Enrollment and Employment - As of the 2021/2022 academic year, the total number of enrolled students at Heilongjiang University of Commerce reached 9,891, an increase of 3.5% from 9,554 in the previous year[12]. - The employment rate for the 2021 undergraduate graduates was 89.66%, with an overall employer satisfaction rate of 88.72%[12]. - The student enrollment for the 2022/2023 academic year reached 11,023, up from 9,891 in the 2021/2022 academic year, reflecting a significant increase in student numbers[50]. - The company has implemented a "one-stop" employment initiative, completing training for 170 graduates in 2022, enhancing their employability[56]. - The company has established modern industry colleges, offering 84 cooperative courses and training over 2,000 students, with 100 students securing employment in partner companies[54]. Financial Performance - For the fiscal year ending August 31, 2022, the company reported revenue of RMB 238.2 million, a growth of 21.5% compared to RMB 196.1 million in the previous year[12]. - Revenue increased from RMB 196.1 million for the year ended August 31, 2021, to RMB 238.2 million for the year ended August 31, 2022, representing a growth of RMB 42.1 million or 21.5%[21]. - Tuition revenue rose from RMB 180.0 million to RMB 219.6 million, an increase of RMB 39.6 million or 22.0%[21]. - Accommodation revenue increased from RMB 16.1 million to RMB 18.6 million, up by RMB 2.5 million or 16.0%[21]. - The company recorded a profit before tax of approximately RMB 56.0 million for the year ended August 31, 2022, an increase of about 7.7% compared to approximately RMB 52.0 million for the same period in 2021[32]. - The total profit for the year ended August 31, 2022, was RMB 56.0 million, reflecting a 7.7% increase from RMB 52.0 million for the year ended August 31, 2021[35]. Costs and Expenses - Cost of sales increased from RMB 97.2 million to RMB 137.2 million, a rise of RMB 40.0 million or 41.1%[23]. - Gross profit increased from RMB 99.0 million to RMB 101.1 million, a growth of RMB 2.1 million or 2.2%[25]. - Gross margin decreased from 50.5% to 42.4% due to increased teaching expenses and staff salaries[25]. - Administrative expenses rose from RMB 29.3 million to RMB 40.5 million, an increase of RMB 11.2 million or 38.1%[29]. - The total salary cost for the group for the year ending August 31, 2022, was RMB 70.2 million, an increase from RMB 53.0 million for the previous year[71]. Investments and Expansion Plans - The company plans to expand its educational services by establishing vocational schools and colleges, aiming for a systematic and multi-level educational framework[13]. - The company is increasing investment in teaching facilities and equipment to improve educational conditions and expand enrollment capacity[13]. - The company has made a strategic move to acquire Qiqihar College, with a total consideration of RMB 35 million, although the deposit of RMB 3 million was returned due to unmet conditions[59]. - The company aims to strengthen school-enterprise cooperation and expand its network of schools and student numbers in the future[15]. - The company is focused on cultivating high-quality, application-oriented talents to meet industry demands and support regional economic development[67]. Regulatory and Compliance Issues - The company has established structural contracts to comply with Chinese regulations, allowing indirect operations in the private education sector through its Chinese affiliates[152]. - The 2021 Implementation Regulations, effective from September 1, 2021, significantly modify the operational management of private schools, allowing non-profit private schools to enjoy tax benefits equivalent to public schools[193]. - Future acquisitions may face stricter regulations, as the 2021 Implementation Regulations prohibit any organization or individual from controlling private schools through mergers or contractual arrangements[199]. - The company must establish a public mechanism for transactions with related parties, subject to annual reviews by relevant government departments[199]. - The government’s interpretation and enforcement of the 2021 Implementation Regulations remain uncertain, which could impact the company's business and financial performance[199]. Assets and Liabilities - Total current assets decreased from RMB 321.8 million in 2021 to RMB 283.4 million in 2022[18]. - Total equity increased from RMB 848.7 million in 2021 to RMB 912.8 million in 2022[18]. - As of August 31, 2022, the company's cash and cash equivalents were approximately RMB 253.1 million, down from RMB 303.9 million as of August 31, 2021[37]. - The company's property, plant, and equipment amounted to approximately RMB 1,677.4 million as of August 31, 2022, representing a year-on-year increase of about 6.5% from RMB 1,574.4 million[39]. - As of August 31, 2022, the group had outstanding bank and other borrowings and accrued interest of approximately RMB 855.6 million[122]. Shareholder and Governance Information - The shareholders of Harbin Xiangge, Mr. Liu and Ms. Dong, hold 40% and 60% of the company respectively, ensuring compliance with non-competition commitments[163]. - The independent non-executive directors have confirmed the independence of all independent non-executive directors as per listing rules[150]. - The company has not identified any other interests held by its controlling shareholders in businesses that may compete directly or indirectly with its operations[149]. - The company has not disclosed any other board positions held by its directors in the past three years[82][87][92][96]. - The board does not recommend the declaration of a final dividend for the year ending August 31, 2022, with no arrangements for shareholders to waive or agree to waive any dividend[113].

Financial Performance - Total revenue for the six months ended February 28, 2022, was approximately RMB 131.8 million, an increase of 34.5% compared to RMB 97.9 million for the same period in 2021[12]. - Gross profit for the same period was approximately RMB 51.9 million, up 6.6% from RMB 48.7 million in 2021, with a gross margin decrease from 49.7% to 39.4%[20]. - Profit for the six months ended February 28, 2022, was RMB 36.4 million, an increase of approximately 19.1% compared to RMB 30.5 million for the same period in 2021[29]. - Total comprehensive income for the period was RMB 36,949,000, compared to RMB 24,033,000 for the same period in 2021, reflecting a significant increase of 54.1%[113]. - The group reported a profit attributable to equity holders of the parent of RMB 36,354,000 for the six months ended February 28, 2022, compared to RMB 30,530,000 for the same period in 2021, representing an increase of approximately 19%[153]. Revenue Sources - Tuition revenue rose by 35.3% to RMB 121.5 million, while accommodation revenue increased by 26.3% to RMB 10.3 million[16]. - Tuition fees for the six months ended February 28, 2022, amounted to RMB 121,463,000, up 35.2% from RMB 89,794,000 in the previous year[137]. - Other income and gains increased by RMB 5.1 million to RMB 5.0 million due to government subsidies received after successful listing[21]. Student Enrollment and Educational Offerings - The number of full-time students increased to 9,879, representing a growth of approximately 3.4% compared to the 2020/2021 academic year[13]. - The average tuition fee for undergraduate programs increased by approximately 17.5% compared to the previous academic year[13]. - The company plans to expand its educational offerings and increase student capacity at its Hanan campus in Harbin to enhance enrollment numbers[55]. - The company has initiated the construction of a new education base in the Yangtze River Delta, with a land area of 86,056 square meters, expected to be completed by the end of 2024[44]. Expenses and Costs - Total sales costs increased by 62.2% to RMB 79.8 million, primarily due to a 44.6% rise in employee costs to RMB 30.7 million[18]. - Administrative expenses rose by RMB 4.4 million or 42.3% to RMB 14.6 million, primarily due to an increase in the number of administrative staff and related costs[26]. - The total salary cost incurred by the group for the six months ended February 28, 2022, was RMB 34.4 million, compared to RMB 24.7 million for the same period in 2021[69]. Capital Expenditures and Assets - Capital expenditures for the six months ended February 28, 2022, were RMB 153.4 million, up from RMB 110.5 million for the same period in 2021[36]. - The group's property, plant, and equipment increased by RMB 81.4 million to approximately RMB 1,655.8 million as of February 28, 2022, due to the completion of construction at the Hainan campus[31]. - Non-current assets as of February 28, 2022, totaled RMB 1,765,358,000, an increase from RMB 1,675,862,000 as of August 31, 2021[115]. Financial Position and Liquidity - As of February 28, 2022, the group's cash and cash equivalents were approximately RMB 151.2 million, down from RMB 303.9 million as of August 31, 2021[33]. - The group had unutilized financing of RMB 100.0 million as of the reporting date, indicating sufficient operational funding for at least the next 12 months[32]. - The company reported a significant reduction in cash outflows for investment activities, totaling RMB 93,746,000, down from RMB 146,780,000 in the previous year, indicating a more conservative investment approach[124]. Strategic Initiatives and Future Plans - The company aims to leverage national policies supporting vocational education to expand its educational scale and enhance its market position[55]. - The company is actively pursuing mergers and acquisitions of quality vocational and higher education licenses in the northeastern provinces of China[64]. - The company plans to complete the construction of a "New Financial Wisdom Learning Factory" by the end of 2022, which will significantly enhance students' practical training experiences[60]. Governance and Compliance - The company has complied with the corporate governance code, with no significant deviations reported[91]. - The audit committee has reviewed the unaudited interim results for the six months ending February 28, 2022, and found that the financial information complies with applicable accounting standards[108]. - The board of directors will continue to review the separation of the roles of chairman and CEO as necessary[93]. Shareholder Information - The company does not recommend declaring an interim dividend for the six months ending February 28, 2022[98]. - The board of directors has approved a share buyback program worth HKD 100 million to enhance shareholder value[200].

Financial Performance - For the fiscal year ending August 31, 2021, Leader Education Limited reported revenue of RMB 196.1 million, a 25.7% increase from RMB 156.1 million in the previous year[10]. - Revenue increased from RMB 156.1 million for the year ended August 31, 2020, to RMB 196.1 million for the year ended August 31, 2021, representing a growth of RMB 40.0 million or 25.7%[18]. - Tuition revenue rose from RMB 149.7 million to RMB 180.1 million, an increase of RMB 30.3 million or 20.2%[18]. - Accommodation revenue surged from RMB 6.4 million to RMB 16.1 million, exceeding 100% growth[18]. - Gross profit increased from RMB 85.0 million to RMB 99.0 million, a rise of RMB 13.9 million or 16.4%[22]. - The total profit for the year ended August 31, 2021, was RMB 52.0 million, representing an increase of approximately 22.8% from RMB 42.4 million for the year ended August 31, 2020[33]. - The company recorded a profit before tax from continuing operations of approximately RMB 52.0 million for the year ended August 31, 2021, an increase of about 18.7% compared to approximately RMB 43.9 million for the same period last year[30]. - The company’s cash and cash equivalents were approximately RMB 303.9 million, down from approximately RMB 337.6 million as of August 31, 2020, primarily due to expansion construction costs[35]. - The company’s capital expenditure for the year ended August 31, 2021, was RMB 159.7 million, compared to RMB 128.3 million in 2020[38]. - The group reported a bank and other borrowings and accrued interest of approximately RMB 877.5 million as of August 31, 2021[127]. Student Enrollment and Employment - The total number of enrolled students at Heilongjiang University of Technology reached 9,554, representing an 8.5% growth from 8,807 students in the 2019/2020 academic year[10]. - The school had a total of 9,891 full-time undergraduate students as of August 31, 2021, compared to 9,554 students in the previous academic year, reflecting an increase in student enrollment[50]. - The employment rate for the 2021 graduating class was 88.68%, up from 83.55% for the 2020 graduating class, indicating improved job placement success[10]. - The average employment rate for graduates from higher education programs reached 88.68%[62]. - The overall satisfaction rate of employers with graduates reached 94%, reflecting the effectiveness of the company's teaching methods[10]. Strategic Initiatives and Expansion - The company is expanding its campus network in China, having signed a land use rights transfer contract for 86,056 square meters in Jiangsu Province to develop a talent training and exchange platform[11]. - Leader Education Limited is actively seeking acquisition targets, prioritizing quality vocational and higher education licenses and institutions in Northeast China[11]. - The establishment of the Railway College and related programs fills a gap in private higher education for railway majors in Northeast China[13]. - The company aims to enhance its management standards and provide quality educational services to improve student competitiveness in the job market[13]. - The company has set up four industry colleges to promote the integration of industry and education, enhancing the quality of applied undergraduate talent training[55]. - The company has expanded its online education capabilities in response to the COVID-19 pandemic, ensuring no significant impact on revenue or financial status[57]. - The new comprehensive campus in Nantong City is part of the company's strategy to align with national policies supporting vocational education development[61]. Regulatory Environment and Compliance - Government policies supporting vocational education development are being closely followed, including the revised Vocational Education Law and regulations promoting high-quality vocational education[13]. - The introduction of the revised Vocational Education Law emphasizes the equal importance of vocational education and general education, encouraging social forces to participate in education[59]. - The 2021 regulations mandate that private schools establish a public mechanism for transactions with related parties[199]. - The company acknowledges the potential for adverse impacts on its business and financial outlook due to regulatory changes[198]. - The company may face uncertainties regarding the interpretation and enforcement of the 2021 regulations by government authorities[199]. Management and Governance - The company has four executive directors and three independent non-executive directors as of the report date[78]. - Liu Laixiang, the CEO and Chairman, has approximately 16 years of experience in the education sector[79]. - Dong Ling, an executive director, has nearly 24 years of experience in education and is responsible for international cooperation and exchange[80]. - Wang Yunfu, the Chief Financial Officer, has been with the group since January 2013 and oversees financial and accounting management[83]. - The company’s management team has extensive experience in software engineering and education, contributing to its strategic planning and development[97]. Risk Management - The company has faced various operational risks, including market recognition of its brand, regulatory changes in the private higher education sector, and competition from other educational institutions[114]. - The company has a commitment to effective risk management, addressing market, credit, and liquidity risks associated with its operations[114]. - The company may face significant compliance costs due to the disclosure mechanisms and government scrutiny related to related party transactions[196]. - Future acquisitions may be subject to stricter regulations, potentially impacting the company's expansion plans[199]. Shareholder Relations and Dividends - The board does not recommend the declaration of a final dividend for the year ended August 31, 2021[117]. - The group has established a dividend policy to ensure shareholders can share in the company's profits while retaining liquidity for future growth opportunities[119]. - The board will regularly review and reassess the effectiveness of the dividend policy[120]. Structural Contracts and Business Operations - The company has established structural contracts to comply with Chinese regulations, allowing indirect business operations in the private education sector[151]. - The structural contracts ensure that all significant business activities of the Chinese consolidated entities are guided and supervised by the company[151]. - The company holds no equity interest in Heilongjiang University of Commerce, but has rights to control financial and operational policies through structural contracts[151]. - The company has committed to providing exclusive technical and management consulting services to its Chinese consolidated entities[169].

立 德 教 育 有 限 公 司 Leader Education Limited (於朗曼群島註冊成立的有限公司) 股份代號 : 1449 rdi III 中期報告 2021 日日日日日日日日日日 LODDOV 目錄 2 公司概況 4 財務摘要 5 管理層討論與分析 15 其他資料 22 中期簡明綜合損益及其他全面收益表 24 中期簡明綜合財務狀況表 26 中期簡明綜合權益變動表 27 中期簡明綜合現金流量表 29 中期簡明綜合財務資料附註 50 釋義 | --- | --- | --- | |-------------------------------|-----------------------------|----------| | | | 公司概況 | | 董事會 | 薪酬委員會 | | | 執行董事 | 張甦先生 ( 主席 ) | | | 劉來祥先生 ( 主席兼行政總裁 ) | 劉來祥先生 | | | 董玲女士 | 曹少山先生 | | | 王雲福先生 | | | | 車文閣先生 | 提名委員會 | | | 獨立非執行董事 | 劉來祥先生 ( 主席 ) | | | 張甦先生 | 張甦先生 | | ...

Enrollment and Student Capacity - The total number of enrolled students at Heilongjiang University of Commerce increased to 8,807, a growth of 7.0% from 8,233 in the previous academic year[11] - The company plans to expand its student capacity by approximately 3,000 students through the second phase of construction at the Hanan campus, expected to commence in the second half of 2020 and complete by 2023[12] - The first phase of the Hanan campus construction completed in September 2019 increased student capacity by about 4,440[12] - The total number of full-time undergraduate students increased to 9,572 as of October 30, 2020, compared to 6,739 on August 31, 2020, reflecting a significant growth in enrollment[58] - The number of new students enrolled for the 2020/2021 academic year was 2,851, an increase of 267 from 2,584 in 2019, indicating a growth of approximately 10.3%[68] Financial Performance - The company recorded revenue of RMB 156.1 million, representing a 12.9% increase from RMB 138.2 million in the same period last year[11] - The company's revenue increased from RMB 138.2 million for the year ended August 31, 2019, to RMB 156.1 million for the year ended August 31, 2020, representing a growth of RMB 17.9 million or 12.9%[20] - Tuition revenue rose from RMB 127.9 million to RMB 149.7 million, an increase of RMB 21.8 million or 17.1%[20] - Gross profit increased from RMB 79.2 million to RMB 85.0 million, a rise of RMB 5.8 million or 7.4%[25] - The annual profit decreased to RMB 42.4 million for the year ended August 31, 2020, down approximately 39.7% from RMB 70.2 million for the year ended August 31, 2019[33] - Adjusted net profit slightly decreased by about 0.3% to approximately RMB 70.7 million for the year ended August 31, 2020, from approximately RMB 70.9 million for the year ended August 31, 2019[37] Employment and Graduate Outcomes - The initial employment rate for graduates from undergraduate programs was 90.9%, indicating the effectiveness of the company's teaching methods[11] - The initial employment rate for graduates reported was 78.76%, ranking second among private higher education institutions in Heilongjiang Province[59] - The school has implemented a comprehensive employment support system, enhancing job placement efforts for graduates during the pandemic[59] - The group reported that over 30 new companies were established by graduates, providing employment opportunities and showcasing entrepreneurial success[62] Strategic Plans and Expansion - The company is considering acquiring existing higher education institutions in Northeast, Northern, and Central China that have low utilization rates or significant growth potential[12] - The company plans to diversify its revenue sources to improve profitability and expand its school network and student enrollment[15] - The company aims to enhance its industry collaboration programs and provide students with practical training and internship opportunities with leading companies[14] - The company plans to enhance market penetration by advancing the construction of Daqing Transportation Vocational and Technical College and Hanan Campus, aiming to increase student capacity and improve profitability[72] Financial Position and Capital Management - Total current assets rose significantly from RMB 191.974 million in 2019 to RMB 372.446 million in 2020[18] - Current liabilities decreased from RMB 345.695 million in 2019 to RMB 265.643 million in 2020[18] - The financing cost increased from RMB 33.0 million for the year ended August 31, 2019, to approximately RMB 45.0 million for the year ended August 31, 2020, representing an increase of about 36.4%[30] - The group reported a total outstanding bank and other borrowings of approximately RMB 820.8 million as of August 31, 2020[146] Regulatory Compliance and Governance - The company is ensuring compliance with foreign investment control regulations in higher education, with all board members being Chinese citizens[80] - The company will continue to monitor regulatory developments related to private education and believes that recent regulations will not have a significant adverse impact on its operations[76] - The group has established structural contracts to comply with Chinese regulations, allowing indirect business operations in China[173] Technological Development and Online Education - A service agreement was signed with Beijing Muhua Information Technology Co., Ltd. to enhance online teaching capabilities, utilizing the "Rain Classroom" solution starting from August 2020[67] - The company is investing $2 million in technology development to enhance its online learning platform, aiming for a 30% improvement in user engagement metrics[100] - New product offerings, including online courses, are expected to contribute an additional $5 million in revenue, with a projected growth rate of 25% in the first year[100] Shareholder and Dividend Policies - The company does not recommend the declaration of a final dividend for the year ended August 31, 2020[135] - The board has established a dividend policy to ensure shareholders can share in the company's profits while retaining liquidity for future growth opportunities[137] Environmental and Social Responsibility - The group has implemented environmental measures to reduce energy consumption and waste[126] - The group has not made any charitable donations during the reporting period[131]