Financial Performance - Total revenue for the year ended August 31, 2024, was RMB 322,901,000, representing a 17.1% increase from RMB 275,765,000 in 2023[2] - Gross profit for the same period was RMB 118,871,000, up 12.8% from RMB 105,358,000 in the previous year[2] - Annual profit decreased significantly by 65.4% to RMB 19,952,000 from RMB 57,588,000 in 2023[2] - The company reported financing costs of RMB 62,231,000, a substantial increase from RMB 6,929,000 in the prior year[4] - The company reported a pre-tax profit of RMB 19,957,000 for the year ended August 31, 2024, compared to RMB 57,603,000 for the previous year[35] - Profit before tax decreased by approximately 65.1% to RMB 20.1 million for the year ending August 31, 2024[54] - Net profit fell by approximately 65.3% to RMB 20.0 million for the year ending August 31, 2024[57] Revenue Breakdown - The company's revenue increased by RMB 47.1 million or 17.1% from RMB 275.8 million in the year ended August 31, 2023, to RMB 322.9 million in the year ended August 31, 2024[43] - Tuition revenue rose by RMB 43.3 million or 17.1% from RMB 253.1 million to RMB 296.4 million during the same period[43] - Accommodation revenue increased by RMB 3.8 million or 16.7% from RMB 22.7 million to RMB 26.5 million[43] Student Enrollment and Programs - The total number of full-time students grew from 11,023 in the 2022/23 academic year to 11,941 in the 2023/24 academic year[44] - The number of distance education students increased from 550 in the 2023 academic year to 1,213 in the 2024 academic year[44] - The school had a total of 11,921 full-time undergraduate students as of August 31, 2024, with a utilization rate of 85.32% based on a maximum capacity of 13,972 students[73] - The school has established 26 undergraduate programs, including 11 in engineering and 5 in management[73] Expenses and Liabilities - Employee benefits expenses (excluding directors' remuneration) increased from RMB 84.0 million to RMB 97.2 million[31] - Sales cost increased by RMB 33.6 million or 19.7% to RMB 204.0 million for the year ending August 31, 2024, primarily due to increased employee costs and depreciation[45] - The total contract liabilities as of August 31, 2024, amounted to RMB 299.8 million, up from RMB 284.5 million in 2023[39] - Total liabilities increased to RMB 840,265,000 from RMB 717,621,000 in 2023[14] Assets and Financial Position - Non-current assets totaled RMB 2,179,742,000, an increase from RMB 1,903,395,000 in 2023[14] - Current assets increased to RMB 363,792,000 from RMB 292,440,000 in the previous year[14] - The company’s net asset value was RMB 927,895,000, slightly up from RMB 908,920,000 in the previous year[16] - The company has a net current liability of RMB 476,473,000 as of August 31, 2024[20] - Cash and cash equivalents increased to approximately RMB 345.4 million as of August 31, 2024, compared to RMB 270.8 million a year earlier[59] - The company has sufficient working capital to meet cash flow needs for at least the next 12 months, with unutilized financing of RMB 336.2 million available[58] Corporate Governance and Compliance - The company is committed to establishing good corporate governance practices and has complied with the corporate governance code, except for certain deviations noted[111] - The audit committee, composed of three independent non-executive directors, has reviewed the financial statements for the year ending August 31, 2024, ensuring compliance with applicable accounting standards[117] - The company is registered in the Cayman Islands and was established on June 17, 2019, with a stock code of 1449[151] - The company is subject to the Listing Rules of the Hong Kong Stock Exchange[138] Future Plans and Developments - The school is transitioning to a for-profit institution, with the application for this change approved by the Ministry of Education, aiming for a smooth transition within three years[96] - The school plans to develop a digital lifelong learning system and establish a "Future Learning Center" for digital education[92] - The school aims to enhance its international education collaborations and expand vocational education in key economic regions[90] Research and Development - From September 2023 to August 2024, a total of 14,359 student participations were recorded in research and practical education activities, with an investment of 5.58 million yuan[79] - A total of 76 academic papers were published by teachers, along with 3 patents and 3 software copyrights granted from September 2023 to August 2024[81] Regulatory Environment - The interpretation and enforcement of the 2021 Regulations by government authorities remain uncertain, which could adversely affect the company's operations and financial condition[100] - The company may face significant compliance costs due to the establishment of disclosure mechanisms and government scrutiny of related party transactions[103] - Future acquisitions may be subject to stricter regulations, potentially impacting the company's expansion plans[101]
立德教育(01449) - 2024 - 年度业绩