建桥教育2025中期报告

2 3 4 19 26 27 28 29 31 33 48 1111 24840 979 Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins Drive, P. O. Box 2681Grand Cayman, KY1-1111Cayman Islands 2025328 183171712-1716 http://www.genchedugroup.com 1525 Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman, KY1-1111, Cayman Islands 2024/252022-2025I2020-2025 2024/2523,9282023/241,0852022/23202472025/265,4862024/254,8868502024/258501,9022024/251,988 (2)(i)(ii)80,00058,00045,00045,000 (3)(i)(ii)80,00058,00058,000 2025630401071153 202512025I252004182015202020152017202020252018ISO90012021520191120254202222019-2020202432021-20222024492025232023-20242024 (I) 202412023-2027 20247 202522025-2027 (II) 202512024-2035 202532025 (I) 20253202529103320132023/242024/25 (II) 202493085.8%28.7%36.9%45.7%2021412202431AI+70AI+20249AI+32.1%AI+ (III) OBEOAAI5GVRDeepSeek (IV) +++98%2024831202499.1%5.7%4.6%58.8%2022202495%20245122024 (V) 202420302035 20256308++ 2025386,400(i)(ii)(iii) 2025/2632,00042,00020,00023,0007,800DeepSeekAI 2025 20256304,0651+X20256 30400 2025630534.1 202563012.26.0%(i)7.97.3%(ii)2024/25202537.312.6%(iii) 2024630330.813.64.1%2025630317.2 202563059.4%2.4(i)(ii)2024/2520253 202563017.0 20246302.71.556.2%20256 301.2 2025630202463086.817.720.4%2025630104.5(i)8.1(ii)8.7 202463013.80.85.3%202563013.0(i)2024630838.42025630827.3(ii)3.79%3.07% 2025630212.3241.729.4 202563050.3 20256 302,388.32024123119.00.8% 20256 30277.02024123153.416.2% 2025630827.3202412 31829.920256 303.07% 202563058.5 2025630 2025630202412310.40.3(i)(ii) 20256302025630 2025630827.3642.4 20256301,89620246 301,81020256 30191.82024630177.2 2025820248.320258 20258 282025101020256300.10 20258 2820256 300.1020246300.102025 20251024202510102025 2025202510102025202510102025202510 9183171712-1716202520251024 20256302025630 630 2025630 20256 30 2025630 13.51B(1) 2025630XVXV78352C3 I. (1)2022121Ai Xin LimitedHangzhou Changqi Enterprise Management Consulting Partnership (LimitedPartnership)Fwin LimitedHangzhou Changqi Enterprise Management Consulting Partnership(Limited Partnership)423,500,000Ai Xin Limited70,000,000Ai Xin LimitedFwin Limited (2)20256 30Ai Xin Limited87,190,0002021611 (3)Kai Tuo LimitedKai Tuo Limited6,297,000 (4)2025630415,000,000 II. 2025630XVXV78352 2025630336XV23 (1)2122(1)(2)20256 30Ai Xin Limited87,190,00020216 11(3)2025127Ze Ren Limited 100%(4)2025630415,000,000 2025630XV23336 18 202012 11(i)20201211(ii)20201211100 2020121120201222 20231117(i)(ii)20231 120256 30 20,750,000 20191219 40,000,000 202112020226 2420231 620236 92024716 20242024 2025630 2025630 2025630 20256 30 1. 201858Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands 2. 2.1 20256303420241231 2.2 20241231 21 21 20256 30 3. 8 10% 4. 20256 30 4. (ii) 20256 30 5. *202563057,319,000202463050,596,0007,636,00020246307,635,000871,0002024630249,000116,460,0002024630108,570,000 6. 20256 30 6. Gench WFOE25%Gench WFOE2020124202011Gench WFOE2023111520231115GenchWFOE2025202463015% 7. 202412310.10202551120256300.1020246 300.10 20256 30 8. 162,061,0002024630179,857,000394,500,0002024630395,401,500202563012 20252024630 2025630237,369,00020241231237,087,000 20256 30 10. 20256 30 12. 202012 11(i)(ii)(iii)(i)(ii) 202012112020121110 20201211 20256 30 12. 2025630 13. 14. (1) 20256 30 14. 20256 30 15. 20256 30 15. 20256 30 15. 20256 30 15. 20256 30 16. 2025820248.320258 20258 282025101020256300.10 17. 2025828 **