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% ...

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].

Financial Performance - Total revenue for the six months ended February 28, 2021, was approximately RMB 979.4 million, an increase of 9.9% compared to RMB 891.5 million for the same period in 2020[7]. - Profit for the period increased to approximately RMB 305.3 million, up 5.2% from RMB 290.3 million in the previous year[7]. - Tuition revenue increased by RMB 70 million or 8.5% to RMB 898 million, while accommodation revenue rose by RMB 18 million or 28.1% to RMB 81 million[11]. - The total comprehensive income for the period was RMB 24,033,000, down from RMB 29,033,000 in the prior year[97]. - The basic and diluted earnings per share for the period were RMB 0.0458, compared to RMB 0.0581 in the previous year[97]. Student Enrollment and Academic Performance - The number of full-time students reached 9,554, representing an increase of approximately 8.5% compared to the 2019/2020 academic year[8]. - The school achieved a graduate employment rate of 83.6% for the class of 2020, with an overall employer satisfaction rate of 94%[40]. - The school’s utilization rate for undergraduate programs was 75.3% as of February 28, 2021, compared to 69.5% a year earlier[39]. Expenses and Costs - Sales costs rose to RMB 492 million, an increase of 24.1% from RMB 397 million, primarily due to higher employee costs and teaching expenses[12]. - Employee costs increased by RMB 41 million or 24.1% to RMB 212 million, driven by salary and welfare increases[12]. - Administrative expenses rose by RMB 4.9 million or 91.8% to RMB 10.2 million for the six months ended February 28, 2021, primarily due to an increase in administrative staff and related costs[18]. - Total interest expenses for the six months ended February 28, 2021, were RMB 24,464,000, compared to RMB 19,639,000 for the same period in 2020, representing a rise of 24.5%[124]. Capital Expenditures and Investments - Capital expenditures for the six months ended February 28, 2021, amounted to RMB 110.5 million, mainly related to the construction and upgrade of school facilities[28]. - Property, plant, and equipment increased by RMB 95.8 million to approximately RMB 1,547.2 million as of February 28, 2021, due to the completion of construction at the Hainan campus[23]. - The group acquired assets for RMB 109,603,000 as property, plant, and equipment during the six months ended February 28, 2021, up from RMB 76,226,000 in the same period of 2020[139]. Financial Position and Liquidity - Cash and cash equivalents decreased to approximately RMB 245.9 million as of February 28, 2021, from RMB 337.6 million as of August 31, 2020, primarily due to payments related to the expansion of the Hainan campus[26]. - The company had unutilized financing of RMB 169.0 million as of the reporting date, indicating sufficient working capital to meet cash requirements for at least the next 12 months[24]. - The company recorded a net current liability of RMB 116,411,000, with contract liabilities amounting to RMB 98,487,000, which will be settled through educational services rather than cash[112]. Strategic Initiatives and Future Outlook - The company plans to continue enhancing teaching quality through teacher training and collaboration with educational technology firms[14]. - The company is actively pursuing the acquisition of 100% equity interest in Qiqihar College to enhance market penetration[45]. - The company has established a new education and employment integration base in the Yangtze River Delta, expected to enhance enrollment and employment capabilities, thereby increasing revenue and profitability[47]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of the fiscal year[182]. Governance and Compliance - The company confirmed compliance with the corporate governance code, with no deviations noted during the reporting period[74]. - The board of directors has maintained the roles of CEO and chairman under one individual, which the board believes ensures consistent leadership[75]. - The company has adopted specific plans to comply with qualification requirements, reflecting its commitment to regulatory adherence in the education sector[51]. Shareholder Information - Major shareholders include Junhua Education Limited with 196,674,000 shares (29.5%) and Shuren Education Limited with 300,000,000 shares (45.0%) as of February 28, 2021[65]. - The company did not declare any interim dividends for the six months ending February 28, 2021[81].

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]