> **来源：[研报客](https://pc.yanbaoke.cn)** # China Science and Education Industry Group Limited 中國科教產業集團有限公司 (Formerly known as "China Vocational Education Holdings Limited") (前稱「中國職業教育控股有限公司」) (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) StockCode股份代號：1756 # 2025 ANNUAL REPORT 年報 # Contents # 目錄 Corporate Information 2 公司资料 Financial Highlights 5 財務摘要 Chairman's Statement 6 主席报告 Management Discussion and Analysis 8 管理層討論及分析 Directors and Senior Management 21 董事及高級管理層 Directors' Report 28 董事會報告 Corporate Governance Report 63 企業管治報告 Environmental, Social and 85 Governance Report 環境、社會及管治報告 Independent Auditor's Report 130 獨立核數師報告 Consolidated Statement of 140 Comprehensive Income 合併綜合收益表 Consolidated Balance Sheet 141 合併資產負債表 Consolidated Statement of 143 Changes in Equity 合併權益變動表 Consolidated Statement of Cash Flows 144 合併現金流量表 Notes to the Consolidated Financial 145 Statements 合併財務報表附註 Five-Year Financial Summary 233 五年財務概要 Definitions 234 釋義 # BOARD OF DIRECTORS # Executive Directors Mr. Zhang Zhifeng (Chairman of the Board) Mr. Ye Yaming Mr. Zhang Yude Mr. Zou Kang (resigned on August 10, 2025) Mr. Xiao Xiaobing (appointed on August 10, 2025) # Independent Non-executive Directors Ms. Chiu Lai Kuen Susanna MH JP Mr. Yang Ying Mr. Ding Yi # AUDIT COMMITTEE Ms. Chiu Lai Kuen Susanna MH JP (Chairperson) Mr. Yang Ying Mr. Ding Yi # REMUNERATION COMMITTEE Mr. Yang Ying (Chairman) Mr. Ye Yaming Mr. Ding Yi # NOMINATION COMMITTEE Mr. Zhang Zhifeng (Chairman) Mr. Chiu Lai Kuen Susanna MH JP (appointed on June 25, 2025) Mr. Yang Ying Mr. Ding Yi (resigned on June 25, 2025) # JOINT COMPANY SECRETARIES Mr. Lin Zhixiang (appointed on November 24, 2025) Ms. Ma Wing Yee (appointed on November 24, 2025) Ms. Lei Yingran (resigned on August 10, 2025) Mr. Cheung Kai Cheong, Willie (CPA, FCCA) (resigned on November 24, 2025) # AUTHORIZED REPRESENTATIVES Mr. Ye Yaming Ms. Ma Wing Yee (appointed on November 24, 2025) Mr. Cheung Kai Cheong, Willie (CPA, FCCA) (resigned on November 24, 2025) # REGISTERED OFFICE IN CAYMAN ISLANDS P.O. Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands # 董事會 # 執行董事 張智峰先生(董事會主席) 葉雅明先生 張裕德先生 鄢康先生（於2025年8月10日辭任） 肖小兵先生（於2025年8月10日獲委任） # 独立非執行董事 趙麗娟女士MH JP 楊英先生 丁義先生 # 審核委員會 趙麗娟女士MH JP（主席） 楊英先生 丁羲先生 # 薪酬委員會 楊英先生（主席） 葉雅明先生 丁羲先生 # 提名委員會 張智峰先生（主席） 趙麗娟女士MH JP（於2025年6月25日獲委任） 楊英先生 丁義先生（於2025年6月25日辭任） # 聯席公司秘書 林志翔先生（於2025年11月24日獲委任） 馬詠儀女士(於2025年11月24日獲委任) 雷穎然女士（於2025年8月10日辭任） 張啟昌先生(CPA·FCCA) （於2025年11月24日辭任） # 授权代表 葉雅明先生 馬詠儀女士(於2025年11月24日獲委任) 張啟昌先生(CPA，FCCA) （於2025年11月24日辭任） # 開曼群島註冊辦事處 P.O. Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands # HEADQUARTERS IN THE PRC The Administration Building of Guangzhou Huali Science and Technology Town No. 11 Huali Road Zengcheng District Guangzhou Guangdong Province PRC # PRINCIPAL PLACE OF BUSINESS IN HONG KONG 40th Floor, Dah Sing Financial Centre No. 248 Queen's Road East Wanchai Hong Kong # CAYMAN ISLANDS SHARE REGISTRAR AND TRANSFER OFFICE Maples Fund Services (Cayman) Limited PO Box 1093, Boundary Hall Cricket Square Grand Cayman KY1-1102 Cayman Islands # HONG KONG SHARE REGISTRAR Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor, Hopewell Centre 183 Queen's Road East Wanchai Hong Kong # AUDITOR PricewaterhouseCoopers Certified Public Accountants Registered Public Interest Entity Auditor # 中國總部 中國 廣東省 廣州市 增城區 華立路11號 廣州華立科技園 行政大樓 # 香港主要營業地點 香港 灣仔 皇后大道東248號 大新金融中心40楼 # 開曼群島股份過戶登記處 Maples Fund Services (Cayman) Limited PO Box 1093, Boundary Hall Cricket Square Grand Cayman KY1-1102 Cayman Islands # 香港證券登記處 香港中央證券登記有限公司 香港 灣仔 皇后大道東183號 合和中心17樓1712-1716號舖 # 核數師 羅兵咸永道會計師事務所 執業會計師 註冊公眾利益實體核數師 # Corporate Information # 公司資料 # LEGAL ADVISER AS TO HONG KONG LAW King & Wood Mallesons 13/F, Gloucester Tower The Landmark 15 Queen's Road Central Central Hong Kong # PRINCIPAL BANKS CMB Wing Lung Bank Limited 16/F, CMB Wing Lung Bank Building No. 45 Des Voeux Road Central Hong Kong Guangzhou Rural Commercial Bank Co., Ltd No. 81 Lixin Middle Road, Shitan Town Zengcheng District Guangzhou Guangdong Province PRC # COMPANY WEBSITE www.cseindustry.com # INVESTOR RELATION CONTACT Email address: ir@hltz.net Telephone/Fax number: +8620 8290 1822 # STOCK CODE 1756 # 有關香港法律的法律顧問 金杜律師事務所 香港 中環 皇后大道中15號 置地廣場 告羅士打大廈13樓 # 主要往來銀行 招商永隆银行有限公司 香港 中環德輔道中45號 招商永隆銀行大廈16樓 廣州農村商業銀行股份有限公司 中國 廣東省 廣州市 增城區 石灘鎮立新中路81號 # 公司網站 www.cseindustry.com # 投資者關係聯絡 電郵地址：ir@hltz.net 電話/傳真號碼：+862082901822 # 股份代號 1756 <table><tr><td colspan="2"></td><td>As at August 31, 2025 於2025年 8月31日</td><td>As at August 31, 2024 於2024年 8月31日</td><td>Change 變動</td><td>Percentage change 百分比變動</td></tr><tr><td>Number of Schools</td><td>學校數目</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Student enrollment</td><td>就讀學生人數</td><td>55,667</td><td>54,017</td><td>1,650</td><td>3.0%</td></tr><tr><td colspan="2"></td><td>2025 2025年 (RMB'000) (人民幣千元)</td><td>2024 2024年 (RMB'000) (人民幣千元)</td><td>Change 變動 (RMB'000) (人民幣千元)</td><td>Percentage change 百分比變動</td></tr><tr><td>Revenue</td><td>收入</td><td>1,445,442</td><td>1,268,533</td><td>176,909</td><td>14.0%</td></tr><tr><td>Gross profit</td><td>毛利</td><td>722,619</td><td>666,319</td><td>56,300</td><td>8.5%</td></tr><tr><td>Profit for the year</td><td>年內利潤</td><td>458,293</td><td>451,090</td><td>7,203</td><td>1.6%</td></tr><tr><td>Adjusted net profit(1)</td><td>經調整純利(1)</td><td>459,323</td><td>443,799</td><td>15,524</td><td>3.5%</td></tr><tr><td>Earnings per share (RMB)</td><td>每股盈利(人民幣元)</td><td>0.382</td><td>0.376</td><td>0.006</td><td>1.6%</td></tr><tr><td>Gross profit ratio</td><td>毛利率</td><td>50.0%</td><td>52.5%</td><td>(2.5)</td><td></td></tr><tr><td>Operating profit ratio</td><td>經營利潤率</td><td>39.1%</td><td>45.2%</td><td>(6.1)</td><td></td></tr><tr><td>Net profit ratio</td><td>純利率</td><td>31.7%</td><td>35.6%</td><td>(3.9)</td><td></td></tr><tr><td>Adjusted net profit ratio(2)</td><td>經調整純利率(2)</td><td>31.8%</td><td>35.0%</td><td>(3.2)</td><td></td></tr></table> (1) Adjusted net profit is a non-HKFRSs financial measure, which is derived from the profit for the year after adjusting net fair value gains on investment properties, imputed interest expenses on discount of long-term other borrowings and long-term interest payable due to a related party, imputed interest expenses on discount of long-term other borrowings due to the controlling shareholder of the Company, net exchange losses. (2) Adjusted net profit ratio under non-HKFRSs financial measures for the year is calculated on adjusted net profit under non-HKFRSs financial measures for the year divided by revenue for the respective year. (1) 經調整純利並非香港財務報告會計準則財務計量方法，按投資物業公平值收益淨額、長期其他借款及應付一名關聯方長期利息的估算已貼現利息開支、應付本公司控股股東長期其他借款的估算已貼現利息開支、匯兌虧損淨額作出調整後的年內利潤計算。 (2) 期內非香港財務報告會計準則財務計量方法下的經調整純利率按年內非香港財務報告會計準則財務計量方法下的經調整純利除以各年內收入計算。 # Chairman's Statement # 主席報告 Dear Shareholders, On behalf of the Board of directors of China Science and Education Industry Group Limited, I am pleased to present the annual report of Group for the year ended August 31, 2025. Over the past 26 years since the establishment of China Science and Education Group, we have conscientiously implemented the fundamental task of strengthening morality through education, grounding in the Greater Bay Area to cultivate high-quality application-oriented talents through the integration of industry and education as well as the convergence of science and education, and contributing to regional economic and social development. Business development of the Group has been solid and sound in the recent years. National policies supporting vocational education are crucial to the steady improvement in our results. During the Reporting Period, the state has introduced a number of policies to continuously support the development of vocational education including the 2024-2035 master plan on building China into a leading country in education (《教育強國建設規劃綱要（2024-2035年）》) and the Three-Year Action Plan (2025-2027) for building China into a major educational powerhouse (《中國建設教育強國三年行動計劃（2025-2027年）》). These policies have clearly defined the goal of establishing an educational powerhouse by 2035 and provided the direction and path for the reform and development of vocational education. We shall ride on this opportunity to focus on high-quality talent cultivation and steadfastly pursuing the path of high-quality development. # BUSINESS HIGHLIGHTS During the Reporting Period, we have been making precise deployments in various key areas to constantly enrich our schools. We have been expanding the new campuses of Huali College to provide a more spacious learning environment for our students and to create a sound foundation for our future enrolment plan and sustainable development. Given the promotion of the national industries, the need for vocational education talents has been growing among advanced manufacturing and modern service industries. We aim at the regional demand, follow the economic and social development closely to set up new majors such as artificial intelligence and rehabilitation and health care, so as to provide more in-demand talents for the new industries. Taking teachers as the primary resource for the high-quality development of schools, we deeply implement the "Strengthening Schools with Talents" strategy, adhere to the concept of "making good use of existing talents, introducing outstanding talents, and gathering and sharing talents", we have built a high-level and high-quality teaching team with over 700 teachers introduced during the Reporting Period. 各位股東： 本人代表中國科教產業集團有限公司董事會，欣然提呈本集團截至2025年8月31日止年度的年報。 自中國科教產業集團成立以來的過往26年，我們始終認真落實立德樹人根本任務，立足大灣區，通過產教融合與科教協同，培養高素質應用型人才，為區域經濟社會發展貢獻力量。 近年來，本集團業務發展緊實穩健，國家對職業教育的支持政策對本集團業績的穩定提升至關重要。報告期間內，國家推出了《教育強國建設規劃綱要(2024—2035年)》和《中國建設教育強國三年行動計劃(2025-2027年)》等多項政策持續支持職業教育發展，這些政策明確了2035年建成教育強國的目標，為職業教育改革發展指明了方向和路徑。我們將以此為契機，聚焦高素質人才培養，堅定不移走高品质發展之路。 # 業務概要 報告期内，我們於各重點領域精準部署，持續豐富學校。我們持續擴建華立學院新校區，為學生提供更充裕的學習空間，為未來招生計劃與可持續發展奠定堅實基礎。 在國家產業升級的背景下，先進製造業與現代服務業對職業教育人才的需求日益增加。我們瞄準區域需求，緊貼經濟社會發展開設人工智能、康復醫療等新興專業，為新興產業輸送亟需的人才。 我們將教師作為學校高質量發展的第一資源，深入實施「人才強校」戰略，堅持「用好現有人才、引進優秀人才、集聚共享人才」的理念，於報告期内引進教師超700名，打造高水準優質教學團隊。 Regarding the integration of industry and education as one of the important ways to cultivate high-level applied talents, we accurately connect with the industrial development, improve the cooperation mechanism, innovate the mode of collaborative education, carry out the technological collaborative innovation service, and cultivate high-quality talents who possess strong practical skills, innovative thinking and meet industry requirements, so as to better serve the regional industrial development. We strongly believe that such deployment not only demonstrates our strong ability of school operation but also steadily enhance the benefits of our brand. # PROSPECTS We have always adhered to the founding mission of building a "century old university", upholding the philosophy of high-quality education, with the goal of cultivating high-level applied and specialized talents to serve the economic development of the Greater Bay Area. Against the backdrop of rapid industrial iteration, we will firmly seize the opportunities presented by national strategic emerging industries, closely monitor and meet the needs of the talent market and optimise our professional layout in time to adapt to industrial reforms, realizing professional settings that aligns closely with industry needs. We will also continue placing emphasis on connotation construction, increasing investment in teaching and campus hardware, improving high-quality teaching services, strengthening its educational distinctiveness and brand effect, and strive to building a high-quality talent cultivation system to achieve the Group's sustainable long-term development. # APPRECIATION On behalf of the Board, I would like to thank students and parents for their trust in China Science and Education Industry Group and express my sincere gratitude to all teaching staff and the management and for their hard work and dedication in implementing the Group's strategies. I would also like to thank all the Shareholders for their continued trust, support and confidence. The Group will continue to pursue sustainable development strategies and focus on maximizing the Shareholders' returns. 我們將產教融合作為高水平應用型人才培養的重要方式之一，精準對接產業發展，完善合作機制，創新協同育人模式，開展技術協同創新服務，並培育具備實踐能力、創新思維且符合產業需求的高素質人才，更好地服務區域產業發展。 我們深信，該等部署不僅展現我們卓越的辦學實力，更穩步提升我們的品牌效益。 # 前景 我們始終堅守建設「百年高校」的創校使命，秉持高質量教育理念，以培養服務大灣區經濟發展的高水平應用型、專業化人才為目標。在產業快速迭代的背景下，我們將牢牢把握國家戰略新興產業機遇，密切關注及滿足人才市場需求，及時優化專業佈局以適應產業變革，實現專業設置與產業需求緊密對接。 我們將持續注重內涵建設，加大教學與校園硬件投入，提升高質量教學服務，強化教育特色與品牌效應，致力構建高質量人才培養體系，推動本集團實現可持續的長遠發展。 # 致謝 本人代表董事會，謹此感謝學生和家長對中國科教產業集團的信任，並向全體教職員工和管理層致以誠摯謝意，感謝他們為落實本集團戰略所付出的辛勤努力和奉獻。本人亦謹此感謝所有股東的持續信任、支持和信心。本集團將繼續奉行可持續發展戰略，致力於股東回報最大化。 # Zhang Zhifeng Chairman Hong Kong, November 24, 2025 # 張智峰 主席 香港，2025年11月24日 # Management Discussion and Analysis # 管理層討論及分析 # BUSINESS OVERVIEW We are a leading large-scale private higher education and vocational education group in South China, offering applied science-focused and practice-oriented programs and vocational education and training business. During the Reporting Period, the Group operated three schools, namely Huali College, Huali Vocational College, and Huali Technician College. Since the establishment of our first school, the Group has been adhering to the socialist modernisation construction of the country, and cultivating specialized talents with high technical skills, applied skills, and high quality on the front line of production and service, who are in great demand in China's economy and society. Our schools offer private higher education and private vocational education in a wide range of fields in applied sciences with an aim to prepare our students with the necessary knowledge base, skill sets and accreditations to secure jobs and pursue careers in particular professions, trades and industries. # BUSINESS UPDATE # Persisting on serving the needs of society and highlighting the characteristics of training the application-oriented talent The Group adheres to the positioning of running a high-level applied school with distinctive features. Basing on serving the national strategy and guiding by the development of new engineering, new liberal arts construction and new medical, we aiming at the regional demand and follow the economic and social development closely to set up majors, so as to provide more badly needed talents for the new industries. During the Reporting Period, we have added new majors such as artificial intelligence technology application, dental medicine technology, optometry technology, and rehabilitation and health care. The approval of the new majors has played a positive role in promoting us to further condense our majors and school-running characteristics. We will continue to strengthen the management, construction and investment of our majors, and adhere to the road of connotative development with quality improvement as the core. The Group focuses on building an education system that integrates professional training with holistic development by deepening the concept of "promoting learning and teaching through competition" to improve students' innovative and practical abilities based on various kinds of competitions. During the Reporting Period, we were awarded good results in various competitions, and have won over 1,200 awards that are above the provincial level. # 業務概览 我們是華南領先的大型民辦高等教育及職業教育集團，提供以應用科學為重點、實踐為導向的課程與職業教育及培訓業務。於報告期間，本集團經營三所學校，即華立學院、華立職業學院及華立技師學院。 自成立我們第一所學校以來，本集團一直堅持面向國家社會主義現代化建設，培養我國經濟社會大量需要的生產、服務第一線高新技藝型、應用型、高素質的專門人才。我們的學校提供多個應用科學領域的民辦高等教育及民辦職業教育，旨在使學生獲取於特定專業職業及行業求職及發展事業必要的知識基礎、專業技能及職業認證。 # 業務更新 # 堅持服務社會需求，凸顯應用型人才培養特色 本集團堅持特色鮮明的高水平應用型學校辦學定位，立足於服務國家戰略，以新工科、新文科、新醫科建設為導向，瞄准區域需求，緊跟經濟社會發展設置專業，為新產業提供更多急需人才。於報告期間，我們新增人工智能技術應用、口腔醫學技術、視光學技術、康復保健等專業。新專業的獲批，為我們進一步凝練專業和辦學特色起到了積極的促進作用。我們將繼續加強專業的管理、建設和投入力度，堅持走以提高質量為核心的內涵式發展道路。 本集團著力構建專業培養與全面發展相結合的教育體系，深化「以賽促學，以賽促教」理念，依托各類競賽活動，提升學生創新實踐能力。於報告期間，我們在各項比賽中均取得良好成績，獲得逾1,200項省級以上獎項。 # In-depth implementation of the strategy of "Strengthening Schools with Talents", and building a high-level and high-quality teaching team Taking teachers as the primary resource for the high-quality development of schools, we deeply implement the "Strengthening Schools with Talents" strategy, adhere to the concept of "making good use of existing talents, introducing outstanding talents, and gathering and sharing talents", and play a good combination of talent work. We have built a high-level and high-quality teaching team with over 700 teachers introduced during the Reporting Period. While focusing on the introduction of talents, we also do a good job in training young backbone teachers. We encourage young and middle-aged teachers to participate in various teaching competitions regularly to strengthen their professional ethics and train their basic skills to perform their teaching duties. # Deepening the reform of employment and entrepreneurship education and broadening internship and employment channels through multiple ways We attach great importance to the employment of students, and actively broaden the employment channels for graduates by expanding our network of school-enterprise cooperation, organising a number of "Visiting Enterprises to Expand Job Opportunities" activities, establishing off-campus practice teaching bases, improving the employment guidance system for graduates, building a platform for students to practice and exercise, and organising various on-campus job fairs and supply and demand meetings. # Aligning with industrial development trends, and continuously creating high-standard modern campus environment In order to promote the high quality development of our education operation, the Group has made precise investment in the campus environment, facilities and equipment, and has continuously enriched our school operation, so as to enhance the quality of our education and the standard of our school operation. During the Reporting Period, we further expanded the new campuses of Huali College, which include student dormitory, sports center, indoor swimming pool, teaching buildings and laboratories, providing modern and high-standard teaching and living facilities to our students, as well as stronger growth opportunities for students enrolled in the future. # 深入實施「人才強校」戰略，建設高水平、高素質的教師隊伍 我們將教師作為學校高質量發展的第一資源，深入實施「人才強校」戰略，堅持「用好現有人才、引進優秀人才、集聚共享人才」的理念，打好人才工作組合拳。我們已建立一支高水平、高素質的師資隊伍，報告期内共引進超過700名教師。在重點引進人才的同時做好青年骨幹教師的培養工作，鼓勵中青年教師定期參加各類教學比賽，强化師德師風，鍾煉基本功，履行教學職責。 # 深化就業創業教育改革，多途徑拓寬實習就業渠道 我們高度重視學生的就業，通過拓展校企合作網絡，舉辦一系列「訪企拓崗」活動，建立校外實踐教學基地，完善畢業生就業指導體系，搭建學生實踐鍛煉平台，舉辦各類校內招聘會和供需見面會，積極拓宽畢業生就業渠道。 # 緊跟行業發展趨勢，不斷打造高標準的現代化校園環境 為推動辦學的高質量發展，本集團對校園環境、設施設備進行精准投入，不斷充實辦學條件，以提升我們的教育質量和辦學水平。於報告期間，我們進一步擴建了華立學院新校區，包括學生宿舍、體育中心、室內游泳池、教學樓和實驗室，為學生提供現代化、高標準的教學和生活設施，亦為學校未來的學生提供了更大的增長空間。 # Management Discussion and Analysis # 管理層討論及分析 # Student Enrollment As at August 31, 2025, the total number of student enrollment in our three schools reached over 55,000, representing an increase of $3.0\%$ compared to the corresponding period in 2024. # 就讀學生人數 於2025年8月31日，我們三所學校的就讀學生總人數超過55,000名，較2024年同期增加 $3.0\%$ 。 <table><tr><td></td><td></td><td rowspan="2">As at August 31, 2025 於2025年 8月31日</td><td rowspan="2">As at August 31, 2024 於2024年 8月31日</td></tr><tr><td>Number of student enrollment</td><td>就讀學生人數</td></tr><tr><td>Higher Education Program</td><td>高等教育計劃</td><td></td><td></td></tr><tr><td>Huali College</td><td>華立學院</td><td>25,291</td><td>25,162</td></tr><tr><td>Huali Vocational College</td><td>華立職業學院</td><td>25,023</td><td>21,441</td></tr><tr><td>Secondary Vocational Education</td><td>中等職業教育</td><td></td><td></td></tr><tr><td>Huali Technician College</td><td>華立技師學院</td><td>5,353</td><td>7,414</td></tr><tr><td>Total</td><td>總計</td><td>55,667</td><td>54,017</td></tr></table> # Range of Tuition Fees and Boarding Fees The following table sets out the tuition fee rates and boarding fee rates of our schools for the 2024/2025 and 2023/2024 academic years: # 學費與寄宿費範圍 下表載列2024/2025及2023/2024學年我們學校的學費與寄宿費水平： <table><tr><td rowspan="2" colspan="2"></td><td colspan="2">Tuition fee rates(1) in academic year</td><td colspan="2">Boarding fee rates in academic year</td></tr><tr><td colspan="2">學年學費水平(1)</td><td colspan="2">學年寄宿費水平</td></tr><tr><td rowspan="2">Higher Education Program</td><td rowspan="2">高等教育課程</td><td>2024/2025 (RMB)</td><td>2023/2024 (RMB)</td><td>2024/2025 (RMB)</td><td>2023/2024 (RMB)</td></tr><tr><td>(人民幣元)</td><td>(人民幣元)</td><td>(人民幣元)</td><td>(人民幣元)</td></tr><tr><td>Huali College</td><td>華立學院</td><td></td><td></td><td></td><td></td></tr><tr><td>Four-to-five-year undergraduate program(2)</td><td>四至五年制本科 課程(2)</td><td>30,800-37,800</td><td>30,800-37,800</td><td>1,300-7,100</td><td>1,300-7,100</td></tr><tr><td>International program</td><td>國際課程</td><td>40,800</td><td>40,800</td><td>1,300-7,100</td><td>1,300-7,100</td></tr><tr><td>Huali Vocational College</td><td>華立職業學院</td><td></td><td></td><td></td><td></td></tr><tr><td>Three-year junior college program</td><td>三年制大專課程</td><td>12,880-23,800</td><td>13,800-22,800</td><td>1,300-7,000</td><td>1,300-7,000</td></tr><tr><td>Secondary Vocational Education</td><td>中等職業教育</td><td></td><td></td><td></td><td></td></tr><tr><td>Huali Technician College</td><td>華立技師學院</td><td></td><td></td><td></td><td></td></tr><tr><td>Three-year vocational program(3)</td><td>三年制職業 課程(3)</td><td>8,800-15,800</td><td>11,500-18,000</td><td>1,900-3,600</td><td>1,000-3,500</td></tr></table> Notes: (1) Tuition fee rates shown above for all of our schools are applicable to students admitted in the relevant academic year only. (2) Generally, Huali College offers four-year undergraduate programs, and a five-year undergraduate program in architecture. (3) Generally, Huali Technician College offers three-year vocational programs, as well as two-, four- and five-year programs to students of different education levels pursuing different types of technician diplomas of Huali Technician College. In addition, we offer students at Huali Technician College a dual-diploma program, in which students are permitted to take junior college courses at Huali Vocational College and obtain a junior college diploma awarded by Huali Vocational College, subject to, among other things, passing the National Higher Education Entrance Exam for adults. 附註： (1) 上述所示我們所有學校的學費水平僅適用於相應學年招收的學生。 (2) 華立學院通常提供四年制本科課程，建築專業提供五年制本科課程。 (3) 華立技師學院通常提供三年制職業課程，並為不同教育程度的學生提供兩年制、四年制及五年制課程，以獲取華立技師學院各種技師文憑。此外，我們向華立技師學院的學生提供雙文憑課程，該等學生可於華立職業學院學習大專課程，通過成人高等学校招生全國統一考試並達到其他相關要求後，即可獲華立職業學院頒授大專文憑。 # Awards and Recognitions Received During the Reporting Period We received numerous awards and recognitions during the year ended August 31, 2025 in recognition of the quality of education we provide and the outstanding achievements of our operations. The following table sets forth some of the awards and recognitions we have received: # 報告期間獲得的獎項及認可 於截至2025年8月31日止年度內，我們獲得了眾多獎項及認可，表彰我們提供的教育品質及我們傑出的經營成就。下表載列我們獲得的部分獎項及認可： <table><tr><td></td><td>Award/Recognition 獎項/認可</td><td>Awarding Organization(s) 頒獎組織</td><td>Awarded Entity 獲獎實體</td></tr><tr><td>October 2024</td><td>Member of Sino-American "1+2+1" Dual-Degree Program (《中美人才培養計劃》121項目院校)</td><td>China Center for International Educational Exchange (中教國際教育交流中心)</td><td>Huali College</td></tr><tr><td>2024年10月</td><td>《中美人才培養計劃》121項目院校</td><td>中教國際教育交流中心</td><td>華立學院</td></tr><tr><td>November 2024</td><td>Member Unit of Industry-Education Integration Community (全國數智藝術與設計創意產教融合共同體成員單位)</td><td>Industry-Education Integration Community (全國數智藝術與設計創意產教融合共同體)</td><td>Huali Vocational College</td></tr><tr><td>2024年11月</td><td>全國數智藝術與設計創意產教融合共同體成員單位</td><td>全國數智藝術與設計創意產教融合共同體</td><td>華立職業學院</td></tr><tr><td>November 2024</td><td>Exploration and Practice of Integrating Intangible Cultural Heritage Inheritance into Talent Cultivation: Awarded the Title of "A Typical Case of The Integration of Industry and Education in Vocational Education" (非遺傳承融入人才培養的探索與實踐:「職業教育產教融合典型案例」稱號)</td><td>Steering Committee of China National Light Industry Vocational Education Teaching, Specialized Committee of Light Industry Art Design, Guangdong Industry Polytechnic University (全國輕工職業教育教學指導委員會、輕工藝術設計專業委員會、廣東輕工職業技術大學)</td><td>Huali Vocational College</td></tr><tr><td>2024年11月</td><td>非遺傳承融入人才培養的探索與實踐:「職業教育產教融合典型案例」稱號</td><td>全國輕工職業教育教學指導委員會、輕工藝術設計專業委員會、廣東輕工職業技術大學</td><td>華立職業學院</td></tr><tr><td>December 2024</td><td>Supporting Institution of National Natural Science Foundation of China in 2024 (2024年國家自然科學基金依託單位)</td><td>National Natural Science Foundation of China (國家自然科学基金委員會)</td><td>Huali College</td></tr><tr><td>2024年12月</td><td>2024年國家自然科學基金依託單位</td><td>國家自然科學基金委員會</td><td>華立學院</td></tr><tr><td>December 2024</td><td>2024 Advance Unit of National Defense Education (2024年國防教育工作先進單位)</td><td>Guangdong National Defense Education Society (廣東國防教育學會)</td><td>Huali College</td></tr><tr><td>2024年12月</td><td>2024年國防教育工作先進單位</td><td>廣東國防教育學會</td><td>華立學院</td></tr><tr><td>December 2024</td><td>2024 Advance Unit of National Defense Education (2024年國防教育工作先進單位)</td><td>Guangdong National Defense Education Society (廣東國防教育學會)</td><td>Huali Vocational College</td></tr><tr><td>2024年12月</td><td>2024年國防教育工作先進單位</td><td>廣東國防教育學會</td><td>華立職業學院</td></tr><tr><td>December 2024</td><td>2024 Model School of Social Influence in Online Communication (2024年度網絡傳播社會影響力標桿學校)</td><td>China Higher Education Window, China Education Window (中國高校之窗、中國教育之窗)</td><td>Huali Technician College</td></tr><tr><td>2024年12月</td><td>2024年度網絡傳播社會影響力標桿學校</td><td>中國高校之窗、中國教育之窗</td><td>華立技師學院</td></tr><tr><td>December 2024</td><td>Advanced Unit of Vocational Capacity Construction in Guangdong Province in 2024 (2024年度廣東省職業能力建設先進單位)</td><td>Guangdong Vocational Capacity Construction (廣東省職業能力建設協會)</td><td>Huali Technician College</td></tr><tr><td>2024年12月</td><td>2024年度廣東省職業能力建設先進單位</td><td>廣東省職業能力建設協會</td><td>華立技師學院</td></tr><tr><td>May 2025</td><td>Governing Unit of the 5th Vocational and Training Education Committee (第五届職業與培訓教育專委會理事單位)</td><td>Guangdong Association for Private Education (廣東省民辦教育協會)</td><td>Huali Technician College</td></tr><tr><td>2025年5月</td><td>第五届職業與培訓教育專委會理事單位</td><td>廣東省民辦教育協會</td><td>華立技師學院</td></tr></table> # OUTLOOK The Group has always adhered to the founding mission of building a "century-old university", upholding the philosophy of high-quality education, with the goal of cultivating high-level applied and specialized talents to serve the economic development of the Greater Bay Area. Against the backdrop of rapid industrial iteration, the Group will firmly seize the opportunities presented by national strategic emerging industries, closely monitor and meet the needs of the talent market and optimise its professional layout in time to adapt to industrial reforms, realizing professional settings aligns closely with industry needs. The Group will also continue placing emphasis on connotation construction, increasing investment in teaching and campus hardware, improving high-quality teaching services, strengthening its educational distinctiveness and brand effect, and strive to building a high-quality talent cultivation system to achieve the Group's sustainable long-term development. # FUTURE PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSETS Save as disclosed in this report, the Company does not have other future plans for material investments or capital assets. As of 31 August 2025, there was no significant investment held by the Group. # RECENT DEVELOPMENTS OF REGULATORY FRAMEWORK # Classification Registration Our business is regulated by, among others, the Law for Promoting Private Education of the PRC (《中華人民共和國民辦教育促進法》). On November 7, 2016, the Decision on Amending the Law for Promoting Private Education of the PRC (Order of the President of the PRC No. 55) (關於修改《中華人民共和國民辦教育促進法》的決定) (中華人民共和國主席令第55號) (the "Amendment") was promulgated. The Amendment came into force on September 1, 2017. The Amendment establishes a new classification system for private schools by whether they are established and operated for profit-making purposes, and the sponsors of private schools may at their own discretion choose to establish non-profit or for-profit private schools. # 未來展望 本集團始終秉承「百年名校」的辦學初心，秉持優質教育理念，以培養服務粵港澳大灣區經濟發展的高水平應用型的專業人才為目標。在產業快速迭代的背景下，本集團將牢牢掌握國家戰略性新興產業發展機遇，密切追蹤與對接人才市場需求，適時優化專業佈局，適應產業變革，實現專業場景與行業需要緊密對接。 本集團亦將繼續注重內涵建設，加大教學和校園硬件投入，提升優質教學服務，增強教育特色和品牌效應，努力建構高素質的人才培育體系，實現本集團的長期可持續發展。 # 重大投資或資本資產的未來計劃 除本報告所披露者外，本公司並無其他重大投資或資本資產的未來計劃。 截至2025年8月31日，本集團並無持有重大投資。 # 監管框架的近期發展 # 分類登記 我們的業務受(其中包括)《中華人民共和國民辦教育促進法》規管。《關於修改<中華人民共和國民辦教育促進法>的決定》(中華人民共和國主席令第55號)(「修正案」)於2016年11月7日頒佈並於2017年9月1日生效。修正案建立全新的民辦學校分類制度，基於是否為營利而成立及營運而分類，民辦學校舉辦者可自行選擇成立非營利性或營利性民辦學校。 # Management Discussion and Analysis # 管理層討論及分析 According to the Implementing Measures on Classification Registration of Private Schools (《民辦學校分類登記實施細則》) promulgated on December 30, 2016, if an existing private school chooses to register as a non-profit private school, it shall amend its articles of association in accordance with the relevant laws, continue its school operation and complete new registration formalities. If an existing private school chooses to register as a for-profit private school, it shall make financial settlement of books of account, clarify the ownership of the schools' land, buildings accumulation with the consent of the relevant departments of the people's government at or below the provincial level, pay relevant taxes and fees, obtain new school operation licenses, apply for re-registration and continue the school operations. The Amendment is silent on the specific measures regarding how existing schools can choose to become for-profit private schools, which, according to the Amendment, shall be regulated by the corresponding laws and regulations to be promulgated by the local government authorities. The Guangdong government has promulgated implementation regulations under the Amendment, including the Implementation Opinions of the Government of Guangdong Province on Encouraging the Operation of Education by Social Forces and Promoting the Healthy Development of Private Education (《廣東省人民政府關於鼓勵社會力量興辦教育促進民辦教育健康發展的實施意見》) promulgated by the Government of Guangdong Province on April 24, 2018, the Implementation Measures for the Supervision and Administration of For-Profit Private Schools (《關於營利性民辦學校監督管理實施辦法》), which were issued jointly by the Department of Education of Guangdong Province, Department of Human Resources and Social Security of Guangdong Province and Department of Market Supervision and Administration of Guangdong Province and came into effect on December 30, 2018, and the Implementation Measures on Classification Registration of Private Schools (《關於民辦學校分類登記實施辦法》), which were issued jointly by the Department of Education of Guangdong Province, Department of Human Resources and Social Security of Guangdong Province, Department of Civil Affairs of Guangdong Province, Guangdong Provincial Committee of the Communist Party of China Organization Committee Office and Department of Market Supervision and Administration of Guangdong Province and came into effect on December 30, 2018. The above local regulations provide a framework procedure for the classification and registration of existing private schools in relevant provinces as for-profit private schools or non-profit private schools, but do not further specify the process of classification and registration, for example, (i) when should we notify the relevant authorities regarding our decision for our schools to be for-profit or non-profit schools; (ii) the preferential tax treatments that may be enjoyed by a for profit school or a non-profit school, respectively; (iii) whether respective public funding can be obtained by a for-profit school and a non-profit school; and (iv) respective costs for a for-profit and a non-profit school to obtain land use rights. 根據於2016年12月30日頒佈的《民辦學校分類登記實施細則》，現有民辦學校選擇登記為非營利性民辦學校的，應當依法修改學校章程，繼續辦學，履行新的登記手續。現有民辦學校選擇登記為營利性民辦學校的，應當進行財務清算，經省級以下人民政府有關部門和相關機構依法明確土地、校舍、辦學積累等財產的權屬並繳納相關稅費，辦理新的辦學許可證，重新登記，繼續辦學。 修正案並未訂明與現有學校如何選擇成為營利性民辦學校有關的具體措施，根據修正案，營利性民辦學校受地方政府部門頒佈的相關法律及法規規管。廣東政府已根據修正案頒佈若干實施條例，包括廣東省政府於2018年4月24日頒佈的《廣東省人民政府關於鼓勵社會力量興辦教育促進民辦教育健康發展的實施意見》，廣東省教育廳、廣東省人力資源和社會保障廳及廣東省市場監督管理局聯合頒佈並於2018年12月30日生效的《關於營利性民辦學校監督管理實施辦法》，以及廣東省教育廳、廣東省人力資源和社會保障廳、廣東省民政廳、中共廣東省委機構編製委員會辦公室及廣東省市場監督管理局聯合發佈並於2018年12月30日生效的《關於民辦學校分類登記實施辦法》。 上述地方性法規規定了有關省份現有民辦學校分類和註冊為營利性民辦學校或非營利性民辦學校的框架程式，但未進一步具體說明分類和註冊的過程，例如(i)我們應於何時就我們的學校成為營利性學校或非營利性學校的決定通知相關部門；(ii)營利性學校或非營利性學校各自可享有的優惠稅收待遇；(iii)營利性學校及非營利性學校是否可取得公眾資金；及(iv)營利性學校及非營利性學校取得土地使用權的相關成本。 # Management Discussion and Analysis # 管理層討論及分析 Under the existing regulatory environment and based on the current interpretation of the Amendment and the relevant implementing regulations, we intend to register our three schools as for-profit private schools subject to further detailed local rules and regulations regarding the conversion of existing schools as and when promulgated and brought into effect by relevant local government authorities. There are uncertainties regarding the interpretation and application of the Amendment with respect to various aspects of the operations of private schools, such as the respective preferential tax treatment which may be enjoyed by for-profit private schools and non-profit private schools. Accordingly, as of the date of this report, we were not able to fully evaluate or quantify the potential impact that the implementation of the Amendment may have on our business operations. # The Implementation Rules On April 7, 2021, the State Council issued the Implementation Rules for the Law for Promoting Private Education of the PRC (《中華人民共和國民辦教育促進法實施條例》) (the “Implementation Rules”) and the Implementation Rules have been effective from September 1, 2021. Based on our current understanding and interpretation of the Implementation Rules, there would not be any substantive implications on the legal framework of any of our PRC operation. We intend to register our three schools as for-profit private schools in light of the Amendment and the relevant implementing regulations in effect. Pursuant to the Implementation Rules, public schools shall not sponsor or participate in sponsoring for-profit private schools while public schools of vocational education could absorb the capital, technology, management and other elements of enterprises to sponsor or participate in sponsoring for-profit private schools of vocational education. In addition, the Implementation Rules will not have any impact on our expansion strategy through acquisition. # FINANCIAL REVIEW # Revenue The Group's revenue mainly represented income derived from tuition fees and boarding fees for the education services provided in the ordinary course at its PRC operating schools. For the year ended August 31, 2025, the Group's revenue was approximately RMB1,445.4 million, representing an increase of approximately $13.9\%$ year-on-year from approximately RMB1,268.5 million for the corresponding period of last year, which was attributable to the increases in both the number of student enrollment and average tuition fees during the year ended August 31, 2025 ("Reporting Period"). 根據現時監管環境及按修正案的現有詮釋以及相關實施條例，待有關地方政府部門頒佈並實施有關轉設現有學校的詳細地方規則及條例後，我們擬將三所學校註冊為營利性民辦學校。 修正案在民辦學校運營多個方面的詮釋及應用仍不確定，例如營利性民辦學校及非營利性民辦學校分別可享受的税收優惠待遇。因此，截至本報告日期，我們無法全面評估或量化實施修正案對我們的業務營運可能造成的潛在影響。 # 實施條例 《中華人民共和國民辦教育促進法實施條例》（「實施條例」）由國務院於2021年4月7日頒佈。實施條例已於2021年9月1日生效。 基於我們目前對實施條例的理解與詮釋，任何中國營運的法律框架不會受到重大影響。鑄於修正案及現行的相關實施規定，我們擬將三所學校註冊為營利性民辦學校。 根據實施條例，公辦學校不得舉辦或參與舉辦營利性民辦學校，但實施職業教育的公辦學校可以吸引企業的資本、技術、管理等要素，舉辦或者參與舉辦實施職業教育的營利性民辦學校。 此外，實施條例不會對我們透過收購而擴張的策略造成任何影響。 # 財務回顧 # 收入 本集團的收入主要為來自其中國營運學校日常課程中提供的教育服務的學費及寄宿費的收入。截至2025年8月31日止年度，本集團的收入為約人民幣1,445.4百萬元，較去年同期約人民幣1,268.5百萬元同比增加約 $13.9\%$ ，得益於截至2025年8月31日止年度(「報告期間」)內就讀學生人數及平均學費均有所增加。 # Management Discussion and Analysis # 管理層討論及分析 # Cost of Sales Cost of sales represented primarily staff costs, depreciation and amortization, property management and maintenance fees, school consumables, utilities expenses and others. For the year ended August 31, 2025, the Group's cost of sales amounted to approximately RMB722.8 million, increased by approximately $20.0\%$ year-on-year from approximately RMB602.2 million for the year ended August 31, 2024, which was attributable to an increase in staff costs. # Gross Profit and Gross Profit Margin For the year ended August 31, 2025, the Group recorded a gross profit of approximately RMB722.6 million, representing an increase of approximately $8.4\%$ year-on-year from approximately RMB666.3 million for the year ended August 31, 2024. For the year ended August 31, 2025, the Group achieved a gross profit margin of approximately $50.0\%$ , representing a decrease of $2.5\%$ year-on-year as compared with the corresponding period of last year. The reduction in gross profit margin was mainly attributable to the increase in cost of sales, which was partially offset by the increase in student enrollment and average tuition fees for the year ended August 31, 2025. # Selling Expenses Selling expenses, primarily consisting of marketing staff costs, promotion expenses and other expenses, increased by approximately $56.5\%$ from approximately RMB29.2 million for the year ended August 31, 2024 to approximately RMB45.7 million for the year ended August 31, 2025, which was due to an increase in marketing expense for the 2024/2025 academic year. # Administrative Expenses Administrative expenses primarily consist of administrative staff costs, office expenses, traveling and entertainment expenses, depreciation of property, plant and equipment relating to office buildings and right-of-use assets, utilities expenses, auditors' remuneration and other miscellaneous expenses. Administrative expenses increased by approximately $30.6\%$ , from RMB139.3 million for the year ended August 31, 2024 to approximately RMB181.9 million for the year ended August 31, 2025. # Other Income — Net Other income — net primarily consists of rental income, catering and relevant service income, government subsidies and others. For the year ended August 31, 2025, the Group recorded other income of approximately RMB58.6 million, representing an increase of approximately $13.8\%$ year-on-year from approximately RMB51.5 million for the year ended August 31, 2024. # 销售成本 銷售成本主要指僱員開支、折舊及攤銷、物業管理及維護費、學校消耗品、公用服務開支及其他。截至2025年8月31日止年度，本集團的銷售成本約人民幣722.8百萬元，較截至2024年8月31日止年度約人民幣602.2百萬元同比增加約 $20.0\%$ ，乃由於員工成本增加。 # 毛利及毛利率 截至2025年8月31日止年度，本集團錄得毛利約人民幣722.6百萬元，較截至2024年8月31日止年度約人民幣666.3百萬元同比增加約 $8.4\%$ 。截至2025年8月31日止年度，本集團實現毛利率約 $50.0\%$ ，較去年同期同比減少 $2.5\%$ 。毛利率減少主要由於銷售成本增加，部分被截至2025年8月31日止年度的就讀學生人數及平均學費增加所抵銷。 # 銷售開支 銷售開支主要包括有關營銷人員的僱員開支、推廣開支及其他開支，由截至2024年8月31日止年度約人民幣29.2百萬元，上升約56.5%至截至2025年8月31日止年度約人民幣45.7百萬元，乃由於2024/2025學年的營銷開支增加。 # 行政開支 行政開支主要包括有關行政人員的僱員開支、辦公室開支、差旅及接待開支、有關辦公大樓及使用權資產的物業、廠房及設備折舊、公用服務開支、核數師酬金及其他雜項開支。行政開支由截至2024年8月31日止年度的人民幣139.3百萬元，增加約 $30.6\%$ 至截至2025年8月31日止年度約人民幣181.9百萬元。 # 其他收入淨額 其他收入淨額主要包括租金收入、餐飲及相關服務收入、政府補貼及其他。截至2025年8月31日止年度，本集團錄得其他收入約人民幣58.6百萬元，較截至2024年8月31日止年度約人民幣51.5百萬元同比增加約 $13.8\%$ 。 # Other Gains — Net Other gains — net primarily consist of net exchange losses, net fair value gains on investment properties, provisions for litigations and others. For the year ended August 31, 2025, the Group's other gains amounted to approximately RMB11.7 million, representing a decrease of approximately RMB12.7 million year-on-year compared with approximately RMB24.4 million gains for the year ended August 31, 2024. # Finance Expenses — Net The Group's finance expenses — net include interest expenses on bank and other borrowings (after deducting amounts capitalized in the cost of property, plant and equipment), imputed interest expenses on discount of long-term other borrowings and long-term interest payables due to a related party, interest income generated from bank deposits and others. For the year ended August 31, 2025, the Group recorded finance expenses of approximately RMB69.4 million, representing a decrease of approximately $19.4\%$ as compared to approximately RMB86.1 million for the year ended August 31, 2024, which was mainly attributable to the decrease in interest expense on bank and other borrowings during the year ended August 31, 2025. For the year ended August 31, 2025, the Group recorded finance income of approximately RMB1.0 million, representing a decrease of approximately $73.7\%$ as compared to approximately RMB3.8 million for the year ended August 31, 2024. # Profit Before Taxation For the year ended August 31, 2025, the Group recorded a profit before taxation of approximately RMB495.9 million, representing an increase of approximately $1.7\%$ year-on-year from approximately RMB487.6 million for the year ended August 31, 2024. # Taxation For the year ended August 31, 2025, the Group recorded approximately RMB37.6 million in taxation, representing an increase of approximately $3.0\%$ year-on-year from approximately RMB36.5 million for the year ended August 31, 2024. # 其他收益淨額 其他收益凈額主要包括匯兌虧損淨額、投資物業公平值收益凈額、訴訟撥備及其他。截至2025年8月31日止年度，本集團的其他收益約人民幣11.7百萬元，較截至2024年8月31日止年度的收益約人民幣24.4百萬元同比減少約人民幣12.7百萬元。 # 財務開支淨額 本集團的財務開支淨額包括銀行及其他借款的利息開支(扣除已資本化入物業、廠房及設備成本的金額後)、長期其他借款及應付一名關聯方長期應付利息的估算已貼現利息開支、銀行存款產生的利息收入及其他。截至2025年8月31日止年度,本集團錄得財務開支約人民幣69.4百萬元,較截至2024年8月31日止年度約人民幣86.1百萬元減少約 $19.4\%$ ,主要由於截至2025年8月31日止年度的銀行及其他借款的利息開支減少。截至2025年8月31日止年度,本集團錄得財務收入約人民幣1.0百萬元,較截至2024年8月31日止年度約人民幣3.8百萬元下降約 $73.7\%$ 。 # 税前利潤 截至2025年8月31日止年度，本集團錄得稅前利潤約人民幣495.9百萬元，較截至2024年8月31日止年度約人民幣487.6百萬元同比增加約 $1.7\%$ 。 # 税項 截至2025年8月31日止年度，本集團錄得稅項約人民幣37.6百萬元，較截至2024年8月31日止年度約人民幣36.5百萬元同比增加約 $3.0\%$ 。 # Management Discussion and Analysis # 管理層討論及分析 # Adjusted Net Profit Adjusted net profit under non-HKFRSs financial measures is defined as profit for the year attributable to owners of the Company excluding interest expenses on discount of long-term other borrowings and long-term interest payable due to a related party, imputed interest expenses on discount of long-term other borrowings due to the controlling shareholder of the Company, net exchange losses, interest expenses on discount of compensation payable for the Conversion of Huali College and net fair value gains on investment properties. As such items are non-recurring in nature and not related to the performance of the Group's operation, the Directors consider that the presentation of the Group's adjusted net profit under non-HKFRSs financial measures by eliminating the impact of certain non-recurring items can reflect the operational performance better during the respective years. Furthermore, the Group's management also uses the non-HKFRSs financial measures to assess the Group's operating performance and formulate business plans. The Group believes that the non-HKFRSs financial measures provide useful information to the investors about its core business operations, which they can use to evaluate the Group's operating results and understand its consolidated results of operations in the same manner as the management. Adjusted net profit is calculated by adjusting profit for the Reporting Period of approximately RMB458.3 million (year ended August 31, 2024: approximately RMB451.1 million), net fair value gains on investment properties of approximately RMB14.4 million (year ended August 31, 2024: approximately RMB28.7 million), interest expenses on discount of long-term other borrowings and long-term interest payable due to a related party of approximately RMB14.5 million (year ended August 31, 2024: approximately RMB17.4 million), interest expenses on discount of long-term other borrowings due to the controlling shareholder of the Company of approximately RMB0.8 million (year ended August 31, 2024: RMBnil), net exchange losses of approximately RMB0.8 million (year ended August 31, 2024: approximately RMB3.6 million), and interest expenses on discount of compensation payable for the Conversion of Huali College of approximately RMBnil (year ended August 31, 2024: approximately RMB0.4 million). The Group's adjusted net profit increased by approximately $3.5\%$ from approximately RMB443.8 million for the year ended August 31, 2024 to approximately RMB459.3 million for the year ended August 31, 2025. # 經調整純利 非香港財務報告會計準則財務計量方法下的經調整純利定義為本公司擁有人應佔年內利潤，不包括其他借款及應付一名關聯方長期利息的已貼現利息開支、應付本公司控股股東長期其他借款的估算已貼現利息開支、匯兌虧損淨額、應付華立學院轉設補償款項的已貼現利息開支及投資物業公平值收益淨額。由於該等項目為非經常性質，與本集團的經營表現無關，董事認為，透過消除若干非經常性項目的影響而呈列本集團於非香港財務報告會計準則財務計量方法下的經調整純利，能更好地反映各年度的經營表現。此外，本集團管理層亦使用非香港財務報告會計準則財務計量方法評估本集團的經營表現及制定業務計劃。本集團相信，非香港財務報告會計準則財務計量方法為投資者提供了有關其核心業務經營的有用資料，投資者可用於評估本集團的經營業績並以與管理層相同的方式理解合併經營業績。 經調整純利按就報告期間內經調整利潤約人民幣458.3百萬元(截至2024年8月31日止年度：約人民幣451.1百萬元）、投資物業公平值收益淨額約人民幣14.4百萬元（截至2024年8月31日止年度：約人民幣28.7百萬元）、長期其他借款及應付一名關聯方長期利息的已貼現利息開支約人民幣14.5百萬元（截至2024年8月31日止年度：約人民幣17.4百萬元）、應付本公司控股股東長期其他借款的估算已貼現利息開支約人民幣0.8百萬元（截至2024年8月31日止年度：人民幣零元）、匯兌虧損淨額約人民幣0.8百萬元（截至2024年8月31日止年度：約人民幣3.6百萬元）及應付華立學院轉設補償款項的已貼現利息開支約人民幣零元（截至2024年8月31日止年度：約人民幣0.4百萬元）。本集團的經調整純利由截至2024年8月31日止年度約人民幣443.8百萬元增加約 $3.5\%$ 至截至2025年8月31日止年度約人民幣459.3百萬元。 # Property, Plant and Equipment As at August 31, 2025, the Group's property, plant and equipment amounted to approximately RMB5,259.7 million, representing an increase of approximately $7.1\%$ year-on-year from approximately RMB4,909.9 million recorded as at August 31, 2024. Such increase was a result of the construction of Jiangmen campus of Huali College. # Capital Expenditures The Group's funding is primarily derived from cash flows generated by operating activities and bank financing from financial institutions. These funds are effectively utilized to support daily operations, capital expenditures, and strategic investment opportunities. To enhance financial control and maintain sufficient liquidity, the Group adheres to prudent financial management policies. Our core financial objectives include: maintaining a sound capital structure by keeping the capital-to-debt ratio within an appropriate range; optimizing funding costs; and maintaining adequate cash reserves and bank credit facilities to meet operational and development needs. Through regular cash flow budgeting, stringent capital expenditure approval procedures, and ongoing risk assessment, we are committed to improving fund utilization efficiency, thereby ensuring the Group's financial stability and sustainable development. For the year ended August 31, 2025, the Group recorded approximately RMB389.5 million in capital expenditures, representing a decrease of approximately $25.6\%$ from approximately RMB523.4 million for the year ended August 31, 2024, which was mainly due to the decrease in the expenditure for construction of new campus buildings for the year ended August 31, 2025 as compared with the corresponding period of last year. # Bank Balances and Cash As at August 31, 2025, the Group had bank balances and cash of approximately RMB966.6 million, representing an increase of approximately $14.9\%$ from approximately RMB840.9 million as at August 31, 2024. # Liquidity, Financial Resources and Debt Ratio As at August 31, 2025, the Group had liquid funds (representing bank balances and cash and restricted cash) of approximately RMB974.8 million (August 31, 2024: approximately RMB841.4 million) and borrowings of approximately RMB2,049.2 million (August 31, 2024: approximately RMB2,235.0 million). The Group's debt ratio as at August 31, 2025, represented by borrowings as a percentage of total assets, was $25.7\%$ (August 31, 2024: $29.8\%$ ). The Group's gearing ratio as at August 31, 2025, represented by borrowings as a percentage of total equity, was $47.6\%$ (August 31, 2024: $58.5\%$ ). # 物業、廠房及設備 於2025年8月31日，本集團的物業、廠房及設備約人民幣5,259.7百萬元，較於2024年8月31日錄得的約人民幣4,909.9百萬元同比增加約 $7.1\%$ 。該增加乃由於華立學院江門校區的建設工程。 # 資本開支 本集團的資金主要來自經營活動產生的現金流量及金融機構提供的銀行融資。該等資金被有效運用於支持日常營運、資本開支及策略性投資機遇。為加強財務管控並維持充足流動資金，本集團恪守審慎的財務管理政策。我們的核心財務目標包括：透過將資本與負債比率維持在適當範圍內保持穩健的資本結構；優化資金成本；及維持充足的現金儲備與銀行信貸額度以滿足營運及發展需求。藉由定期現金流量預算、嚴格的資本支出審批程序及持續風險評估，我們致力提升資金利用效率，從而確保本集團的財務穩定性及可持續發展。 截至2025年8月31日止年度，本集團錄得資本開支約人民幣389.5百萬元，較截至2024年8月31日止年度約人民幣523.4百萬元下降約 $25.6\%$ ，主要是由於截至2025年8月31日止年度新校區建設校舍支出較去年同期減少所致。 # 銀行結餘及現金 於2025年8月31日，本集團的銀行結餘及現金約人民幣966.6百萬元，較於2024年8月31日約人民幣840.9百萬元增加約 $14.9\%$ 。 # 流動資金、財務資源及債務比率 於2025年8月31日，本集團有流動資金（為銀行結餘及現金及受限制現金）約人民幣974.8百萬元（2024年8月31日：約人民幣841.4百萬元），以及借款約人民幣2,049.2百萬元（2024年8月31日：約人民幣2,235.0百萬元）。本集團於2025年8月31日的債務比率（以借款佔總資產的百分比表示）為 $25.7\%$ （2024年8月31日： $29.8\%$ ）。本集團於2025年8月31日的負債比率（以借款佔權益總額的百分比表示）為 $47.6\%$ （2024年8月31日： $58.5\%$ ）。 # Management Discussion and Analysis # 管理層討論及分析 # Foreign Exchange Risk Management For the Group's operation in the PRC, the major revenue and expenses are denominated in RMB, while there are certain monetary assets and monetary liabilities that are denominated in Hong Kong dollars and the United States dollars, which would expose the Group to foreign exchange risk. The Group currently does not have a foreign currency hedging policy. However, the management of the Company monitors foreign exchange exposure and will consider hedging significant foreign currency exposure when the need arises. # Material Acquisitions and Disposals and Significant Investment The Group did not have any material acquisitions or disposals or significant investment for the year ended August 31, 2025. # Future Plans for Material Investments or Capital Assets Save as disclosed in this report, the Company does not have other future plans for material investments or capital assets. # Charge on the Group's Assets As at August 31, 2025, the Group pledged the charging right of the service fe