China East Education Holdings Limited (00667) released its audited results for the year ended 31 December 2025. Revenue rose 12.1% year-on-year to RMB 4.62 billion, driven by a 5.5% increase in new student enrolments to 151,341 and an optimised course mix that lifted the annualised average tuition/service fee per student/customer by 5.2% to RMB 29,100.

Gross profit grew 20.7% to RMB 2.55 billion, lifting the gross margin to 55.3% (2024: 51.4%) as cost of revenue increased only 3.1%. Net profit advanced 47.5% to RMB 756.09 million, while adjusted net profit (excluding non-cash share-based payments and foreign-exchange movements) climbed 50.9% to RMB 791.99 million. Adjusted EBITDA expanded 25.6% to RMB 1.73 billion.

Segment performance • Culinary Arts (New East & Cuisine Academy): revenue up 11.6% to RMB 2.14 billion; margin 59.0%. • Western Cuisine & Pastry (Omick): revenue up 14.5% to RMB 392.58 million; margin 60.8%. • Information & Internet Technology (Xinhua Internet & Wisezone): revenue up 0.7% to RMB 767.77 million; margin 54.8%. • Auto Services (Wontone): revenue up 12.6% to RMB 1.03 billion; margin 52.7%. • Fashion & Beauty (On-mind): revenue up 71.7% to RMB 181.03 million; margin 63.0%.

Operating metrics Average students/customers reached 155,206, up 6.1%. Long-term programme enrolments increased 16.4%, while short-term enrolments fell 4.4%. The Group operated 230 schools and centres at year-end, three fewer than in 2024, following network optimisation.

Cost structure Teaching staff salaries and benefits accounted for 40.4% of total cost of revenue (RMB 833.58 million), followed by teaching-related consumables at 21.7% (RMB 447.75 million). Selling expenses rose 7.9% to RMB 1.05 billion, mainly from higher advertising spend; administrative expenses were stable at RMB 508.59 million, representing 11.0% of revenue (2024: 12.3%).

Balance sheet and liquidity Total assets reached RMB 10.22 billion, with net assets of RMB 6.15 billion. Cash, cash equivalents and time deposits stood at RMB 2.57 billion, or 25.1% of total assets. The current ratio improved to 1.6x, while the gearing ratio (total liabilities/total assets) was 39.8%.

Capital expenditure for the year totalled RMB 872 million, mainly for new campuses and vocational-education industrial parks. The Group completed the acquisition of Shanxi Metallurgical Technician College, recognising RMB 0.66 million of goodwill.

Dividend The Board proposed a final dividend of HK$0.30 per share, subject to shareholder approval, following the FY2024 payout of HK$0.22 per share.

Outlook Management plans to accelerate the roll-out of vocational-education industrial parks, broaden course offerings in high-demand sectors such as AI, healthcare and pet care, and continue upgrading existing institutions to technician-college level to capture rising demand for skilled labour in China.