开拓医疗、康养业务，提升多业务协同效应。公司于2024 年5 月完成对大连睿康心血管病医院等两家医 院的收购，并于24 年开始运营睿康之家，正式进入医养（医疗、康养）领域。1H25 医养业务贡献收入 0.5 亿元，占比达到5.4%，较去年同期提升4.7 个百分点。1H25 睿康心血管病医院门诊与急诊接待量超 2.8 万人次，住院与手术量超5800 人次，平均占床率45%，住院与手术人次较2024 年同期增加34%。睿 康之家（康养业务）入住率达88%。配合心血管医院的强大医疗后勤保障，康养业务对老年人群的吸引 力持续增强。公司同时利用大学业务中的师资与教研团队，开发适合老年人群的兴趣课程，增加康养业 务的趣味性，进一步提升康养业务的品质。未来公司将推进康养同高校在场地利用方面的协同，进一步 盘活资产使用效率，提升运营效益。我们预计随着心血管医院门诊及手术数量逐步放量，医养业务将持 续快速增长。至27 年板块收入预计可达1.7 亿元，3 年复合增速40.8%，收入占比将从24 年3%提升至27 年的7.1%。 维持买入评级。尽管25 学年（2024 年9 月至2025 年6 月）在校生人数保持增长，但因为高学费 ...

上 市 公 司 社会服务 2025 年 09 月 09 日 东软睿新集团 (09616) ——开拓医养业务，提升多业务协同效应，未来增长可期 报告原因：强调原有的投资评级 买入（维持） | 市场数据： | 2025 年 09 月 08 日 | | --- | --- | | 收盘价（港币） | 2.75 | | 恒生中国企业指数 | 9121.66 | | 52 周最高/最低（港币） | 3.98/2.23 | | H 股市值（亿港币） | 17.77 | | 流通 H 股（百万股） | 646.22 | | 汇率（人民币/港币） | 1.0978 | 一年内股价与基准指数对比走势： -2% 48% 98% 09/09 10/09 11/09 12/09 01/09 02/09 03/09 04/09 05/09 06/09 07/09 08/09 HSCEI 东软睿新集团 资料来源：Bloomberg 相关研究 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 黄哲 (8621)23297818× huangzhe@swsresearch.com 财务 ...

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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9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) | 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 | 本月 ...

Core Viewpoint - Neusoft Ruixin Technology Group has demonstrated significant progress in its strategic transformation, achieving a total revenue of RMB 925 million and a profit of RMB 204 million for the period ending June 30, 2025, highlighting the effectiveness of its "education, medical care, and elderly care" strategy [1][2] Financial Performance - The company reported total revenue of RMB 925 million, with a gross profit of RMB 400 million and a net profit of RMB 204 million during the reporting period [2] - The education segment generated approximately RMB 780 million, while the medical and elderly care services contributed RMB 49.7 million, increasing its share of total revenue from 0.7% to 5.4% [2][3] Strategic Transformation - Neusoft Ruixin's "education, medical care, and elderly care" strategy has begun to yield results, particularly in the elderly care sector, which is now a significant part of the company's operations [1][4] - The company has integrated its resources across education, healthcare, and technology to create a comprehensive service system that addresses the needs of different life stages [4] Operational Highlights - The company's medical entities, such as the Ruikang Cardiovascular Hospital and Ruikang Dental Hospital, have seen substantial increases in patient volume, with outpatient and emergency visits exceeding 28,000 and inpatient surgeries surpassing 5,800, marking a 34% increase compared to the previous year [3] - The occupancy rate of the Ruikang Home for the Elderly has exceeded 88%, with 92% of residents being over 80 years old, indicating strong market acceptance of its high-quality services [3] Educational Initiatives - Neusoft Ruixin's educational institutions have continued to grow, with a total enrollment of 58,000 students across three IT application-oriented universities, reflecting a 1.8% increase year-on-year [4] - The Neusoft Phoenix Academy aims to enhance the lives of the elderly through education, leveraging resources from the company's universities to create a unique intergenerational learning environment [5] Market Focus - The company is targeting the rapidly growing silver economy, with over 310 million people aged 60 and above in China by the end of 2024, positioning itself to capture this significant market opportunity [6] - Neusoft Ruixin plans to develop a "city-level smart elderly care platform" to integrate various elderly care services, aiming to transform traditional service models into more intelligent and personalized solutions [6][7] Future Plans - The "Shengqing Kangyang" smart elderly care platform launched in Shenyang has already aggregated over 780 quality service providers, with plans to expand to 10 cities and serve 2,000 elderly care institutions and 12 million elderly individuals by 2025 [7] - The company aims to leverage technology to enhance its educational and healthcare ecosystems, contributing to the high-quality development of China's silver economy [7]

证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 东软睿新集团（09616.HK） 上半年业绩受收入节奏确认影响，全年营收预计保持增长 事件：公司发布 2025 半年报。公司 2025H1 营收同减 4.5%至 9.25 亿元，经调整归 母净利同减 26.3%至 2.04 亿元（调整股权激励费用、上市开支以及汇兑损益）。公司 2025H1 毛利率同减 9.7PCTs 至 43.0%；销售费用率同减 0.30PCTs 至 1.91%；管理费 用率同减 0.06PCTs 至 11.60%；研发费用率同减 0.73PCTs 至 1.40%，经调整净利率 同减 6.5PCTs 至 22.1%。 学历职业教育业务受收入节奏确认影响，学生人数持续增长。公司目前分别在大连、成 都以及佛山运营三所民办本科高校，学校、专业行业名列前茅。2025H1 公司全日制高 等学历教育业务营收同减 2.9%至 7.80 亿元，主要是由于教学日历差异导致的收入波 动，预计 H2 该影响消除。人数方面，2025/2026 获批学额达 2.14 万人，较 2024/2025 学年增长 6.0%（其中成都学 ...

Core Insights - The company aims to establish an integrated smart service system focusing on education, healthcare, and elderly care, addressing lifelong learning and health needs [1][2][3] Financial Performance - In the first half of the year, the company achieved revenue of 925 million yuan, gross profit of 398 million yuan, and adjusted net profit of 204 million yuan [1] Education Sector Developments - The company operates three applied undergraduate universities, with a total enrollment of nearly 58,000 students, reflecting a 1.8% increase compared to the same period in 2024 [1] - The education resource output business has upgraded its service system using large models and intelligent agents [1] Healthcare and Elderly Care Integration - The company has strategically expanded into the silver economy market, with significant growth in its healthcare services, including a 34% increase in inpatient and surgical volumes at its cardiovascular hospital [2] - The occupancy rate of the elderly care facility exceeded 88%, and the company has acquired a stake in Xikang Yunsh, enhancing its wellness tourism services [2] Smart Elderly Care Platform - The company has made notable progress in building a city-level smart elderly care platform, integrating various functions such as government regulation and research innovation [2] - The "Shengqing Kangyang" platform was launched in Shenyang, with a similar platform in Dalian entering internal testing [2] Future Business Strategy - The company plans to extend its business scenarios from physical to digital spaces, creating a network that integrates university campuses, training bases, and urban spaces [3] - The focus will be on talent development, service platforms, and the construction of integrated healthcare and elderly care campuses [3]

Group 1 - The company Neusoft Ruixin Group (09616) reported a mid-term performance for the six months ending June 30, 2025, with revenue of 925 million RMB, a decrease of 4.46% year-on-year [1] - Shareholders' profit attributable to the company was 204 million RMB, representing a year-on-year decrease of 26.49% [1] - Basic earnings per share were reported at 0.32 RMB [1] Group 2 - Revenue from higher education services was approximately 780 million RMB, a decrease of 2.9% compared to the same period last year, primarily due to fluctuations in the academic calendar [1]

Group 1 - The core viewpoint of the article is that Neusoft Ruixin Group (09616) reported a decline in both revenue and profit for the six months ending June 30, 2025, indicating challenges in its financial performance [1] - The company's revenue for the period was 925 million RMB, representing a year-on-year decrease of 4.46% [1] - Shareholders' profit attributable to the company was 204 million RMB, down 26.49% compared to the previous year [1] - Basic earnings per share were reported at 0.32 RMB [1] Group 2 - The revenue from higher education services was approximately 780 million RMB, which is a decrease of 2.9% year-on-year, primarily due to fluctuations caused by differences in the academic calendar [1]

[Summary](index=1&type=section&id=Summary) [Financial Summary](index=1&type=section&id=Financial%20Summary) For the six months ended June 30, 2025, Neutech Group Limited experienced significant declines in revenue, gross profit, and profit for the period, with medical and eldercare services revenue growing substantially but failing to offset the decrease in education technology and services revenue, while gross margin and adjusted net margin also declined | Indicator | 2025 (Thousand RMB) | 2024 (Thousand RMB) | Change (Thousand RMB) | Change % | | :--- | :--- | :--- | :--- | :--- | | Revenue | 924,953 | 968,108 | -43,155 | -4.5% | | Gross Profit | 398,132 | 510,656 | -112,524 | -22.0% | | Profit for the Period | 204,038 | 277,571 | -73,533 | -26.5% | | Profit for the Period Attributable to Owners of the Company | 203,923 | 277,414 | -73,491 | -26.5% | | Adjusted Net Profit | 204,129 | 276,794 | -72,665 | -26.3% | | Adjusted Net Profit Attributable to Owners of the Company | 204,014 | 276,637 | -72,623 | -26.3% | | Gross Margin | 43.0% | 52.7% | -9.7% | N/A | | Adjusted Net Margin | 22.1% | 28.6% | -6.5% | N/A | | Basic Earnings Per Share (RMB) | 0.32 | 0.43 | -0.11 | -25.6% | [Interim Condensed Consolidated Financial Information](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Information) [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) For the six months ended June 30, 2025, the company's revenue decreased by 4.5% year-on-year to RMB 924,953 thousand, and gross profit decreased by 22.0% to RMB 398,132 thousand, with profit for the period at RMB 204,038 thousand, a 26.5% year-on-year decrease, and basic earnings per share at RMB 0.32, down 25.6% from the prior year period | Indicator | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :--- | :--- | :--- | | Revenue | 924,953 | 968,108 | | Cost of Sales | (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 Losses on Financial Assets | (2,869) | (14,434) | | Other Income | 53,349 | 55,499 | | Other Gains, Net | 527 | 315 | | Finance Income | 5,850 | 8,032 | | Finance Expenses | (61,501) | (50,861) | | Net Finance Expenses | (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 | | Basic Earnings Per Share (RMB) | 0.32 | 0.43 | - Total comprehensive income for the period was **RMB 204,820 thousand**, a decrease from **RMB 276,222 thousand** in the prior year period[5](index=5&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&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, slightly higher than RMB 7,355,053 thousand as of December 31, 2024, with total non-current assets increasing while total current assets decreased, and total liabilities and total equity remaining relatively stable | Indicator | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 3,729,441 | 3,674,793 | | Investment Properties | 18,600 | 18,600 | | Right-of-Use Assets | 990,694 | 875,417 | | Goodwill | 330,953 | 330,953 | | Other Intangible Assets | 197,137 | 204,637 | | Investments in Associates | 75,000 | – | | Deferred Tax Assets | 87,688 | 80,212 | | Prepayments and Other Assets | 5,342 | 5,270 | | Financial Assets at Fair Value Through Profit or Loss | 31,500 | 22,500 | | **Total Non-current Assets** | **5,466,355** | **5,212,382** | | **Current Assets** | | | | Inventories | 13,764 | 8,674 | | Trade and Bills Receivables | 77,412 | 67,588 | | Other Receivables | 40,977 | 38,314 | | Prepayments and Other Assets | 99,423 | 103,999 | | Financial Assets at Fair Value Through Profit or Loss | 178,099 | 226,443 | | Restricted Cash | 34,405 | 32,854 | | 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 | | Lease Liabilities | 9,649 | 9,279 | | Contract Liabilities | 219,098 | 1,018,382 | | Current Income Tax Liabilities | 49,541 | 46,206 | | Deferred Income | 16,033 | 26,796 | | **Total Current Liabilities** | **2,411,462** | **2,418,192** | | **Non-current Liabilities** | | | | Trade and Other Payables | 675 | 675 | | Interest-bearing Bank and Other Borrowings | 2,454,414 | 2,474,243 | | Deferred Tax Liabilities | 77,164 | 89,338 | | Lease Liabilities | 19,057 | 23,242 | | Deferred Income | 105,684 | 35,411 | | **Total Non-current Liabilities** | **2,656,994** | **2,622,909** | | **Total Liabilities** | **5,068,456** | **5,041,101** | | **Equity** | | | | Share Capital | 113 | 113 | | Share Premium | 2,214,564 | 2,444,289 | | Reserves | (1,909,367) | (1,910,123) | | Retained Earnings | 1,975,059 | 1,771,136 | | Non-controlling Interests | 18,052 | 8,537 | | **Total Equity** | **2,298,421** | **2,313,952** | | **Total Equity and Liabilities** | **7,366,877** | **7,355,053** | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [Company and Group Information](index=6&type=section&id=Company%20and%20Group%20Information) Neutech Group Limited, formerly Neusoft Education Technology Co. Limited, was incorporated in the Cayman Islands on August 20, 2018, and changed its name on December 4, 2024, with the Group primarily providing academic higher education services, education technology and services, and medical and eldercare services in mainland China - The Company changed its English name from 'Neusoft Education Technology Co. Limited' to 'Neutech Group Limited' on **December 4, 2024**[8](index=8&type=chunk) - The Group primarily provides academic higher education services, education technology and services, and medical and eldercare services in mainland China[8](index=8&type=chunk) [Basis of Preparation and Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The interim condensed consolidated financial information is prepared in accordance with IAS 34 and is consistent with the accounting policies used in the 2024 annual financial statements, except for the initial adoption of IAS 21 (amended), which had no material impact on the Group's financial information - The interim condensed consolidated financial information is prepared in accordance with **International Accounting Standard 34 'Interim Financial Reporting'**[9](index=9&type=chunk) - The amendments to IAS 21 clarify how an entity should assess whether a currency is exchangeable into another currency and how to estimate the spot exchange rate when convertibility is lacking; as the currencies used by the Group for transactions and the functional currencies of Group entities translated into the Group's presentation currency are all convertible, the amendments had no impact on the interim condensed consolidated financial information[11](index=11&type=chunk) [Revenue and Other Income](index=7&type=section&id=Revenue%20and%20Other%20Income) For the six months ended June 30, 2025, total revenue was RMB 924,953 thousand, with academic higher education services remaining the primary source but decreasing by 2.9% year-on-year, while medical and eldercare services revenue significantly increased by 622.8%, and education technology and services revenue decreased by 39.7%, with other income, mainly from rent and property services, slightly decreasing in total | Service Type | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :--- | :--- | :--- | | Academic Higher Education Services | 779,904 | 802,937 | | Tuition Fees | 716,835 | 737,135 | | Accommodation Fees | 62,347 | 63,685 | | Telecommunication Equipment Rental Income | 722 | 2,117 | | Education Technology and Services | 95,393 | 158,301 | | Education Resources | 50,629 | 101,509 | | Lifelong Education Services | 44,764 | 56,792 | | Medical and Eldercare Services | 49,656 | 6,870 | | **Total Revenue** | **924,953** | **968,108** | | **Other Income** | | | | 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 Other Income** | **53,349** | **55,499** | [Income Tax Expense](index=7&type=section&id=Income%20Tax%20Expense) The Group's entities in different jurisdictions are subject to varying income tax policies, including exemptions in the Cayman Islands and BVI, Hong Kong profits tax (no taxable profit this period), and PRC corporate income tax (25% standard rate, with some subsidiaries enjoying 15%-20% preferential rates), while the PRC withholding tax rate decreased from 10% in 2024 to 5% in 2025 - The Company's subsidiaries in the Cayman Islands and the British Virgin Islands are **exempt from income tax**[14](index=14&type=chunk)[15](index=15&type=chunk) - Hong Kong subsidiaries are subject to **8.25%** profits tax on the first HKD 2,000,000 of assessable profits and **16.5%** on the remainder; no assessable profits were generated in the current period[16](index=16&type=chunk)[17](index=17&type=chunk) - PRC subsidiaries are subject to a corporate income tax rate of **25%**, with some enjoying preferential rates of **15%-20%**; the applicable withholding tax rate decreased from **10% in 2024 to 5% in 2025**[19](index=19&type=chunk)[20](index=20&type=chunk) | Indicator | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :--- | :--- | :--- | | Current – PRC Current Income Tax Expense | 63,435 | 92,436 | | Under-provision in Prior Periods | 4,758 | – | | Deferred Income Tax | (19,650) | (9,709) | | **Total Income Tax Expense** | **48,543** | **82,727** | [Dividends](index=9&type=section&id=Dividends) On May 30, 2025, the company approved a final dividend of HKD 0.388 per share for the year ended December 31, 2024, totaling approximately RMB 229,775 thousand, with no interim dividend declared or paid for the six months ended June 30, 2025 - 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**[22](index=22&type=chunk) - No interim dividend was declared or paid by the Company for the six months ended **June 30, 2025**[24](index=24&type=chunk) [Earnings Per Share Attributable to Owners of the Company](index=9&type=section&id=Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company was RMB 0.32, a 25.6% decrease from RMB 0.43 in the prior year period, with earnings per share calculated based on profit attributable to ordinary equity holders and the weighted average number of ordinary shares - Basic earnings per share are calculated based on the profit attributable to ordinary equity holders of the Company for the year, using the weighted average number of ordinary shares in issue of **646,207,135 shares** (2024: **646,205,135 shares**)[25](index=25&type=chunk) | Indicator | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :--- | :--- | :--- | | Profit Attributable to Ordinary Equity Holders of the Company Used in Basic Earnings Per Share Calculation | 203,923 | 277,414 | | Weighted Average Number of Ordinary Shares in Issue for the Year Used in Basic and Diluted Earnings Per Share Calculation (Thousand Shares) | 646,207 | 646,205 | [Property, Plant and Equipment](index=10&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group's asset acquisitions cost was RMB 150,085 thousand, a significant 59.6% year-on-year decrease, while during the same period, the net book value of assets disposed was RMB 982 thousand, resulting in a net loss of RMB 732 thousand - For the six months ended **June 30, 2025**, the Group's cost of asset acquisitions was **RMB 150,085 thousand** (June 30, 2024: **RMB 370,751 thousand**), a year-on-year decrease of **59.6%**[28](index=28&type=chunk) - The net book value of assets disposed by the Group for the six months ended **June 30, 2025**, was **RMB 982 thousand** (June 30, 2024: **RMB 1,436 thousand**), with a net loss on disposal of **RMB 732 thousand** (June 30, 2024: **RMB 1,322 thousand**)[28](index=28&type=chunk) [Trade and Bills Receivables](index=10&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables were RMB 77,412 thousand, an increase from RMB 67,588 thousand as of December 31, 2024, with impairment provisions for trade receivables increasing from RMB 28,111 thousand to RMB 30,110 thousand, and the proportion of trade receivables over 2 years significantly increasing | Indicator | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :--- | :--- | :--- | | Trade Receivables | 104,311 | 95,699 | | Impairment | (30,110) | (28,111) | | Net Book Value | 74,201 | 67,588 | | Bills Receivable | 3,211 | – | | **Total** | **77,412** | **67,588** | | **Aging Analysis** | | | | Less Than 6 Months | 46,276 | 36,930 | | 6 Months to 1 Year | 14,687 | 19,632 | | 1 Year to 2 Years | 16,036 | 27,210 | | Over 2 Years | 27,312 | 11,927 | | **Total** | **104,311** | **95,699** | [Trade and Other Payables](index=11&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables significantly increased to RMB 1,429,363 thousand, a 107.6% increase from RMB 688,477 thousand as of December 31, 2024, with amounts due to related parties surging from RMB 97,214 thousand to RMB 645,544 thousand, and dividends payable increasing from zero to RMB 228,654 thousand | Indicator | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :--- | :--- | :--- | | **Trade and Other Payables** | | | | Trade Payables | 26,399 | 21,045 | | Bills Payable | 41,749 | 24,541 | | **Subtotal** | **68,148** | **45,586** | | **Other Payables** | | | | Amounts Due to Related Parties | 645,544 | 97,214 | | Sundry Fees Collected from Students | 35,335 | 58,000 | | Accrued Salaries and Welfare | 48,342 | 90,614 | | Deposits | 26,810 | 29,425 | | Government Subsidies Payable to Students | 38,951 | 10,800 | | Payables for Property, Plant and Equipment | 251,764 | 304,420 | | Accrued Administrative Expenses | 21,094 | 15,036 | | Other Taxes Payable | 8,696 | 11,188 | | Interest Payable | 3,286 | 3,708 | | Dividends Payable | 228,654 | – | | Others | 52,739 | 22,486 | | **Subtotal** | **1,361,215** | **642,891** | | **Total** | **1,429,363** | **688,477** | | **Analyzed as:** | | | | Non-current Portion | 675 | 675 | | Current Portion | 1,428,688 | 687,802 | - Trade payables are non-interest bearing and typically settled within **180 days**[30](index=30&type=chunk) [Interest-bearing Bank and Other Borrowings](index=12&type=section&id=Interest-bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, total interest-bearing bank and other borrowings were RMB 3,142,867 thousand, a slight increase from RMB 3,103,970 thousand as of December 31, 2024, with total current borrowings increasing to RMB 688,453 thousand while total non-current borrowings slightly decreased, and borrowing interest rates ranging from 3.00% to 6.67% with various maturity dates | Category | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :--- | :--- | :--- | | **Current** | | | | Bank Loans – Unsecured | 227,938 | 330,081 | | Other Loans – Secured | 31,372 | 36,135 | | Current Portion of Long-term Bank Loans – Secured | 277,820 | 232,910 | | Current Portion of Long-term Bank Loans – Unsecured | 150,983 | 30,269 | | Current Portion of Long-term Other Borrowings – Unsecured | 340 | 332 | | **Total – Current** | **688,453** | **629,727** | | **Non-current** | | | | Bank Loans – Secured | 1,821,301 | 1,862,392 | | Bank Loans – Unsecured | 620,138 | 595,623 | | Other Loans – Secured | 12,975 | 16,228 | | **Total – Non-current** | **2,454,414** | **2,474,243** | | **Grand Total** | **3,142,867** | **3,103,970** | - Borrowings have maturity dates ranging from **within one year to over five years**, with interest rates between **3.00% and 6.67%**[31](index=31&type=chunk) [Contract Liabilities](index=13&type=section&id=Contract%20Liabilities) As of June 30, 2025, total contract liabilities were RMB 219,098 thousand, a significant 78.5% decrease from RMB 1,018,382 thousand as of December 31, 2024, primarily due to a substantial reduction in advance payments from customers for academic higher education services, from RMB 953,754 thousand to RMB 186,219 thousand | Category of Advance Payments from Customers | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :--- | :--- | :--- | | Academic Higher Education Services | 186,219 | 953,754 | | Tuition Fees | 165,095 | 870,170 | | Accommodation Fees | 21,124 | 83,584 | | Education Technology and Services | 27,871 | 58,268 | | Education Resources | 14,657 | 18,366 | | Lifelong Education Services | 13,214 | 39,902 | | Medical and Eldercare Services | 4,231 | 5,604 | | Software System Technology Development | 777 | 756 | | **Total** | **219,098** | **1,018,382** | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=13&type=section&id=Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) As of June 30, 2025, financial assets at fair value through profit or loss were RMB 209,599 thousand, a decrease from RMB 248,943 thousand as of December 31, 2024, with these financial assets primarily classified under Level 3 of the fair value hierarchy, and valuations relying on unobservable inputs such as expected yields of bank wealth management products and net asset values of unlisted funds | Indicator | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :--- | :--- | :--- | | Financial Assets at Fair Value Through Profit or Loss | 209,599 | 248,943 | | Interest-bearing Bank and Other Borrowings | 3,142,867 | 3,103,970 | - Key unobservable inputs for financial instrument valuation include expected yields of bank wealth management products (**0.84% to 2.76%**) and net asset values of unlisted fund investments; fair value is sensitive to these inputs[32](index=32&type=chunk) | Inputs Used in Fair Value Measurement | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :--- | :--- | :--- | | Level 3 (Significant Unobservable Inputs) Financial Assets | 209,599 | 248,943 | | Level 2 (Significant Observable Inputs) Interest-bearing Bank and Other Borrowings | 3,142,867 | 3,103,970 | - No transfers between Level 1 and Level 2 occurred during the period, and no transfers into or out of Level 3 for financial assets and liabilities[34](index=34&type=chunk) [About Us](index=16&type=section&id=About%20Us) [Group Overview and Strategic Transformation](index=16&type=section&id=Group%20Overview%20and%20Strategic%20Transformation) Neutech Group Limited, since its founding in 2000, has become a leader in digital talent education services in China, and starting in 2025, the Group fully initiated a strategic transformation to build a new integrated "Education, Medical, Eldercare, Wellness, and Tourism" ecosystem, establishing five diversified business segments aimed at achieving sustainable development through technology empowerment and educational innovation - The Group has become a leader in digital talent education services in China and, starting in **2025**, fully initiated a strategic transformation to build a new integrated 'Education, Medical, Eldercare, Wellness, and Tourism' ecosystem[38](index=38&type=chunk) - The Group has established five diversified business segments: (i) Education Services; (ii) Medical and Eldercare Services; (iii) Health Technology; (iv) Wellness and Tourism Services; and (v) University Science Parks and Campus Services[38](index=38&type=chunk) - The Group's vision is 'Committed to becoming a leader in the Education, Medical, Eldercare, Wellness, and Tourism ecosystem', and its mission is 'Technology empowers the Education, Medical, and Eldercare ecosystem, educational innovation for a smart digital life'[38](index=38&type=chunk) | Business Type | 2025 (Thousand RMB) | 2024 (Thousand RMB) | Change % | Proportion 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% | | Medical and Eldercare Services | 49,656 | 6,870 | 622.8% | 5.4% | | **Total** | **924,953** | **968,108** | **–4.5%** | **100.0%** | [Business Review](index=17&type=section&id=Business%20Review) [Academic Higher Education Services](index=17&type=section&id=Academic%20Higher%20Education%20Services) Academic higher education services generated approximately RMB 779.9 million in revenue, a 2.9% year-on-year decrease, with the Group's three IT application-oriented undergraduate universities maintaining their leading positions, receiving numerous awards for educational quality, program development, and innovation and entrepreneurship education, while enrollment quotas and student numbers continued to grow, with an increasing proportion of high-quality students - Academic higher education services generated approximately **RMB 779.9 million** in revenue during the reporting period[41](index=41&type=chunk) - The total enrollment quota for the three universities for the **2025/2026 academic year** exceeded **21,000 students**, a **6.0%** increase from the previous academic year, with undergraduate quotas growing by **8.5%**; as of **June 30, 2025**, the total number of enrolled students across the three universities was nearly **58,000**, a **1.8%** increase from the same period in **2024**[48](index=48&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - As the **2025/2026 academic year** enrollment is nearing completion, the highest admission scores for the physics group at Dalian, Chengdu, and Guangdong campuses all exceeded their respective provincial undergraduate control lines, indicating a continuous increase in high-quality student intake[52](index=52&type=chunk) [Dalian Campus](index=17&type=section&id=Dalian%20Campus) Dalian Campus offers 33 undergraduate programs, 9 vocational programs, etc., including 8 health technology-related programs, with two new vocational programs to be added in the 2025/2026 academic year, and has accumulated 7 national-level first-class undergraduate program construction sites, ranking first among private universities nationwide, and also ranks first in the national private university innovation and entrepreneurship education index - Dalian Campus offers **33 undergraduate programs**, **9 vocational programs**, **9 junior-to-senior transfer programs**, and **2 vocational undergraduate programs**, including **8 health technology-related programs**[42](index=42&type=chunk) - For the **2025/2026 academic year**, **2 new vocational programs** (nursing, elderly health management) were approved[42](index=42&type=chunk) - Accumulated **7 national-level first-class undergraduate program construction sites** and **8 provincial-level first-class undergraduate program construction sites**, with the number of national-level first-class undergraduate program construction sites ranking **first among private universities nationwide**[42](index=42&type=chunk)[43](index=43&type=chunk) - Ranked **first among national private universities** in the **2024 China Undergraduate Innovation and Entrepreneurship Education Index**[43](index=43&type=chunk) [Chengdu Campus](index=18&type=section&id=Chengdu%20Campus) Chengdu Campus offers 33 undergraduate programs, 14 junior-to-senior transfer programs, etc., including 6 health technology-related programs, with one new undergraduate program and one vocational undergraduate program to be added in the 2025/2026 academic year, and ranks third among national private universities and first among Sichuan private universities in the National University Computer Competition Index, also holding national first place in several professional rankings - Chengdu Campus offers **33 undergraduate programs**, **14 junior-to-senior transfer programs**, and **1 vocational undergraduate program**, including **6 health technology-related programs**[44](index=44&type=chunk) - For the **2025/2026 academic year**, **1 new undergraduate program** (robotics engineering) and **1 vocational undergraduate program** (software engineering technology) were approved[44](index=44&type=chunk) - Ranked **third among national private universities** and **first among Sichuan private universities** in the **National University Computer Competition Index**, and has consistently ranked **first among national private universities**[45](index=45&type=chunk)[46](index=46&type=chunk) - In the **2025 Alumni Association Private University Professional Rankings**, software engineering, digital media technology, integrated circuit design, and integrated systems programs all ranked **first nationwide**[46](index=46&type=chunk) [Guangdong Campus](index=19&type=section&id=Guangdong%20Campus) Guangdong Campus offers 23 undergraduate programs, 3 vocational programs, etc., including 1 health technology-related program, and has accumulated 3 provincial-level first-class undergraduate program construction sites, with the Visual Communication Design program ranking first among Guangdong private universities in the 2025 Soft Science China University Professional Rankings, and the campus receiving honors such as "Guangdong Province 2024 Most Network Influential Undergraduate University" - Guangdong Campus offers **23 undergraduate programs**, **3 vocational programs**, and **12 junior-to-senior transfer programs**, including **1 health technology-related program**[47](index=47&type=chunk) - Accumulated **3 provincial-level first-class undergraduate program construction sites**, **1 national-level first-class undergraduate course**, and **20 provincial-level first-class undergraduate courses**[47](index=47&type=chunk) - In the **2025 Soft Science China University Professional Rankings**, the Visual Communication Design program ranked **first among Guangdong private universities**[49](index=49&type=chunk) - Awarded 'Guangdong Province **2024 Most Network Influential Undergraduate University**' and '**2024 High-Quality Employment Best Innovation and Practice University**' honors[49](index=49&type=chunk) [Enrollment Quotas and Student Numbers](index=19&type=section&id=Enrollment%20Quotas%20and%20Student%20Numbers) For the 2025/2026 academic year, the total enrollment quota for the three universities reached 21,396 students, a 6.0% year-on-year increase, with undergraduate quotas growing by 8.5%, while as of June 30, 2025, the total number of enrolled students was 57,791, a 1.8% year-on-year increase, and Chengdu Campus ceased vocational program enrollment for the 2025/2026 academic year due to campus capacity issues | Campus | 2025/2026 Academic Year Enrollment Quota | 2024/2025 Academic Year Enrollment Quota | Change in Number | Change % | | :--- | :--- | :--- | :--- | :--- | | Dalian Campus Subtotal | 9,742 | 9,251 | 491 | 5.3% | | Chengdu Campus Subtotal | 7,123 | 6,723 | 400 | 5.9% | | Guangdong Campus Subtotal | 4,531 | 4,206 | 325 | 7.7% | | **Total** | **21,396** | **20,180** | **1,216** | **6.0%** | | **Number of Enrolled Students** | **June 30, 2025** | **June 30, 2024** | **Change %** | | | Dalian Campus Subtotal | 23,224 | 21,229 | 9.4% | | | Chengdu Campus Subtotal | 21,557 | 21,934 | –1.7% | | | Guangdong Campus Subtotal | 13,010 | 13,618 | –4.5% | | | **Total** | **57,791** | **56,781** | **1.8%** | | - Chengdu Campus ceased vocational program enrollment for the **2025/2026 academic year**, primarily due to **campus capacity issues**[50](index=50&type=chunk) [High-Quality Student Intake](index=22&type=section&id=High-Quality%20Student%20Intake) Benefiting from high-quality program development and reputation, the Group's three universities continue to attract high-quality students, with the highest admission scores for the physics group at Dalian, Chengdu, and Guangdong campuses in the 2025/2026 academic year enrollment significantly exceeding their respective provincial undergraduate control lines by 99, 100, and 68 points, respectively - The highest admission score for the physics group at Dalian Campus exceeded Liaoning Province's undergraduate control line by **99 points**[52](index=52&type=chunk) - The highest admission score for the physics group at Chengdu Campus exceeded Sichuan Province's undergraduate control line by **100 points**[52](index=52&type=chunk) - The highest admission score for the physics group at Guangdong Campus exceeded Guangdong Province's undergraduate control line by **68 points**[52](index=52&type=chunk) [Education Technology and Services](index=22&type=section&id=Education%20Technology%20and%20Services) Education technology and services revenue was approximately RMB 95.4 million, a 39.7% year-on-year decrease, with the Group building a "4S" product and service system covering content, software, platforms, and data, and fully advancing the R&D and application of emerging technologies like AI, big data, and metaverse in education, while lifelong education services combine continuing education with eldercare education to explore new business opportunities - Education technology and services generated approximately **RMB 95.4 million** in revenue during the reporting period[53](index=53&type=chunk) - The Group has built a '4S' product and service system covering content, software, platforms, and data (CaaS, SaaS, PaaS, DaaS), combined with online and offline lifelong education services[53](index=53&type=chunk) - Fully advancing the technology R&D and application of emerging frontier technologies such as AI, big data, and metaverse in the education sector, developing and iterating multiple platform software, teaching content, and smart training rooms[54](index=54&type=chunk) [Education Resource Output](index=22&type=section&id=Education%20Resource%20Output) Education resource output business generated approximately RMB 50.6 million in revenue, a 50.1% year-on-year decrease, mainly due to delayed delivery of education technology products, with the Group continuing to optimize its smart education platform software, digital teaching content, and smart training room product matrix, and partnering with 60 institutions for program co-construction and industry-academia collaboration, covering nearly 18,000 enrolled students - Education resource output business generated approximately **RMB 50.6 million** in revenue[65](index=65&type=chunk) - Smart Education Platform V3.0 fully optimizes functions, providing a lightweight online experimental environment, supporting full-process data tracking and automatic code detection, and deeply integrating AI teaching assistant tools[57](index=57&type=chunk) - Developed digital teaching content products for six major professional fields: computer and software, artificial intelligence, big data, digital media, health and medical care, and innovation and entrepreneurship[59](index=59&type=chunk) - Built smart training rooms serving the cultivation of application-oriented talents and practical teaching in universities, covering multiple professional directions such as computer and software, artificial intelligence, big data, and digital media[60](index=60&type=chunk)[61](index=61&type=chunk) - Partnered with **60 institutions** for program co-construction and industry-academia collaboration, covering nearly **18,000 enrolled students**[65](index=65&type=chunk) [Lifelong Education Services](index=27&type=section&id=Lifelong%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 intake caused by market changes, with the Group obtaining national and provincial training qualifications in continuing education, delivering 53 training programs for 43 institutional clients, and simultaneously expanding into eldercare education, establishing "Neusoft Phoenix College" and proposing the "LIFECARES" new concept for eldercare education, enrolling over 360 students during the reporting period - Lifelong education business generated approximately **RMB 44.8 million** in revenue during the reporting period[66](index=66&type=chunk) - Continuing education services successfully 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 programs accounting for **81%**[67](index=67&type=chunk) - Self-developed online education platform 'Neusoft Education Online' has accumulated **2.328 million registered users**[68](index=68&type=chunk) - Expanded into eldercare education, establishing 'Neusoft Phoenix College' and proposing the 'LIFECARES' new concept for eldercare education, integrating leisure, eldercare, medical care, learning, and contribution, enrolling over **360 students** during the reporting period[69](index=69&type=chunk)[70](index=70&type=chunk) [Medical and Eldercare Business](index=29&type=section&id=Medical%20and%20Eldercare%20Business) Medical and eldercare business generated approximately RMB 49.7 million in revenue, a significant 622.8% year-on-year increase, primarily due to the acquisition of Neusoft Health Medical and its subsidiaries completed on May 31, 2024, with the Group strategically expanding into the silver economy market by integrating education and medical/eldercare businesses to build a new mutually beneficial ecosystem, including medical services, wellness, and eldercare technology services - Medical and eldercare business generated approximately **RMB 49.7 million** in revenue during the reporting period, a **622.8%** increase from the same period last year[71](index=71&type=chunk) - Medical and eldercare facilities serve as practical bases for students and research bases for teachers in related university programs; the universities' teaching foundation and infrastructure support eldercare education, which in turn provides a customer base for medical and eldercare businesses, while medical services offer healthcare support for eldercare education and services[71](index=71&type=chunk) [Medical Services](index=29&type=section&id=Medical%20Services) Ruikang Cardiovascular Hospital, a non-profit tertiary specialized hospital, handled over 28,000 outpatient and emergency visits and over 5,800 inpatient and surgical cases, a 34% year-on-year increase, while Ruikang Dental Hospital, Dalian's second tertiary standard dental specialized hospital, handled over 10,000 outpatient visits and received the "Liaoning Province Elderly-Friendly Medical Institution" honor - Ruikang Cardiovascular Hospital is a non-profit tertiary specialized cardiovascular hospital operated in cooperation with the Second Affiliated Hospital of Dalian Medical University, and has obtained medical insurance settlement qualifications[72](index=72&type=chunk) - During the reporting period, Ruikang Cardiovascular Hospital handled over **28,000 outpatient and emergency visits** and over **5,800 inpatient and surgical cases**, with an average bed occupancy rate of **45%**; inpatient and surgical cases increased by **34%** compared to the same period in **2024**[73](index=73&type=chunk) - Ruikang Dental Hospital is Dalian's second large-scale smart dental specialized hospital built to tertiary standards, has obtained medical insurance settlement qualifications, and handled over **10,000 outpatient visits** during the reporting period[74](index=74&type=chunk)[75](index=75&type=chunk) - Ruikang Dental Hospital received the 'Liaoning Province Elderly-Friendly Medical Institution' honor awarded by the Liaoning Provincial Health Commission[74](index=74&type=chunk) [Wellness and Eldercare Technology Services](index=30&type=section&id=Wellness%20and%20Eldercare%20Technology%20Services) Ruikang Home Eldercare Institute, a high-end eldercare center deeply integrating medical and eldercare services, achieved an 88% occupancy rate, primarily serving semi-disabled and higher-level care elderly, with the Group's Chengdu Qingcheng Kangdao Hotel officially opening, and in May 2025, the Group acquired approximately 4.2255% equity in Xikang Yunshe to expand wellness tourism services, while simultaneously actively developing eldercare technology businesses, launching Shenyang City's smart eldercare platform "Shengqing Kangyang," with Dalian City's platform entering internal testing - Ruikang Home Eldercare Institute is planned with **50 rooms** and **59 beds**, fully covered with millimeter-wave radar sensing equipment, achieving an **88% occupancy rate**; **92%** of residents are over **80 years old**, primarily requiring semi-disabled and higher-level care[76](index=76&type=chunk)[77](index=77&type=chunk) - Chengdu Qingcheng Kangdao Hotel (Qingcheng Mountain Xikang Yunshe Resort Hotel) officially opened, focusing on health and healing, and serving as a venue for academic exchanges and student practical training[78](index=78&type=chunk) - In **May 2025**, acquired approximately **4.2255%** equity in Xikang Yunshe for a consideration of **RMB 30 million**, and invested **RMB 45 million**; as of **June 30, 2025**, the Group held approximately **9.9341%** equity in Xikang Yunshe[79](index=79&type=chunk) - Officially launched Shenyang City's smart eldercare platform – 'Shengqing Kangyang', and Dalian City's smart eldercare platform has entered internal testing[82](index=82&type=chunk) [University Science Parks and Campus Services](index=33&type=section&id=University%20Science%20Parks%20and%20Campus%20Services) The Group, through its industrial service company, unifies management and professional operations for the three universities' science park operations, campus support services, and infrastructure maintenance, aiming to build a high-quality "Education, Medical, Eldercare, Wellness, and Tourism" logistics service, with science park operations forming a distinctive "three locations, three parks, three platforms" system, campus life services introducing well-known brands, and infrastructure project management promoting campus expansion projects - The Group, through its industrial service company, unifies management and professional operations for the three universities' science park operations, campus support services, and campus infrastructure maintenance[83](index=83&type=chunk) - Science park operations have established a distinctive operating system of 'three locations (Dalian, Chengdu, Foshan parks), three parks (Education Park, Digital Park, Medical and Eldercare Park), and three platforms (Lifelong Education, Technology Innovation, Medical and Eldercare Wellness and Tourism)'[84](index=84&type=chunk) - Dalian Park has become Liaoning Province's first provincial-level university science park for private universities, approved as a national-level makerspace; Chengdu Park and Foshan Park have also been recognized as national-level makerspaces and national-level technology business incubators, respectively[85](index=85&type=chunk) - As of **June 30, 2025**, provided campus life services to over **60,000 faculty and staff**, with nearly **150 merchants** on campus, and newly introduced well-known brands such as KFC, McDonald's, Luckin Coffee, and Tea Baidao[87](index=87&type=chunk) - Dalian Campus and Guangdong Campus have initiated construction projects for the Health Medical Technology Park Apartments and the International Exchange Center and University Science Park, respectively, expected to add approximately **8,000 beds**[88](index=88&type=chunk)[89](index=89&type=chunk) [Science Park Operations](index=33&type=section&id=Science%20Park%20Operations) The Group operates university science parks leveraging the infrastructure of its three universities, forming a distinctive "three locations, three parks, three platforms" operating system, with Dalian Park becoming Liaoning Province's first provincial-level university science park for private universities and approved as a national-level makerspace, while Chengdu Park and Foshan Park have also been approved as national-level makerspaces and national-level technology business incubators, respectively, attracting IT enterprises and promoting industry-academia-research integration - Science park operations have established a distinctive operating system of 'three locations (Dalian Park, Chengdu Park, Foshan Park), three parks (Education Park, Digital Park, Medical and Eldercare Park), and three platforms (Lifelong Education, Technology Innovation, Medical and Eldercare Wellness and Tourism)'[84](index=84&type=chunk) - Dalian Park has become Liaoning Province's first provincial-level university science park for private universities, approved as a national-level makerspace, and an important component of the 'National Software Industry Base' and 'China Service Outsourcing Demonstration City'[85](index=85&type=chunk) - Chengdu Park and Foshan Park have been successively recognized as 'national-level makerspaces' and 'national-level technology business incubators', constructing an open, shared, and industry-education integrated innovation and entrepreneurship ecosystem through industry-academia-research integration and enterprise-into-campus initiatives[85](index=85&type=chunk) [Campus Life Services](index=34&type=section&id=Campus%20Life%20Services) The Group actively responds to national policies, providing quality campus life services for faculty and students, improving the service system, and innovating service models, with over 60,000 faculty and staff receiving safe, high-quality, and efficient campus life services as of June 30, 2025, and nearly 150 merchants on campus, with new introductions including well-known brands such as KFC, McDonald's, Luckin Coffee, and Tea Baidao to meet diverse needs - As of **June 30, 2025**, provided safe, high-quality, and efficient campus life services to over **60,000 faculty and staff**[87](index=87&type=chunk) - Nearly **150 merchants** are located on campus, with new introductions during the reporting period including well-known brands such as KFC, McDonald's, Luckin Coffee, and Tea Baidao[87](index=87&type=chunk) [Infrastructure Project Management and Property Maintenance Management](index=34&type=section&id=Infrastructure%20Project%20Management%20and%20Property%20Maintenance%20Management) The industrial service company is solely responsible for the infrastructure project management and property maintenance management of the three universities, aiming to build a beautiful, comfortable, and high-quality campus environment while improving efficiency, with Dalian Campus initiating the Health Medical Technology Park Apartment construction project in October 2024, expected to be completed by December 2025, adding approximately 6,000 beds, and Guangdong Campus initiating the International Exchange Center and University Science Park construction project in February 2025, with some buildings expected to be completed by August 2026, adding approximately 2,000 beds - The industrial service company is solely responsible for the infrastructure project management and property maintenance management of the three universities, promoting standardized business processes, centralized management, and maximized efficiency[88](index=88&type=chunk) - Dalian Campus purchased land use rights and initiated the Health Medical Technology Park Apartment construction project, expected to be completed by **December 2025**, which is projected to add approximately **6,000 beds** to the campus capacity[88](index=88&type=chunk) - Guangdong Campus purchased land use rights and initiated the International Exchange Center and University Science Park construction project, with some buildings expected to be completed by **August 2026**, which is projected to add approximately **2,000 beds** to the campus capacity[89](index=89&type=chunk) [Financial Review](index=35&type=section&id=Financial%20Review) [Revenue](index=35&type=section&id=Revenue) For the six months ended June 30, 2025, total revenue was approximately RMB 925.0 million, a 4.5% decrease from the prior year period, with academic higher education services revenue decreasing by 2.9%, education technology and services revenue decreasing by 39.7%, while medical and eldercare services revenue significantly increased by 622.8% due to the acquisition of Neusoft Health Medical and its subsidiaries - For the six months ended **June 30, 2025**, revenue was approximately **RMB 925.0 million**, a **4.5%** decrease from the prior year period[90](index=90&type=chunk) - Academic higher education services revenue decreased by **2.9%**, primarily due to differences in the academic calendar; education technology and services revenue decreased by **39.7%**, with education resource output revenue decreasing by **50.1%** (due to delayed delivery) and lifelong education services revenue decreasing by **21.2%** (due to reduced student intake from market changes)[92](index=92&type=chunk) - Medical and eldercare services revenue increased by **622.8%**, primarily due to the acquisition of Neusoft Health Medical Management Co., Ltd. and its subsidiaries completed on **May 31, 2024**, with all related revenue consolidated into the Group in the first half of **2025**[92](index=92&type=chunk) [Cost of Sales](index=35&type=section&id=Cost%20of%20Sales) For the six months ended June 30, 2025, cost of sales was approximately RMB 526.8 million, a 15.2% year-on-year increase, primarily attributable to the full consolidation of cost of sales from Neusoft Health Medical and its subsidiaries after the acquisition in May 2024, as well as increased staff remuneration and depreciation expenses due to expanded school scale and completion of expansion projects - For the six months ended **June 30, 2025**, cost of sales was approximately **RMB 526.8 million**, a **15.2%** increase from the prior year period[90](index=90&type=chunk) - Primarily due to the full consolidation of cost of sales from Neusoft Health Medical Management Co., Ltd. and its subsidiaries into the Group in the first half of **2025** after the acquisition[90](index=90&type=chunk) - Increased staff remuneration and depreciation expenses due to the expanded student scale of the three universities and the successive completion and operation of expansion projects[90](index=90&type=chunk) [Gross Profit](index=35&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, with this decline being a combined result of reduced revenue and increased cost of sales - For the six months ended **June 30, 2025**, gross profit was approximately **RMB 398.1 million**, a **22.0%** decrease from the prior year period[91](index=91&type=chunk) [Selling Expenses](index=36&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, with this reduction primarily due to the company optimizing its sales team structure, leading to lower staff remuneration for sales personnel - For the six months ended **June 30, 2025**, selling expenses were approximately **RMB 17.7 million**, a **17.6%** decrease from the prior year period[93](index=93&type=chunk) - Primarily due to the company optimizing its sales team structure, resulting in reduced staff remuneration for sales personnel[93](index=93&type=chunk) [Research and Development Expenses](index=36&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, with this decline mainly due to the substantial completion of major R&D projects, such as the smart education platform, in the previous period - For the six months ended **June 30, 2025**, research and development expenses were approximately **RMB 13.0 million**, a **37.1%** decrease from the prior year period[94](index=94&type=chunk) - This decrease was primarily due to the substantial completion of major R&D projects, such as the smart education platform, in the previous period[94](index=94&type=chunk) [Net Impairment Losses on Financial Assets](index=36&type=section&id=Net%20Impairment%20Losses%20on%20Financial%20Assets) For the six months ended June 30, 2025, net impairment losses on financial assets were approximately RMB 2.9 million, an 80.1% year-on-year decrease, with this reduction primarily due to the recovery of some receivables, leading to a lower bad debt ratio - For the six months ended **June 30, 2025**, net impairment losses on financial assets were approximately **RMB 2.9 million**, an **80.1%** decrease from the prior year period[95](index=95&type=chunk) - Primarily due to the recovery of some receivables, leading to a lower bad debt ratio[95](index=95&type=chunk) [Other Income](index=36&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, with this decline primarily due to a reduction in government grants - For the six months ended **June 30, 2025**, other income was approximately **RMB 53.3 million**, a **3.9%** decrease from the prior year period[96](index=96&type=chunk) - Primarily due to a reduction in government grants[96](index=96&type=chunk) [Net Finance Expenses](index=36&type=section&id=Net%20Finance%20Expenses) For the six months ended June 30, 2025, net finance expenses were approximately RMB 55.7 million, a 29.9% year-on-year increase, with this primarily due to an increase in interest expenses - For the six months ended **June 30, 2025**, net finance expenses were approximately **RMB 55.7 million**, a **29.9%** increase from the prior year period[97](index=97&type=chunk) - Primarily due to an increase in interest expenses[97](index=97&type=chunk) [Income Tax Expense](index=36&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, with this decline primarily due to a reduction in taxable profit during the reporting period - For the six months ended **June 30, 2025**, income tax expense was approximately **RMB 48.5 million**, a **41.3%** decrease from the prior year period[98](index=98&type=chunk) - Primarily due to a reduction in taxable profit during the reporting period[98](index=98&type=chunk) [Profit for the Period](index=37&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, and profit attributable to owners of the Company was approximately RMB 203.9 million, also a 26.5% decrease, with earnings per share also decreasing by approximately 25.6%, primarily due to the decline in profit for the period - For the six months ended **June 30, 2025**, profit for the period decreased by approximately **26.5%** year-on-year[99](index=99&type=chunk) - Profit attributable to owners of the Company was approximately **RMB 203.9 million**, a **26.5%** decrease from the prior year period[99](index=99&type=chunk) - Earnings per share decreased by approximately **25.6%** year-on-year, primarily due to the decline in profit for the period[99](index=99&type=chunk) [Non-IFRS Measures](index=37&type=section&id=Non-IFRS%20Measures) To supplement IFRS, the Group uses "adjusted net profit," "adjusted net profit attributable to owners of the Company," and "adjusted net profit margin" as additional financial measures to eliminate the impact of non-recurring items (such as net exchange losses/gains) that management believes do not reflect operating performance, with adjusted net profit approximately RMB 204.1 million as of June 30, 2025, a 26.3% year-on-year decrease, and an adjusted net profit margin of 22.1% - The Group's adjusted net profit is derived by deducting the impact of net exchange losses/(gains) from the profit for the year/period[100](index=100&type=chunk) | Indicator | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :--- | :--- | :--- | | Profit for the Period | 204,038 | 277,571 | | Adjustments: Net Exchange Losses/(Gains) | 91 | (777) | | **Adjusted Net Profit** | **204,129** | **276,794** | | Profit for the Period Attributable to Owners of the Company | 203,923 | 277,414 | | Adjustments: Net Exchange Losses/(Gains) | 91 | (777) | | **Adjusted Net Profit Attributable to Owners of the Company** | **204,014** | **276,637** | - For the six months ended **June 30, 2025**, adjusted net profit was approximately **RMB 204.1 million**, a **26.3%** decrease from the prior year period; the adjusted net profit margin was **22.1%** (2024: **28.6%**)[103](index=103&type=chunk) [Financial and Liquidity Position](index=39&type=section&id=Financial%20and%20Liquidity%20Position) As of June 30, 2025, the Group's cash and cash equivalents were approximately RMB 1,456.4 million, a decrease from December 31, 2024, with total borrowings from financial institutions at approximately RMB 3,142.9 million, primarily denominated in RMB, and comprising both fixed and floating interest rates, while net current liabilities increased and the current ratio decreased, and the Group had no significant contingent liabilities or foreign exchange risks, with both the interest-bearing debt to asset ratio and capital gearing ratio slightly decreasing, and capital expenditures mainly for campus upgrades and expansion, and equity acquisition of Xikang Yunshe completed during the reporting period, with land acquisition for Guangdong Campus planned - As of **June 30, 2025**, the Group's cash and cash equivalents were approximately **RMB 1,456.4 million** (December 31, 2024: approximately **RMB 1,664.8 million**)[106](index=106&type=chunk) - The Group's total borrowings from financial institutions as of **June 30, 2025**, were approximately **RMB 3,142.9 million** (December 31, 2024: approximately **RMB 3,104.0 million**)[106](index=106&type=chunk) - As of **June 30, 2025**, net current liabilities were approximately **RMB 510.9 million** (December 31, 2024: approximately **RMB 275.5 million**), and the current ratio was **0.79** (December 31, 2024: **0.89**)[108](index=108&type=chunk) - As of **June 30, 2025**, the Group's interest-bearing debt to asset ratio was **43.1%** (December 31, 2024: **44.0%**), and the capital gearing ratio was **138.0%** (December 31, 2024: **139.7%**)[112](index=112&type=chunk)[113](index=113&type=chunk) - For the six months ended **June 30, 2025**, the Group's capital expenditure was approximately **RMB 331.2 million**, primarily related to upgrading and expanding campuses[114](index=114&type=chunk) - On **May 20, 2025**, approximately **4.2255%** equity in Xikang Yunshe was acquired for a consideration of **RMB 30.0 million**, and an investment of **RMB 45.0 million** was made in Xikang Yunshe; as of **June 30, 2025**, the Group held approximately **9.9341%** equity in Xikang Yunshe[115](index=115&type=chunk) - Guangdong Campus successfully acquired land use rights for two plots in Nanhai District, Foshan City, in **February 2025**, for a total consideration of **RMB 108.53 million**[117](index=117&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=39&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the company's issued share capital was HKD 129,243, with 646,213,135 ordinary shares in issue, cash and cash equivalents at approximately RMB 1,456.4 million, and total borrowings from financial institutions at approximately RMB 3,142.9 million, with maturity dates ranging from within one year to over five years, primarily denominated in RMB, and comprising fixed-rate (approximately RMB 648.7 million) and floating-rate (approximately RMB 2,494.2 million) borrowings - As of **June 30, 2025**, the Company's issued share capital was **HKD 129,243** and the number of ordinary shares in issue was **646,213,135 shares**[105](index=105&type=chunk) - As of **June 30, 2025**, the Group's cash and cash equivalents were approximately **RMB 1,456.4 million** (December 31, 2024: approximately **RMB 1,664.8 million**)[106](index=106&type=chunk) - The Group's total borrowings from financial institutions as of **June 30, 2025**, were approximately **RMB 3,142.9 million** (December 31, 2024: approximately **RMB 3,104.0 million**)[106](index=106&type=chunk) - Borrowings have maturity dates ranging from **within one year to over five years**, with approximately **RMB 648.7 million** at fixed rates and approximately **RMB 2,494.2 million** at floating rates[106](index=106&type=chunk) [Treasury Policy](index=39&type=section&id=Treasury%20Policy) The Group adopts a prudent financial management approach to its treasury policy, with the Board closely monitoring liquidity to ensure the Group's asset, liability, and other commitment liquidity structure consistently meets its funding needs - The Group adopts a **prudent financial management approach** to its treasury policy[107](index=107&type=chunk) - The Board closely monitors the Group's liquidity position to ensure that the Group's asset, liability, and other commitment liquidity structure consistently meets its funding needs[107](index=107&type=chunk) [Net Current Liabilities](index=39&type=section&id=Net%20Current%20Liabilities) As of June 30, 2025, net current liabilities were approximately RMB 510.9 million, a significant increase from RMB 275.5 million as of December 31, 2024, with the current ratio decreasing from 0.89 to 0.79, primarily due to a reduction in total current assets caused by decreased cash and cash equivalents - As of **June 30, 2025**, net current liabilities were approximately **RMB 510.9 million** (December 31, 2024: approximately **RMB 275.5 million**); the increase in net current liabilities was primarily due to a decrease in cash and cash equivalents, leading to a reduction in total current assets[108](index=108&type=chunk) - As of **June 30, 2025**, the Group's current ratio (current assets divided by current liabilities) was **0.79** (December 31, 2024: **0.89**)[108](index=108&type=chunk) [Contingent Liabilities](index=39&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities or any significant litigation against it - As of **June 30, 2025**, the Group had **no contingent liabilities** or any significant litigation against it[109](index=109&type=chunk) [Foreign Exchange Risk](index=40&type=section&id=Foreign%20Exchange%20Risk) The majority of the Group's income and expenses are denominated in RMB, and for the six months ended June 30, 2025, there were no significant difficulties or impacts on its operations or liquidity due to currency exchange rate fluctuations, with the Directors believing the Group has sufficient foreign exchange and will take measures to prevent exchange rate risks - The majority of the Group's income and expenses are denominated in **RMB**; for the six months ended **June 30, 2025**, the Group experienced **no significant difficulties or impacts** on its operations or liquidity due to currency exchange rate fluctuations[110](index=110&type=chunk) - The Directors believe that the Group has **sufficient foreign exchange** to meet its own foreign exchange requirements and will take practical and effective measures to prevent exchange rate risks[110](index=110&type=chunk) [Pledge of Assets](index=40&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group's bank borrowings of RMB 1,942.1 million were pledged by the right to collect certain tuition and accommodation fees, bank borrowings of RMB 157.0 million were pledged by certain equity interests, and other borrowings of RMB 44.3 million were pledged by certain equipment and intellectual property rights - As of **June 30, 2025**, the Group's bank borrowings of **RMB 1,942.1 million** were pledged by the right to collect certain tuition and accommodation fees[111](index=111&type=chunk) - Bank borrowings of **RMB 157.0 million** were pledged by certain equity interests[111](index=111&type=chunk) - Other borrowings of **RMB 44.3 million** were pledged by certain equipment and intellectual property rights[111](index=111&type=chunk) [Interest-bearing Debt to Asset Ratio](index=40&type=section&id=Interest-bearing%20Debt%20to%20Asset%20Ratio) As of June 30, 2025, the Group's interest-bearing debt to asset ratio was 43.1%, a slight decrease from 44.0% as of December 31, 2024 - As of **June 30, 2025**, the Group's interest-bearing debt to asset ratio was **43.1%** (December 31, 2024: **44.0%**)[112](index=112&type=chunk) [Capital Gearing Ratio](index=40&type=section&id=Capital%20Gearing%20Ratio) As of June 30, 2025, the Group's capital gearing ratio was 138.0%, a slight decrease from 139.7% as of December 31, 2024 - As of **June 30, 2025**, the Group's capital gearing ratio was **138.0%** (December 31, 2024: **139.7%**)[113](index=113&type=chunk) [Capital Expenditure](index=40&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 - For the six months ended **June 30, 2025**, the Group's capital expenditure was approximately **RMB 331.2 million**, primarily related to upgrading and expanding campuses[114](index=114&type=chunk) [Significant Acquisitions or Disposals of Subsidiaries, Associates and Joint Ventures](index=40&type=section&id=Significant%20Acquisitions%20or%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) On May 20, 2025, the Group acquired approximately 4.2255% equity in Xikang Yunshe for a consideration of RMB 30.0 million and invested RMB 45.0 million, with the Group holding approximately 9.9341% equity in Xikang Yunshe as of June 30, 2025, and no other significant acquisitions or disposals occurring during the reporting period - On **May 20, 2025**, approximately **4.2255%** equity in Xikang Yunshe was acquired for a consideration of **RMB 30.0 million**, and an investment of **RMB 45.0 million** was made in Xikang Yunshe[115](index=115&type=chunk) - As of **June 30, 2025**, the Group held approximately **9.9341%** equity in Xikang Yunshe[115](index=115&type=chunk) - Other than the above, for the six months ended **June 30, 2025**, the Group had **no other significant acquisitions or disposals** of subsidiaries, associates, and joint ventures[115](index=115&type=chunk) [Material Investments Held](index=40&type=section&id=Material%20Investments%20Held) For the six months ended June 30, 2025, the Company held no material investments with a value equal to or exceeding 5% of its total assets - For the six months ended **June 30, 2025**, the Company held **no material investments** with a value equal to or exceeding **5%** of its total assets[116](index=116&type=chunk) [Future Plans for Material Investments or Capital Assets](index=41&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Guangdong Campus successfully acquired land use rights for two plots in Nanhai District, Foshan City, through public auction on February 26, 2025, for a total consideration of RMB 108.53 million, which has been fully paid, and other than this, as of the date of this announcement, the Group has no other future plans for material investments or capital assets - Guangdong Campus successfully acquired land use rights for two plots in Nanhai District, Foshan City, through public auction on **February 26, 2025**[117](index=117&type=chunk) - The consideration for the acquisition of land use rights for the

格隆汇8月13日丨东软睿新集团(09616.HK)公告，董事会会议将于2025年8月25日(星期一)举行，藉以(其 中包括)考虑及批准集团及其附属公司截至2025年6月30日止6个月的未经审核中期业绩及其发布，以及 处理其他事项。 ...