Core Points - Daxin Education (09986) reported a revenue of 41.452 million, representing a year-on-year decrease of 12.74% [1] - The loss attributable to the company's owners was 43.158 million, an increase of 335.81% year-on-year [1] - The loss per share was 5.66 cents [1] - The increase in loss was primarily due to the recognition of share-based payment expenses during the reporting period [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 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 的 邀 請 或 要 約。 大 山 教 育 控 股 有 限 公 司 DASHAN EDUCATION HOLDINGS LIMITED （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：9986） 須予披露交易 收購目標公司52%股 權 及根據一般授權發行代價股份 於 二 零 二 五 年 八 月 二 十 八 日（交 易 時 段 後），本 公 司（作 為 買 方）與 賣 方 訂 立 買 賣 協 議，據 此，本 公 司 有 條 件 同 意 購 買，而 賣 方 有 條 件 同 意 出 售 目 標 公 司 合 共52%股 權，總 代 價 為104百 萬 港 元。代 價 將 於 完 成 時 按 發 行 價 向 賣 方（及╱ 或 其 代 名 人） ...

[Company Information](index=4&type=section&id=公司資料) [Board of Directors](index=4&type=section&id=董事會) The Board of Directors comprises executive and independent non-executive directors, with details on the composition of audit, remuneration, nomination, and investment management committees - The Board of Directors comprises **three executive directors** and **three independent non-executive directors**, Chairman is **Mr. Zhang Hongjun**, CEO is **Mr. Li Jing**[10](index=10&type=chunk) - Audit, Remuneration, Nomination, and Investment Management Committees are established, ensuring **robust corporate governance**[10](index=10&type=chunk) [Company Information](index=5&type=section&id=公司信息) Key company information includes auditor, legal advisor, principal bankers, share registrar, registered office, principal place of business, website, stock code, and listing date - Auditor is **Zhonghui Anda Certified Public Accountants Limited**, Hong Kong legal advisor is **Lo & Lo Solicitors LLP**[11](index=11&type=chunk) - The company's stock code is **9986**, listed on the Stock Exchange on **July 15, 2020**[12](index=12&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=管理層討論與分析) [Business Review](index=6&type=section&id=業務回顧) The Group provides after-school personal quality courses, overseas education consulting, and diversified consulting services, expanding into brand operation and management for beauty and health products - The Group's principal businesses include **after-school personal quality courses**, **overseas education consulting services**, and **diversified consulting services**[14](index=14&type=chunk) - During the reporting period, overseas education consulting services cover cities including **Zhengzhou, Shenzhen, Hangzhou, Wuhan, and Xi'an**, with after-school personal quality courses having dance teaching centers in **Zhengzhou and Beijing**[15](index=15&type=chunk) - Brand operation and management consulting services expanded into **beauty and health products**, adding **two new brands**[15](index=15&type=chunk) [Future Outlook](index=7&type=section&id=未來展望) The Group will adapt to regulatory changes, explore business opportunities to expand its international education ecosystem, and enhance brand operation and management through technology and potential acquisitions - The Group will closely monitor the regulatory environment, adjust business plans, and actively explore opportunities to **expand business breadth and depth**[16](index=16&type=chunk) - Committed to building an **international education ecosystem**, providing **high-quality, diversified integrated services**, and expanding into **language training, cultural exchange, profile enhancement, and academic guidance**[16](index=16&type=chunk) - Will actively expand **diversified consulting services**, especially **brand operation and management**, planning collaborations with **high-quality beauty and health brands**, leveraging technology to **reconstruct the brand value chain**, and exploring **acquisition opportunities**[17](index=17&type=chunk) [Financial Review](index=8&type=section&id=財務回顧) Revenue decreased and loss for the period significantly increased due to share-based payment expenses, despite an improved gross margin, while net other gains turned into losses [Revenue](index=8&type=section&id=收益) Total revenue decreased by 12.6% to RMB41.5 million, with declines in existing segments partially offset by new brand operation and management revenue of RMB5.7 million Revenue Overview (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenue** | **41.5** | **47.5** | **-12.6%** | | After-school Courses Segment | 13.3 | 16.6 | -19.9% | | Overseas Education Segment | 19.3 | 22.5 | -14.2% | | Training and Consulting Segment | 3.0 | 7.9 | -62.0% | | Other Segment | 0.2 | 0.5 | -60.0% | | Brand Operation and Management Segment | 5.7 | - | New | [Cost of Sales and Services](index=8&type=section&id=銷售及提供服務成本) Cost of sales and services decreased by RMB4.4 million to RMB24.2 million, aligning with the reduction in revenue Cost of Sales and Services (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change (RMB million) | | :--- | :--- | :--- | :--- | | Cost of Sales and Services | 24.2 | 28.6 | -4.4 | [Gross Profit and Gross Margin](index=8&type=section&id=毛利及毛利率) Gross profit decreased by RMB1.6 million to RMB17.3 million, while the gross margin improved from 39.9% to 41.7% Gross Profit and Gross Margin (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change (RMB million) | | :--- | :--- | :--- | :--- | | Gross Profit | 17.3 | 18.9 | -1.6 | | Gross Margin | 41.7% | 39.9% | +1.8% | [Other Income](index=8&type=section&id=其他收入) Other income decreased by RMB0.1 million to RMB0.4 million for the period Other Income (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change (RMB million) | | :--- | :--- | :--- | :--- | | Other Income | 0.4 | 0.5 | -0.1 | [Net Other Gains and Losses](index=8&type=section&id=其他收益及虧損淨額) Net other gains and losses turned into a RMB1.0 million loss from a RMB6.0 million gain, primarily due to the absence of software disposal gains and reduced fair value losses on financial assets Net Other Gains and Losses (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Net Other Gains and Losses | (1.0) | 6.0 | -7.0 (Turned from gain to loss) | | Gain on Disposal of Software Under Development | - | 10.0 | -10.0 | | Fair Value Loss on Financial Assets at Fair Value Through Profit or Loss | (0.1) | (5.6) | +5.5 (Loss reduced) | [Selling and Marketing Expenses](index=9&type=section&id=銷售及營銷開支) Selling and marketing expenses increased by RMB0.6 million to RMB6.6 million, driven by expanded business operations Selling and Marketing Expenses (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change (RMB million) | | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 6.6 | 6.0 | +0.6 | [Administrative Expenses](index=9&type=section&id=行政開支) Administrative expenses significantly increased by RMB29.5 million to RMB54.9 million, primarily due to share-based payment expenses recognized Administrative Expenses (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change (RMB million) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 54.9 | 25.4 | +29.5 | [Finance Costs](index=9&type=section&id=融資成本) Finance costs increased to RMB389 thousand from RMB239 thousand in the prior period Finance Costs (For the Six Months Ended 30 June) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Finance Costs | 389 | 239 | +150 | [Taxation](index=9&type=section&id=稅項) Income tax credit for the period was RMB273 thousand, compared to RMB509 thousand in the prior period Income Tax Credit (For the Six Months Ended 30 June) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Income Tax Credit | 273 | 509 | -236 | [Loss for the Period](index=9&type=section&id=期內虧損) Loss for the period widened to RMB45.9 million, an increase of RMB37.1 million, primarily due to the recognition of share-based payment expenses Loss for the Period (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change (RMB million) | | :--- | :--- | :--- | :--- | | Loss for the Period | (45.9) | (8.8) | -37.1 | [Loss Per Share](index=9&type=section&id=每股虧損) Basic and diluted loss per share was RMB5.66 cents, compared to RMB1.29 cents in the prior period Loss Per Share (For the Six Months Ended 30 June) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | YoY Change (RMB cents) | | :--- | :--- | :--- | :--- | | Basic and Diluted Loss Per Share | (5.66) | (1.29) | -4.37 | [Non-HKFRS Measures](index=10&type=section&id=非香港財務報告準則計量) The company presents adjusted loss for the period as a non-HKFRS measure to exclude equity-settled share option and award expenses, facilitating period-over-period operational performance comparison Adjusted Loss for the Period (For the Six Months Ended 30 June) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the Period | (45,905) | (8,810) | | Add: Equity-settled Share Option and Share Award Expenses | 29,914 | – | | **Adjusted Loss for the Period** | **(15,991)** | **(8,810)** | [Financial Position](index=10&type=section&id=財務狀況) As of June 30, 2025, the Group's net current liabilities increased, bank balances and cash significantly decreased, gearing ratio rose, and both trade receivables and payables increased with new inventories [Liquidity](index=10&type=section&id=流動資金) Net current liabilities increased by approximately 40.6% to RMB57.5 million as of June 30, 2025, primarily due to a decrease in bank balances and cash Net Current Liabilities (As of 30 June) | Indicator | 30 June 2025 (RMB million) | 31 December 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Net Current Liabilities | 57.5 | 40.9 | +40.6% | [Bank Balances and Cash](index=10&type=section&id=銀行結餘及現金) Bank balances and cash decreased by approximately 62.9% to RMB19.3 million as of June 30, 2025, from RMB52.0 million at December 31, 2024 Bank Balances and Cash (As of 30 June) | Indicator | 30 June 2025 (RMB million) | 31 December 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Bank Balances and Cash | 19.3 | 52.0 | -62.9% | [Borrowings](index=11&type=section&id=借款) Total borrowings significantly increased to RMB7.2 million as of June 30, 2025, from RMB2.3 million at December 31, 2024 Total Borrowings (As of 30 June) | Indicator | 30 June 2025 (RMB million) | 31 December 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Total Borrowings | 7.2 | 2.3 | +4.9 | [Contingent Liabilities](index=11&type=section&id=或然負債) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had **no material contingent liabilities**[33](index=33&type=chunk) [Gearing Ratio](index=11&type=section&id=資本負債比率) The gearing ratio increased to approximately 57.8% as of June 30, 2025, from approximately 38.5% at December 31, 2024 Gearing Ratio (As of 30 June) | Indicator | 30 June 2025 | 31 December 2024 | Change | | :--- | :--- | :--- | :--- | | Gearing Ratio | 57.8% | 38.5% | +19.3% | [Working Capital](index=11&type=section&id=營運資金) Working capital saw significant increases in both trade receivables and payables, alongside the introduction of inventories [Trade Receivables](index=11&type=section&id=貿易應收款項) Trade receivables increased by approximately 46.2% to RMB1.9 million as of June 30, 2025 Trade Receivables (As of 30 June) | Indicator | 30 June 2025 (RMB million) | 31 December 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables | 1.9 | 1.3 | +46.2% | [Trade Payables](index=11&type=section&id=貿易應付款項) Trade payables significantly increased to RMB5.1 million as of June 30, 2025, from RMB0.1 million at December 31, 2024 Trade Payables (As of 30 June) | Indicator | 30 June 2025 (RMB million) | 31 December 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Trade Payables | 5.1 | 0.1 | +5.0 | [Inventories](index=11&type=section&id=存貨) Inventories amounted to RMB5.7 million as of June 30, 2025, with no inventories reported at December 31, 2024 Inventories (As of 30 June) | Indicator | 30 June 2025 (RMB million) | 31 December 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Inventories | 5.7 | 0 | +5.7 | [Capital Expenditure and Capital Commitments](index=11&type=section&id=資本開支及資本承擔) Capital expenditure for the period was RMB1,674 thousand, primarily for property, plant, and equipment additions, significantly increasing from the prior period, with no material capital commitments at period-end Capital Expenditure (For the Six Months Ended 30 June) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Capital Expenditure | 1,674 | 96 | +1,578 | - As of June 30, 2025, the Group had **no capital commitments** for additions to property, plant, and equipment[39](index=39&type=chunk) [Pledge of Assets and Charges](index=12&type=section&id=資產押記及資產抵押) As of June 30, 2025, the Group had no pledges or charges on its assets - As of June 30, 2025, the Group had **no pledges or charges on its assets**[40](index=40&type=chunk) [Interest Rate Risk](index=12&type=section&id=利率風險) The Group faces cash flow interest rate risk from variable-rate bank balances and fair value interest rate risk from fixed-rate borrowings, currently not hedged but monitored for future action - The Group faces **cash flow interest rate risk** (from variable-rate bank balances) and **fair value interest rate risk** (from fixed-rate borrowings)[41](index=41&type=chunk) - Interest rate risk is currently **unhedged**, but will be monitored, and hedging considered if necessary[41](index=41&type=chunk) [Foreign Exchange Risk](index=12&type=section&id=外匯風險) Most of the Group's revenue, expenses, and bank balances are denominated in RMB or HKD, with foreign exchange risk currently unhedged but monitored for potential future hedging - The Group's operations are primarily denominated in **RMB and HKD**, with foreign exchange risk currently **unhedged**[42](index=42&type=chunk) - Foreign exchange risk will be monitored, and hedging considered if necessary[42](index=42&type=chunk) [Interim Dividend](index=12&type=section&id=中期股息) The Board of Directors resolved not to declare an interim dividend for the reporting period - The Board of Directors resolved **not to declare an interim dividend**[43](index=43&type=chunk) [Material Investments Held](index=12&type=section&id=所持重大投資) As of June 30, 2025, the Group had no material investments other than those disclosed in the interim report - As of June 30, 2025, the Group had **no other material investments**[43](index=43&type=chunk) [Future Plans for Material Investments and Capital Assets](index=12&type=section&id=有關重大投資及資本資產的未來計劃) As of June 30, 2025, the Group had no immediate plans for material investments and capital assets - As of June 30, 2025, the Group had **no immediate plans for material investments and capital assets**[44](index=44&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=12&type=section&id=重大收購及出售附屬公司、聯營公司及合營企業) During the reporting period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures beyond those disclosed in the interim report - During the reporting period, the Group had **no other material acquisitions or disposals of subsidiaries, associates, or joint ventures**[45](index=45&type=chunk) [Corporate Governance and Other Information](index=13&type=section&id=企業管治及其他資料) [Use of Proceeds from Listing](index=13&type=section&id=上市所得款項用途) The company's 2020 listing generated HKD204.0 million in net proceeds, with the Board reallocating unutilized funds in 2022 for overseas education expansion, strategic acquisitions, and internal growth, with HKD4.4 million remaining to be utilized by end-2025 - Net proceeds from listing were approximately **HKD204.0 million**[47](index=47&type=chunk) - On August 29, 2022, the Board resolved to reallocate unutilized net proceeds, primarily for **expanding overseas education business**, **strategic acquisitions of education-related services**, and **after-school personal quality courses**[47](index=47&type=chunk) Use of Net Proceeds from Listing (As of 30 June 2025) | Intended Use | Original Allocation (HKD million) | Utilized as of 29 Aug 2022 (HKD million) | Unutilized as of 29 Aug 2022 (HKD million) | Revised Allocation (HKD million) | Utilized from 29 Aug 2022 to 31 Dec 2024 (HKD million) | Utilized during Period (HKD million) | Unutilized as of 30 Jun 2025 (HKD million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Expand after-school academic education services for primary and secondary students and self-operated teaching center network | 122.4 | 52.4 | 70.0 | – | – | – | – | | Strategic acquisitions or establishment of joint ventures to expand geographical presence in China and scale of after-school academic education services for primary and secondary students | 61.2 | 6.1 | 55.1 | – | – | – | – | | Expand education business outside China | – | – | – | 60.0 | 58.6 | 0.6 | 0.8 | | Strategic acquisitions or establishment of joint ventures to expand education-related services, after-school personal quality courses, and vocational education | – | – | – | 50.0 | 50.0 | – | – | | Expand education-related services, after-school personal quality courses, and vocational education through internal growth | – | – | – | 15.1 | 11.0 | 0.5 | 3.6 | | Working capital purposes | 20.4 | 14.4 | 6.0 | 6.0 | 6.0 | – | – | | **Total** | **204.0** | **72.9** | **131.1** | **131.1** | **125.6** | **1.1** | **4.4** | - The estimated utilization period for unutilized net proceeds has been extended to **end-2025**[49](index=49&type=chunk) [Equity Fund Raising Activities or Disposal of Treasury Shares for Cash and Use of Proceeds](index=15&type=section&id=股本集資活動或出售庫存股換取現金及所得款項用途) During the reporting period, the company did not engage in any equity fundraising activities or dispose of treasury shares for cash - During the reporting period, the company did **not engage in equity fundraising activities or dispose of treasury shares**[50](index=50&type=chunk) [Changes in Directors and Directors' Information](index=15&type=section&id=董事變動及董事資料變更) No disclosable changes in directors or their information occurred during the reporting period or up to the interim report date - There were **no changes in directors or their information** during the reporting period[51](index=51&type=chunk) [Directors' Service Contracts](index=15&type=section&id=董事服務合約) Service contracts or appointment letters for executive and independent non-executive directors are for three-year terms, terminable according to their respective provisions - Directors' service contracts or appointment letters are for **three-year terms**, terminable according to their provisions[52](index=52&type=chunk) [Employees and Remuneration Policy](index=15&type=section&id=僱員及薪酬政策) As of June 30, 2025, the Group had 319 employees with total staff costs of approximately RMB28.6 million, offering comprehensive remuneration including wages, bonuses, retirement, medical benefits, and share-based incentive schemes Number of Employees and Staff Costs (As of 30 June) | Indicator | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Number of Employees | 319 | 429 | | Total Staff Costs (For the Six Months Ended 30 June, RMB million) | 28.6 | 28.8 | - Remuneration policy is based on qualifications, experience, position, and performance, offering **wages, performance bonuses, retirement benefits, and medical benefits**[53](index=53&type=chunk) - Share option and share award schemes are in place to **incentivize employees**[53](index=53&type=chunk) [Share Option Scheme](index=16&type=section&id=購股權計劃) As of June 30, 2025, 80,000,000 share options remained unexercised under the share option scheme, with no grants, exercises, cancellations, or lapses during the period Movements in Share Option Scheme (As of 30 June 2025) | Grant Date | Participant | Exercise Price (HKD) | Unexercised as of 1 Jan 2025 | Granted during Period | Exercised during Period | Lapsed/Cancelled during Period | Unexercised as of 30 Jun 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 14 November 2024 | Employee | 3.88 | 60,000,000 | – | – | – | 60,000,000 | | 30 December 2024 | Employee | 2.41 | 20,000,000 | – | – | – | 20,000,000 | | **Total** | | | **80,000,000** | **–** | **–** | **–** | **80,000,000** | - The number of vested share options will be determined based on the **grantee's individual performance rating** during the vesting period[56](index=56&type=chunk) [Share Award Scheme](index=17&type=section&id=股份獎勵計劃) As of June 30, 2025, 75,000,000 award shares were available for grant under the share award scheme, with 5,000,000 granted but unvested, and no grants, exercises, cancellations, or lapses during the period Movements in Share Award Scheme (As of 30 June 2025) | Eligible Person | Grant Date | Unvested as of 1 Jan 2025 | Granted during Period | Vested during Period | Cancelled during Period | Lapsed during Period | Unvested as of 30 Jun 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Employee | 30 December 2024 | 5,000,000 | – | – | – | – | 5,000,000 | | **Total** | | **5,000,000** | **–** | **–** | **–** | **–** | **5,000,000** | - Award shares will vest on the **first anniversary of the grant date (December 30, 2025)**, with the number of vested shares determined by the **grantee's individual performance rating** during the vesting period[59](index=59&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=18&type=section&id=購買、出售或贖回本公司的上市證券) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the reporting period, neither the company nor its subsidiaries **purchased, sold, or redeemed any listed securities**[60](index=60&type=chunk) [Corporate Governance](index=18&type=section&id=企業管治) The Group is committed to maintaining high corporate governance standards and complied with all applicable provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules during the reporting period - The Group is committed to maintaining **high corporate governance standards** and complied with **all applicable provisions of the Corporate Governance Code** in Appendix C1 of the Listing Rules[61](index=61&type=chunk) [Standard Code for Securities Transactions by Directors](index=18&type=section&id=董事進行證券交易的標準守則) The company adopted the Standard Code set out in Appendix C3 of the Listing Rules, with all directors confirming compliance during the reporting period - All directors confirmed compliance with the **Standard Code** set out in Appendix C3 of the Listing Rules during the reporting period[62](index=62&type=chunk) [Competition and Conflicts of Interest](index=18&type=section&id=競爭及利益衝突) As of the interim report date, no director held direct or indirect interests in businesses competing with the Group or had other conflicts of interest - As of the report date, **no directors had significant competing interests or conflicts of interest** with the Group's business[63](index=63&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Securities](index=19&type=section&id=董事及主要行政人員於證券之權益及淡倉) As of June 30, 2025, Mr. Zhang Hongjun held a 7.75% equity interest in the company through a controlled corporation and significant shareholder rights in associate Dashan Training, where Mr. Shan Jingchao also held a minor interest [Interests in Shares and Underlying Shares of the Company](index=19&type=section&id=於本公司股份及相關股份的權益) Mr. Zhang Hongjun held 62,000,000 shares, representing approximately 7.75% of the issued share capital, through his controlled corporation, Baitai Directors' Interests in Shares and Underlying Shares of the Company (As of 30 June 2025) | Director Name | Capacity of Interest Held | Number of Shares Held (L) | Approximate % of Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | Zhang Hongjun | Interest in controlled corporation (Baitai) | 62,000,000 | 7.75 | [Interests in Ordinary Shares of Associated Corporations of the Company](index=20&type=section&id=於本公司相聯法團普通股中的權益) Mr. Zhang Hongjun held 13,562,500 shares (42.04%) as a nominee shareholder and 13,750,000 shares (42.62%) through Houde Education in Dashan Training, where Mr. Shan Jingchao held 125,000 shares (0.39%) as a nominee shareholder Directors' Interests in Ordinary Shares of Associated Corporations of the Company (As of 30 June 2025) | Director Name | Associated Corporation Name | Capacity of Interest Held | Number of Shares Held | Approximate % of Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | Zhang Hongjun | Dashan Training | Nominee Shareholder | 13,562,500 | 42.04 | | | Dashan Training | Interest in controlled corporation (Houde Education) | 13,750,000 | 42.62 | | Shan Jingchao | Dashan Training | Nominee Shareholder | 125,000 | 0.39 | [Substantial Shareholders' Interests and Short Positions in Securities](index=21&type=section&id=主要股東於證券的權益和淡倉) As of June 30, 2025, major shareholders included INFINITE APEX ENTERPRISES LIMITED (26.31%), Ruitian International Limited (26.23%), and Baitai (7.75%), with their respective controlling entities [Interests in Shares and Underlying Shares of the Company](index=21&type=section&id=於本公司股份及相關股份的權益) INFINITE APEX ENTERPRISES LIMITED and its controller Xi Wang held 210,510,800 shares (26.31%), Ruitian International Limited and its controllers Giga Talent Investment Limited and Ms. Liu Bing Tian held 209,872,000 shares (26.23%), and Baitai and its controller Mr. Zhang Hongjun held 62,000,000 shares (7.75%) Substantial Shareholders' Interests in Shares and Underlying Shares of the Company (As of 30 June 2025) | Name | Capacity of Interest Held | Number of Shares Held (L) | Approximate % of Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | INFINITE APEX ENTERPRISES LIMITED | Beneficial Owner | 210,510,800 | 26.31 | | Xi Wang | Interest in controlled corporation | 210,510,800 | 26.31 | | Ruitian International Limited | Beneficial Owner | 209,872,000 | 26.23 | | Giga Talent Investment Limited | Interest in controlled corporation | 209,872,000 | 26.23 | | Liu Bing Tian | Interest in controlled corporation | 209,872,000 | 26.23 | | Baitai | Beneficial Owner | 62,000,000 | 7.75 | [Audit Committee](index=22&type=section&id=審核委員會) The Audit Committee, comprising three independent non-executive directors, reviews and oversees financial reporting, risk management, and internal control systems, having reviewed the unaudited condensed consolidated financial statements - Reviewed the **unaudited condensed consolidated financial statements** of this interim report[74](index=74&type=chunk) - The committee comprises **three independent non-executive directors**, with **Dr. Xie Xiangbing as Chairman**[74](index=74&type=chunk) [Material Litigation](index=22&type=section&id=重大法律訴訟) During the reporting period and up to the interim report date, the Group was not involved in any material legal proceedings or arbitration - There were **no material legal proceedings or arbitration** during the reporting period[75](index=75&type=chunk) [Publication of Interim Report on HKEX and Company Website](index=22&type=section&id=於聯交所及本公司網站刊發中期報告) This interim report will be dispatched to shareholders upon request and is available on the HKEX and company websites - The interim report is available on the **HKEX website and the company website**[76](index=76&type=chunk) [Acknowledgement](index=22&type=section&id=致謝) The Board expresses gratitude to management, all employees, shareholders, business partners, students and their families, clients, and the auditor for their support - The Board thanks **management, employees, shareholders, partners, clients, and the auditor** for their support[77](index=77&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=23&type=section&id=簡明綜合損益及其他全面收益表) For the six months ended June 30, 2025, the Group's loss widened significantly to RMB45.9 million from RMB8.8 million, driven by decreased revenue, reduced gross profit, and increased administrative expenses due to share-based payments Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended 30 June) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 41,452 | 47,504 | | Cost of Sales and Services | (24,232) | (28,562) | | Gross Profit | 17,220 | 18,942 | | Other Income | 433 | 484 | | Net Other Gains and Losses | (975) | 6,028 | | Selling and Marketing Expenses | (6,621) | (6,031) | | Administrative Expenses | (54,895) | (25,391) | | Share of Results of Associates | (951) | (3,112) | | Finance Costs | (389) | (239) | | Loss Before Tax | (46,178) | (9,319) | | Income Tax Credit | 273 | 509 | | **Loss for the Period** | **(45,905)** | **(8,810)** | | Total Comprehensive Expense for the Period | (45,838) | (8,818) | | Basic and Diluted Loss Per Share (RMB cents) | (5.66) | (1.29) | [Condensed Consolidated Statement of Financial Position](index=24&type=section&id=簡明綜合財務狀況表) As of June 30, 2025, total assets less current liabilities decreased to RMB57.4 million from RMB81.9 million, with net assets at RMB43.8 million, reflecting increased net current liabilities and reduced bank balances and cash Condensed Consolidated Statement of Financial Position (As of 30 June) | Indicator | 30 June 2025 (RMB thousand) | 31 December 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current Assets** | **114,933** | **122,802** | | Property, Plant and Equipment | 38,759 | 44,949 | | Interests in Associates | 40,984 | 41,866 | | **Current Assets** | **57,805** | **72,004** | | Inventories | 5,652 | – | | Bank Balances and Cash | 19,250 | 52,019 | | **Current Liabilities** | **115,308** | **112,904** | | Contract Liabilities | 83,386 | 86,257 | | **Net Current Liabilities** | **(57,503)** | **(40,900)** | | **Total Assets Less Current Liabilities** | **57,430** | **81,902** | | **Non-current Liabilities** | **13,601** | **14,043** | | **Net Assets** | **43,829** | **67,859** | | **Total Equity** | **43,829** | **67,859** | [Condensed Consolidated Statement of Changes in Equity](index=26&type=section&id=簡明綜合權益變動表) For the six months ended June 30, 2025, total equity attributable to owners decreased from RMB99.4 million to RMB77.1 million, primarily due to the loss for the period and share repurchases for the share award scheme, while share-based payment reserves significantly increased Condensed Consolidated Statement of Changes in Equity (For the Six Months Ended 30 June 2025) | Indicator | 1 January 2025 (RMB thousand) | Total Comprehensive Expense for the Period (RMB thousand) | Equity-settled Share-based Payments Recognized (RMB thousand) | Shares Repurchased under Share Award Scheme (RMB thousand) | 30 June 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Attributable to Owners of the Company | 99,424 | (43,158) | 29,914 | (9,120) | 77,127 | | Non-controlling Interests | (31

Core Viewpoint - The company, Daxian Education (09986.HK), anticipates a significant increase in pre-tax losses for the six months ending June 30, 2025, compared to the same period in 2024, primarily due to increased management expenses from share-based payment costs [1] Financial Performance - The expected pre-tax loss for the six months ending June 30, 2025, is projected to be between RMB 40 million and RMB 60 million [1] - In contrast, the pre-tax loss for the six months ending June 30, 2024, was approximately RMB 930,000 [1] - The increase in pre-tax loss is attributed to the rise in management expenses related to share-based payment [1]

智通财经APP讯，大山教育(09986)公布，公司预期 2025年上半年取得除所得税前亏损为约人民币4000 万元至6000万元之间，而2024年上半年除所得税前亏损为约人民币930万元。除所得税前亏损增加主要 由于确认以股份为基础的付款开支造成的管理费用增加。 ...

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：9986） 盈利警告 本 公 告 由 大 山 教 育 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第13.09條及香港法例第 571章證券及期貨條例第XIVA部 項 下 的 內 幕 消 息 條 文（定 義 見 上 市 規 則）作 出。 本 公 司 董 事（「董 事」）會（「董事會」）謹 此 知 會 本 公 司 股 東 及 潛 在 投 資 者，基 於 董 事 會 目 前 可 得 的 資 料，本 公 司 預 期 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 錄 得 除所得稅前虧損為約人民幣40.0百萬元至人民幣60.0百 萬 元 之 間，而 截 至 二 零 二四年六月三十日止六個月除所得稅前虧損為約人民幣9.3百 萬 元。截 至 二 零 二五年六月三十日止六個月除所得稅前虧損增加主要由於確認以股份為基礎 的 付 款 開 支 造 成 的 管 理 費 用 增 加。 本 公 告 所 載 之 資 料 僅 ...

Core Viewpoint - Daxin Education (09986.HK) announced that it will hold a board meeting on August 28, 2025, to review and approve the interim results for the six months ending June 30, 2025, and to consider the proposal for an interim dividend distribution, if any [1] Group 1 - The board meeting is scheduled for August 28, 2025 [1] - The meeting will focus on the interim results for the six months ending June 30, 2025 [1] - The proposal for an interim dividend distribution will also be reviewed [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 就 因 本 公 告 全 部 或 任 何 部 分 內 容 所 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 承董事會命 大山教育控股有限公司 公司秘書 陳廣安 DASHAN EDUCATION HOLDINGS LIMITED 香 港，二 零 二 五 年 八 月 十 三 日 於 本 公 告 日 期，執 行 董 事 為 張 紅 軍 先 生、李 靖 先 生 及 單 景 超 先 生；以 及 獨 立 非 執 行 董 事 為 謝 香 兵 博 士、王 彥 曉 女 士 及 游 環 宇 先 生。 大 山 教 育 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：9986） 董事會會議日期 大 山 教 育 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，將 於 二 零 二 五 ...

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 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09986 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: ...

董事会认为，配售协议的终止对集团的业务营运及财务状况并无重大不利影响。公司或会在计及集团未 来发展及市场情绪后考虑进一步集资活动。 大山教育(09986)发布公告，有关拟配售最多4000万股，于2025年7月31日，配售协议项下的先决条件尚 未达成。尽管公司与配售代理就进一步延长最后截止日期进行磋商，但于本公告日期尚未达成共识。因 此，配售协议已失效和被终止且配售事项将不会进行。公司及配售代理于配售协议项下的所有权利与义 务已终止，而任何一方不得就配售协议向另一方提出任何索偿。 ...