Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 335,761,000, representing an increase of 20.8% compared to RMB 277,947,000 for the same period in 2023[2] - Gross profit for the same period was RMB 133,971,000, up 15.5% from RMB 116,015,000 year-on-year[2] - Profit before tax decreased by 5.5% to RMB 84,475,000 from RMB 89,363,000 in the previous year[2] - Net profit for the period was RMB 87,775,000, slightly up by 0.4% from RMB 87,405,000 in the prior year[2] - Basic and diluted earnings per share remained unchanged at RMB 0.07[2] - Other income for the six months ended June 30, 2024, totaled RMB 27,832,000, a decrease from RMB 35,202,000 in the same period of 2023[17] - The group reported a net loss of RMB 3,300,000 in tax expenses for the six months ended June 30, 2024, compared to a tax expense of RMB 1,958,000 in the same period of 2023[27] - The group experienced a foreign exchange loss of RMB 1,895,000 for the six months ended June 30, 2024, compared to a gain of RMB 240,000 in the same period of 2023[22] - The group recognized government grants without any attached conditions, contributing positively to financial performance[23] Revenue Sources - Tuition fees contributed RMB 302,546,000, up 20.4% from RMB 251,297,000 in the previous year[17] - Accommodation fees increased to RMB 29,296,000, representing a 34.0% rise from RMB 21,824,000[17] - The recognized revenue from contract liabilities for the period was RMB 232,439,000, up from RMB 176,381,000 in the prior year[20] Expenses and Costs - Sales costs rose by approximately 24.6%, from about RMB 161.9 million to about RMB 201.8 million, primarily due to increased employee costs and property management expenses[45] - Selling and distribution expenses increased by approximately 35.4%, from about RMB 9.9 million to about RMB 13.4 million, driven by higher marketing staff costs and advertising expenses[48] - Administrative expenses rose by approximately 20.9%, from about RMB 36.3 million to about RMB 43.9 million, primarily due to increased administrative staff costs[49] - Other expenses increased by approximately 53.8%, from about RMB 9.1 million to about RMB 14.0 million, mainly due to higher training costs and foreign exchange losses[50] Assets and Liabilities - Total assets less current liabilities as of June 30, 2024, amounted to RMB 1,969,543,000, an increase from RMB 1,898,434,000 at the end of 2023[6] - Non-current liabilities increased to RMB 288,765,000 from RMB 247,281,000 year-on-year[6] - Cash and cash equivalents decreased to RMB 271,133,000 from RMB 421,417,000 at the end of 2023[5] - Accounts receivable at the end of the reporting period was RMB 2,823,000 for 2024, a decrease from RMB 5,018,000 in 2023[29] Dividends and Shareholder Returns - The company declared an interim dividend of 2.2 HK cents per share for the six months ended June 30, 2024, compared to zero for the same period in 2023[2] - The board declared an interim dividend of HKD 0.022 per ordinary share, totaling approximately RMB 26,788,000 for the six months ended June 30, 2024, while no dividend was declared for the same period in 2023[27] Employee and Operational Insights - The group's employee benefits expenses (excluding directors and senior management) increased to RMB 132,082,000 for the six months ended June 30, 2024, up from RMB 100,841,000 in the same period of 2023, representing a growth of 31%[22] - The company has a total of 1,585 employees as of June 30, 2024, with a focus on performance-based compensation and employee training[60] Strategic Plans and Developments - The company plans to expand its vocational education network in the Greater Bay Area, focusing on high-quality development and establishing new campuses[39] - The company aims to pursue acquisitions of quality vocational schools in the Greater Bay Area to enhance its network and create synergies[40] - The company is actively exploring international cooperation to enhance the attractiveness of its programs and courses[42] Compliance and Governance - The board confirmed compliance with corporate governance codes and standards throughout the reporting period[72] - There were no impacts on the group's financial position or performance from the recent amendments to the Hong Kong Financial Reporting Standards[12]
华南职业教育(06913) - 2024 - 中期业绩