China Chunlai Education Group (China Chunlai) reported a resilient set of interim results for the six months ended 28 February 2026, underpinned by steady enrolment growth and tighter cost control.

Revenue and earnings • Revenue rose 7.4% year on year to RMB 956.34 million, driven by a 5.3% increase in total student enrolment to 116,784. • Adjusted net profit (excluding share-based payments and FX effects) advanced 7.3% to RMB 432.09 million, while reported net profit increased 5.7% to RMB 429.79 million. • Gross profit edged up 2.4% to RMB 511.57 million; gross margin softened to 53.5% (1H25: 56.1%) due to higher maintenance and teaching costs. • Net margin stood at 44.9% versus 45.6% a year earlier.

Cost and expense dynamics • Cost of revenue expanded 13.8% to RMB 444.77 million, reflecting campus maintenance and teaching-related spending. • Administrative expenses fell 10.9% to RMB 107.93 million, aided by lower staff and maintenance outlays. • Finance costs were more than halved to RMB 16.71 million, benefitting from reduced debt-financing needs.

Operational highlights • Student numbers rose to 116,784 (1H25: 110,861), with notable increases at Anyang University (+9.4%) and Jingzhou College (+11.0%). • Five colleges offering bachelor’s programmes achieved an overall admission yield of 91.55%. • Construction of Tianping College’s new Nanjing campus was completed in September 2025; the group is proceeding with regulatory steps to convert it into a standalone private college, after which it will be consolidated.

Balance-sheet developments • Cash and cash equivalents stood at RMB 451.09 million (31 Aug 2025: RMB 832.30 million), reflecting capex and working-capital requirements. • Interest-bearing borrowings declined, trimming the gearing ratio to 24.6% (31 Aug 2025: 42.5%). • Total equity expanded to RMB 5.04 billion, up 9.3% since last fiscal year-end.

Capital expenditure and commitments • The group invested RMB 179.07 million in property, plant and equipment during the period and holds outstanding capital commitments of RMB 101.19 million, mainly for campus expansion.

Dividend • No interim dividend was declared; the company last paid a final dividend for FY25.

Outlook Management will continue to pursue capacity expansion—via new facilities and the Tianping College conversion—to support long-term enrolment growth while maintaining cost discipline. No material acquisitions, disposals or contingent liabilities were recorded during the period, and no significant events occurred post-balance-sheet date.