Core Viewpoint - Chery Group is launching a promotional campaign for the Dragon Boat Festival, offering significant discounts across its brands, including Chery, Exeed, Jietu, and iCAR, with total subsidies reaching up to 10 billion yuan [1][15] Group 1: Promotional Campaign Details - The promotional event runs from now until June 2, featuring discounts of up to 45,000 yuan on Jietu vehicles [1][15] - The Jietu Mountain and Sea series, designed for family and off-road travel, is highlighted with various models participating in the promotion [3][8] Group 2: Specific Model Discounts - Jietu Mountain and Sea L6, L7, and L9 models are included in the promotion, offering cash discounts and trade-in subsidies [8] - Mountain and Sea L6: Cash discount of 5,000 yuan, trade-in subsidy up to 12,000 yuan, total discount of 37,000 yuan [8] - Mountain and Sea L7: Cash discount of 10,000 yuan, trade-in subsidy up to 15,000 yuan, total discount of 45,000 yuan [8] - Mountain and Sea L9: Cash discount of 8,000 yuan, trade-in subsidy up to 10,000 yuan, total discount of 38,000 yuan [8] Group 3: New Energy and Fuel Models - The 2025 Mountain and Sea T1 features a hybrid architecture with a maximum power of 435 kW and a pure electric range of 226 km, with a total discount of 30,000 yuan during the event [4][6] - The Jietu Traveler, a fuel model, is also part of the promotion, with a starting price of 56,900 yuan and various subsidies available [10][14] Group 4: User-Centric Approach - Jietu emphasizes a user-centered approach, offering a comprehensive travel experience with over 1,200 ecological products and partnerships, aiming to enhance customer satisfaction [14]

Group 1 - Chery Group showcased 53 models from its five brands, including Chery, Exeed, Jetour, iCAR, and Zhijie, at the 2025 Shanghai International Auto Show [1][3] - The new Chery QQ targets the A0 electric vehicle market, featuring a classic design and a user co-creation plan set for May [3][5] - The Fengyun A9, a C-class sedan, has received over 53,565 orders in 35 days since its blind booking, with a limited release of 5,000 founder editions [5][7] Group 2 - In Q1 2023, Chery Group achieved a record sales volume of 620,000 vehicles, with 255,000 units exported, maintaining the top position among Chinese automakers in exports [9] - Chery's chairman emphasized the company's commitment to "four modernizations": electrification, intelligence, low carbon, and internationalization, with a record 5,000 overseas guests at the auto show [9] - Chery introduced its "Land, Sea, and Air" technology system, showcasing products like the Kunpeng super hybrid system and amphibious vehicles [9]

Group 1 - The core focus of the news is the launch of high-end intelligent new energy vehicles by the Exeed brand at the 2025 Shanghai International Auto Show, including the concept car "Tianji" and the 2025 Exeed ES electric vehicle [1][3] - The "Tianji" concept car is designed for affluent families, measuring 5.3 meters in length and 3.2 meters in wheelbase, indicating a shift towards larger SUV models [3][5] - The 2025 Exeed ES electric vehicle is positioned as a "value-for-money king," with a pre-sale price range of 199,800 to 279,800 yuan, emphasizing long range, safety, and intelligence [6][8] Group 2 - The "Tianji" will utilize the new E0X_L high-performance platform, featuring advanced smart configurations and a 900mm wading depth capability, with a maximum climbing performance of 45% [5] - The "Tianji" offers both pure electric and range-extended powertrains, with the pure electric version featuring a 1000V high-voltage architecture and a range of 300 km, while the range-extended version has a total range of 2000 km [5] - The 2025 Exeed ES electric vehicle boasts a maximum range of 710 km, a 5C charging rate allowing for 11.5 minutes of charging to gain 515 km of range, and is built to meet the highest global safety standards [8]

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Course Development and Accreditation - TOP has received unconditional re-accreditation for its Bachelor of Laws program for five years, making it the only non-university higher education institution in the private sector to offer accredited legal courses that allow students to obtain a practicing lawyer qualification [8]. - A new undergraduate data business course focusing on digital marketing and supply chain management is being developed, along with a micro-credential course on ESG standards set to launch in the first half of 2025 [7]. - TOP is actively developing new courses that are least affected by artificial intelligence, with plans to submit for accreditation in the first quarter of 2025 [6]. - The academic committee has approved a comprehensive proposal for a doctoral program focused on education and leadership capabilities, which will include industry-oriented research [6]. - Three undergraduate accounting programs and four postgraduate accounting programs have been re-accredited for five years, valid until December 31, 2029 [8]. Student Enrollment and Growth - The student population at the regional campus in Perth has grown rapidly since its operation began in 2023, matching the scale of the main campus in Sydney [11]. - The Australian government has proposed a cap on international student enrollments for higher education institutions by 2025, which TOP is addressing by developing new courses for local students [5]. - User enrollment increased by 10% year-over-year, reaching a total of 25,000 students [164]. - The company plans to expand its presence in New South Wales, targeting an additional 5,000 students by the end of 2025 [164]. Financial Performance - Revenue increased by approximately 16.5% from about AUD 13.7 million for the six months ended December 31, 2023, to about AUD 16.0 million for the six months ended December 31, 2024 [18]. - Gross profit rose by 16.6% from AUD 5.7 million for the six months ended December 31, 2023, to AUD 6.6 million for the six months ended December 31, 2024, with a stable gross margin of approximately 41.3% [21]. - Net profit increased by approximately 50.1% from about AUD 1.0 million for the six months ended December 31, 2023, to about AUD 1.6 million for the six months ended December 31, 2024 [28]. - Other income rose by 54.62% from about AUD 1.0 million for the six months ended December 31, 2023, to about AUD 1.6 million for the six months ended December 31, 2024, primarily due to increased interest income [22]. - For the six months ended December 31, 2024, the company reported revenue of AUD 16,016,000, an increase of 9.2% from AUD 13,745,000 in the same period of 2023 [79]. - The company achieved a profit before tax of AUD 2,148,000, compared to AUD 1,437,000 in the previous year, marking a year-over-year increase of 49.5% [79]. Expenses and Investments - Administrative expenses increased by approximately 16.5% from AUD 3.7 million for the six months ended December 31, 2023, to AUD 4.4 million for the six months ended December 31, 2024 [24]. - Capital expenditure for the six months ended December 31, 2024, was approximately AUD 0.3 million, covering registration, course development, and classroom equipment [29]. - The company invested AUD 257,000 in new intangible assets, compared to AUD 44,000 in the previous period, representing a significant increase in investment in this area [89]. - Operating expenses increased by 12% due to investments in marketing and technology upgrades [164]. Cash Flow and Assets - The group had cash on hand of approximately AUD 46.6 million as of December 31, 2024, compared to AUD 44.1 million as of June 30, 2024, with no bank borrowings [30]. - Cash and cash equivalents at the end of the period rose to AUD 46,588,000 from AUD 44,106,000, an increase of about 5.6% [91]. - Total current assets amounted to AUD 50,495,000, an increase from AUD 47,155,000 as of June 30, 2024 [82]. - The total financial assets measured at amortized cost amounted to AUD 49,040,000 as of December 31, 2024, compared to AUD 46,479,000 as of June 30, 2024 [155]. Shareholder Information and Equity - Major shareholders include Shuling Chen with 365,764,000 shares (15.01%) and Guoli Minsheng with 351,180,000 shares (14.41%) as of December 31, 2024 [51]. - The total number of issued shares as of December 31, 2024, is 2,436,394,000 [53]. - The company does not recommend an interim dividend for the six months ended December 31, 2024, compared to HKD 0.1 per share for the same period in 2023 [41]. - Total equity remained stable at AUD 36,547,000 as of December 31, 2024, with no changes in issued capital during the six months [126]. Employee Development and Compensation - Over 90% of teaching staff reported feeling competent in their teaching roles, with more than two-thirds confident in identifying at-risk students and academic integrity procedures [13]. - The company emphasizes employee professional development and offers comprehensive training programs [38]. - The board of directors has established a remuneration committee to review the compensation policies for all directors and senior management [37]. - The company has adopted performance rights, stock option, and share incentive plans to motivate eligible participants [54]. Future Outlook and Strategic Plans - The company expects a revenue growth of 20% for the full year 2025, driven by new program offerings and market expansion [164]. - A strategic acquisition of a local education provider is anticipated to be finalized by Q3 2025, expected to add AUD 5 million in annual revenue [164]. - The company has launched two new degree programs, which are projected to contribute an additional AUD 3 million in revenue by year-end [164]. - The management emphasized a commitment to maintaining high educational standards, aligning with the Australian Higher Education Quality and Standards Agency [164].

Financial Performance - The group's revenue increased by approximately 16.5% to about AUD 16.0 million[3] - Gross profit was approximately AUD 6.6 million, an increase of about 16.6%[3] - Profit for the period was approximately AUD 1.6 million, growing by about 50.1%[3] - Basic earnings per share increased to AUD 0.066 from AUD 0.043, representing a growth of approximately 53.5%[4] - Revenue from course fees was AUD 14.97 million, an increase from AUD 12.77 million[11] - Other income and gains were AUD 1.6 million, up from AUD 1.04 million[4] - Interest income increased to AUD 1,533,000 for the six months ended December 31, 2024, compared to AUD 944,000 in the same period of 2023, representing a growth of 62.4%[13] - The group reported a pre-tax profit of AUD 1,592,000 for the six months ended December 31, 2024, up from AUD 1,040,000 in 2023, marking a 53% increase[22] - Basic earnings per share rose to AUD 0.000665 for the six months ended December 31, 2024, compared to AUD 0.000434 in 2023, reflecting a growth of 53%[20] - Net profit for the reporting period increased by approximately 50.1% from about AUD 1.0 million for the six months ended December 31, 2023, to about AUD 1.6 million for the six months ended December 31, 2024[55] - Gross profit rose by 16.6% from AUD 5.7 million for the six months ended December 31, 2023, to AUD 6.6 million for the six months ended December 31, 2024, with a stable gross margin of approximately 41.3%[50] Assets and Liabilities - Cash and cash equivalents rose to AUD 46.6 million from AUD 44.1 million, an increase of about 5.7%[5] - Total assets less current liabilities amounted to AUD 62.4 million, slightly down from AUD 62.9 million[5] - Non-current assets totaled AUD 28.2 million, down from AUD 30.2 million[5] - The company reported a total equity of AUD 50.7 million, up from AUD 50.1 million[5] - Total trade receivables amounted to AUD 455,000 as of December 31, 2024, up from AUD 304,000 as of June 30, 2024, indicating a 49.7% increase[26] - Trade payables increased to AUD 2,997,000 as of December 31, 2024, from AUD 2,655,000 as of June 30, 2024, showing a growth of 12.9%[28] Expenses and Investments - Administrative expenses increased by approximately 16.5% from AUD 3.7 million for the six months ended December 31, 2023, to AUD 4.4 million for the six months ended December 31, 2024[52] - The cost of revenue rose by approximately 16.5% from AUD 8.1 million for the six months ended December 31, 2023, to AUD 9.4 million for the six months ended December 31, 2024[49] - The group acquired assets at a cost of AUD 48,000 for the six months ended December 31, 2024, down from AUD 88,000 in the same period of 2023, indicating a decrease of 45.5%[24] - Capital expenditure for the six months ended December 31, 2024, was approximately AUD 0.3 million, primarily for course development and office equipment[56] Dividends and Shareholder Information - The group did not declare any interim dividend for the six months ended December 31, 2024, compared to a dividend of AUD 0.001 per share in the same period of 2023[19] - The company does not recommend an interim dividend for the six months ending December 31, 2024, compared to HKD 0.1 per share for the same period in 2023[65] Employee and Operational Developments - The group’s employee benefits expenses (excluding directors and key management personnel) increased to AUD 5,093,000 for the six months ended December 31, 2024, compared to AUD 4,503,000 in 2023, reflecting a growth of 13.1%[15] - The company employed 123 staff members as of December 31, 2024, compared to 106 staff members as of December 31, 2023[62] - The teaching and non-teaching staff satisfaction survey results published in July 2024 showed high levels of satisfaction, with nearly 90% of teaching staff feeling competent in their roles[40] Course and Program Developments - TOP has received unconditional re-accreditation for its Bachelor of Laws program for five years, making it the only non-university higher education institution in the private sector to offer a certified legal course that allows students to obtain a practicing lawyer qualification[36] - TOP is developing a new undergraduate data business course focused on digital marketing and supply chain management, set to launch in the first half of 2025[35] - A new micro-credential course on Environmental, Social, and Governance (ESG) standards will be launched in the first half of 2025, marking TOP's first fully self-developed micro-credential course[35] - The academic committee has approved a comprehensive doctoral program proposal focused on education and leadership capabilities, which will include industry-oriented research components[34] - TOP is actively developing new courses targeting the local student market to mitigate potential negative impacts from future international student enrollment caps[32] Government and Compliance - The group received government grants totaling AUD 25,000 during the reporting period, which was not recorded in the previous year[13] - The IT sector has established a data security framework compliant with ISO27001 standards, emphasizing the importance of protecting student data[42] - The company has adhered to corporate governance standards during the reporting period[71] Future Plans and Proceeds Utilization - The remaining unutilized proceeds are expected to be used by the end of 2025, primarily due to the need for additional time for due diligence and feasibility studies[71] - 41.0% of the net proceeds are allocated for acquisitions or investments in education groups in China and Australia, totaling HKD 70.4 million, with HKD 21.0 million already used[69] - 27.8% of the net proceeds, amounting to HKD 47.8 million, are dedicated to developing "smart education" solutions, which have been fully utilized[69] Miscellaneous - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[66] - No significant events occurred after the reporting period[64] - The reporting period is from July 1, 2024, to December 31, 2024[78] - The company has adopted a share incentive plan since October 23, 2018[78] - The company has implemented a stock option plan since April 18, 2018[78] - The company is listed on the Hong Kong Stock Exchange[78] - The company operates under the Australian Higher Education Quality and Standards Agency established by the 2011 Act[78] - The executive directors include Dr. Xu Rongning, Ms. Huang Xingshi, and Mr. Yang Qingquan[77] - The non-executive directors include Mr. Li Guiping, Mr. Dai Yi, and Mr. Jiang Fucheng[77] - Independent non-executive directors include Mr. Wang Tianye, Professor Steven Schwartz, Mr. Jonathan Richard O'Dea, and Professor Dominic Robert Beresford[77] - The company refers to its shareholders as stockholders[78] - The currency used is the US dollar[78]

Financial Performance - The company achieved a revenue growth of 8.2% for the fiscal year 2024, driven by strong student enrollment and expansion of higher education facilities[10]. - Revenue increased by approximately 8.2% from about AUD 26.8 million for the year ended June 30, 2023, to about AUD 29.0 million for the year ended June 30, 2024[28]. - Tuition fees accounted for over 92.9% of the group's revenue, while other service fees represented about 7.1%[29]. - Cost of revenue rose by approximately 8.2% from AUD 15.1 million to AUD 16.3 million, consistent with the increase in student enrollment[31]. - Gross profit increased by 8.2% from AUD 11.8 million to AUD 12.8 million, with a stable gross margin of approximately 43.9%[32]. - Interest income surged by 282.5% from about AUD 0.5 million to about AUD 2.0 million, primarily due to rising interest rates on term deposits[33]. - Other income decreased by 54.1% from about AUD 0.3 million to about AUD 0.1 million, mainly due to the cessation of government pandemic support[34]. - Administrative expenses rose by approximately 14.4% from AUD 7.3 million to AUD 8.3 million, driven by increased employment and leasing costs[35]. - Advertising and marketing expenses increased by about 12.1% from approximately AUD 2.8 million to about AUD 3.1 million, primarily due to higher employment-related costs[36]. - Net profit for the year increased by approximately 75.6% from about AUD 1.1 million to about AUD 1.9 million[38]. Strategic Initiatives - The establishment of the IT Academy and the launch of the Master's program in Data Analytics mark significant milestones in the company's development trajectory[9]. - Future strategies include launching new courses for domestic students, expanding online education, and exploring transnational education opportunities[12]. - The company has integrated artificial intelligence (AI) into its operations to enhance educational experiences and operational efficiency[12]. - The group plans to open new courses for domestic students and online programs in response to government-imposed limits on international student enrollments[19]. - The group has developed a blueprint to maintain academic integrity while educating future business leaders on the responsible use of artificial intelligence[21]. - The company is focused on maintaining and expanding its operations in the Greater China region through strategic partnerships and collaborations[47]. Regulatory Compliance and Quality Assurance - The company received a favorable low-risk rating from the Higher Education Quality and Standards Agency, reaffirming its commitment to quality education[9]. - The group received a favorable low-risk rating from regulatory authorities, reaffirming its commitment to quality assurance[17]. - The group plans to submit its re-registration application to the Higher Education Quality and Standards Agency by March 4, 2025[23]. - An independent review of the group's corporate and academic governance structure was commissioned, leading to improvement recommendations[22]. Governance and Management - The board includes experienced members with extensive backgrounds in education and business management, enhancing strategic oversight[44][49]. - The board consists of 10 members, including 3 independent non-executive directors, ensuring compliance with listing rules[185]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with clear written terms of reference[189]. - The Audit Committee, composed of three independent non-executive directors, held two meetings to review interim and annual financial performance and significant matters related to financial reporting and internal controls[190]. - The Remuneration Committee reviewed the remuneration policies for all directors and senior management, ensuring that no director determines their own remuneration[191]. - The nomination committee reviews the board's structure and composition at least once a year to ensure diversity and effectiveness[198]. Shareholder Information - The company reported a proposed final dividend of HKD 0.2 per share for the year ending June 30, 2024, compared to HKD 0.1 per share in 2023[66]. - As of June 30, 2024, the company's distributable reserves amounted to AUD 11.4 million[71]. - The total number of issued shares is 2,436,394,000[78]. - Major shareholders include Shuling Chen with 365,764,000 shares (15.01%) and Tristar United with 150,002,000 shares (6.15%)[81]. Employee and Diversity Initiatives - The company employed 128 staff members as of June 30, 2024, an increase from 100 employees in the previous year[159]. - The gender ratio among employees (including management but excluding the board) is 6.5:3.5[196]. - The board composition shows a gender diversity of 22.2% female (2 members) and 77.8% male (7 members)[197]. - The total employee gender ratio is 33.3% female (45 employees) and 66.7% male (90 employees)[197]. - The company aims to maintain an appropriate balance of diversity in line with business growth and will consider measurable targets for board diversity[195]. Financial Instruments and Risk Management - The company does not use any financial instruments for hedging purposes but monitors foreign exchange risks and may consider hedging significant foreign currency risks when necessary[41]. - The company has insurance coverage for directors and senior management against legal claims arising from business activities[183]. Charitable Contributions - The company made charitable donations totaling approximately AUD 53,000 during the year ending June 30, 2024, compared to none in the previous year[158].

Revenue and Profit Growth - Revenue increased by 8.2% to approximately AUD 29.0 million[1] - Gross profit rose by 8.2% to approximately AUD 12.8 million[1] - Annual profit surged by 75.6% to approximately AUD 1.9 million[1] - Revenue from customer contracts in Australia increased to AUD 29,041 thousand in 2024, up from AUD 26,848 thousand in 2023, with tuition fee revenue accounting for AUD 26,967 thousand and other service fee revenue at AUD 2,074 thousand[10][13] - Revenue increased by 8.2% from AUD 26.8 million in FY2023 to AUD 29.0 million in FY2024, driven by higher student enrollment[48] - Gross profit increased by 8.2% to AUD 12.8 million, with a stable gross margin of 43.9%[50] - Net profit grew by 75.6% to AUD 1.9 million in FY2024, up from AUD 1.1 million in FY2023[56] Earnings Per Share and Dividends - Earnings per share (basic) increased to 0.080 AUD cents from 0.046 AUD cents[2] - Earnings per share (diluted) increased to 0.075 AUD cents from 0.044 AUD cents[2] - Proposed final dividend of 0.2 HK cents per ordinary share, up from 0.1 HK cents in 2023[1] - Dividends declared for 2024 totaled 941,000 AUD, including an interim dividend of 473,000 AUD and a proposed final dividend of 468,000 AUD[22] - A final dividend of HKD 0.2 cents per share was proposed, doubling from HKD 0.1 cents in FY2023[60] Assets and Liabilities - Total assets increased to AUD 62.953 million from AUD 61.869 million[3] - Net current assets grew to AUD 32.728 million from AUD 30.226 million[3] - Equity attributable to owners of the company increased to AUD 50.118 million from AUD 48.925 million[3] - Contract liabilities decreased to AUD 4,246 thousand in 2024 from AUD 5,982 thousand in 2023, reflecting prepayments for educational services expected to be recognized within one year[14] - Lease liabilities as of June 30, 2024, amounted to 15,080,000 AUD, with a current portion of 2,562,000 AUD and a non-current portion of 12,518,000 AUD[27] Expenses and Costs - Employee benefit expenses, excluding directors and key management personnel, rose to AUD 9,596 thousand in 2024 from AUD 7,374 thousand in 2023, driven by increased wages, salaries, and retirement plan contributions[17] - Lease liability interest decreased to AUD 725 thousand in 2024 from AUD 786 thousand in 2023[18] - Cost of revenue rose by 8.2% to AUD 16.3 million, primarily due to increased agent commissions, student-related costs, and employment expenses[49] - Total lease-related expenses recognized in the income statement for 2024 were 2,861,000 AUD, including interest on lease liabilities and amortization of right-of-use assets[28] Government Grants and Tax - Government grants decreased significantly to AUD 25 thousand in 2024 from AUD 166 thousand in 2023, reflecting reduced subsidies for international market expansion[15] - Income tax provisions were calculated at a 25% statutory rate for the fiscal years ending June 30, 2024, and 2023, with no provisions for Hong Kong profits tax[19][20] - Total tax expense for the year increased to 804,000 AUD in 2024 from 702,000 AUD in 2023, with an effective tax rate of 29.6% in 2024 compared to 39.2% in 2023[21] Operational and Strategic Developments - The company operates solely in Australia, with all revenue and non-current assets located in the region, and no single customer accounted for 10% or more of total revenue[12] - The company adopted revised International Financial Reporting Standards (IFRS) related to accounting policies, estimates, and deferred taxes, with no material impact on financial statements[8][9][11] - Pre-tax profit adjustments included intangible asset amortization of AUD 2,018 thousand and depreciation of AUD 931 thousand in 2024[17] - The company recognized deferred tax assets and liabilities for lease-related temporary differences, consistent with revised IFRS standards[9] - The company's overall revenue increased by 8.2%, driven by growth in higher education and SCOTS, as well as diversified business segments[39] - SCOTS' overseas student quota was fully occupied by December 2023, with all registered students accommodated in existing facilities[39] - The company expanded its higher education facilities twice during the year to accommodate increased enrollment, offsetting the impact of high living costs on student enrollment at the Sydney campus[39] - The company's new Bachelor of Accounting and Data Analytics degree received professional accreditation in March 2024[40] - The company maintained a favorable low-risk rating from regulatory authorities in June 2024, reaffirming its commitment to quality assurance[40] - The company plans to open new courses for domestic students, launch online courses, and develop transnational education measures in response to the government's cap on international student enrollments starting in 2024[41] - The company has integrated AI into teaching methods, research, and management processes to enhance student experience and operational efficiency, with a high-level AI policy statement approved in 2023[42] - A comprehensive digital empowerment plan based on the 5P framework (Projects, People, Practices, Policy, Promotion) has been implemented to leverage generative AI responsibly and ethically[43] - The company has maintained tuition fees unchanged for both international and domestic students in 2024 compared to 2023, with annual tuition increases capped at 15% and no more than 30% over three years[46] - The company is preparing to submit a re-registration application to the Tertiary Education Quality and Standards Agency by March 4, 2025, based on its low-risk status over the past five years[45] - The company is exploring diversified course offerings, including innovative courses tailored for domestic students, enhanced online teaching capabilities, and transnational education opportunities to strengthen its global market position[47] - The company has submitted a comprehensive report to regulators on the use of AI in teaching, learning, and research, outlining a blueprint for maintaining academic integrity and educating future business leaders on ethical AI use[43] - The Australian government announced a cap on new overseas student enrollments, potentially impacting the company's higher education business starting January 1, 2025[59] Financial Position and Investments - Interest income significantly increased to AUD 1.962 million from AUD 513,000[2] - The company held AUD 44.1 million in cash as of June 30, 2024, with no bank borrowings[57] - Capital expenditures for FY2024 totaled AUD 0.8 million, allocated to course development, facilities, and equipment[56] - 41.0% of the total funds (HKD 70.4 million) are allocated for acquiring or investing in education groups/institutions in China and Australia, with HKD 21.0 million already utilized and HKD 49.4 million remaining, expected to be used by the end of 2024[67] - 27.8% of the total funds (HKD 47.8 million) are allocated for developing "smart education," including digital education solutions in course content, campus infrastructure, and teaching methods, with the full amount already utilized[67] - 9.4% of the total funds (HKD 16.1 million) are allocated for upgrading TOP campuses, with the full amount already utilized[67] - 5.5% of the total funds (HKD 9.5 million) are allocated for expanding TOP campuses, with the full amount already utilized[67] - 3.1% of the total funds (HKD 5.3 million) are allocated for expanding TOP's research, academic activities, and professional development to achieve strategic goals, with the full amount already utilized[67] - 4.4% of the total funds (HKD 7.6 million) are allocated for expanding TOP's marketing activities, with the full amount already utilized[67] - 8.2% of the total funds (HKD 14.0 million) are allocated for working capital and general corporate purposes, with the full amount already utilized[67] - The total funds raised amount to HKD 171.7 million, with HKD 122.3 million already utilized and HKD 49.4 million remaining[67] - The remaining funds are expected to be used by the end of 2024, delayed due to additional time needed for detailed investigations, feasibility studies, and negotiations in the current complex international environment[68] Trade Receivables and Payables - The company's trade receivables aged over two months amounted to 2,655 thousand AUD in 2024, compared to 2,615 thousand AUD in 2023[33] - The impairment loss allowance for trade receivables was 107,000 AUD in 2024, compared to 16,000 AUD in 2023[34] - The company's trade receivables aged one to three months decreased to 197 thousand AUD in 2024 from 344 thousand AUD in 2023[32] - The company's trade payables are typically settled within a 60-day period and are non-interest bearing[35] Property, Plant, and Equipment - Property, plant, and equipment had a net book value of 8,407,000 AUD as of June 30, 2024, with additions of 447,000 AUD during the year[24] - Right-of-use assets for office properties had a net book value of 11,123,000 AUD as of June 30, 2024, with additions of 2,637,000 AUD and amortization of 2,053,000 AUD during the year[27] Governance and Leadership - The audit committee reviewed the group's annual performance for the year ending June 30, 2024, including accounting principles and practices, with figures agreed upon by the auditor, Ernst & Young[70] - The company's executive directors include Dr. Xu Rongning, and non-executive directors include Mr. Li Guiping, Mr. Dai Yi, Mr. Jiang Fucheng, Ms. Huang Xingshi, and Mr. Yang Qingquan[77] - Independent non-executive directors are Mr. Wang Tianye, Professor Steven Schwartz, and Mr. Jonathan Richard O'Dea[77] - The company's secretary is Ying Min, based in Sydney, Australia[77]

Enrollment and Program Development - The total number of EFTSL (Equivalent Full-Time Student Load) for the higher education services increased by approximately 14.5% compared to the same period last fiscal year, as of December 31, 2023[16]. - The newly introduced Bachelor of Accounting and Data Analytics program will commence in the first semester of 2024, combining accounting with auditing, analysis, and cybersecurity[10]. - The Perth campus, which began operations in February 2023, has seen a significant increase in enrollment, mitigating the impact of government policy changes on student numbers at the Hobart campus[9]. - The group has completed and signed its Higher Education Strategic Plan for 2024-2028, aiming to gradually apply for university college status over the next five years[7]. - A new initiative for work-integrated learning will begin in the first semester of 2024, providing students with internship opportunities as part of their curriculum[12]. - The group is expanding its third campus in Sydney due to saturation at its two existing campuses[9]. Financial Performance - Revenue increased by approximately 27.8% from about AUD 10.8 million for the six months ended December 31, 2022, to about AUD 13.7 million for the six months ended December 31, 2023[21]. - Course fee income rose by 27.4% to AUD 12.767 million, while other service fee income increased by 33.2% to AUD 978,000[21]. - Gross profit increased by approximately 31.3% from AUD 4.3 million to AUD 5.7 million, with gross margin rising from about 40.2% to 41.3%[24]. - Net profit for the six months ended December 31, 2023, was approximately AUD 1.0 million, compared to a loss of AUD 0.2 million for the same period in 2022[31]. - Cash on hand as of December 31, 2023, was AUD 44.1 million, up from AUD 41.7 million on June 30, 2023, with no bank borrowings[33]. - Administrative expenses increased by 10.2% to approximately AUD 3.7 million, primarily due to increased office operations and employee-related costs[26]. - Other income rose by approximately 165.3% from AUD 0.4 million to AUD 1.0 million, mainly due to increased interest income[25]. Shareholder and Governance Matters - The board has proposed an interim dividend of HKD 0.1 per share for the six months ending December 31, 2023, compared to no dividend for the same period in 2022[43]. - The company has adopted corporate governance standards to protect shareholder interests and enhance transparency and accountability[76]. - The company has no significant investments, acquisitions, or disposals during the reporting period, and no major investment or capital raising plans were authorized by the board[35]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[45]. Employee and Management Information - The company employed 106 staff members as of December 31, 2023, compared to 91 staff members as of December 31, 2022, reflecting a growth of approximately 16.5% in workforce size[40]. - The company emphasizes the importance of employee training and professional development to ensure high-quality service delivery[41]. - The company’s management remuneration for the six months ended December 31, 2023, totaled AUD 698,000, a decrease from AUD 755,000 in 2022[159]. Stock Options and Performance Rights - The company has adopted pre-IPO performance rights plans, stock option plans, and share incentive plans to motivate eligible participants[56]. - The total number of performance rights granted under the pre-IPO performance rights plan was 143,282,000, which could dilute shareholder equity by approximately 5.5% post-listing[136]. - The company has granted a total of 48,600,000 stock options under the agency stock option plan, with an exercise price of HKD 0.200 per share[153]. - The company recognized share-based payment expenses of AUD 132,000 for the six months ended December 31, 2023, compared to AUD 191,000 for the same period in 2022[156]. Future Plans and Market Strategy - The company aims to enhance its domestic visibility and promote accredited courses in international and local markets, focusing on emerging fields like information technology[20]. - The company is focused on expanding its market presence in the higher education sector in Australia[176]. - The company is exploring new product and technology developments to enhance its educational offerings[176]. - The company is evaluating potential mergers and acquisitions to strengthen its market position[176]. - The company aims to improve user data analytics to better understand student needs and enhance service delivery[176].

Financial Performance - The group's revenue for the six months ended December 31, 2023, was approximately AUD 13.7 million, an increase of about 27.8% compared to the same period in 2022[4] - Gross profit increased by approximately 31.3% to about AUD 5.7 million[4] - The profit for the period was approximately AUD 1.0 million, reversing a loss of about AUD 0.2 million from the previous year[4] - Revenue for the six months ended December 31, 2023, was AUD 13,745,000, an increase of 27.6% compared to AUD 10,757,000 for the same period in 2022[18] - Course fee income for the same period was AUD 12,767,000, up 27.5% from AUD 10,023,000 in the previous year[18] - The company reported a pre-tax profit of AUD 1,040,000 for the six months ended December 31, 2023, compared to a loss of AUD 158,000 in the same period of 2022[29] - Other income increased by approximately 165.3% to about AUD 1.0 million, primarily due to increased interest income[68] - Net profit for the six months ended December 31, 2023, was approximately AUD 1.0 million, reversing a loss of about AUD 0.2 million for the same period in 2022[72] Dividends and Shareholder Returns - The board has proposed an interim dividend of AUD 0.001 per share, compared to no dividend for the same period in 2022[4] - The company declared an interim dividend of HKD 0.001 per ordinary share, compared to no dividend in the previous period[27] - The company plans to pay an interim dividend of HKD 0.001 per share for the six months ended December 31, 2023, compared to no dividend for the same period in 2022[83] Assets and Liabilities - Total assets as of December 31, 2023, were AUD 61.4 million, with net assets amounting to AUD 49.6 million[6] - Cash and cash equivalents increased to AUD 44.1 million from AUD 41.7 million as of June 30, 2023[6] - Trade receivables as of December 31, 2023, were AUD 338 thousand, slightly down from AUD 344 thousand as of June 30, 2023[33] - Current assets, including other receivables, increased significantly to AUD 3,598 thousand as of December 31, 2023, compared to AUD 2,520 thousand as of June 30, 2023[35] - Trade payables increased to AUD 3,246 thousand as of December 31, 2023, from AUD 2,615 thousand as of June 30, 2023[36] - Other payables and accrued expenses rose to AUD 3,605 thousand as of December 31, 2023, compared to AUD 3,290 thousand as of June 30, 2023[38] - Contract liabilities, primarily from short-term advances received from students, increased to AUD 6,716 thousand as of December 31, 2023, from AUD 5,982 thousand as of June 30, 2023[39] Operational Highlights - The total number of student Equivalent Full-Time Student Load (EFTSL) increased by approximately 14.5%[4] - The group is expanding its third campus in Sydney due to saturation in the existing two campuses[49] - A new bachelor's degree program in Accounting and Data Analytics will be launched in the first semester of 2024, combining accounting with auditing and cybersecurity[51] - The group plans to offer a "Work-Integrated Learning Experience" course starting in the first semester of 2024, providing students with internship opportunities[52] - The group aims to enhance its reputation in domestic and international markets by promoting accredited courses and developing innovative programs in emerging fields like information technology[61] - The first IT course, a Master's in Data Analytics, commenced in the second semester of 2023, marking the group's entry into the IT education sector[53] Expenses and Cost Management - Administrative expenses rose to AUD 3.7 million from AUD 3.4 million in the previous year[5] - Total operating expenses for the six months were AUD 7,003,000, an increase from AUD 5,914,000 in the prior year, reflecting a rise of 18.4%[22] - Revenue costs increased by approximately AUD 1.6 million or 25.4% to about AUD 8.1 million for the six months ended December 31, 2023, due to increased enrollment and related expenses[65] - Gross profit rose by approximately 31.3% to about AUD 5.7 million, with the gross profit margin increasing from approximately 40.2% to 41.3%[67] - Administrative expenses increased by 10.2% to approximately AUD 3.7 million, mainly due to office operations and employee-related costs[69] Strategic Initiatives and Future Plans - The company completed the development and signing of its Higher Education Strategic Plan for 2024-2028, aiming to gradually apply for university college status over the next five years[47] - The company has established partnerships with industry and similar national and international educational institutions as part of its strategic plan[47] - The company will leverage its strong cash reserves to seek investment opportunities that promote synergies and expand its business operations[61] Funding and Proceeds Utilization - The net proceeds from the listing amount to approximately HKD 172 million or AUD 30 million, with HKD 122.3 million already utilized by December 31, 2023[86] - 41% of the net proceeds, amounting to HKD 70.4 million, is allocated for acquisitions or investments in education groups/institutions in China and Australia, with HKD 21 million already used[86] - 27.8% of the net proceeds, equivalent to HKD 47.8 million, is dedicated to developing "smart education" solutions, which has been fully utilized[86] - The company plans to use the remaining unutilized proceeds of HKD 49.4 million by the end of 2024, subject to market conditions[87] - The company has upgraded existing campuses with 9.4% of the proceeds, totaling HKD 16.1 million, fully utilized[86] - 5.5% of the proceeds, amounting to HKD 9.5 million, is allocated for expanding the campuses, which has also been fully utilized[86] - The company has established a virtual center for student experience with 0.6% of the proceeds, totaling HKD 1 million, fully utilized[86] - 8.2% of the proceeds, equivalent to HKD 14 million, is reserved for working capital and general corporate purposes, fully utilized[86] Compliance and Governance - The financial data for the six months ending December 31, 2023, has been reviewed by the audit committee[88] - The board believes that the company has complied with the applicable code provisions of the corporate governance code for the six months ending December 31, 2023[90]