Financial Performance - Revenue for the year ended August 31, 2024, reached RMB 429,763 thousand, a significant increase of 428.6% compared to RMB 81,305 thousand in 2023[2] - Gross profit for the same period was RMB 204,899 thousand, reflecting a remarkable growth of 1,619.1% from RMB 11,919 thousand in the previous year[2] - The company reported a net loss of RMB 40,308 thousand for the year, a decline of 179.0% from a profit of RMB 51,047 thousand in 2023[2] - The basic loss per share was RMB (4.38), a decline of 170.5% from earnings of RMB 6.21 per share in 2023[2] - The company reported a loss attributable to owners of the company of RMB (39,566,000) for the year ended August 31, 2024, compared to a profit of RMB 51,047,000 for the year ended August 31, 2023[72] - The company recorded a loss of approximately RMB 40.3 million for the year ending August 31, 2024, compared to a profit of approximately RMB 51.0 million for the year ended August 31, 2023, a decrease of approximately RMB 91.3 million or 179.0%[144] Enrollment and Educational Services - Total enrollment for the academic year 2023/2024 surged to 33,386, an increase of 3,874.5% from 840 in the previous year[2] - As of September 1, 2024, the total enrollment reached 31,427 students, including 1,076 high school students, 65 kindergarten students, and 30,286 vocational school students[82] - High school enrollment increased by 11.5% from 965 students in 2023 to 1,076 students in 2024[84] - The kindergarten enrollment decreased significantly by 65.2%, from 187 students in 2023 to 65 students in 2024, primarily due to a decline in birth rates[84] - The vocational school enrollment saw a decrease of 6.0%, from 32,234 students in 2023 to 30,286 students in 2024[84] - The company has a total of one high school, two kindergartens, and two vocational schools under its management as of the announcement date[76] - The company has a total of 43 programs offered across its educational institutions, with over 26,000 students currently enrolled[79] Financial Position and Liabilities - Contract liabilities increased to RMB 293,360 thousand, up 5.9% from RMB 277,041 thousand in 2023[2] - Current liabilities decreased to RMB 1,230,246 thousand from RMB 1,598,415 thousand in 2023, indicating improved financial management[8] - The total assets of the company were RMB 4,015,686 thousand, slightly down from RMB 4,063,404 thousand in the previous year[8] - The total liabilities decreased from RMB 627,867,000 in 2023 to RMB 446,692,000 in 2024, a reduction of approximately 29%[62] - The group recorded net current liabilities of approximately RMB 820,078,000, a decrease from RMB 952,466,000 in 2023[21] - The company’s total assets were RMB 176,263,000 as of August 31, 2024, compared to RMB 215,174,000 in the previous year[53] Government Support and Subsidies - The company received government subsidies related to asset issuance amounting to RMB 8,291,000, compared to RMB 1,534,000 in the previous year[43] - Deferred income increased to RMB 422,053,000 as of August 31, 2024, from RMB 272,363,000 as of August 31, 2023, reflecting a significant rise in government grants received[67] - The company received government subsidies of RMB 157,981,000 related to asset compensation during the year ended August 31, 2024[67] Acquisitions and Strategic Developments - The company completed the acquisition of Wenxuan Vocational College and Zhengzhuo Vocational School, gaining control and economic benefits from these entities[75] - The company completed the acquisition of 51% equity in Sichuan Zhengzhu and Sichuan Gaokao for a total consideration of RMB 309,060,000 on August 31, 2023[166] - Following the acquisition, the total number of issued shares increased to 903,138,460, with the new shares representing approximately 9.0% of the expanded issued share capital[166] Operational Efficiency and Cost Management - Employee costs increased significantly to RMB 132,091,000 in 2024 from RMB 44,397,000 in 2023, representing a growth of 197%[54] - The company aims to optimize costs and improve gross margins by synergizing the vocational education segment with the basic education segment following recent acquisitions[132] - Administrative expenses increased from approximately RMB 38.2 million to approximately RMB 122.1 million, an increase of 219.7%, largely due to increased spending in the vocational education sector[138] Future Outlook and Strategic Plans - The company aims to deepen the integration of industry and education, aligning talent cultivation with the needs of leading enterprises and industry chains[110] - The company intends to expand its investment in vocational education, focusing on developing distinctive courses in "New Engineering, New Medicine, and New Liberal Arts"[108] - The company plans to seek opportunities for acquiring other vocational education institutions with a certain scale when they arise[112] Compliance and Governance - The group has complied with applicable environmental laws and regulations in China during the reporting period[118] - The group has not encountered any serious violations of applicable laws and regulations[118] - The board has committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[199] - The company has complied with all applicable corporate governance code provisions, except for C.2.1, which will be detailed further[199]
博骏教育(01758) - 2024 - 年度业绩