Educational Focus and Quality - The Group has been focusing on higher vocational education for over 22 years, emphasizing a student-oriented principle and high-quality development strategy[10] - Teaching quality has continued to improve, leading to fruitful outcomes in high-quality employment and enhanced experiences for students and teachers[10] - The Group achieved predetermined goals for all core indicators with high quality, demonstrating significant improvements across various fronts[10] - The satisfaction of students and teachers has significantly improved over the past six months, indicating enhanced service quality[19] - The Group has launched eight new majors, including intelligent manufacturing engineering and big data technology, to align with industry needs[12] - The Group has established 40 projects approved by the Ministry of Education for employment and education connection, enhancing employability training[16] - The Group has conducted in-depth cooperation with renowned universities, including Harvard Graduate School of Education, to construct advantageous professionals[23] - The Group is committed to a student-centered approach, aiming to cultivate high-quality technical and skilled talents with social responsibility[25] - The Group has integrated artificial intelligence and big data technologies into its teaching platform, significantly improving teaching efficiency and quality[31] Employment Outcomes - The average employment rate of the Group reached 98% at the end of 2021, significantly higher than the national average[15] - The number of high-quality employment increased by 76% year-on-year, with around 11,000 students interning at well-known enterprises such as Huawei, Jingdong, and Tesla[15] - The employment rate in developed regions increased by 191% year-on-year, reflecting strong demand for graduates[16] - The Group's schools have been recognized as part of the "Top 50 National Employment" by the Ministry of Education, indicating strong employment outcomes[28] - The Group created more than 100,000 job opportunities in collaboration with Zhaopin and Shixiseng[40] - The Group's strategic cooperation with No. 301 Hospital established a foundation for high-quality employment for nursing students[40] Financial Performance - Total revenue for the six months ended February 28, 2022, was RMB 1,209.5 million, representing a 30.7% increase from RMB 925.2 million in the same period of 2021[53] - Revenue increased by 31.7% to RMB 1,036.1 million compared to RMB 786.5 million in the previous year[53] - Gross profit rose by 16.7% to RMB 416.5 million, up from RMB 356.8 million in the prior year[53] - Net profit attributable to owners of the parent increased by 17.2% to RMB 345.4 million, compared to RMB 294.6 million in the same period last year[53] - The Group's financial review indicates a significant increase in other income and gains, which rose by 25.0% to RMB 173.4 million[53] Investments and Development - The Group has made significant investments in upgrading educational facilities, including experimental training rooms and smart classrooms, to enhance the quality of education[23] - The Group has increased investment in the construction of first-class majors and courses to enhance educational quality[36] - The Group's investment in employment-related costs increased by 225.3% year-on-year, leading to remarkable achievements in high-quality employment by the end of 2021[30] - Capital expenditures for the Reporting Period amounted to RMB 309.3 million, primarily for the construction of school buildings, facilities, land acquisition, and purchase of equipment and software[73] Corporate Governance and Compliance - The Group has complied with all applicable corporate governance code provisions during the reporting period[95] - The Board consists of three executive Directors and four independent non-executive Directors, contributing valuable business experience and professionalism[95] - The Company has adopted a code of conduct regarding securities transactions by the Directors, in line with the Model Code set out in the Listing Rules[95] - The Group has complied with the Structured Contracts in all material respects during the Reporting Period[116] Regulatory Environment - The new Vocational Education Law, effective from May 1, 2022, emphasizes the equal importance of vocational education and encourages social participation in vocational training[88] - The Ministry of Education announced key goals for vocational training from 2021 to 2025, including conducting subsidized vocational training for no less than 75 million persons[87] - Recent regulatory developments include various supportive measures issued by local governments to promote the healthy development of private education[122] Employee Relations - The Group maintains a good working relationship with employees and did not experience any material labor disputes during the six months ended February 28, 2022[91] - The Group's salary policy is designed to be contribution-driven, fair, and competitive, with differentiated salary levels based on employee capability, job responsibilities, and contributions[92] - The Group has been actively cultivating employee capabilities and providing training programs to build a quality team to meet development requirements[92] COVID-19 Impact - The recent outbreak of COVID-19 in various provinces has not impacted the Group's main business due to the support of digital online systems for teaching and employment[93] - The Group has prioritized student internships and is assisting students in employment through online platforms despite some travel restrictions affecting internship cycles[93] - The Group will closely monitor the COVID-19 pandemic's development and assess its potential impact on financial conditions and operating results[93]
新高教集团(02001) - 2022 - 中期财报