Financial Performance - Revenue for the first quarter of 2025 increased by 13.2% year-on-year to RMB 4,377.4 million, compared to RMB 3,866.3 million in the first quarter of 2024[3] - Adjusted EBITDA for the first quarter of 2025 rose by 41.3% year-on-year to RMB 1,159.4 million, with an adjusted EBITDA margin increasing from 21.2% to 26.5%[3] - Adjusted net profit for the first quarter of 2025 increased by 41.1% year-on-year to RMB 788.2 million, with an adjusted net profit margin improving from 14.4% to 18.0%[3] - Total revenue increased by 13.2% from RMB 3,866.3 million in Q1 2024 to RMB 4,377.4 million in Q1 2025[22] - Revenue from the core online travel platform rose by 18.4% to RMB 3,792.4 million, driven by a 23.3% increase in accommodation booking services and a 15.2% increase in transportation ticketing services[23] - Gross profit increased to RMB 3,012.5 million, up from RMB 2,514.8 million, reflecting a gross margin improvement[22] - Operating profit surged to RMB 817.3 million, compared to RMB 455.0 million in the previous year[22] - The company recorded a net profit of RMB 678.5 million in Q1 2025, compared to RMB 400.3 million in Q1 2024[44] - The net profit for the three months ended March 31, 2025, was RMB 678,501,000, a significant increase of 69.5% compared to RMB 400,256,000 for the same period in 2024[46] - Total comprehensive income for the period amounted to RMB 671,205,000, up from RMB 399,626,000, reflecting a growth of 67.9% year-over-year[46] User Growth and Engagement - Average monthly paying users grew by 9.2% year-on-year to 46.5 million in the first quarter of 2025, up from 42.6 million in the first quarter of 2024[6] - Annual paying users reached a record high of 247.3 million, representing a year-on-year increase of 7.8%[8] - Cumulative service users for the twelve months ended March 31, 2025, increased by 7.3% year-on-year to 1,959.5 million[6] - Over 87% of registered users reside in non-first-tier cities in China, with more than 68% of new paying users from these areas[8] - The company has strengthened its operational efficiency and user engagement through effective user acquisition strategies and interactive marketing[9] - The self-owned app has shown significant growth in daily active users, supported by continuous product optimization and creative content on social media platforms[9] Revenue Breakdown - In Q1 2025, transportation ticketing service revenue increased by 15.2% year-over-year to RMB 2,002.2 million, driven by enhanced value-added products and improved marketing ROI[11] - Accommodation business revenue grew by 23.3% year-over-year to RMB 1,189.6 million, with international hotel room nights increasing by over 50%[12] - Other business revenue rose by 20.0% year-over-year to RMB 602.6 million, supported by strong performance in hotel management and PMS[13] - Vacation segment revenue decreased by 11.8% to RMB 585.0 million, primarily due to reduced outbound travel income from Southeast Asia[24] Strategic Initiatives - The company announced the acquisition of 100% equity in Wanda Hotel Management, which is expected to enhance its brand matrix and profitability in the high-end hotel sector[13] - The company upgraded its self-developed travel industry model and launched the AI assistant DeepTrip, which integrates booking services for a seamless user experience[15] - The company aims to enhance user value by enriching product offerings and improving user experience while expanding its outbound tourism business[18] - The hotel management business is set to continue its growth, with over 2,500 hotels currently operating and more than 1,400 in preparation[13] Market Outlook - The company continues to capture market opportunities, driven by diverse travel demands and experiential tourism trends in China[7] - The outlook for the Chinese tourism market remains optimistic, with government support and a steady recovery in international flight capacity[17] Financial Position - Non-current assets totaled RMB 19,351,722,000 as of March 31, 2025, slightly down from RMB 19,536,635,000 at the end of December 2024[47] - Current assets increased to RMB 18,972,316,000 from RMB 18,240,561,000, indicating a growth of 4.0%[47] - The total assets reached RMB 38,324,038,000, compared to RMB 37,777,196,000, representing a 1.5% increase[48] - Total liabilities stood at RMB 16,949,790,000, slightly up from RMB 16,814,889,000, reflecting a 0.8% increase[48] - The equity attributable to the company's shareholders increased to RMB 20,403,671,000 from RMB 20,001,471,000, marking a growth of 2.0%[48] Governance and Compliance - The company has adhered to the corporate governance code throughout the reporting period, ensuring compliance with relevant standards[51] - The board of directors consists of executive directors and independent non-executive directors, including co-chairmen Wu Zhixiang and Liang Jianzhang[58][59] - Tencent Holdings Limited is listed on the Hong Kong Stock Exchange with stock code 700, established under Cayman Islands law[59] Expenses and Income - Selling and marketing expenses rose by 6.2% to RMB 1,453.5 million, accounting for 33.0% of total revenue[28] - Administrative expenses increased by 15.9% to RMB 307.4 million, representing 5.8% of total revenue[29] - Financial asset impairment losses recorded a net amount of RMB 8.8 million, compared to a reversal of RMB 6.4 million in the previous year[30] - Other income increased by 24.8% to RMB 17.9 million, mainly due to higher government subsidies received[32] - Other income net amount increased from RMB 0.6 million in Q1 2024 to RMB 31.0 million in Q1 2025, primarily due to foreign exchange gains in Q1 2025[33] - Income tax expense rose significantly from RMB 52.1 million in Q1 2024 to RMB 126.6 million in Q1 2025, attributed to an increase in taxable profits[34]

Revenue Growth - Revenue increased by 18.9% year-on-year to RMB 4,427.0 million (USD 610.1 million) for the quarter ended March 31, 2025[9]. - Revenue for the quarter reached RMB 4,427.0 million (USD 610.1 million), marking an 18.9% year-over-year increase, primarily driven by a 16.5% increase in average store count[16]. - Revenue from the Miniso brand reached RMB 3,506,657 thousand in 2024, representing a year-on-year growth of 16.5%[49]. Profitability - Gross profit increased by 21.1% year-on-year to RMB 1,958.0 million (USD 269.8 million), with a gross margin of 44.2%, up from 43.4% in the same period last year[9]. - Adjusted EBITDA rose by 7.5% year-on-year to RMB 1,037.3 million (USD 142.9 million), with an adjusted EBITDA margin of 23.4%[11]. - Adjusted net profit was RMB 587.2 million (USD 80.9 million), compared to RMB 616.9 million in the same period last year, with an adjusted net profit margin of 13.3%[9]. - Operating profit was RMB 709.8 million (USD 97.8 million), slightly down from RMB 743.3 million in the previous year[20]. - Adjusted net profit margin decreased to 13.3% from 16.6% year-over-year[22]. Store Expansion - Total number of stores reached 7,768 as of March 31, 2025, with a net addition of 978 stores year-on-year[11]. - The number of MINISO stores in mainland China was 4,275, with a net addition of 241 stores year-on-year[11]. - The number of overseas MINISO stores reached 3,213, with a net addition of 617 stores year-on-year[11]. - TOP TOY store count reached 280, with a net addition of 120 stores year-on-year, and began expanding into overseas markets starting from the December 2024 quarter[11]. - The total number of stores increased to 6,790 as of March 31, 2024, from 5,812 a year earlier, representing a growth of 16.5%[13]. Cash Position - Cash position as of March 31, 2025, was RMB 7,255.3 million (USD 999.8 million), up from RMB 6,698.1 million as of December 31, 2024[11]. - Cash and cash equivalents stood at RMB 7,255.3 million (USD 999.8 million) as of March 31, 2025, compared to RMB 6,698.1 million at the end of 2024[24]. - Cash and cash equivalents are expected to rise from RMB 6,328,121 in 2024 to RMB 6,839,406 in 2025, showing a growth of about 8%[37]. Future Projections - Revenue for 2024 is projected to be RMB 3,723,531, increasing to RMB 4,427,044 in 2025, representing a growth of approximately 19%[42]. - Gross profit for 2024 is RMB 1,616,458, with an increase to RMB 1,958,037 in 2025, indicating a gross margin improvement[42]. - Operating profit for 2024 is RMB 743,285, expected to decrease to RMB 709,787 in 2025, reflecting a decline of about 4.5%[42]. - The company anticipates a decrease in net profit from RMB 585,954 in 2024 to RMB 416,459 in 2025, a decline of approximately 29%[42]. - Basic earnings per share are expected to decrease from 0.47 in 2024 to 0.34 in 2025, a decline of approximately 28%[43]. Inventory and Liabilities - The company reported a significant increase in inventory from RMB 2,750,389 in 2024 to RMB 2,833,354 in 2025, reflecting a growth of about 3%[37]. - The total liabilities are projected to increase from RMB 7,764,606 in 2024 to RMB 15,507,801 in 2025, indicating a growth of about 99%[41]. Company Strategy and Operations - The company has established a significant global retail presence since opening its first store in China in 2013, now operating a vast network of stores worldwide[29]. - The company emphasizes high-quality, aesthetically pleasing, and cost-effective products as core attributes of its offerings[29]. - The company plans to continue expanding its product offerings and enhancing its IP design capabilities to attract a broader consumer base[29]. - The company aims to provide a pleasant shopping experience that appeals to all demographics through its diverse product range[29]. - The management team will discuss financial performance during the earnings call scheduled for May 23, 2025[26]. Financial Metrics and Definitions - The adjusted net profit is defined as excluding certain non-cash and other adjustments, providing a clearer view of operational performance[31]. - The adjusted EBITDA is calculated by adding back depreciation, amortization, and financial costs to the adjusted net profit, allowing for a more comprehensive assessment of profitability[31]. - The adjusted net profit margin is calculated based on the adjusted net profit divided by revenue, providing insight into profitability relative to sales[31]. - The company encourages investors to review its financial data comprehensively rather than relying solely on individual financial metrics[33].

Revenue and Profitability - For the six months ended February 28, 2025, the Group's revenue was approximately RMB720.9 million, representing an increase of approximately 12.6% year-on-year from approximately RMB640.1 million for the corresponding period of last year[17]. - Profit for the period was RMB234.3 million, reflecting a 6.6% increase from RMB219.9 million in the prior year[14]. - Adjusted net profit for the period was RMB240.98 million, an increase of 5.4% from RMB228.69 million[14]. - Earnings per share increased to RMB0.195, up 6.6% from RMB0.183[14]. - Total revenue for the six months ended February 28, 2025, increased by 12.6% to RMB720,861,000 compared to RMB640,111,000 for the same period in 2024[77]. - The increase in total revenue was primarily driven by a rise in student enrollment and average tuition fees[78]. - Total comprehensive income for the six months ended February 28, 2025, was RMB236,265,000, an increase of 7.3% compared to RMB219,908,000 for the same period in 2024[159]. Student Enrollment - Student enrollment increased to 56,056, up by 1,979 students or 3.7% compared to 54,077 students in the previous year[14]. - The Group maintained the number of schools at 3, with no change from the previous year[14]. - Huali College had 25,353 students enrolled, a slight increase of 0.7% from 25,183 students in the previous year[71]. - Huali Vocational College saw a significant enrollment increase of 18.0%, growing from 21,331 to 25,171 students[71]. - Huali Technician College experienced a decline in enrollment by 26.9%, dropping from 7,563 to 5,532 students[71]. - The Guangzhou campus of Huali College saw a notable decline in enrollment by 10.0%, from 21,092 to 18,987 students[71]. - The Jiangmen campus of Huali College experienced a substantial increase in enrollment by 55.6%, rising from 4,091 to 6,366 students[71]. - Huali Vocational College's Guangzhou campus enrollment increased by 18.9%, from 13,146 to 15,630 students[71]. Expenses and Costs - Cost of sales increased by approximately 23.3% year-on-year to approximately RMB364.2 million, up from approximately RMB295.3 million[18]. - Selling expenses rose by approximately 33.0% to approximately RMB17.9 million, attributed to increased marketing expenses for the 2024/2025 academic year[20]. - Administrative expenses increased by approximately 39.4% to approximately RMB81.8 million, up from RMB58.7 million in the previous year[21]. - The Group's cost of sales for the same period was approximately RMB364.2 million, representing a year-on-year increase of approximately 23.3% from approximately RMB295.3 million[23]. - The Group's administrative expenses increased by approximately 39.4% to approximately RMB81.8 million for the six months ended February 28, 2025, from approximately RMB58.7 million for the same period last year[26]. Financial Position - As of February 28, 2025, the Group's property, plant, and equipment amounted to approximately RMB5,057.9 million, an increase of about 3.0% from approximately RMB4,909.9 million as of August 31, 2024[39]. - Total assets decreased to RMB7,182,630,000 as of February 28, 2025, from RMB7,500,780,000 as of August 31, 2024, representing a decline of 4.2%[162]. - Total equity increased to RMB4,050,356,000 as of February 28, 2025, compared to RMB3,818,054,000 as of August 31, 2024, reflecting a growth of 6.1%[162]. - Current liabilities decreased significantly to RMB1,204,089,000 as of February 28, 2025, down from RMB1,647,116,000 as of August 31, 2024, a decrease of 26.9%[163]. - The Group's current liabilities exceeded its current assets by RMB734,618,000 as of February 28, 2025[174]. Cash Flow and Financing - Cash generated from operations for the six months ended February 28, 2025, was RMB96,551,000, an increase of 36.5% compared to RMB70,740,000 for the same period in 2024[167]. - Net cash generated from operating activities was RMB48,694,000, a significant recovery from a net cash used of RMB25,008,000 in the prior year[167]. - Cash and cash equivalents decreased to RMB395,654,000 as of February 28, 2025, from RMB840,875,000 as of August 31, 2024, a decline of 53.0%[162]. - The Group had significant capital commitments of RMB314,893,000 expected to be incurred within the coming twelve months for property, plant, and equipment[174]. - Interest paid decreased to RMB30,732,000 from RMB76,653,000 in the previous year, indicating improved financial management[167]. Corporate Governance and Compliance - The Company complied with all code provisions set out in the Corporate Governance Code during the reporting period, except for the separation of roles between the chairman and CEO[99]. - The Company has adopted a Model Code to regulate securities transactions, with all Directors confirming compliance throughout the reporting period[106]. - The audit committee consists of three independent non-executive directors, responsible for reviewing the integrity and accuracy of the financial information[113]. - The Board believes that good corporate governance is essential for enhancing confidence among shareholders, potential investors, and business partners[103]. Future Plans and Strategic Initiatives - The Group aims to expand campus capacity and improve teaching services to sustain growth in student enrollment[85]. - The Group plans to explore diversified non-formal vocational education to achieve sustainable long-term development[86]. - The company has established a wholly-owned subsidiary in California to expand its education operations overseas, indicating a strategic move towards international market expansion[154]. - The company is committed to meeting the Qualification Requirement for foreign investments in higher education, which includes compliance with local regulations[156].

Enrollment and Student Statistics - Total number of students decreased to 31,081 from 32,693, a decline of 1,612 students or 4.9%[9] - As of February 28, 2025, the total enrollment reached 31,081 students, with 29,934 in vocational education, 1,076 in high school, and 71 in kindergarten[17] - The enrollment in Tianfu High School increased by 11.3% from 967 to 1,076 students, while the enrollment in Zhengzhuo Vocational School decreased by 28.5% from 6,411 to 4,585 students[18] Financial Performance - Revenue for the six months ended February 28, 2025, was RMB 207,419,000, down 25.2% from RMB 227,480,000 in the previous year[9] - The company reported a net loss of RMB 9,857,000 for the period, compared to a profit of RMB 3,902,000 in the same period last year, representing a decline of 352.6%[10] - Revenue for the six months ended February 28, 2025, decreased by approximately RMB 20.1 million (or 8.8%) to approximately RMB 207.4 million from RMB 227.5 million for the six months ended February 29, 2024, primarily due to a decline in student enrollment from 6,411 to 4,585[38] - The company recorded a loss of approximately RMB 9.9 million for the six months ended February 28, 2025, compared to a profit of approximately RMB 3.9 million for the six months ended February 29, 2024, primarily due to financing costs[50] - The vocational education segment recorded revenue of approximately RMB 183.1 million and a loss of approximately RMB 6.4 million for the six months ended February 28, 2025[50] Cash Flow and Liquidity - Cash and cash equivalents decreased by 45.1% to RMB 124,004,000 from RMB 225,803,000[10] - Net cash used in operating activities increased by 159.6% to RMB (189,995,000) from RMB (73,177,000)[11] - Total cash used in operating activities was RMB 189.995 million for the six months ended February 28, 2025, compared to RMB 73.177 million for the same period in 2024[53] - The company incurred a net cash outflow from investing activities of RMB 317,538 thousand, compared to RMB 137,641 thousand in the prior year, indicating increased investment expenditures[101] Acquisitions and Business Strategy - The company completed the acquisition of two vocational schools in August 2023, marking a significant adjustment in its business structure[4] - The group completed the acquisition of two vocational schools on August 31, 2023, enhancing its vocational education business structure[13] - The company completed the acquisition of 51% equity in Sichuan Zhengzhuo and Sichuan Gaojiao for a total consideration of RMB 309,060,000 on August 31, 2023[157] - The group plans to enhance investment in vocational education, aligning with government support and industry demand for skilled talent[23] - The company is exploring potential acquisitions of smaller educational institutions to enhance its market share and diversify its offerings[162] Educational Quality and Curriculum Development - The group aims to develop a new curriculum system focusing on "new engineering, new medical, and new liberal arts" to improve student training quality[24] - The group emphasizes maintaining high-quality education through experienced teachers and competitive compensation[21] - The group will implement a new model of school-enterprise cooperation to better align talent training with industry needs[24] - The company has established partnerships with international educational organizations to enhance curriculum quality and expand its global reach[164] Operational Challenges and Adjustments - The overall campus utilization rate fell to 70.8% from 74.2%, a decrease of 3.4 percentage points or 4.6%[9] - The group has closed Lidu Kindergarten due to a significant decline in birth rates and eligible children[15] - The implementation of regulations regarding private education has introduced uncertainties, leading the group to remove affected entities from its consolidated financial statements as of August 31, 2021[32] Shareholder Information and Corporate Governance - Mr. Wang Jinglei holds 233,920,000 shares, representing 25.90% of the total equity, classified as a long position[67] - Ms. Tang Hui owns 144,212,000 shares, accounting for 15.97% of the total equity, also classified as a long position[67] - The company has adopted the corporate governance code and has complied with all applicable provisions during the six months ended February 28, 2025[94] - The audit committee, composed of independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ended February 28, 2025[95] Future Outlook and Guidance - Future guidance indicates an expected revenue growth of 20% for the upcoming fiscal year, driven by increased enrollment and new product offerings[166] - The company plans to expand its market presence by opening three new schools in the Sichuan province by the end of 2024[164] - A new online learning platform is set to launch in Q2 2024, aimed at increasing accessibility for students and enhancing digital education offerings[163] Miscellaneous - The company has not identified any substantial acquisition targets for vocational education institutions as of the report date[25] - The company has not disclosed any new strategies or market expansions in the provided documents[68] - The company has not experienced any significant events affecting the group after February 28, 2025[90]

Financial Performance - Revenue for the six months ended February 28, 2025, was RMB 918,236,000, representing a 5.3% increase from RMB 871,970,000 in the previous year[9]. - Gross profit decreased to RMB 478,560,000, down 9.7% from RMB 529,853,000, indicating a decline in profitability[9]. - The adjusted EBITDA for the period was RMB 581,251,000, reflecting a decrease of 5.7% compared to RMB 616,431,000 in the prior year[9]. - Core net profit decreased by RMB 25.7 million or 5.6% to RMB 434.1 million for the six months ended February 28, 2025[28]. - Profit before tax was RMB 454,974,000, compared to RMB 480,787,000 in the previous year, indicating a decline of approximately 5.4%[61]. - Net profit for the period was RMB 426,559,000, down from RMB 452,488,000 in 2024, a decrease of around 5.7%[63]. - Basic and diluted earnings per share for the period were RMB 0.2119, compared to RMB 0.2249 in the previous year, reflecting a decrease of about 5.4%[61]. - The total comprehensive income for the period was RMB 437,883,000, down from RMB 477,580,000 in the previous year, indicating a decline of about 8.3%[71]. Revenue Sources - Tuition fees accounted for approximately 94.7% of total revenue, with total tuition fees rising by RMB 51.4 million or 6.3% to RMB 869.3 million[16]. - Tuition revenue for the six months ended February 28, 2025, was RMB 358,739,000, an increase of 9.1% from RMB 327,925,000 for the same period in 2024[97]. - Accommodation revenue for the same period was RMB 29,240,000, slightly up from RMB 29,062,000, reflecting a growth of 0.6%[97]. - Total revenue recognized from contract liabilities for the six months ended February 28, 2025, was RMB 387,979,000, representing an 8.7% increase compared to RMB 356,987,000 in 2024[97]. Expenses and Costs - The total sales cost increased by 28.5% to RMB 439,676,000, compared to RMB 342,117,000 in the previous year, impacting overall profitability[9]. - Selling and distribution expenses decreased by RMB 1.9 million or 43.8% to RMB 2.5 million, attributed to improved brand building and reduced student recruitment promotion[24]. - Administrative expenses increased by RMB 5.7 million or 6.5% to RMB 94.5 million, mainly due to an increase in the number of management professionals[25]. - Employee benefits expenses (excluding directors and key management personnel) totaled RMB 227,662,000, an increase of 13.2% from RMB 201,080,000 in 2024[102]. Cash Flow and Liquidity - Cash flow from operating activities for the six months was RMB 459,184,000, a decrease of 33.5% from RMB 690,969,000 in the prior year[74]. - The company experienced an increase in cash and cash equivalents, ending the period with RMB 1,263,750,000, up from RMB 868,111,000, representing a growth of approximately 45.5%[76]. - The company raised RMB 608,634,000 through new bank and other borrowings, compared to RMB 178,016,000 in the prior year, indicating a significant increase in financing activities[74]. - The management anticipates sufficient operating funds to meet financial obligations, supported by positive cash flow and available credit facilities[81]. Awards and Achievements - The group received approximately 147 national awards and 164 provincial awards during the reporting period, highlighting significant achievements in faculty development[12]. - The Guangdong school ranked 35th in the GDI University Rankings (2025) among the top 300 private institutions, and 3rd within Guangdong province[12]. Strategic Initiatives - The implementation of the "AI + Vocational Education" strategy is underway, with the establishment of an AI application promotion working group to integrate AI technology into educational processes[13]. - A cooperation management agreement was signed with Hunan Vocational School, marking the first private vocational undergraduate cooperation project, which will enhance the company's management service capabilities[14]. - The company plans to expand international education services and deepen industry-education integration, focusing on key industries such as new energy vehicles and digital economy[18]. Shareholder Information - As of February 28, 2025, the total number of issued shares is 2,014,248,667[55]. - Director Ye Nianqiao holds 677,280,000 shares, representing 33.62% of the total shares[51]. - Major shareholder Cantrust (Far East) Limited holds 677,280,000 shares, representing 33.62% of the total shares[56]. - The company declared an interim dividend of HKD 0.07 per share, totaling RMB 130,751,000, compared to RMB 127,942,000 for the same period in 2024, representing an increase of approximately 1%[118]. Financial Position - Total assets as of February 28, 2025, amounted to RMB 6,560,440,000, an increase from RMB 6,122,732,000 as of August 31, 2024[65]. - Total liabilities as of February 28, 2025, were RMB 1,509,627,000, compared to RMB 1,490,764,000 as of August 31, 2024, showing a slight increase of approximately 1.3%[67]. - The debt-to-equity ratio as of February 28, 2025, was 17.7%, unchanged from August 31, 2024[36]. - The group has no significant contingent liabilities or guarantees as of February 28, 2025, consistent with the previous year[129]. Taxation and Compliance - The total tax expense for the period was RMB 28,415,000, slightly up from RMB 28,299,000 in the previous year, indicating a year-over-year increase of about 0.4%[117]. - The group has not incurred any taxable profits in Hong Kong during the reporting period, thus no provisions for Hong Kong profits tax have been made[105]. - The group’s tax rate for certain subsidiaries is 15%, benefiting from preferential tax policies in the Tibet region[114]. Other Information - The company is registered as a foreign-owned enterprise under Chinese law[147]. - The company operates in compliance with Hong Kong Financial Reporting Standards[146]. - The company is listed on the Hong Kong Stock Exchange[147].

Financial Performance - For the six months ended February 28, 2025, the company reported revenue of RMB 1,278,104,000, representing a 7.2% increase from RMB 1,191,796,000 in the same period of 2024[10]. - Gross profit for the same period was RMB 597,927,000, which is a significant increase of 50.5% compared to RMB 397,225,000 in 2024[10]. - Adjusted net profit attributable to equity holders of the company reached RMB 434,529,000, marking a substantial growth of 108.7% from RMB 208,161,000 in the previous year[10]. - The adjusted gross profit for the six months was RMB 617,397,000, up 48.3% from RMB 416,252,000 in 2024[10]. - Operating profit for the six months was RMB 397.3 million, an increase of RMB 212.8 million or 115.3% from RMB 184.5 million in 2024, resulting in an operating profit margin of 31.1% compared to 15.5% in 2024[26]. - The adjusted net profit attributable to equity holders was RMB 434.5 million, an increase of RMB 226.4 million or 108.7% from RMB 208.2 million in 2024, with an adjusted net profit margin of 34.0% compared to 17.5% in 2024[27]. - Basic earnings per share for the period was RMB 0.11, up from RMB 0.05, reflecting a 120% increase[66]. - The company reported a net profit of RMB 405,788,000 for the period, compared to RMB 193,255,000 in the previous period, an increase of approximately 109.8%[73]. - The total equity attributable to equity holders of the company increased to RMB 8,237,927,000 from RMB 7,488,720,000, reflecting a growth of 10.0%[70]. Operational Highlights - The company has been operating private schools in China for over 20 years and is recognized as a leading operator in the sector based on enrollment numbers[16]. - The company plans to continuously improve educational infrastructure and expand its school network to ensure quality education for students[16]. - The company emphasizes the importance of developing modern talents with leadership skills and self-learning abilities as part of its educational goals[16]. - The company is committed to providing educational services that align with its values and contribute to the overall development of students[16]. - As of February 28, 2025, the company operated 10 schools, including 9 in China and 1 in Thailand, with ongoing plans to expand[18]. Financial Position - As of February 28, 2025, the group's cash and cash equivalents decreased by 38.1% to RMB 1,294.4 million from RMB 2,090.5 million as of August 31, 2024, primarily due to loan repayments and the redemption of convertible bonds[29]. - The current ratio as of February 28, 2025, improved to 0.63 from 0.53 as of August 31, 2024[29]. - The capital debt ratio as of February 28, 2025, was approximately 6.2%, a significant decrease from 18.4% as of August 31, 2024[29]. - Total assets as of February 28, 2025, were RMB 12,224,289,000, a decrease from RMB 12,539,531,000 as of August 31, 2024[70]. - Total liabilities decreased from RMB 5,005,731 thousand to RMB 3,939,704 thousand, representing a decline of approximately 21.4%[72]. Cost Management - The company reduced its adjusted cost of revenue to RMB 660.7 million, a decrease of RMB 114.8 million or 14.8% from RMB 775.5 million in 2024[21]. - Sales expenses decreased to RMB 16.8 million, down RMB 1.8 million or 9.6% from RMB 18.6 million in 2024, primarily due to reduced marketing and promotional expenses[24]. - Administrative expenses increased to RMB 158.5 million from RMB 152.5 million in 2024, attributed to normal business growth and inflation[24]. - Total expenses for the six months ended February 28, 2025, amounted to RMB 855,503,000, down from RMB 965,657,000 in the prior year, indicating a reduction of 11.4%[101]. Shareholder Information - As of February 28, 2025, Mr. Li holds approximately 53.71% of the company's shares, totaling 1,937,249,000 shares[46]. - Ms. Li holds approximately 53.84% of the company's shares, totaling 1,941,826,000 shares[46]. - The total issued shares of the company as of February 28, 2025, is 3,606,787,883 shares[46]. - The unexercised stock options under the Pre-IPO Share Option Scheme amount to 105,043,690 shares, representing approximately 2.5% of the company's issued share capital[52]. - The maximum number of shares that can be issued under the Share Award Scheme is capped at 270,000,000 shares, which is about 9% of the company's issued share capital as of the listing date[57]. Risks and Compliance - The group faced no significant foreign exchange risks as of February 28, 2025, except for bank deposits denominated in foreign currencies[30]. - The group continues to control consolidated subsidiaries through contractual agreements, in compliance with relevant Chinese laws and regulations[79]. - The group faces multiple financial risks, including market risk, credit risk, and liquidity risk, which are monitored and managed accordingly[87]. - The liquidity risk is managed by maintaining adequate levels of cash and cash equivalents, with expectations of internal cash flow generation and bank borrowings to meet future cash flow needs[88]. Discontinued Operations - The company is in the process of selling its subsidiary in Thailand, which has been classified as discontinued operations, with assets and liabilities separately classified as held for sale[96]. - The company reported a profit before tax of RMB 17,382,000 from discontinued operations, compared to RMB 19,298,000 in the prior year[161]. - The total liabilities associated with the discontinued operations were RMB 272,594,000, with current liabilities making up RMB 240,030,000[160]. Future Outlook - The company plans to enhance educational infrastructure and significantly increase investment in vocational education, focusing on high-potential higher education investment opportunities[20]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[76].

Stock Options - The total number of shares available for issuance under the stock option plan is 429,082,400 shares, representing approximately 10.0% of the total issued shares as of the report date[6] - The company has confirmed that all stock options previously granted under the stock option plan have expired, resulting in no shares available for issuance under the plan[6] Board of Directors - The board of directors consists of 7 members, including 2 executive directors and 5 non-executive directors[7]

Customer Growth - Total paying enterprise customers reached 6.4 million for the twelve months ending March 31, 2025, an increase of 12.3% from 5.7 million for the same period ending March 31, 2024[11] - Average monthly active users for Q1 2025 were 57.6 million, up 23.6% from 46.6 million in Q1 2024[11] Financial Performance - Revenue for Q1 2025 was RMB 1,923.3 million (USD 265.0 million), a 12.9% increase from RMB 1,703.8 million in Q1 2024[11] - Operating profit for Q1 2025 was RMB 439.8 million (USD 60.6 million), a significant increase of 324.5% from RMB 103.6 million in Q1 2024[11] - Adjusted operating profit for Q1 2025 was RMB 691.5 million (USD 95.3 million), up 76.1% from RMB 392.6 million in Q1 2024[11] - Net profit for Q1 2025 was RMB 512.1 million (USD 70.6 million), an increase of 111.9% from RMB 241.7 million in Q1 2024[11] - Adjusted net profit for Q1 2025 was RMB 763.9 million (USD 105.3 million), a 43.9% increase from RMB 530.7 million in Q1 2024[11] - Operating cash flow for Q1 2025 was RMB 1,003.1 million (USD 138.2 million), an increase of 10.8% from RMB 905.5 million in Q1 2024[18] Profitability Metrics - The company achieved an adjusted operating profit margin of 36.0% in Q1 2025, up 13 percentage points year-over-year[12] Cost Management - The company reported a decrease in total operating costs and expenses to RMB 1,491.1 million (USD 205.5 million), down 7.5% from RMB 1,612.8 million in Q1 2024[13] - In Q1 2025, the operating costs were RMB 310.8 million (USD 42.8 million), an increase of 5.2% compared to RMB 295.4 million in Q1 2024, primarily due to increased payment processing fees[15] - Marketing expenses in Q1 2025 were RMB 491.2 million (USD 67.7 million), a decrease of 15.2% from RMB 579.3 million in Q1 2024, mainly due to reduced advertising and employee-related costs[15] - R&D expenses for Q1 2025 amounted to RMB 423.6 million (USD 58.4 million), down 9.4% from RMB 467.6 million in Q1 2024, primarily due to decreased employee-related costs and technology investments[15] Future Outlook - The company expects total revenue for Q2 2025 to be between RMB 2.05 billion and RMB 2.08 billion, representing a year-over-year increase of 6.9% to 8.5%[21] - The company plans to continue investing in new technologies and market expansion strategies to drive future growth, with a focus on enhancing its online recruitment services for enterprise clients[29] Shareholder Returns - The board approved a share repurchase plan in August 2024, allowing the company to repurchase up to USD 150 million worth of shares over a 12-month period[20] Cash and Assets - As of March 31, 2025, cash and cash equivalents totaled RMB 14,785.2 million (USD 2,037.5 million)[19] - The company’s total assets reached RMB 20,387,869,000 as of March 31, 2025, an increase from RMB 19,310,672,000 at the end of 2024, representing a growth of 5.6%[31] - The company’s total liabilities amounted to RMB 4,530,679,000 as of March 31, 2025, a slight increase from RMB 4,347,852,000 at the end of 2024, reflecting a 4.2% rise[31] - The company’s cash and cash equivalents increased to RMB 2,790,420,000 as of March 31, 2025, up from RMB 2,553,090,000 at the end of 2024, marking a growth of 9.3%[31] Product and Service Development - The company continues to enhance AI technology applications, launching multiple AI-enabled products and services to improve user engagement and recruitment efficiency[12] - The company operates China's leading online recruitment platform "BOSS Zhipin," leveraging a highly interactive mobile application to connect job seekers and businesses efficiently[26]

Financial Performance - The company reported an unaudited consolidated net loss of approximately HKD 131 million for the six months ended March 31, 2025, compared to a net loss of HKD 218 million for the same period in 2024[8]. - Excluding non-operating items, the company's unaudited consolidated operating profit was approximately HKD 28 million, an increase from HKD 26.1 million in 2024[9]. - Revenue for the six months ended March 31, 2025, was HKD 85,927,000, an increase of 3.1% compared to HKD 83,355,000 for the same period in 2024[46]. - The loss before tax for the period was HKD 127,009,000, improving from a loss of HKD 214,127,000 in the same period last year, indicating a reduction of 40.7%[46]. - The total comprehensive loss for the period was HKD 137,316,000, compared to HKD 217,444,000 in the previous year, reflecting a decrease of 36.9%[47]. - The group incurred a pre-tax loss of HKD 127,009,000 for the period, compared to a loss of HKD 214,127,000 for the same period in 2024[65]. - Basic loss per share for the six months ended March 31, 2025, was HKD 1.19, compared to HKD 1.98 for the same period in 2024, indicating a 40.0% reduction in loss per share[71]. Revenue and Income Sources - Total revenue for the six months ended March 31, 2025, is HKD 85,927,000, an increase from HKD 83,355,000 for the same period in 2024, representing a growth of 3.1%[65]. - Revenue from sales of goods increased to HKD 23,281,000 from HKD 20,278,000, a growth of 9.9% year-over-year[65]. - Rental income decreased to HKD 51,766,000 from HKD 53,698,000, a decline of 3.6% year-over-year[65]. - Other income and gains decreased to HKD 8,033,000 from HKD 10,440,000, representing a decline of 23.1%[46]. Investment Activities - The company holds a diversified investment portfolio, including a real estate investment trust and three private asset funds, to mitigate risks and create long-term value[15]. - The investment in the TKO Fund amounts to HKD 34.9 million, with an investment valuation of HKD 39.3 million as of March 31, 2025[15]. - The company has fully paid USD 7.5 million for the Adams Street Private Income Fund, with an investment valuation of USD 6.7 million[16]. - The ALPS Private Credit Feeder Fund has a total commitment of USD 5 million, focusing on generating stable income through investments in the global credit market[16]. - The company’s investment activities resulted in a net cash outflow of HKD 36,677,000, compared to HKD 16,167,000 in the previous period[52]. Property and Rental Income - Rental income from residential properties increased by 3.2%, while rental income from commercial and industrial properties decreased by 10.5%[12]. - Rental income from the residential units in Beijing's Chaoyang District decreased by 3.1% compared to the same period last year[19]. - The property investment and management segment reported a loss of HKD 133,518,000, primarily due to a fair value decrease of investment properties amounting to approximately HKD 167,948,000[60]. Financial Position and Liabilities - As of March 31, 2025, the total bank borrowings amounted to HKD 4.158 billion, an increase from HKD 3.740 billion as of September 30, 2024[25]. - The debt-to-equity ratio increased to 9.3% from 8.1% as of September 30, 2024[25]. - The group has not utilized bank credit facilities amounting to HKD 11.245 billion, which will provide sufficient funding for operations and capital expenditures[25]. - Current liabilities increased to HKD 471,888,000 from HKD 430,817,000, an increase of 9.5%[48]. - The company's equity attributable to owners decreased to HKD 4,454,095,000 from HKD 4,623,099,000, a decrease of 3.7%[49]. Corporate Governance - The company has adhered to all corporate governance codes, except for the separation of the roles of Chairman and CEO, which are held by the same individual[33]. - The board will continue to review the effectiveness of the corporate governance structure, including the potential separation of the Chairman and CEO roles[34]. - All directors confirmed compliance with the standard code for securities trading throughout the reporting period[35]. Employee and Management Compensation - The group reported a total of 118 employees as of March 31, 2025, an increase from 115 employees as of September 30, 2024[30]. - The total compensation for key management personnel for the six months ended March 31, 2025, was HKD 4,350,000, up from HKD 4,051,000 for the same period in 2024, reflecting an increase of about 7.4%[90]. - The total short-term employee benefits for key management personnel increased to HKD 4,306,000 for the six months ended March 31, 2025, compared to HKD 4,011,000 for the same period in 2024, marking an increase of approximately 7.3%[90]. Dividends and Shareholder Information - The interim dividend declared is HKD 0.04 per share, consistent with the previous year[10]. - The company declared a final dividend of HKD 0.32 per share for the year ended September 30, 2024, totaling HKD 35,257,000, down from HKD 37,461,000 in the previous year[70]. - The company plans to close the shareholder register from June 10 to June 12, 2025, to ensure shareholders receive the interim dividend[44]. - As of March 31, 2025, the total shareholding of the CEO and directors represents approximately 73.6% of the issued shares[37].

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之內容概不負 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。 （於百慕達註冊成立之有限公司） （股份代號：717） 2024/2025年度之中期業績公告 英皇資本集團有限公司（「本公司」）董事會（「董事會」或「董事」）宣佈本公司及其附 屬公司（統稱為「本集團」）截至2025年3月31日止6個月（「本期間」）之未經審核綜合 業績。 | 財務概要 | | | | | --- | --- | --- | --- | | | 截至3月31日止6個月 | | 變動 | | | 2025年 | 2024年 | | | | 千港元 | 千港元 | | | 總收入 | 402,634 | 185,386 | +117% | | 財富管理方案 | 297,607 | 52,905 | +463% | | 貸款 | 100,534 | 128,525 | -22% | | 企業融資 | 4,493 | 3,956 | +14% | | 減值撥備1 | 52,721 | 57,402 ...