Dj Dir Li Registers 6250 Of Four Seasons Education (Cayman) Inc >Fedu

SHANGHAI, Dec. 2, 2025 /PRNewswire/ — Four Seasons Education (Cayman) Inc. ("Four Seasons Education" or the "Company") , 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.

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

• 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.

(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.

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."

"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. "

"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."

First Half Fiscal Year 2026 Financial Results

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Conference Call

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)

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

 
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 
 

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."

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at 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:

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

About Four Seasons Education (Cayman) Inc.

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.

About Non-GAAP Financial Measures 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.

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.

Exchange Rate Information

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.

Safe Harbor Statement

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 policies relating 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.

For investor and media inquiries, please contact:

In China:

Four Seasons Education (Cayman) Inc.

Olivia Li

Tel: +86 (21) 6317-6177

E-mail: IR@fsesa.com

The Piacente Group, Inc.

Jenny Cai

Tel: +86-10-6508-0677

E-mail: fourseasons@tpg-ir.com

In the United States:

The Piacente Group, Inc.

Brandi Piacente

Tel: +1-212-481-2050

E-mail: 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 
                        ============  ==========  ========== 
 
 
            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 
 
 
            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 
                             ========  ============  ======= 
 
 
            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 
 

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