunk) - Review Standard: **International Standard on Review Engagements 2410**[135](index=135&type=chunk) - Conclusion: No matters came to their attention that caused them to believe the interim financial information was not prepared, in all material respects, in accordance with **International Accounting Standard 34**[136](index=136&type=chunk) - Nature: Scope of review is less than an audit, thus no audit opinion is expressed[135](index=135&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=44&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the interim condensed consolidated profit or loss and other comprehensive income for the six months ended June 30, 2025, showing a profit for the period of RMB 204,038 thousand and profit attributable to owners of the company of RMB 203,923 thousand, with other comprehensive income primarily from foreign currency translation differences Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30, 2025) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 924,953 | 968,108 | | Cost of Revenue | (526,821) | (457,452) | | Gross Profit | 398,132 | 510,656 | | Selling Expenses | (17,659) | (21,429) | | Administrative Expenses | (94,288) | (92,228) | | Research and Development Expenses | (12,977) | (20,623) | | Net Impairment Loss on Financial Assets | (2,869) | (14,434) | | Other Income | 53,349 | 55,499 | | Other Expenses | (15,983) | (14,629) | | Other Gains, Net | 527 | 315 | | Net Finance Costs | (55,651) | (42,829) | | Profit Before Tax | 252,581 | 360,298 | | Income Tax Expense | (48,543) | (82,727) | | **Profit for the Period** | **204,038** | **277,571** | | Profit for the Period Attributable to Owners of the Company | 203,923 | 277,414 | | Non-controlling Interests | 115 | 157 | | **Total Comprehensive Income for the Period** | **204,820** | **276,222** | - Basic and Diluted Earnings Per Share: **RMB 0.32** (2024: RMB 0.43)[138](index=138&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=46&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets were RMB 7,366,877 thousand, total liabilities RMB 5,068,456 thousand, and total equity RMB 2,298,421 thousand, with property, plant and equipment and right-of-use assets being significant non-current assets, and trade and other payables and interest-bearing bank and other borrowings as major current liabilities Interim Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 3,729,441 | 3,674,793 | | Right-of-Use Assets | 990,694 | 875,417 | | Investments in Associates | 75,000 | – | | Total Non-current Assets | 5,466,355 | 5,212,382 | | **Current Assets** | | | | Cash and Cash Equivalents | 1,456,442 | 1,664,799 | | Total Current Assets | 1,900,522 | 2,142,671 | | **Total Assets** | **7,366,877** | **7,355,053** | | **Current Liabilities** | | | | Trade and Other Payables | 1,428,688 | 687,802 | | Interest-Bearing Bank and Other Borrowings | 688,453 | 629,727 | | Contract Liabilities | 219,098 | 1,018,382 | | Total Current Liabilities | 2,411,462 | 2,418,192 | | **Non-current Liabilities** | | | | Interest-Bearing Bank and Other Borrowings | 2,454,414 | 2,474,243 | | Total Non-current Liabilities | 2,656,994 | 2,622,909 | | **Total Liabilities** | **5,068,456** | **5,041,101** | | **Total Equity** | **2,298,421** | **2,313,952** | - Net Current Liabilities: **RMB 510,940 thousand**[149](index=149&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=48&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines the interim condensed consolidated changes in equity for the six months ended June 30, 2025, showing total equity at period-end of RMB 2,298,421 thousand, reflecting total comprehensive income, non-controlling interest contributions, option exercises, and dividend declarations Interim Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30, 2025) | Indicator | January 1, 2025 (RMB thousands) | Total Comprehensive Income for the Period (RMB thousands) | Capital Injected by Non-controlling Shareholders (RMB thousands) | Exercise of Share Options (RMB thousands) | Dividends Declared (RMB thousands) | June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Attributable to Owners of the Company | 2,305,415 | 204,705 | – | 24 | (229,775) | 2,280,369 | | Non-controlling Interests | 8,537 | 115 | 9,400 | – | – | 18,052 | | **Total Equity** | **2,313,952** | **204,820** | **9,400** | **24** | **(229,775)** | **2,298,421** | [Interim Condensed Consolidated Statement of Cash Flows](index=50&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement presents the interim condensed consolidated cash flows for the six months ended June 30, 2025, with net cash used in operating activities of RMB (405,693) thousand, net cash used in investing activities of RMB (285,906) thousand, and net cash from financing activities of RMB 483,333 thousand, resulting in a net decrease in cash and cash equivalents Interim Condensed Consolidated Statement of Cash Flows (For the six months ended June 30, 2025) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (405,693) | (499,768) | | Net Cash Used in Investing Activities | (285,906) | (254,842) | | Net Cash From/(Used in) Financing Activities | 483,333 | (79,976) | | Net Decrease in Cash and Cash Equivalents | (208,266) | (834,586) | | Cash and Cash Equivalents at Beginning of Period | 1,664,799 | 1,708,427 | | Cash and Cash Equivalents at End of Period | 1,456,442 | 874,618 | [Notes to the Interim Condensed Consolidated Financial Information](index=51&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This chapter provides detailed notes to the interim condensed consolidated financial information, covering company and group information, basis of preparation, accounting policies, operating segment information, revenue, profit before tax, income tax, dividends, earnings per share, property, plant and equipment, investments in associates, receivables, cash, payables, borrowings, contract liabilities, share capital, cash flow statement notes, contingent liabilities, commitments, related party transactions, and fair value of financial instruments [Company and Group Information](index=51&type=section&id=1.%20Company%20and%20Group%20Information) Neutech Group Limited, incorporated in the Cayman Islands on August 20, 2018, and renamed on December 4, 2024, primarily provides academic higher education, education technology, and healthcare and eldercare services in mainland China, with Dalian Neusoft Holdings Co., Ltd. as its controlling shareholder - Company Name Change: On December 4, 2024, the company's English name changed from "Neusoft Education Technology Co. Limited" to **"Neutech Group Limited"**[148](index=148&type=chunk) - Principal Businesses: Academic higher education services, education technology and services, and healthcare and eldercare services[148](index=148&type=chunk) - Controlling Shareholder: **Dalian Neusoft Holdings Co., Ltd.** indirectly holds **39.30%** equity interest[148](index=148&type=chunk) [Basis of Preparation and Accounting Policies](index=51&type=section&id=2.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The interim condensed consolidated financial information is prepared in accordance with IAS 34 "Interim Financial Reporting" on a going concern basis, despite net current liabilities, and the adoption of IAS 21 (Amendment) "Lack of Exchangeability" had no material impact [Basis of Preparation](index=51&type=section&id=2.1%20Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in accordance with IAS 34 "Interim Financial Reporting" on a going concern basis, with the Board assessing sufficient financial resources despite net current liabilities of RMB 510,940 thousand as of June 30, 2025 - Preparation Standard: **International Accounting Standard 34 "Interim Financial Reporting"**[149](index=149&type=chunk) - Going Concern: Prepared on a **going concern basis**[149](index=149&type=chunk) - Net Current Liabilities: As of June 30, 2025, **RMB 510,940 thousand**[149](index=149&type=chunk) [Changes in Accounting Policies](index=52&type=section&id=2.2%20Changes%20in%20Accounting%20Policies) The financial information for this period adopted IAS 21 (Amendment) "Lack of Exchangeability" for the first time, which clarifies the assessment of currency exchangeability and spot exchange rate estimation, but had no impact on the interim condensed consolidated financial information - Newly Adopted Standard: **International Accounting Standard 21 (Amendment) "Lack of Exchangeability"**[151](index=151&type=chunk) - Impact: Had no impact on the interim condensed consolidated financial information[151](index=151&type=chunk) [Operating Segment Information](index=52&type=section&id=3.%20Operating%20Segment%20Information) The Group is organized into two reportable operating segments: education services and healthcare and eldercare services, with all revenue and non-current assets generated and located in mainland China - Reportable Segments: **Education services** and **healthcare and eldercare services**[152](index=152&type=chunk) Segment Revenue (For the six months ended June 30, 2025) | Segment | Revenue from External Customers (RMB thousands) | | :--- | :--- | | Education Services | 875,297 | | Healthcare and Eldercare Services | 49,656 | | **Total** | **924,953** | Segment Results (For the six months ended June 30, 2025) | Segment | Results (RMB thousands) | | :--- | :--- | | Education Services | 332,376 | | Healthcare and Eldercare Services | (26,384) | | **Total** | **305,992** | - Geographical Information: All revenue and non-current assets are generated and located in **mainland China**[156](index=156&type=chunk) [Revenue and Other Income](index=55&type=section&id=4.%20Revenue%20and%20Other%20Income) For the six months ended June 30, 2025, total revenue was RMB 924,953 thousand, primarily from academic higher education services, education technology and services, and healthcare and eldercare services, while other income mainly comprised rental and property services and government grants Revenue Composition (For the six months ended June 30, 2025) | Service Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Academic Higher Education Services | 779,904 | 802,937 | | Education Technology and Services | 95,393 | 158,301 | | Healthcare and Eldercare Services | 49,656 | 6,870 | | **Total** | **924,953** | **968,108** | Other Income Composition (For the six months ended June 30, 2025) | Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Rental Income and Property Services | 40,007 | 41,648 | | Government Grants and Subsidies | 7,220 | 9,475 | | Software System Technology Development | 3,981 | 3,559 | | Others | 2,141 | 817 | | **Total** | **53,349** | **55,499** | - Revenue Recognition Timing: **RMB 888,766 thousand (96.1%)** of revenue was transferred over a period of time, and **RMB 35,465 thousand (3.9%)** of revenue was transferred at a point in time[159](index=159&type=chunk) [Profit Before Tax](index=58&type=section&id=5.%20Profit%20Before%20Tax) For the six months ended June 30, 2025, profit before tax was RMB 252,581 thousand, with major expenses including employee benefit expenses, depreciation of property, plant and equipment, and right-of-use assets, and a net impairment loss on financial assets - Profit Before Tax: **RMB 252,581 thousand**[162](index=162&type=chunk) - Employee Benefit Expenses: **RMB 377,314 thousand** (H1 2024: RMB 340,634 thousand)[162](index=162&type=chunk) - Depreciation and Amortization: Depreciation of property, plant and equipment was **RMB 98,716 thousand**, depreciation of right-of-use assets was **RMB 13,755 thousand**, and amortization of other intangible assets was **RMB 5,887 thousand**[162](index=162&type=chunk) - Impairment Provision for Financial Assets: **RMB 2,869 thousand** (H1 2024: RMB 14,434 thousand)[162](index=162&type=chunk) [Income Tax](index=59&type=section&id=6.%20Income%20Tax) The Group pays income tax based on the jurisdiction of each member company, with exemptions in Cayman Islands and BVI, no taxable profit in Hong Kong, and varying preferential or standard corporate income tax rates in mainland China, resulting in an income tax expense of RMB 48,543 thousand for the period - Cayman Islands/British Virgin Islands: Exempt from income tax[164](index=164&type=chunk)[165](index=165&type=chunk) - Hong Kong: No taxable profit generated, no provision made[167](index=167&type=chunk) - China Corporate Income Tax: Certain subsidiaries enjoy preferential tax rates of **15%-20%**, while others pay at a **25%** rate[169](index=169&type=chunk) - Withholding Tax: Imposed on dividends distributed by Chinese companies to foreign investors, the Group applies a **5%** withholding tax rate, with **RMB 21,000 thousand** provided[170](index=170&type=chunk) - Income Tax Expense: **RMB 48,543 thousand** (H1 2024: RMB 82,727 thousand)[171](index=171&type=chunk) [Dividends](index=60&type=section&id=7.%20Dividends) On May 30, 2025, the annual general meeting approved a final dividend of HKD 0.388 per share for the year ended December 31, 2024, totaling approximately RMB 229,775 thousand, which was declared but unpaid, with no interim dividends declared or paid for the reporting period - Final Dividend: **HKD 0.388 per share**, totaling approximately **RMB 229,775 thousand**, declared but unpaid[172](index=172&type=chunk) - Interim Dividend: No interim dividend declared or paid during the reporting period[174](index=174&type=chunk) [Earnings Per Share Attributable to Ordinary Equity Holders of the Company](index=61&type=section&id=8.%20Earnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Company) For the six months ended June 30, 2025, basic earnings per share were RMB 0.32, a decrease from RMB 0.43 in the prior year, calculated based on profit attributable to ordinary equity holders and the weighted average number of ordinary shares, with no dilutive adjustment due to anti-dilutive unexercised share options - Basic Earnings Per Share: **RMB 0.32** (H1 2024: RMB 0.43)[176](index=176&type=chunk) - Calculation Basis: Based on profit attributable to ordinary equity holders of the company and the weighted average number of ordinary shares outstanding of **646,207,135 shares**[175](index=175&type=chunk)[176](index=176&type=chunk) - Dilutive Impact: Unexercised share options had an anti-dilutive effect, thus no dilutive adjustment was made[175](index=175&type=chunk) [Property, Plant and Equipment](index=61&type=section&id=9.%20Property,%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group purchased assets at a cost of RMB 150,085 thousand, disposed of assets with a net book value of RMB 982 thousand, resulting in a net loss on disposal of RMB 732 thousand - Cost of Assets Purchased: **RMB 150,085 thousand** (H1 2024: RMB 370,751 thousand)[177](index=177&type=chunk) - Net Book Value of Assets Disposed: **RMB 982 thousand** (H1 2024: RMB 1,436 thousand)[177](index=177&type=chunk) - Net Loss on Disposal: **RMB 732 thousand** (H1 2024: RMB 1,322 thousand)[177](index=177&type=chunk) [Investments in Associates](index=62&type=section&id=10.%20Investments%20in%20Associates) On May 20, 2025, Neusoft Ruixin, a wholly-owned subsidiary, acquired 4.23% equity in Xikang Yunshe for RMB 30,000 thousand and invested RMB 45,000 thousand, holding approximately 9.93% as of June 30, 2025, and accounted for as an associate due to significant influence - Acquisition of Xikang Yunshe: Acquired **4.23% equity** for **RMB 30,000 thousand** and made a capital contribution of **RMB 45,000 thousand**[178](index=178&type=chunk) - Shareholding Percentage: Approximately **9.93%** as of June 30, 2025[178](index=178&type=chunk) - Accounting Treatment: Accounted for as an associate due to the ability to exercise **significant influence**[178](index=178&type=chunk) [Trade and Bills Receivables](index=62&type=section&id=11

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

Group 1: Higher Education Business Growth - The company’s three educational institutions are experiencing stable growth, with a planned enrollment of 21,000 students for the 25/26 academic year, representing a 6% increase from the previous year [1] - The total number of enrolled students is expected to reach 61,000 by 2026, reflecting a year-on-year growth of 4%, with an acceleration of 1 percentage point compared to 2025 [1] - The company’s Guangdong school has completed its teaching evaluation, meeting all standards, and plans to expand enrollment starting from the 26/27 academic year [1] Group 2: Expansion in Medical and Health Care Business - The company completed the acquisition of two hospitals, including Dalian Ruikang Cardiovascular Hospital, in May 2024, marking its entry into the medical and health care sector [2] - In the first half of 2025, the medical and health care business generated revenue of 50 million yuan, accounting for 5.4% of total revenue, an increase of 4.7 percentage points year-on-year [2] - The average bed occupancy rate at Ruikang Cardiovascular Hospital was 45%, with outpatient and emergency visits exceeding 28,000 and inpatient and surgical cases surpassing 5,800, marking a 34% increase compared to the same period in 2024 [2] Group 3: Financial Projections and Adjustments - Despite a decline in higher education revenue by 2.9% to 779 million yuan in the first half of 2025 due to a decrease in student numbers at a high-fee Guangdong institution, the company anticipates a rebound in revenue as enrollment increases in the new academic year [3] - The revenue forecast for 2025 has been adjusted down to 2.14 billion yuan, with new projections for 2026 and 2027 set at 2.23 billion yuan and 2.38 billion yuan, respectively [3] - The target price has been revised down to 3.3 HKD, indicating a potential upside of 20% from the current price, while maintaining a buy rating [3]