Financial Performance - Adjusted revenue for the six months ended June 30, 2024, was RMB 510,709,000, representing a 4.1% increase from RMB 490,697,000 in the same period of 2023[1] - Total revenue for the same period was RMB 355,716,000, up 1.3% from RMB 351,075,000 year-on-year[1] - Gross profit for the six months ended June 30, 2024, was RMB 235,921,000, a slight increase of 0.5% compared to RMB 234,822,000 in 2023[1] - Profit for the period increased by 17.5% to RMB 213,119,000 from RMB 181,454,000 in the previous year[1] - Adjusted net profit for the period was RMB 224,779,000, reflecting a 2.7% increase from RMB 218,904,000 in the same period of 2023[1] - Basic and diluted earnings per share for the six months ended June 30, 2024, were both RMB 13.2, compared to RMB 11.3 in 2023[2] - Total revenue for the six months ended June 30, 2024, was RMB 355,716,000, compared to RMB 351,075,000 for the same period in 2023, representing a growth of approximately 1.8%[7] - The pre-tax profit for the six months ended June 30, 2024, was RMB 213,119,000, an increase from RMB 181,454,000 in the same period of 2023, reflecting a growth of approximately 17.4%[16] - Basic earnings per share for the six months ended June 30, 2024, were RMB 0.132, compared to RMB 0.113 for the same period in 2023, marking an increase of about 16.8%[16] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 4,087,041,000, an increase from RMB 3,960,157,000 as of December 31, 2023[4] - The company's net asset value increased to RMB 3,593,077,000 as of June 30, 2024, compared to RMB 3,463,926,000 at the end of 2023[4] - As of June 30, 2024, the total liabilities amounted to RMB 762,293,000, while total assets were RMB 4,355,370,000, resulting in a debt-to-asset ratio of 18%[27] - The company reported cash and bank balances of RMB 500,215,000 as of June 30, 2024, down from RMB 684,639,000 as of December 31, 2023[20] - Trade receivables aged within one year decreased to RMB 812,000 as of June 30, 2024, compared to RMB 2,885,000 as of December 31, 2023[19] - The company’s other payables increased to RMB 197,912,000 as of June 30, 2024, compared to RMB 119,420,000 as of December 31, 2023[24] - The company’s other receivables decreased to RMB 17,896,000 as of June 30, 2024, from RMB 24,890,000 as of December 31, 2023[19] - The net current assets as of June 30, 2024, were RMB 211.7 million, down 11.3% from RMB 238.7 million on December 31, 2023, primarily due to a decrease in current assets exceeding changes in contract liabilities and payable dividends[48] Operational Efficiency - The company reported a decrease in administrative expenses to RMB 36,661,000 from RMB 66,249,000 in the previous year[2] - Employee costs totaled RMB 88,461,000 for the six months ended June 30, 2024, compared to RMB 85,547,000 in 2023, representing an increase of approximately 3.5%[11] - The company incurred financing costs of RMB 6,375,000 for the six months ended June 30, 2024, slightly down from RMB 6,514,000 in 2023[11] - Selling and distribution costs decreased by 64.5% to RMB 1.1 million, primarily due to reduced enrollment expenses in the first half of 2024[42] - Administrative expenses decreased by 44.6% to RMB 36.7 million, mainly due to a reduction in foreign exchange losses[43] - Financing costs slightly decreased to RMB 6.4 million, attributed to lower bank loan interest rates[44] Student Enrollment and Educational Offerings - The total number of full-time students across all institutions as of June 30, 2024, is 63,436, an increase from 59,863 the previous year, representing a growth of approximately 5.2%[33] - The number of full-time students at Xinhua College is 23,831, a slight decrease from 24,092 the previous year, while continuing education students increased to 19,777 from 15,586, marking a growth of 26.4%[33] - The employment rate of graduates is higher than the average employment rate in their respective provinces, enhancing the institution's reputation and attracting more high-achieving candidates[30] - Xinhua College has established 4 national first-class undergraduate programs and 71 provincial first-class courses, with a 29.7% year-on-year increase in student awards in various competitions[30][34] - The Clinical Medicine College has a total of 7,310 full-time students, up from 5,991 the previous year, indicating a strong demand for medical education[33] - The Clinical Medicine College has been approved to offer 15 undergraduate programs, focusing on clinical medicine and related fields[31] - The institution has implemented a "talent strong school" strategy, successfully recruiting 188 doctoral-level teachers to enhance the quality of education[34] - The institution has established multiple practical education bases and international cooperation projects, including partnerships with universities in Malaysia, Indonesia, Thailand, and Vietnam[34] - Significant investments have been made in modernizing campus facilities, including upgraded laboratory equipment and the completion of new library facilities at the Clinical Medicine College[34] - The institution's strategic focus on aligning educational programs with emerging industry needs has resulted in the introduction of new programs, such as a bachelor's degree in biopharmaceuticals[34] Investments and Dividends - The company has made an investment prepayment of RMB 660,000,000 for the acquisition of Hongshan College as of June 30, 2024[18] - The company approved a final dividend of RMB 92,609,000 for the last fiscal year, down from RMB 96,216,000 for the previous year[25] - The group did not hold any significant investments during the reporting period[53] - There were no significant investments or capital asset plans disclosed as of June 30, 2024[52] - The board did not recommend the distribution of an interim dividend for the reporting period[55]
中国新华教育(02779) - 2024 - 中期业绩