卓越教育集团年报2025

Contents Corporate Information2Company Profile5Financial Highlights6Chairman’s Statement7Management Discussion and Analysis21Directors and Senior Management31Directors’ Report41Corporate Governance Report102ESG ReportESG163Independent Auditor’s Report293Consolidated Statement of Profit or Loss andOther Comprehensive Income302Consolidated Statement of Financial Position304Consolidated Statement of Changes in Equity307Consolidated Statement of Cash Flows308Notes to the Consolidated Financial Statements313Five-Year Financial Summary520 Corporate Information BOARD OF DIRECTORSExecutive Directors Mr. Junjing Tang (Chairman of the board of directors)Mr. Junying TangMr. Gui ZhouMs. Weiying Guan Non-executive DirectorMr. Wai Ng Independent Non-executive DirectorsMs. Yu LongMr. Jun GanMr. Haipeng Shen AUDIT COMMITTEEMr. Jun Gan (Chairman)Ms. Yu LongMr. Wai Ng REMUNERATION COMMITTEE Ms. Yu Long (Chairlady)Mr. Junjing TangMr. Jun Gan NOMINATION COMMITTEE Mr. Junjing Tang (Chairman)Ms. Yu LongMr. Haipeng Shen LLMFCG HKFCG COMPANY SECRETARYMs. Hing Ling Chau (LLM, FCG, HKFCG) LLMFCG HKFCG AUTHORISED REPRESENTATIVESMr. Junjing TangMs. Hing Ling Chau (LLM, FCG, HKFCG) AUDITORDeloitte Touche Tohmatsu • LEGAL ADVISERSTahota (Beijing) Law FirmTian Yuan Law Firm LLP PRINCIPAL BANKS China Citic Bank Guangzhou Huangpu BranchChina Guangfa Bank Guangzhou Tianhe BranchIndustrial and Commercial Bank of China GuangzhouNanfang Branch REGISTERED OFFICE Ogier Global(Cayman)Limited89 Nexus WayCamana BayGrand Cayman, KY1-9009Cayman Islands Ogier Global (Cayman) Limited89 Nexus WayCamana BayGrand Cayman, KY1-9009Cayman Islands H E A D Q U A R T E R SA N D P R I N C I P A L P L A C E O FBUSINESS IN THE PRC 65 11/F, 65 Xianlie Middle RoadYuexiu District, GuangzhouGuangdong, PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 750151544 Unit 1544, 15/FPioneer Centre750 Nathan RoadMong Kok, KowloonHong Kong Corporate Information Ogier Global(Cayman)Limited89 Nexus WayCamana BayGrand Cayman, KY1-9009Cayman Islands Ogier Global (Cayman) Limited89 Nexus WayCamana BayGrand Cayman, KY1-9009Cayman Islands HONG KONG BRANCH SHARE REGISTRAR 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong 3978 STOCK CODE3978 www.zy.com COMPANY’S WEBSITEwww.zy.com INVESTOR RELATIONS 65+86-20-38970078ir@zy.com Address:12/F, 65 Xianlie Middle RoadYuexiu District, GuangzhouGuangdong, PRCTel:+86-20-38970078Email:ir@zy.com 20181227 LISTING DATE27 December 2018 COMPANY PROFILE AND OVERVIEW K-12*28 As a leading comprehensive K-12 education serviceprovider in South China, the China Beststudy EducationGroup (the “Company” or “Beststudy” and, togetherwith its subsidiaries, collectively the “Group”) hasbeen consistently providing high-quality and diversifiededucational products and services to students andparents since our establishment 28 years ago. In recentyears, the Group has actively embraced technology. Whilecontinuing to improve its innovation capabilities, the Grouphas also kept pace with the times by utilising artificialintelligence technology to improve product quality andservices, thus promoting the transformation and upgradingof its products and services to high-quality development. Our Group mainly offers education related products andservices, including but not limited to comprehensivetalent business, tutoring programs and full-time testpreparation programs. Our comprehensive talent businessis designed to promote the all-round development of ourstudents, allowing a more engaging and enjoyable learningprocess. Our tutoring programs target to help studentsestablish a sound learning mindset and knowledge systemand develop good learning habits. Our full-time testpreparation business aims to help students to be admittedto their preferred schools through Zhongkao () andGaokao () upon their failed first attempt. 28202550 The Group has been focusing on developing in SouthChina. Through 28 years of efforts and development, our“Zhuoyue Education” () brand and reputationhave also been recognised and welcomed by students,parents and all sectors of the community. In 2025, weactively participated in social welfare and Party buildingundertakings, and won the awards and honours of“Guangzhou Party Organisation with Double Strength andSix Excellence – Non-public Economic Organisation” (“”), “GuangdongTop Brand”() , and “KPMG China 5thConsumer 50 List” (50). Financial Highlights Dear Shareholders, 20251231 On behalf of the board (the “Board”) of directors (the“Directors”) of the Group, I am pleased to presentthe annual r e p o r t o f t h e G r o u p f o r the year ended31 December 2025 (the “Reporting Period”). RESULTS OVERVIEW 19.03.00.360.9936%20251.81,700 During the Reporting Period, the Company’s overallo p e r a t i o n s r e m a i n e d s t a b l e , a c h i e v i n g r e v e n u e o fa p p r o x i m a t e l yR M B 1 . 9 0 b i l l i o n