Alliance Intl Ed Leasing FY 2026 Results: Revenue Rises 2.6%, Net Profit Dips 2.8% as Auditor Issues Qualified Opinion

Alliance International Education Leasing Holdings Ltd. (Alliance Intl Ed Leasing) reported FY 2026 (year ended 31 March 2026) revenue of RMB 753.64 million, up 2.6% from RMB 734.76 million a year earlier. Growth was driven by its higher-education arm, which contributed RMB 593.02 million, or 78.7% of group turnover, thanks to stable tuition and boarding income at Yantai Nanshan University. Finance and operating leasing revenue slipped 6.9% to RMB 160.62 million.

Net profit edged down 2.8% year on year to RMB 61.30 million, while profit before tax fell 32.9% to RMB 88.23 million, weighed by a swing in “other income, gains or losses” to a RMB 11.27 million loss (FY 2025: RMB 77.94 million gain) and higher administrative expenses. Finance costs dropped 35.1% to RMB 12.61 million, reflecting lower borrowings and reduced imputed interest charges.

Gross profit narrowed 5.2% to RMB 295.01 million; gross margin slipped to 39.1% from 42.4% amid higher service costs linked to facility upgrades and staff expansion at Yantai Nanshan University.

Total assets eased 0.8% to RMB 3.75 billion, while shareholders’ equity inched up 1.4% to RMB 2.94 billion, producing a return on equity of 2.1% (FY 2025: 2.2%). Cash and cash equivalents jumped to RMB 332.01 million (FY 2025: RMB 60.87 million); the gearing ratio declined to 2.2% after borrowings fell to RMB 67.30 million.

Impairment provisions on financial assets were RMB 49.73 million (FY 2025: RMB 116.26 million), mainly tied to aviation and healthcare lessees in arrears. Finance lease receivables rose 3.8% to RMB 1.35 billion; allowance coverage stood at 14.17%.

Auditor SHINEWING (HK) CPA Limited issued a qualified opinion. The firm was unable to obtain sufficient evidence to verify the RMB 88.24 million fair value and existence of one Cayman-registered private fund held by the group, leading to uncertainty over the investment’s valuation.

No dividend was declared for FY 2026. The board cited plans to strengthen risk controls, expand leasing into sectors such as healthcare, transportation, energy and infrastructure, and explore further education and shipping opportunities while adhering to a “quality over quantity” growth approach.