Enrollment and Capacity - Total number of students increased to 12,279, up by 294 students or 2.5% compared to 11,985 in the previous year[18] - Total school capacity expanded to 14,115, reflecting an increase of 985 or 7.5% from 13,130 in the previous year[18] - As of February 28, 2021, the total enrollment was 12,279 students, an increase of 294 students or 2.5% compared to 11,985 students on February 29, 2020[33] - The number of students in kindergarten decreased by 114 to 1,160, representing a decline of 8.9% from 1,274 students in the previous year[34] - The number of students in primary school increased by 86 to 2,029, reflecting a growth of 4.4% from 1,943 students in the previous year[34] - Kindergarten enrollment increased to 758 from 681 year-over-year, with a utilization rate of 89.2% compared to 84.1%[46] - Primary school enrollment rose to 8,332 from 8,087, maintaining a high utilization rate of 98.6% versus 98.2%[46] - Middle school enrollment increased to 2,029 from 1,943, with a utilization rate dropping to 68.8% from 87.5%[46] - High school enrollment decreased to 1,160 from 1,274, with a utilization rate of 62.2%, down from 68.3%[46] Financial Performance - Revenue for the six months ended February 28, 2021, was RMB 195,655, a decrease of RMB 2,296 or 1.2% from RMB 197,951 in the previous year[19] - Gross profit decreased to RMB 41,743, down by RMB 2,184 or 5.0% from RMB 43,927 in the previous year[19] - Profit attributable to owners of the company was RMB 4,586, a decline of RMB 3,193 or 41.1% compared to RMB 7,779 in the previous year[19] - Basic earnings per share decreased to RMB 0.56, down by RMB 0.39 or 41.1% from RMB 0.95 in the previous year[19] - Tuition revenue for preschool education was RMB 24,177,000, accounting for 12.3% of total revenue, down from 13.4% in the previous year[91] - Tuition revenue for primary and secondary education was RMB 165,836,000, representing 84.8% of total revenue, slightly down from 83.9% in the previous year[91] - Revenue from educational services for the six months ended February 28, 2021, was RMB 195,655,000, a decrease of 1.3% compared to RMB 197,951,000 for the same period in 2020[188] - Gross profit for the same period was RMB 41,743,000, down 5.0% from RMB 43,927,000 year-on-year[188] - Net profit for the period was RMB 5,104,000, down 54.2% from RMB 11,150,000 in the prior year[188] Cash Flow and Financial Position - Cash and cash equivalents decreased to RMB 187,858, down by RMB 238,914 or 56.0% from RMB 426,772 in the previous year[22] - The net cash used in operating activities for the six months ended February 28, 2021, was RMB (124,294) thousand, a decrease of 4.0% from RMB (119,528) thousand in the previous year[23] - The net cash used in investing activities decreased by 47.2% to RMB (131,380) thousand from RMB (248,957) thousand in the previous year[23] - The net cash position as of February 28, 2021, was RMB 16,760 thousand, a significant decrease of 93.2% from RMB 245,266 thousand in the previous year[23] - The company reported a decrease in cash and cash equivalents, with a net decrease of RMB (238,914) thousand, compared to RMB (123,219) thousand in the prior year[199] - The company incurred interest payments of RMB (8,240) thousand, which increased from RMB (4,734) thousand in the same period last year[199] Teacher and Staff Information - Total number of teachers rose to 996, an increase of 21 teachers or 2.2% from 975 in the previous year[18] - The number of teachers as of February 28, 2021, was 996, an increase of 21 teachers or 2.2% compared to 975 teachers in the previous year[35] - The retention rate for high school teachers was approximately 97.4%, compared to 100.0% in the previous year[42] - Employee costs increased by approximately RMB 3.1 million (or 3.0%) to approximately RMB 104.8 million for the six months ended February 28, 2021, compared to RMB 101.7 million for the same period in 2020[98] - Employee costs for the six months ended February 28, 2021, were approximately RMB 117.6 million, compared to RMB 115.7 million for the same period in 2020[140] Strategic Initiatives and Future Plans - The company plans to expand its school network and increase student capacity through new school constructions and partnerships, including a joint venture in Los Angeles for a private international school[56] - The acquisition of Taoyuan Company for RMB 21.8 million was completed, allowing for the expansion of Tianfu School's capacity by 2,000 students starting September 2021[60] - Existing schools are expected to increase enrollment, particularly in newly established schools, to enhance financial performance[65] - The anticipated new school facilities are expected to accommodate an additional 2,000 students starting September 2021[64] - The company plans to allocate approximately USD 3.2 million to establish schools in the United States, with a portion funded by RMB 12.9 million (approximately USD 1.9 million) from global offering proceeds[87] - The company plans to delay the establishment of a school in the United States due to the impact of the COVID-19 pandemic and strategic adjustments[135] Governance and Compliance - The company has maintained compliance with applicable environmental laws and regulations, ensuring the health and safety of students and staff[76] - The company has registered all its compulsory education schools as non-profit private schools as of the report date[80] - The company is closely monitoring regulatory developments related to foreign investment laws that may impact its operations[84] - The company has adopted the corporate governance code and is committed to high standards of corporate governance to protect shareholder interests[183] Shareholder Information - Major shareholder Wang Jinglei holds approximately 28.46% of the company's shares, totaling 233,920,000 shares[142] - Hongyi Holdings has a total of 233,920,000 shares, representing approximately 28.46% ownership[148] - Wanfeng Holdings also holds 233,920,000 shares, equivalent to 28.46% ownership[148] - Mr. Xiong Tao holds 82,853,550 shares, which accounts for 10.08% ownership[148] - Mr. Ran Tao has 46,510,000 shares, representing 5.66% ownership[148] - Wuxi Shou Holdings has 150,000,000 shares, which is 18.25% ownership[151] - The shares held by Wuxi Shou Holdings were pledged to Zhongyuan Bank for a loan agreement[157] Stock Option Plan - The company has implemented a stock option plan to reward selected participants for their contributions[160] - The stock option plan includes eligibility for employees, non-executive directors, suppliers, and customers[161] - The maximum number of shares that may be issued due to the exercise of stock options under the stock option plan shall not exceed 30% of the issued shares at the time[164] - The total number of shares that may be issued due to the exercise of all stock options granted under the stock option plan shall not exceed 10% of the shares issued on the date the shares began trading on the exchange, which is a maximum of 80,000,000 shares[164] - Each participant's maximum allocation of shares due to stock options shall not exceed 1% of the company's issued shares during any twelve-month period[165] - The stock option plan is valid for ten years from the date of adoption, with approximately seven years and two months remaining as of the report date[171] - As of May 13, 2021, the company granted 1,000,000 stock options under the stock option plan, with an exercise price of HKD 0.598 per share[180] Other Financial Information - The company did not recommend the payment of an interim dividend for the six months ended February 28, 2021[173] - There were no purchases, sales, or redemptions of the company's listed securities by the company or any of its subsidiaries during the six months ended February 28, 2021[174] - The company held 1,711 employees as of February 28, 2021, a slight decrease from 1,719 employees a year earlier[140] - The company reported a total comprehensive income of RMB 5,104,000 for the period, compared to RMB 11,150,000 in the previous year, indicating a substantial decline[188] - The company recorded a decrease in contract liabilities, with a change of RMB (161,386) thousand compared to RMB (168,873) thousand in the previous year[199]
博骏教育(01758) - 2021 - 中期财报