Financial Performance - Total revenue for the year ended August 31, 2021, was RMB 1,815.5 million, representing a 24.6% increase from RMB 1,457.0 million in the previous year[88]. - Revenue increased to RMB 1,497.5 million, up 15.9% from RMB 1,292.4 million year-on-year[88]. - Gross profit reached RMB 667.2 million, a rise of 8.2% compared to RMB 616.7 million in the previous year[88]. - Net profit attributable to owners of the parent was RMB 567.8 million, reflecting a 31.2% increase from RMB 432.7 million in the prior year[88]. - The company reported other income and gains of RMB 318.0 million, significantly higher than RMB 164.6 million in the previous year[88]. - The Group's profit before tax for the year ended 31 August 2021 was RMB 677.9 million, an increase of 24.1% compared to RMB 546.3 million for the Pro Forma Period[96]. - The net profit of the Group was RMB 591.8 million for the year ended 31 August 2021, representing a 22.8% increase from RMB 482.0 million for the Pro Forma Period[97]. - The net profit attributable to owners of the parent increased by 31.2% to RMB 567.8 million for the year ended 31 August 2021 from RMB 432.7 million for the Pro Forma Period[98]. - The Group's cost of sales increased by 22.9% from RMB675.7 million for the Pro Forma Period to RMB830.3 million for the year ended 31 August 2021[89]. - Other income and gains increased by 93.2% from RMB164.6 million for the Pro Forma Period to RMB318.0 million for the year ended 31 August 2021[90]. Educational Development - The company completed the first simultaneous issuance of convertible bonds amounting to US$100 million in the Asia-Pacific education sector[13]. - The new campus of Gansu School was completed within one year, accommodating over 8,000 students[15]. - The company established Guizhou School, offering a three-year junior college program[9]. - The company established Yunnan Einsun Computer Vocational Training Station, marking its entry into the private education industry[9]. - The Group has cultivated over 400,000 talents in its 22 years of focus on higher vocational education[19]. - The Group's teaching quality improved significantly, with partnerships established with over 1,600 well-known enterprises to enhance educational offerings[22]. - The Group's digital platform recorded over 75 million service functions annually, maintaining strong connections with students and faculty[23]. - The Group's investment in student and faculty experience led to significant improvements in campus facilities and services, resulting in higher satisfaction levels[23]. - The Group aims to optimize the structure of majors and talent cultivation models to meet the strong demand for application-oriented technical and skilled talents during the "14th Five-year Plan" period[29]. - The Group is committed to enhancing the educational environment and service quality, including renovations of canteens and accommodation conditions for students[24]. Employment and Internships - The Group achieved an average employment rate of 98% by the end of 2020, significantly higher than the national average, with notable performance in Yunnan and Guangxi schools[20]. - In 2021, the number of internships in well-known enterprises accounted for 15.38% of the total number of graduates, reflecting strong employer demand[20]. - The Group opened more than 100 employment classes under the "Customized Training Program for Famous Enterprises," representing an increase of over 300% compared to the previous year[22]. - The initial employment rate of 2021 graduates reached 90%, with high-quality employment students increasing by 60% compared to the previous year[63]. - The employment salaries of 2021 graduates reached a record high, with the highest salary far exceeding that of similar schools in the province[65]. - The number of internships in famous enterprises doubled compared to the previous year, indicating strong industry collaboration[65]. Strategic Acquisitions and Growth - The Group completed the acquisition of 100% interests in Beijing Lianhe and Gansu School on February 4, 2021, and April 20, 2021, respectively, and further acquired a 10% interest in Songming Xinju on May 25, 2021[107]. - The Group secured a financing agreement for up to $100,000,000 in senior secured term loans and revolving loans, with a greenshoe option of $25,000,000, to support its operational needs and repay existing loans[78]. - The Group's strategic focus includes the development of Western China, the rise of Central China, and the revitalization of Northeast China[76]. - The addition of Gansu School, Guangxi Schools, and Northeast School into the Group's network aims to leverage national regional development strategies for high-quality growth[76]. - Zhengzhou School was added to the Group's network in September 2021, enhancing market share in a province with the largest student enrollment[74]. Regulatory Environment - Favorable policies from the Ministry of Education encourage the development of private education, allowing local governments greater autonomy in administration[113]. - The 14th Five-Year Plan emphasizes building a high-quality education system, supporting the construction of over 200 high-level vocational schools and improving conditions for 100 undergraduate colleges in Central and Western China[113]. - The Group has not yet commenced the classification and registration process for its private schools as of the date of the annual report, leading to uncertainties regarding the timeline and requirements for completion[119]. - The specific procedures for registering a school as for-profit or non-profit have not been detailed in the local regulations, creating ambiguity in the classification process[119]. - The Group is monitoring the evolving regulatory landscape to adapt its strategies accordingly[118]. Leadership and Management - The Group's strategic management is led by Mr. Li Xiaoxuan, who has over 20 years of experience in the education sector[136][138]. - The company has a strong leadership team with extensive experience in education and finance sectors[149]. - The management team emphasizes the importance of financial expertise in driving the company's growth strategy[147]. - The leadership team is committed to maintaining high standards in educational management and financial governance[149]. - The company aims to leverage its leadership's diverse backgrounds to foster innovation and operational efficiency[149]. Shareholder Information - The Board declared a final dividend of RMB0.083 per share for the year ended 31 August 2021, translating to HK$0.101216 per share based on the exchange rate of RMB1.0 to HK$1.21947[128][129]. - The interim dividend for the year ended 31 August 2021 was RMB0.054, an increase from RMB0.042 for the previous year[129]. - Mr. Li holds a long position of 752,465,225 shares, representing approximately 47.45% of the company's total shareholding[173]. - Aspire Education Management owns 518,852,625 shares, accounting for 32.72% of the company's shareholding[189]. - The Company adopted the Share Option Scheme on March 20, 2017, to provide eligible persons with a personal stake in the Company and motivate them for future contributions[198].
新高教集团(02001) - 2021 - 年度财报