Financial Performance - For the six months ended September 30, 2024, revenue was approximately RMB 334.7 million, an increase of about 12.4% compared to RMB 298.2 million for the six months ended June 30, 2023[2] - For the same period, profit for the period was approximately RMB 129.1 million, a decrease of about 16.1% from RMB 153.8 million for the six months ended June 30, 2023[2] - The company reported a gross profit of RMB 155.6 million for the six months ended September 30, 2024, compared to RMB 171.2 million for the same period in the previous year[4] - The total comprehensive income for the period was RMB 109.2 million, a decrease of about 26.9% from RMB 149.4 million for the same period last year[4] - The company’s basic and diluted earnings per share for the period were RMB 0.0610, down from RMB 0.0749 for the same period last year[6] - The profit before tax for the six months ended September 30, 2024, was RMB 103.208 million, compared to RMB 126.680 million for the same period in 2023, indicating a decline of about 18.5%[42] Assets and Liabilities - As of September 30, 2024, total assets were approximately RMB 4,075.0 million, representing an increase of about 10.8% from RMB 3,679.3 million as of March 31, 2024[2] - As of September 30, 2024, total equity attributable to shareholders was approximately RMB 2,910.2 million, an increase of about 3.9% from RMB 2,801.0 million as of March 31, 2024[2] - The company’s total liabilities decreased to RMB 419,018 thousand as of September 30, 2024, from RMB 385,840 thousand as of June 30, 2023, reflecting a reduction of approximately 8.5%[13] - The company’s net current assets as of September 30, 2024, were RMB 707.2 million, compared to RMB 434.1 million as of the previous year[8] - The total current assets reached RMB 368,453,000 as of September 30, 2024, compared to RMB 284,290,000 as of March 31, 2024, representing a 29.6% increase[51] Cash Flow - The net cash generated from operating activities for the six months ended September 30, 2024, was RMB 468,880 thousand, a decrease from RMB 539,465 thousand for the same period in 2023, representing a decline of about 13.1%[16] - Cash and cash equivalents at the end of the reporting period stood at RMB 632,652 thousand, up from RMB 242,448 thousand as of June 30, 2023, indicating a significant increase of approximately 161.5%[16] - The company recorded a decrease in cash used in investing activities, with a net cash outflow of RMB 44,089 thousand for the six months ended September 30, 2024, compared to an outflow of RMB 321,703 thousand for the same period in 2023[16] Revenue Segments - Tuition fees generated revenue of RMB 239,212,000, up 18.6% from RMB 201,693,000 in the previous year[24] - The segment profit for the private higher education services was RMB 115,994,000, compared to RMB 82,712,000 for the same period in 2023, reflecting a significant increase[30][32] - The financing and operating leasing segment reported revenue of RMB 72,934,000, a decrease from RMB 78,958,000 in the previous year[30][32] Employee and Operational Costs - Total employee costs amounted to RMB 77.883 million for the six months ended September 30, 2024, down from RMB 88.585 million in the same period of 2023, reflecting a decrease of approximately 12.3%[39] - Administrative expenses increased to RMB 48.6 million, representing approximately 14.5% of total revenue, compared to 10.9% for the six months ended June 30, 2023[92] - Service costs rose to RMB 179.1 million, up from RMB 127.0 million for the six months ended June 30, 2023[89] Risk Management and Governance - The group has established a comprehensive risk management system to control credit risk in its financing and operating leasing business, including due diligence and independent data review[107] - The group has implemented a multi-tier approval process for risk management, focusing on continuous review of leasing assets to identify potential defaults early[107] - The company has adhered to the corporate governance code and has implemented most of the recommended best practices during the reporting period[122] Future Plans and Market Outlook - The company plans to continue expanding its higher education services and financing leasing services, aiming for sustainable growth in the upcoming fiscal periods[18] - The board anticipates that the Chinese economy will continue to improve gradually, positioning the group favorably to capture overall domestic economic growth[117] - The company plans to explore domestic and international business expansion and seek suitable acquisition projects, particularly in vocational education, higher education, and shipbuilding projects, to enhance its existing businesses[119]
友联国际教育租赁(01563) - 2024 - 中期业绩