Financial Performance - For the fiscal year ending August 31, 2024, the company reported revenue of approximately RMB 1,268.5 million, an increase of 17.1% from RMB 1,083.3 million in the previous year[4] - Gross profit for the fiscal year was approximately RMB 666.3 million, a 6.7% increase from RMB 624.6 million, with a gross margin of 52.5%, down 5.2 percentage points from the previous year[6] - The company recorded a net profit of approximately RMB 451.1 million, representing a 14.77% increase from RMB 393.0 million in the previous year[1] - Adjusted net profit was approximately RMB 443.8 million, up 9.54% from RMB 405.1 million, with an adjusted net profit margin of 35.0%, down 2.4 percentage points year-over-year[1] - The company reported a pre-tax profit of approximately RMB 487.6 million, an increase of 22.4% from RMB 398.2 million in the previous year[14] - The operating profit for the year was RMB 573,650,000, up from RMB 496,016,000, indicating a year-over-year increase of about 15.6%[103] - The net profit for the year reached RMB 451,090,000, compared to RMB 393,047,000 in the previous year, reflecting a growth of approximately 14.8%[103] - Basic and diluted earnings per share increased to RMB 0.376 from RMB 0.328, marking a rise of about 14.6%[102] Revenue Sources - Tuition fees accounted for approximately 91.8% of total revenue for the year ending August 31, 2024[40] - Revenue from tuition fees rose to RMB 1,164.8 million, a 15.6% increase from RMB 1,007.9 million[41] - The revenue from boarding fees increased to RMB 103.7 million, a 37.5% increase from RMB 75.4 million[41] - Other income rose by approximately 37.5% to RMB 51.5 million, up from RMB 37.4 million in the previous year[10] Student Enrollment - The number of enrolled students increased to 54,017, up by 2.42% from 52,740 in the previous year[1] - Total student enrollment across three schools as of August 31, 2024, is 54,017, an increase of 2.42% from 52,740 as of August 31, 2023[34] - Enrollment at Huazhong College increased by 16.67% to 25,162 students from 21,567 students in the previous year[34] - The Jiangmen campus of Huazhong College saw a significant increase in enrollment, rising 274.38% to 4,062 students from 1,085 students[34] Expenses and Costs - Total sales costs increased by 31.3% to approximately RMB 602.2 million, compared to RMB 458.7 million in the previous year[5] - Employee benefit expenses rose to RMB 364,457,000, a significant increase of 43.3% from RMB 254,525,000 in the previous year[135] - Total sales costs, selling expenses, and administrative expenses amounted to RMB 770,758,000, an increase of 23.4% from RMB 624,982,000 in 2023[135] Assets and Liabilities - The group's property, plant, and equipment as of August 31, 2024, is approximately RMB 4,909.9 million, reflecting a 5.8% increase from RMB 4,639.9 million as of August 31, 2023, due to the establishment of new campuses in Jiangmen, Guangdong[19] - Total assets as of August 31, 2024, amounted to RMB 7,500,780,000, an increase from RMB 7,274,639,000 in the previous year, representing a growth of approximately 3.1%[106] - Total liabilities decreased to RMB 3,682,726,000 from RMB 3,908,432,000, indicating a reduction of approximately 5.8%[109] - The group's debt ratio as of August 31, 2024, is 29.8%, down from 33.6% as of August 31, 2023[23] Future Plans and Strategies - The company plans to continuously improve the total number of enrolled students by enhancing campus construction and expanding educational and living facilities[70] - The company aims to develop a second curve of vocational education business through diversified non-academic vocational education focusing on a light asset model[70] - The company intends to register three schools as for-profit private schools, pending local government regulations[78] - The company emphasizes the importance of aligning professional structures with industry needs to cultivate high-quality skilled talents[70] - The company will strengthen its brand effect to enhance business profitability[70] - The company is committed to optimizing its professional structure distribution in line with economic development[70] - The company is focused on improving quality teaching services to better serve its students[70] Regulatory and Governance - The implementation of the new regulations will not significantly impact the company's current legal framework for operations in China[79] - The audit committee, composed of three independent non-executive directors, reviewed the financial results for the year ending August 31, 2024, ensuring the integrity and accuracy of the financial data[98] - The effective corporate income tax rate for the group's entities in China is 25%, with certain subsidiaries benefiting from reduced rates of 12% to 20%[141][142] Employee and Corporate Governance - As of August 31, 2024, the company employed 3,519 staff, an increase from 2,447 employees as of August 31, 2023[85] - The board resolved not to declare any final dividend for the year ending August 31, 2024, consistent with the previous year[87] - The annual general meeting is scheduled for January 17, 2025, with a suspension of share transfer registration from January 14 to January 17, 2025[88][89]
中国职业教育(01756) - 2024 - 年度业绩