China Maple Leaf Educational Systems Limited (MAPLELEAF EDU) released its interim results for the six months ended 28 February 2026.
Financial Performance • Revenue fell 11.2% year-on-year to RMB 563.18 million, reflecting a 20.3% drop in PRC income to RMB 189.28 million and a 5.7% decline in overseas income to RMB 373.90 million. • Gross profit slipped 11.9% to RMB 288.99 million; gross margin remained resilient at 51.3% (1H 2025: 51.8%). • Profit for the period edged up 0.1% to RMB 117.52 million, lifting the net margin to 20.9% (1H 2025: 18.5%). • EBITDA contracted 9.5% to RMB 253.71 million, yet EBITDA margin widened to 45.0% (1H 2025: 44.2%). • Basic and diluted EPS increased 4.0% to RMB 4.12 cents.
Cost & Balance Sheet • Cost of revenue decreased 10.3% to RMB 274.20 million, aided by tighter cost controls. • Marketing expenses rose 48.4% to RMB 13.55 million; administrative expenses were up 7.4% to RMB 146.04 million. • Finance costs decreased 27.0% to RMB 40.45 million, linked to reduced borrowing costs. • Cash and bank balances stood at RMB 776.55 million (31 August 2025: RMB 901.33 million). • Total borrowings were RMB 1.45 billion, driving a lower gearing ratio of 0.74 (31 August 2025: 0.88).
Operational Metrics • Student enrolment declined 9.4% to 7,887, mainly due to demographic pressures; PRC enrolment slipped 6.0% while overseas enrolment fell 13.4%. • The school network comprised 27 campuses (PRC 19, overseas 8) after one preschool closure and the consolidation of Shanghai School as an independent high school.
Strategic Updates • The World School Program continues to gain global recognition, with ECCTIS benchmarking alongside A-Level, IB and HKDSE curricula. • Following PRC regulatory changes, the Group is transferring high-school students from mixed-licence campuses to independent high schools and seeking separate licences for eight remaining mixed schools. • International expansion progressed: Maple Leaf curricula were adopted by partner schools in Turkey, Mongolia and two PRC cities; language textbooks were re-branded “K12 Standard Chinese.” • University pathway initiatives advanced, with 107 graduates enrolled in 1+3 programs run jointly with Arizona State University and University of Alberta for the 2026/27 academic year.
Capital Management • The Group repurchased 59.27 million shares on the Stock Exchange during the period for HK$23.01 million; 40.73 million have been cancelled. • No interim dividend was declared.
Governance & Compliance • MAPLELEAF EDU remained compliant with Hong Kong’s Corporate Governance Code, except for the continued dual role of Chairman and CEO held by founder Mr. Shu Liang Sherman Jen. • As at the report date, the Company met the public-float requirements of the Hong Kong Stock Exchange.
Outlook Management signalled a strategic shift toward an “inverted pyramid” growth model focused on: 1. Expanding high schools delivering the World School Program. 2. Growing authorised school partnerships. 3. Scaling university pathway collaborations.
The Group aims to strengthen recruitment at its Singapore campus, continue cost controls, and pursue targeted overseas growth to offset demographic pressures in its home market.
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