Financial Performance - For the six months ended February 29, 2024, the main revenue reached RMB 3,284 million, an increase of RMB 509 million or +18.3% compared to RMB 2,775 million for the same period in 2023[2] - Gross profit for the same period was RMB 1,839 million, up by RMB 246 million or +15.4% from RMB 1,593 million year-on-year[2] - Adjusted net profit was RMB 1,217 million, reflecting an increase of RMB 113 million or +10.2% compared to RMB 1,104 million in the previous year[2] - Operating profit for the period was RMB 1,475 million, up from RMB 1,257 million, indicating a growth of RMB 218 million[4] - The net profit attributable to the owners of the company was RMB 1,071 million, an increase of RMB 94 million or +9.6% from RMB 977 million in the previous year[4] - The company reported other income of RMB 201 million, compared to RMB 138 million in the same period last year[4] - Adjusted EBITDA for the six months was RMB 1,956 million, an increase of RMB 280 million or +16.7% from RMB 1,676 million in the prior year[2] - The net profit for the period was RMB 1,188 million, up from RMB 1,036 million in the prior year, reflecting a growth of approximately 14.7%[47] - Basic earnings per share increased to RMB 41.97, compared to RMB 40.06 for the same period last year, marking an increase of about 4.8%[47] Revenue Breakdown - Domestic market segment main revenue increased from RMB 2,668 million for the six months ended February 28, 2023, to RMB 3,179 million for the six months ended February 29, 2024, representing a growth of 19.2%[12] - For the six months ending February 29, 2024, the total revenue was RMB 3,284 million, with domestic market revenue at RMB 3,179 million and international market revenue at RMB 105 million[56] - Customer revenue from mainland China for the six months ended February 29, 2024, was RMB 3,179 million, compared to RMB 2,668 million for the same period in 2023, indicating a growth of about 19.1%[60] Costs and Expenses - Financing costs increased to RMB 225 million from RMB 190 million, reflecting a rise of RMB 35 million[4] - The increase in main operating costs was 22.3%, rising from RMB 1,182 million for the six months ended February 28, 2023, to RMB 1,445 million for the same period ended February 29, 2024[14] - The total employee costs for the six months ended February 28, 2023, were RMB 1,020 million, compared to RMB 839 million for the same period in 2022, reflecting an increase of approximately 21.6%[65] Assets and Liabilities - The total assets of properties, campuses, and equipment grew by 9.3% to RMB 19,316 million as of February 29, 2024, from RMB 17,668 million as of August 31, 2023[23] - As of February 29, 2024, cash reserves amounted to RMB 4,531 million, a decrease from RMB 5,802 million on August 31, 2023[25] - The net debt-to-equity ratio increased to 23.0% as of February 29, 2024, compared to 15.3% on August 31, 2023[25] - Total bank and other borrowings and bonds were RMB 8,933 million as of February 29, 2024, up from RMB 8,603 million on August 31, 2023[25] - The group has net current liabilities of RMB 1,750 million, which includes contract liabilities of RMB 3,287 million[52] Capital Expenditure and Investments - Capital expenditure for the six months ended February 29, 2024, was RMB 2,032 million, significantly higher than RMB 1,220 million for the same period ended February 28, 2023[24] - Capital commitments related to acquisitions of property, plant, and equipment amounted to RMB 1,521 million as of February 29, 2024, compared to RMB 986 million in 2023[72] Dividends and Shareholder Information - The board recommended an interim dividend of RMB 0.1877 per share[2] - The board declared an interim dividend of RMB 0.1877 per share for the six months ended February 29, 2024, compared to RMB 0.1638 per share for the same period in 2023[67] - The interim dividend will be paid on July 18, 2024, to shareholders listed on June 17, 2024[38] - Shareholders will have the option to receive the interim dividend in new shares instead of cash, pending approval from the listing committee[39] Employee and Operational Growth - The company has increased its employee count to 17,810 as of February 29, 2024, representing a 19% increase from the previous year, primarily due to organic growth in existing and new schools[36] - The group is focused on expanding its professional education services in both domestic and international markets[55] Financial Governance - The audit committee has reviewed the unaudited consolidated financial statements for the six months ended February 29, 2024, ensuring the integrity and accuracy of the financial data[45] - The group has adopted a prudent treasury policy and maintained a stable liquidity structure as of February 29, 2024[26] - The group has no significant contingent liabilities as of February 29, 2024[28] Convertible Bonds and Fundraising - The company believes that the full redemption of the convertible bonds on their maturity date will not have a significant impact on its financial condition[42] - The total outstanding principal amount of the convertible bonds as of February 29, 2024, was HKD 4,000,000, with a potential issuance of 323,886 new shares upon full conversion[41] - The net proceeds from the fundraising completed on February 3, 2021, amounted to approximately RMB 1,681.4 million, with 70% allocated for expanding new campuses in the Greater Bay Area[32] - As of February 29, 2024, the net proceeds utilization shows that 90% (RMB 1,265 million) has been allocated, with RMB 604 million already utilized[35]
中教控股(00839) - 2024 - 中期业绩