Financial Performance - Revenue for the six months ended February 29, 2024, was RMB 1,160,191 thousand, representing a 19.3% increase from RMB 972,751 thousand for the same period in 2023[5] - Gross profit for the same period was RMB 578,009 thousand, up 17.5% from RMB 491,831 thousand year-over-year[5] - Profit attributable to owners of the company was RMB 338,242 thousand, a 13.2% increase compared to RMB 298,723 thousand in the previous year[10] - Adjusted net profit attributable to owners was RMB 346,204 thousand, reflecting a 13.7% increase from RMB 304,368 thousand[5] - Basic earnings per share increased to RMB 29.76, up 7.3% from RMB 27.73[10] - Total comprehensive income for the period was RMB 375,066 thousand, compared to RMB 353,678 thousand in the prior year[6] - The company reported a pre-tax profit of RMB 386,460 thousand, compared to RMB 362,187 thousand in the previous period[6] - Other income for the period was RMB 81,612 thousand, an increase from RMB 58,664 thousand year-over-year[8] - The company reported a net foreign exchange gain of RMB 4,289,000 for the six months ended February 29, 2024, compared to a loss of RMB 1,235,000 in the same period of 2023[35] - Tax expenses for the six months ended February 29, 2024, totaled RMB 8,002,000, slightly down from RMB 8,655,000 in the same period of 2023[36] Student Enrollment and Education Services - The number of enrolled students rose to 96,100, marking a 12.3% increase from 85,603[5] - Tuition fees recognized during the period were RMB 1,018,416 thousand, representing a 20.4% increase from RMB 845,624 thousand in the prior year[25] - Accommodation fees recognized were RMB 98,794 thousand, up 14.7% from RMB 86,085 thousand in the previous year[25] - The profit from the Chinese higher education and vocational education segment was RMB 398,239,000, while the overseas segment reported a loss of RMB 4,116,000, leading to a total segment profit of RMB 394,123,000[31] - The group established over 1,000 partnerships with large enterprises to facilitate seamless integration of education and employment, focusing on cultivating high-skilled talent[83] - New industry-specific colleges were opened during the reporting period, including the Digital Economy Industry College and the Animation and Gaming Industry College, aimed at aligning educational content with industry standards[83] - The group aims to deepen the integration of industry and education, focusing on the cultivation of high-quality skilled talent to meet the demands of emerging industries[88] Cash Flow and Liquidity - For the six months ended February 29, 2024, the net cash used in operating activities was RMB (89,608) thousand, compared to RMB 93,646 thousand for the same period in 2023, indicating a significant decline in cash flow from operations[17] - The net cash used in investing activities amounted to RMB (371,205) thousand, a decrease from RMB (566,900) thousand in the previous year, reflecting reduced capital expenditures[19] - The net cash and cash equivalents at the end of the period were RMB 1,358,822 thousand, compared to RMB 750,130 thousand at the end of the previous period, showing a significant increase in liquidity[19] - The company reported a net cash outflow of RMB (622,591) thousand for the period, compared to RMB (567,581) thousand in the same period last year, indicating ongoing cash management challenges[19] - The company has a net current liability of RMB 517,163 thousand as of February 29, 2024, but believes it has sufficient operating cash flow and available bank financing to meet its financial obligations[21] Assets and Liabilities - Non-current assets increased to RMB 6,527,257 thousand as of February 29, 2024, compared to RMB 6,370,998 thousand as of August 31, 2023, reflecting a growth of approximately 2.46%[11] - Current liabilities decreased to RMB 2,141,816 thousand as of February 29, 2024, down from RMB 2,572,455 thousand as of August 31, 2023, representing a reduction of about 16.74%[13] - Total assets minus current liabilities stood at RMB 6,010,094 thousand as of February 29, 2024, compared to RMB 5,922,838 thousand as of August 31, 2023, indicating an increase of approximately 1.48%[13] - The company reported a net asset value attributable to equity holders of RMB 3,786,045 thousand as of February 29, 2024, compared to RMB 3,542,453 thousand as of August 31, 2023, reflecting an increase of approximately 6.89%[13] - The company’s total liabilities decreased to RMB 4,519,136 thousand as of February 29, 2024, from RMB 4,235,328 thousand as of August 31, 2023, indicating a decrease of about 6.71%[13] Employee and Operational Costs - Total employee costs for the six months ended February 29, 2024, amounted to RMB 410,961,000, an increase from RMB 319,752,000 in the same period of 2023, representing a rise of about 28.6%[40] - Administrative expenses for the same period were approximately RMB 227.7 million, an increase of 47.2% year-over-year, mainly due to higher administrative salaries and maintenance costs[92] - Operating costs amounted to approximately RMB 582.2 million for the six months ended February 29, 2024, reflecting a 21.1% increase year-on-year, consistent with revenue growth and increased investment in enhancing educational quality[90] Shareholder Information and Dividends - The final dividend per ordinary share for the year ended August 31, 2023, is HKD 0.09, totaling RMB 93,219,000, to be paid on May 31, 2024[43] - The interim dividend for the six months ending February 29, 2024, is set at HKD 0.096 per ordinary share, amounting to approximately HKD 109,614,155, an increase from HKD 100,949,589 for the previous period[44] - The company has adopted a share option plan and a share award plan on January 19, 2024[104] - The new shares issued under the scrip dividend scheme will be priced at HKD 2.353 per share, based on the average closing price from April 22 to April 24, 2024[107] Corporate Governance and Compliance - The company has complied with the Corporate Governance Code during the reporting period, maintaining high standards of corporate governance[119] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated interim results for the six months ending February 29, 2024[121] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[103] - No changes in the board of directors or their information have been disclosed since the publication of the 2023 annual report[117]
中汇集团(00382) - 2024 - 中期财报