Enrollment and Student Statistics - Total number of students increased to 11,985, up by 1,660 or 16.1% from 10,325[12] - The total enrollment number at the end of February 2020 was 11,985 students, representing an increase of 1,660 students or 16.1% compared to the previous year[32] - The number of junior high students increased by 977, or 13.7%, reaching a total of 8,087 students[32] - The number of high school students increased by 125, or 22.5%, totaling 681 students[32] - Kindergarten enrollment increased to 1,274 students, a decrease of 6% from 1,355 students in the previous year, resulting in a utilization rate of 68.3%[51] - Primary school enrollment rose to 1,943 students, up 49% from 1,304 students in the previous year, with a utilization rate of 87.5%[51] - Junior high school enrollment reached 8,087 students, an increase of 14% from 7,110 students in the previous year, maintaining a high utilization rate of 98.2%[51] - High school enrollment grew to 681 students, up 22% from 556 students in the previous year, with a utilization rate of 84.1%[51] - Total enrollment across all educational stages reached 11,985 students, a 16% increase from 10,325 students in the previous year, with an overall utilization rate of 91.3%[51] Financial Performance - Revenue for the six months ended February 29, 2020, was RMB 197,951,000, representing an increase of RMB 29,651,000 or 17.62% from RMB 168,300,000[14] - Adjusted net profit increased to RMB 11,150,000, up by RMB 1,123,000 or 11.20% from RMB 10,027,000[14] - Basic earnings per share decreased to RMB 0.95, down by RMB 0.20 or 17.39% from RMB 1.15[14] - Revenue increased by approximately RMB 29.65 million (or 17.6%) to RMB 197.95 million for the six months ended February 29, 2020, compared to RMB 168.30 million for the same period in 2019[94] - The net profit for the six months ended February 29, 2020, was RMB 11.150 million, up from RMB 10.027 million in the prior year, representing a growth of 11.3%[172] Cash Flow and Liquidity - Cash and cash equivalents decreased to RMB 213,428,000, down by RMB 123,219,000 or 36.60% from RMB 336,647,000[19] - Net cash used in operating activities was RMB (119,528,000), a decrease of RMB 55,878,000 or 87.79% from RMB (63,650,000)[21] - The company reported a net cash outflow from operating activities of RMB (119,528) thousand for the six months ended February 29, 2020, compared to RMB (63,650) thousand for the same period in 2019, indicating a worsening cash flow situation[182] - Cash and cash equivalents at the end of the reporting period were RMB 213,428 thousand, down from RMB 242,157 thousand at the end of February 28, 2019, reflecting a decrease of approximately 11.9%[182] Operational Developments - The number of schools operated increased to 19 as of February 29, 2020, up from 16 the previous year, reflecting an 18.9% growth[30] - The expected total enrollment for the newly opened Lezhi School is approximately 3,200 students[24] - The anticipated total enrollment for the upcoming Neijiang School is about 4,000 students, expected to open in September 2021[27] - The company plans to open new schools in Sichuan Province, with expected total enrollment of approximately 3,200 students for the Nanjing School and 4,000 students for the Wangcang School, both set to open in September 2021[58] - The company has established a partnership to open a new school in the Tianfu New Area, with the high school section expected to commence in September 2021, accommodating 1,500 students[66] - A new school in Neijiang is anticipated to open in September 2021, with a projected capacity of 4,000 students[66] - The company is collaborating with a U.S. partner to establish a private international school in Los Angeles, expected to open in September 2021, with a capacity of 240 students[66] Teacher and Staff Information - Total number of teachers rose to 975, an increase of 72 or 8.0% compared to 903[12] - The total number of teachers as of February 29, 2020, was 975, an increase of 72 teachers or 8.0% from the previous year[36] - The teacher retention rate as of February 29, 2020, was 88.8%, down from 94.4% the previous year[45] - Employee costs increased by approximately RMB 19.2 million (or 23.3%) to RMB 101.73 million for the six months ended February 29, 2020, due to a significant rise in the number of teachers and staff hired[97] Regulatory and Compliance Matters - All operational schools have been registered as non-profit private schools, complying with local regulations regarding educational institution classifications[83] - The company is closely monitoring regulatory developments, particularly concerning the draft amendments to the Private Education Promotion Law, which may impact foreign investment in private education[80] - The company has taken reasonable measures to comply with the qualification requirements for foreign educational institutions as per the "Regulations on Sino-Foreign Cooperative Education"[89] - The company will continue to observe the developments of the Foreign Investment Law and related regulations, which have not yet impacted its operations[87] Cost and Expense Management - Service costs rose by approximately RMB 28.6 million (or 22.8%) to RMB 154.02 million for the six months ended February 29, 2020, compared to RMB 125.42 million for the same period in 2019[97] - Depreciation and amortization expenses increased by approximately RMB 7.8 million (or 70.9%) from RMB 11.0 million for the six months ended February 28, 2019, to RMB 18.8 million for the six months ended February 29, 2020[100] - Administrative expenses decreased by approximately RMB 2.6 million (or 8.5%) from RMB 30.6 million for the six months ended February 28, 2019, to RMB 28.0 million for the six months ended February 29, 2020[106] Shareholder Information - As of February 29, 2020, Mr. Xiong Tao holds 82,853,550 shares, representing a 10.08% equity interest in the company[143] - Ms. Liao Rong holds 40,750,000 shares, representing a 4.96% equity interest in the company[143] - Mr. Ran Tao holds 46,510,000 shares, representing a 5.66% equity interest in the company[143] - Mr. Wang Jinglei holds 233,920,000 shares, representing a 28.46% equity interest in the company[143] - The total shares held by major shareholders include 150,000,000 shares from Wuxi Guolian Shou Control Holdings Fund Center, representing an 18.25% equity interest[151] Future Outlook and Strategy - The company plans to enhance enrollment levels in existing schools, particularly newly opened ones, to improve financial performance, leveraging fixed construction and operational costs[68] - The new brand "博駿公學" aims to provide a comprehensive education service from primary to high school, enhancing market opportunities and supporting student development[74] - Plans to optimize pricing and improve services include upgrading campus facilities and increasing extracurricular activities, with potential tuition fee adjustments pending regulatory approval[76] - The company aims to increase student enrollment through targeted marketing on internet and social media platforms[68]

Financial Performance - The company reported a revenue of RMB 338,019,000 for the fiscal year ending August 31, 2019, representing a significant increase from RMB 231,259,000 in 2018, which is a growth of approximately 46.2%[15] - Gross profit for the same period was RMB 89,755,000, up from RMB 61,814,000 in 2018, indicating a growth of about 45.2%[15] - The net profit for the year was RMB 28,941,000, compared to RMB 15,308,000 in 2018, reflecting an increase of approximately 89.5%[15] - The adjusted net profit was also RMB 28,941,000, showing a consistent performance with the net profit figure[15] - Total revenue for the year ended August 31, 2019, reached approximately RMB 338.0 million, an increase of about 46.1% compared to the previous fiscal year[27] - Profit for the year grew approximately 89.1% to about RMB 28.9 million, with adjusted net profit increasing by approximately 10.1%[27] Enrollment and Capacity - The company had approximately 12,082 enrolled students across its 11 schools as of September 1, 2019, with a total of 1,709 employees, including 986 teachers[6] - Student enrollment as of September 1, 2018, was 10,173, representing an annual growth of approximately 41.08%[27] - The company opened a new school in Lezhi County, Ziyang City, Sichuan Province in September 2019, expected to provide over 3,200 new student places[27] - As of September 1, 2019, the total number of students reached 10,173, including 1,287 kindergarten students, 1,190 primary school students, 7,126 junior high school students, and 570 high school students, showing an increase from 7,211 students in 2018[40] - The company aims to increase enrollment levels in existing schools, particularly newly opened ones, to enhance financial performance[71] - The company has a total of 12,082 students enrolled as of September 1, 2019, with a projected capacity of 25,065 students across its schools[72] School Operations and Expansion - The company operates six kindergartens, one primary and junior high school, two junior high schools, and one combined junior and senior high school in Chengdu, along with additional schools in other cities in Sichuan province[6] - The company aims to expand its K12 education services in Sichuan Province by increasing the capacity of existing schools[27] - The company plans to open new campuses, including Tianfu School (high school section) in September 2020, expected to accommodate 1,500 students, and Neijiang School in September 2021, expected to accommodate 4,000 students, totaling 5,500 new student places[70] - The company plans to expand its school network in Sichuan Province by acquiring land use rights to establish new schools, with expected total enrollments of approximately 3,200 and 4,000 students for the newly opened Nanjing Bojun School and Wangcang Bojun School, respectively[62] Financial Position and Cash Flow - The cash flow from operating activities for the year was RMB 103.87 million[23] - The current ratio for 2019 was 0.49, indicating a decrease from previous years[21] - The total assets minus current liabilities for 2019 amounted to RMB 909.29 million[20] - As of August 31, 2019, the company's cash and cash equivalents decreased to RMB 336.6 million from RMB 607.1 million in 2018, representing a decline of approximately 44.5%[110] - The net cash generated from operating activities for the year ended August 31, 2019, was RMB 103.87 million, down from RMB 126.93 million in 2018, a decrease of about 18.2%[110] - The company incurred a net cash outflow from investing activities of RMB 435.97 million in 2019, compared to RMB 359.81 million in 2018, indicating an increase in investment spending[110] Employee and Teacher Management - The company has been operating private schools in Chengdu, Sichuan Province for over 17 years, establishing a strong industry reputation[27] - The teacher retention rate for high school teachers was approximately 90.16% for the year ending August 31, 2019, down from 94.1% the previous year, while junior high school retention improved to 94.82%[48] - The company has implemented competitive compensation packages for teachers, including performance bonuses and free tuition for their children, contributing to high retention rates[48] - The total number of teachers as of September 1, 2018, was 841, with approximately 98.21% holding a bachelor's degree or higher, and 20.89% holding a master's degree or above[43] Market Position and Strategy - The company has established a strong reputation in the private education sector, which is expected to help attract more students and teachers, thereby expanding its market presence[7] - The company aims to maintain its leading position in the Chengdu private education market while expanding its geographic coverage in Sichuan Province[62] - The private education market in Sichuan Province is expected to see increased demand, with a focus on comprehensive education and extracurricular activities[58] - The company is positioned as a leading provider of private education services in the southwestern region of China[27] Regulatory and Compliance - The company operates all its schools as non-profit institutions, complying with local regulations regarding the classification of private educational institutions[80] - The company will continue to monitor regulatory developments related to private education and will comply with new regulations as necessary[82] - The company faces several risks, including potential penalties if structural contracts are deemed non-compliant with applicable Chinese laws [146] Shareholder Information - As of August 31, 2019, Mr. Xiong Tao holds a total of 213,120,000 shares, representing 25.93% of the company's equity[180] - Ms. Liao Rong holds 83,160,000 shares, representing 10.12% of the company's equity[180] - The major shareholders include Wuxi Guolian First Control Holdings with 150,000,000 shares, representing 18.25% of the company's equity[186] - The total shares held by controlled corporations such as Yudu Holdings and Zhengyong Global amount to 213,120,000 and 123,390,000 respectively, indicating significant ownership concentration[186] Future Plans - The company plans to open Neijiang School in September 2021, expecting to accommodate around 4,000 students[65] - The expected opening of high school phases in both Nanjing Bojun School and Wangcang Bojun School is planned for September 2021[62] - The company aims to attract high-quality students through a selective admission process, which includes interviews with prospective students and their parents[40]

Enrollment and Student Growth - Total number of students increased to 10,325, up by 3,204 or 45.0% compared to the previous year[13] - The number of junior high school students grew by 1,841, marking a 34.9% increase, while high school students increased by 229, a growth of 70.0%[31] - Enrollment increased by approximately 45% from 7,121 students as of February 28, 2018, to 10,325 students as of February 28, 2019, driven by the opening of new schools[88] - The company opened three new schools in Sichuan Province in September 2018, providing a total of over 11,200 new student places[175] - The enrollment capacity for new schools is projected to reach a total of 12,900 students across various locations, including 3,200 at Lezhi School and 4,500 at Zhongjiang School, with openings scheduled between September 2019 and September 2020[64]. Financial Performance - Revenue for the period was RMB 168.3 million, representing an increase of RMB 53.1 million or 46.1% from the previous year[14] - Gross profit amounted to RMB 42.9 million, up by RMB 12.7 million or 42.0% compared to the previous year[14] - Adjusted net profit decreased to RMB 10.0 million, down by RMB 3.9 million or 28.1% year-on-year[14] - Basic earnings per share were RMB 1.15, a decrease of RMB 0.45 or 28.1% from the previous year[14] - The net profit for the period was RMB 10,027 thousand, representing a 4.4% increase compared to RMB 9,601 thousand in the prior year[162] Cash Flow and Liquidity - Cash and cash equivalents were RMB 242.2 million, a decrease of RMB 364.9 million or 60.1% compared to the previous year[19] - Net cash used in operating activities was RMB (63.7) million, a decrease of RMB 22.5 million or 26.1% from the previous year[21] - The company reported a net current liability of approximately RMB 225,117,000 as of February 28, 2019, raising concerns about future liquidity[174] - The cash flow forecast and available financing channels were considered sufficient for the company to meet its financial obligations over the next twelve months[174] Operational Expansion - The number of schools operated increased to 16, a rise of 6 schools or 60% year-on-year[28] - The company has signed cooperation agreements with local governments to establish new schools, indicating ongoing market expansion efforts[24] - The company is pursuing market penetration and diversification strategies to expand its school network in Sichuan Province, including acquiring land use rights for new schools[57] - The company plans to continue expanding its educational services in China, focusing on private basic education across various stages[174] Teacher and Staff Development - Total number of teachers reached 903, an increase of 323 or 55.7% year-on-year[13] - The teacher retention rate for kindergartens was 94.4%, significantly higher than the previous year's 86.8%[42] - Employee costs increased by approximately RMB 32.7 million (or 65.7%) from RMB 49.8 million to RMB 82.5 million for the six months ended February 28, 2019, due to a significant rise in the number of teachers and staff[90] - The company plans to retain a strong team of experienced and qualified teaching staff to maintain and enhance the quality of education services[71] Regulatory and Compliance - The company is closely monitoring regulatory developments, including the new Foreign Investment Law effective January 1, 2020, which may impact future operations[81] - The company has complied with the standards of the corporate governance code since its listing date[155] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[156] Market Trends and Competition - The private education market in Sichuan Province and Chengdu is expected to benefit from increasing demand, with a focus on comprehensive education development and improved teaching quality[53] - The company anticipates that the private education market will see increased competition and differentiation, particularly in offering foreign language, sports, and arts programs[54] - The private education sector in Sichuan is undergoing consolidation, with increasing mergers and acquisitions expected to enhance market competitiveness[54] Capital Expenditures and Investments - The company plans to allocate approximately USD 3.2 million to establish a school in the United States, with an additional RMB 12.9 million (approximately USD 1.9 million) from net proceeds of the IPO for capital expenditures[87] - Capital expenditures for the six months ended February 28, 2019, included payments of RMB 259.8 million for properties, plants, and equipment, and RMB 64.2 million for leased land[116] Revenue Recognition and Accounting Standards - The application of HKFRS 15 resulted in a reclassification of deferred income amounting to RMB 280,481,000 to contract liabilities[189] - The revenue recognition for educational services is based on the progress of fulfilling performance obligations[186] - The initial application of HKFRS 9 did not result in changes to the classification and measurement of financial assets as of September 1, 2018[198]