CUPERTINO, Calif., Oct. 21, 2025 (GLOBE NEWSWIRE) -- Ambow Education Holding Ltd. (“Ambow” or the “Company”) (NYSE American: AMBO), a global innovator of AI-powered phygital (physical + digital) solutions, today announced continued progress on its 2025 growth strategy, marked by increasing global adoption of its cutting-edge HybriU™ technology and an expanded portfolio of HybriU products capturing opportunities across the education, enterprise collaboration and live events sectors. Building on its legacy as ...

中概股收盘跌幅居前的个股为：智慧物流跌33.33%，Dreamland跌24.65%，课标科技跌23.53%，安博教 育跌21.26%。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 ^ | 涨跌额 | 成交额 | | --- | --- | --- | --- | --- | --- | | SLGB | 智慧物流 | 3.520 | -33.33% | -1.760 | 607.69万 | | TDIC | Dreamland | 0.5350 | -24.65% | -0.1750 | 86.41万 | | JDZG | 课标科技 | 1.820 | -23.53% | -0.560 | 71.84万 | | AMBO | 安博教育 | 4.000 | -21.26% | -1.080 | 21.27万 | ...

Group 1: Hong Kong Stocks - Nocera Biotech (09969) fell over 8% after announcing a licensing collaboration with Zenas for three self-immune pipeline products [1] - Pop Mart (09992) rose over 2% as new products sold out immediately, with Morgan Stanley optimistic about the company's sales momentum [1] - Bluec (00325) increased over 8% after launching new "building block cars" and "building block figures" at the WF2025 exhibition [1] - Huaxin Cement (06655) rose over 7% after announcing a name change to "Huaxin Building Materials" and a restricted stock incentive plan [1] - Mixue Group (02097) gained over 5% after announcing an investment of nearly 300 million in the fresh beer industry, potentially opening up long-term growth opportunities [1] - CATL (03750) dropped nearly 6% as the cornerstone lock-up period is set to expire on the 19th of next month, with both Morgan Stanley and others downgrading the company's H-share rating [1] - Dazhong Public Utilities (01635) rose over 9%, stating that its operations are normal and previously mentioned its stake in Shenzhen Capital Group [1] - Jinli Permanent Magnet (06680) increased nearly 1%, forecasting a year-on-year increase of 157%-179% in net profit attributable to shareholders for the first three quarters [1] Group 2: Gold Stocks - Gold stocks opened lower collectively, with China Gold International (02099) down over 7%, Zijin Mining International (02259) down over 1%, Shandong Gold (01787) down over 6%, and Chifeng Jilong Gold Mining (06693) down over 6% due to easing geopolitical tensions leading to a pullback in precious metals [2] Group 3: US Stocks - AMBO Education (AMBO.US) surged 61.06% after announcing the launch of a real-time translation platform, WeSpeak, for enterprises [3] - CenturyLink (VNET.US) fell 3.13% as Goldman Sachs included it in a "strong buy" list for the Asia-Pacific region [3] - UiPath (PATH.US) rose 18.81% after announcing multiple collaborations with major tech companies like NVIDIA, OpenAI, Google, Microsoft, and Snowflake [3] - Tuniu (TOUR.US) decreased by 0.51%, despite a double-digit increase in user travel during this year's "Double Festival" holiday compared to last year [3] - Tesla (TSLA.US) fell 0.72% after reports that production of its humanoid robot, Optimus, has been paused [3] - Toyota (TM.US) dropped 2.97% after a recall of over 390,000 vehicles in the US due to software errors [3] - Lloyds Bank (LYG.US) decreased by 3.67% as it may need to increase provisions following a compensation plan for mis-sold auto loans [3] - Ferrari (RACE.US) fell 14.99%, reaching a six-month low as long-term profit guidance fell below expectations [4] - TSMC (TSM.US) decreased by 1.52%, projecting a consolidated revenue of approximately NT$330.98 billion for September 2025, a 1.4% decrease quarter-on-quarter but a 31.4% increase year-on-year [4] - PepsiCo (PEP.US) rose 4.23% with Q3 net revenue increasing by 2.7% to $23.94 billion, and core EPS of $2.29, both exceeding expectations [4]

| 代码 | 名称 | 最新价 | 涨跌幅 √ | 涨跌额 | 成交额 | | --- | --- | --- | --- | --- | --- | | AMBO | 安博教育 | 5.750 | 61.06% | +2.180 | 1950.87万 | | SUGP | 荣志集团 | 10.490 | 54.28% | +3.691 | 2184.66万 | | EPWK | 一品威客 | 0.1148 | 52.46% | +0.0395 | 9420.6万 | | IFU | 玖富 | 4.200 | 52.17% | +1.440 | 781.86万 | | BAOS | 宝盛 | 4.860 | 46.83% | +1.550 | 1.67亿 | 格隆汇10月10日｜中概股收盘涨幅前五的个股为：安博教育涨61.06%，荣志集团涨54.28%，一品威客 涨52.46%，玖富涨52.17%，宝盛涨46.83%。(格隆汇) ...

安博教育(AMBO.US)盘前暴涨超59%，报5.69美元。消息面上，安博教育近期宣布推出实时翻译平台 WeSpeak，为企业提供基于订阅的实时多语言翻译服务。该平台支持从教室、会议室到全球峰会、国际 展览和大型娱乐场馆的所有场景。(格隆汇) ...

CUPERTINO, Calif., Sept. 30, 2025 (GLOBE NEWSWIRE) -- Ambow Education Holding Ltd. (“Ambow” or the “Company”) (NYSE American: AMBO), a global innovator of AI-powered phygital (physical + digital) solutions for education, corporate collaboration and live events, today announced the launch of WeSpeak™, a device-agnostic, real-time translation platform delivering subscription-based interpreter services for global events. With a simple flat annual license, WeSpeak™ provides unlimited real-time multilingual tran ...

Core Viewpoint - Ambow Education Holding Ltd. has launched the HybriU® 3D Mobile Station, a self-contained cart designed to facilitate immersive 3D broadcasting and collaboration, making it accessible for various industries including education, corporate, and entertainment [1][3][4]. Group 1: Product Overview - The HybriU 3D Mobile Station utilizes proprietary end-to-end 3D technology to capture, encode, transform, decode, and display 3D signals in real time, integrating the entire video production workflow into a single portable unit [2][5]. - This innovative product allows for immersive 3D experiences to be delivered instantly to audiences through various platforms such as 3D LED walls, IMAX theaters, and VR headsets [3][4]. Group 2: Market Impact - The launch of the HybriU 3D Mobile Station aims to democratize immersive 3D broadcasting, enabling educators, enterprises, and event organizers to create lifelike experiences without the need for specialized infrastructure [4][5]. - The product is designed to serve a wide range of industries, facilitating hybrid classrooms, live event broadcasting, and immersive corporate training sessions [4][5]. Group 3: Strategic Positioning - The introduction of the HybriU 3D Mobile Station strengthens Ambow's portfolio and reflects the company's strategy to expand beyond the education sector into corporate and entertainment markets [5][6]. - By bridging physical and digital experiences, Ambow positions itself at the forefront of immersive communication and collaboration technologies [5][6].

Core Viewpoint - Ambow Education Holding Ltd. has launched HybriU Events, an AI-powered platform designed to enhance live events by bridging physical venues with global audiences through interactive and accessible solutions [1][3]. Group 1: Product Features - HybriU Events utilizes ultra-realistic 3D streaming and real-time interactive features to recreate the atmosphere of live events, making them more engaging for audiences [2]. - The platform includes dynamic multimedia elements and direct broadcast capabilities to social media, which expands audience reach and interaction [2]. - Personalized language channels allow participants to engage in their preferred language, promoting inclusivity for global audiences [2]. Group 2: Strategic Importance - The launch of HybriU Events is a significant step in Ambow's strategy to expand its portfolio of AI-driven phygital solutions and to create new revenue streams in the global live events and digital experience markets [3]. - The platform is scalable and available to organizations, institutions, and creators worldwide, catering to events of any size [3]. Group 3: Company Overview - Ambow Education Holding Ltd. is an AI-driven technology company focused on providing phygital solutions for education, corporate conferencing, and live events [4]. - The company is headquartered in Cupertino, California, and operates a wholly-owned for-profit college in San Diego, California [4].

HybriU™ Platform to Help Deliver High-Quality Classroom Experiences to Schools Nationwide CUPERTINO, Calif., Aug. 14, 2025 (GLOBE NEWSWIRE) -- Ambow Education Holding Ltd. (NYSE American: AMBO), an innovator of AI-powered phygital (physical + digital) solutions for education, corporate collaboration and live events, today announced it is among the first organizations to sign the White House's Pledge to America's Youth: Investing in Artificial Intelligence (AI) Educations. The pledge reflects Ambow's commitm ...

[Condensed Consolidated Balance Sheets](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The Group's total assets and liabilities significantly increased by June 30, 2025, driven by cash and borrowings, while equity also grew [Balance Sheet Overview](index=2&type=section&id=Balance%20Sheet%20Overview) Total assets increased to **$23,194 thousand** by June 30, 2025, driven by cash and lease assets, while liabilities and equity also grew Condensed Consolidated Balance Sheets Summary (Amounts in thousands) | Item | As of Dec 31, 2024 ($) | As of June 30, 2025 ($) | Change ($) | Change (%) | | :-------------------------------- | :--------------------- | :-------------------- | :--------- | :--------- | | **ASSETS** | | | | | | Total current assets | 11,641 | 14,062 | 2,421 | 20.80% | | Total non-current assets | 5,730 | 9,132 | 3,402 | 59.37% | | **Total assets** | **17,371** | **23,194** | **5,823** | **33.52%** | | **LIABILITIES** | | | | | | Total current liabilities | 6,847 | 8,783 | 1,936 | 28.27% | | Total non-current liabilities | 3,787 | 5,790 | 2,003 | 52.89% | | **Total liabilities** | **10,634** | **14,573** | **3,939** | **37.04%** | | **EQUITY** | | | | | | Total equity | **6,737** | **8,621** | **1,884** | **27.97%** | - Cash and cash equivalents increased **significantly** from **$1,123 thousand** as of December 31, 2024, to **$4,064 thousand** as of June 30, 2025, representing a **261.89% increase**[5](index=5&type=chunk) - Operating lease right-of-use assets **nearly doubled**, increasing from **$2,722 thousand** to **$5,793 thousand**, reflecting new lease liabilities[5](index=5&type=chunk) - Short-term borrowings increased from **$2,700 thousand** to **$4,904 thousand**, a **81.63% rise**, contributing to the increase in current liabilities[8](index=8&type=chunk) [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) The Group achieved significant net income and operating income in H1 2025, driven by new HybriU revenue and a large lease termination gain [Operations and Comprehensive Income Overview](index=5&type=section&id=Operations%20and%20Comprehensive%20Income%20Overview) The Group achieved significant net income and operating income in H1 2025, driven by new HybriU revenue and a large lease termination gain Key Financial Highlights (Six Months Ended June 30, Amounts in thousands) | Item | 2024 ($) | 2025 ($) | Change ($) | Change (%) | | :---------------------------------- | :------- | :------- | :--------- | :--------- | | Total net revenues | 4,773 | 5,080 | 307 | 6.43% | | Gross profit | 2,565 | 2,811 | 246 | 9.59% | | Total operating expenses | (2,980) | (2,344) | 636 | -21.34% | | Operating (loss) income | (415) | 467 | 882 | -212.53% | | Gain on lease termination | — | 1,492 | 1,492 | N/A | | (Loss) income before income tax | (289) | 1,931 | 2,220 | -768.17% | | Net income | 216 | 1,884 | 1,668 | 772.22% | | Net income per share - basic and diluted | 0.0038 | 0.0330 | 0.0292 | 768.42% | | Net income per ADS - basic and diluted | 0.0760 | 0.6600 | 0.5840 | 768.42% | - **HybriU licensing and selling** generated **$1,178 thousand** in net revenues for the six months ended June 30, 2025, a **new revenue stream** not present in the prior year[13](index=13&type=chunk) - General and administrative expenses decreased by **$638 thousand**, from **$2,280 thousand** in 2024 to **$1,642 thousand** in 2025, contributing to the reduction in total operating expenses[13](index=13&type=chunk) - A **significant 'Gain on lease termination' of $1,492 thousand** was recognized in 2025, which was a **major contributor** to the increase in total other income and overall profitability[13](index=13&type=chunk) [Unaudited Condensed Consolidated Statements of Changes in Equity](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity increased to **$8,621 thousand** by June 30, 2025, primarily due to net income, significantly reducing the accumulated deficit [Equity Changes Overview](index=6&type=section&id=Equity%20Changes%20Overview) Total equity increased to **$8,621 thousand** by June 30, 2025, primarily due to net income, significantly reducing the accumulated deficit Key Equity Changes (Amounts in thousands) | Item | As of Jan 1, 2025 ($) | As of June 30, 2025 ($) | Change ($) | | :------------------------ | :-------------------- | :-------------------- | :--------- | | Accumulated deficit | (510,325) | (508,441) | 1,884 | | Total Equity | 6,737 | 8,621 | 1,884 | - Net income for the six months ended June 30, 2025, totaling **$1,884 thousand**, directly contributed to the increase in total equity and reduction of the accumulated deficit[14](index=14&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow turned positive in H1 2025, with substantial cash from financing activities, leading to a **$2,883 thousand** net increase in cash [Cash Flow Overview](index=7&type=section&id=Cash%20Flow%20Overview) Operating cash flow turned positive in H1 2025, with substantial cash from financing activities, leading to a **$2,883 thousand** net increase in cash Cash Flow Summary (Six Months Ended June 30, Amounts in thousands) | Cash Flow Activity | 2024 ($) | 2025 ($) | Change ($) | | :------------------------------------------ | :------- | :------- | :--------- | | Net cash (used in)/provided by operating activities | (601) | 978 | 1,579 | | Net cash provided by/(used in) investing activities | 814 | (299) | (1,113) | | Net cash (used in)/provided by financing activities | (1,239) | 2,204 | 3,443 | | Net change in cash, cash equivalents and restricted cash | (1,026) | 2,883 | 3,909 | | Cash, cash equivalents and restricted cash at end of periods | 9,029 | 11,324 | 2,295 | - Operating activities generated **$978 thousand** in cash in 2025, a **reversal** from using **$601 thousand** in 2024[16](index=16&type=chunk) - Financing activities provided **$2,204 thousand** in cash in 2025, primarily from proceeds from short-term borrowings, compared to using **$1,239 thousand** in 2024[16](index=16&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section details the Group's organization, liquidity, accounting policies, and specific financial statement components [1. ORGANIZATION AND PRINCIPAL ACTIVITIES](index=8&type=section&id=1.%20ORGANIZATION%20AND%20PRINCIPAL%20ACTIVITIES) The Group is a U.S.-based innovator of AI-powered phygital solutions, aiming to remove barriers in education, corporate collaboration, and live events - The Group is a U.S.-based innovator of **AI-powered phygital solutions** for education, corporate collaboration, and live events[18](index=18&type=chunk) - Its mission is to **eliminate barriers** between physical and digital environments, languages and regions, and academia and industry[18](index=18&type=chunk) - The Group provides **high-quality, personalized, and dynamic career education services** and products through its network of for-profit colleges[18](index=18&type=chunk) [2. LIQUIDITY AND CAPITAL RESOURCES](index=8&type=section&id=2.%20LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The Group maintained **positive working capital of $5,279 thousand** and sufficient liquidity, but anticipates needing additional capital for long-term plans - As of June 30, 2025, the Group's consolidated current assets exceeded current liabilities by **$5,279 thousand**, reflecting a **positive working capital balance**[19](index=19&type=chunk) - The Group reported net cash provided by operating activities of **$978 thousand** for the six months ended June 30, 2025, a **significant improvement** from **$601 thousand** used in the same period of 2024[20](index=20&type=chunk) - The Group believes it can meet anticipated cash needs for at least the next **12 months** but expects to require **additional capital** for its longer-term business plan, potentially through public offerings or credit facilities[22](index=22&type=chunk) [3. SIGNIFICANT ACCOUNTING POLICIES](index=8&type=section&id=3.%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This section details the Group's key accounting policies, including revenue recognition, segment reporting, lease accounting, and income tax provisions [a. Basis of presentation](index=8&type=section&id=a.%20Basis%20of%20presentation) The unaudited condensed consolidated financial statements are prepared in accordance with **U.S. GAAP** for interim financial reporting and **SEC rules and regulations** - The unaudited condensed consolidated financial statements are prepared in accordance with **U.S. GAAP** for interim financial reporting and **SEC rules and regulations**[23](index=23&type=chunk) - Interim results are **not necessarily indicative** of full fiscal year or future period results[23](index=23&type=chunk) [b. Revenue recognition](index=9&type=section&id=b.%20Revenue%20recognition) Revenue is generated from **educational programs and services**, and **HybriU licensing and sales**, following the **5-step model of ASC 606** - Revenue is generated from **educational programs and services**, and **HybriU licensing and sales**, following the **5-step model of ASC 606**[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) - Revenue for educational programs is recognized **over time** based on school days consumed, while HybriU licensing and sales revenue is recognized at a **point in time** upon delivery[28](index=28&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) Deferred Revenue (Amounts in thousands) | Item | As of Dec 31, 2023 ($) | As of Dec 31, 2024 ($) | As of June 30, 2025 ($) | | :--------------- | :--------------------- | :--------------------- | :-------------------- | | Deferred revenue | 544 | 436 | 210 | | Recognized revenue from deferred (6 months) | 122 (2024) | 226 (2025) | N/A | [c. Segment reporting](index=10&type=section&id=c.%20Segment%20reporting) The **Chief Executive Officer (CEO)** is identified as the **chief operating decision maker (CODM)** who reviews financial information of operating segments - The **Chief Executive Officer (CEO)** is identified as the **chief operating decision maker (CODM)** who reviews financial information of operating segments[35](index=35&type=chunk)[37](index=37&type=chunk) - The Group has **two reportable segments**: Educational programs and services, and HybriU licensing and selling[26](index=26&type=chunk)[37](index=37&type=chunk) [d. Allowance for Credit Losses](index=10&type=section&id=d.%20Allowance%20for%20Credit%20Losses) The Company estimates and records an **expected lifetime credit loss** on accounts receivable and long-term receivables in accordance with **ASC Topic 326** - The Company estimates and records an **expected lifetime credit loss** on accounts receivable and long-term receivables in accordance with **ASC Topic 326**[39](index=39&type=chunk) [e. Leases](index=10&type=section&id=e.%20Leases) The Group accounts for leases under **ASC 842**, recognizing **operating right-of-use assets** and **operating lease liabilities** for non-short-term leases - The Group accounts for leases under **ASC 842**, recognizing **operating right-of-use assets** and **operating lease liabilities** for non-short-term leases[40](index=40&type=chunk) - Leases with initial terms of **12 months or less** are classified as **short-term leases** and are not recognized on the consolidated balance sheet[40](index=40&type=chunk) [f. Income taxes](index=10&type=section&id=f.%20Income%20taxes) Deferred income taxes are recognized for **temporary differences**, net of operating loss carryforwards and credits, with a **valuation allowance** applied when realization is not likely - Deferred income taxes are recognized for **temporary differences**, net of operating loss carryforwards and credits, with a **valuation allowance** applied when realization is not likely[42](index=42&type=chunk)[43](index=43&type=chunk) - Deferred tax liabilities and assets are classified as **noncurrent** and presented netted-off[45](index=45&type=chunk) [g. Recently issued accounting standards](index=12&type=section&id=g.%20Recently%20issued%20accounting%20standards) The Group is evaluating the impact of **ASU 2023-09 (Income Taxes)** effective **January 1, 2025**, and **ASU 2024-03 (Expense Disaggregation Disclosures)** effective after **December 15, 2026** - The Group is evaluating the impact of **ASU 2023-09 (Income Taxes)** effective **January 1, 2025**, and **ASU 2024-03 (Expense Disaggregation Disclosures)** effective after **December 15, 2026**[46](index=46&type=chunk)[47](index=47&type=chunk) [4. CASH, CASH EQUIVALENTS AND RESTRICTED CASH](index=12&type=section&id=4.%20CASH,%20CASH%20EQUIVALENTS%20AND%20RESTRICTED%20CASH) Total cash, cash equivalents, and restricted cash significantly increased to **$11,324 thousand** by June 30, 2025, with restricted cash for regulatory and credit purposes Cash, Cash Equivalents, and Restricted Cash (Amounts in thousands) | Item | As of Dec 31, 2024 ($) | As of June 30, 2025 ($) | | :-------------------------------------------------------------------------------- | :--------------------- | :-------------------- | | Cash and cash equivalents | 1,123 | 4,064 | | Restricted cash | 7,318 | 7,260 | | Total cash, cash equivalents, and restricted cash | 8,441 | 11,324 | - Restricted cash is required by the **U.S. Department of Education** and serves as deposits to secure **lines of credit** from financial institutions[50](index=50&type=chunk) [5. ACCOUNTS RECEIVABLE, NET](index=12&type=section&id=5.%20ACCOUNTS%20RECEIVABLE,%20NET) Net accounts receivable decreased to **$2,052 thousand** by June 30, 2025, with a stable allowance for credit losses and a small reversal Accounts Receivable, Net (Amounts in thousands) | Item | As of Dec 31, 2024 ($) | As of June 30, 2025 ($) | | :------------------------ | :--------------------- | :-------------------- | | Accounts receivable | 2,984 | 2,487 | | Less: Allowance for credit losses | (443) | (435) | | Accounts receivable, net | 2,541 | 2,052 | - Allowances for credit losses of **$90 thousand** and **$8 thousand** were reversed during the six months ended June 30, 2024 and 2025, respectively[51](index=51&type=chunk) [6. PREPAID AND OTHER CURRENT ASSETS](index=13&type=section&id=6.%20PREPAID%20AND%20OTHER%20CURRENT%20ASSETS) Prepaid and other current assets slightly increased to **$686 thousand** by June 30, 2025, driven by inventories, partially offset by lower prepayments Prepaid and Other Current Assets (Amounts in thousands) | Item | As of Dec 31, 2024 ($) | As of June 30, 2025 ($) | | :-------------------------------- | :--------------------- | :-------------------- | | Inventories | 29 | 109 | | Prepayments to suppliers | 189 | 135 | | Receivables due from third-party | 880 | 880 | | Less: allowance for credit losses | (461) | (461) | | Total | 659 | 686 | - Receivables due from third-party, net of allowance for credit losses, remained **constant at $419 thousand** (**$880k** - **$461k**) for both periods, related to Bay State College and expected to be collected within **twelve months**[52](index=52&type=chunk) [7. OTHER NON-CURRENT ASSETS](index=13&type=section&id=7.%20OTHER%20NON-CURRENT%20ASSETS) Other non-current assets increased to **$1,339 thousand** by June 30, 2025, primarily due to higher long-term lease deposits Other Non-Current Assets (Amounts in thousands) | Item | As of Dec 31, 2024 ($) | As of June 30, 2025 ($) | | :-------------------------------- | :--------------------- | :-------------------- | | Long-term receivables | 587 | 587 | | Long-term lease deposits | 194 | 340 | | Educational content | 810 | 720 | | Less: allowance for doubtful accounts | (308) | (308) | | Total | 1,296 | 1,339 | - Long-term receivables related to Bay State College remained at **$587 thousand**, with **60%** expected by end of 2025 and **40%** by end of 2026[54](index=54&type=chunk) [8. SHORT-TERM BORROWINGS](index=14&type=section&id=8.%20SHORT-TERM%20BORROWINGS) Short-term borrowings increased to **$4,904 thousand** by June 30, 2025, due to a new Evertrust Bank loan and renewed Cathay Bank facilities Short-Term Borrowings (Amounts in thousands) | Lender | Amount ($) | Interest Rate | Repayment Due Date | | :-------------------- | :--------- | :------------ | :----------------- | | Cathay BANK (Jan 2024) | 1,200 | 6.00% | Dec 27, 2025 | | Cathay BANK (Oct 2022) | 1,500 | 6.29% | Oct 10, 2025 | | EverTrust Bank (June 2025) | 2,204 | 6.75% | Based on actual repayment | | **Total as of June 30, 2025** | **4,904** | | | - The Group entered into a **new loan agreement** with Evertrust Bank for **$2,500 thousand** in April 2025, with an outstanding balance of **$2,204 thousand** as of June 30, 2025, secured by NewSchool's assets and guaranteed by the Company[57](index=57&type=chunk) - Existing Cathay Bank loans totaling **$2,700 thousand** were renewed in September and November 2024, extending maturities to **October 10, 2025**, and **December 27, 2025**, respectively, and are secured by restricted cash[58](index=58&type=chunk)[56](index=56&type=chunk) [9. ACCRUED AND OTHER LIABILITIES](index=14&type=section&id=9.%20ACCURUED%20AND%20OTHER%20LIABILITIES) Accrued and other liabilities significantly increased to **$2,284 thousand** by June 30, 2025, mainly due to a new lease termination liability Accrued and Other Liabilities (Amounts in thousands) | Item | As of Dec 31, 2024 ($) | As of June 30, 2025 ($) | | :-------------------------------- | :--------------------- | :-------------------- | | Accrued payroll and welfare | 578 | 558 | | Deferred revenue | 436 | 210 | | Amounts due to landlord for Lease Termination | — | 1,500 | | Total | 1,029 | 2,284 | - A **new liability of $1,500 thousand** for amounts due to a landlord for lease termination was recorded as of June 30, 2025, representing the current portion of a settlement agreement[59](index=59&type=chunk) - Deferred revenue decreased from **$436 thousand** to **$210 thousand**[59](index=59&type=chunk) [10. OTHER NON-CURRENT LIABILITIES](index=15&type=section&id=10.%20OTHER%20NON-CURRENT%20LIABILITIES) Other non-current liabilities increased to **$500 thousand** by June 30, 2025, entirely from the non-current portion of a lease termination settlement Other Non-Current Liabilities (Amounts in thousands) | Item | As of Dec 31, 2024 ($) | As of June 30, 2025 ($) | | :-------------------------------- | :--------------------- | :-------------------- | | Amounts due to landlord for Lease Termination | — | 500 | | Total | — | 500 | - In June 2025, the Group entered into a settlement agreement with a landlord, resulting in a **gain of $1.5 million** and establishing a **non-current liability of $500 thousand** for future installment payments[62](index=62&type=chunk) - The settlement agreement requires an initial payment of **$1.0 million** and additional **$1.0 million** in installments over **two years**, starting May 2025[62](index=62&type=chunk) [11. CONCENTRATIONS](index=15&type=section&id=11.%20CONCENTRATIONS) No significant customer or supplier concentrations existed, though **Company A** represented **23%** of accounts receivable by June 30, 2025 - **No single customer or supplier** represented **10% or more** of the Group's total revenues or total costs of sales for the six months ended June 30, 2024 and 2025[64](index=64&type=chunk)[65](index=65&type=chunk) - **Company A** accounted for **23% ($480 thousand)** of the Group's consolidated accounts receivable as of June 30, 2025, making it a **significant debtor**[66](index=66&type=chunk) [12. SHARE-BASED COMPENSATION](index=16&type=section&id=12.%20SHARE-BASED%20COMPENSATION) The Group's 2024 Equity Incentive Plan authorizes **6,500,000** ordinary shares, with no share-based compensation expense recorded in H1 2024 or 2025 - The **2024 Equity Incentive Plan**, effective **December 20, 2024**, authorizes the grant of up to **6,500,000 ordinary shares**, with an **automatic annual increase** to maintain **15%** of total outstanding ordinary shares[68](index=68&type=chunk) - **No share options** were granted, and **no restricted stock awards** were granted or vested during the six months ended June 30, 2024 and 2025[69](index=69&type=chunk)[70](index=70&type=chunk) - Consequently, **no share-based compensation expenses** were recorded for restricted stock awards for these periods, and unrecognized expenses amounted to **nil** as of June 30, 2025[71](index=71&type=chunk) [13. TAXATION](index=17&type=section&id=13.%20TAXATION) The Group reported an income tax expense of **$47 thousand** in H1 2025, with an effective tax rate of **2%**, a significant change from the prior year - The Company and its Cayman Islands subsidiaries are **not subject to tax** on income or capital gains[72](index=72&type=chunk) Income Tax Provision (Six Months Ended June 30, Amounts in thousands) | Item | 2024 ($) | 2025 ($) | | :-------------------------------- | :------- | :------- | | Current income tax | 505 | (47) | | Deferred income tax | — | — | | Provision for income tax benefit (expenses) | 505 | (47) | Effective Tax Rate Reconciliation (Six Months Ended June 30) | Item | 2024 (%) | 2025 (%) | | :-------------------------------- | :------- | :------- | | Weighted average statutory tax rate | 21% | 21% | | Changes in valuation allowance | (28)% | (17)% | | Effect of tax amendment | 177% | —% | | Effective tax rate | 175% | 2% | [14. NET INCOME PER SHARE](index=18&type=section&id=14.%20NET%20INCOME%20PER%20SHARE) Net income per share significantly increased to **$0.0330** in H1 2025, with net income per ADS rising to **$0.6600** after a ratio change Net Income Per Share (Six Months Ended June 30) | Item | 2024 ($) | 2025 ($) | | :---------------------------------------------------------------- | :------- | :------- | | Numerator for basic and diluted net income per share (thousands) | 216 | 1,884 | | Denominator (weighted average ordinary shares outstanding) | 57,127,524 | 57,127,524 | | Basic and diluted net income per share | 0.0038 | 0.0330 | | Basic and diluted net income per ADS | 0.0760 | 0.6600 | - In **February 2024**, the Company changed its ADS ratio from **one (1) ADS** representing **two (2) Class A ordinary shares** to **one (1) ADS** representing **twenty (20) Class A ordinary shares**[75](index=75&type=chunk) [15. LEASES](index=18&type=section&id=15.%20LEASES) Operating lease expense decreased to **$376 thousand** in H1 2025, with the weighted-average lease term increasing to **5.20 years** Lease Expense and Cash Flow (Six Months Ended June 30, Amounts in thousands) | Item | 2024 ($) | 2025 ($) | | :------------------------------------ | :------- | :------- | | Operating lease expense | 1,161 | 376 | | Operating cash flows used in operating leases | 622 | 200 | Weighted-Average Lease Metrics (As of June 30) | Item | 2024 | 2025 | | :-------------------------------- | :--------- | :--------- | | Weighted-average Remaining Lease Term | 1.70 Years | 5.20 Years | | Weighted-average Discount Rate | 4.32% | 6.85% | Maturities of Lease Liabilities (As of June 30, 2025, Amounts in thousands) | Period | Amount ($) | | :-------------------------------- | :--------- | | For the six months ending Dec 31, 2025 (remaining) | 178 | | For the year ending Dec 31, 2026 | 1,339 | | For the year ending Dec 31, 2027 | 1,571 | | For the year ending Dec 31, 2028 | 1,389 | | For the year ending Dec 31, 2029 | 1,326 | | Thereafter | 1,486 | | Total lease payments | 7,289 | | Less: interest | (1,287) | | Total | 6,002 | | Less: current portion | (712) | | Non-current portion | 5,290 | [16. SEGMENT REPORTING](index=20&type=section&id=16.%20SEGMENT%20REPORTING) The Group operates two segments: Educational programs and HybriU licensing, with HybriU emerging as a new revenue contributor in H1 2025 - The Group has **two reportable segments**: (i) Educational programs and services and (ii) HybriU licensing and selling[83](index=83&type=chunk) - The **Chief Executive Officer (CODM)** evaluates segment performance based on revenues and cost of revenues[84](index=84&type=chunk) Segment Net Revenues and Gross Profit (Six Months Ended June 30, Amounts in thousands) | Item | 2024 ($) | 2025 ($) | | :-------------------------------- | :------- | :------- | | **NET REVENUES** | | | | Educational programs and services | 4,773 | 3,902 | | HybriU licensing and selling | — | 1,178 | | Total net revenues | 4,773 | 5,080 | | **GROSS PROFIT** | | | | Educational programs and services | 2,565 | 1,853 | | HybriU licensing and selling | — | 958 | | Total gross profit | 2,565 | 2,811 |