Enrollment and Student Growth - Full-time new student enrollment for the 2023/24 academic year reached approximately 97,000, a year-on-year increase of about 17%, with higher education new student enrollment at approximately 84,000, up 18% year-on-year[9] - As of August 2023, the total number of full-time students reached approximately 248,000, a year-on-year increase of about 7%, with higher education students at approximately 199,000, up 13% year-on-year[9] - The number of applied graduates increased by 16.1% year-on-year to 72,000[16] - The number of students participating in international education programs with Australian and British schools continued to grow[16] Academic Programs and Research - The company added 13 new applied undergraduate programs, bringing the total to 372, and 13 new vocational programs, totaling 182, during the reporting period[10] - The company's member schools have been approved for 9 National Natural Science Foundation projects, 4 National Social Science Foundation projects, and 12 Ministry of Education Humanities and Social Sciences projects as of August 2023[10] - The company has been granted 5 national-level new engineering/new liberal arts research and practice projects, 3 national-level first-class undergraduate courses, and 75 provincial-level first-class undergraduate courses during the 2019–2023 period[10] - Jiangxi School was approved for two "Chunhui Plan" international cooperation research projects by the Ministry of Education, making it the only private undergraduate university in Jiangxi Province to receive this approval[11] - Sichuan School secured 15 provincial-level higher education talent cultivation and teaching reform projects, ranking first among similar universities in the province, and had 14 MOOCs included in the "National Higher Education Smart Education Platform"[11] Campus Infrastructure and Expansion - Shandong School's new campus in Yantai, covering over 700 acres, is planned to be operational by the 24/25 academic year, supporting talent needs in key economic zones[13] - The company invested in upgrading campus infrastructure, including the construction and renovation of approximately 200 smart classrooms and over 270 training/laboratory facilities[13] - Guangzhou Vocational School became the first higher vocational college in Guangdong Province to establish a multi-operator 5G private network, enhancing its smart campus capabilities[13] - Capital expenditure for campus expansion and other purposes amounted to RMB 2,637 million[21] - Property, school buildings, and equipment increased by 12.5% to RMB 17,668 million as of August 31, 2023, from RMB 15,700 million in the previous year[42] Financial Performance - Adjusted net profit increased by 9.8% year-on-year to RMB 2,077 million, and adjusted net profit attributable to the parent company increased by 6.0% year-on-year to RMB 1,908 million[21] - Adjusted EBITDA increased by 17.7% year-on-year to RMB 3,361 million[21] - Total assets increased by 6.5% year-on-year to RMB 35,754 million, and cash reserves increased by RMB 281 million to RMB 5,802 million[21] - Revenue for the fiscal year ending August 31, 2023, reached RMB 5,616 million, an 18.1% increase compared to RMB 4,756 million in the previous fiscal year[33] - Domestic market revenue increased by 18.2% to RMB 5,396 million, driven by growth in student enrollment and per-student income in higher vocational education institutions[35] - Net profit attributable to the company's owners was RMB 1,380 million, with adjusted net profit attributable to the company's owners at RMB 1,908 million[26][30] - Gross profit for the fiscal year ending August 31, 2023, was RMB 3,164 million, up from RMB 2,754 million in the previous year[26] - Operating profit increased to RMB 2,493 million, compared to RMB 2,114 million in the previous fiscal year[26] - Adjusted EBITDA for the fiscal year ending August 31, 2023, was RMB 3,361 million, compared to RMB 2,856 million in the previous year, representing an increase of 17.7%[37] - Net profit for the fiscal year ending August 31, 2023, was RMB 1,541 million, a decrease of 20.4% from RMB 1,936 million in the previous year[37] - International market revenue increased by 16.4% to RMB 220 million in the fiscal year ending August 31, 2023, driven by an increase in new student enrollments[39] - Operating profit for the fiscal year ending August 31, 2023, was RMB 2,493 million, an increase of 17.9% from RMB 2,114 million in the previous year[39] - Main business costs increased by 22.5% to RMB 2,452 million in the fiscal year ending August 31, 2023, primarily due to an increase in student numbers[39] - Gross profit for the fiscal year ending August 31, 2023, was RMB 3,164 million, an increase of 14.9% from RMB 2,754 million in the previous year[39] - The company recorded a net loss of RMB 540 million in other gains and losses for the fiscal year ending August 31, 2023, mainly due to a RMB 458 million impairment loss on goodwill and intangible assets[39] - Sales expenses for the fiscal year ending August 31, 2023, were RMB 182 million, accounting for 3.2% of revenue, down from 3.6% in the previous year[39] - Administrative expenses for the fiscal year ending August 31, 2023, were RMB 724 million, an increase from RMB 775 million in the previous year[38] - Adjusted net profit increased by 9.8% to RMB 2,077 million for the year ended August 31, 2023, compared to RMB 1,891 million in the previous year[41] - Net profit decreased to RMB 1,541 million for the year ended August 31, 2023, from RMB 1,936 million in the previous year, primarily due to impairment losses on goodwill and intangible assets of RMB 395 million[41] - Adjusted EBITDA increased by 17.7% to RMB 3,361 million for the year ended August 31, 2023, compared to RMB 2,856 million in the previous year[41] Corporate Governance and ESG - The company's ESG report covers the period from September 1, 2022, to August 31, 2023, aligning with the company's fiscal year[53] - The company's ESG governance involves the Legal and Administration Departments, with oversight from the Board of Directors[54] - An ESG working group, composed of core members from various departments, is responsible for data collection and report preparation[54] - The company collaborates with the International Finance Corporation (IFC) to promote ESG compliance and inclusive business models[57] - The company's business model is recognized as inclusive, directly impacting low-income students and aligning with UN Sustainable Development Goals[57] - The company has been awarded the "China Excellence in Management" award by Deloitte for five consecutive years, the only academic education enterprise to receive this recognition[18] - The company's environmental, social, and governance (ESG) report includes detailed disclosures on emissions, resource usage, and environmental impact management[165] - The company has fully disclosed policies and actions related to significant climate-related issues, including identification and response measures[167] - Employee data is categorized by gender, employment type, age group, and region, with full disclosure of total employee numbers and turnover rates[167] - The company has implemented occupational health and safety measures, with data on work-related fatalities and lost workdays over the past three years[167] - Training programs are in place, with data on the percentage of employees trained and average training hours per employee, categorized by gender and employee type[167] - The company has policies and measures to prevent child labor and forced labor, with full disclosure of recruitment practices and steps to address violations[167] - Supply chain management includes policies to address environmental and social risks, with data on the number of suppliers by region[169] - The company has policies and procedures for product safety, quality assurance, and consumer data protection, with full disclosure of product recall percentages and complaint handling[169] - Anti-corruption measures are in place, including training for directors and employees, with full disclosure of policies and reporting procedures[169] - The company has a strong corporate governance framework, with full compliance with the Corporate Governance Code as of August 31, 2023[170] - The Board of Directors consists of four executive directors and three independent non-executive directors, with a focus on maintaining a balanced skill set and strong independent representation[171] - The Board of Directors held seven meetings during the fiscal year ending August 31, 2023[177] - The Audit Committee, chaired by Dr. Rui Meng, held four meetings and reviewed the Group's financial controls, risk management, and internal control systems[180] - The Remuneration Committee, chaired by Dr. Gerard A. Postiglione, held two meetings to review and approve the remuneration policies and structures for directors and senior management[181] - The Nomination Committee, chaired by Mr. Yu Guo, consists of one executive director and two independent non-executive directors[182] - All independent non-executive directors provided annual written confirmations of their independence in accordance with Listing Rule 3.13[175] - The Board is responsible for corporate governance functions, including setting policies, overseeing training, and reviewing compliance with corporate governance codes[176] - The CEO is responsible for executing the Board's strategies and development plans, as well as managing the Group's overall business operations[173] - One-third of the Board members are required to retire by rotation at each annual general meeting, with each director required to retire at least once every three years[174] - The Audit Committee reviewed the Group's audited consolidated financial statements for the year ended August 31, 2022, and the unaudited condensed consolidated results for the six months ended February 28, 2023[180] - The Remuneration Committee reviewed and approved the vesting of share options under the Pre-IPO and Post-IPO Share Option Schemes[181] - The board of directors consists of 1 female and 6 male members, reflecting the company's commitment to gender diversity[184] - The company held 2 nomination committee meetings during the fiscal year to review board structure, size, and composition, and to assess the independence of independent non-executive directors[185] - The board includes 3 independent non-executive directors, representing more than one-third of the total board seats[185] - The company paid a total of RMB 8,556,000 in professional fees to its auditor, Deloitte Touche Tohmatsu, for audit and non-audit services during the fiscal year[193] - Audit services accounted for RMB 6,018,000 of the total fees paid to the auditor[193] - Non-audit services, including interim reviews, contract arrangement reviews, preliminary announcement reviews, bond issuance-related agreed-upon procedures, and tax compliance services, amounted to RMB 2,538,000[193] - The company's senior management (excluding directors) received salaries ranging from HKD 500,001 to HKD 5,000,000 during the fiscal year[186][187] - The company secretary, Mr. Chen Yuanfeng, received at least 15 hours of relevant professional training during the fiscal year[194] - The company maintains a formal and transparent policy for director remuneration, ensuring that compensation is fair and reasonable based on experience, responsibilities, workload, performance, and the group's performance[186] - The company regularly organizes training courses and provides reading materials for directors, senior management, and employees to enhance their knowledge in various fields related to their daily duties and the group's business growth[189] Environmental Sustainability - Total gas emissions (excluding greenhouse gases) decreased from 6,022.7 kg in 2022 to 5,837.5 kg in 2023, with NOx emissions dropping from 5,460.5 kg to 5,304.9 kg[63] - Total liquid emissions increased from 5,023,513 tons in 2022 to 5,667,021 tons in 2023, with dormitory wastewater rising from 3,943,505 tons to 4,568,993 tons[63] - Total solid emissions decreased from 31,428 tons in 2022 to 23,382 tons in 2023, with non-hazardous waste dropping from 31,949 tons to 23,870 tons[63] - Per capita gas emissions (excluding greenhouse gases) decreased from 0.0317 kg in 2022 to 0.0236 kg in 2023, with NOx emissions per capita dropping from 0.0288 kg to 0.0214 kg[64] - Per capita liquid emissions increased from 22.10 tons in 2022 to 22.89 tons in 2023, with dormitory wastewater per capita rising from 17.35 tons to 18.45 tons[64] - Per capita solid emissions decreased from 0.1382 tons in 2022 to 0.0944 tons in 2023, with non-hazardous waste per capita dropping from 0.1405 tons to 0.0964 tons[64] - Total greenhouse gas emissions (Scope 1) decreased from 8,971 tons in 2022 to 8,333 tons in 2023, with emissions from stationary combustion dropping from 8,275 tons to 8,193 tons[65] - Energy indirect greenhouse gas emissions (Scope 2) increased from 139,219 tons in 2022 to 147,096 tons in 2023[65] - Per capita greenhouse gas emissions (Scope 1) decreased from 0.0394 tons in 2022 to 0.0336 tons in 2023, with emissions from stationary combustion per capita dropping from 0.0364 tons to 0.0331 tons[66] - Per capita energy indirect greenhouse gas emissions (Scope 2) decreased from 0.6124 tons in 2022 to 0.5941 tons in 2023[66] - The company aims to reduce per capita emissions of nitrogen oxides (NOx), sulfur dioxide (SO2), and particulate matter (PM) by 1-2% compared to the 2021/22 fiscal year[67] - The company plans to reduce per capita wastewater emissions from dormitories and canteens by 1-2% compared to the 2021/22 fiscal year[68] - The company targets a 1-2% reduction in per capita hazardous waste emissions (e.g., light bulbs and tubes) compared to the 2021/22 fiscal year[69] - The company aims to reduce per capita greenhouse gas emissions (Scope 1 and Scope 2) by 1-2% compared to the 2021/22 fiscal year, with 713 tons of CO2 offset by newly planted trees[70] - The company's electricity consumption increased to 188,766,210 kWh in the 2022/23 fiscal year, up from 176,853,384 kWh in the previous year[74] - Water consumption rose to 9,429,892 cubic meters in the 2022/23 fiscal year, compared to 8,763,620 cubic meters in the previous year[74] - Gasoline consumption decreased to 153,424 liters in the 2022/23 fiscal year, down from 163,692 liters in the previous year[74] - Diesel consumption dropped to 165,267 liters in the 2022/23 fiscal year, compared to 203,156 liters in the previous year[74] - The company planted 4,263 new trees and over 264,000 shrubs and seedlings during the reporting period[70] - The company implemented various energy-saving measures, including upgrading to LED lighting and optimizing electricity usage through smart devices[70] - Electricity consumption per student decreased from 778.0 kWh in 2021/22 to 762.4 kWh in 2022/23, a reduction of 2.0%[75] - Water consumption per student decreased from 38.6 cubic meters in 2021/22 to 38.1 cubic meters in 2022/23, a reduction of 1.3%[75] - Natural gas consumption per student decreased from 16.7 cubic meters in 2021/22 to 15.2 cubic meters in 2022/23, a reduction of 9.0%[75] - Gasoline consumption per student decreased from 0.7 liters in 2021/22 to 0.6 liters in 2022/23, a reduction of 14.3%[75] - Diesel consumption per student decreased from 0.9 liters in 2021/22 to 0.7 liters in 2022/23, a reduction of 22.2%[75] - The company aims to reduce per-student electricity usage by 1-2% compared to the 2021/22 fiscal year[77] - The company has implemented measures such as replacing old lighting with LED lights and setting air conditioning temperatures to 26°C or higher in summer[77] - The company has been recognized by the government for its water-saving efforts, with Shandong school being selected as a 2022 Water-Saving University in Shandong Province[78] - The company has established a campus energy monitoring platform to track and manage energy usage in student dormitories and administrative buildings[82] - The company is promoting paperless offices and has banned the use of plastic bags in canteens to enhance environmental protection[82] - The company implemented water and electricity conservation measures, including the use of smart metering systems and rainwater recycling for irrigation and road cleaning[84] - The company was recognized as a "Water-Saving University" in Shandong Province in 2022[84] Employee Management and Training - Total number of employees increased by 20.6% to 16,468 as of August 31, 2023, compared to 13,655 in the previous year[93] - Male employees accounted for 7,533, while female employees accounted for 8,935 as of August 31, 2023[94] - No stock options were granted to employees during the fiscal year ending August 31, 2023[89] - The company adheres to strict
中教控股(00839) - 2023 - 年度财报