Enrollment and Education Segments - As of February 28, 2021, the total number of enrolled students reached approximately 250,300, representing a 37.7% increase from 181,826 students on February 29, 2020[28]. - The higher education segment had 183,409 students, while the vocational education segment had 63,686 students, and the international education segment had 3,244 students as of February 28, 2021[29]. - The number of students enrolled in continuing education programs increased significantly, with 55,935 students as of February 28, 2021, compared to 23,790 students on February 29, 2020[29]. - The group operates 11 universities and vocational education institutions in China, one accredited higher education institution in Sydney, Australia, and one dual-degree university in London, UK[26]. - The total student enrollment growth is attributed to both organic growth and the addition of new schools to the group[28]. Course Offerings and Tuition Fees - The group offers a wide range of courses, including 12 master's programs, 292 undergraduate programs, 103 diploma programs, 168 vocational education programs, and 159 continuing education programs[26]. - Tuition fees are adjusted annually between 0% to 30%, subject to government approval, based on operational costs and market conditions[30]. - The tuition fees for ordinary undergraduate courses at Jiangxi University of Science and Technology increased to RMB 22,000–29,000 for 2020/2021 from RMB 19,000-26,000 in 2019/2020, representing an increase of approximately 15.8%[32]. - Guangdong Baiyun College's ordinary undergraduate course tuition fees rose to RMB 26,000–30,000 in 2020/2021 from RMB 20,000–30,000 in 2019/2020, indicating a growth of about 30%[32]. - The average tuition fees for vocational education programs at Xi'an Railway College increased to RMB 10,800 in 2020/2021 from RMB 9,800-10,800 in 2019/2020, reflecting a growth of approximately 10.2%[34]. - The tuition fees for vocational diploma courses at Baiyun Technician College remained stable at RMB 13,500-15,500 for 2020/2021, unchanged from the previous year[34]. Financial Performance - The company reported a revenue of 1,823,438,000 and a net profit of 852,239,000 for the six months ended February 28, 2021[56]. - The group's revenue for the six months ended February 28, 2021, reached RMB 1,823.4 million, an increase of 38.6% compared to RMB 1,315.2 million for the same period in 2020[62]. - The higher education segment's revenue increased from RMB 872.4 million to RMB 1,349.7 million, representing a growth of 54.7%[63]. - The vocational education segment's revenue slightly decreased by 4.3% from RMB 374.9 million to RMB 358.6 million due to COVID-19 restrictions[64]. - The international education segment's revenue rose by 69.5% from RMB 67.9 million to RMB 115.1 million, driven by the inclusion of King's College and an increase in student enrollment[65]. - Gross profit for the six months ended February 28, 2021, was RMB 1,077.5 million, with a gross margin of 59.1%, up from 57.6% in the previous year[68]. - Operating profit increased by 56.5% to RMB 880.9 million compared to RMB 562.7 million for the same period in 2020[72]. - Adjusted net profit rose by 41.9% to RMB 758.5 million, while the attributable adjusted net profit to the company's owners increased by 50.2% to RMB 737.7 million[76]. Acquisitions and Expansion - The acquisition of Haikou Economic College was announced in August 2020, and it became a consolidated subsidiary in September 2020[26]. - The company has identified significant potential for mergers and acquisitions in the private higher education sector, with over 700 private higher education institutions in China[37]. - The company has reviewed over 500 potential acquisition targets since its listing, with plans to seek more opportunities for schools with significant growth potential[39]. - The company strategically acquired three independent colleges, which are expected to enhance student enrollment and improve teaching quality[40]. - The company has expanded its program offerings, adding four new undergraduate programs at Haikou Economic College during the reporting period[36]. COVID-19 Impact and Response - The group refunded students a total of RMB 652 million in accommodation fees during the COVID-19 pandemic for a period of 2.5 to 5 months[30]. - The company implemented necessary health measures during the COVID-19 pandemic, with 96% of courses delivered online[55]. Corporate Governance and Compliance - The company has complied with all corporate governance codes as per the listing rules for the six months ended February 28, 2021[103]. - The company’s audit committee consists of three independent non-executive directors, ensuring the integrity and accuracy of the financial information[104]. - The company has implemented a recruitment policy that ensures equal employment opportunities regardless of age, gender, race, ethnicity, religion, or physical disability[98]. Employee and Shareholder Information - As of February 28, 2021, the company had 10,688 employees, representing a 19.8% increase from 8,922 employees as of February 29, 2020, primarily due to the addition of Haikou Economic College[97]. - The company declared an interim dividend of HKD 0.197 per share for the six months ended February 28, 2021, compared to HKD 0.134 per share for the same period in 2020[101]. - The total beneficial ownership of both Blue Sky BVI and White Cloud BVI combined is 1,500,000,000 shares, which is approximately 66.58% of the total issued shares[114]. Cash Flow and Financial Position - Total bank balances and cash increased by 15.7% from RMB 4,366.6 million as of August 31, 2020, to RMB 5,051.6 million as of February 28, 2021[81]. - The company's cash flow statement for the six months ending February 28, 2021, indicates significant operational cash flows, although specific figures were not detailed in the provided content[153]. - The company reported cash and cash equivalents of RMB 2,523,403 thousand as of February 28, 2021[145]. - The company’s goodwill stood at RMB 3,304,637 thousand, reflecting its ongoing investment in acquisitions and market expansion[145]. Future Outlook - The company anticipates steady growth in the private higher and vocational education sector in China, driven by favorable regulatory changes and market opportunities[37]. - The company is committed to providing exceptional educational services to more students by improving educational quality and employment readiness[37].
中教控股(00839) - 2021 - 中期财报