建桥教育2025年度报告

2025 2345723355872166171172173175177180252 1111 24840 2025121920251219 979 Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins Drive, P. O. Box 2681Grand Cayman, KY1-1111Cayman Islands 183171712-1716 2025328 https://www.genchedugroup.com 1525 Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman, KY1-1111, Cayman Islands (1) 20251231 1,004.63.6%544.70.9%242.58.5%20250.040.1421.9% 2025/264,7967801,81524,1822024/252542025/2632,000/42,000/20,000/23,000/7,800/ 2025 20251231401071153202593086.4%28.8%38.6%47.8%99%2025831202599.4% 202420302035202582062025 202512 20263 27 2025/262022-2025I2020-2025 2025/2624,1822024/252542025/264,7962024/254,5057802024/257631,8152024/251,838 (2)(i)(ii)80,00058,00045,00045,000 (3)(i)(ii)80,00058,00058,000 20251231401071153 202512025I252004182015202020152017202020252018ISO90012021520191120254202222019-2020202432021-20222024492025232023-20242024 (I) 202522025-2027 202512 (II) 202512024-2035 202532025 (I) 2025320252910332013 (II) 202593086.4%28.8%38.6%47.8%20 (III) 202511250%2025726AI+AI+50%31%20252025121,253 (IV) OBEOAAI5GVRDeepSeek (V) +++99%2025831202599.4%77.5%59.2%5.8%5.3%QS5094QS10012320245122024 (VI) 2025114330 (VII) 202512313,7601+X20251231400 (VIII) 2024++20302035 2025820202582025112025123162025 2025386,400(i)(ii)(iii) 2025/2632,00042,00020,00023,0007,8002026DeepSeekAI 20242024 20241231969.934.73.6%202512311,004.6(i)26.62.8%20251231(ii)8.131.4% 20241231430.029.97.0%20251231459.9(i)20241231237.615.76.6%20251231253.3(ii)20253 20241231539.94.80.9%20251231544.7 2025123154.2%1.5 2024123147.51.32.7%2025123148.8(i)5.7(ii)1.8(iii)6.1 202412314.50.819.6%202512 313.7 20241231240.212.25.0%20251231252.4(i)2024123132.928.987.7%2025123161.8(ii)8.55.2%(iii)8.7 2024123127.111.642.9%2025123115.520241231829.920251231280.4 20251231318.6298.36.8% 2024123174.71.42025123176.1 20241231148.4293.2197.5%202512 31441.6 202512 312,398.4 202512 3153.315.7% 20251231280.42.93%20243.65% 20251231116.6 (1)202412318,256,000113,0002024202512318,369,00020263 2025123113,353,000183,0002025123113,536,000 (2)20241231202512318,300,000 (1)(2)(3)(4)(5)(6)(7)(8)(9) 202512 310.40.1 20251231 2025123120251231 202512 31280.4108.0 202512 311,891202412 311,889202512 31410.520241231405.1 59201832018122020231227 20051220061 40202332202312272024710200820102016 4320251219 20048201082010912201012201568201582019520196202292022920247202492024720247122024122025220252 200472018620243 51202312272018 (2023)012015120120(2018)87 302023122720182020 6220181220 20022003 1985719925 5620181220 20094 19889199672000720067 6120181220 20062018MBA 1986719897 50202182024829 1998919997199982007102018620082201192011102021720247 19987 602003120071201711 26 198671989720016 4420058201812202011112011320116 20174202012 200572011620226 38201792018122020207 242021112420179 2017920194201072012520178 362020520211124202412 3ESG ESGESG()2018920181220137201811 20251231 202512311 1 20251231171172 2025123120256300.10 20263 27202512310.042025202658 2026616202663202520256300.120250.14202512 3121.9% 20251231 20251231 20251231 50 50202520241231938,0003,966,000 202512315%2025123130% 20251231140.82025123153.5%65.92025123125.1%2025 202512 315% 2025123113 2025123129 202512 31118.2 2025123117530 2025123126 2025121920251219 83(3) 84(1)84(2)83(3) 486 (i)(ii)(iii) 89 28 20251231XVXV78352C3 I. (1)20221 21Ai Xin LimitedHangzhou Changqi Enterprise Management Consulting Partnership (Limited Partnership)Fwin LimitedHangzhou Changqi Enterprise Management Consulting Partnership (Limited Partnership)423,500,000Ai Xin Limited70,000,000Ai Xin LimitedFwinLimited (2)202512 31Ai Xin Limited25,043,5002021611 (3)Kai Tuo LimitedKai Tuo Limited10,808,000 (4)20251231415,000,000 20251231XVXV78352 202512 31336XV23 (1)1801811(2)20251231Ai Xin Limited25,043,50020216 11(3)2025127Ze Ren Limited 100%(4)20251231415,000,000 20251231XV23336 18 202012 11(i)(ii)(iii)20231117(i)(ii)20231117172023111717 1. (i)(ii) 2. 20201211202012111020251231 3. 202012115%20,750,000202012111%4,150,000 202551120,750,0005.0%40,000,0009.6%17 4. 5. 6. 202012 1110094,373,51520,500,00000 2020121120201222 20,750,000 2019121920191219 1. 2023111717 2. 10%10%40,000,000 40,000,0009.6%40,000,0009.6% 3. 121% 4. 10 5. 6. 28281.00 7. (a)(b)(c) 8. 20251231 40,000,000 (i)(ii)(i) 20251231 20251231 164(1) 14A A. 2021120Gench WFOEGench WFOE2021129Gench WFOE “” 指對股權的直接合法及實益擁有權“” 指新合約安排 B. 2021120 C. D. E. 1. 50% 2. 20201 1 Gench WFOE F. 1. Gench WFOE Gench WFOE Gench WFOE20211 20(1)(3)Gench WFOE 2. Gench WFOE Gench WFOEGench WFOE 3. 4. 5. 6. Gench WFOE 7. G. H. 2021120Gench WFOE (a)(b)(c)(d)(e)GenchWFOE (a) (b) (c) (d) 20251231 (i)(ii)(iii)(iv)20251231(v) 3000740 a.b.c. 202512313333(2)14A.76(1)814A.76(1)14A.95 14A 202512 31 400 20263 27202663202512310.042025 20251231 25% 20251231 2026327 •••• 20251231 3.