, /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（開曼）有限公司（"四季教育"或"公司"）（NYSE:FEDU），是一家中國的旅遊和教育相關服務提供商，今天公佈了截至2025年8月31日的 2026 財年上半年的未經審計財務業績。

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

2026 財年上半年的財務和運營亮點

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.

收入同比增長 7.9%，達到人民幣 145.3 百萬（2040 萬美元），相比去年同期的人民幣 134.7 百萬。
毛利潤同比增長 30.9%，達到人民幣 38.8 百萬（540 萬美元），相比去年同期的人民幣 29.7 百萬。
運營收入為人民幣 9.2 百萬（130 萬美元），相比去年同期的運營虧損人民幣 5.7 百萬。
調整後的運營收入 (1)（非 GAAP）為人民幣 9.8 百萬（140 萬美元），相比去年同期的調整後運營虧損人民幣 1.6 百萬。
淨收入為人民幣 12.4 百萬（170 萬美元），相比去年同期的人民幣 3.0 百萬。
調整後的淨收入 (2)（非 GAAP）為人民幣 13.7 百萬（190 萬美元），相比去年同期的人民幣 2.1 百萬。
每個美國存托股票（"ADS"）的基本和稀釋淨收入分別為人民幣 4.53（0.63 美元）和人民幣 4.48（0.63 美元），相比去年同期的人民幣 0.98。
每個 ADS 的調整後基本和稀釋淨收入 (3)（非 GAAP）分別為人民幣 5.11（0.71 美元）和人民幣 5.05（0.71 美元），相比去年同期的人民幣 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) 調整後的運營收入定義為不包括基於股份的補償費用的運營收入/虧損。
(2) 調整後的淨收入定義為不包括基於股份的補償費用和投資中的未實現持有收益（虧損）的淨收入。
(3) 每個 ADS 的調整後基本/稀釋淨收入定義為不包括每個 ADS 的基於股份的補償費用和每個 ADS 的投資中的未實現持有收益（虧損）的基本/稀釋淨收入。
有關這些調整後財務指標的更多信息，請參見本公告末尾的 “關於非 GAAP 財務指標” 部分和 “GAAP 與非 GAAP 結果的調節” 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."

四季教育首席執行官兼董事左怡（Joanne Zuo）表示：“截至2025年8月31日的六個月中，我們保持了穩健的增長勢頭，總收入達到人民幣 145.3 百萬，同比增長 7.9%。由於健康的產品組合和持續的效率提升，我們還保持了強勁的盈利能力上升軌跡，毛利率從 2025 財年上半年的 22.0% 顯著提升至 2026 財年上半年的 26.7%，毛利潤從 2025 財年上半年的人民幣 29.7 百萬顯著提升至 2026 財年上半年的人民幣 38.8 百萬。這使我們的淨收入攀升至人民幣 12.4 百萬，同比增長 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. "

“我們的豐富學習項目持續穩步推進，我們優先考慮各年齡段學習者的高質量學習體驗，記錄了截至2025年8月31日的六個月顯著的收入增長。展望未來，我們將謹慎擴展豐富學習業務，戰略性地根據市場需求擴大我們的能力，以確保可持續增長。同時，我們將旅遊產品組合傾向於更高利潤、更具附加值的產品，以建立該細分市場更具韌性和可持續的商業模式。”

"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."

“我們對運營效率、戰略執行以及多樣化服務和產品組合的持續關注，使我們能夠推動盈利增長。我們相信，我們的盈利優質服務和對新合規市場的有序擴展將提升我們的長期競爭力，併為所有利益相關者創造持久價值。”

First Half Fiscal Year 2026 Financial Results

2026 財年上半年的財務業績

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 財年上半年增長 7.9%，達到人民幣 145.3 百萬（2040 萬美元），相比去年同期的人民幣 134.7 百萬，主要受公司豐富學習業務增長的推動。

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 財年上半年為人民幣 106.5 百萬（1490 萬美元），相比去年同期的人民幣 105.0 百萬，主要由於公司豐富學習業務的員工成本增加。

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.

毛利潤 在 2026 財年上半年為人民幣 38.8 百萬（540 萬美元），相比去年同期的人民幣 29.7 百萬。毛利潤的增加主要是由於公司豐富學習業務的增長，該業務具有更高的毛利率。

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.

一般和行政費用 在 2026 財年上半年減少 10.7%，為人民幣 24.3 百萬（340 萬美元），相比去年同期的人民幣 27.2 百萬，主要歸因於由於前一年股票期權重新定價導致的基於股份的補償費用減少。

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.

銷售和營銷費用 在 2026 財年上半年減少 34.3%，為人民幣 5.3 百萬（70 萬美元），相比去年同期的人民幣 8.1 百萬，主要由於廣告活動減少。

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.

運營收入 在 2026 財年上半年為人民幣 9.2 百萬（130 萬美元），相比去年同期的運營虧損人民幣 5.7 百萬。

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.

調整後的運營收入(1)（非 GAAP），即不包括基於股份的補償費用的運營收入/虧損，在 2026 財年上半年為人民幣 9.8 百萬（140 萬美元），相比去年同期的調整後運營虧損人民幣 1.6 百萬。

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.

淨利息收入 為人民幣 310 萬元（約合 40 萬美元），與上年同期的人民幣 750 萬元相比，主要由於自 2025 財年起，位於江西婺源的學習營建設項目完成後，利息費用不再資本化而是直接計入費用。

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.

所得税費用 為人民幣 100 萬元（約合 10 萬美元），與上年同期的人民幣 350 萬元相比，主要由於免税收入的增加，導致所得税費用較上年同期減少。

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.

淨收入 為人民幣 1240 萬元（約合 170 萬美元），與上年同期的人民幣 300 萬元相比。調整後的淨收入（非 GAAP）為人民幣 1370 萬元（約合 190 萬美元），與上年同期的人民幣 210 萬元相比。

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 財年上半年 每 ADS 基本和稀釋淨收入 分別為人民幣 4.53 元（約合 0.63 美元）和人民幣 4.48 元（約合 0.63 美元），與上年同期的人民幣 0.98 元相同。2026 財年上半年 調整後的每 ADS 基本和稀釋淨收入（非 GAAP）分別為人民幣 5.11 元（約合 0.71 美元）和人民幣 5.05 元（約合 0.71 美元），與上年同期的人民幣 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.

現金及現金等價物、短期投資及公允價值下的短期投資。 截至2025年8月31日，公司擁有現金及現金等價物、短期投資及公允價值下的短期投資人民幣 2.131 億元（約合 2990 萬美元），與2025年2月28日的人民幣 2.626 億元相比。

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.

公允價值下的長期投資（包括當前部分）。 截至2025年8月31日，公司擁有公允價值下的長期投資（包括當前部分）人民幣 1.579 億元（約合 2210 萬美元），與2025年2月28日的人民幣 1.032 億元相比。

Conference Call

電話會議

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)

公司管理層將於2025年12月2日美國東部時間上午 8:00（2025年12月2日北京時間/香港時間晚上 9:00）召開財報電話會議。

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

財報電話會議的撥入詳情如下：


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


美國（免費撥打）：	1-888-346-8982
國際：	1-412-902-4272
香港，中國（免費撥打）：	800-905-945
香港，中國：	852-3018-4992
中國大陸（免費撥打）：	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."

參與者應至少在預定開始時間前 5 分鐘撥入，並要求連接到 “四季教育” 的電話會議。

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，會議的直播和錄播將在公司投資者關係網站上提供，網址為 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:

電話會議的重播將在直播結束後約一小時內可用，直到2025年12月9日，撥打以下電話號碼：


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


美國（免費撥打）：	1-855-669-9658
國際：	1-412-317-0088
重播訪問代碼：	9942703

About Four Seasons Education (Cayman) Inc.

關於四季教育（開曼）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（開曼）有限公司是中國一家提供旅遊和教育相關服務的服務提供商。公司的項目、服務和產品主要包括豐富學習項目、基於學校的輔導產品解決方案、教師培訓項目、學生學習營和學習旅行，以及面向各年齡段的旅行社服務。欲瞭解更多信息，請訪問 https://ir.sijiedu.com。

About Non-GAAP Financial Measures

關於非 GAAP 財務指標

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.

在評估公司的業務時，公司考慮並使用某些非 GAAP 指標，主要包括調整後的營業收入/損失、調整後的淨收入/損失和調整後的每 ADS 基本和稀釋淨收入/損失，作為補充指標來審查和評估公司的運營表現。調整後的營業收入/損失定義為不包括股權激勵費用的營業收入/損失。調整後的淨收入/損失定義為不包括股權激勵費用和投資中的未實現持有收益/損失（扣除税收影響）的淨收入/損失。調整後的每 ADS 基本/稀釋淨收入/損失定義為不包括每 ADS 的股權激勵費用和每 ADS 的投資未實現持有收益/損失的每 ADS 基本/稀釋淨收入/損失。這些非 GAAP 財務指標的呈現並不意在孤立考慮或替代根據美國 GAAP 編制和呈現的財務信息。

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.

公司認為，這些非 GAAP 財務指標通過排除基於股份的費用、投資中的未實現持有收益/損失以及無形資產和商譽的減值損失（如適用），提供了有關其業績和流動性的有意義的補充信息，這些費用可能無法從現金的角度反映公司的經營表現。公司認為，管理層和投資者在評估其業績以及規劃和預測未來期間時，都能從這些非 GAAP 財務指標中受益。這些非 GAAP 財務指標還便於管理層對公司歷史業績和流動性的內部比較。公司還認為，這些非 GAAP 財務指標對投資者有用，因為它們提供了更大的透明度，涉及管理層在公司財務和運營決策中使用的補充信息。使用非 GAAP 指標的一個限制是，這些非 GAAP 指標排除了基於股份的薪酬費用和投資中的未實現持有收益/損失（如適用），這些費用在公司的業務中已經並將在可預見的未來繼續成為重要的經常性支出。公司通過提供關於每個非 GAAP 指標中排除的 GAAP 金額的具體信息來彌補這些限制。附表中提供了與非 GAAP 財務指標最直接可比的 GAAP 財務指標之間的詳細對賬信息。

Exchange Rate Information

匯率信息

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.

本公告包含將某些人民幣金額按指定匯率轉換為美元的內容，僅為方便讀者使用。除非另有説明，所有人民幣到美元的轉換均按人民幣 7.1304 兑 1.00 美元的匯率進行，該匯率為2025年8月29日美國聯邦儲備委員會 H.10 統計發佈中列出的匯率。

Safe Harbor Statement

安全港聲明

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.

本新聞稿包含前瞻性性質的聲明。這些聲明，包括與公司未來財務和經營結果相關的聲明，是根據 1995 年美國私人證券訴訟改革法案的 “安全港” 條款作出的。您可以通過諸如 “將”、“預計”、“相信”、“預期”、“打算”、“估計” 等術語識別這些前瞻性聲明。管理層的引用和商業展望部分包含前瞻性聲明。這些前瞻性聲明涉及已知和未知的風險和不確定性，並基於對公司和行業的當前預期、假設、估計和預測。潛在的風險和不確定性包括但不限於與其開發新學習產品、服務或活動的能力、維護和提升其學習中心或學習營品牌或聲譽的能力、中國學習和旅行服務、學習技術和內容解決方案行業的法規和政策、中國的整體經濟狀況，以及公司滿足在紐約證券交易所或其他證券交易所維持其 ADS 上市所需標準的能力，包括其糾正任何不符合紐約證券交易所持續上市標準的能力。本文中提供的所有信息均截至本聲明日期，公司不承擔更新任何前瞻性聲明以反映後續發生的事件或情況或其預期變化的義務，除非法律要求。儘管公司認為這些前瞻性聲明中表達的預期是合理的，但不能保證其預期會正確，投資者應注意，實際結果可能與預期結果有重大差異。有關公司面臨的風險和不確定性的更多信息包含在公司向美國證券交易委員會提交的文件中，包括其 20-F 表格的年度報告。

For investor and media inquiries, please contact:

如需投資者和媒體諮詢，請聯繫：

In China:

在中國：

Four Seasons Education (Cayman) Inc.

四季教育（開曼）有限公司

Olivia Li

Tel: +86 (21) 6317-6177

電話：+86 (21) 6317-6177

E-mail: IR@fsesa.com

電子郵件：IR@fsesa.com

The Piacente Group, Inc.

Piacente 集團有限公司

Jenny Cai

Tel: +86-10-6508-0677

電話：+86-10-6508-0677

E-mail: fourseasons@tpg-ir.com

電子郵件：fourseasons@tpg-ir.com

In the United States:

在美國：

The Piacente Group, Inc.

Piacente 集團有限公司

Brandi Piacente

Tel: +1-212-481-2050

電話：+1-212-481-2050

E-mail: fourseasons@tpg-ir.com

電子郵件：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（開曼）有限公司
未經審計的簡明合併資產負債表
（以千為單位，除股份數據和每股數據外）

	截至
	2025年2月28日		2025年8月31日		2025年8月31日
	2025		2025		2025
	人民幣		人民幣		美元
流動資產
現金及現金等價物		210,771		87,949		12,334
限制性現金（流動）		496		-		-
應收賬款（淨額）		2,048		2,854		400
其他應收款、存款及其他資產（淨額）		24,890		29,066		4,076
應收關聯方款項		3,331		3,681		516
短期投資		13,905		54,062		7,582
公允價值下的短期投資		37,953		71,087		9,970
公允價值下的長期投資（流動）		3,584		7,166		1,005
流動資產總計		296,978		255,865		35,883

非流動資產
限制性現金（非流動）		128,028		126,771		17,779
固定資產（淨額）		125,228		123,333		17,297
租賃使用權資產		40,185		36,006		5,050
無形資產（淨額）		1,434		2,586		363
商譽		1,125		1,125		158
長期投資（淨額）		36,000		45,000		6,311
公允價值下的長期投資（非流動）		99,571		150,751		21,142
其他非流動資產		2,593		2,676		375
非流動資產總計		434,164		488,248		68,475
資產總計		731,142		744,113		104,358

流動負債
應付賬款		3,746		3,755		527
應付關聯方款項		5,256		5,256		737
應計費用及其他流動負債		71,888		75,106		10,532
租賃負債（流動）		7,895		6,571		922
應付所得税		18,859		19,735		2,768
遞延收入		27,941		30,244		4,242
長期借款（流動）		-		4,124		578
流動負債總計		135,585		144,791		20,306


四季教育（開曼）有限公司
未經審計的簡明合併資產負債表（續）
（以千為單位，除股份數據和每股數據外）

	截至
	2025年2月28日		2025年8月31日		2025年8月31日
	2025		2025		2025
	人民幣		人民幣		美元
非流動負債
長期借款		82,134		78,353		10,989
租賃負債（非流動）		8,270		5,733		804
非流動負債總計		90,404		84,086		11,793
負債總計		225,989		228,877		32,099

股東權益
股東權益總計		505,153		515,236		72,259
負債和股東權益總計		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（開曼）有限公司
未經審計的合併經營報表
（以千為單位，除非另有説明）

	截至 8 月 31 日的六個月
	2024		2025		2025
	人民幣		人民幣		美元
收入
-- 來自第三方的收入		134,376		145,285		20,375
-- 來自關聯方的收入		303		14		2
總收入		134,679		145,299		20,377
收入成本
-- 來自第三方的收入成本		(101,240)		(106,466)		(14,931)
-- 來自關聯方的收入成本		(3,783)		-		-
毛利潤		29,656		38,833		5,446

一般及行政費用		(27,187)		(24,275)		(3,404)
銷售及市場費用		(8,130)		(5,342)		(749)
營業（虧損）收入		(5,661)		9,216		1,293

補貼收入		596		170		24
淨利息收入		7,484		3,060		429
已實現的投資持有（虧損）收益		(635)		3,312		464
未實現的投資持有收益（虧損）		5,017		(760)		(107)
投資收入		-		1,064		149
其他費用，淨額		(343)		(2,572)		(361)
税前收入		6,458		13,490		1,891

所得税費用		(3,451)		(1,043)		(146)

淨收入		3,007		12,447		1,745
減：歸屬於非控股權益的淨收入		928		2,212		310
歸屬於四季教育（開曼）有限公司的淨收入		2,079		10,235		1,435

每普通股淨收入：
基本		0.10		0.45		0.06
稀釋		0.10		0.45		0.06

計算每普通股淨收入的加權平均股份
基本		21,189,440		22,603,604		22,603,604
稀釋		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（開曼）有限公司
未經審計的合併綜合收益表
（以千為單位，除非另有説明）

	截至 8 月 31 日的六個月
	2024		2025		2025
	人民幣		人民幣		美元
淨收入		3,007		12,447		1,745
其他綜合收益（損失），税後為零
外幣翻譯調整		508		(3,785)		(531)
綜合收益		3,515		8,662		1,214
減：歸屬於非控股權益的綜合收益		928		2,212		310
歸屬於四季教育（開曼）有限公司的綜合收益		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（開曼）有限公司
GAAP 與非 GAAP 結果的調節
（除每股數據外，均以千為單位）

	截至 8 月 31 日的六個月
	2024		2025		2025
	人民幣		人民幣		美元
營業（虧損）收入		(5,661)		9,216		1,293
加：基於股份的補償費用		4,086		542		76
調整後的營業（虧損）收入（非 GAAP）		(1,575)		9,758		1,369

淨收入		3,007		12,447		1,745
加：基於股份的補償費用（税後影響為零）		4,086		542		76
加：投資中的未實現持有（收益）損失（税後影響為零）		(5,017)		760		107
調整後的淨收入（非 GAAP）		2,076		13,749		1,928

每 ADS 基本淨收入		0.98		4.53		0.63
加：每 ADS 基於股份的補償費用		1.93		0.24		0.03
加：每 ADS 投資中的未實現持有（收益）損失		(2.37)		0.34		0.05
調整後的每 ADS 基本淨收入（非 GAAP）		0.54		5.11		0.71
每 ADS 稀釋淨收入		0.98		4.48		0.63
加：每 ADS 基於股份的補償費用		1.92		0.24		0.03
加：每 ADS 投資中的未實現持有（收益）損失		(2.36)		0.33		0.05
調整後的每 ADS 稀釋淨收入（非 GAAP）		0.54		5.05		0.71
計算每 ADS 收益時使用的加權平均 ADS
基本		2,118,944		2,260,360		2,260,360
稀釋		2,123,498		2,283,229		2,283,229

SOURCE Four Seasons Education Inc.

來源：四季教育有限公司

四季教育公佈 2026 財年上半年未經審計的財務業績 | FEDU 股票新聞