智通财经APP获悉，晨星给予中国春来(01969)5星量化评级，认为该股当前价格对投资者具有吸引力， 公司财务健康状况获评"强劲"。当前股价较该机构每股5.27港元的定量公允价值估计值存在21%折让。 该行称，公司16.9%的盈利收益率在全球同行中位居前10%，体现了该公司盈利能力。降本增效与创收 双重驱动强化价值支撑。这反映了其相对股价而言产生了可观的收益水平，为当前股价被低估的观点提 供了依据。 晨星认为，该公司的估值指标也传递出积极信号。这些指标有助于洞察市场对公司未来增长及盈利能力 的预期。例如，公司87.5%的账面价值收益率在全球同行中处于前40%的位置。其市场价格相对于股权 的账面(会计)价值偏低，这进一步促使晨星得出有利的价格/公允价值比率结论。 财报显示，2021-2024年中国春来经营活动产生的现金流量净额为10.34亿。公司现金流稳定且规模可 观，这为其持续发展提供了资金保障。集团公布截至2025年2月28日止六个月的中期业绩，报告期内收 入为人民币8.91亿元，同比增长9.4%;经调整纯利为人民币4.03亿元，经调整纯利率为 45.2%。在校学生 人数由2024年2月29日的104,05 ...

在资本市场，估值既是企业价值的温度计，也是投资者预期的风向标。 市场上估值方法并不少见，但哪种方法更好，这其实见仁见智。但不同的行业特征，往往需要匹配不同 的估值体系，这有利于准确把握企业的真实价值。 以民办高教行业来看，其估值过去主要聚焦在PE层面，但是若从EV/EBITDA这一更侧重于评估企业核心 业务价值的估值方法来看，可以发现这个行业存在被忽视的价值，并亟待市场重新认知和定价。 接下来不妨以港股上市公司中国春来（01969.HK）的案例来一同看看其中的机会。 01 估值体系重构，从PE到EV/EBITDA的底层逻辑 首先需要回答，高教行业的估值为什么要从PE切换到EV/EBITDA？ 这就是需要提到两者的计算方法。 PE计算公式为PE=市值/净利润。其主要反映了投资者愿意为每单位净利润支付的价格。 而EV/EBITDA的计算则包括两个核心概念。 其一，企业价值（EV）。它反映了收购公司所需的全部成本，包含股权和债权价值。 其二，息税折旧摊销前利润（EBITDA）。它反映企业核心经营现金流，剔除资本结构和非现金支出的 影响。 再从公司扩张情况及发展战略来看，中国春来一方面依托既有的学院，扩建校区和扩大原 ...

Enrollment Growth - The total number of enrolled students increased from 104,053 as of February 29, 2024, to 110,861 as of February 28, 2025, representing a growth of approximately 6.7%[4] - Total student enrollment increased from 104,053 in 2024 to 110,861 in 2025, representing a growth of 6.5%[34] - Shandong University of Technology's enrollment in undergraduate programs rose by 8.2% to 10,223 students in 2025[30] - Enrollment in the Applied Technology College of Shangqiu University increased by 2.3% to 15,532 students[30] - Enrollment in the Health College surged by 43.6% to 9,808 students in 2025[30] - The enrollment at Anyang University decreased by 8.6% to 26,406 students, with a significant drop in the transfer program by 35.8%[30] - The Anyang University Yuanyang Campus saw an increase of 21.4% in total enrollment, reaching 13,046 students[30] - Enrollment in the undergraduate programs at Jingzhou University increased by 3.9% to 7,706 students[32] - The total number of students in vocational education programs decreased by 20.9% at Shangqiu University[30] - The Applied Technology College of Shangqiu University experienced a 148.8% increase in enrollment for specialized programs[30] Financial Performance - Revenue rose from RMB 813.9 million for the six months ended February 29, 2024, to RMB 890.7 million for the reporting period, marking an increase of 9.4%[5] - Gross profit increased by 1.2%, from RMB 493.7 million to RMB 499.8 million during the same period[14] - Profit before tax grew by 6.4%, from RMB 388.1 million to RMB 413.0 million[14] - The adjusted net profit for the period was RMB 402.6 million, up 4.3% from RMB 386.0 million[14] - The overall gross profit margin decreased to 56.1% from 60.7% for the six months ended February 29, 2024[51] - The total revenue for the reporting period was RMB 890.7 million, representing a 9.4% increase from RMB 813.9 million for the six months ended February 29, 2024[44] - The adjusted net profit for the reporting period was RMB 402.6 million, an increase of RMB 16.5 million or 4.3% compared to RMB 386.0 million for the six months ended February 29, 2024[44][61] - Operating profit increased to RMB 449.14 million from RMB 435.41 million, reflecting a growth of 3.1% year-over-year[143] - Total comprehensive income for the period was RMB 406.56 million, up from RMB 384.27 million, indicating a year-over-year increase of 5.8%[143] - Basic earnings per share increased to RMB 0.34 from RMB 0.32, while diluted earnings per share rose to RMB 0.33 from RMB 0.31[143] Strategic Plans and Developments - The company plans to acquire more land and resources to further expand enrollment in response to market opportunities[4] - The company is actively working to convert Tianping College into an independent private university[18] - The company aims to complete the transition of Tianping College to an independent private university by September 2026[37] - The company plans to acquire more land use rights and build new educational and living facilities to increase total student enrollment capacity[43] - The company is executing a business plan aimed at expanding its overseas education operations, indicating a commitment to meet qualification requirements[122] - The company is in discussions with several reputable overseas education service providers to expand its school network[122] - The company is exploring international business collaborations, including contracts with foreign educational institutions and potential investments or acquisitions in overseas education businesses[125] - The company plans to deploy the DeepSeek R1 model to enhance AI education and integrate it into a collaborative AI education platform with Beijing Gravity Internet Technology Co., Ltd.[134] Shareholder Information - The company does not recommend the distribution of an interim dividend for the reporting period[14] - The board of directors does not recommend the distribution of an interim dividend for the six months ending February 29, 2024, while a final dividend of RMB 0.0924 per share has been approved, totaling approximately RMB 110,880,000[113] - The company has two existing share plans: the Pre-IPO Share Option Plan and the Share Award Plan, with no options or awards granted during the reporting period[91] - Under the Pre-IPO Share Option Plan, a total of 32,550,000 share options were granted to 20 participants on September 1, 2024, and February 28, 2025, representing approximately 2.71% of the total issued shares as of February 28, 2025[95] - The total number of shares that can be issued under the Share Award Plan is capped at 84,000,000 shares, which accounts for 7% of the company's issued share capital as of February 28, 2025[100] - As of February 28, 2025, the company has no outstanding options or awards under the Share Award Plan[100] - Mr. Hou holds a controlled interest in 900,000,000 shares, representing 75% of the company, and an additional 6,000,000 shares, representing 0.50%[101] - The Chairman, Mr. Hou, and Ms. Jiang each hold 8,000,000 shares, representing 0.67% of the company[101] - The company has not granted or agreed to grant any awards under the Share Award Plan during the reporting period[100] - The total number of unexercised options under the Pre-IPO Share Option Plan as of February 28, 2025, is 32,550,000 shares[95] - The company aims to attract and retain suitable talent through its share plans, enhancing overall value for shareholders[95] Compliance and Legal Matters - The company is monitoring future legal regulations regarding foreign investment and will seek guidance from legal advisors to ensure compliance[118] - The company is committed to ensuring compliance with the new Foreign Investment Law and its implementation regulations[118] - The company’s Chinese operations comply with foreign investment control requirements, with local citizens holding key positions in management[119] - The company has not disclosed any changes in the information of directors and senior management since the last annual report[114] - The group has not engaged in any major litigation or arbitration during the reporting period[86] - The company has no significant contingent liabilities as of February 28, 2025[70] Cash Flow and Assets - As of February 28, 2025, the company's cash and cash equivalents were RMB 790.9 million and RMB 435.3 million as of August 31, 2024, and February 28, 2025, respectively[62] - The company’s total equity as of February 28, 2025, was RMB 4,181,232 thousand, an increase from RMB 3,883,903 thousand as of August 31, 2024, showing a growth of approximately 7.7%[146] - The company incurred a net cash outflow from investing activities of RMB 513,671 thousand for the six months ended February 28, 2025, compared to RMB 615,278 thousand for the same period in 2024, indicating an improvement of about 15.5%[151] - The company’s cash flow from financing activities resulted in a net outflow of RMB 722,519 thousand for the six months ended February 28, 2025, compared to RMB 357,109 thousand in the same period of 2024, indicating a significant increase in cash outflow[151] - The company reported accounts payable of RMB 374,156,000 as of February 28, 2025, compared to RMB 395,688,000 as of August 31, 2024[179] - The company has made unsecured advances to Tianping College totaling RMB 900,700,000 as of February 28, 2025, up from RMB 722,700,000 in the previous year[177] - Trade and other receivables as of February 28, 2025, totaled RMB 1,395,979,000, an increase from RMB 1,214,535,000 as of August 31, 2024[175] - Cash and cash equivalents decreased to RMB 204,311 thousand as of February 28, 2025, from RMB 382,919 thousand as of February 29, 2024, representing a decline of about 46.6%[151] Expenditures and Investments - The company invested approximately RMB 152,736,000 in property, plant, and equipment for campus infrastructure improvements during the period[168] - The capital commitments at the end of the reporting period include RMB 149,956,000 for property, plant, and equipment, and RMB 30,000,000 for investment in Tianping College[16] - The company has secured loans amounting to RMB 207,163,000, which were fully repaid during the six months ending February 28, 2025[171] - The company has made advances to Tianping College amounting to RMB 900,700,000, an increase from RMB 722,700,000 in the previous year[17] - The company has received service income of RMB 142,680,000, which was settled after February 28, 2025[176] Future Projections - The company anticipates a revenue growth forecast of 10% for the next fiscal year, projecting revenues of RMB 550 million[198] - New product offerings in vocational training are expected to launch in Q3 2024, targeting an additional 5,000 enrollments[199] - The company is expanding its market presence in Henan province, aiming to establish two new campuses by 2025[198] - A strategic acquisition of a local educational institution is planned, with an estimated cost of RMB 50 million[199] - The company is investing RMB 20 million in technology development to enhance online learning platforms[198] - The company plans to implement a new marketing strategy focusing on digital channels, aiming for a 25% increase in student inquiries[198] - The company has secured a new partnership with a technology firm to integrate AI into its educational programs, enhancing learning outcomes[199]

近期，中国春来（01969.HK）公布了截至今年2月底的半年度成绩单。 数据显示，公司期内实现收入8.91亿人民币，同比增长9.4%。实现纯利4.07亿元，同比增长5.8%，每股盈利34分。 整体来看，这份经营成绩单表现可圈可点，营收、净利增速仍然稳健，尤其是结合整个当下的市场环境来看，中国春来稳打稳扎的 成绩背后也蕴涵着投资新机遇。 一方面，可以看到，特朗普关税政策引发的市场动荡，使得如今资金也纷纷寻求避险，教育板块因其刚需特性、稳定现金流以及政 策红利，正成为当下市场资金关注的焦点，板块"贝塔"机会持续显现。 另一方面，伴随AI等新技术的演进，教育行业的估值逻辑发生了深刻转变，从传统的"规模扩张"向"技术赋能"迈进。近期，国家教 育部等九部门发布《关于加快推进教育数字化的意见》，也进一步将AI+教育推向了发展的风口。而从此次业绩公告中还可以看到， 中国春来此前已宣布将部署DeepSeek R1模型，推动AI教育及应用的进一步发展。很显然，凭借其在「AI+教育」领域的先发布局， 中国春来有望成为市场中的稀缺标的，同时其长期经营发展所持续验证的"阿尔法"，也让其颇具价值看点。 （数据来源：公司公告） 营收规模 ...

Financial Performance - Revenue for the six months ended February 28, 2025, was RMB 890,720,000, representing a 9.4% increase compared to RMB 813,910,000 for the same period in 2024[4] - Gross profit for the same period was RMB 499,777,000, a slight increase of 1.2% from RMB 493,706,000 in 2024[4] - Profit before tax increased by 6.4% to RMB 413,011,000 from RMB 388,111,000 year-on-year[4] - Net profit for the period was RMB 406,563,000, reflecting a 5.8% increase compared to RMB 384,271,000 in the previous year[4] - Adjusted net profit, excluding share-based compensation and foreign exchange gains/losses, was RMB 402,557,000, up 4.3% from RMB 386,047,000[4] - Total revenue for the six months ended February 28, 2025, was RMB 890,720,000, an increase of 9.5% from RMB 813,910,000 for the same period in 2024[14] - Tuition fees amounted to RMB 813,806,000, up from RMB 741,344,000, representing a growth of 9.8% year-over-year[14] - Accommodation fees increased to RMB 76,914,000 from RMB 72,566,000, reflecting a rise of 6.4%[14] - Financing costs totaled RMB 36,133,000 for the six months ended February 28, 2025, down 23.5% from RMB 47,294,000 in the prior year[16] - The gross profit margin for the reporting period was 56.1%, down from 60.7% for the six months ended February 29, 2024[53] - Cost of revenue rose by 22.1% to RMB 390.9 million, reflecting strategic optimization in teacher compensation and development plans[56] Assets and Liabilities - Total assets as of February 28, 2025, were RMB 7,130,016,000, compared to RMB 7,253,830,000 as of August 31, 2024[7] - Current liabilities decreased to RMB 2,340,721,000 from RMB 2,849,450,000, indicating improved liquidity[8] - As of February 28, 2025, the accounts receivable for tuition and accommodation fees amounted to RMB 76,856,000, a decrease from RMB 116,944,000 as of August 31, 2024, representing a decline of approximately 34%[25] - The company reported service income receivables of RMB 168,734,000 as of February 28, 2025, up from RMB 133,684,000 as of August 31, 2024, indicating an increase of about 26%[25] - The total cash and cash equivalents as of February 28, 2025, were RMB 435,311,000, a significant decrease from RMB 790,900,000 as of August 31, 2024, reflecting a decline of approximately 45%[28] - The company has capital commitments of RMB 186,978,000 as of February 28, 2025, compared to RMB 79,253,000 as of August 31, 2024, indicating an increase of approximately 136%[32] - The company reported interest payable of RMB 2,336,000 as of February 28, 2025, an increase from RMB 1,827,000 as of August 31, 2024, reflecting a rise of about 28%[29] - As of February 28, 2025, the company had outstanding loans to the Tianping College amounting to RMB 900,700,000, an increase from RMB 722,700,000 as of August 31, 2024, representing a growth of about 25%[30] Dividends and Shareholder Returns - The company did not declare an interim dividend for the six months ended February 28, 2025, compared to RMB 0.0907 per share in the previous year[20] - The company has approved a final dividend of RMB 0.0924 per share for the year ending August 31, 2024, totaling approximately RMB 110,880,000, which is an increase from RMB 63,985,000 for the previous year[24] - No interim dividend was proposed for the reporting period, while a final dividend of RMB 0.0924 per share was approved, totaling approximately RMB 110.88 million[80] Operational Highlights - The company continues to focus on expanding its operations in the private higher education sector in China[9] - The financial results reflect the company's ongoing commitment to enhancing operational efficiency and profitability[5] - The company operates six institutions across Henan and Hubei provinces, focusing on applied talent cultivation and industry integration[37] - The company is actively working to transform Tianping College into an independent private university, indicating plans for future expansion[37] - The total number of students enrolled in the company's institutions as of February 28, 2025, is 26,569 at Shangqiu College, reflecting a 3.6% increase from 25,638 in the previous year[45] - The average employment rate for graduates from higher education programs was approximately 94.54% as of December 31, 2024, indicating strong outcomes from practical training courses[38] - The company has established around 1,100 school-enterprise cooperation projects, focusing on practical skills training and enhancing employability[37] - The total number of enrolled students increased by 6.5% from 104,053 on February 29, 2024, to 110,861 on February 28, 2025, primarily due to increased enrollment at several campuses[48] Student Enrollment and Programs - The number of students enrolled in the undergraduate programs at Shangqiu College increased by 8.2%, from 9,444 to 10,223[45] - The enrollment in the specialized programs at Shangqiu College saw a significant increase of 14.8%, rising from 4,817 to 5,531[45] - The total enrollment at Shangqiu College Applied Technology College decreased by 1.6% in undergraduate programs, from 8,543 to 8,407[45] - The total number of students at Hubei Health Vocational College is 9,808 as of February 28, 2025[43] - The number of students in vocational education programs decreased by 70.2%, from 816 to 243[48] Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[81] - The company has adopted and complied with the Corporate Governance Code as per the Listing Rules[82] - All directors confirmed adherence to the Standard Code for Securities Transactions during the reporting period[83] - The company has established an audit committee consisting of three independent non-executive directors to review the interim financial statements[84] Future Plans and Innovations - The company plans to acquire more land use rights and build new educational and living facilities to increase student capacity[52] - The company aims to complete the transition of Tianping College to an independent private university by September 2026[49] - The company plans to deploy the DeepSeek R1 model by March 13, 2025, to enhance AI education and applications, integrating it into a collaborative AI education platform with Beijing Gravity Internet Technology Co., Ltd[79]

Enrollment and Student Statistics - The total number of enrolled students increased slightly from 103,277 in the 2022/2023 academic year to 103,301 in the 2023/2024 academic year[4] - The total enrollment for the 2023/2024 academic year is 103,301, a slight increase of 0.02% from 103,277 in the previous year[36] - The enrollment at Anyang College increased by 1,478 students (17.4%) for undergraduate programs, reaching 9,951 in 2023/2024[35] - The enrollment in the Applied Technology College of Shangqiu saw a significant drop of 5,001 students (47.0%) in diploma programs, decreasing to 5,631[34] - The total enrollment for Shangqiu College decreased by 4,312 students (14.7%) to 25,046[34] - The health college experienced a remarkable increase of 3,106 students (84.0%) in diploma programs, reaching 6,805[35] - The overall admission rate for undergraduate programs across five colleges was 94.41% for the 2023/2024 academic year[34] - The enrollment in vocational education programs at Shangqiu College decreased by 965 students (16.0%) to 5,052[34] - The total number of students at Anyang College's original campus increased by 2,670 students (32.9%) to 10,788[35] Financial Performance - Revenue rose from RMB 1,498.0 million for the year ended August 31, 2023, to RMB 1,631.5 million during the reporting period, representing an increase of approximately 8.9%[5] - Adjusted net profit for the year was RMB 789.9 million, up from RMB 673.2 million in the previous year, reflecting a growth of about 17.3%[14] - The total comprehensive income for the year was RMB 778.2 million, compared to RMB 684.4 million in the previous year, marking an increase of about 13.8%[14] - Revenue for the year ended August 31, 2024, was RMB 1,631,496,000, representing an increase of 8.9% from RMB 1,497,962,000 in 2023[16] - Gross profit for the same period was RMB 955,503,000, up 7.4% from RMB 890,055,000 in 2023[16] - Profit before tax increased by 14.3% to RMB 786,913,000 from RMB 688,175,000 in 2023[16] - The gross profit margin decreased slightly to 58.6% from 59.4% in the previous year[14] - The company recorded revenue of RMB 1,631.5 million and gross profit of RMB 955.5 million for the reporting period, with a gross margin of 58.6%, down from 59.4% in the previous year[44] - The adjusted net profit increased by RMB 116.7 million or 17.3% year-over-year to RMB 789.9 million, with an adjusted net profit margin of 48.4% compared to 44.9% in the previous year[44] Assets and Equity - Non-current assets increased from RMB 4,997.1 million in 2023 to RMB 5,248.4 million in 2024[14] - The total equity rose to RMB 3,883.9 million in 2024, compared to RMB 3,275.7 million in 2023, indicating a growth of approximately 18.5%[14] - The capital debt ratio of the company decreased to approximately 57.9% from 66.2% in the previous year, due to an increase in total equity[61] - The total asset value as of August 31, 2024, is approximately RMB 6,221,226,000, representing an increase from RMB 6,132,635,000 in the previous year[164] - As of August 31, 2024, the asset value under contractual arrangements accounts for about 86% of the group's total asset value, down from 95% in 2023[166] Strategic Initiatives and Partnerships - The company is actively acquiring more land and resources in Henan Province to expand enrollment capacity[4] - The company is actively pursuing the acquisition of Tianping College's operator rights, enhancing its market presence[21] - The company has established strategic partnerships with Australian Elite Education Institute and Massey University in New Zealand to promote educational diversification and internationalization[78] - A partnership agreement was signed with Beijing Gravity Interconnect Technology Co., Ltd. to develop an artificial intelligence education platform[40] Employment and Human Resources - The average employment rate for graduates from higher education programs was approximately 93.56% as of August 31, 2024[21] - The company employed 5,180 employees as of August 31, 2024, up from 4,750 employees in the previous year[74] - The total salary cost for the reporting period was RMB 356.2 million, an increase from RMB 330.8 million for the year ending August 31, 2023[77] - The company aims to enhance its recruitment and training programs to attract top talent in the education industry[94] Governance and Management - The board includes independent directors who provide independent judgment and oversight, ensuring compliance and governance[93] - The management team is composed of experienced professionals with diverse backgrounds in education and finance, contributing to the company's strategic objectives[88] - The company has a strong management team with members holding advanced degrees and extensive experience in education and finance, enhancing operational efficiency[99] - The board's composition reflects a commitment to governance and accountability, with independent directors playing a crucial role in decision-making[90] - The company emphasizes the importance of board diversity for achieving strategic goals and sustainable development, considering factors such as gender, age, educational background, and professional experience[192] Risks and Compliance - The group faces several major risks and uncertainties, including maintaining or increasing student enrollment and tuition fees[125] - The company has not reported any changes in major shareholders or significant ownership interests during the reporting period[187] - The company has not engaged in any significant litigation or arbitration during the reporting period[173] - The company has not identified any tax exemptions or reliefs available to shareholders due to their holdings[146] Community Engagement and Environmental Policies - The group is committed to maintaining good relationships with stakeholders, including students and staff, which is crucial for its success[119] - The group has adopted environmental policies to implement eco-friendly measures and practices in its business operations[120] - During the reporting period, the group made charitable donations amounting to approximately RMB 139,000, compared to none in 2023[134] - The group is actively reviewing its environmental policies and considering further eco-friendly measures in its operations[114] Future Plans and Investments - The company plans to acquire more land use rights and build new educational and living facilities to increase student enrollment capacity, which is crucial for future expansion strategies[43] - The company anticipates that the Ministry of Education will accept its application to increase enrollment quotas, contingent on demonstrating sufficient capacity and quality educational offerings[43] - The company has not made any significant investments during the reporting period, with no investments exceeding 5% of total assets as of August 31, 2024[64] - The company has no other significant future plans for investments or capital assets beyond what has been disclosed in the annual report[73]

Revenue and Profit Growth - Revenue increased by 8.9% to RMB 1,631,496 thousand in 2024 compared to RMB 1,497,962 thousand in 2023[3] - Gross profit rose by 7.4% to RMB 955,503 thousand in 2024 from RMB 890,055 thousand in 2023[3] - Profit before tax grew by 14.3% to RMB 786,913 thousand in 2024 compared to RMB 688,175 thousand in 2023[3] - Net profit for the year increased by 13.7% to RMB 778,171 thousand in 2024 from RMB 684,393 thousand in 2023[3] - Adjusted net profit rose by 17.3% to RMB 789,883 thousand in 2024 compared to RMB 673,227 thousand in 2023[3] - Total revenue for 2024 reached RMB 1,631,496 thousand, a 8.9% increase from RMB 1,497,962 thousand in 2023[23] - Revenue increased by 8.9% to RMB 1,631.5 million, primarily due to higher average tuition fees[97] - Gross profit rose by 7.4% to RMB 955.5 million, with a gross margin of 58.6%, down from 59.4% in the previous year[100] - Net profit for the year ended August 31, 2024, was RMB 778.2 million, with a net profit margin of 47.7%, up from 45.7% in the previous year[95] - Adjusted net profit increased by 17.3% to RMB 789.9 million, driven by higher average tuition fees[95] - Annual profit increased by 13.7% from RMB 684.4 million in the year ended August 31, 2023, to RMB 778.2 million in the reporting period[108] - Adjusted net profit (non-IFRS measure) increased by 17.3% from RMB 673.2 million in the year ended August 31, 2023, to RMB 789.9 million in the reporting period[110] Assets and Liabilities - Property, plant, and equipment increased to RMB 3,161,911 thousand in 2024 from RMB 2,987,663 thousand in 2023[8] - Trade and other receivables grew significantly to RMB 1,214,535 thousand in 2024 from RMB 670,988 thousand in 2023[8] - Net current liabilities decreased to RMB 844,008 thousand in 2024 from RMB 987,435 thousand in 2023[10] - Total assets less current liabilities increased to RMB 4,404,380 thousand in 2024 from RMB 4,009,653 thousand in 2023[11] - The total property, plant, and equipment as of August 31, 2024, amounted to RMB 4,525,723,000, with significant additions in buildings (RMB 24,708,000), furniture and fixtures (RMB 34,456,000), and electronic equipment (RMB 115,386,000)[42] - The net book value of property, plant, and equipment as of August 31, 2024, was RMB 3,161,911,000, compared to RMB 2,987,663,000 as of August 31, 2023[44] - The company is in the process of obtaining property certificates for buildings with a total book value of RMB 1,398,507,000 as of August 31, 2024 (2023: RMB 1,033,758,000)[44] - The intangible assets, specifically the school operation rights of Jingzhou College, were valued at RMB 188,000,000 using the discounted cash flow method with a discount rate of 12% (2023: 15%)[46] - The prepayment for the cooperation agreement with Tianping College is RMB 800,111,000, which will be treated as the acquisition cost once the transfer of the college's operation rights is completed[48] - The company has offshore foreign deposits of USD 40,000,000 (approximately RMB 283,604,000) as collateral for RMB-denominated domestic loans[49] - Trade and other receivables as of August 31, 2024, totaled RMB 1,214,535,000, with significant increases in receivables for tuition and accommodation fees (RMB 116,944,000) and service income (RMB 133,684,000)[53] - Accounts receivable for tuition and accommodation fees increased to RMB 116,944 thousand in 2024, up from RMB 80,275 thousand in 2023, with the largest increase in the 181 to 365 days category (RMB 31,598 thousand vs. RMB 13,443 thousand)[54] - Total borrowings increased to RMB 2,248,190 thousand in 2024 from RMB 2,171,622 thousand in 2023, with the majority (RMB 1,728,005 thousand) due within one year[60] - Fixed-rate borrowings accounted for RMB 1,955,744 thousand in 2024, while floating-rate borrowings increased significantly to RMB 292,446 thousand from RMB 70,000 thousand in 2023[63] - The actual annual interest rates for borrowings ranged from 2.50% to 9.43% for fixed-rate loans and 3.45% to 5.35% for floating-rate loans in 2024[67] - Advances to Tianping College increased significantly to RMB 722,700 thousand in 2024 from RMB 375,800 thousand in 2023, with an interest rate of 4.75%[58] - The company's total accrued expenses and other payables increased to RMB 395,688 thousand in 2024 from RMB 305,747 thousand in 2023, with the largest increase in accrued employee benefits and wages (RMB 51,694 thousand vs. RMB 35,208 thousand)[61] - Bank borrowings of RMB 1,091,216 thousand in 2024 (up from RMB 605,950 thousand in 2023) were secured by tuition fee receivables, equity of affiliated colleges, and personal guarantees[63] - Cash and cash equivalents were RMB 789.7 million and RMB 790.9 million as of August 31, 2023, and August 31, 2024, respectively[110] - Capital-to-debt ratio decreased by 8.3 percentage points from 66.2% as of August 31, 2023, to 57.9% as of August 31, 2024, due to an increase in total equity[112] Dividends and Shareholder Information - The company proposed a final dividend of RMB 0.0924 per share for 2024, compared to RMB 0.053 per share in 2023[3] - The company declared a final dividend of RMB 0.0924 per share for 2024, a 74.3% increase from RMB 0.053 per share in 2023[37] - The final dividend for the fiscal year ending August 31, 2023, is RMB 0.053 per share (approximately HKD 0.058 per share), totaling RMB 63,985,000 (approximately HKD 69,600,000), approved at the annual general meeting on January 19, 2024. Of this, RMB 63,224,000 (approximately HKD 68,763,000) has been paid, with RMB 761,000 (approximately HKD 837,000) remaining unpaid as of August 31, 2024[41] - The company has proposed a final dividend of RMB 0.0924 per share (approximately HKD 0.1 per share) for the reporting period, compared to RMB 0.053 per share (approximately HKD 0.058 per share) in 2023[128] - The final dividend will be declared in RMB and paid in HKD, with the exchange rate based on the average middle rate published by the People's Bank of China for the five business days prior to the declaration[128] - The 2025 Annual General Meeting will be held on January 10, 2025, with share transfer registration suspended from January 7 to January 10, 2025[130] - Share transfer registration will also be suspended from January 16 to January 21, 2025, to determine eligibility for the proposed final dividend[130] - The company's issued and fully paid share capital remained unchanged at 1,200,000,000 ordinary shares with a nominal value of HKD 0.00001 per share[67] Student Enrollment and Institutional Performance - The company operates a total of 6 institutions in Henan and Hubei provinces, with 1,100校企合作 projects as of August 31, 2024[71] - The average employment rate of graduates from the company's higher education programs is approximately 93.56% as of August 31, 2024[72] - Shangqiu College has a total enrollment of 25,046 students in the 2023/2024 academic year, offering 53 undergraduate programs and 38专升本 programs[74] - Shangqiu College Applied Technology College has a total enrollment of 15,170 students in the 2023/2024 academic year, offering 20 undergraduate programs and 16专升本 programs[75] - Anyang College has a total enrollment of 28,738 students in the 2023/2024 academic year, offering 46 undergraduate programs and 34专升本 programs[76] - Anyang College Yuanyang Campus has a total enrollment of 10,788 students in the 2023/2024 academic year, offering 19 undergraduate programs and 12专科 programs[77] - Health College has a total enrollment of 6,805 students in the 2023/2024 academic year, offering 19 programs in fields such as nursing and rehabilitation therapy[79] - Jingzhou College has a total enrollment of 16,754 students in the 2023/2024 academic year, offering 38 undergraduate programs and 15专升本 programs[80] - The total enrollment across all institutions increased by 24 students (0.02%) from 103,277 in 2022/2023 to 103,301 in 2023/2024[83] - Health College experienced the highest enrollment growth, with an 84.0% increase from 3,699 students in 2022/2023 to 6,805 students in 2023/2024[83] - Total student enrollment increased slightly by 0.02% to 103,301 students in the 2023/2024 academic year, driven by growth at Anyang University Yuanyang Campus, Jingzhou University, and Health College[87] - The overall enrollment rate for undergraduate programs across five institutions reached 94.41% in the 2023/2024 academic year[88] - Revenue from Anyang University Yuanyang Campus surged by 34.3% to RMB 177.2 million, mainly due to increased student enrollment[97] - Revenue from Health College jumped by 84.9% to RMB 96.7 million, also due to higher student numbers[97] Financial Costs and Income Tax - Financing costs decreased to RMB 95,720 thousand in 2024, down 23.1% from RMB 124,545 thousand in 2023, primarily due to lower interest expenses on bank and non-bank borrowings[31] - Corporate income tax expense increased to RMB 8,742 thousand in 2024, a 131.1% rise from RMB 3,782 thousand in 2023[32] - Financing costs decreased by 23.1% from RMB 124.5 million in the year ended August 31, 2023, to RMB 95.7 million in the reporting period, primarily due to lower borrowing rates[106] - Income tax expenses increased from RMB 3.8 million in the year ended August 31, 2023, to RMB 8.7 million in the reporting period, mainly due to higher taxable income[107] Strategic Initiatives and Future Plans - The company entered into a strategic cooperation agreement with ICBC to meet financial and business needs, including various financial services[93] - The company plans to acquire more land use rights and build new educational and living facilities to support future enrollment growth[94] - Anyang College and Shangqiu College entered into international education cooperation agreements with Elite Education Institute of Australia and Massey University of New Zealand in November 2024[127] - The company has fully utilized the net proceeds of RMB 489.8 million from the global offering, with RMB 18 million used during the reporting period for acquiring land use rights and constructing teaching and living facilities[139] Corporate Governance and Compliance - The company has maintained high standards of corporate governance and complies with the Corporate Governance Code and the Model Code for Securities Transactions by Directors[131][132][134] - The audit committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ended August 31, 2024[136] - The company did not purchase, sell, or redeem any of its listed securities during the year ended August 31, 2024[137] - The annual results announcement and annual report will be published on the Hong Kong Stock Exchange website and the company's website[140] - The board of directors includes executive directors Hou Junyu and Jiang Shuqin, executive director and CEO Zhang Jie, non-executive director and chairman Hou Chunlai, and independent non-executive directors Jin Xiaobin, Huo Peiming, and Liu Ziwen[142] Employee and Payroll Information - Total employee count increased from 4,750 as of August 31, 2023, to 5,180 as of August 31, 2024[125] - Total payroll costs for the reporting period were RMB 356.2 million, compared to RMB 330.8 million in the year ended August 31, 2023[126] Other Income and Expenses - Other income surged to RMB 128,788 thousand in 2024, a 53.2% increase from RMB 84,066 thousand in 2023, driven by higher service income and government grants[26] - Interest income from loans to Tianping College rose to RMB 27,500 thousand in 2024, up 47.1% from RMB 18,688 thousand in 2023[26] - The company has provided a refundable deposit of RMB 50,000,000 to Suzhou University of Science and Technology as a guarantee for the proper operation of Tianping College[51] - The weighted average expected loss rate for accounts receivable remained at 0% across all aging categories for both 2024 and 2023[57]

Enrollment and Student Statistics - The total number of enrolled students increased from 103,931 as of February 28, 2023, to 104,053 as of February 29, 2024[4]. - Total student enrollment increased by 0.1% from 103,931 on February 28, 2023, to 104,053 on February 29, 2024[20]. - Enrollment at Anyang College's Yuanyang Campus rose by 31.9% to 10,748 students, driven by increased recruitment efforts[19]. - Enrollment at Jingzhou College increased by 22.2% to 16,752 students, reflecting successful recruitment strategies[19]. - Enrollment at Health College surged by 83.9% to 6,831 students, indicating strong demand for health-related programs[19]. - Enrollment in undergraduate programs at Shangqiu College decreased by 2.6% to 9,444 students, while the number of students in the top-up programs increased by 59.3% to 4,817[19]. - Total enrollment at Shangqiu College Applied Technology College fell by 15.9% to 15,187 students, with a significant drop in specialized programs[19]. - Anyang College's total enrollment decreased by 5.3% to 28,897 students, with a notable decline in vocational education courses[19]. - The number of students in specialized courses at Jingzhou College increased by 44.3%, contributing to overall enrollment growth[19]. - The average employment rate for graduates from higher education programs was approximately 93.52% as of December 31, 2023[11]. Financial Performance - Revenue rose from RMB 748.7 million for the six months ended February 28, 2023, to RMB 813.9 million for the six months ended February 29, 2024, representing an increase of 8.7%[7]. - Gross profit increased from RMB 471.0 million to RMB 493.7 million, reflecting a growth of 4.8%[7]. - Profit before tax grew by 15.7%, from RMB 335.5 million to RMB 388.1 million[7]. - The net profit for the period increased by 16.0%, from RMB 331.2 million to RMB 384.3 million[7]. - The adjusted net profit rose by 16.3%, from RMB 331.8 million to RMB 386.0 million[7]. - For the six months ended February 29, 2024, the company recorded revenue of RMB 813.9 million, a year-on-year increase of 8.7% from RMB 748.7 million for the same period in 2023[24]. - The gross profit for the same period was RMB 493.7 million, with a gross margin of 60.7%, down from 62.9% in the previous year[24]. - Adjusted net profit increased by RMB 54.2 million or 16.3% to RMB 386.0 million, with an adjusted net profit margin of 47.4% compared to 44.3% in the prior year[24]. - The total comprehensive income for the period was RMB 384,271,000, which is a 15.9% increase from RMB 331,172,000 in the prior year[72]. - The company reported a net profit of RMB 384,271,000, an increase of 15.9% from RMB 331,172,000 for the same period in 2023[94]. Dividends and Shareholder Information - The company proposed an interim dividend of RMB 0.0907 per share, compared to no dividend for the same period last year[8]. - The proposed interim dividend will be paid in Hong Kong dollars based on the average exchange rate published by the People's Bank of China during the five business days prior to the dividend declaration[59]. - The total amount of the final dividend for the year ending August 31, 2023, was approximately RMB 63,898,000, approved at the annual general meeting on January 19, 2024[59]. - The proposed interim dividend is RMB 0.0907 per share, totaling approximately RMB 108,840,000[95]. - The company’s chairman, Mr. Hou, holds a controlling interest through Chunlai Investment, owning 900,000,000 shares, which is 75% of the company[53][58]. - The company has a diverse ownership structure, with significant stakes held by both individual and corporate shareholders, ensuring a broad base of support[57]. Operational Developments - The company operates four schools in Henan Province and two in Hubei Province, with ongoing acquisitions to expand its educational resources[4]. - The company plans to acquire more land use rights and build new educational and living facilities to increase student enrollment capacity[23]. - The company aims to balance student enrollment numbers with campus utilization rates by gradually increasing college capacity[23]. - The company aims to enhance its educational offerings and maintain high employment rates for graduates to attract quality students[20]. - The company is actively expanding its overseas education operations and is in discussions with reputable foreign education service providers[63]. - The company is exploring partnerships with international educational institutions to enhance its curriculum offerings and attract more students[127]. Financial Management and Investments - The company’s financing costs decreased by 23.0% to RMB 47.3 million, mainly due to reduced bank borrowings[28]. - Other income increased by 53.3% to RMB 62.1 million, driven by an increase in service income[26]. - The company has established partnerships with around 900 enterprises for practical training and talent development[11]. - The company has not disclosed any changes in the interests of directors or senior management since the last report, indicating stability in leadership[60]. - The company has provided RMB 637,080,000 in unsecured loans to Tianping College, with an interest rate of 4.75%, due for repayment in August 2024[102]. - The company has extended the repayment date for onshore loans from July 2023 to July 2026, indicating a strategic financial maneuver[99]. Compliance and Governance - The company adheres to high standards of corporate governance and has complied with all provisions of the Corporate Governance Code during the reporting period[39]. - The audit committee, composed of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the reporting period[40]. - The company did not engage in any significant litigation or arbitration during the reporting period ending February 29, 2024[42]. - The company’s legal advisors indicate that there are currently no specific standards for foreign investors to prove compliance with qualification requirements in the education sector[62]. Future Outlook - The management has provided a revenue guidance of RMB 450 million for the full fiscal year 2024, indicating a growth target of 20%[126]. - The company plans to expand its market presence by opening two new campuses in Henan province by the end of 2024[124]. - The company is investing RMB 50 million in the development of new educational technologies aimed at enhancing online learning experiences[125]. - The company has successfully completed the acquisition of a local educational institution, which is expected to contribute an additional RMB 30 million in revenue annually[127].

亲爱的各位投资者大家下午好欢迎各位出席中国春来股份代号1969.hk2024台年中期业绩发布会那么首先在业绩发布会正式开始之前请允许我先介绍一下出席本次业绩发布会的董事会成员和公司管理层他们分别是执行董事侯俊宇先生执行董事兼行政总裁江洁女士CFO财务总监孙一鸣先生 那么我们本次业绩发布会的议程将分为两个部分那么第一部分会由公司的管理层向各位汇报一下公司2024年中期业绩最新的业务发展还有财务的一个表现情况那么第二部分呢就会留给大家的一个互动问答的交流环节那么会有出席本次会议的董事会成员还有公司的管理层充分回答各位的一些问题 那么我们常说作为资本市场的上市公司面积表现永远是公司的最佳形象代言人中国春来自上市至今在创始人、公司管理层及全体员工的努力下公司持续实现文件增长同时在校学生总人数也不断实现突破高就业率和高质量的特色课程也让学校声誉不断提升这两年尽管港股大盘市场环境较为低迷那么公司的股价跟成交表现也仍然可圈可点 同时也逐渐获得了更多资本市场关注今年初公司也成功被纳入恒生综合指数同时3月份也同时顺利被纳入了深港通及富港通标的这也有望进一步提升公司的成交流动性以及整体的市场关注度那么接下来我将把时间交给公司的执 ...

春来教育（1969 HK） | 2024年5月8日 香港股市 | 教育行业 | 高等教育 公司点评 中国春来教育（1969 HK） 未评级 降本增效成效显著，派息率提升 股票资料 现价 4.78 港元 上半年净利润同比增长16.0% 总市值 5,748 百万港元 春来教育2024财年上半年实现收入8.1亿元（人民币，下同），同比增长8.7%，略低于 预期，收入增长主要来自于学费提升，其中学费和住宿费分别同比增长 9.1%和 4.7%。上 流通股比例 24.9 % 半年毛利率60.7%，同比下降2.2百分点。公司去年开始严格控制费用开支，在降本增效 已发行总股本 1,200 百万 措施下，上半年运营费用开支与去年同期持平，费用率从15.6%下降至14.7%，运营费用 52周价格区间 4.13 – 7.60 港元 低于预期。上半年公司净利润 3.8 亿，同比增长 16.0%，净利润率 47.2%，盈利能力符合 预期。公司并宣布派发每股中期股息0.0907人民币，派息率提升至30%，高于预期。 3个月日均成交额 3.2 百万港元 未来展望：学生人数上升，资本结构优化 主要股东 候俊宇 75.0% 来源：彭博、中泰国 ...