北京商报讯（记者 吴其芸）12月10日，北京市教委官方微信公众号"首都教育"发布的消息显示，今 年，市教委会同相关部门对2024年度民办非学历高等教育机构办学状况进行了检查评估（以下简称"年 检评估"），并分两批公布年检评估结果。最终，共有42所学校年检评估结论为"通过"，获2025—2026 学年招生资格。 根据《北京市教育委员会关于民办高等学校 民办非学历高等教育机构2025年秋季招生政策的通告》， 民办非学历高等教育机构不具备颁发国家承认的学历证书的资格，以开展高等教育自学考试助学等文化 教育培训、职业培训为教学内容。 据了解，首批35所民办非学历高等教育机构获批招生，包括11所全日制机构、24所非全日制机构。另有 3所学校（北京应用技术专修学院、北京应用技术专修学院、北京当代艺术研修学院）未通过年检，将 停止招生并进行整改。第二批年检评估结论为"通过"的民办非学历高等教育机构名单共7所，准予其年 度招生。 ...

Core Viewpoint - Tianli International Holdings reported FY25 results with revenue of 3.589 billion yuan, a year-on-year increase of 8.1%, and a net profit of 648 million yuan, up 16.5%, aligning with performance forecasts. However, adjusted net profit of approximately 634 million yuan fell short of the expected 771 million yuan due to increased investments in quality-focused strategies [1][2] Group 1: Financial Performance - The company maintained a total dividend of approximately 200 million yuan, with a payout ratio around 30%, indicating stable shareholder returns [1] - Revenue growth across various segments: Comprehensive education services, product sales, comprehensive logistics services, and management and franchising increased by 7%, 8%, 2.7%, and 93.9% respectively [1] - Adjusted net profit for FY25 was lower than expectations primarily due to increased costs from logistics upgrades, quality faculty recruitment, and AI-related investments [2] Group 2: Strategic Focus - The company adopted a "quality first" strategy, leading to a focus on optimizing student quality and investments in quality faculty, logistics, and AI, which impacted short-term financial performance [1][2] - For FY26, the company plans to balance educational quality with short-term financial performance, aiming to gradually restore profit growth [1] - The student enrollment growth rate for the fall semester of FY26 was 8%, a decrease from 30% the previous year, attributed to the company's focus on quality control [2] Group 3: Future Outlook - The company intends to expand its enrollment scope and increase the penetration of diversified services in managed schools to maintain steady revenue growth [2] - Adjusted net profit forecasts for FY26, FY27, and FY28 have been revised down to 699 million yuan, 795 million yuan, and 864 million yuan respectively, reflecting a 30% reduction from previous estimates [2] - The DCF target price has been lowered to 4.21 HKD from 5.89 HKD, maintaining a WACC of 10.76% and a perpetual growth rate of 1% [2]

天立国际控股(01773)发布公告，根据其于2018年6月24日采纳的购股权计划，公司于2025年12月2日向 合资格参与者合共授出1200万份购股权，以认购公司股本中每股面值0.1港元之普通股，须待承授人接 纳购股权后，方可作实。 ...

Core Viewpoint - Chenlin Education (01593) reported a revenue of 600.7 million RMB for the fiscal year ending August 31, 2025, reflecting a year-on-year growth of 0.2%. However, the company incurred a net loss of 412 million RMB, compared to a profit of 15.367 million RMB in the previous year, resulting in a basic loss per share of 0.43 RMB [1]. Financial Performance - Revenue for the year was 600.7 million RMB, showing a slight increase of 0.2% year-on-year [1]. - The company reported a net loss of 412 million RMB, a significant decline from the previous year's profit of 15.367 million RMB [1]. - Basic loss per share was recorded at 0.43 RMB [1]. Loss Drivers - The primary reasons for the loss included: - A downward adjustment in the operational estimates of the acquired Jiangxi Technician College and Guizhou College, leading to a one-time, non-cash impairment loss of approximately 288.8 million RMB related to goodwill and certain non-current assets [1]. - The withdrawal of an application to convert one of the cash-generating units from a non-profit to a for-profit private school, resulting in a one-time, non-cash loss of about 42.6 million RMB due to the recognition of deferred income [1]. - Increased non-cash depreciation costs of fixed assets, which rose by approximately 25 million RMB as infrastructure and equipment upgrades were completed [1]. Adjusted Profitability - Excluding the aforementioned one-time non-cash expenses, the company generated a profit of approximately 184.5 million RMB for the year [1].

Core Insights - Maple Leaf Education reported audited consolidated results for the year ending August 31, 2025, with total revenue of 1.18 billion RMB, representing a year-on-year decline of 3.9% [1] - The company achieved a net profit of 309 million RMB, showing a significant year-on-year increase of 1891.1%, primarily due to reduced financial costs and a gain of approximately 190.8 million RMB from the acquisition of a subsidiary [1] Financial Performance - Total revenue for the period was 1.18 billion RMB, down 3.9% compared to the previous year [1] - Net profit reached 309 million RMB, a substantial increase of 1891.1% year-on-year [1] - The increase in profit was largely attributed to lower financial costs and gains from the acquisition of a subsidiary [1]

Group 1 - The core viewpoint of the article highlights that Zhongjiao Holdings reported FY25 revenue of 7.363 billion yuan, an increase of 11.9% year-on-year, and a net profit of 506 million yuan, up 0.8% year-on-year, aligning with performance forecasts [1] - The company is transitioning from external expansion to a new phase focused on internal growth and value enhancement, indicating a stable long-term profitability outlook [1] - The company’s domestic revenue grew by 11.8% year-on-year, while international revenue increased by 14.8%, continuing the trend of simultaneous volume and price growth [1] Group 2 - The total number of full-time students reached 282,000, a year-on-year increase of approximately 5%, with the higher education segment being a key stabilizer, showing a 9% growth in student enrollment [1] - Capital expenditures were optimized to 2.66 billion yuan, a nearly 45% decrease year-on-year, marking a shift towards a more cash flow-focused growth period [1] - The company maintained an industry-leading gross margin of 53.32%, despite a year-on-year decline of about 2 percentage points due to increased investments in faculty and teaching quality [1] Group 3 - The net profit for FY25 was 506 million yuan, with a slight increase attributed to a one-time impairment of goodwill and intangible assets amounting to approximately 1.706 billion yuan (after tax 1.675 billion yuan) [1] - Excluding this impact, EBITDA still achieved a year-on-year growth of 10.5%, indicating underlying operational strength [1] - The domestic corporate income tax significantly increased to 320 million yuan year-on-year, reflecting proactive optimization of the group structure [1] Group 4 - The Guangdong Provincial Education Department released a draft document on November 5 regarding the classification management reform for private colleges, which may support sentiment and valuation recovery for Zhongjiao Holdings if it successfully completes the profit-oriented registration [2] - Adjusted net profit estimates for FY26-28 are projected at 2.037 billion, 2.137 billion, and 2.175 billion yuan respectively, reflecting an increase from previous estimates [2] - The target price is set at 3.68 HKD, with a maintained "buy" rating, based on the assumption of a 40% dividend payout ratio starting in FY27 [2]

以11月27日收盘价计算，成实外教育目前市盈率（TTM）约10.05倍，市净率（TTM）约0.68倍，市销率（TTM）约0.54倍。 市净率(LF)历史分位(%) 100 ଛି ୨୦ 80 70 63x62 60 -56.7 57014 50-66 50 41.81 40 30 27p23 20 2004 10 5.2 0 l-12-37 1 -12-37 . 2019-12-37 2019-06 2n- 制图数据来自恒生聚源数据库 公司主要提供民办教育服务，主营业务包括学校食堂运营、住宿服务、教育管理及咨询服务、非学历教育服务以及海外升咨询服务费。海外升学咨询服务是 向参加本集团国际课程的高中学生提供的增值服务；其它服务包括国际教育资源咨询服务、国际课程咨询服务、出国留学指导及咨询服务、背景提升服务以 及推计划服务。 历年营收、净利同比增长情况(%) 200 – 117.36 38:31 0 % -75.04 =31.97 -200 -400 -600 -800 -1,000 营业收入同比增长率 归母净利润同比增长率 制图数据来自恒生聚源数据库 营收、净利半年度变动情况(亿元) 10 5 19.05元.98 ...

格隆汇11月28日丨宇华教育(06169.HK)发布公告，截至2025年8月31日止年度，收入为人民币24.97亿 元，同比增长5.4%；毛利为人民币11.46亿元，同比增长24.6%；经调整公司股权持有人应占纯利为人民 币9.14亿元，同比增长95.6%。 ...

Group 1 - The company expects revenue of approximately RMB 600 million for the fiscal year ending August 31, 2025, showing stability and slight growth compared to previous periods [1] - The company anticipates a net loss of no less than RMB 320 million for the fiscal year 2025, in contrast to a net profit of approximately RMB 15.4 million in the fiscal year 2024 [1] - The expected loss for fiscal year 2025 is primarily due to downward adjustments in the operational estimates of cash-generating units acquired in 2020 and 2021, along with non-cash impairment losses of no less than RMB 200 million [1] Group 2 - The company states that the impairments, one-time losses, and depreciation are non-cash in nature, thus not affecting operational profit or cash flow, maintaining a robust financial position and optimized debt structure [2] - The board expects the adjusted non-IFRS net profit for fiscal year 2025, excluding the impact of one-time non-cash expenses, to be between RMB 170 million and RMB 200 million [2]

Group 1 - The company expects revenue for the fiscal year ending August 31, 2025, to be approximately RMB 600 million, showing stability and slight growth compared to the fiscal year ending August 31, 2024 [1] - The company anticipates a net loss of no less than approximately RMB 320 million for the fiscal year 2025, in contrast to a net profit of approximately RMB 15.4 million for the fiscal year 2024 [1] - The expected loss for fiscal year 2025 is primarily due to adjustments in the operational estimates of cash-generating units acquired in 2020 and 2021, leading to a one-time, non-cash impairment loss of no less than approximately RMB 200 million [1] Group 2 - The company’s financial condition and cash flow remain robust despite the anticipated non-cash impairments and one-time losses, with an ongoing optimization of the debt structure [2] - The board expects the adjusted non-IFRS net profit for fiscal year 2025, excluding the impact of one-time non-cash expenses, to be between RMB 170 million and RMB 200 million [2] - The increase in non-cash fixed asset depreciation costs is projected to be approximately RMB 25 million year-on-year as infrastructure construction and equipment upgrades are completed [1]