（股份代號：6913） 董事會會議召開日期 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」）謹此宣佈， 董事會會議將於2025年8月29日（星期五）舉行，藉以（其中包括）審議及批准本公司 及其附屬公司截至2025年6月30日止六個月的未經審核中期業績及其刊發，並考慮 派發中期股息（如有）。 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，並明確表示概不就因本公告全部或任何部 分內容而產生或因倚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） 承董事會命 中國華南職業教育集團有限公司 主席 賀惠山 香港，2025年8月19日 於本公告日期，董事會包括執行董事賀惠山先生、賀惠芬女士及勞漢生先生；及獨 立非執行董事羅潘先生、葉哲瑋先生及馬樹超先生。 ...

[Supplementary Announcement: Audit Matters and New Measures Regarding the 2024 Annual Report](index=1&type=section&id=%E8%A3%9C%E5%85%85%E5%85%AC%E5%91%8A%EF%BC%9A%E9%97%9C%E6%96%BC2024%E5%B9%B4%E5%BA%A6%E5%A0%B1%E5%91%8A%E7%9A%84%E5%AF%A9%E6%A0%B8%E4%BA%8B%E9%A0%85%E5%8F%8A%E6%96%B0%E6%8E%AA%E6%96%BD) This supplementary announcement details the company's new measures to address an audit matter concerning documentation for third-party recruitment services in its 2024 annual report [Background and Purpose](index=1&type=section&id=1.%20%E8%83%8C%E6%99%AF%E8%88%87%E7%9B%AE%E7%9A%84) This announcement clarifies new measures taken by the company to address an audit matter in its 2024 annual report concerning insufficient documentation for third-party recruitment marketing services - The company issued this supplementary announcement to address an audit matter from its 2024 annual report regarding evidence retention for third-party recruitment promotion services, planning new measures to resolve it[2](index=2&type=chunk) [Details of New Measures](index=1&type=section&id=2.%20%E6%96%B0%E6%8E%AA%E6%96%BD%E8%A9%B3%E6%83%85) To resolve the audit matter, the company implemented seven new measures to enhance supervision and documentation for third-party recruitment service providers, covering planning, monitoring, inspections, and reconciliation New Measures Implemented to Strengthen Internal Controls | Measure | Time/Frequency | | :--- | :--- | | (i) Require sellers to provide complete records of their work plans for services provided | After each seller is engaged for relevant services | | (ii) Require admissions office personnel to prepare supervision plans based on seller work plans and retain supervision records | After each seller is engaged for relevant services | | (iii) Increase the frequency of on-site supervision and special inspections of services provided by sellers | At least once a month until the relevant service period expires | | (iv) Require admissions office personnel to retain written records of communications with sellers to confirm service delivery results | During the confirmation process of relevant services | | (v) Retain written reconciliation between the results of services provided by sellers and service fees paid according to contract terms | During the reconciliation process of relevant services | | (vi) Take photographs of seller work | During on-site supervision and special inspections | | (vii) Arrange regular meetings with sellers to discuss the status of service provision | Monthly until the relevant service period expires | [Implementation Status and Board Opinion](index=2&type=section&id=3.%20%E5%AF%A6%E6%96%BD%E7%8B%80%E6%B3%81%E8%88%87%E8%91%A3%E4%BA%8B%E6%9C%83%E6%84%8F%E8%A6%8B) As of August 8, 2025, all new measures have been implemented, and the Board believes these measures sufficiently address the audit matter and strengthen internal controls - As of the announcement date, the company confirms that all new measures aimed at strengthening internal controls have been fully implemented[5](index=5&type=chunk) - The Board believes the implementation of new measures has made the Group's internal controls sufficient and effective in addressing the previous audit matter[6](index=6&type=chunk)

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06913 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 致：香港交易及結算所有限公司 公司名稱: 中國華南職業教育集團有限公 ...

Group 1: Government Initiatives - The State Council's Employment Promotion and Labor Protection Working Group issued guidelines for a large-scale vocational skills enhancement training initiative from 2025 to the end of 2027, targeting the supply of skilled labor in manufacturing and service sectors, aiming to provide over 30 million subsidized training opportunities [1] - Shanghai plans to implement a three-year action plan for building a strong education system, focusing on modern vocational education, deepening industry-education integration, and enhancing governance capabilities in vocational education [1] - Guangzhou released implementation opinions to strengthen the high-skilled talent workforce, promoting reforms in the modern vocational education system and integrating vocational and general education [1] Group 2: Industry Developments - China Oriental Education (00667) is a nationwide vocational training institution offering professional training services in culinary arts, information technology, automotive services, and fashion beauty [2] - South China Vocational Education (06913) operates two schools and plans to restructure its colleges, adding new programs in dental and optical technology, with over 40 diverse subjects offered [2] - China Spring Education (01969) operates six private vocational schools, with a total enrollment of 104,000 students, and is positioned to benefit from the growth of private vocational education in Central China [3] - Zhonghui Group (00382) reported a 21.7% revenue growth in higher vocational education, with higher vocational education accounting for 84.9% of total revenue [3] - Fenbi (02469), a leading vocational education company, launched an AI-based product that generated over 14 million yuan in sales within two months, indicating a successful scale-up of its AI strategy [3] Group 3: Company Performance - Neusoft Ruixin Group (09616) reported a 14.9% increase in revenue from educational resource output to 220 million yuan, while its lifelong education business saw a 12.3% decline in revenue to 140 million yuan [4]

Group 1: Stock Movements in Hong Kong Market - Youqu Holdings (02177) surged over 24% as it actively expands into the health sector with the launch of the Canadian anti-aging health food brand Vanpearl containing ergothioneine [1] - Longfly Fiber Optics (06869) rose nearly 10% following the commencement of mass production at its advanced Wuhan base, successfully producing its first 6-inch silicon carbide wafer [1] - SF Holding (06936) increased over 5% with a reported 19.1% year-on-year growth in express delivery volume in April 2025, reaching 16.32 billion parcels [1] Group 2: Notable Developments in Other Companies - Alibaba Pictures (01060) gained over 4% after announcing a name change to Damai Entertainment, indicating a focus on offline performances and IP derivatives [2] - Innovent Biologics (01801) rose over 4% after presenting promising results for its innovative drug IBI343 for treating advanced pancreatic cancer at the 2025 ASCO annual meeting [2] - Ideal Auto (02015) saw a rise of over 6% with May deliveries reaching 40,856 units, marking a 16.7% year-on-year increase [4] Group 3: U.S. Market Highlights - Ferguson (FERG.US) increased by 2.9% with Q3 sales of $7.621 billion, a 4.3% year-on-year growth, exceeding market expectations [5] - Credo Technology (CRDO.US) surged over 14% with Q4 revenue of $170.3 million, a 179.7% year-on-year increase [6] - Nvidia (NVDA.US) rose by 2.8% as UBS projected significant revenue from a new AI data center project in Texas [6]

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].

Group 1 - The education sector in Hong Kong and A-shares experienced significant gains, with notable increases in stocks such as Xijiang International Holdings (up 12.59%) and China Tongcai Education (up 9.27%) [1] - The Ministry of Education and nine other departments issued a document to accelerate the digitalization of education, emphasizing the role of artificial intelligence in educational transformation [1][2] - The Ministry of Education plans to develop a national smart education platform 2.0, incorporating advanced technologies like AI and knowledge graphs to enhance educational resources and assessment [2] Group 2 - The global AI education market is projected to grow to $26.2 billion by 2025, while the domestic AI+ education B-end market is expected to reach 47.7 billion yuan and the C-end market 28.2 billion yuan by 2027 [3] - Investment firms are optimistic about the potential of AI in education, recommending attention to companies leading in AI integration within the education sector and related IT industries [3][4]

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