TIANLI INT HLDG (01773) has issued an announcement that, as of the beginning of the fall 2026 semester, the number of new enrollments at the group's self-operated schools reached 28,188, an increase of 1,227 students compared with the beginning of the fall 2025 semester, representing growth of 4.6%. As a leading indicator of the scale of enrolled students, the positive growth in new enrollments lays the foundation for the recovery of the self-operated schools' enrolled student scale in the next academic year.
Enrolled students at self-operated schools. The group substantially expanded its high school enrollment scale in the fall 2023 semester, and that cohort of students graduated and departed in 2026. At the same time, the group has proactively optimized its enrollment strategy in recent years, focusing on cultivating high-quality student sources and moderately controlling enrollment scale, resulting in new enrollments declining from the high level seen in 2023. The combination of these factors meant that the number of graduating and departing students in the current period exceeded the number of new enrollments, which is the core reason why the number of enrolled students at self-operated schools as of the beginning of the fall 2026 semester decreased by 8,759 compared with the beginning of the fall 2025 semester. The group expects that the number of graduating and departing students in 2027 will decline significantly compared with 2026, and the impact of this factor on the scale of enrolled students is expected to gradually ease.
Enrolled students at entrusted-management schools. As of the beginning of the fall 2026 semester, the number of enrolled students at entrusted-management schools decreased by 11,735 compared with the beginning of the fall 2025 semester, mainly because the group concentrated resources on high-quality cooperation regions and, after friendly consultations with the relevant partners, terminated the entrusted management services of 4 entrusted schools ahead of schedule. In response to the year-on-year decline in the number of enrolled students, the company's board of directors attaches great importance to the matter. The group has formulated and is advancing systematic measures across three major dimensions: "stabilizing existing student sources, supporting through diversified businesses, and empowering with AI education technology," to promote the stabilization and recovery of the number of enrolled students.
Stabilizing existing student sources (1) Continuously consolidating progression outcomes and steadily strengthening the quality brand. In the 2025-2026 academic year, the group's college entrance examination results reached new heights: a total of 51 outstanding students within the school network reached the admission score lines for Tsinghua University and Peking University; about 89.5% of students at mature-stage schools exceeded the admission score line for undergraduate programs at Chinese universities, and about 56% of students exceeded the special control score line for Chinese universities. (2) Launching school cluster system reform to focus on supporting growth-stage schools. The group has launched a school cluster management reform, dividing schools within the school network into several school clusters, with mature-stage schools providing paired assistance to growth-stage schools. Through methods such as exporting management models, sharing backbone teaching staff, and coordinating teaching and research systems, the reform aims to accelerate the improvement of the educational quality of growth-stage schools. (3) Optimizing enrollment strategy and smoothing internal progression channels within the group. While adhering to quality bottom lines, the group will moderately optimize enrollment thresholds and increase student source reserves; at the same time, it will improve curriculum alignment across kindergarten-to-primary, primary-to-junior-high, and junior-high-to-senior-high stages, increase the proportion of direct progression within group schools, and dynamically supplement the scale of enrolled students through a transfer student program, making every effort to ensure the stability of the basic student source base.
Supporting through diversified businesses. The group has always adhered to the "one trunk, multiple branches" development strategy. While deeply cultivating its core school-running business, it continues to lay out and expand diversified businesses such as international progression, art education, academic competitions, and progression guidance, forming a mutually coordinated and complementary business ecosystem. Looking at the diversified progression results in the 2025-2026 academic year, in terms of academic competitions, students inside and outside the group won 33 provincial first prizes, 10 provincial team placements, and 2 gold medals, with more than 10 students shortlisted for Tsinghua and Peking University's Strong Foundation selection; in terms of international progression, a total of 368 students received admission offers from QS World Top 50 universities this academic year, of which 64 students received offers from top prestigious universities ranked among the QS World Top 10, such as the University of Cambridge, Imperial College London, and University College London.
Empowering with AI education technology. AI is becoming the core engine for the group to reduce costs and increase efficiency. Through personalized learning path planning and precise academic analysis empowered by Qiming AI, the group can effectively address students' academic weaknesses and improve the overall quality level of schools, while significantly reducing teacher allocation and operational management costs. At the same time, the group's self-developed "Qiming AI Learning Companion" large model and a series of AI products such as AI classrooms have completed market validation and entered the stage of large-scale implementation. Taking the AI smart learning project as an example, in the 2025-2026 academic year, the application results of this product reached new highs: students at self-operated schools improved by an average of 59.64 points, with the highest improvement for a single student reaching 177 points, while students at external schools improved by an average of 50.3 points, with the highest increase for a single person reaching 233.5 points.
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