Financial Performance - The group reported a revenue increase of 13.8% year-on-year to RMB 2.41 billion for the fiscal year ending August 31, 2024[5]. - Adjusted net profit grew by 6.1% year-on-year to RMB 770 million for the same period[5]. - Total revenue for the year ended August 31, 2024, was RMB 2,835.2 million, an increase of 12.2% compared to RMB 2,526.9 million for the same period last year[34]. - The group's income reached RMB 2,411.7 million, up 13.8% from RMB 2,119.1 million year-on-year, driven by the advantages of group-based education and steady growth in tuition and accommodation fees[36]. - Gross profit amounted to RMB 876.1 million, a rise of 8.7% from RMB 806.0 million, with a gross margin of 36.3%, down 1.7 percentage points from 38.0% due to increased investments in teaching quality[38]. - Profit before tax was RMB 913.0 million, reflecting a 7.9% increase from RMB 845.9 million in the previous year[45]. - Net profit for the year was RMB 756.0 million, up 7.5% from RMB 703.3 million year-on-year[47]. - Other income and gains were RMB 423.5 million, an increase of 3.8% from RMB 407.8 million, driven by growth in vocational training services and rental income[39]. - Basic and diluted earnings per share rose to RMB 0.49, up from RMB 0.45 in the previous year[114]. Employment and Student Outcomes - The employment rate for the 2023 graduating class reached 96.97%, maintaining a rate above 95% for four consecutive years[3]. - The initial employment rate for the 2024 graduating class improved by 4.4 percentage points year-on-year to 95.09%[3]. - The proportion of high-quality employment among graduates reached 33.21%, with a 62% increase in employment at prestigious companies[3]. - The group organized 22 employment training sessions in the past year, covering workplace etiquette, resume enhancement, and interview skills[19]. - The group has received multiple employment-related awards, totaling 444 in the past three years, indicating strong performance in job placement[19]. - The group has increased its employment funding and support for frontline staff, enhancing the quality of employment services provided[19]. Educational Quality and Development - The group plans to continue its investment in educational quality and infrastructure, particularly in Guizhou province, where a new university is being established[5]. - The number of high-level teachers (dual-high) increased by 73% year-on-year, enhancing the quality of education[10]. - The group introduced 29 provincial first-class undergraduate courses, with 7 courses rated as national first-class[15]. - The group aims to enhance its competitive edge by focusing on high-quality development and improving student outcomes and experiences[9]. - The group aims to create a student-centered university and enhance educational quality, aligning with national policies for high-quality development[30]. Financial Position and Capital Management - Total cash and cash equivalents as of August 31, 2024, amounted to RMB 2,321.7 million, an increase of 102.5% from RMB 1,148.6 million in 2023[51]. - Interest-bearing bank loans and other borrowings increased to RMB 3,504.8 million as of August 31, 2024, compared to RMB 2,718.3 million in 2023, reflecting a rise of 28.9%[52]. - The ratio of interest-bearing debt to total assets rose from 29.4% in 2023 to 31.8% in 2024, indicating increased leverage[52]. - Capital expenditures for the year ended August 31, 2024, were RMB 920.8 million, primarily for upgrading school facilities in Guizhou and other infrastructure projects[55]. - The total capital commitments as of August 31, 2024, were RMB 567.9 million, up from RMB 318.0 million in 2023, showing a significant increase of 78.5%[56]. - The leverage ratio increased from 76.9% in 2023 to 85.2% in 2024, primarily due to the rise in interest-bearing debt[53]. Regulatory Environment and Strategic Plans - The company plans to continue benefiting from favorable policies in vocational education, which are expected to enhance its operational environment[66]. - The new Vocational Education Law, effective from May 1, 2022, emphasizes the equal importance of vocational education and general education, encouraging social participation and enterprise involvement in vocational training[68]. - The government work report in March 2023 highlighted significant improvements in vocational education adaptability and continuous enhancement of vocational school conditions[71]. - The implementation plan for 2023-2025 focuses on coordinating education and industry development, creating platforms for industry-education integration, and improving incentive policies[71]. - The Ministry of Education's notification in July 2023 outlines 11 key tasks to accelerate the construction of a modern vocational education system, promoting high-quality development[72]. Corporate Governance and Shareholder Relations - The company has committed to improving corporate governance practices to enhance transparency and accountability to shareholders[100]. - The proposed final dividend for the year ending August 31, 2024, is RMB 0.233 per share, an increase from RMB 0.096 for the year ending August 31, 2023[92]. - The company will implement a scrip dividend scheme, pending approval from shareholders at the annual general meeting on February 13, 2025[94]. - The final dividend shares are expected to be distributed to eligible shareholders around April 17, 2025[95]. - The company has maintained good labor relations without any significant labor disputes during the reporting period[99]. Company Structure and Operations - The company operates multiple educational institutions, including Northeast School and Luoyang School, which are integral to its business model[195][191]. - The company has a comprehensive network of affiliated entities, including Yunnan School, Guizhou School, and others, under its operational structure[199]. - The company is advised on Chinese law by Tongshang Law Firm, ensuring compliance with local regulations[198]. - The company is focused on expanding its educational offerings and enhancing its operational capabilities across various regions in China[197]. - The company’s founder, Mr. Li, serves as the chairman and executive director, playing a crucial role in strategic decision-making[194].
新高教集团(02001) - 2024 - 年度业绩