Financial Performance - For the six months ended February 28, 2025, total revenue was approximately RMB 172.2 million, an increase of 0.8% compared to RMB 170.8 million for the six months ended February 29, 2024[12]. - Gross profit decreased by 11.7% to RMB 57.3 million for the six months ended February 28, 2025, down from RMB 64.9 million for the same period in 2024[20]. - Net profit for the period was approximately RMB 24.2 million, a decrease of 15.2% compared to RMB 28.6 million for the six months ended February 29, 2024[12]. - Total comprehensive income for the period was RMB 24,710,000, down 25.3% from RMB 33,032,000 in the previous year[93]. - The company did not declare any interim dividend for the six months ended February 28, 2025, consistent with the previous year[87]. - The profit attributable to equity holders of the parent company for the six months ended February 28, 2025, was RMB 24,219,000, compared to RMB 28,573,000 for the same period in 2024, representing a decrease of approximately 15.5%[126]. Revenue Breakdown - Tuition revenue decreased to RMB 158.9 million for the six months ended February 28, 2025, from RMB 159.0 million for the same period in 2024, while accommodation revenue increased by 12.7% to RMB 13.3 million[16]. - Tuition fees accounted for RMB 158,940,000, while accommodation fees increased to RMB 13,251,000 from RMB 11,762,000, marking a growth of 12.65%[111]. Student Enrollment and Academic Performance - The number of full-time students as of February 28, 2025, was 11,909, a decrease of 0.3% from 11,941 in the 2023/2024 academic year[12]. - In 2024, the university achieved a pass rate of 100% in the national undergraduate teaching evaluation, receiving high praise from evaluation experts[45]. - A total of 3,793 students were enrolled in 2024, with a job placement rate of 87.59% for the 2024 graduating class[48]. - The university has launched a total of 1,322 courses, including 59 compulsory public courses, 244 elective public courses, 860 professional courses, and 159 practical teaching sessions[45]. Expenses and Costs - Sales costs increased by 8.5% to RMB 114.9 million for the six months ended February 28, 2025, compared to RMB 105.9 million for the same period in 2024[17]. - Administrative expenses rose by 7.7% to RMB 21.0 million for the six months ended February 28, 2025, from RMB 19.5 million for the same period in 2024[23]. - The total salary cost for the group for the six months ending February 28, 2025, was RMB 42.1 million, a decrease from RMB 48.7 million for the same period in 2024[65]. - The group’s pre-tax profit for the six months ended February 28, 2025, was impacted by employee benefits expenses totaling RMB 42,068,000, down from RMB 47,146,000 in 2024, a decrease of 10.5%[113]. Assets and Liabilities - As of February 28, 2025, the group's property, plant, and equipment amounted to approximately RMB 1,917.1 million, an increase of RMB 12.0 million from RMB 1,905.1 million as of August 31, 2024[28]. - Non-current assets as of February 28, 2025, totaled RMB 2,229,594,000, an increase from RMB 2,179,742,000 as of August 31, 2024[94]. - Total liabilities decreased to RMB 1,471,093,000 from RMB 1,615,639,000 as of August 31, 2024[96]. - The company has a net current liability of RMB 606,294,000 as of February 28, 2025, indicating a need for careful liquidity management[105]. Financing and Cash Flow - Financing costs decreased from RMB 19.6 million for the six months ended February 29, 2024, to RMB 19.0 million for the six months ended February 28, 2025, with interest expenses reducing from approximately RMB 33.5 million to approximately RMB 27.0 million[25]. - The company raised RMB 138,944,000 in new bank loans during the six months ended February 28, 2025, compared to RMB 124,200,000 in the same period of 2024[101]. - The company incurred net cash outflows from investing activities amounting to RMB 79,140,000 for the six months ended February 28, 2025, compared to RMB 34,874,000 in the prior year[101]. Strategic Initiatives and Future Plans - The group aims to expand its educational services into a systematic, multi-level, and multi-dimensional operation, gradually increasing the scale of education to continuously create value for shareholders[60]. - The group plans to invest in vocational education by establishing vocational education institutions in the Yangtze River Delta and Beijing-Tianjin-Hebei regions, forming a new model of school-enterprise integration[62]. - The company plans to continue its business expansion while managing its financial resources effectively, including RMB 120,225,000 in financing available[105]. - The company is exploring potential acquisitions of smaller educational institutions to enhance its service offerings and market share[155]. Governance and Management - The board believes that the current arrangement of having the CEO also serve as the chairman is beneficial for the company's overall operations and management[82]. - The board will continue to review the separation of the roles of chairman and CEO as necessary[83]. - The group emphasizes the importance of attracting and retaining quality employees as crucial for its success and sustainable development[65]. Market Position and Growth - The company reported a significant increase in user enrollment, with a year-over-year growth of 25% in student numbers[154]. - Future guidance indicates a projected revenue growth of 20% for the next fiscal year, driven by increased enrollment and new product offerings[156]. - User retention rates improved to 85%, reflecting the effectiveness of recent educational programs and support services[154].

Financial Performance - For the six months ended February 28, 2025, the revenue was RMB 172,191,000, representing a 0.8% increase compared to RMB 170,764,000 for the same period in 2024[3] - Gross profit decreased by 11.7% to RMB 57,296,000 from RMB 64,883,000 year-on-year[3] - Profit for the period was RMB 24,219,000, down 15.2% from RMB 28,568,000 in the previous year[3] - The total comprehensive income for the period was RMB 24,710,000, compared to RMB 33,032,000 for the same period in 2024[5] - Basic and diluted earnings per share for the period were RMB 0.0363, compared to RMB 0.0429 for the same period in 2024[5] - The group recorded a profit of RMB 24.2 million for the six months ended February 28, 2025, a decrease of approximately 15.4% compared to RMB 28.6 million for the same period in 2024[33] Assets and Liabilities - As of February 28, 2025, total non-current assets amounted to RMB 2,229,594,000, an increase from RMB 2,179,742,000 as of August 31, 2024[6] - Current liabilities totaled RMB 800,398,000, a slight decrease from RMB 840,265,000 in the previous period[6] - The net current liabilities were RMB 606,294,000, indicating a significant increase from RMB 476,473,000 year-on-year[6] - The company reported cash and cash equivalents of RMB 178,176,000, down from RMB 345,437,000 in the previous year[6] - The financial leverage ratio as of February 28, 2025, was approximately 1.2, unchanged from 1.3 as of August 31, 2024[37] - The group has unutilized financing of RMB 120.2 million as of the announcement date, indicating sufficient liquidity for future cash needs[39] - The group has no significant contingent liabilities as of February 28, 2025[41] Revenue Breakdown - Tuition revenue decreased by RMB 62,000 from RMB 159.0 million to RMB 158.9 million, while accommodation revenue increased by RMB 1.5 million or 12.7% from RMB 11.8 million to RMB 13.3 million[25] - Revenue increased by RMB 1.4 million or 0.8% from RMB 170.8 million for the six months ended February 29, 2024, to RMB 172.2 million for the six months ended February 28, 2025[25] Expenses - Cost of sales increased by RMB 9.0 million or 8.5% from RMB 105.9 million to RMB 114.9 million, primarily due to increased heating costs and maintenance expenses[26] - Gross profit decreased by RMB 7.6 million or 11.7% from RMB 64.9 million to RMB 57.3 million, resulting in a gross margin decline from 38.0% to 33.3%[27] - Sales expenses increased by RMB 0.2 million for the six months ended February 28, 2025, compared to the same period in 2024, mainly due to increased frequency of promotional activities outside the province[29] - Administrative expenses rose by RMB 1.5 million or 7.7% to RMB 21.0 million for the six months ended February 28, 2025, primarily due to increased consulting fees and other professional service costs[30] - Financing costs decreased from RMB 19.6 million for the six months ended February 29, 2024, to RMB 19.0 million for the same period in 2025, with interest expenses dropping by approximately RMB 6.5 million[31] Enrollment and Education Quality - The total number of enrollments decreased from 11,941 in the 2023/24 academic year to 11,909 in the 2024/25 academic year[25] - The average tuition fee for the 2024/2025 academic year is RMB 25,750, representing a 3.85% increase from RMB 24,796 in the 2023/2024 academic year[47] - The enrollment scale for 2024 is 3,793 students across 24 programs, with a job placement rate of 87.59% for the 2024 graduating class[52] - Heilongjiang University of Commerce has completed the evaluation for undergraduate teaching work, receiving high praise from evaluation experts[48] - A total of 1,322 courses are offered, including 59 compulsory public courses and 860 professional courses[48] Corporate Governance and Compliance - The company is committed to maintaining good corporate governance practices and has adhered to the corporate governance code during the reporting period[66] - The audit committee has reviewed the unaudited interim results for the six months ended February 28, 2025, and found that the financial information complies with applicable accounting standards and regulations[70] - The company has established an audit committee consisting of three independent non-executive directors to oversee internal controls and risk management[70] - The board of directors believes that the current arrangement of combining the roles of CEO and chairman is beneficial for the company's overall operations and management[67] - The company has confirmed compliance with the standard code for securities trading by all directors for the six months ending February 29, 2024[69] Strategic Initiatives - The company is transitioning to a for-profit private school, with the application for this change approved by the Ministry of Education, ensuring the protection of students' rights during the three-year transition period[61] - The company aims to develop a digital lifelong learning system and create a "Future Learning Center" to enhance its educational services[60] - The company plans to integrate its advantageous programs with the Belt and Road Initiative to actively develop international student education[60] - Recent policies from the government support the development of vocational and private education, emphasizing the equal importance of vocational education alongside general education[57] - The company has established two vocational schools in the Yangtze River Delta and Beijing-Tianjin-Hebei regions since 2021, expanding its educational group to four campuses across three regions[55] Staffing and Compensation - As of February 28, 2025, the total salary cost incurred by the group, including director remuneration, was RMB 421 million, a decrease from RMB 487 million for the same period in 2024[64] - The group currently employs 688 full-time and 113 part-time staff, down from 762 full-time and 167 part-time staff as of February 29, 2024[64]

Financial Position and Performance - The consolidated financial statements reflect a fair view of the group's financial position as of August 31, 2024, in accordance with International Financial Reporting Standards[4]. - Total revenue for the year ended August 31, 2024, was RMB 322,901 thousand, representing an increase of 17.1% from RMB 275,765 thousand in 2023[25]. - Gross profit for the same period was RMB 118,871 thousand, up from RMB 105,358 thousand, indicating a growth of 12.9%[25]. - The company reported a net profit of RMB 19,952 thousand for 2024, a decrease of 65.3% compared to RMB 57,588 thousand in 2023[25]. - Other comprehensive income for the year was RMB 18,975 thousand, down from RMB 60,391 thousand in the previous year, reflecting a decline of 68.6%[27]. - Basic and diluted earnings per share for the parent company’s ordinary equity holders were RMB 0.0299, compared to RMB 0.0864 in 2023, a decrease of 65.4%[27]. - The company incurred financing costs of RMB 62,231 thousand, significantly higher than RMB 6,929 thousand in the previous year, indicating an increase of 798.5%[25]. - Other income and gains increased to RMB 7,864 thousand from RMB 3,699 thousand, marking a growth of 112.0%[25]. - The company experienced a foreign exchange loss of RMB 1,667 thousand in 2024, compared to a loss of RMB 8,125 thousand in 2023, showing an improvement[27]. - The total comprehensive income attributable to the parent company was RMB 18,980 thousand, down from RMB 60,406 thousand in the previous year, a decline of 68.7%[27]. - The company reported a pre-tax profit of RMB 20,067 thousand, a significant decrease of 65.2% from RMB 57,588 thousand in 2023[25]. Taxation and Compliance - The group has not incurred corporate income tax on formal education service revenue in China for the year 2024, benefiting from preferential tax treatment[8]. - The potential tax liability for the group's schools in China could be 25% on service fees if they do not qualify for any preferential tax treatment after registration as for-profit private schools[8]. - The group is currently in the process of classification registration for its schools in China, which are still categorized as non-enterprise private entities[8]. - Management's assessment of tax provisions involves significant judgments, particularly regarding the interpretation of tax laws related to the preferential tax treatment enjoyed by the group's schools[8]. - The group has engaged external legal advisors to understand the implications of existing tax rates applicable to its schools in China[8]. - The audit procedures included discussions with management to evaluate their interpretations of tax laws and the assessment of tax liabilities for the year[8]. - The group has received tax compliance confirmations from local tax authorities, which are considered in the audit[8]. - The financial statements include disclosures related to tax provisions and the group's tax obligations[8]. Assets and Liabilities - Non-current assets increased to RMB 2,179.7 million in 2024 from RMB 1,903.4 million in 2023, representing a growth of approximately 14.5%[29]. - Total current assets rose to RMB 363.8 million in 2024, up from RMB 292.4 million in 2023, marking an increase of about 24.4%[29]. - The company’s total liabilities, including current and non-current, increased to RMB 1,218.6 million in 2024 from RMB 926.8 million in 2023[42]. - Cash and cash equivalents amounted to approximately RMB 345.4 million as of August 31, 2024, compared to RMB 270.8 million in 2023, reflecting an increase of about 27.6%[42]. - The value of property, plant, and equipment rose to RMB 1,905.1 million in 2024, a year-on-year increase of approximately 7.2% from RMB 1,776.6 million in 2023[44]. - The company has sufficient working capital to meet its cash flow needs for at least the next 12 months, supported by accumulated net profits and available financing of RMB 336.2 million[41]. - The group recorded a net current liability of RMB 476,473,000, which includes contract liabilities of RMB 299,778,000 to be settled through educational services rather than cash[135]. - The group has sufficient financial resources amounting to RMB 156,167,000 and RMB 336,167,000 as of August 31, 2024, and the report date respectively, with RMB 192,894,000 already drawn post-period[135]. Operational Highlights - The company aims to strengthen professional construction and adapt to the development needs of the modern industrial system[99]. - The company is actively promoting the construction of a smart campus, launching the "Cloud Black Industry and Commerce" platform based on Huawei Cloud WeLink[117]. - The company aims to invest in vocational education by establishing vocational education institutions in the Yangtze River Delta and Beijing-Tianjin-Hebei regions, creating a new model of school-enterprise integration[121]. - The company is developing a digital lifelong learning system, aiming to create a "Future Learning Center" akin to an online education marketplace[122]. - The company has been recognized as a model unit for graduate employment and entrepreneurship work in Heilongjiang Province[116]. - The company has been appointed as the chairman unit of the employment cooperation body for private colleges in Heilongjiang Province[116]. - The company aims to develop a systematic, multi-level, and multi-dimensional operation for its educational services, gradually expanding its scale to continuously create value for shareholders[152]. - The strategic focus includes deep cooperation with international education groups to enhance dual-system education and talent cultivation models[149]. - The establishment of health-related majors and secondary colleges is planned to align with market demands[150]. - The company intends to integrate its advantageous majors with the Belt and Road Initiative, actively developing international student education[151]. - The group is positioned to serve regional economic and social development while aiming to be a first-class, nationally recognized application-oriented university[148]. Human Resources and Educational Quality - The number of teachers increased to 755 as of August 31, 2024[97]. - Total salary costs for the year ending August 31, 2024, amounted to RMB 100.8 million, up from RMB 87.4 million for the previous year[156]. - The employment rate for the 2024 graduates reached 87.92%, an increase of 2 percentage points compared to the previous year, with a local employment rate of 44.18%[116]. - The satisfaction rate of 2024 graduates regarding the education quality was 94.81%, while the satisfaction with faculty quality was 95.75%[116]. - Investment in teaching expenses increased by RMB 4.3 million compared to the previous year, reflecting a commitment to enhance teaching quality[87]. - A total of 598 teachers participated in various training programs throughout the year, enhancing their educational and professional skills[111]. - The school published 76 academic papers and received 3 patents and 3 software copyrights from September 2023 to August 2024[112]. - The school organized 14,359 student participations in research and practical activities from September 2023 to August 2024, with a total investment of 5.58 million RMB[104]. - The school has implemented a "145" research and practical education model, integrating various educational activities and themes[104]. Governance and Compliance - The audit report does not cover other information included in the annual report, which is the responsibility of the company's directors[12]. - The independent auditor for the company is Ernst & Young, providing audit services for the consolidated financial statements for the year ending August 31, 2024[105]. - The company established a compensation committee in July 2020 in accordance with the corporate governance code and report as per the listing rules[103]. - The board of directors is responsible for assessing and determining the nature and extent of risks acceptable to the group in achieving strategic objectives[108]. - The company has not appointed any other directors in the past three years[168]. Financial Reporting Standards - The company's financial statements are prepared in accordance with International Financial Reporting Standards and presented in Renminbi[131]. - The company plans to apply new and revised international financial reporting standards once they come into effect[179]. - The company expects no significant impact from the upcoming revisions to international financial reporting standards[181]. - The company is currently evaluating the impact of recent amendments to liability classification and their potential effects on financial statements[182]. - The company is currently analyzing the impact of the newly issued International Financial Reporting Standards (IFRS) 18 on its financial statement presentation and disclosures[185]. - The amendments to IFRS 9 and IFRS 7 clarify the derecognition date of financial assets or liabilities and introduce an accounting policy option for certain financial liabilities[189]. - The company does not expect any significant impact on its financial statements from the newly issued IFRS amendments[189]. - The amendments to IFRS 10 clarify relationships described in the standard, which are examples of various relationships that may exist between investors and other parties acting as their agents[191]. - The company is not eligible to apply IFRS 19 as it is a listed company, although some subsidiaries are considering its application in their specific financial statements[186]. - The amendments to IFRS 7 have been updated to simplify terminology and ensure consistency with other standards[190]. - The company is allowed to early adopt the new IFRS standards and amendments, which are effective for annual periods beginning on or after January 1, 2027[185]. - The amendments to IFRS 9 address potential confusion regarding the derecognition of lease liabilities and require recognition of any resulting gains or losses in profit or loss[191]. - The company anticipates no significant impact on its financial statements from the amendments to IFRS 7, IFRS 9, and IFRS 10[191]. - The company is evaluating the cumulative effects of the new standards on its retained earnings and equity components[189]. Joint Ventures and Fair Value Measurement - The group accounts for investments in joint ventures using the equity method, recognizing its share of net assets less any impairment losses in the consolidated balance sheet[193]. - The group's share of joint ventures' performance and other comprehensive income is included in the consolidated income statement and other comprehensive income[193]. - Upon loss of joint control over a joint venture, the group measures and recognizes any retained investment at fair value, with any difference between the carrying amount and fair value recognized in profit or loss[194]. - Fair value measurements for equity investments are conducted at each reporting period end, assuming orderly transactions in the principal market[199]. - The group employs appropriate valuation techniques and uses observable data wherever possible to measure fair value, minimizing reliance on unobservable inputs[199]. - Non-financial asset fair value measurements assess the ability of market participants to maximize economic benefits from the asset[199]. - The group classifies all assets and liabilities measured or disclosed at fair value into three levels based on the significance of the inputs used[199]. - The group recognizes unrecognized gains and losses from transactions with joint ventures only to the extent of the group's investment in the joint venture[193]. - The goodwill arising from the acquisition of joint ventures is included as part of the group's investment in the joint venture[193]. - The group must be able to transact in the principal or most advantageous market for the asset or liability being measured[199].

Financial Performance - Total revenue for the year ended August 31, 2024, was RMB 322,901,000, representing a 17.1% increase from RMB 275,765,000 in 2023[2] - Gross profit for the same period was RMB 118,871,000, up 12.8% from RMB 105,358,000 in the previous year[2] - Annual profit decreased significantly by 65.4% to RMB 19,952,000 from RMB 57,588,000 in 2023[2] - The company reported financing costs of RMB 62,231,000, a substantial increase from RMB 6,929,000 in the prior year[4] - The company reported a pre-tax profit of RMB 19,957,000 for the year ended August 31, 2024, compared to RMB 57,603,000 for the previous year[35] - Profit before tax decreased by approximately 65.1% to RMB 20.1 million for the year ending August 31, 2024[54] - Net profit fell by approximately 65.3% to RMB 20.0 million for the year ending August 31, 2024[57] Revenue Breakdown - The company's revenue increased by RMB 47.1 million or 17.1% from RMB 275.8 million in the year ended August 31, 2023, to RMB 322.9 million in the year ended August 31, 2024[43] - Tuition revenue rose by RMB 43.3 million or 17.1% from RMB 253.1 million to RMB 296.4 million during the same period[43] - Accommodation revenue increased by RMB 3.8 million or 16.7% from RMB 22.7 million to RMB 26.5 million[43] Student Enrollment and Programs - The total number of full-time students grew from 11,023 in the 2022/23 academic year to 11,941 in the 2023/24 academic year[44] - The number of distance education students increased from 550 in the 2023 academic year to 1,213 in the 2024 academic year[44] - The school had a total of 11,921 full-time undergraduate students as of August 31, 2024, with a utilization rate of 85.32% based on a maximum capacity of 13,972 students[73] - The school has established 26 undergraduate programs, including 11 in engineering and 5 in management[73] Expenses and Liabilities - Employee benefits expenses (excluding directors' remuneration) increased from RMB 84.0 million to RMB 97.2 million[31] - Sales cost increased by RMB 33.6 million or 19.7% to RMB 204.0 million for the year ending August 31, 2024, primarily due to increased employee costs and depreciation[45] - The total contract liabilities as of August 31, 2024, amounted to RMB 299.8 million, up from RMB 284.5 million in 2023[39] - Total liabilities increased to RMB 840,265,000 from RMB 717,621,000 in 2023[14] Assets and Financial Position - Non-current assets totaled RMB 2,179,742,000, an increase from RMB 1,903,395,000 in 2023[14] - Current assets increased to RMB 363,792,000 from RMB 292,440,000 in the previous year[14] - The company’s net asset value was RMB 927,895,000, slightly up from RMB 908,920,000 in the previous year[16] - The company has a net current liability of RMB 476,473,000 as of August 31, 2024[20] - Cash and cash equivalents increased to approximately RMB 345.4 million as of August 31, 2024, compared to RMB 270.8 million a year earlier[59] - The company has sufficient working capital to meet cash flow needs for at least the next 12 months, with unutilized financing of RMB 336.2 million available[58] Corporate Governance and Compliance - The company is committed to establishing good corporate governance practices and has complied with the corporate governance code, except for certain deviations noted[111] - The audit committee, composed of three independent non-executive directors, has reviewed the financial statements for the year ending August 31, 2024, ensuring compliance with applicable accounting standards[117] - The company is registered in the Cayman Islands and was established on June 17, 2019, with a stock code of 1449[151] - The company is subject to the Listing Rules of the Hong Kong Stock Exchange[138] Future Plans and Developments - The school is transitioning to a for-profit institution, with the application for this change approved by the Ministry of Education, aiming for a smooth transition within three years[96] - The school plans to develop a digital lifelong learning system and establish a "Future Learning Center" for digital education[92] - The school aims to enhance its international education collaborations and expand vocational education in key economic regions[90] Research and Development - From September 2023 to August 2024, a total of 14,359 student participations were recorded in research and practical education activities, with an investment of 5.58 million yuan[79] - A total of 76 academic papers were published by teachers, along with 3 patents and 3 software copyrights granted from September 2023 to August 2024[81] Regulatory Environment - The interpretation and enforcement of the 2021 Regulations by government authorities remain uncertain, which could adversely affect the company's operations and financial condition[100] - The company may face significant compliance costs due to the establishment of disclosure mechanisms and government scrutiny of related party transactions[103] - Future acquisitions may be subject to stricter regulations, potentially impacting the company's expansion plans[101]

Financial Performance - Total revenue for the six months ended February 29, 2024, was approximately RMB 170.8 million, an increase of 12.3% compared to RMB 152.1 million for the same period in 2023[10] - Gross profit decreased to RMB 64.9 million, down 11.7% from RMB 73.5 million, resulting in a gross margin decline from 48.3% to 38.0%[17] - Net profit for the period was approximately RMB 28.6 million, a decrease of 30.4% from RMB 41.1 million in the previous year[10] - Tuition revenue rose to RMB 159.0 million, an increase of 13.8% from RMB 139.7 million, while accommodation revenue decreased by 5.6% to RMB 11.8 million[13] - Total comprehensive income for the period was RMB 33,032,000, down from RMB 44,409,000 in the same period last year[99] - The company reported a net profit of RMB 28,568,000 for the six months ended February 29, 2024, a decrease of 30.5% from RMB 41,067,000 in the prior year[96] Enrollment and Student Metrics - The number of full-time students increased to 11,941, representing an 8.3% growth compared to the previous academic year[10] - The total number of enrollments grew from 11,023 in the previous academic year to 11,955 in the current academic year[13] - As of February 29, 2024, the school has 11,941 full-time undergraduate students, an increase of 17.4% from 2021/2022 academic year when there were 9,891 students[40] - The school achieved a 92.78% enrollment rate for the 2023 admissions, an increase of 2.83 percentage points compared to 2022[46] - The employment rate for the 2023 graduates is 85.94%, which is above the provincial average[46] Expenses and Costs - Total sales costs increased by 34.7% to RMB 105.9 million, primarily due to higher employee costs and increased maintenance expenses[15] - Sales expenses increased by RMB 0.7 million for the six months ending February 29, 2024, compared to the previous period, primarily due to higher promotional costs for offline recruitment activities[19] - Administrative expenses decreased by RMB 4.8 million or 19.8% to RMB 19.4 million for the six months ending February 29, 2024, mainly due to a reduction in consulting fees and other professional service costs[20] - The company incurred additional costs for campus construction and maintenance, as well as student activities and teacher training, impacting gross profit margins[17] - Employee benefits expenses, excluding director remuneration, rose to RMB 47,146,000, compared to RMB 38,359,000, marking a 22.5% increase[125] Financing and Liabilities - Financing costs rose from RMB 6.7 million to RMB 19.6 million for the six months ending February 29, 2024, with total interest expenses increasing from approximately RMB 26.8 million to approximately RMB 33.5 million[22] - Total bank and other borrowings and accrued interest amounted to approximately RMB 1,133.9 million as of February 29, 2024, compared to RMB 926.8 million as of August 31, 2023[29] - The financial leverage ratio was approximately 1.2 as of February 29, 2024, an increase of 0.2 from August 31, 2023[30] - The company recorded a net current liability of RMB 354,328,000, with contract liabilities of RMB 126,416,000 expected to be settled through educational services rather than cash[114] - The company has a potential tax liability of 25% on its formal education service income if it does not enjoy any preferential tax treatment after becoming a for-profit private school[131] Assets and Cash Flow - As of February 29, 2024, the group's property, plant, and equipment amounted to approximately RMB 1,787.4 million, an increase of RMB 10.8 million from RMB 1,776.6 million as of August 31, 2023[25] - The group had cash and cash equivalents of approximately RMB 334.7 million as of February 29, 2024, up from RMB 270.8 million as of August 31, 2023[29] - The company experienced a net cash outflow from investing activities of RMB 34,874,000, down from RMB 89,648,000 in the prior year, reflecting reduced capital expenditures[110] - Financing activities generated a net cash inflow of RMB 169,458,000, a substantial increase from RMB 33,534,000 in the previous period, primarily due to new bank loans[110] - The total cash and cash equivalents at the end of the period increased to RMB 334,697,000, up from RMB 200,801,000, showing improved liquidity[110] Strategic Initiatives and Future Plans - The company plans to develop a digital education lifelong learning system, creating a "Future Learning Center" akin to a digital education platform[57] - The company aims to integrate its advantageous programs with the Belt and Road Initiative, actively developing international student education[57] - The school has established four industry colleges, enhancing collaboration with enterprises and improving practical training opportunities[45] - The company aims to expand its educational services and establish vocational education institutions in the Yangtze River Delta and Beijing-Tianjin-Hebei regions[54] - The transition of Heilongjiang University of Commerce to a for-profit institution has received significant progress, with the application approved by the Ministry of Education[56] Shareholder and Corporate Governance - Major shareholders include Junhua Education Limited with 29.5% ownership (196,674,000 shares) and Shuren Education Limited with 45.0% ownership (300,000,000 shares)[68] - The group did not declare any interim dividend for the six months ended February 29, 2024, compared to an interim dividend of HKD 0.105 per share for the same period in 2023[133] - The company has not issued or granted any share options or convertible securities during the six months ended February 29, 2024[76] - The total number of shares available for grant under the share option scheme as of February 29, 2024, is 66,666,700 shares[88] - The weighted average number of ordinary shares in issue for calculating basic earnings per share remained at 666,667,000 shares for both periods[134]

Financial Performance - Revenue for the six months ended February 29, 2024, was RMB 170,764,000, representing a 12.3% increase compared to RMB 152,125,000 for the same period in 2023[3] - Gross profit decreased by 11.7% to RMB 64,883,000 from RMB 73,508,000 year-on-year[3] - Profit for the period fell by 30.4% to RMB 28,568,000 compared to RMB 41,067,000 in the previous year[3] - Other income and gains increased significantly to RMB 9,751,000 from RMB 1,993,000, marking a substantial growth[5] - Revenue increased by RMB 18.7 million or 12.3% from RMB 152.1 million for the six months ended February 28, 2023, to RMB 170.8 million for the six months ended February 29, 2024[31] - Tuition revenue rose by RMB 19.3 million or 13.8% from RMB 139.7 million to RMB 159.0 million during the same period[31] - Net profit for the six months ending February 29, 2024, was RMB 28.6 million, a decrease of approximately 30.4% from RMB 41.1 million for the same period in 2023[41] Assets and Liabilities - Total assets less current liabilities amounted to RMB 1,568,859,000, up from RMB 1,478,214,000 in the previous period[8] - Cash and cash equivalents increased to RMB 334,697,000 from RMB 270,776,000, indicating improved liquidity[8] - The net current liabilities were recorded at RMB 354,328,000, a decrease from RMB 425,181,000 in the previous period[8] - Non-current assets totaled RMB 1,923,187,000, slightly up from RMB 1,903,395,000[8] - Contract liabilities decreased from RMB 284.5 million to RMB 126.4 million, indicating a reduction in advance payments for tuition and accommodation[25] Expenses - Employee benefits expenses (excluding directors' remuneration) increased from RMB 38.4 million to RMB 47.1 million, reflecting a rise in wages and pension contributions[20] - Sales cost increased by RMB 27.3 million or 34.7% to RMB 105.9 million for the six months ending February 29, 2024, compared to RMB 78.6 million for the same period in 2023[33] - Administrative expenses decreased by RMB 4.8 million or 19.8% to RMB 19.4 million, mainly due to a reduction in consulting fees and other professional service costs[37] - Financing costs rose from RMB 6.7 million to RMB 19.6 million, with total interest expenses increasing from approximately RMB 26.8 million to approximately RMB 33.5 million[39] Enrollment and Education Services - Total enrollment increased from 11,023 students in the 2022/23 academic year to 11,955 students in the 2023/24 academic year[31] - The school had 11,941 full-time undergraduate students as of February 29, 2024, representing an increase from 11,023 in the previous academic year, with a utilization rate of 85.46%[55] - The average tuition fee for the 2023/2024 academic year was RMB 24,796, a 12% increase from RMB 21,857 in the previous year, while accommodation fees rose by 11% to RMB 2,249[55] - The employment rate for the 2023 graduates was 85.94%, with a local employment rate of 41.04%, both exceeding provincial averages[59] Strategic Initiatives - The group is actively promoting the construction of a smart campus, launching the "Cloud on Heilongjiang Industry and Commerce" platform for digital business operations[61] - The group aims to expand its educational services by actively developing international student education in line with the Belt and Road Initiative[67] - The company is investing in vocational education by establishing vocational education institutions in the Yangtze River Delta and Beijing-Tianjin-Hebei regions[70] - The group is focused on enhancing its dual-system education and talent cultivation model through deep cooperation with international education groups[70] Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors, with the chairman being Mr. Chen Yifen[80] - The unaudited interim results for the six months ending February 29, 2024, have been reviewed by the audit committee and deemed compliant with applicable accounting standards and regulations[80] - The company has adopted a set of trading rules for directors and employees to comply with securities trading regulations[78] - The company maintains a sufficient public float of at least 25% of its issued share capital as required by listing rules[83]

Enrollment and Student Statistics - The total number of students at Heilongjiang University of Commerce reached 11,023 for the 2022/2023 academic year, an increase of 11.4% from 9,891 in the previous year[8] - The school had a total enrollment of 11,955 full-time undergraduate students for the 2023/2024 academic year, an increase from 11,023 students in the previous year, marking a growth of approximately 8.5%[50] - In 2023, the company achieved a total enrollment plan of 3,959 students, with a 100% acceptance rate and 3,676 students reported, an increase of 292 students compared to 2022[64] - The employment rate for the 2023 graduates reached 81.83%, with 2,230 students employed, ranking first among private colleges in Heilongjiang Province[65] Financial Performance - The company's revenue for the year ended August 31, 2023, was RMB 275.8 million, representing a 15.7% increase from RMB 238.3 million in the previous year[8] - The gross profit for the same period was RMB 105.4 million, with a gross profit margin of approximately 38.2%[18] - The annual profit for the year was RMB 57.6 million, compared to RMB 56.0 million in the previous year, showing a slight increase of 2.8%[18] - Revenue increased by RMB 37.5 million or 15.7% from RMB 238.3 million for the year ended August 31, 2022, to RMB 275.8 million for the year ended August 31, 2023[21] - Tuition revenue rose by RMB 33.5 million or 15.2% from RMB 219.6 million to RMB 253.1 million, driven by an increase in enrollment from 9,891 students in 2021/22 to 11,023 students in 2022/23[21] - The net profit for the year ended August 31, 2023, was RMB 57.6 million, reflecting a similar increase of about 2.8% from RMB 56.0 million in the prior year[36] Expenses and Liabilities - The total current liabilities increased to RMB 717.6 million in 2023, up from RMB 522.2 million in 2022[18] - The total equity as of August 31, 2023, was RMB 908.9 million, a slight decrease from RMB 912.8 million in the previous year[18] - Selling expenses rose by RMB 1.4 million or 87.7% from RMB 1.6 million to RMB 3.0 million due to increased promotional activities post-COVID-19[27] - Other income and gains decreased by RMB 3.4 million or 48.2% from RMB 7.1 million to RMB 3.7 million, primarily due to the absence of government subsidies received in the previous year[26] - Administrative expenses decreased by RMB 1.2 million or 2.9% from RMB 40.5 million to RMB 39.3 million, despite an increase in employee costs[29] Investments and Future Plans - The company plans to invest in vocational education and establish vocational education institutions in the Yangtze River Delta and Beijing-Tianjin-Hebei regions[9] - The company aims to develop a digital lifelong learning system and create a "Future Learning Center" for digital education[11] - The company has invested in a new 13,495 square meter student dormitory, expected to be completed by the end of 2023[69] - The company plans to enhance its dual-system education and talent cultivation model through deep cooperation with international education groups[77] Transition to For-Profit Institution - The transition to a for-profit institution has been approved by the Ministry of Education, with plans to complete the transition within three years[14] - The transition of Heilongjiang University of Commerce to a for-profit institution has made significant progress, with the application for conversion approved by the Ministry of Education[75] - The company is committed to maintaining student rights during the transition period to a for-profit institution and will manage asset transfers and personnel contracts accordingly[75] Governance and Management - The company has four executive directors and three independent non-executive directors as of the report date[96] - Liu Laixiang, the CEO and Chairman, has approximately 17 years of experience in the education sector[96] - Dong Ling, an executive director, has nearly 26 years of experience in education and is also the Vice President of Heilongjiang University of Commerce[98] - The management team is focused on enhancing operational efficiency and expanding market presence[96] Compliance and Regulatory Matters - The group has complied with all relevant laws and regulations without any significant violations during the fiscal year[128] - The company is committed to complying with foreign investment control regulations in higher education, ensuring that the majority of board members are Chinese citizens[85] - The company has adopted specific plans to meet qualification requirements for foreign investment in education, although implementation guidelines remain unclear[86] Strategic Partnerships and Collaborations - The company has signed 45 cooperation agreements with various enterprises, enhancing collaboration and resource sharing[70] - The company organized a winter quality education program with over 17,000 course selections, enriching students' educational experience[57] - The company has established four industry colleges, including the Kunshan Qiu Tai Electronic Information Industry College, enhancing the integration of industry and education[57] Risk Management - The group faced various operational risks, including market recognition of its brand and reputation, changes in overall market conditions, and regulatory environment changes in the private higher education sector in China[133] - Future acquisitions may face increased regulatory scrutiny, impacting the company's expansion plans[84] Shareholder and Dividend Policies - The board does not recommend the declaration of a final dividend for the year ending August 31, 2023[136] - The group has established a dividend policy to allow shareholders to share in profits while retaining liquidity for future growth opportunities[137] - The board will review and reassess the dividend policy regularly or as required[138]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 Leader Education Limited 立德教育股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1449） 截至2023年8月31日止年度 全年業績公告 全年業績 立德教育股份有限公司董事會欣然宣佈本集團截至2023年8月31日止年度的經 審核綜合財務業績，連同截至2022年8月31日止年度的比較數字。 摘要 截至8月31日止年度 百分比 2023年 2022年 變化 人民幣千元 人民幣千元 收益 275,765 238,264 +15.7% 毛利 105,358 101,096 +4.2% 年度溢利 57,588 56,025 +2.8% ...

Financial Performance - Total revenue for the six months ended February 28, 2023, was approximately RMB 152.1 million, an increase of 15.5% compared to RMB 131.8 million for the same period in 2022[7]. - Gross profit increased by 41.6% to RMB 73.5 million for the six months ended February 28, 2023, compared to RMB 51.9 million for the same period in 2022, resulting in a gross margin increase from 39.4% to 48.3%[14]. - Operating profit from continuing operations before tax was RMB 41.1 million, reflecting a 13.0% increase from RMB 36.4 million for the same period in 2022[7]. - The group recorded a profit of RMB 41.1 million for the six months ended February 28, 2023, representing an increase of approximately 13.0% compared to RMB 36.4 million for the same period in 2022[23]. - Total comprehensive income for the period was RMB 44,409,000, compared to RMB 36,949,000 for the same period last year, reflecting a growth of 20.5%[110]. - Basic and diluted earnings per share for the period were RMB 0.0616, an increase from RMB 0.0545 in the previous year[110]. - The profit attributable to equity holders of the parent for the six months ended February 28, 2023, was RMB 41.067 million, an increase from RMB 36.354 million in the same period last year, representing a growth of approximately 12.5%[149]. Revenue Sources - Tuition revenue rose by 15.0% to RMB 139.7 million for the six months ended February 28, 2023, compared to RMB 121.5 million for the same period in 2022[10]. - Accommodation revenue increased by 20.4% to RMB 12.4 million for the six months ended February 28, 2023, compared to RMB 10.3 million for the same period in 2022[10]. - Tuition fees contributed RMB 139,664,000, up from RMB 121,463,000, reflecting a growth of 15% year-over-year[134]. - Accommodation fees increased to RMB 12,461,000 from RMB 10,293,000, representing a growth of 21.2%[134]. Student Enrollment and Academic Performance - The number of full-time students increased by approximately 11.4% to 11,010 for the 2022/2023 academic year, up from 9,879 in the previous year[7]. - The school had a total of 11,010 full-time undergraduate students as of February 28, 2023, with a utilization rate of 86.83%, up from 77.9% in the previous year[39]. - The company achieved a net increase of 976 students compared to the previous year, with a total enrollment plan of 3,787 students, representing a year-on-year growth of 460 students[54]. - The employment rate for the 2022 graduating class reached 86.67%, with overall satisfaction from employers at 94.61%, ranking first among private colleges in Heilongjiang Province[57]. Expenses and Costs - Total sales costs decreased by 1.5% to RMB 78.6 million for the six months ended February 28, 2023, compared to RMB 79.8 million for the same period in 2022[11]. - Administrative expenses increased by RMB 9.6 million or 65.8% to RMB 24.2 million for the six months ended February 28, 2023, primarily due to increased employee costs and consulting fees[20]. - The total salary cost incurred by the group for the six months ending February 28, 2023, was RMB 38.8 million, an increase from RMB 34.4 million for the same period in 2022[73]. - Employee benefits expenses, excluding directors' remuneration, rose to RMB 38,359,000 from RMB 33,720,000, marking an increase of 13.5%[137]. Financial Position and Liquidity - Cash and cash equivalents decreased to approximately RMB 200.8 million as of February 28, 2023, from approximately RMB 253.1 million as of August 31, 2022, primarily due to payments related to the expansion of the Hanan campus[28]. - The group had a financial leverage ratio of approximately 1.0 as of February 28, 2023, consistent with the ratio as of August 31, 2022[30]. - The company has unutilized financing of RMB 93.0 million as of the report date, indicating sufficient liquidity for future cash requirements[29]. - Current liabilities decreased to RMB 442,681,000 from RMB 522,229,000, indicating improved liquidity management[112]. - The company has sufficient financial resources, including RMB 93,000,000 in available financing, to meet its financial obligations in the foreseeable future[126]. Capital Expenditures and Investments - Capital expenditures for the six months ended February 28, 2023, amounted to RMB 88.3 million, down from RMB 153.4 million for the same period in 2022[31]. - Property, plant, and equipment increased by RMB 64.4 million to approximately RMB 1,741.7 million as of February 28, 2023, due to the progress of construction at the Hanan campus[26]. - The group acquired assets for property, plant, and equipment at a cost of RMB 86.166 million, down from RMB 98.710 million in the previous year[151]. Corporate Governance and Shareholder Information - The board of directors proposed an interim dividend of HKD 0.105 per share, totaling HKD 70 million (approximately RMB 61.4 million) for the six months ended February 28, 2023, which was approved at a special general meeting on May 22, 2023[179]. - Major shareholders include Junhua Education Limited with 196,674,000 shares (29.5%) and Shuren Education Limited with 300,000,000 shares (45.0%)[78]. - The company has confirmed compliance with the securities trading standards for directors and employees since its listing[93]. - The board believes that the current arrangement of power and functions within the board is beneficial to the company and its shareholders[89]. Strategic Initiatives and Future Plans - The company aims to expand its educational services into a systematic, multi-level, and multi-dimensional operation to continuously create value for shareholders[66]. - The company plans to develop health-related majors and secondary colleges as part of its future growth strategy[63]. - The company is actively pursuing international education partnerships to enhance dual-system education and talent cultivation models[62]. - The company aims to integrate its advantageous programs with the Belt and Road Initiative to actively develop international student education[65].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 Leader Education Limited 立德教育股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1449） 截至2023年2月28日止六個月之中期業績公告 中期業績 立德教育股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公 司、其附屬公司及聯屬公司（統稱「本集團」或「我們」）截至2023年2月28日止六 個月（「本期間」）的未經審核中期綜合財務業績，連同2022年相應期間的比較數 字。 摘要 截至以下日期止六個月 2023年 2022年 百分比 2月28日 2月28日 變化 人民幣千元 人民幣千元 收益 152,125 131,756 16% 毛利 73,508 51,905 42% 來自持續經營業務的除稅前溢利 41,067 36,354 13% ...