Bright Scholar Education Holdings Ltd (BEDU) 2025 Q2 法說會逐字稿

Hello ladies and gentlemen, thank you for standing by for Bright Scholar's second-quarter of fiscal year 2025 earnings conference call. (Operator Instructions)

各位女士、先生，感謝各位耐心等待參加 Bright Scholar 2025 財年第二季財報電話會議。（操作說明）

Today's conference call is being recorded.

今天的電話會議正在錄音。

I will now turn the call over to your host from Piacente Financial Communications, Andrea Guo, IR Counsel for the company. Please go ahead, Andrea.

現在我將把電話轉交給 Piacente Financial Communications 的主持人，該公司投資人關係顧問 Andrea Guo。請繼續，安德莉亞​​。

Thank you very much. Hello, everyone, and welcome to Bright Scholar's earnings conference call for the second quarter of fiscal 2025. The company's financial and operational results were released earlier today and are available online by visiting the IR section of Bright Scholar's website at ir.brightscholar.com.

非常感謝。大家好，歡迎參加 Bright Scholar 2025 財年第二季財報電話會議。該公司財務和營運業績已於今日早些時候發布，可透過造訪 Bright Scholar 網站 ir.brightscholar.com 的投資者關係部分在線查看。

Please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案安全港條款所作出的前瞻性陳述。前瞻性陳述涉及固有的風險和不確定性。

As such, the company's results may materially differ from today's views. Further information regarding these and other risks and uncertainties is included in the company's prospectus and other public filings as filed with the US SEC. The company does not assume any obligation to update any forward-looking statements except as required under applicable law.

因此，公司的實際業績可能與今天的預期有重大差異。有關這些及其他風險和不確定性的更多信息，請參閱公司向美國證券交易委員會提交的招股說明書和其他公開文件。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Additionally, Bright Scholar's earnings press release and this conference call include discussions of unaudited GAAP and non-GAAP financial measures. Bright Scholar's earnings press release contains a reconciliation of the unaudited non-GAAP measures. Please also note that all numbers are in GBP.

此外，Bright Scholar 的獲利新聞稿和本次電話會議也討論了未經審計的 GAAP 和非 GAAP 財務指標。Bright Scholar 的獲利新聞稿中包含未經審計的非 GAAP 指標的調整表。另請注意，所有數字均以英鎊為單位。

Participants on today's call will include Bright Scholar's Chief Executive Officer, Mr. Robert Niu, who will provide a company overview and update on strategic initiatives with highlights from the quarter. The company's Chief Financial Officer, Ms. Cindy Zhang, will then provide details on the financial results for the period. We will then open the call for questions.

參加今天電話會議的嘉賓包括光明學者首席執行官牛先生，他將介紹公司概況和戰略舉措的最新進展，並重點介紹本季度的業績亮點。該公司財務長張欣迪女士隨後將詳細介紹該期間的財務表現。接下來我們將開放提問環節。

I will now turn the call over to Bright Scholar's Chief Executive Officer, Mr. Robert Niu. Please go ahead, sir.

現在我將把電話交給布萊特學者執行長牛先生。請繼續，先生。

Hello, everyone, and thank you for joining us on today's call. We are pleased to report that Bright Scholar delivered solid Q2 quarterly results, demonstrating our resilience in an evolving external environment. During the quarter, we made meaningful progress executing our “dual-engine” growth strategy.

大家好，感謝各位參加今天的電話會議。我們很高興地宣布，Bright Scholar 在第二季業績表現穩健，展現了我們在不斷變化的外部環境中的韌性。本季度，我們在執行「雙引擎」成長策略方面取得了實質進展。

Under this plans' dedicated initiatives, we expanded our Schools business and advanced our global recruitment efforts for international students. As a result, our Schools business remained consistent, with the total enrollment holding steady year over year at 2,699 students as of March 31, 2025.

在該計劃的專案措施下，我們擴大了學校業務，並推進了面向國際學生的全球招生工作。因此，我們的學校業務保持穩定，截至 2025 年 3 月 31 日，總入學人數與前一年持平，為 2699 名學生。

Moreover, we also received strong 14.2% year-over-year improvement in revenue per enrollment at our US schools in this fiscal quarter. Meanwhile, our global recruitment initiatives maintained strong momentum across existing markets, building a sustainable pipeline for expansion.

此外，本財季我們美國學校的每位學生的收入也實現了強勁的同比增長，達到 14.2%。同時，我們的全球招聘計劃在現有市場保持強勁勢頭，為業務擴張建立了可持續的人才儲備。

As a leader in premier international education, we remain committed to delivering exceptional learning experience while enhancing operational efficiency and growing our global footprint to drive sustainable, long-term value. Importantly, we've made significant strides in optimizing operations, achieving year-over-year reductions in SG&A expenses. With our established global network and the ecosystem, we are well-positioned to accelerate revenue growth and create lasting value for both customers and shareholders over the long-term.

作為國際頂尖教育領域的領導者，我們始終致力於提供卓越的學習體驗，同時提高營運效率，擴大全球影響力，以創造可持續的長期價值。重要的是，我們在優化營運方面取得了重大進展，實現了銷售、一般及行政費用逐年下降。憑藉我們已建立的全球網絡和生態系統，我們有能力加速收入成長，並在長期內為客戶和股東創造持久價值。

The Schools business remained our primary revenue source this quarter, accounting for around 61% of our total revenue. Despite macroeconomic headwinds, including the impact of VAT policies in the UK, stable student enrollment year over year demonstrates the resilience of our diversified portfolio. By optimizing operational efficiency and maintaining rigorous academic standards, we’ve mitigated external pressures while continuing to deliver high quality education.

本季度，學校業務仍然是我們主要的收入來源，約占我們總收入的 61%。儘管面臨宏觀經濟逆風，包括英國增值稅政策的影響，但學生入學人數逐年保持穩定，這表明我們多元化投資組合具有韌性。透過優化營運效率和維持嚴格的學術標準，我們在減輕外部壓力的同時，繼續提供高品質的教育。

During the quarter, our US schools set new benchmarks for excellence by delivering outstanding results across both academic and extracurricular domains. On the academic front, our CATS Academy Boston students have already secured over 100 acceptance from top tier universities across the US, Canada, and the UK, with more expected as the admission cycle continues through May 2025. This early success underscores the strength of our college prep programs.

本季度，我們的美國學校在學術和課外活動領域均取得了優異成績，樹立了新的卓越標竿。在學術方面，我們波士頓 CATS 學院的學生已經獲得了來自美國、加拿大和英國頂尖大學的 100 多份錄取通知書，隨著招生週期持續到 2025 年 5 月，預計還會有更多學生獲得錄取。這一早期成功凸顯了我們大學預科課程的實力。

Beyond academics, we are equally proud of our students' remarkable achievements in athletics. I'm also delighted to share that our own CATS Boston student athlete, Jaylen Harrell, was named as the Gatorade Massachusetts Boys Basketball Player of the Year for the second consecutive year. This honor has previously been awarded to legends like LeBron James and Jason Tatum, and recognize Jaylen's unparalleled talents, academic dedication, and community leadership.

除了學業成績之外，我們也為學生在體育方面所取得的卓越成就感到同樣自豪。我也很高興地宣布，我們 CATS Boston 的學生運動員 Jaylen Harrell 連續第二年被評為佳得樂馬薩諸塞州年度最佳男子籃球運動員。此前，勒布朗·詹姆斯和傑森·塔圖姆等傳奇人物都曾獲得這項榮譽，此次授予傑倫的是為了表彰他無與倫比的天賦、學術上的奉獻精神以及社區領導力。

Back-to-back wins are exceptionally rare, cementing CATS Boston as a hub for nurturing future champions. Furthermore, our CATS Boston Academy has been ranked number five nationally in the 2024 to 2025 prep programs ranking by NEPrepBasketball.net, further validating our leadership in combining elite athletic programs with world class education. Together, these achievements underscore the significant progress we've made in our US Schools business this quarter and how we are fulfilling our mission to develop well-rounded global citizens.

連續兩場勝利極為罕見，這鞏固了 CATS Boston 作為培養未來冠軍中心的地位。此外，我們的 CATS 波士頓學院在 NEPrepBasketball.net 評選的 2024 至 2025 年全國預科項目排名中位列第五，進一步證明了我們在將精英體育項目與世界一流教育相結合方面的領先地位。這些成就共同凸顯了我們本季在美國學校業務方面取得的重大進展，以及我們如何履行培養全面發展的全球公民的使命。

In the UK, our schools have delivered exceptional university placement results that solidify Bright Scholar's reputation as a premier pathway to global higher education. Across our UK boarding schools, students have received offers from 8 of the top 10 UK universities according to QS 2025 ranking, including prestigious institutions like Cambridge, UCL, and Imperial College London. A significant cohort of our students has also earned offers from top 100 global universities, with applications extending across Europe, Asia, and the United States.

在英國，我們的學校取得了卓越的大學升學成績，鞏固了 Bright Scholar 作為通往全球高等教育的首選途徑的聲譽。根據 QS 2025 排名，我們英國各寄宿學校的學生已收到英國排名前 10 的大學中 8 所大學的錄取通知書，其中包括劍橋大學、倫敦大學學院和倫敦帝國學院等著名學府。我們相當一部分學生也獲得了全球排名前 100 的大學的錄取通知書，申請院校遍布歐洲、亞洲和美國。

What makes these results particularly remarkable are the perfect records we have achieved at specific schools. At St. Michael's, we maintained a flawless 100% Cambridge acceptance rate this year, with all three interviewed students securing admission invitation.

這些成績之所以格外引人注目，是因為我們在某些​​學校取得了完美的成績。今年，聖邁克爾學院保持了完美的 100% 劍橋大學錄取率，所有三名面試學生都獲得了錄取通知。

Similarly, CATS Cambridge has now achieved 100% Russell Group University offers for its A-level students for two consecutive years, marking an extraordinary accomplishment that puts our students in the company of the UK's academic elite.

同樣，CATS Cambridge 的 A-level 學生連續兩年獲得羅素集團大學錄取通知的比例達到 100%，這是一項非凡的成就，使我們的學生躋身英國學術精英之列。

These outstanding outcomes not only demonstrate our consistent ability to prepare students for the world's most competitive universities, but also validates our position as a truly global education provider capable of opening doors to top institutions across continents.

這些傑出的成果不僅證明了我們始終如一地有能力讓學生為進入世界上最具競爭力的大學做好準備，也證明了我們作為真正的全球教育提供者的地位，能夠為學生打開通往各大洲頂尖學府的大門。

In addition, our global recruitment efforts gained further traction across key markets, enhancing our pipeline for future growth. Early indicators show strong demand for our programs, particularly in markets valuing our Western curricula and university pathways. We're also leveraging our partnership with local institutions to amplify our presence, ensuring sustainable growth in new geographies.

此外，我們的全球招募工作在主要市場取得了進一步進展，增強了我們未來成長的人才儲備。早期跡象表明，市場對我們的課程有強勁的需求，尤其是在重視我們西方課程和大學升學途徑的市場。我們也利用與當地機構的合作關係來擴大我們的影響力，確保在新地區實現永續成長。

Looking ahead, Bright Scholar remains focused on executing our “dual-engine” growth strategy to drive excellence in our Schools business while expanding our global footprint in recruitment to serve more students planning to study abroad.

展望未來，博學仍將專注於執行我們的「雙引擎」成長策略，以推動學校業務的卓越發展，同時擴大我們在全球招生方面的影響力，為更多計劃出國留學的學生提供服務。

Our strong academic results, coupled with operational resilience, position us to capitalize on the growing demand for premium international education. We are confident in our ability to deliver stronger long-term value to students, families and shareholders alike.

我們優異的學術成績，加上強大的營運韌性，使我們能夠充分利用市場對優質國際教育日益增長的需求。我們有信心為學生、家庭和股東創造更強的長期價值。

With that, I will turn the call over to our CFO, Ms. Cindy Zhang, who will discuss our key financial results. Please go ahead, Cindy.

接下來，我將把電話交給我們的財務長張欣迪女士，她將討論我們的主要財務表現。請繼續，辛迪。

Thank you, Robert. Now I'd like to discuss our financial results for the second quarter of fiscal 2025. Please note all amounts are in GBP unless otherwise stated.

謝謝你，羅伯特。現在我想談談我們2025財年第二季的財務表現。請注意，除非另有說明，所有金額均以英鎊計價。

We are pleased to report a strong financial performance in Q2 fiscal year 2025, marked by significant improvements in profitability and operational efficiency. While maintaining stable year-over-year revenue, we achieved a 6.2% increase in our Overseas Study Counselling Business revenue, demonstrating the resilience of our diversified model. Amid ongoing external challenges, we successfully reinforced the resilience of our Schools business while making substantial operation improvements. Our focused cost optimization initiatives drove a 13.7% reduction in SG&A expenses year over year and improved the SG&A to revenue ratio by 1.2 percentage points. Notably, our net income from continuing operations increased by over 200% year over year.

我們很高興地宣布，2025 財年第二季財務業績強勁，獲利能力和營運效率均有顯著提高。在維持年度收入穩定成長的同時，我們的海外留學諮詢業務收入成長了 6.2%，證明了我們多元化模式的韌性。在持續的外部挑戰下，我們成功增強了學校業務的韌性，同時在營運方面進行了實質改進。我們採取的重點成本優化措施使銷售、一般及行政費用年減了 13.7%，並將銷售、一般及行政費用佔收入的比例提高了 1.2 個百分點。值得注意的是，我們持續經營業務的淨收入年增超過 200%。

Looking at our financial results for the second fiscal quarter in more detail.

讓我們更詳細地看一下我們第二財季的財務表現。

Our revenue from continuing operations was GBP43.8 million compared with GBP48.5 million for the same quarter last fiscal year. By segment, our Overseas Study Counselling increased by 6.2% to GBP11.9 million. Schools and Other revenues were GBP26.6 million and GBP5.3 million respectively.

我們的持續經營收入為 4,380 萬英鎊，而上一財年同期為 4,850 萬英鎊。按業務部門劃分，我們的海外留學諮詢業務成長了 6.2%，達到 1,190 萬英鎊。學校和其他收入分別為 2,660 萬英鎊和 530 萬英鎊。

Gross profit from continuing operations was GBP13.2 million compared to GBP15 million for the same quarter last fiscal year.

持續經營業務的毛利為 1,320 萬英鎊，而上一財年同期為 1,500 萬英鎊。

Gross margin from continuing operations was 30% compared with 30.8% for the same quarter last fiscal year.

持續經營業務的毛利率為 30%，而去年同期為 30.8%。

Adjusted gross profit from continuing operations was GBP13.2 million compared with GBP15.1 million for the same quarter last fiscal year.

經調整後，持續經營業務的毛利為 1,320 萬英鎊，而上一財年同期為 1,510 萬英鎊。

SG&A expenses from continuing operations decreased by 13.7% year over year to GBP11.2 million. The decrease was mainly due to the improvement in operational efficiency in our Schools businesses.

持續經營業務的銷售、管理及行政費用年減 13.7% 至 1,120 萬英鎊。下降的主要原因是學校業務運作效率的提升。

Adjusted EBITDA was GBP3.1 million compared with GBP3.6 million for the same quarter last fiscal year.

經調整後的 EBITDA 為 310 萬英鎊，而上一財政年度同期為 360 萬英鎊。

Now turning to profitability, we recorded a net income of GBP3.2 million increased from GBP0.3 million for the same quarter last fiscal year.

現在來看獲利情況，我們錄得淨收入 320 萬英鎊，比上年同期的 30 萬英鎊有所增長。

Adjusted net income grew by 179.5% to GBP3.5 million compared to GBP1.3 million for the same quarter last fiscal year.

經調整後的淨收入增長了 179.5%，達到 350 萬英鎊，而上一財年同期為 130 萬英鎊。

Moving to our balance sheet. As of February 28, 2025, we had cash and cash equivalents and restricted cash of GBP46.3 million compared with GBP54.3 million as of the end of last fiscal year.

接下來來看看我們的資產負債表。截至 2025 年 2 月 28 日，我們的現金及現金等價物及受限現金為 4,630 萬英鎊，而上個財政年度末為 5,430 萬英鎊。

In conclusion, our second fiscal quarter performance is in line with our expectations. Our proven academic outcomes, combined with strategic expansion, reinforce our confidence in delivering sustainable long-term growth. We remain committed to empowering students worldwide and creating values for all stakeholders.

總之，我們第二財季的表現符合預期。我們卓著的學術成就，加上策略性擴張，增強了我們實現可持續長期成長的信心。我們將繼續致力於賦能全球學生，並為所有利害關係人創造價值。

Okay. This concludes all our prepared remarks today. We will now open the call to questions. Operator, please go ahead.

好的。今天我們的發言稿就到此結束了。現在開始接受提問。操作員，請開始。

(Operator Instructions)

（操作說明）

Seeing that there are no questions, this concludes our question-and-answer session. I would like to turn the conference back over to Andrea Guo for any closing remarks.

鑑於沒有其他問題，我們的問答環節到此結束。我謹將會議交還給郭安德里亞，請她作總結發言。

Thank you once again for joining us today. If you have further questions, please feel free to contact Bright Scholar's Investor Relations through the contact information provided on our website.

再次感謝您今天蒞臨。如果您還有其他疑問，請隨時透過我們網站上提供的聯絡方式聯絡 Bright Scholar 的投資者關係部門。

This concludes this conference call. You may now disconnect your line. Thank you.

本次電話會議到此結束。現在您可以斷開線路了。謝謝。