Full Year Results Overview: Annual results for the year ended August 31, 2019. Financial reports show that Maple Leaf Education achieved earnings of approximately RMB 1,57 billion, up 17.1% year on year; gross profit of about $735 million, up 17.7% year on year; profit during the year of about $654 million, up 21.5% year on year; profit attributable to the company's ownership of about $657 million, up about 21% year on year; basic earnings per share of 22.2 points, with a proposed final dividend of 5.6 HK cents per share. The school network was expanded to 100, and the goals of the “Six Five-Year Plan” are ambitious: in the year ended August 31, 2019, Maple Leaf Education had 95 schools located in 24 cities in China, Canada and South Australia. The school network had a net increase of 13 schools, with a total number of students enrolled by 41,241. As of September 31, 2019, the company had a total of 100 schools. The company's management is optimistic about the total number of students expected to exceed 45,000 under the Five Year Plan, and expects to gradually establish ten domestic regions and two overseas regions during the 65 Plan period, with a total number of students enrolled over 110,000. The Maple Leaf World School curriculum was unveiled and approved by accreditation bodies and well-known universities: The Maple Leaf World School curriculum took four years of research and development and will be implemented starting in September 2020. The company's high school BC curriculum in China will gradually be transferred to the Maple Leaf World School curriculum. The new curriculum system is an optimization and upgrade of the original BC curriculum, more AP pre-course courses have been added, and some BC courses have been replaced to make them more suited to current international education needs. The company's first batch of World School Program graduates will be awarded the Maple Leaf High School diploma in June 2023. The diploma has been recognized by Cognia (previously known as Advanced), the world's largest certification body for world-renowned schools. The company's executive team is actively promoting the Maple Leaf World School curriculum to the world's top universities, and has now been recognized by 40 colleges and universities in six countries. The target price is HK$4.45, maintaining the buying rating: Maple Leaf Education, as the largest international education group in China, still exerts great influence in the international education industry. This comprehensive update of the curriculum system can be called the biggest reform in Maple Leaf's development history. If the Maple Leaf World School curriculum is successfully implemented, it will greatly enhance the competitiveness of the company's graduates in overseas admissions. We gave it a 13.9x valuation of the predicted EPS for 2020, with a target price of HK$4.45, an increase of 69.8% from the recent closing price.