, /PRNewswire/ -- Four Seasons Education (Cayman) Inc. ("Four Seasons Education" or the "Company") (NYSE:FEDU), a tourism and education-related service provider in China, today announced its unaudited financial results for the first half of fiscal year 2026, ended August 31, 2025.

, /PRNewswire/ -- 四季教育（开曼）有限公司（"四季教育"或"公司"）（NYSE:FEDU），是一家中国的旅游和教育相关服务提供商，今天公布了截至2025年8月31日的 2026 财年上半年的未经审计财务业绩。

Financial and Operational Highlights for the First Half of Fiscal Year 2026

2026 财年上半年的财务和运营亮点

Revenue increased by 7.9% to RMB145.3 million (US$20.4 million), compared with RMB134.7 million in the same period of last year.
Gross profit increased by 30.9% to RMB38.8 million (US$5.4 million) from RMB29.7 million in the same period of last year.
Operating income was RMB9.2 million (US$1.3 million), compared with an operating loss of RMB5.7 million in the same period of last year.
Adjusted operating income(1) (non-GAAP) was RMB9.8 million (US$1.4 million), compared with an adjusted operating loss of RMB1.6 million in the same period of last year.
Net income was RMB12.4 million (US$1.7 million), compared with RMB3.0 million in the same period of last year.
Adjusted net income(2) (non-GAAP) was RMB13.7 million (US$1.9 million), compared with RMB2.1 million in the same period of last year.
Basic and diluted net income per American Depositary Share ("ADS") were RMB4.53 (US$0.63) and RMB4.48 (US$0.63), respectively, compared with both RMB0.98 in the same period of last year. Each ADS represents ten ordinary shares.
Adjusted basic and diluted net income per ADS(3) (non-GAAP) were RMB5.11 (US$0.71) and RMB5.05 (US$0.71), respectively, compared with both RMB0.54 in the same period of last year.

收入同比增长 7.9%，达到人民币 145.3 百万（2040 万美元），相比去年同期的人民币 134.7 百万。
毛利润同比增长 30.9%，达到人民币 38.8 百万（540 万美元），相比去年同期的人民币 29.7 百万。
运营收入为人民币 9.2 百万（130 万美元），相比去年同期的运营亏损人民币 5.7 百万。
调整后的运营收入 (1)（非 GAAP）为人民币 9.8 百万（140 万美元），相比去年同期的调整后运营亏损人民币 1.6 百万。
净收入为人民币 12.4 百万（170 万美元），相比去年同期的人民币 3.0 百万。
调整后的净收入 (2)（非 GAAP）为人民币 13.7 百万（190 万美元），相比去年同期的人民币 2.1 百万。
每个美国存托股票（"ADS"）的基本和稀释净收入分别为人民币 4.53（0.63 美元）和人民币 4.48（0.63 美元），相比去年同期的人民币 0.98。
每个 ADS 的调整后基本和稀释净收入 (3)（非 GAAP）分别为人民币 5.11（0.71 美元）和人民币 5.05（0.71 美元），相比去年同期的人民币 0.54。


(1) Adjusted operating income is defined as operating income/loss excluding share-based compensation expenses.
(2) Adjusted net income is defined as net income excluding share-based compensation expenses and unrealized holding gain (loss) in investments.
(3) Adjusted basic/diluted net income per ADS is defined as basic/diluted net income per ADS excluding share-based compensation expenses per ADS and unrealized holding gain (loss) in investments per ADS.
For more information on these adjusted financial measures, please see the section captioned under "About Non-GAAP Financial Measures" and the tables captioned "Reconciliation of GAAP and non-GAAP Results" set forth at the end of this release.


(1) 调整后的运营收入定义为不包括基于股份的补偿费用的运营收入/亏损。
(2) 调整后的净收入定义为不包括基于股份的补偿费用和投资中的未实现持有收益（亏损）的净收入。
(3) 每个 ADS 的调整后基本/稀释净收入定义为不包括每个 ADS 的基于股份的补偿费用和每个 ADS 的投资中的未实现持有收益（亏损）的基本/稀释净收入。
有关这些调整后财务指标的更多信息，请参见本公告末尾的 “关于非 GAAP 财务指标” 部分和 “GAAP 与非 GAAP 结果的调节” 表格。

Ms.Yi (Joanne) Zuo, Chief Executive Officer and Director of Four Seasons Education, said, "We sustained our solid growth momentum for the six months ended August 31, 2025, with total revenue reaching RMB145.3 million, up 7.9% year-over-year. Owing to a healthy product mix and ongoing efficiency gains, we also maintained our strong upward profitability trajectory, including a significant improvement in gross profit margin from 22.0% in the first half of fiscal year 2025 to 26.7% in the first half of fiscal year 2026 and a significant improve in gross profit from RMB29.7 million in the first half of fiscal year 2025 to RMB38.8 million in the first half of fiscal year 2026. This contributed to our net income climbing to RMB12.4 million, a 313.9% increase year-over-year."

四季教育首席执行官兼董事左怡（Joanne Zuo）表示：“截至2025年8月31日的六个月中，我们保持了稳健的增长势头，总收入达到人民币 145.3 百万，同比增长 7.9%。由于健康的产品组合和持续的效率提升，我们还保持了强劲的盈利能力上升轨迹，毛利率从 2025 财年上半年的 22.0% 显著提升至 2026 财年上半年的 26.7%，毛利润从 2025 财年上半年的人民币 29.7 百万显著提升至 2026 财年上半年的人民币 38.8 百万。这使我们的净收入攀升至人民币 12.4 百万，同比增长 313.9%。”

"Our enrichment learning programs continued to progress steadily as we prioritized high-quality learning experiences for learners of all ages, recording significant revenue growth for the six months ended August 31, 2025. Moving forward, we will prudently expand the enrichment learning business, strategically scaling our capacity in lockstep with market demand to ensure sustainable growth. Meanwhile, we are tilting our tourism product portfolio towards higher-margin, value-added offerings, to establish a more resilient and sustainable business model for this segment. "

“我们的丰富学习项目持续稳步推进，我们优先考虑各年龄段学习者的高质量学习体验，记录了截至2025年8月31日的六个月显著的收入增长。展望未来，我们将谨慎扩展丰富学习业务，战略性地根据市场需求扩大我们的能力，以确保可持续增长。同时，我们将旅游产品组合倾向于更高利润、更具附加值的产品，以建立该细分市场更具韧性和可持续的商业模式。”

"Our relentless focus on operational efficiency, strategic execution, and diverse service and product portfolios positions us well to drive profitable growth. We are confident our profitable premium services and disciplined expansion into new, compliant markets will boost our long-term competitiveness and create lasting value for all stakeholders."

“我们对运营效率、战略执行以及多样化服务和产品组合的持续关注，使我们能够推动盈利增长。我们相信，我们的盈利优质服务和对新合规市场的有序扩展将提升我们的长期竞争力，并为所有利益相关者创造持久价值。”

First Half Fiscal Year 2026 Financial Results

2026 财年上半年的财务业绩

Revenue increased by 7.9% to RMB145.3 million (US$20.4 million) in the first half of fiscal year 2026, from RMB134.7 million in the same period of last year, mainly driven by the growth in the Company's enrichment learning business due to the business expansion effort.

收入在 2026 财年上半年增长 7.9%，达到人民币 145.3 百万（2040 万美元），相比去年同期的人民币 134.7 百万，主要受公司丰富学习业务增长的推动。

Cost of revenue was RMB106.5 million (US$14.9 million) in the first half of fiscal year 2026, compared with RMB105.0 million in the same period of last year, mainly due to the increase in staff cost of the Company's enrichment learning business.

收入成本 在 2026 财年上半年为人民币 106.5 百万（1490 万美元），相比去年同期的人民币 105.0 百万，主要由于公司丰富学习业务的员工成本增加。

Gross profit was RMB38.8 million (US$5.4 million) in the first half of fiscal year 2026, compared with RMB29.7 million in the same period of last year. The increase of gross profit is mainly driven by the growth in the Company's enrichment learning business which has higher gross profit ratio.

毛利润 在 2026 财年上半年为人民币 38.8 百万（540 万美元），相比去年同期的人民币 29.7 百万。毛利润的增加主要是由于公司丰富学习业务的增长，该业务具有更高的毛利率。

General and administrative expenses decreased by 10.7% to RMB24.3 million (US$3.4 million) in the first half of fiscal year 2026 from RMB27.2 million in the same period of last year, mainly attributable to the decrease in share-based compensation expenses primarily caused by the repricing of share options in prior year.

一般和行政费用 在 2026 财年上半年减少 10.7%，为人民币 24.3 百万（340 万美元），相比去年同期的人民币 27.2 百万，主要归因于由于前一年股票期权重新定价导致的基于股份的补偿费用减少。

Sales and marketing expenses decreased by 34.3% to RMB5.3 million (US$0.7 million) in the first half of fiscal year 2026 from RMB8.1 million in the same period of last year, mainly due to the decrease in advertising activities.

销售和营销费用 在 2026 财年上半年减少 34.3%，为人民币 5.3 百万（70 万美元），相比去年同期的人民币 8.1 百万，主要由于广告活动减少。

Operating income was RMB9.2 million (US$1.3 million) in the first half of fiscal year 2026, compared with an operating loss of RMB5.7 million in the same period of last year.

运营收入 在 2026 财年上半年为人民币 9.2 百万（130 万美元），相比去年同期的运营亏损人民币 5.7 百万。

Adjusted operating income(1) (non-GAAP), which is calculated as operating income/loss excluding share-based compensation expenses, was RMB9.8 million (US$1.4 million) in the first half of fiscal year 2026, compared with an adjusted operating loss of RMB1.6 million in the same period of last year.

调整后的运营收入(1)（非 GAAP），即不包括基于股份的补偿费用的运营收入/亏损，在 2026 财年上半年为人民币 9.8 百万（140 万美元），相比去年同期的调整后运营亏损人民币 1.6 百万。

Interest income, net was RMB3.1 million (US$0.4 million) in the first half of fiscal year 2026, compared with RMB7.5 million in the same period of last year, mainly due to interest expenses are no longer capitalized but expensed since the construction in progress of study camps in Wuyuan, Jiangxi are completed in the fiscal year 2025.

净利息收入 为人民币 310 万元（约合 40 万美元），与上年同期的人民币 750 万元相比，主要由于自 2025 财年起，位于江西婺源的学习营建设项目完成后，利息费用不再资本化而是直接计入费用。

Income tax expense was RMB1.0 million (US$0.1 million) in the first half of fiscal year 2026, compared with RMB3.5 million in the same period of last year, primarily attributable to an increase in the income which is not subject to taxation, resulting in a decrease in income tax compared to the same period last year.

所得税费用 为人民币 100 万元（约合 10 万美元），与上年同期的人民币 350 万元相比，主要由于免税收入的增加，导致所得税费用较上年同期减少。

Net income was RMB12.4 million (US$1.7 million) in the first half of fiscal year 2026, compared with RMB3.0 million in the same period of last year. Adjusted net income(2) (non-GAAP), which is calculated as net income excluding share-based compensation expenses and unrealized holding gain (loss) in investments, was RMB13.7 million (US$1.9 million), compared with RMB2.1 million in the same period of last year.

净收入 为人民币 1240 万元（约合 170 万美元），与上年同期的人民币 300 万元相比。调整后的净收入（非 GAAP）为人民币 1370 万元（约合 190 万美元），与上年同期的人民币 210 万元相比。

Basic and diluted net income per ADS in the first half of fiscal year 2026 were RMB4.53 (US$0.63) and RMB4.48 (US$0.63), respectively, compared with both RMB0.98 in the same period of last year. Adjusted basic and diluted net income per ADS(3)(non-GAAP) in the first half of fiscal year 2026 were RMB5.11 (US$0.71) and RMB5.05 (US$0.71), respectively, compared with both RMB0.54 in the same period of last year.

2026 财年上半年 每 ADS 基本和稀释净收入 分别为人民币 4.53 元（约合 0.63 美元）和人民币 4.48 元（约合 0.63 美元），与上年同期的人民币 0.98 元相同。2026 财年上半年 调整后的每 ADS 基本和稀释净收入（非 GAAP）分别为人民币 5.11 元（约合 0.71 美元）和人民币 5.05 元（约合 0.71 美元），与上年同期的人民币 0.54 元相同。

Cash and cash equivalents, short-term investments, and short-term investments under fair value. As of August 31, 2025, the Company had cash and cash equivalents, short-term investments, and short-term investments under fair value of RMB213.1 million (US$29.9 million), compared with RMB262.6 million as of February 28, 2025.

现金及现金等价物、短期投资及公允价值下的短期投资。 截至2025年8月31日，公司拥有现金及现金等价物、短期投资及公允价值下的短期投资人民币 2.131 亿元（约合 2990 万美元），与2025年2月28日的人民币 2.626 亿元相比。

Long-term investment under fair value (including current portion). As of August 31, 2025, the Company had long-term investment under fair value (including current portion) of RMB157.9 million (US$22.1 million), compared with RMB103.2 million as of February 28, 2025.

公允价值下的长期投资（包括当前部分）。 截至2025年8月31日，公司拥有公允价值下的长期投资（包括当前部分）人民币 1.579 亿元（约合 2210 万美元），与2025年2月28日的人民币 1.032 亿元相比。

Conference Call

电话会议

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on December 2, 2025 (9:00 PM Beijing/Hong Kong time on December 2, 2025)

公司管理层将于2025年12月2日美国东部时间上午 8:00（2025年12月2日北京时间/香港时间晚上 9:00）召开财报电话会议。

Dial-in details for the earnings conference call are as follows:

财报电话会议的拨入详情如下：


United States (toll free):	1-888-346-8982
International:	1-412-902-4272
Hong Kong, China (toll free):	800-905-945
Hong Kong, China:	852-3018-4992
Mainland China (toll free):	400-120-1203


美国（免费拨打）：	1-888-346-8982
国际：	1-412-902-4272
香港，中国（免费拨打）：	800-905-945
香港，中国：	852-3018-4992
中国大陆（免费拨打）：	400-120-1203

Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for "Four Seasons Education."

参与者应至少在预定开始时间前 5 分钟拨入，并要求连接到 “四季教育” 的电话会议。

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website athttps://ir.sijiedu.com.

此外，会议的直播和录播将在公司投资者关系网站上提供，网址为 https://ir.sijiedu.com。

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until December 9, 2025, by dialing the following telephone numbers:

电话会议的重播将在直播结束后约一小时内可用，直到2025年12月9日，拨打以下电话号码：


United States (toll free):	1-855-669-9658
International:	1-412-317-0088
Replay Access Code:	9942703


美国（免费拨打）：	1-855-669-9658
国际：	1-412-317-0088
重播访问代码：	9942703

About Four Seasons Education (Cayman) Inc.

关于四季教育（开曼）有限公司

Four Seasons Education (Cayman) Inc. is a service provider of both tourism and education-related services in China. The Company's program, service and product offerings mainly consist of enrichment learning programs, school-based tutoring product solutions and training programs for teachers, study camps and learning trips for students, and travel agency services for all age groups. For more information, please visit https://ir.sijiedu.com.

四季教育（开曼）有限公司是中国一家提供旅游和教育相关服务的服务提供商。公司的项目、服务和产品主要包括丰富学习项目、基于学校的辅导产品解决方案、教师培训项目、学生学习营和学习旅行，以及面向各年龄段的旅行社服务。欲了解更多信息，请访问 https://ir.sijiedu.com。

About Non-GAAP Financial Measures

关于非 GAAP 财务指标

In evaluating the Company's business, the Company considers and uses certain non-GAAP measures, including primarily adjusted operating income/loss, adjusted net income/loss and adjusted basic and diluted net income/loss per ADS, as supplemental measures to review and assess the Company's operating performance. Adjusted operating income/loss is defined as operating income/loss excluding share-based compensation expenses. Adjusted net income/loss is defined as net income/loss excluding share-based compensation expenses and unrealized holding gain/loss in investments (net of tax effect). Adjusted basic/ diluted net income/loss per ADS is defined as basic/diluted net income/loss per ADS excluding share-based compensation expenses per ADS and unrealized holding gain/loss in investments per ADS. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

在评估公司的业务时，公司考虑并使用某些非 GAAP 指标，主要包括调整后的营业收入/损失、调整后的净收入/损失和调整后的每 ADS 基本和稀释净收入/损失，作为补充指标来审查和评估公司的运营表现。调整后的营业收入/损失定义为不包括股权激励费用的营业收入/损失。调整后的净收入/损失定义为不包括股权激励费用和投资中的未实现持有收益/损失（扣除税收影响）的净收入/损失。调整后的每 ADS 基本/稀释净收入/损失定义为不包括每 ADS 的股权激励费用和每 ADS 的投资未实现持有收益/损失的每 ADS 基本/稀释净收入/损失。这些非 GAAP 财务指标的呈现并不意在孤立考虑或替代根据美国 GAAP 编制和呈现的财务信息。

The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses, unrealized holding gain/loss in investments and impairment loss on intangible assets and goodwill (where applicable) that may not be indicative of the Company's operating performance from a cash perspective. The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance and liquidity. The Company also believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in the Company's financial and operational decision making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges and unrealized holding gain/loss in investments (where applicable) that have been and will continue to be for the foreseeable future a significant recurring expense in the Company's business. The Company compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

公司认为，这些非 GAAP 财务指标通过排除基于股份的费用、投资中的未实现持有收益/损失以及无形资产和商誉的减值损失（如适用），提供了有关其业绩和流动性的有意义的补充信息，这些费用可能无法从现金的角度反映公司的经营表现。公司认为，管理层和投资者在评估其业绩以及规划和预测未来期间时，都能从这些非 GAAP 财务指标中受益。这些非 GAAP 财务指标还便于管理层对公司历史业绩和流动性的内部比较。公司还认为，这些非 GAAP 财务指标对投资者有用，因为它们提供了更大的透明度，涉及管理层在公司财务和运营决策中使用的补充信息。使用非 GAAP 指标的一个限制是，这些非 GAAP 指标排除了基于股份的薪酬费用和投资中的未实现持有收益/损失（如适用），这些费用在公司的业务中已经并将在可预见的未来继续成为重要的经常性支出。公司通过提供关于每个非 GAAP 指标中排除的 GAAP 金额的具体信息来弥补这些限制。附表中提供了与非 GAAP 财务指标最直接可比的 GAAP 财务指标之间的详细对账信息。

Exchange Rate Information

汇率信息

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1304 to US$1.00, the rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on August 29, 2025.

本公告包含将某些人民币金额按指定汇率转换为美元的内容，仅为方便读者使用。除非另有说明，所有人民币到美元的转换均按人民币 7.1304 兑 1.00 美元的汇率进行，该汇率为2025年8月29日美国联邦储备委员会 H.10 统计发布中列出的汇率。

Safe Harbor Statement

安全港声明

This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company's future financial and operating results, are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. Among other things, management's quotations and the Business Outlook section contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Potential risks and uncertainties include, but are not limited to, those relating to its ability to develop new learning products, services or activities, its ability to maintain and enhance the brand or reputation of its learning centers or study camps, PRC regulations and policiesrelating to the learning and travel services, learning technology and content solutions industries in China, general economic conditions in China, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE's continued listing criteria. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company's filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 20-F.

本新闻稿包含前瞻性性质的声明。这些声明，包括与公司未来财务和经营结果相关的声明，是根据 1995 年美国私人证券诉讼改革法案的 “安全港” 条款作出的。您可以通过诸如 “将”、“预计”、“相信”、“预期”、“打算”、“估计” 等术语识别这些前瞻性声明。管理层的引用和商业展望部分包含前瞻性声明。这些前瞻性声明涉及已知和未知的风险和不确定性，并基于对公司和行业的当前预期、假设、估计和预测。潜在的风险和不确定性包括但不限于与其开发新学习产品、服务或活动的能力、维护和提升其学习中心或学习营品牌或声誉的能力、中国学习和旅行服务、学习技术和内容解决方案行业的法规和政策、中国的整体经济状况，以及公司满足在纽约证券交易所或其他证券交易所维持其 ADS 上市所需标准的能力，包括其纠正任何不符合纽约证券交易所持续上市标准的能力。本文中提供的所有信息均截至本声明日期，公司不承担更新任何前瞻性声明以反映后续发生的事件或情况或其预期变化的义务，除非法律要求。尽管公司认为这些前瞻性声明中表达的预期是合理的，但不能保证其预期会正确，投资者应注意，实际结果可能与预期结果有重大差异。有关公司面临的风险和不确定性的更多信息包含在公司向美国证券交易委员会提交的文件中，包括其 20-F 表格的年度报告。

For investor and media inquiries, please contact:

如需投资者和媒体咨询，请联系：

In China:

在中国：

Four Seasons Education (Cayman) Inc.

四季教育（开曼）有限公司

Olivia Li

Tel: +86 (21) 6317-6177

电话：+86 (21) 6317-6177

E-mail: IR@fsesa.com

电子邮件：IR@fsesa.com

The Piacente Group, Inc.

Piacente 集团有限公司

Jenny Cai

Tel: +86-10-6508-0677

电话：+86-10-6508-0677

E-mail: fourseasons@tpg-ir.com

电子邮件：fourseasons@tpg-ir.com

In the United States:

在美国：

The Piacente Group, Inc.

Piacente 集团有限公司

Brandi Piacente

Tel: +1-212-481-2050

电话：+1-212-481-2050

E-mail: fourseasons@tpg-ir.com

电子邮件：fourseasons@tpg-ir.com


FOUR SEASONS EDUCATION (CAYMAN) INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data and per share data)

	As of
	February 28,		August 31,		August 31,
	2025		2025		2025
	RMB		RMB		USD
Current assets
Cash and cash equivalents		210,771		87,949		12,334
Restricted cash, current		496		-		-
Accounts receivable, net		2,048		2,854		400
Other receivables, deposits and other assets, net		24,890		29,066		4,076
Amounts due from related parties		3,331		3,681		516
Short-term investments		13,905		54,062		7,582
Short-term investments under fair value		37,953		71,087		9,970
Long-term investments under fair value, current		3,584		7,166		1,005
Total current assets		296,978		255,865		35,883

Non-current assets
Restricted cash, non-current		128,028		126,771		17,779
Property and equipment, net		125,228		123,333		17,297
Operating lease right-of-use assets		40,185		36,006		5,050
Intangible assets, net		1,434		2,586		363
Goodwill		1,125		1,125		158
Long-term investments, net		36,000		45,000		6,311
Long-term investment under fair value, non-current		99,571		150,751		21,142
Other non-current assets		2,593		2,676		375
Total non-current assets		434,164		488,248		68,475
TOTAL ASSETS		731,142		744,113		104,358

Current liabilities
Accounts payable		3,746		3,755		527
Amounts due to related parties		5,256		5,256		737
Accrued expenses and other current liabilities		71,888		75,106		10,532
Operating lease liabilities, current		7,895		6,571		922
Income tax payable		18,859		19,735		2,768
Deferred revenue		27,941		30,244		4,242
Long-term borrowings, current		-		4,124		578
Total current liabilities		135,585		144,791		20,306


FOUR SEASONS EDUCATION (CAYMAN) INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(in thousands, except share data and per share data)

	As of
	February 28,		August 31,		August 31,
	2025		2025		2025
	RMB		RMB		USD
Non-current liabilities
Long-term borrowings		82,134		78,353		10,989
Operating lease liabilities, non-current		8,270		5,733		804
Total non-current liabilities		90,404		84,086		11,793
TOTAL LIABILITIES		225,989		228,877		32,099

EQUITY
Total equity		505,153		515,236		72,259
TOTAL LIABILITIES AND EQUITY		731,142		744,113		104,358


四季教育（开曼）有限公司
未经审计的简明合并资产负债表
（以千为单位，除股份数据和每股数据外）

	截至
	2025年2月28日		2025年8月31日		2025年8月31日
	2025		2025		2025
	人民币		人民币		美元
流动资产
现金及现金等价物		210,771		87,949		12,334
限制性现金（流动）		496		-		-
应收账款（净额）		2,048		2,854		400
其他应收款、存款及其他资产（净额）		24,890		29,066		4,076
应收关联方款项		3,331		3,681		516
短期投资		13,905		54,062		7,582
公允价值下的短期投资		37,953		71,087		9,970
公允价值下的长期投资（流动）		3,584		7,166		1,005
流动资产总计		296,978		255,865		35,883

非流动资产
限制性现金（非流动）		128,028		126,771		17,779
固定资产（净额）		125,228		123,333		17,297
租赁使用权资产		40,185		36,006		5,050
无形资产（净额）		1,434		2,586		363
商誉		1,125		1,125		158
长期投资（净额）		36,000		45,000		6,311
公允价值下的长期投资（非流动）		99,571		150,751		21,142
其他非流动资产		2,593		2,676		375
非流动资产总计		434,164		488,248		68,475
资产总计		731,142		744,113		104,358

流动负债
应付账款		3,746		3,755		527
应付关联方款项		5,256		5,256		737
应计费用及其他流动负债		71,888		75,106		10,532
租赁负债（流动）		7,895		6,571		922
应付所得税		18,859		19,735		2,768
递延收入		27,941		30,244		4,242
长期借款（流动）		-		4,124		578
流动负债总计		135,585		144,791		20,306


四季教育（开曼）有限公司
未经审计的简明合并资产负债表（续）
（以千为单位，除股份数据和每股数据外）

	截至
	2025年2月28日		2025年8月31日		2025年8月31日
	2025		2025		2025
	人民币		人民币		美元
非流动负债
长期借款		82,134		78,353		10,989
租赁负债（非流动）		8,270		5,733		804
非流动负债总计		90,404		84,086		11,793
负债总计		225,989		228,877		32,099

股东权益
股东权益总计		505,153		515,236		72,259
负债和股东权益总计		731,142		744,113		104,358


FOUR SEASONS EDUCATION (CAYMAN) INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share data and per share data)

	Six Months Ended August 31,
	2024		2025		2025
	RMB		RMB		USD
Revenue
-- Revenue from third parties		134,376		145,285		20,375
-- Revenue from related parties		303		14		2
Total revenue		134,679		145,299		20,377
Cost of revenue
-- Cost of revenue from third parties		(101,240)		(106,466)		(14,931)
-- Cost of revenue from related parties		(3,783)		-		-
Gross profit		29,656		38,833		5,446

General and administrative expenses		(27,187)		(24,275)		(3,404)
Sales and marketing expenses		(8,130)		(5,342)		(749)
Operating (loss) income		(5,661)		9,216		1,293

Subsidy income		596		170		24
Interest income, net		7,484		3,060		429
Realized holding (loss) gain in investments		(635)		3,312		464
Unrealized holding gain (loss) in investments		5,017		(760)		(107)
Investment income		-		1,064		149
Other expense, net		(343)		(2,572)		(361)
Income before income taxes		6,458		13,490		1,891

Income tax expense		(3,451)		(1,043)		(146)

Net income		3,007		12,447		1,745
Less: Net income attributable to non-controlling interest		928		2,212		310
Net income attributable to Four Seasons Education (Cayman) Inc.		2,079		10,235		1,435

Net income per ordinary share:
Basic		0.10		0.45		0.06
Diluted		0.10		0.45		0.06

Weighted average shares used in calculating net income per ordinary share:
Basic		21,189,440		22,603,604		22,603,604
Diluted		21,234,983		22,832,293		22,832,293


四季教育（开曼）有限公司
未经审计的合并经营报表
（以千为单位，除非另有说明）

	截至 8 月 31 日的六个月
	2024		2025		2025
	人民币		人民币		美元
收入
-- 来自第三方的收入		134,376		145,285		20,375
-- 来自关联方的收入		303		14		2
总收入		134,679		145,299		20,377
收入成本
-- 来自第三方的收入成本		(101,240)		(106,466)		(14,931)
-- 来自关联方的收入成本		(3,783)		-		-
毛利润		29,656		38,833		5,446

一般及行政费用		(27,187)		(24,275)		(3,404)
销售及市场费用		(8,130)		(5,342)		(749)
营业（亏损）收入		(5,661)		9,216		1,293

补贴收入		596		170		24
净利息收入		7,484		3,060		429
已实现的投资持有（亏损）收益		(635)		3,312		464
未实现的投资持有收益（亏损）		5,017		(760)		(107)
投资收入		-		1,064		149
其他费用，净额		(343)		(2,572)		(361)
税前收入		6,458		13,490		1,891

所得税费用		(3,451)		(1,043)		(146)

净收入		3,007		12,447		1,745
减：归属于非控股权益的净收入		928		2,212		310
归属于四季教育（开曼）有限公司的净收入		2,079		10,235		1,435

每普通股净收入：
基本		0.10		0.45		0.06
稀释		0.10		0.45		0.06

计算每普通股净收入的加权平均股份
基本		21,189,440		22,603,604		22,603,604
稀释		21,234,983		22,832,293		22,832,293


FOUR SEASONS EDUCATION (CAYMAN) INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, except share data and per share data)

	Six Months Ended August 31,
	2024		2025		2025
	RMB		RMB		USD
Net income		3,007		12,447		1,745
Other comprehensive income (loss), net of tax of nil
Foreign currency translation adjustments		508		(3,785)		(531)
Comprehensive income		3,515		8,662		1,214
Less: Comprehensive income attributable to non-controlling interest		928		2,212		310
Comprehensive income attributable to Four Seasons Education (Cayman) Inc.		2,587		6,450		904


四季教育（开曼）有限公司
未经审计的合并综合收益表
（以千为单位，除非另有说明）

	截至 8 月 31 日的六个月
	2024		2025		2025
	人民币		人民币		美元
净收入		3,007		12,447		1,745
其他综合收益（损失），税后为零
外币翻译调整		508		(3,785)		(531)
综合收益		3,515		8,662		1,214
减：归属于非控股权益的综合收益		928		2,212		310
归属于四季教育（开曼）有限公司的综合收益		2,587		6,450		904


FOUR SEASONS EDUCATION (CAYMAN) INC.
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(in thousands, except share data and per share data)

	Six Months Ended August 31,
	2024		2025		2025
	RMB		RMB		USD
Operating (loss) income		(5,661)		9,216		1,293
Add: share-based compensation expenses		4,086		542		76
Adjusted operating (loss) income (non-GAAP)		(1,575)		9,758		1,369

Net income		3,007		12,447		1,745
Add: share-based compensation expenses (net of tax effect of nil)		4,086		542		76
Add: unrealized holding (gain) loss in investments (net of tax effect of nil)		(5,017)		760		107
Adjusted net income (non-GAAP)		2,076		13,749		1,928

Basic net income per ADS		0.98		4.53		0.63
Add: share-based compensation expenses per ADS		1.93		0.24		0.03
Add: unrealized holding (gain) loss in investments per ADS		(2.37)		0.34		0.05
Adjusted basic net income per ADS (non-GAAP)		0.54		5.11		0.71
Diluted net income per ADS		0.98		4.48		0.63
Add: share-based compensation expenses per ADS		1.92		0.24		0.03
Add: unrealized holding (gain) loss in investments per ADS		(2.36)		0.33		0.05
Adjusted diluted net income per ADS (non-GAAP)		0.54		5.05		0.71
Weighted average ADSs used in calculating earnings per ADS
Basic		2,118,944		2,260,360		2,260,360
Diluted		2,123,498		2,283,229		2,283,229


四季教育（开曼）有限公司
GAAP 与非 GAAP 结果的调节
（除每股数据外，均以千为单位）

	截至 8 月 31 日的六个月
	2024		2025		2025
	人民币		人民币		美元
营业（亏损）收入		(5,661)		9,216		1,293
加：基于股份的补偿费用		4,086		542		76
调整后的营业（亏损）收入（非 GAAP）		(1,575)		9,758		1,369

净收入		3,007		12,447		1,745
加：基于股份的补偿费用（税后影响为零）		4,086		542		76
加：投资中的未实现持有（收益）损失（税后影响为零）		(5,017)		760		107
调整后的净收入（非 GAAP）		2,076		13,749		1,928

每 ADS 基本净收入		0.98		4.53		0.63
加：每 ADS 基于股份的补偿费用		1.93		0.24		0.03
加：每 ADS 投资中的未实现持有（收益）损失		(2.37)		0.34		0.05
调整后的每 ADS 基本净收入（非 GAAP）		0.54		5.11		0.71
每 ADS 稀释净收入		0.98		4.48		0.63
加：每 ADS 基于股份的补偿费用		1.92		0.24		0.03
加：每 ADS 投资中的未实现持有（收益）损失		(2.36)		0.33		0.05
调整后的每 ADS 稀释净收入（非 GAAP）		0.54		5.05		0.71
计算每 ADS 收益时使用的加权平均 ADS
基本		2,118,944		2,260,360		2,260,360
稀释		2,123,498		2,283,229		2,283,229

SOURCE Four Seasons Education Inc.

来源：四季教育有限公司

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