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1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited View HSBC Global Investment Research at:https:/ HSBC 1

2、2th Annual China Conference|1-2 September 2025Find outmore Decline in overseas study demand and softer outlook of K9 could weigh on topline growth EDU remains committed to cost control and shareholder return Downgrade to Hold(from Buy)with TP of USD50(from USD57)Navigating the impact of slowing grow

3、th:We turn more conservative on EDUs growth outlook given:1)sluggish demand of overseas study as a result of consumption downgrade and more-than-expected pressure from geopolitical risks,which could drag segmental growth to the negative trajectory;and 2)softer outlook of K9 study on a high base,macr

4、o challenges and increasing competition.We still believe EDU will outgrow the overall K12 tutoring market on its quality education and low market share,but with slower sector growth,we now forecast EDUs K12 business to grow by 15%y-o-y(vs previous estimate of+19%y-o-y)in FY26.Margin expansion will a

5、lso be disrupted by operating deleverage of the overseas study segment,which can be partly offset by EDUs cost cutting measures and K12 margin expansion.We cut our FY26-27e revenue forecast by 2-4%and earnings by 9-14%.Factoring our new cost of equity,beta and earnings estimates,we cut our TP from U

6、SD57 to USD50.The lower TP implies 15x FY26e PE and 7%upside.We downgrade our rating to Hold from Buy on structurally slower growth.We believe the company needs to rebuild shareholder confidence through improved earnings,but visibility remains low.What has changed?We previously underestimated the im