MINSHENG EDU (01569) issues a profit warning, expecting annual net profit to decrease by approximately 60% to 70% year-on-year.

MINSHENG EDU (01569) announced that the Group expects the net profit for the year ending December 31, 2024 (excluding any losses from impairment of goodwill and intangible assets) to decrease by approximately 60% to 70% compared to the net profit for the year ending December 31, 2023 (excluding any losses from impairment of goodwill and intangible assets), amounting to about RMB 204 million. The main reasons for the expected decrease in net profit are as follows: during this period, the Group has continued to increase investment in its operations in China, expand the teaching team, and further improve the high-quality and specialized teaching team of its schools, resulting in a significant increase in costs compared to the year ending December 31, 2023. During this period, the Group's online education entity has been affected by the suspension of enrollment in online education and market conditions, leading to a significant decline in net profit for the Group's online education entity compared to the year ending December 31, 2023.