Financial Performance - Revenue for the six months ended February 28, 2021, was RMB 1,183.43 million, representing a 35.9% increase from RMB 870.63 million for the same period in 2020[26]. - Gross profit for the same period was RMB 641.47 million, up 40.3% from RMB 457.33 million in 2020[26]. - Adjusted net profit reached RMB 546.71 million, a 42.8% increase compared to RMB 382.93 million in the previous year[26]. - Adjusted gross profit margin improved to 56.1%, up from 55.2% in the previous year[26]. - Adjusted net profit margin increased to 46.2%, compared to 44.0% in the previous year[26]. - The company achieved revenue of RMB 1.183 billion for the six months ended February 28, 2021, representing a year-on-year growth of 35.9%[32]. - Adjusted net profit for the same period was RMB 546.71 million, an increase of 42.8% compared to RMB 382.93 million in the previous year[32]. - The adjusted gross margin improved to 56.1%, expanding by 89.7 basis points year-on-year, while the adjusted net margin reached 46.2%, an increase of 221 basis points[32]. - The company reported a profit before tax of RMB 564,065 thousand, representing a 49.2% increase compared to RMB 377,871 thousand in the prior year[108]. - The net profit for the period was RMB 477,833 thousand, an increase of 43.1% from RMB 333,773 thousand in the previous year[108]. Student Enrollment and Growth - The number of new enrollments increased by 49.3% to 72,830 from 48,789 in the previous year[26]. - Total enrolled students rose to 196,747, marking a 40.4% increase from 140,125 in the prior year[26]. - A total of 71,746 new students were enrolled for the 2020-2021 academic year, marking a growth of 47.05% compared to the previous year[36]. - The total number of enrolled students increased to 196,747 in 2021, up 40.41% from 140,125 in 2020[57]. - The number of undergraduate students rose by 38.63% to 98,788, while the number of vocational college students increased by 32.32% to 80,225[57]. - The technician education segment saw a significant growth of 115.35%, reaching 17,734 students[57]. Acquisitions and Institutional Growth - The company acquired two new institutions during the year, contributing to the increase in student numbers[28]. - The company completed the acquisition of several institutions, including Nanchang Film and Television Communication Vocational College and Nanchang University Gongqing College, enhancing its educational network[32][36]. - The group acquired four new institutions, enhancing its educational offerings and management capabilities[56]. - The company completed the acquisition of Shinawatra University in Thailand, which offers a range of programs including undergraduate and postgraduate degrees, enhancing its international presence[64]. - The company also reached an agreement to acquire Jinken Vocational and Technical College, further expanding its network in Jiangsu province[65]. - The group acquired 100% equity of INTI Education Holdings Sdn. Bhd., expanding its international education services[118]. Financial Position and Liabilities - The group's total cash and bank balances as of February 28, 2021, amounted to RMB 3,011.64 million, with cash and cash equivalents at RMB 2,500.86 million[76]. - The group's total liabilities to equity ratio as of February 28, 2021, was approximately 66.2%, up from 54.8% as of August 31, 2020[83]. - The net debt to equity ratio increased from -5.3% as of August 31, 2020, to 17.6% as of February 28, 2021, primarily due to continued investments in educational facilities and acquisitions[82]. - The group reported total liabilities increased to RMB 8,952,564,000 as of February 28, 2021, compared to RMB 6,729,662,000 as of August 31, 2020[122]. - The company reported a total of RMB 1,724,875,000 in current liabilities related to other payables and accrued expenses, an increase from RMB 1,307,621,000 in the previous year[155]. Operational Efficiency and Quality Improvement - The company continues to focus on expanding its educational offerings and enhancing operational efficiency[29]. - The company plans to enhance the quality of education by strengthening its teaching staff through a "Strong Foundation" initiative over the next 2-3 years[33]. - The company aims to enhance its brand reputation and student employment satisfaction through improved teaching quality and expanded employment services[62]. - The group has a strong emphasis on expanding its educational offerings and enhancing the quality of its programs across various disciplines[37]. - The company plans to continue enhancing the quality of talent cultivation and expand its educational scale through selective mergers, acquisitions, and partnerships[62]. Cash Flow and Investments - The company reported a net cash outflow from investing activities of RMB 2,339,599 thousand, compared to an inflow of RMB 96,290 thousand in the same period last year, indicating a substantial increase in investments[114]. - The company incurred financing cash inflows of RMB 1,823,250 thousand, compared to RMB 580,000 thousand in the previous year, showing a rise of 214.5%[114]. - The company has capital commitments of RMB 1,535.58 million as of February 28, 2021, compared to RMB 2,172.09 million as of August 31, 2020[75]. - The group has ongoing capital commitments for property, plant, and equipment amounting to RMB 1,135,585,000 as of February 28, 2021[183]. Related Party Transactions - The group received RMB 5,134,000 for services provided to related parties in the six months ending February 28, 2021, compared to RMB 2,394,000 in the same period of 2020, indicating a significant increase of 114%[192]. - The total receivables from related parties amounted to RMB 162,476,000 as of February 28, 2021, down from RMB 344,608,000 as of August 31, 2020, reflecting a decrease of 53%[193]. - The group reported a total of RMB 210,843,000 in payables to related parties as of February 28, 2021, compared to RMB 21,694,000 as of August 31, 2020, showing a substantial increase[194]. Shareholder Information - The company has a total of 7,293,802,646 shares issued as of February 28, 2021[94]. - Wang Huiwu holds a 47.45% equity interest in the company, while Wang Degeng holds 48.03% through spouse-related interests[93]. - The company has granted share options to 321 participants under the 2018 pre-IPO share option plan[102]. - The company did not declare an interim dividend for the reporting period ending February 29, 2020[88].

Financial Performance - Revenue for the six months ended February 29, 2020, was RMB 870.63 million, an increase of 46.1% from RMB 595.92 million for the same period in 2019[11]. - Adjusted gross profit for the same period was RMB 480.68 million, representing a 57.6% increase compared to RMB 305.05 million in 2019[11]. - Adjusted net profit for the six months was RMB 382.93 million, reflecting a 67.2% increase from RMB 229.03 million in 2019[11]. - The adjusted net profit margin improved to 44.0%, compared to 38.4% in the previous year[11]. - The financial results indicate a strong growth trajectory and effective integration of newly acquired institutions[12]. - For the six months ended February 29, 2020, the company achieved revenue of RMB 870 million, representing a year-on-year growth of 46.1%[17]. - The adjusted gross profit margin for the reporting period was 55.2%, up by 4% from the previous year[17]. - The company’s net profit for the six months ended February 29, 2020, was RMB 333.77 million, an increase of RMB 183.25 million or 121.7% compared to the prior period, with a net profit margin of 38.3%[48]. - The group’s profit before tax for the six months ended February 29, 2020, was RMB 333,599,000, compared to RMB 243,306,000 for the same period in 2019, representing an increase of approximately 37.1%[116]. Enrollment and Student Growth - The total number of new enrollments reached 48,789, a significant increase of 57.3% from 31,025 in the previous year[11]. - Total enrolled students as of February 29, 2020, was 140,125, up 62.9% from 86,033 in the previous year[11]. - The total number of enrolled students reached 140,125 as of February 29, 2020, an increase of 54,092 or 62.87% compared to 86,033 in 2019[41]. - The undergraduate student population increased by 83.73%, from 38,784 in 2019 to 71,259 in 2020[41]. - For the 2019-2020 academic year, the group enrolled 48,789 new students, representing a growth of 57.3% compared to the previous year, with total full-time students exceeding 140,000[24]. Acquisitions and Strategic Expansion - The company acquired several institutions, contributing 10,527 students to the total enrollment figure[13]. - The company acquired five new institutions, expanding its total to 14 schools, including 5 undergraduate and 7 vocational colleges[17]. - The company plans to establish three new colleges in Chongqing, Jiangxi, and Gansu, with enrollment expected to start in 2021[17]. - A partnership with Mahidol University in Thailand was initiated to enhance international education offerings[17]. - The company signed an acquisition agreement for INTI International University in Malaysia, aiming to provide comprehensive educational programs from undergraduate to doctoral levels[19]. - The company plans to continue expanding its educational offerings and enhancing its market presence through strategic acquisitions[12]. - The group completed the acquisition of six entities under Yinchuan Group during the reporting period, including Yinchuan Energy College and Yinchuan University Vocational Skills Training Center[184]. Government Policies and Market Opportunities - The Chinese government is implementing policies to expand higher education enrollment, providing growth opportunities for the company in the private higher education sector[20]. - The group aims to benefit from government policies promoting vocational education, which are expected to create a broader space for private education development[43]. Financial Health and Cash Flow - As of February 29, 2020, the group's total cash, bank balances, and structured deposits amounted to RMB 2,269.79 million, with cash and cash equivalents at RMB 1,097.42 million, down from RMB 1,690.42 million as of December 31, 2019[59]. - The total outstanding bank loans and other borrowings as of February 29, 2020, was RMB 2,496.03 million, a decrease from RMB 2,596.89 million as of December 31, 2019[60]. - The current ratio as of February 29, 2020, was 1.04, compared to 1.12 as of December 31, 2019, indicating a slight decline in liquidity[61]. - The net debt to equity ratio increased from -5.6% as of December 31, 2019, to 4.9% as of February 29, 2020, primarily due to continued investments in educational facilities and equipment[62]. - The company plans to balance rapid development with refined management to ensure sustainable growth and continuous development of faculty and staff[44]. - The company believes it can meet future working capital needs through a combination of cash flow from operations, bank loans, and other financing from capital markets[71]. Operational Efficiency and Cost Management - The overall utilization rate of school facilities improved to 82% in 2020, up from 80% in 2019[42]. - Employee benefits expenses increased to RMB 241,692,000 for the six months ended February 29, 2020, from RMB 165,969,000 in 2019, reflecting a growth of 45.5%[115]. - The total tax expense for the period was RMB 44,098,000, significantly higher than RMB 14,763,000 in the previous year, marking an increase of approximately 198.5%[112]. - The group’s total cost of services provided was RMB 413,297,000, up from RMB 279,139,000, representing an increase of 48.0%[115]. Shareholder Information and Corporate Governance - The company has a diverse ownership structure with multiple investment holding companies involved[80]. - The major shareholders include Hope Education Investment Limited with a 62.07% stake and Maysunshine Limited with a 62.07% stake[78]. - The board members hold significant stakes, with Wang Huiwu owning approximately 62.07% and Wang Degeng owning approximately 62.70% of the company's shares[74][75]. - The company did not recommend any interim dividend for the reporting period[68]. Related Party Transactions - The group has established significant relationships with various related parties, including Guizhou University of Science and Technology and Sichuan Tequ Group, which are involved in various transactions[155]. - The total procurement costs from related parties amounted to RMB 104,620,000 in 2020, compared to RMB 18,744,000 in 2019, indicating a significant increase[157]. - The group reported receivables from related parties of RMB 332,623,000 as of February 29, 2020, an increase from RMB 305,978,000 at the end of 2019[162]. Stock Options and Equity - As of February 29, 2020, there are 441,422,454 unexercised stock options under the pre-IPO stock option plan, which represents approximately 6.5% of the company's issued shares[170]. - The company recognized stock option expenses of RMB 8,192,000 during the period, with a total of 5,000,000 stock options exercised, resulting in an increase in share capital of RMB 6,427,000[170].