股东利润大增超过18.4倍，枫叶教育（01317）为何仍走不出估值低谷？

Core Viewpoint - Maple Leaf Education (01317) reported a significant profit increase for the fiscal year 2025, with a net profit attributable to shareholders of at least 300 million yuan, representing a year-on-year growth of over 18.4 times, primarily driven by non-recurring items [1][3] Financial Performance - The company achieved a net profit of no less than 75 million yuan after excluding other income and losses, reflecting a year-on-year increase of 383.9% [1] - The financial year 2025 saw a substantial increase in other income and losses, which rose from 4 million yuan to at least 225 million yuan, mainly due to the acquisition of a subsidiary and the cancellation of related party payables [1][4] - The company’s financial metrics showed improvement, with gross margin increasing by 1.28 percentage points to 51.7%, and financial expenses decreasing by 13.67% to 8.68% [5] Market and Operational Challenges - The company has been facing a decline in student enrollment, with a 7.5% decrease in domestic student numbers and an 8.6% decrease in overseas student numbers [2] - The domestic market contributed 37.4% to revenue, while the overseas market accounted for 62.6%, indicating a shift in revenue sources [2] - The company operates 20 schools domestically, with a significant drop in enrollment in the kindergarten segment due to government policies [2] Strategic Initiatives - Maple Leaf Education is pursuing a dual strategy to improve its situation, focusing on standard implementation and overseas expansion, while also diversifying into services like catering [2] - The company has launched a world school curriculum and is expanding its school network in Southeast Asia under the CIS and KIS brands [2] Valuation and Market Sentiment - The company’s valuation remains low, with a price-to-book (PB) ratio of only 0.7 and a price-to-earnings (PE) ratio below 4, raising questions about potential investment opportunities despite the profit improvement [1][6] - The market has not responded positively to the earnings report, with trading volume remaining low and the company’s market capitalization having shrunk by over 90% since 2018 [6]