Financial Performance - Total revenue for the six months ended February 28, 2021, was approximately RMB 979.4 million, an increase of 9.9% compared to RMB 891.5 million for the same period in 2020[7]. - Profit for the period increased to approximately RMB 305.3 million, up 5.2% from RMB 290.3 million in the previous year[7]. - Tuition revenue increased by RMB 70 million or 8.5% to RMB 898 million, while accommodation revenue rose by RMB 18 million or 28.1% to RMB 81 million[11]. - The total comprehensive income for the period was RMB 24,033,000, down from RMB 29,033,000 in the prior year[97]. - The basic and diluted earnings per share for the period were RMB 0.0458, compared to RMB 0.0581 in the previous year[97]. Student Enrollment and Academic Performance - The number of full-time students reached 9,554, representing an increase of approximately 8.5% compared to the 2019/2020 academic year[8]. - The school achieved a graduate employment rate of 83.6% for the class of 2020, with an overall employer satisfaction rate of 94%[40]. - The school’s utilization rate for undergraduate programs was 75.3% as of February 28, 2021, compared to 69.5% a year earlier[39]. Expenses and Costs - Sales costs rose to RMB 492 million, an increase of 24.1% from RMB 397 million, primarily due to higher employee costs and teaching expenses[12]. - Employee costs increased by RMB 41 million or 24.1% to RMB 212 million, driven by salary and welfare increases[12]. - Administrative expenses rose by RMB 4.9 million or 91.8% to RMB 10.2 million for the six months ended February 28, 2021, primarily due to an increase in administrative staff and related costs[18]. - Total interest expenses for the six months ended February 28, 2021, were RMB 24,464,000, compared to RMB 19,639,000 for the same period in 2020, representing a rise of 24.5%[124]. Capital Expenditures and Investments - Capital expenditures for the six months ended February 28, 2021, amounted to RMB 110.5 million, mainly related to the construction and upgrade of school facilities[28]. - Property, plant, and equipment increased by RMB 95.8 million to approximately RMB 1,547.2 million as of February 28, 2021, due to the completion of construction at the Hainan campus[23]. - The group acquired assets for RMB 109,603,000 as property, plant, and equipment during the six months ended February 28, 2021, up from RMB 76,226,000 in the same period of 2020[139]. Financial Position and Liquidity - Cash and cash equivalents decreased to approximately RMB 245.9 million as of February 28, 2021, from RMB 337.6 million as of August 31, 2020, primarily due to payments related to the expansion of the Hainan campus[26]. - The company had unutilized financing of RMB 169.0 million as of the reporting date, indicating sufficient working capital to meet cash requirements for at least the next 12 months[24]. - The company recorded a net current liability of RMB 116,411,000, with contract liabilities amounting to RMB 98,487,000, which will be settled through educational services rather than cash[112]. Strategic Initiatives and Future Outlook - The company plans to continue enhancing teaching quality through teacher training and collaboration with educational technology firms[14]. - The company is actively pursuing the acquisition of 100% equity interest in Qiqihar College to enhance market penetration[45]. - The company has established a new education and employment integration base in the Yangtze River Delta, expected to enhance enrollment and employment capabilities, thereby increasing revenue and profitability[47]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of the fiscal year[182]. Governance and Compliance - The company confirmed compliance with the corporate governance code, with no deviations noted during the reporting period[74]. - The board of directors has maintained the roles of CEO and chairman under one individual, which the board believes ensures consistent leadership[75]. - The company has adopted specific plans to comply with qualification requirements, reflecting its commitment to regulatory adherence in the education sector[51]. Shareholder Information - Major shareholders include Junhua Education Limited with 196,674,000 shares (29.5%) and Shuren Education Limited with 300,000,000 shares (45.0%) as of February 28, 2021[65]. - The company did not declare any interim dividends for the six months ending February 28, 2021[81].
立德教育(01449) - 2021 - 中期财报