Financial Performance - Revenue for the six months ended February 28, 2021, was RMB 554,276,000, representing a 32.5% increase from RMB 418,256,000 for the same period in 2020[26]. - Gross profit for the same period was RMB 277,210,000, compared to RMB 204,074,000 in the previous year[27]. - Net profit attributable to owners of the company was RMB 164,763,000, up from RMB 147,135,000 in the prior period[27]. - Basic earnings per share increased to RMB 16.03 from RMB 14.45 year-over-year[27]. - The company reported a pre-tax profit of RMB 185,653,000 for the six months ended February 28, 2021[33]. - Total comprehensive income for the period was RMB 177,608,000, reflecting strong operational performance[33]. - The company reported a profit attributable to owners of RMB 164,763,000 for the six months ended February 28, 2021, compared to RMB 147,135,000 for the same period in 2020, representing an increase of approximately 12%[34]. - Total comprehensive income attributable to owners for the same period was RMB 166,469,000, up from RMB 147,528,000 in 2020, indicating a growth of about 12.9%[34]. - Basic earnings per share increased to RMB 16.03 from RMB 14.45, reflecting a rise of approximately 10.8%[34]. - The company reported a net cash inflow from operating activities of RMB 35,921 thousand for the six months ended February 28, 2021, compared to a net outflow of RMB 201,174 thousand in the same period of 2020[42]. - Adjusted net profit attributable to the company's owners was approximately RMB 199.9 million, reflecting a 32.5% increase year-on-year[157]. Assets and Liabilities - Non-current assets rose significantly to RMB 4,381,870,000 as of February 28, 2021, compared to RMB 2,192,817,000 as of August 31, 2020, marking an increase of about 99.8%[35]. - The company's cash and cash equivalents decreased to RMB 476,299,000 from RMB 1,185,689,000, a decline of approximately 59.9%[35]. - Current liabilities totaled RMB 1,448,329,000, compared to RMB 1,092,210,000 in the previous period, representing an increase of about 32.8%[36]. - The net current asset position showed a deficit of RMB 441,631,000, worsening from a surplus of RMB 243,362,000 in the previous period[36]. - The company's total assets less current liabilities amounted to RMB 3,940,239,000, up from RMB 2,436,179,000, indicating a growth of approximately 62.0%[36]. - The equity attributable to owners of the company increased to RMB 2,330,391,000 from RMB 1,834,928,000, reflecting a rise of about 27.0%[36]. - The company reported total assets of approximately RMB 3,170.1 million, a 90.9% rise compared to the previous year[159]. - As of February 28, 2021, the group's current assets (including bank balances and cash, and structured deposits) were approximately RMB 833.4 million, down from RMB 1,273.8 million as of August 31, 2020[164]. Investments and Acquisitions - The company has made significant investments in property, plant, and equipment, which increased to RMB 3,170,087,000 from RMB 1,660,224,000, an increase of approximately 90.6%[35]. - The group completed the acquisition of 51% of Sichuan New Concept for a consideration of RMB 750.0 million, with RMB 693.0 million settled in cash during the reporting period[167]. - The identifiable net assets acquired from Sichuan New Concept Group were valued at RMB 1,102.523 million, resulting in goodwill of RMB 104.051 million[126]. - The company acquired a 51% stake in Sichuan New Concept Education Investment Co., Ltd. for a consideration of RMB 750 million, aiming to expand its education business in China[120]. - The cash outflow from the acquisition of Sichuan New Concept Group was RMB 649.176 million after accounting for cash and cash equivalents acquired[127]. - The company expects the goodwill arising from the acquisitions to be non-deductible for tax purposes[126][134]. - The group completed the acquisition of Urban Vocational College and Urban Technical College during the reporting period, contributing to the increase in average tuition fees and student numbers[148][150]. Revenue Sources - Tuition fees accounted for RMB 489,980,000 of the total revenue, up from RMB 381,544,000, indicating a growth of 28.5% year-over-year[53]. - The group’s revenue includes tuition and accommodation fees, vocational education service fees, and income from joint programs with institutions[54]. - The profit from the Chinese higher education segment was RMB 236,841,000, while the overseas education segment reported a loss of RMB 3,949,000, leading to a total segment profit of RMB 232,892,000[60]. - The total segment revenue from external sales in the Chinese higher education sector was RMB 548,025,000, while the overseas education sector contributed RMB 6,251,000[60]. - The group reported revenue of approximately RMB 554.3 million for the six months ended February 28, 2021, representing a 32.5% increase compared to the previous year, driven by higher student enrollment and average tuition fees[152]. Student Enrollment and Programs - The total number of enrolled students increased to 62,404, representing a 76.8% growth compared to 35,300 in the previous year[146]. - The group introduced three new undergraduate programs, including Primary Education, Nursing, and Financial Technology, to meet societal development needs[143]. - The employment rate for graduates from the acquired schools has consistently exceeded 98% for the past nine years[141]. - The group’s overseas education services saw a significant increase in enrolled students, rising by 605.3% to 3,731 from 529[146]. Future Outlook and Strategic Plans - The company plans to continue expanding its market presence and investing in new technologies[1]. - Future guidance indicates a positive outlook for revenue growth driven by strategic initiatives and market expansion[1]. - The company plans to continue expanding its operations in the higher education and vocational training sectors both domestically and internationally[44]. - The company aims to improve its financial performance through strategic acquisitions and partnerships in the education sector[44]. - The group is actively seeking acquisition targets in the Greater Pearl River Delta region, focusing on regional advantages and development potential[150]. - The company plans to maintain its current product offerings while exploring new market opportunities[96]. - The company is considering strategic acquisitions to bolster its market position and product portfolio[96]. Corporate Governance and Compliance - The company has confirmed compliance with the Corporate Governance Code during the reporting period, maintaining high standards of corporate governance[194]. - All directors have confirmed adherence to the Securities Trading Code during the reporting period, with no known violations[195]. - The company recognizes the importance of good corporate governance to enhance management and protect shareholder interests[194]. Shareholder Information - The interim dividend declared for the six months ended February 28, 2021, is HKD 0.055 per share, totaling approximately HKD 58.94 million[182]. - The company raised approximately RMB 583.0 million from its initial public offering (IPO) after deducting underwriting commissions and other listing expenses[172]. - As of February 28, 2021, BVI Holdco holds 750,790,000 shares, representing approximately 70.06% of the company's issued share capital[191]. - The total number of shares held by the directors and executives amounts to 754,578,500 shares, with various personal and corporate interests detailed[185].
中汇集团(00382) - 2021 - 中期财报