Bojun Education Company Limited released its Interim Report 2026 for the six months ended 28 February 2026.

Revenue and Profitability • Revenue slipped 12.9% year-on-year to RMB180.75 million, mainly due to a RMB24.50 million shortfall in vocational-education income. • Gross profit contracted 32.5% to RMB72.27 million; margin dropped to 40.0% from 51.7% a year earlier. • Net loss expanded nearly five-fold to RMB57.02 million; loss attributable to shareholders rose to RMB39.18 million from RMB6.54 million. • Administrative expenses climbed 30.2% to RMB72.91 million, while finance costs rose 7.6% to RMB51.68 million.

Operating Metrics • Student enrolment declined 7.2% to 28,845; overall utilisation rate fell to 65.8% from 70.8%. • Vocational students accounted for 27,800 of total enrolment, confirming the group’s “high-school + vocational” focus.

Cash Flow and Balance Sheet • Operating cash flow turned positive at RMB16.10 million versus an outflow of RMB189.99 million in the prior period. • Cash and bank balances fell 40.8% to RMB83.21 million. • Total debt increased to RMB2.01 billion, pushing the gearing ratio to 768.6% (31 August 2025: 613.0%). • Net current liabilities widened to RMB1.02 billion. • Contract liabilities (pre-collected tuition and boarding fees) dropped 15.8% to RMB144.27 million.

Capital Expenditure • Investing cash outflow was RMB58.02 million, mainly for campus construction and equipment. • Capital commitments outstanding stand at RMB19.82 million.

Strategic Update • Management prioritises vocational-education expansion—Winshare Vocational College targets 14,000 new students in 2026 and 40,000 total enrolment by 2028. • Plans include upgrading to undergraduate standards, launching new majors in advanced manufacturing and AI, and deepening school-enterprise collaboration. • The group continues to evaluate M&A opportunities among vocational institutions in the Chengdu-Chongqing Economic Circle.

Other Highlights • No interim dividend declared. • The board reports compliance with relevant PRC education regulations and notes no material environmental or legal issues during the period.