枫叶教育2026中期报告

2026 2 4 5 7 17 18 39 Peter Humphrey Owen James William Beeke Peter Humphrey Owen Peter Humphrey Owen Peter Humphrey OwenJames William Beeke Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary Hall, Cricket SquareGrand Cayman, KY1-1102Cayman Islands Maples Corporate Services LimitedP.O. Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands 13518116 1617 18242402 1317www.mapleleaf.cn 12K-12 ECCTISCogniaECCTISA-LevelIBHKDSE KISK-12A-LevelKISCISK-12IBCISCISIB20262 28216IB20252 28256IB EBITDAEBITDA EBITDAEBITDA EBITDAEBITDAEBITDA ECCTISCogniaECCTISA-LevelIBHKDSE 20206 2020/2021 KISK-12A-LevelKISCISK-12IBCISCISIB 2025/202670820262026131171,70122QuacquarelliSymondsQS477202667.4% 1+3202341+32024101+31+31+31+32026/2027107 23 200511 202422026/202720258 20215 1420219 1 20219 120218 312021 CISKIS 20252 288,7098229.4%2026 2 287,887 CISIBCIS 20258 20262 2820258 *2025/2026 ESL 2026STEM i)ii)iii)1+3 2025/20262029/2030 20244ECCTIS EAPCAPESLCSL20262 28i)EAPii)ESLiii)CSL MLES-SIS45K12 ESLCSLK-12CISKIS 20245CTIK12CTI20258202591,100CSL 20262282026202522820256563,200,000633,900,00020262025117,500,000117,400,000 2025633,900,00070,700,00011.2%2026563,200,000CIS2026189,300,00033.6%373,900,00066.4% (i)(ii)(iii)2025305,800,00031,600,00010.3%2026274,200,000 2025328,100,00011.9%2026289,000,000202551.8%202651.3% (i)(ii)(iii)202515,600,0005.1%202616,400,00020254,400,00036.4%20262,800,00020255,900,00062.7%20269,600,00020253,800,0001,500,00039.5%20262,300,000 (i)(ii)(iii)20259,600,000216.7%20,800,000202630,400,000(aa)2,000,00018,200,000(bb)20252,800,00020269,400,000(cc) 20262,400,0002025(dd) 202636,000,0002025 (i)(ii)20259,100,00048.4%202613,500,000 (i)(ii)(iii)(iv)(v)2025135,900,0007.4%2026146,000,000 202555,400,000202640,500,000 2026135,700,0002025146,600,0002026202524.1%23.1%(i)(ii) 202529,300,000202618,200,000 20262025117,500,000117,400,000 20264,400,000202517,200,000 20262 28776,600,00020258 31901,300,000227,000,0002026 20262 281,450,800,000SORA2026228197,500,00013.6%2025 8 31229,500,00014.0% 20258 310.8820262 280.74 20262 28 20262 28 20262 2820262 28 20262 28 20262 286 20262 28 20262 281,75020252 281,95920262 286249,300,00020252 286257,500,000 183820262 286343434 24102410 34 20264 28 a.201411 10 b.(i)(ii) (i)10%50%(ii)25% c.20262 28659,274,00020252 2848,070,00020,729,00020252 2812,734,00070,00020252 2849,0000.3520252 28:0.26 20262 28640,732,00020252 2823,730,000 1. 20076 522ShermanInvestment Holdings LimitedMaples Corporate Services Limited, PO Box 309,Ugland House, the Grand Cayman, KY1-1104, Cayman Islands13518116 2. 3434 20258 31 20262 28620258 31 2. 20259 1 21 2. 20(a) 2026228496,537,0002025831474,945,00020262 28776,550,0001,818,544,000594,038,000 (i)(ii)(iii) 20262 28 3. 20258 31 4. 4A. 4B. 8 1. 2. 4. 4B. 4. 4B. 5. 6. 7. 8. 20262 28616.5%2025 2 2816.5%28.25%216.5% 24% 17% 2017201715%2025 9. 10. 20262 28620252 2820262 286 11. 20262 2820252 286 20262 2820252 28620262 2820252 286 12. 20262286731,00020252286348,00012,00020252 286865,000719,00020252 286517,000 20262 2865,104,00020252 28617,220,000 13. 20255 15100%1,037,000 15. 17. (a)20247 22Canadian International School Pte LtdCIS2024280,000,0001,528,464,000CIS202420262 28249,375,0001,358,793,00020258 31277,874,0001,540,895,0002024CIS4,827,00026,353,00020258 314,827,00026,769,000202672029720297 242024 2024(i)(ii)3.30%2.50%3.30%20262 284.3%2025 8 314.9% (b)202622824,168,00042,858,000202583129,194,00049,315,000(1)Kingsley International Sendirian BerhadKingsley Edugroup BerhadKingsley(2)3,790,0006,720,00020258 313,720,0006,283,000(3)Kingsley 6.19%6.30%2025 8 316.19%6.30%2026320285 (c) (i)9,184,00020258 319,032,0003.65%2025 8 313.65%20262 28(ii)39,946,00020258 3139,329,0003.0%2025 8 313.65%2025122028123.0% 18. 202010 12 202510 122024620246 201411 1020141128202411 10 10% 20262 286 19. 20. (a) 20218 3120218 3120218 31 20. (a) 20262 28 (b) 202620252 286 (c) 21. 22. 20264 28 13.1813.212024 20247 22Canadian International School Pte Ltd202420242024280,000,00020242024CIS202420242024 (a) (b)20242024 (c)20242024 20247 22 20262 286 13.51B(1) 20261 1413.51B(1) 20262 286C1C.2.1 2C.2.1 C3 20262 286 20262 28659,274,00023,011,255.4877,511.8820262 2840,732,000 20262 28620262 2847,478,000 20262 28571XV(a)XV78(b)352(c) 1.20262 282,891,372,920 2.Sherman Investment Holdings LimitedSherman InvestmentSherman Investment1,483,639,818 3.201411 10 4.Signum International Educational Services Inc.Signum ServicesSignum ServicesJames William Beeke51%49%James William BeekeSignum Services 20262 28XV(a)XV78(b)352(c) 20262 28336 (1)20262 282,891,372,920(2)Sherman Investment(3)Sherman IntlSherman InvestmentSherman Investment(4)HSBC TrusteeSherman IntlSherman Intl(5) 20262 28336 201411 102015428202010 1220231 11720231 1 2025 1. (i) 201411 10202411 10 (ii) 20262 2820262 286190,637,1680 2. 2015774,700,00059,000,00062,160,00020