证券研究报告 2025 年 12 月 01 日│中国香港 互联网 天立国际控股公布 FY25 业绩：收入 35.89 亿元，yoy+8.1%；净利润 6.48 亿元，yoy+16.5%，符合业绩预告；调整后归母净利润约 6.34 亿元，不及 我们预期的 7.71 亿元。FY25 公司在"质量优先"战略下加强了生源优化和 对优质师资、餐饮后勤、AI 业务的投入，导致短期财务表现略逊预期。FY26 起公司将加强教育质量和短期财务表现的再平衡，推动利润逐渐重回增长。 公司全年派息总额约 2 亿元，派息率维持在 30%左右，股东回报稳健。当 前估值具备较高性价比，维持"买入"评级。 各板块收入稳健增长，升学成果再创新高 FY25 综合教育服务/产品销售/综合后勤服务/管理及特许经营收入分别同比 增长 7%/8%/2.7%/93.9%。公司升学成绩硕果累累，2025 高考成熟校区本 科率达 90%，一本率达 58%；成长期校区本科率达 32%，一本率达 14%； 国际升学、强基竞赛亦取得亮眼成绩。作为第二曲线的托管业务持续发展， 截至 25 年秋季已签约 23 所学校、40 个学段。 "质量优先"导向下招生及利润略逊预 ...

Core Viewpoint - Tianli International Holdings (01773) is set to hold a board meeting on November 28 to approve its final performance, with a projected revenue of approximately 3.6 billion HKD for the fiscal year ending August 31, 2025, representing an 8% year-on-year increase, and a profit of about 650 million HKD, reflecting a 17% year-on-year growth [1][1][1] Group 1 - The increase in performance is primarily attributed to the growth in the number of clients for comprehensive educational services [1][1] - The company plans to advance its diversified business initiatives and commercialize AI-related products, including the AI Sprint Camp [1][1] - Guosen Securities highlights the company's strong educational quality and stable base of degree-granting institutions, suggesting that adjustments in enrollment policies may lead to improved short-term financial metrics and long-term quality of student sources [1][1][1] Group 2 - Huaxi Securities notes that the orderly advancement of the company's AI business, including the commercialization and market promotion of AI Sprint Camp, AI Smart Study Room, and AI Classroom, is expected to provide new growth opportunities [1][1][1]

Core Viewpoint - Tianli International Holdings (01773) is experiencing a stock price increase, with a reported rise of 4.33% to HKD 2.17, driven by positive earnings expectations and growth in its educational services sector [1] Financial Performance - The company anticipates a revenue of approximately HKD 3.6 billion for the fiscal year ending August 31, 2025, representing an 8% year-on-year growth [1] - Profit is expected to reach around HKD 650 million, reflecting a 17% increase compared to the previous year [1] Business Development - The growth in performance is attributed to an increase in the number of clients for its comprehensive educational services [1] - The company plans to advance its diversified business initiatives and commercialize AI-related products, including the AI Sprint Camp [1] Market Outlook - Guosen Securities highlights the company's strong educational quality and stable foundation in degree-granting institutions, suggesting that adjustments in enrollment policies may lead to improved short-term financial metrics and long-term student quality [1] - Huaxi Securities notes that the orderly advancement of the company's AI business, including products like AI Sprint Camp and AI Classroom, is expected to generate additional revenue streams [1]

Group 1 - Tianli International Holdings (01773) shares rose over 4%, currently up 4.46% at HKD 2.34, with a trading volume of HKD 21.9944 million [1] - The company issued a profit warning, expecting revenue of approximately HKD 3.6 billion for the year ending August 31, 2025, representing a year-on-year growth of about 8% [1] - Profit is projected to be around HKD 650 million, reflecting a year-on-year increase of approximately 17%, driven by an increase in the number of clients for comprehensive educational services [1] Group 2 - The company plans to systematically advance its diversified business and commercialize AI-related products, including AI boot camps [1] - Guosen Securities reported that the company's strong educational quality and stable base of degree-granting institutions will allow for adjustments in enrollment policies to lower entry barriers, potentially achieving a better balance between short-term financial growth and long-term student quality metrics [1] - The company's AI educational products are expected to provide learning assistance to students, which may contribute to incremental business growth [1]

Group 1 - The core viewpoint of the report is that Tianli International Holdings (01773) is expected to achieve a profit growth of 17% year-on-year in the fiscal year 2025, driven by a solid core education service business and the introduction of AI education products [1][2] - The company anticipates a revenue of 3.6 billion yuan, representing an 8% increase, and a net profit of 650 million yuan, reflecting a 17% increase, primarily due to the growth in the number of clients for comprehensive education services [1][2] - The company has maintained a high standard of educational quality, with a college entrance examination (Gaokao) undergraduate rate of approximately 90% and a first-tier undergraduate rate of about 58% for mature schools [2] Group 2 - The company has been diversifying its business since 2022, including management services for external educational institutions and various educational programs, with the number of managed schools increasing from 10 to 18 [3] - The AI education product matrix includes several offerings such as AI sprint camps and AI classrooms, with 81% of students in the sprint camp achieving score improvements in their final exams, averaging an increase of 48 points [3] - The company has successfully attracted students from families with payment capabilities, as evidenced by the admission of students to prestigious universities like Peking University and Tsinghua University [3]

Core Viewpoint - Tianli International Holdings (01773) has experienced a stock price increase of over 8% following a profit warning, with the company projecting a revenue growth of approximately 8% and a profit increase of about 17% for the fiscal year ending August 31, 2025 [1] Financial Performance - The company anticipates revenue of approximately RMB 3.6 billion for the fiscal year ending August 31, 2025, compared to approximately RMB 3.32 billion for the fiscal year ending August 31, 2024, reflecting an increase of about 8% [1] - The expected profit for the same period is approximately RMB 650 million, up from approximately RMB 556 million for the fiscal year ending August 31, 2024, indicating a growth of around 17% [1] Business Growth Factors - The improvement in financial performance is attributed to an increase in the number of clients utilizing the company's comprehensive educational services [1] - The company expresses confidence in its business development and future prospects, driven by the orderly advancement of its diversified operations and the commercialization and market promotion of AI-related products such as AI Sprint Camp, AI Smart Classroom, and AI Classroom [1]

Core Viewpoint - Tianli International Holdings (01773) has experienced a significant stock price increase, with a rise of over 8% and a current price of HKD 2.74, driven by positive financial forecasts for the upcoming fiscal year [1] Financial Performance - The company anticipates revenue of approximately RMB 3.6 billion for the fiscal year ending August 31, 2025, representing an 8% increase from the estimated RMB 3.32 billion for the fiscal year ending August 31, 2024 [1] - Expected profit for the same period is around RMB 650 million, which marks a 17% increase compared to the estimated RMB 556 million for the fiscal year ending August 31, 2024 [1] Business Growth Factors - The improvement in financial performance is attributed to an increase in the number of clients utilizing the company's comprehensive educational services [1] - The company expresses confidence in its business development and future prospects, supported by the orderly advancement of its diversified operations and the commercialization of AI-related products such as AI Sprint Camp, AI Smart Classroom, and AI Classroom [1]

Core Viewpoint - Tianli International Holdings (01773.HK) expects to achieve significant growth in revenue and profit for the fiscal year ending August 31, 2025, driven by an increase in the number of clients for its comprehensive education services [1] Financial Performance - The company anticipates revenue of approximately RMB 3.6 billion, representing an increase of about 8% from the previous year's revenue of approximately RMB 3.32 billion [1] - The expected profit is around RMB 650 million, which marks a growth of approximately 17% compared to the previous year's profit of about RMB 556 million [1] Business Outlook - The company expresses confidence in its business development and future prospects, attributing this optimism to the orderly advancement of its diversified businesses and the commercialization and market promotion of its AI series products, including AI Sprint Camp, AI Smart Classroom, and AI Classroom [1] - The company is committed to delivering steady performance growth to its shareholders [1]

Core Viewpoint - Tianli International Holdings (01773) expects to achieve revenue of approximately RMB 3.6 billion for the fiscal year ending August 31, 2025, representing an increase of about 8% compared to the revenue of approximately RMB 3.32 billion for the fiscal year ending August 31, 2024 [1] - The company anticipates a profit of approximately RMB 650 million, which is an increase of about 17% from the profit of approximately RMB 556 million for the fiscal year ending August 31, 2024 [1] Financial Performance - The financial performance in terms of revenue and profit is expected to improve compared to the fiscal year ending August 31, 2024, primarily due to an increase in the number of clients for the comprehensive education services provided by the company [1] - The projected revenue growth of 8% and profit growth of 17% indicates a positive trend in the company's financial health [1] Future Outlook - The company expresses confidence in its business development and prospects, driven by the orderly advancement of its diversified businesses and the commercialization and market promotion of AI-related products such as AI Sprint Camp, AI Smart Classroom, and AI Classroom [1] - The commitment to steady performance growth aims to reward shareholders in the future [1]

Core Viewpoint - Tianli International Holdings (01773) anticipates a revenue of approximately RMB 3.6 billion for the fiscal year ending August 31, 2025, representing an 8% increase from the RMB 3.32 billion revenue for the fiscal year ending August 31, 2024, and a profit of approximately RMB 650 million, reflecting a 17% increase from the RMB 556 million profit for the same period [1] Financial Performance - The company expects improved financial performance in terms of revenue and profit compared to the fiscal year ending August 31, 2024, primarily due to an increase in the number of clients for its comprehensive education services [1] Future Outlook - The company expresses confidence in its business development and prospects, driven by the orderly advancement of its diversified businesses and the commercialization and market promotion of AI-related products such as AI Sprint Camp, AI Smart Learning Room, and AI Classroom [1]