精英汇集团(01775) - 2024 - 年度业绩

Financial Highlights This section provides a concise overview of the company's key financial performance and position for the fiscal year 2024 FY2024 Financial Highlights | Metric | FY2024 | FY2023 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD million) | 157.1 | 131.2 | +19.8% | | Group Loss (HKD million) | 23.3 | 26.9 | -13.5% | | Adjusted Loss* (HKD million) | 23.2 | 31.8 | -27.0% | | Loss Attributable to Owners of the Company (HKD million) | 24.6 | 27.8 | -11.6% | | Enrollments in Private Secondary School Tutorial Services | 121,000 | 132,000 | -8.3% | - As of July 31, 2024, the Group held cash and cash equivalents of HKD 76.6 million, a slight increase from HKD 75.3 million in 2023[1] - The Board does not recommend the payment of a final dividend for the year ended July 31, 2024[1] Consolidated Financial Statements This section presents the Group's consolidated financial performance and position, including income statements and balance sheets Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended July 31, 2024, the Group's revenue increased by 19.8% to HKD 157 million, resulting in an operating loss of HKD 20.34 million and a net loss of HKD 23.3 million, a 13.5% reduction from the prior year, with basic loss per share narrowing from 5.53 HK cents to 4.85 HK cents Key Items from Consolidated Statement of Profit or Loss (HKD thousand) | Item | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | 157,084 | 131,162 | +19.8% | | Operating Loss | (20,342) | (26,637) | -23.6% | | Loss Before Tax | (23,044) | (26,772) | -14.0% | | Loss for the Year | (23,297) | (26,941) | -13.5% | | Loss Attributable to Owners of the Company | (24,615) | (27,844) | -11.6% | | Basic Loss Per Share (HK cents) | (4.85) | (5.53) | -12.3% | - Key cost items, including staff costs of HKD 69.84 million, tutor service fees of HKD 27.79 million, and printing and other operating expenses of HKD 54.39 million, all increased compared to the previous year[4] Consolidated Statement of Financial Position As of July 31, 2024, the Group's total assets were HKD 194.7 million and total liabilities were HKD 140.6 million, resulting in net assets of HKD 54.12 million, a 31.1% decrease from HKD 78.5 million in the prior year, notably shifting from net current assets to net current liabilities of HKD 12.39 million due to increased borrowings Summary of Consolidated Statement of Financial Position (HKD thousand) | Item | As of July 31, 2024 | As of July 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 73,160 | 78,295 | -6.6% | | Current Assets | 121,553 | 111,404 | +9.1% | | Total Assets | 194,713 | 189,699 | +2.6% | | Current Liabilities | 133,938 | 100,885 | +32.8% | | Non-current Liabilities | 6,652 | 10,317 | -35.5% | | Total Liabilities | 140,590 | 111,202 | +26.4% | | Net Assets | 54,123 | 78,497 | -31.1% | | Net Current (Liabilities) Assets | (12,385) | 10,519 | N/A | - The significant increase in current liabilities was primarily due to borrowings rising from HKD 63.57 million to HKD 80.29 million[5] - Equity attributable to owners of the Company decreased by 31.9% from HKD 77.07 million to HKD 52.46 million[7] Management Discussion and Analysis This section provides an in-depth review of the Group's operational performance, financial results, and future strategic outlook Business Review The Group achieved a significant 19.8% increase in total revenue to HKD 157.1 million this fiscal year, with all business segments growing, notably a 72.3% rise in school services revenue, demonstrating successful B2B market expansion and diversification despite a decline in core private secondary school tutorial enrollments offset by higher average course fees - The Group's total revenue increased by 19.8% from HKD 131.2 million to HKD 157.1 million, primarily driven by growth across all business segments[35] Revenue by Business Segment (HKD thousand) | Business Segment | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Private Secondary School Tutorial Services | 95,481 | 87,008 | +9.7% | | Private Secondary School Day School Services | 12,553 | 11,570 | +8.5% | | School Services | 28,176 | 16,354 | +72.3% | | Ancillary Education Services and Products | 20,874 | 16,230 | +28.6% | | Total | 157,084 | 131,162 | +19.8% | - School services revenue significantly increased by 72.3%, with revenue from mainland China growing by 108.0%, indicating the Group's successful penetration into the B2B markets in Hong Kong and mainland China[35][39][47] Private Secondary School Tutorial Services This core business saw revenue grow by 9.7% to HKD 95.5 million, as a 19.6% increase in average course fees per enrollment to HKD 788 successfully offset an 8.3% decline in total enrollments to 121,000, primarily due to normalized tuition, reduced subsidies, and the introduction of higher-priced small-group services Key Metrics for Private Secondary School Tutorial Services | Metric | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD million) | 95.5 | 87.0 | +9.7% | | Total Enrollments | 121,000 | 132,000 | -8.3% | | Average Course Fee Per Enrollment (HKD) | 788 | 659 | +19.6% | School Services School services revenue surged by 72.3% year-on-year to HKD 28.2 million, becoming the fastest-growing segment, with Hong Kong local business up 38.6% and mainland China business more than doubling by 108.0% to HKD 16.53 million, driven by rising demand for HKDSE-related educational services in the Greater Bay Area School Services Revenue by Region (HKD thousand) | Region | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Hong Kong | 11,648 | 8,406 | +38.6% | | Mainland China | 16,528 | 7,948 | +108.0% | | Total | 28,176 | 16,354 | +72.3% | Ancillary Education Services and Products This segment's revenue grew by 28.6% to HKD 20.9 million, primarily driven by a 44.7% increase in 'Children and Other Education Services' revenue, which benefited from HKD 3.4 million in additional revenue from the newly launched BTEC Level 5 Higher National Diploma in Business RQF course - Total revenue from Ancillary Education Services and Products increased by 28.6% to HKD 20.9 million[48] - 'Children and Other Education Services' revenue grew by 44.7% to HKD 10.2 million, primarily due to HKD 3.4 million in revenue from the newly established BTEC Level 5 course[42][48] Outlook and Future Developments The Group maintains cautious optimism for future development, strategically focusing on the mainland China market, where management identifies demand for HKDSE-related services as a significant opportunity for the next five years, while also anticipating growth in private day school services driven by Hong Kong government talent attraction schemes, with plans to expand mainland market share through strategic collaborations or acquisitions and leverage educational technology - The Group holds high expectations for the mainland China market, viewing the demand for HKDSE-related services as a significant opportunity within the next five years[44] - Hong Kong government talent attraction schemes, such as the Top Talent Pass Scheme, are expected to drive growth in private secondary school day school services[43] - Future plans include expanding into the mainland China market through strategic collaborations and/or acquisitions, leveraging educational technology to broaden the student base, and targeting cities beyond the Greater Bay Area[45] Financial Review Total revenue grew by 19.8% this fiscal year, but key cost items such as staff costs, tutor service fees, and operating expenses also rose, leading to a narrowed loss of HKD 23.3 million from HKD 26.9 million but not a return to profitability, with staff costs increasing 4.0% for mainland China business expansion and printing and other operating expenses rising 20.9% due to increased freelance engagements for school services growth Key Cost Items as Percentage of Revenue | Cost Item | 2024 (% of Revenue) | 2023 (% of Revenue) | | :--- | :--- | :--- | | Staff Costs | 44.5% | 51.2% | | Tutor Service Fees | 17.7% | 20.0% | | Depreciation of Right-of-Use Assets | 9.4% | 9.3% | | Short-term and Low-value Lease Payments | 6.5% | 9.3% | | Printing and Other Operating Expenses | 34.6% | 34.3% | - Staff costs increased by 4.0% to HKD 69.8 million, primarily due to increased teaching staff for mainland China business expansion[51] - Printing and other operating expenses increased by 20.9% to HKD 54.4 million, mainly due to an 88.2% surge in service fees payable to freelancers driven by business growth[55] Liquidity, Financial Resources and Capital Structure The Group's financial position faces pressure, with net current liabilities of HKD 12.4 million as of July 31, 2024, a current ratio decline from 1.10 to 0.91, and a sharp increase in the gearing ratio from 107.6% to 189.0% primarily due to increased bank borrowings, with investment properties with a carrying value of approximately HKD 14.6 million pledged for bank facilities - As of July 31, 2024, the Group recorded net current liabilities of HKD 12.4 million, compared to net current assets of HKD 10.5 million in the prior year[58] - The current ratio decreased from 1.10 in 2023 to 0.91 in 2024, primarily due to increased borrowings[58] - The gearing ratio (total borrowings/owners' equity) significantly increased from 107.6% in 2023 to 189.0%[61] Risk Management and Internal Control The Board affirms its responsibility for establishing and maintaining effective risk management and internal control systems, with external consultants conducting annual enterprise risk assessments and internal audits covering strategic, operational, financial, and compliance risks, and the Board, having reviewed the reports, deems the existing systems and resources for accounting, internal audit, and financial reporting to be effective and adequate - The Board is responsible for establishing and maintaining the Group's risk management and internal control systems and reviewing their effectiveness[62] - The Group has appointed external consultants to conduct enterprise risk assessments and perform internal audit functions to review the effectiveness of the systems for the year ended July 31, 2024[63] - Following a review of the reports, the Board considers the Group's risk management and internal control systems, as well as resources, staff qualifications, and budget for accounting, internal audit, financial reporting, and ESG, to be adequate[64]