Financial Performance - For the fiscal year ending December 31, 2024, the group reported revenue of RMB 683.617 million, representing a 22.9% increase from RMB 556.204 million in the previous year[11]. - The cost of sales for the same period was RMB 493.682 million, up from RMB 379.704 million, indicating a 30.1% increase year-over-year[11]. - The group achieved a gross profit of RMB 189.935 million, which is a decrease of 7.4% compared to RMB 176.500 million in the previous year[11]. - The pre-tax profit for the fiscal year was RMB 84.859 million, down 22.9% from RMB 110.146 million in the previous year[11]. - The group’s non-current assets increased to RMB 2.109 billion, up from RMB 1.968 billion in the previous year, reflecting a growth of 7.1%[11]. - The total equity of the group as of December 31, 2024, was RMB 1.657 billion, showing a slight increase from RMB 1.651 billion in the previous year[11]. - Other income and revenue decreased by approximately 9.6% to about RMB 71.6 million, primarily due to a reduction in training income of RMB 5.4 million[40]. - Net profit for the year decreased by approximately 19.2% to about RMB 90.9 million[46]. - Current liabilities net increased by approximately 152.6% to about RMB 177.3 million, mainly due to increased cash outflows for teaching and administrative facilities[47]. - Interest-bearing bank and other borrowings amounted to approximately RMB 181.2 million, with effective interest rates ranging from about 3.0% to 6.8%[48]. - The leverage ratio decreased from approximately 12.6% to about 10.9%, primarily due to a reduction in interest-bearing bank and other borrowings[54]. Student Enrollment and Educational Offerings - The total number of full-time students enrolled for the 2024/2025 academic year was 33,737, with 66.6% studying in TMT and health-related fields[4]. - The total number of full-time students in 2024 reached 33,737, with Lingnan Vocational Technical College and Lingnan Modern Technician College seeing enrollments increase by 4.1% and 31.7% respectively[14]. - New programs in dental medicine technology and optometry will be added, expanding the offerings to over 40 disciplines[4]. - Average tuition fees for Lingnan Vocational Technical College rose by 4.0% to RMB 18,004, while Lingnan Modern Technician College's average tuition increased by 9.2% to RMB 14,953[14]. - The group plans to elevate Lingnan Vocational Technical College to a vocational undergraduate institution and expand non-degree vocational training over the next five years[17]. Strategic Plans and Growth Opportunities - The group anticipates significant growth opportunities in vocational education due to favorable national policies supporting the sector[13]. - The company plans to expand its campus network and vocational education market in the Guangdong-Hong Kong-Macao Greater Bay Area, which accounted for over 11% of the national economic output in 2023[32]. - The company aims to establish a long-term strategic goal to develop Lingnan Vocational Technical College into a leading institution in the "big health + TMT" sector within the Greater Bay Area over the next decade[34]. - The company has initiated a plan to acquire quality vocational schools and non-academic training institutions in the Greater Bay Area to enhance its network and create synergies[34]. - The vocational skills training market in China is projected to exceed RMB 900 billion by 2025, prompting the company to expand its vocational skills certification and adult continuing education services[35]. - The company is actively exploring international cooperation in education, focusing on partnerships with institutions in Hong Kong, Macau, Singapore, and the EU[35]. - The company is committed to a "five-in-one" development model, integrating academic education, vocational training, and technical services to drive growth[35]. Operational Efficiency and Cost Management - Sales costs rose by approximately 30.0% from about RMB 379.7 million to approximately RMB 493.7 million, driven by an increase in the number of teaching staff and their average salaries, as well as expanded cooperative education costs[37]. - Gross profit increased by approximately 7.6% from about RMB 176.5 million to approximately RMB 189.9 million, while the gross margin decreased from about 31.7% to approximately 27.8%[38]. - Sales and distribution expenses increased by approximately 56.6% to about RMB 42.6 million, driven by an increase in the total number of full-time students[41]. - Administrative expenses rose by approximately 7.9% to about RMB 87.5 million, mainly due to an increase in employee costs and benefits of RMB 4.6 million[42]. - Other expenses increased by approximately 37.5% to about RMB 34.8 million, primarily due to increases in donations, foreign exchange losses, and training income costs[43]. - The company reported a 5% reduction in operational costs due to improved efficiency measures[9]. Shareholder and Governance Information - The board proposed a final cash dividend of HKD 0.013 per share for the reporting period, down from HKD 0.048 per share for the previous year[89]. - The company has adopted a dividend policy without a predetermined payout ratio, considering various factors such as financial performance and cash flow[89]. - The company maintains a public float of no less than 25% of its issued shares as required by the Hong Kong Stock Exchange regulations[95]. - The company has received annual independence confirmations from its independent non-executive directors, affirming their independent status throughout the reporting period[102]. - Major shareholder Zhihui Guang holds 570,000,000 shares, representing 42.73% of the company's equity as of December 31, 2024[107]. - The total number of issued shares as of December 31, 2024, is 1,334,000,000[107]. Regulatory Compliance and Risks - The group must comply with foreign investment restrictions in higher education, as specified in the negative list, which categorizes foreign investment in higher education as "restricted"[164]. - The group is subject to risks related to the interpretation and implementation of foreign investment laws, which may significantly impact its corporate structure and business operations[167]. - The group has established a partnership with local educational institutions to comply with the foreign investment control requirements, ensuring that the majority of the board members are Chinese nationals[164]. - The effectiveness of contractual arrangements for controlling Chinese subsidiaries may be less than direct ownership[168]. - The ability to distribute dividends to shareholders may be restricted under Chinese laws and regulations[172]. Employee and Social Responsibility - As of December 31, 2024, the group had 1,738 employees, with total compensation amounting to approximately RMB 261.8 million during the reporting period[185]. - The group emphasizes employee training and career development, investing in education and training programs to enhance employees' understanding of industry trends[186]. - The group is committed to enhancing its environmental, social, and governance (ESG) strategies to create a diverse and efficient development environment[196]. - The group participates in a central pension plan operated by local municipal governments, contributing at a specific rate based on salary costs[188].

岭南现代技师学院设有8个院系，提供超过38门专业,包括但不限于机电一体化、无人机、汽车检测与维 修、消防工程、中药、康复、护理、广告设计、计算机网络应用、计算机程序设计及数字媒体应用等。 伴随着经济转型、人口老龄化趋势的到来等因素,大湾区对新兴产业及大健康相关产业的技能人才需求 将越来越大。华南职业教育积极布局新兴产业专业课程，不仅增加了对生源的吸引力，为生均学费提升 打下扎实基础，也为就业率提升提供助力。 其次，不断探索校企合作新模式，以产教融合助推高就业率。 华南职业教育与京东、腾讯等知名企业签约深度合作。岭南职业技术学院以广东产教融合示范园区（清 远）建设发展与产业学院拓展协同并举，围绕"信息工程、新材料、大健康、电商科技"四个方向与知名 企业进行合作探索。岭南现代技师学院积极参与广东省"产教评"技能生态链建设，实现学生毕业即入职 的"订单班"模式。围绕人工智能、大资料、云计算等新兴技术应用的特色产业,构建基于产业和企业岗 位标准的"人才培养、企业服务、学生创业"等功能于一体的"产教评"升学人才培养体系。期内，集团获 评省委书记"三项工程"之一省级"粤菜师傅"培训基地；岭南职业技术学院获评"广东省大学生 ...

Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 683,617,000, representing a 22.9% increase from RMB 556,204,000 in 2023[3] - The cost of sales increased by 30.0% to RMB 493,682,000, compared to RMB 379,704,000 in the previous year[3] - Gross profit for the year was RMB 189,935,000, up 7.6% from RMB 176,500,000 in 2023[3] - Profit before tax decreased by 23.0% to RMB 84,859,000, down from RMB 110,146,000 in the prior year[3] - Net profit for the year was RMB 90,892,000, a decline of 19.2% from RMB 112,529,000 in 2023[3] - The group reported a total of RMB 71,628,000 in other income and gains for 2024, a decrease of 9.7% compared to RMB 79,155,000 in 2023[16] - The group's net profit for the year decreased by approximately 19.2% from about RMB 112.5 million to about RMB 90.9 million due to the aforementioned factors[60] Dividends - The company proposed a final dividend of HKD 0.013 per share for the year ended December 31, 2024[3] - The proposed final dividend for 2024 is HKD 0.013 per share, down from HKD 0.048 per share in 2023[27] - The board has proposed a final dividend of HKD 0.013 per share for the year ending December 31, 2024, down from HKD 0.048 per share for the previous year[73] Assets and Liabilities - Non-current assets increased to RMB 2,109,440,000 from RMB 1,968,597,000 in 2023[6] - Current liabilities totaled RMB 598,531,000, compared to RMB 567,248,000 in the previous year[6] - The net current liabilities amounted to RMB 177,322,000, worsening from RMB 70,163,000 in 2023[7] - Total equity increased slightly to RMB 1,657,429,000 from RMB 1,651,153,000 in the previous year[7] - Interest-bearing bank and other borrowings amounted to approximately RMB 181.2 million, with actual annual interest rates ranging from about 3.0% to 6.8%[62] - The group's current liabilities net increased by approximately 152.6% from about RMB 70.2 million to about RMB 177.3 million, mainly due to increased cash outflows for teaching and administrative facility construction and increased contract liabilities from tuition fees for the 2024/2025 academic year[61] Revenue Sources - Tuition fees contributed RMB 615,315,000 to total revenue, up from RMB 502,749,000, reflecting a growth of 22.4%[16] - The group has no significant revenue from any single customer exceeding 10% of total revenue for the year[15] - The group operates solely in China, with all revenue and long-term assets located in the region[14] Expenses - The group's employee benefits expenses rose to RMB 255,972,000 in 2024, up 18.3% from RMB 216,306,000 in 2023[23] - Sales and distribution expenses increased by approximately 56.6% from about RMB 27.2 million to about RMB 42.6 million, mainly due to increased promotional expenses resulting from a rise in the total number of full-time students[56] - Administrative expenses rose by approximately 7.9% from about RMB 81.1 million to about RMB 87.5 million, primarily due to an increase in employee costs and benefits by RMB 4.6 million[57] - The impairment loss on receivables increased to RMB 636,000 in 2024 from RMB 390,000 in 2023[34] Strategic Initiatives - The company aims to expand its campus network and vocational education market in the Guangdong-Hong Kong-Macao Greater Bay Area, which accounted for over 11% of the national economic output in 2023[45] - The company plans to establish a "Five-in-One" development model, integrating academic education, vocational training, and technical services to drive growth[50] - The company has initiated a plan to develop high-quality vocational education, targeting the establishment of a vocational university specializing in health and technology within the next decade[46] - The company is actively pursuing mergers and acquisitions of quality vocational institutions in the Greater Bay Area to enhance its network and operational synergies[47] - The company is exploring international cooperation to enhance the attractiveness and international characteristics of its programs[49] - The company is focusing on the integration of industry and education, with plans to establish 1,000 provincial-level industry-education integration communities in advanced manufacturing and modern agriculture[2] Compliance and Governance - The audit committee has reviewed the accounting principles and policies adopted by the group, discussing financial reporting matters[79] - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange regulations[77] - There were no significant events to report to shareholders from the end of the reporting period to the announcement date[72] - The company has not engaged in any buybacks or sales of its listed securities during the year ending December 31, 2024[74] Future Outlook - The company plans to allocate a total of HKD 446.0 million for various purposes, with 61.1% (HKD 272.6 million) designated for enhancing student capacity and purchasing teaching equipment[71] - The company has no plans for major investments or capital assets as of December 31, 2024[76] - The company will hold its annual general meeting on May 28, 2025, to approve the proposed final dividend[84] - The independent auditor's report will include a qualified opinion regarding certain promotional expenses due to insufficient evidence[82] - Annual performance announcements will be published on the Hong Kong Stock Exchange website and the company's website[86] - The annual report will include all information required by listing rules and will be made available to shareholders[86] - The board expresses gratitude to management, employees, shareholders, business partners, banks, and auditors for their support during the reporting period[87] - The board of directors includes executive directors and independent non-executive directors as of March 31, 2025[89]

Student Enrollment and Fees - The total number of full-time students in the group's schools for the 2023/2024 academic year was 28,907[16] - The average tuition fee for Lingnan Vocational and Technical College was RMB 17,187, and for Lingnan Modern Technician College, it was RMB 14,204 as of June 30, 2024[16] - The average accommodation fee for Lingnan Vocational and Technical College was RMB 2,048, and for Lingnan Modern Technician College, it was RMB 1,997 as of June 30, 2024[16] Academic Programs and Structure - Lingnan Vocational and Technical College integrated 13 secondary colleges into 8, added new majors such as Oral Medical Technology and Optometry Technology, and offers over 40 majors[12] - Lingnan Modern Technician College has 7 departments and offers over 27 majors, including Mechatronics, Unmanned Aerial Vehicles, and Big Data Applications[13] Revenue and Financial Performance - Revenue increased by 20.8% from RMB 277.9 million in the first half of 2023 to RMB 335.8 million in the first half of 2024, driven by an increase in the total number of full-time students and average tuition fees[27] - Cost of sales rose by 24.6% from RMB 161.9 million in the first half of 2023 to RMB 201.8 million in the first half of 2024, primarily due to increased staff costs, campus property management expenses, and depreciation of property, plant, and equipment[28] - Gross profit grew by 15.5% from RMB 116.0 million in the first half of 2023 to RMB 134.0 million in the first half of 2024, while gross margin decreased from 41.7% to 39.9% due to higher staff costs and campus expansion[29] - Other income and gains decreased by 21.0% from RMB 35.2 million in the first half of 2023 to RMB 27.8 million in the first half of 2024, mainly due to a reduction in training income and loan interest income[31] - Net profit for the period increased slightly by 0.4% from RMB 87.4 million in the first half of 2023 to RMB 87.8 million in the first half of 2024[37] - Revenue for the six months ended June 30, 2024, increased to RMB 335,761 thousand, up 20.8% from RMB 277,947 thousand in the same period in 2023[81] - Gross profit rose to RMB 133,971 thousand in 2024, compared to RMB 116,015 thousand in 2023, reflecting a 15.5% increase[81] - Net profit attributable to owners of the company for the six months ended June 30, 2024, was RMB 87,722 thousand, slightly up from RMB 87,341 thousand in 2023[82] - Revenue from tuition fees increased to RMB 302,546 thousand in the first half of 2024, up from RMB 251,297 thousand in the same period of 2023, representing a growth of approximately 20.4%[97] - Total revenue from customer contracts reached RMB 335,761 thousand in the first half of 2024, compared to RMB 277,947 thousand in the same period of 2023, an increase of 20.8%[97] - Revenue from boarding fees rose to RMB 29,296 thousand in the first half of 2024, up from RMB 21,824 thousand in the same period of 2023, a growth of 34.2%[97] - Other income and gains decreased to RMB 27,832 thousand in the first half of 2024, down from RMB 35,202 thousand in the same period of 2023, a decline of 20.9%[97] Expenses and Costs - Sales and distribution expenses increased by 35.4% from RMB 9.9 million in the first half of 2023 to RMB 13.4 million in the first half of 2024, driven by higher employee costs and advertising expenses[32] - Administrative expenses rose by 20.9% from RMB 36.3 million in the first half of 2023 to RMB 43.9 million in the first half of 2024, primarily due to increased employee costs[33] - Other expenses surged by 53.8% from RMB 9.1 million in the first half of 2023 to RMB 14.0 million in the first half of 2024, mainly due to higher training costs and exchange losses[35] - Employee benefit expenses, including wages and salaries, increased to RMB 117,609 thousand in the first half of 2024, up from RMB 90,387 thousand in the same period of 2023, a rise of 30.1%[103] - Depreciation of property, plant, and equipment rose to RMB 33,064 thousand in the first half of 2024, compared to RMB 28,403 thousand in the same period of 2023, an increase of 16.4%[103] - Government grants related to assets and income decreased to RMB 3,525 thousand in the first half of 2024, down from RMB 4,059 thousand in the same period of 2023, a decline of 13.2%[103] Expansion and Strategic Plans - The company plans to expand its campus network in the Greater Bay Area, focusing on both academic and non-academic vocational education markets, to solidify its position as a leading vocational education provider[20] - The company aims to upgrade Lingnan Vocational and Technical College to a vocational and technical university, with plans to introduce undergraduate programs and establish an innovation talent training model in collaboration with enterprises[21] - The company will pursue mergers and acquisitions to expand its network, targeting high-quality technical schools and non-academic vocational training institutions within the Greater Bay Area[23] - The company is expanding auxiliary education services, including adult continuing education and vocational skill certification training, with 28 social training evaluation outlets established across 9 cities in Guangdong Province[24] - The company is exploring international cooperation in vocational education, focusing on partnerships with institutions in Hong Kong, Macau, Singapore, and the EU to enhance program attractiveness and internationalization[25] - The company is transitioning to a "five-in-one" development model, integrating academic education, vocational training, and technical services, while exploring opportunities in training, talent dispatch, health, e-commerce, and public welfare[26] Financial Position and Assets - Net current assets increased by 171.2% from a net current liability of RMB 70.2 million at the end of 2023 to net current assets of RMB 50.0 million at the end of June 2024[37] - Interest-bearing bank and other borrowings stood at RMB 184.0 million as of June 30, 2024, with interest rates ranging from 3.1% to 6.8% per annum[39] - The leverage ratio decreased from 12.6% at the end of 2023 to 10.9% at the end of June 2024, primarily due to a reduction in interest-bearing bank and other borrowings[45] - Total assets as of June 30, 2024, stood at RMB 1,969,543 thousand, compared to RMB 1,898,434 thousand as of December 31, 2023[83] - Cash and cash equivalents decreased to RMB 271,133 thousand as of June 30, 2024, from RMB 421,417 thousand as of December 31, 2023[83] - Non-current assets totaled RMB 1,919,586 thousand as of June 30, 2024, down from RMB 1,968,597 thousand as of December 31, 2023[83] - Current liabilities decreased significantly to RMB 345,180 thousand as of June 30, 2024, from RMB 567,248 thousand as of December 31, 2023[83] - Net current assets improved to RMB 49,957 thousand as of June 30, 2024, compared to a net current liability of RMB (70,163) thousand as of December 31, 2023[83] - Non-current liabilities increased to RMB 288,765 thousand as of June 30, 2024, from RMB 247,281 thousand as of December 31, 2023[84] - Equity attributable to owners of the company increased to RMB 1,669,292 thousand as of June 30, 2024, from RMB 1,639,720 thousand as of December 31, 2023[84] - The company's total equity increased to RMB 1,680,778,000 as of June 30, 2024, compared to RMB 1,651,153,000 at the end of 2023, reflecting a growth of RMB 29,625,000[85] - Retained profits rose to RMB 1,091,977,000 as of June 30, 2024, up from RMB 1,014,378,000 at the end of 2023, an increase of RMB 77,599,000[85] - The company declared a final dividend of RMB 58,076,000 for 2023, which was deducted from the capital reserve - share premium[85] - The company's capital reserve - share premium decreased to RMB 288,819,000 as of June 30, 2024, from RMB 346,895,000 at the end of 2023, due to the dividend payment[85] - The company's foreign exchange fluctuation reserve decreased to RMB (555,000) as of June 30, 2024, from RMB (481,000) at the end of 2023, reflecting a loss of RMB 74,000[85] - The company's statutory and other surplus reserves increased to RMB 283,458,000 as of June 30, 2024, from RMB 273,335,000 at the end of 2023, reflecting a transfer from retained profits[85] - The company's non-controlling interests increased to RMB 362,000 as of June 30, 2024, from RMB 309,000 at the end of 2023, reflecting a growth of RMB 53,000[85] Cash Flow and Financing - Net cash generated from operating activities was RMB 32,328,000 for the six months ended June 30, 2023, compared to a net cash outflow of RMB 6,195,000 for the same period in 2024[87] - Depreciation of property, plant, and equipment increased to RMB 33,064,000 for the six months ended June 30, 2024, up from RMB 28,403,000 in the same period of 2023[87] - Operating cash flow for the six months ended June 30, 2024 was a net outflow of RMB 6,195 thousand, compared to a net inflow of RMB 32,328 thousand in the same period of 2023[88] - Net cash outflow from investing activities was RMB 61,506 thousand for the six months ended June 30, 2024, compared to a net inflow of RMB 69,961 thousand in the same period of 2023[88] - Net cash outflow from financing activities was RMB 80,614 thousand for the six months ended June 30, 2024, compared to a net inflow of RMB 42,208 thousand in the same period of 2023[88] - Cash and cash equivalents decreased by RMB 148,315 thousand in the six months ended June 30, 2024, compared to an increase of RMB 144,497 thousand in the same period of 2023[88] Corporate Governance and Shareholding - The company had 1,585 employees as of June 30, 2024, with compensation policies regularly reviewed and aligned with industry standards[46] - The company's directors and senior executives held significant equity interests, with Mr. He Huishan holding 46.48% and Ms. He Huifen holding 14.24% of the company's shares[48] - He Huishan holds 18,000,000 shares in Guangzhou Lingnan Education Group Limited, representing a 60.00% stake[51] - He Huifen holds 6,000,000 shares in Guangzhou Lingnan Education Group Limited, representing a 20.00% stake[51] - Zhihui Guang holds 570,000,000 shares in the company, representing a 42.73% stake[53] - Zhou Lanqing, through controlled entities, holds 570,000,000 shares, representing a 42.73% stake, and an additional 50,000,000 shares through spousal interests, representing a 3.75% stake[53] - China Foreign Education holds 190,000,000 shares, representing a 14.24% stake[53] - Han Liqing, through spousal interests, holds 190,000,000 shares, representing a 14.24% stake[53] - Fangyuan Education holds 190,000,000 shares, representing a 14.24% stake[53] - Du Wenyu, through spousal interests, holds 190,000,000 shares, representing a 14.24% stake[53] - The company has a share option plan approved on June 23, 2021, aimed at incentivizing key personnel and retaining talent[56] - The maximum number of shares that may be issued upon the exercise of all options under the plan and any other plans of the group shall not exceed 10% of the total issued shares as of July 13, 2021, which is 133,400,000 shares[57] - The remaining term of the plan is approximately six years as of the report date, and no options have been granted, exercised, canceled, or lapsed under the plan since its adoption[58] - The company has adopted corporate governance practices in line with the Corporate Governance Code and complied with all code provisions during the reporting period[69] - The company's audit committee and management reviewed the accounting principles, policies, and unaudited condensed consolidated financial statements for the six months ended June 30, 2024[72] - Mr. Qiu Jun resigned as CFO effective January 12, 2024, and Mr. Hu Zhenhua was appointed as CFO effective August 28, 2024[73] - No competitive business or conflicts of interest involving directors or their associates during the reporting period[79] - The company is monitoring regulatory changes and ensuring compliance with relevant rules and regulations for future acquisitions[80] Dividends and Shareholder Information - The company has proposed an interim dividend of 2.2 HK cents per share for the six months ended June 30, 2024, payable on September 30, 2024[63] - The company will suspend share registration from September 12, 2024, to September 13, 2024, to qualify for the proposed interim dividend[64] - The company declared an interim dividend of 2.2 HK cents per ordinary share, totaling approximately RMB 26,788 thousand, compared to no dividend in the same period in 2023[108] Regulatory and Compliance - The revised Vocational Education Law in 2022 emphasizes the equal importance of vocational education and general education, encouraging multi-level and multi-form vocational education[17] - The government's policy supports the development of vocational education, aiming to cultivate high-quality technical and skilled talents to meet market demands[17] - The company is applying for approval to establish a new school in California and considering other plans to meet qualification requirements[76] - The company's contractual arrangements remain compliant with the Foreign Investment Law, with no updates to related regulations during the reporting period[77] - The company is monitoring regulatory changes and ensuring compliance with relevant rules and regulations for future acquisitions[80] Miscellaneous - The company has reallocated HKD 209.6 million originally intended for land acquisition to the construction of teaching and administrative facilities and the purchase of teaching equipment[60] - The net proceeds from the global offering of ordinary shares amounted to approximately HKD 446.0 million, after deducting underwriting commissions and other expenses[60] - The company has allocated 14.1% (HKD 63.0 million) of the net proceeds to the construction of teaching and administrative facilities and the purchase of teaching equipment[60] - 25.9% (HKD 115.4 million) of the net proceeds has been allocated to the acquisition of other schools and education service providers to expand the school network[60] - The company has not identified any significant events requiring shareholders' attention between the end of the reporting period and the report date[59] - No purchase, redemption, or sale of any listed securities by the company or its subsidiaries during the six months ended June 30, 2024[66] - No significant investments or future plans for capital asset investments as of June 30, 2024[68] - The company's main business is investment holding and providing private higher vocational education in China[89] - The unaudited interim condensed consolidated financial statements are prepared in accordance with HKAS 34 and presented in RMB, rounded to the nearest thousand[90] - The company adopted revised HKFRS 16, HKAS 1 (2020 amendments), HKAS 1 (2022 amendments), and HKAS 7 during the period, with no material impact on financial position or performance[91][92][93] - The company operates in a single segment, providing higher vocational education services in China, with all revenue and long-term assets/capital expenditures derived from/located in China[94][95] - The company did not have any single customer contributing 10% or more of its total revenue during the reporting period[96] - Contract liabilities at the end of June 2024 stood at RMB 71,062 thousand, compared to RMB 234,117 thousand at the end of December 2023, a significant decrease of 69.6%[100] - Revenue recognized from the beginning contract liabilities balance in the first half of 2024 was RMB 232,439 thousand, up from RMB 176,381 thousand in the same period of 2023, an increase of 31.8%[101] - The company's income tax expense in mainland China for the six months ended June 30, 2024, was RMB 257 thousand, a significant decrease from RMB 1,772 thousand in the same period in 2023[108] - The basic and diluted earnings per share for the six months ended June 30, 2024, were calculated based on a profit attributable to ordinary shareholders of RMB 87,722 thousand, slightly higher than RMB 87,341 thousand in the same period in 2023[109] - The weighted average number of ordinary shares used in calculating basic and diluted earnings per share remained unchanged at 1,334,000,000 shares for both 2024 and 2023[110] - The company sold assets with a net book

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 335,761,000, representing an increase of 20.8% compared to RMB 277,947,000 for the same period in 2023[2] - Gross profit for the same period was RMB 133,971,000, up 15.5% from RMB 116,015,000 year-on-year[2] - Profit before tax decreased by 5.5% to RMB 84,475,000 from RMB 89,363,000 in the previous year[2] - Net profit for the period was RMB 87,775,000, slightly up by 0.4% from RMB 87,405,000 in the prior year[2] - Basic and diluted earnings per share remained unchanged at RMB 0.07[2] - Other income for the six months ended June 30, 2024, totaled RMB 27,832,000, a decrease from RMB 35,202,000 in the same period of 2023[17] - The group reported a net loss of RMB 3,300,000 in tax expenses for the six months ended June 30, 2024, compared to a tax expense of RMB 1,958,000 in the same period of 2023[27] - The group experienced a foreign exchange loss of RMB 1,895,000 for the six months ended June 30, 2024, compared to a gain of RMB 240,000 in the same period of 2023[22] - The group recognized government grants without any attached conditions, contributing positively to financial performance[23] Revenue Sources - Tuition fees contributed RMB 302,546,000, up 20.4% from RMB 251,297,000 in the previous year[17] - Accommodation fees increased to RMB 29,296,000, representing a 34.0% rise from RMB 21,824,000[17] - The recognized revenue from contract liabilities for the period was RMB 232,439,000, up from RMB 176,381,000 in the prior year[20] Expenses and Costs - Sales costs rose by approximately 24.6%, from about RMB 161.9 million to about RMB 201.8 million, primarily due to increased employee costs and property management expenses[45] - Selling and distribution expenses increased by approximately 35.4%, from about RMB 9.9 million to about RMB 13.4 million, driven by higher marketing staff costs and advertising expenses[48] - Administrative expenses rose by approximately 20.9%, from about RMB 36.3 million to about RMB 43.9 million, primarily due to increased administrative staff costs[49] - Other expenses increased by approximately 53.8%, from about RMB 9.1 million to about RMB 14.0 million, mainly due to higher training costs and foreign exchange losses[50] Assets and Liabilities - Total assets less current liabilities as of June 30, 2024, amounted to RMB 1,969,543,000, an increase from RMB 1,898,434,000 at the end of 2023[6] - Non-current liabilities increased to RMB 288,765,000 from RMB 247,281,000 year-on-year[6] - Cash and cash equivalents decreased to RMB 271,133,000 from RMB 421,417,000 at the end of 2023[5] - Accounts receivable at the end of the reporting period was RMB 2,823,000 for 2024, a decrease from RMB 5,018,000 in 2023[29] Dividends and Shareholder Returns - The company declared an interim dividend of 2.2 HK cents per share for the six months ended June 30, 2024, compared to zero for the same period in 2023[2] - The board declared an interim dividend of HKD 0.022 per ordinary share, totaling approximately RMB 26,788,000 for the six months ended June 30, 2024, while no dividend was declared for the same period in 2023[27] Employee and Operational Insights - The group's employee benefits expenses (excluding directors and senior management) increased to RMB 132,082,000 for the six months ended June 30, 2024, up from RMB 100,841,000 in the same period of 2023, representing a growth of 31%[22] - The company has a total of 1,585 employees as of June 30, 2024, with a focus on performance-based compensation and employee training[60] Strategic Plans and Developments - The company plans to expand its vocational education network in the Greater Bay Area, focusing on high-quality development and establishing new campuses[39] - The company aims to pursue acquisitions of quality vocational schools in the Greater Bay Area to enhance its network and create synergies[40] - The company is actively exploring international cooperation to enhance the attractiveness of its programs and courses[42] Compliance and Governance - The board confirmed compliance with corporate governance codes and standards throughout the reporting period[72] - There were no impacts on the group's financial position or performance from the recent amendments to the Hong Kong Financial Reporting Standards[12]

Financial Performance - The group reported total revenue of RMB 556,204,000 for the fiscal year ending December 31, 2023, representing a year-on-year increase of 7.7% from RMB 516,276,000 in 2022[14]. - The cost of revenue increased to RMB 379,704,000, up 18.9% from RMB 319,436,000 in the previous year, leading to a gross profit of RMB 176,500,000, a decrease of 10.4% compared to RMB 196,840,000 in 2022[14]. - The group recorded a profit before tax of RMB 110,146,000, down 25.7% from RMB 148,267,000 in the prior year[14]. - The group's gross profit decreased by approximately 10.3% from about RMB 196.8 million to approximately RMB 176.5 million, with the gross margin dropping from about 38.1% to approximately 31.7%[46]. - Other income and gains fell by approximately 7.9% from about RMB 86.0 million to approximately RMB 79.2 million, primarily due to a decrease in rental income of RMB 6.5 million[47]. - The group's net profit for the year decreased by approximately 21.2% from about RMB 142.7 million to approximately RMB 112.5 million[55]. Student Enrollment and Educational Offerings - The total number of full-time students enrolled for the 2023/2024 academic year was 28,907, with 73.8% studying in TMT and healthcare-related fields[5]. - The total number of full-time students for the 2023/2024 academic year reached 28,907, with Lingnan Modern Vocational College's enrollment increasing by 47.9% to 13,218 students[17]. - Average tuition fees for Lingnan Vocational Technical College decreased by 0.2% to RMB 17,310, while Lingnan Modern Vocational College's average tuition fee increased by 4.9% to RMB 13,699[17]. - The group operates two schools in the Greater Bay Area, focusing on vocational education and training, with a diverse range of over 74 programs offered[5][7]. - The group aims to enhance its educational services through continued integration of industry and education, emphasizing practical skills and employability[5]. - Future strategies include expanding educational offerings and enhancing partnerships with industries to better align with market demands[5]. Financial Position and Liabilities - Non-current assets increased to RMB 1,968,597,000 as of December 31, 2023, compared to RMB 1,808,876,000 in 2022, reflecting a growth of 8.8%[14]. - Current liabilities rose to RMB 567,248,000, an increase of 17.6% from RMB 482,641,000 in the previous year[14]. - The net asset value of the group reached RMB 1,651,153,000, up from RMB 1,539,190,000 in 2022, indicating a growth of 7.3%[14]. - Interest-bearing bank and other borrowings amounted to approximately RMB 207.6 million, with actual annual interest rates ranging from about 4.0% to 6.8%[59]. - The leverage ratio decreased from approximately 13.7% to about 12.6%, primarily due to a reduction in interest-bearing bank and other borrowings[67]. Strategic Initiatives and Future Plans - The group initiated a strategy to upgrade Lingnan Vocational College to a vocational undergraduate institution, requiring targeted control of student numbers and increased investment in infrastructure and faculty[17]. - The group plans to implement strategies over the next five years, including accelerating the upgrade of Lingnan Vocational Technical College, expanding non-degree vocational training, and exploring partnerships with leading industry companies[20]. - The group aims to create an industry-education integration ecosystem to cultivate high-quality technical talent for the Guangdong-Hong Kong-Macao Greater Bay Area[20]. - The company aims to expand its campus network through acquisitions, prioritizing high-quality vocational schools and non-degree training institutions in the Greater Bay Area[40]. - The company plans to enhance its vocational education offerings by transitioning to a higher education model, with the Lingnan Vocational Technical College aiming to establish undergraduate programs[40]. Governance and Compliance - The company has established a robust governance structure to ensure effective oversight and management of its operations[114]. - The management emphasizes the importance of governance and compliance, with board members holding relevant qualifications and certifications[111][112]. - The board of directors includes independent non-executive directors who provide independent opinions and judgments[101][103][106]. - The company has confirmed compliance with the non-competition commitments made by its controlling shareholders until December 31, 2023[169]. Shareholder Information and Dividends - The board has proposed a final cash dividend of HKD 0.048 per share, subject to shareholder approval at the annual general meeting[124]. - The company has adopted a dividend policy without a predetermined payout ratio, considering various factors such as financial performance and cash flow[124]. - As of December 31, 2023, the company's distributable reserves amounted to approximately RMB 337.4 million[123]. Property Leasing and Agreements - The company has entered into several property leasing agreements, including a new agreement with Yangsheng Valley for a property rental from September 1, 2023, to August 31, 2024, at a monthly rent of RMB 42.12 per square meter[178]. - The existing property leasing agreements with Yangsheng Valley have a rental rate of RMB 40.11 per square meter, with a 5% annual increase for subsequent academic years[180]. - The total building area for the new property leasing agreements is approximately 15,912 square meters, which includes properties used for elderly care and administrative offices[182]. - The company has complied with the disclosure requirements of the Listing Rules regarding related party transactions and continuous related party transactions[174]. Market Expansion and Innovation - The company plans to expand its market presence by opening three new vocational training centers in the next fiscal year, targeting a 20% increase in regional market share[85]. - New product offerings include a digital learning platform, which is expected to enhance student engagement and improve learning outcomes, with a projected adoption rate of 30% among current students[85]. - The company has allocated 100 million RMB for research and development in innovative educational technologies over the next two years[85]. - A strategic partnership with local businesses aims to create internship opportunities for students, potentially increasing job placement rates by 25%[85]. - The management team highlighted a focus on enhancing online learning capabilities, with a goal to increase online course offerings by 40%[85].

Financial Performance - For the fiscal year ending December 31, 2023, the total revenue was RMB 556,204,000, representing a 7.7% increase from RMB 516,276,000 in 2022[4] - The cost of sales increased by 18.9% to RMB 379,704,000, up from RMB 319,436,000 in the previous year[4] - Gross profit decreased by 10.3% to RMB 176,500,000, compared to RMB 196,840,000 in 2022[4] - Profit before tax fell by 25.7% to RMB 110,146,000, down from RMB 148,267,000 in the prior year[4] - Net profit for the year was RMB 112,529,000, a decrease of 21.1% from RMB 142,652,000 in 2022[4] - Revenue increased by approximately 7.7% from about RMB 516.3 million to approximately RMB 556.2 million due to an increase in full-time student enrollment[55] - Net profit decreased by approximately 21.2% from about RMB 142.7 million to approximately RMB 112.5 million due to the aforementioned factors[64] Assets and Liabilities - Non-current assets increased to RMB 1,968,597,000 from RMB 1,808,876,000 in 2022, reflecting a growth of 8.8%[7] - Current assets decreased to RMB 497,085,000 from RMB 528,899,000 in the previous year, a decline of 6.0%[7] - Total liabilities increased to RMB 567,248,000 from RMB 482,641,000 in 2022, representing an increase of 17.6%[7] - The company's total equity rose to RMB 1,651,153,000 from RMB 1,539,190,000 in the previous year, an increase of 7.3%[8] - The group recorded a net current liability of RMB 70,163,000 as of December 31, 2023, including contract liabilities of RMB 234,117,000 related to educational services[11] - As of December 31, 2023, the company's net current liabilities amounted to approximately RMB 70.2 million, a decrease of about 251.6% compared to RMB 46.3 million on December 31, 2022[65] - Current assets decreased from approximately RMB 528.9 million on December 31, 2022, to about RMB 497.1 million on December 31, 2023, primarily due to increased prepayments for teaching and administrative facilities[65] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.048 per share for the fiscal year ending December 31, 2023[5] - The proposed final dividend for 2023 is HKD 0.048 per share, amounting to RMB 58,076,000, compared to no dividend in 2022[30] - The board has proposed a final dividend of HKD 0.048 per share for the year ending December 31, 2023, compared to zero for the previous year[81] - The annual general meeting is scheduled for May 28, 2024, where the proposed final dividend will be subject to shareholder approval[90] Operational Highlights - Tuition fees contributed RMB 502,749,000, up from RMB 468,257,000, reflecting a growth of 7.4%[21] - The total number of full-time students in the 2023/2024 academic year reached 28,907, with average tuition fees of RMB 17,310 and accommodation fees of RMB 1,900 for Lingnan Vocational Technical College[42] - The company has established a good integration with leading enterprises in vocational education, indicating potential for future growth[46] - The company plans to expand its campus network and vocational education market in the Greater Bay Area, focusing on both academic and non-academic vocational training[47] Expenses and Costs - Employee benefits expenses totaled RMB 216,306,000, an increase of 11% from RMB 194,684,000 in the previous year[26] - Selling and distribution expenses increased by approximately 28.3% from about RMB 21.2 million to approximately RMB 27.2 million, driven by higher marketing staff bonuses[60] - Administrative expenses rose by approximately 6.9% from about RMB 75.9 million to approximately RMB 81.1 million, attributed to increased office and consulting expenses[61] - Other expenses increased by approximately 7.7% from about RMB 23.5 million to approximately RMB 25.3 million, mainly due to higher employee costs[62] Taxation and Deferred Tax - The income tax expense for the year ended December 31, 2023, decreased by RMB 128,000 compared to RMB 269,000 in 2022[17] - Deferred tax assets increased by RMB 1,044,000 as of December 31, 2023, compared to RMB 1,172,000 in 2022[16] Governance and Compliance - The company has adhered to all principles and code provisions of the Corporate Governance Code during the reporting period[85] - The audit committee, along with management, reviewed the accounting principles and policies adopted by the group, discussing financial reporting matters[87] Future Outlook and Strategy - The company plans to extend the expected timeline for utilizing the net proceeds from 2022-2023 to 2022-2025 due to ongoing strategic acquisition opportunities[78] - The group aims to expand its network through acquisitions of quality vocational schools in the Greater Bay Area, enhancing scale and synergy[50] - The company will continue to explore various acquisition opportunities that bring value, using net proceeds and its own funds for acquisitions, unaffected by the extended timeline for utilizing net proceeds[79]

主要客戶資料 報告期間內，概無任何提供予單一客戶的服務的收益佔本集團總收益的10%或以上（截至二零 二二年六月三十日止六個月：無）。 39 中國華南職業教育集團有限公司 • 2023 中期報告 中國華南職業教育集團有限公司 • 2023 中期報告 38 未經審核中期簡明綜合財務報表附註 二零二三年六月三十日 4. 收益、其他收入及收益 收益、其他收入及收益的分析如下： | --- | --- | --- | --- | |----------------------------|-------|-------------------------------------|--------------| | | 附註 | 截至六月三十日止六個月 \n二零二三年 | 二零二二年 | | | | 人民幣千元 | 人民幣千元 | | | | （未經審核） | （未經審核） | | 收益 | | | | | | | | | | 客戶合約收益 | | | | | 學費 | (a) | 251,297 | 239,584 | | 寄宿費 | (a) | 21,824 | 20,563 | | 其他教育服務費 | (b) | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 SOUTH CHINA VOCATIONAL EDUCATION GROUP COMPANY LIMITED 中國華南職業教育集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6913） 截至二零二三年六月三十日止六個月中期業績公告 中國華南職業教育集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣 佈本公司及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月（「報 告期間」）的未經審核中期簡明綜合財務報表，連同二零二二年同期的比較數字。 財務摘要 截至六月三十日止六個月 二零二三年 二零二二年 變動 百分比變動 人民幣千元 人民幣千元 人民幣千元 (%) （未經審核） （未經審核） （經重列） 收益 277,947 264,548 13,399 +5.1 銷售成本 161,932 141,691 20,241 +14.3 毛利 116,015 122,857 (6,8 ...

股份代號 : 6913 （於開曼群島註冊成立的有限公司） 2022 年 度 報 告 目 錄 | | 頁次 | | --- | --- | | 公司簡介 | 2 | | 公司資料 | 4 | | 財務摘要 | 6 | | 主席報告 | 7 | | 管理層討論與分析 | 10 | | 董事及高級管理層 | 21 | | 董事會報告 | 33 | | 企業管治報告 | 86 | | 獨立核數師報告 | 104 | | 綜合損益及其他全面收益表 | 112 | | 綜合財務狀況表 | 113 | | 綜合權益變動表 | 115 | | 綜合現金流量表 | 117 | | 財務報表附註 | 119 | 公司簡介 中國華南職業教育集團有限公司（「本公司」）連同其附屬公司（統稱為「本集團」是融學歷職業教 育、職業培訓、技師研修、競賽集訓、技能評價、就業服務、創業孵化為一體的綜合技能人才培 養服務提供商，堅持「以服務社會為宗旨，以就業創業為導向，以學生成才為中心，以能力培養為 重點，培養具有良好職業素養、適應社會需要和未來發展趨勢的高素質技能人才」的辦學目標，以 「為社會塑造優秀人才」為使命，堅持「產教融合、校企合作、工學結 ...