Financial Performance - Revenue for the year ended August 31, 2024, was RMB 1,692,842, an increase of RMB 175,353 or 11.6% compared to RMB 1,517,489 for the year ended August 31, 2023[2] - Net profit for the year was RMB 827,791, up RMB 84,496 or 11.4% from RMB 743,295 in the previous year[2] - Core net profit increased to RMB 830,014, reflecting a growth of RMB 39,955 or 5.1% from RMB 790,059[2] - Adjusted EBITDA for the year was RMB 1,129,710, representing an increase of RMB 64,280 or 6.0% compared to RMB 1,065,430 in the prior year[2] - Total comprehensive income for the year was RMB 856,669, compared to RMB 749,960 in the previous year, marking an increase of RMB 106,709[8] - Total revenue for 2024 reached RMB 1,692,842,000, an increase of 11.5% from RMB 1,517,489,000 in 2023[23] - Basic earnings per share for 2024 is RMB 0.411, compared to RMB 0.370 in 2023, reflecting an increase of 11.1%[33] - The company reported a pre-tax profit of RMB 827,845 thousand for 2024, compared to RMB 743,295 thousand in 2023, marking a growth of 11.4%[33] - Gross profit increased by 8.4% to RMB 948.6 million, with a gross margin of 56.0%, down from 57.6% the previous year[81] Assets and Liabilities - Non-current assets totaled RMB 6,122,732, a slight decrease from RMB 6,151,836 in the previous year[10] - Current assets increased to RMB 1,490,797 from RMB 1,264,742, indicating a growth in liquidity[10] - Total assets less current liabilities amounted to RMB 5,630,658, up from RMB 5,449,840 in the previous year[12] - The company's equity attributable to owners increased to RMB 5,122,765 from RMB 4,392,082, reflecting a strong financial position[12] - The company recorded a net current liability of RMB 492,074,000 as of August 31, 2024[2] - Total liabilities increased to RMB 586,948 thousand in 2024 from RMB 533,927 thousand in 2023, representing a growth of approximately 9.9%[43] Revenue Sources - Tuition fees contributed RMB 1,587,495,000, up from RMB 1,412,658,000, reflecting a growth of 12.4%[23] - Management service income rose to RMB 98,347,000 from RMB 69,048,000, marking an increase of 42.5%[23] - Other income and gains totaled RMB 173,115,000, compared to RMB 136,983,000 in the previous year, reflecting a growth of 26.3%[23] Dividends - The board proposed a final dividend of HKD 0.06 per share, which corresponds to approximately 30% of the profit attributable to the company's owners[4] - The company plans to distribute an interim dividend of HKD 0.07 per share and a proposed final dividend of HKD 0.06 per share for 2024[31] Employee and Operational Metrics - Employee benefits expenses totaled RMB 455,438 thousand in 2024, up from RMB 375,239 thousand in 2023, an increase of 21.4%[36] - The company had 4,555 employees, an increase from 3,871 employees as of August 31, 2023[98] - The employment rate for graduates exceeded 90% in 2023, with over 4,000 companies offering more than 150,000 job positions[51] Strategic Initiatives - The group introduced over 300 high-quality teachers in the 2023/24 academic year, significantly enhancing the number of intermediate and senior teaching positions[46] - The group established approximately 100 new experimental training rooms, including facilities for big data, artificial intelligence, and e-commerce, to meet modern vocational education needs[50] - The company has established partnerships with nearly 1,000 enterprises, providing around 10,000 student internship positions annually[56] - The company has launched new programs in fields such as Artificial Intelligence and Smart Manufacturing to align with national strategic emerging industries[56] - The company has signed cooperation agreements with notable enterprises, including Huawei and Tencent, to establish 11 industry academies[56] Financial Management - The company anticipates sufficient operating funds to meet its financial obligations in the foreseeable future, supported by positive cash flow and available credit facilities[16] - The cash flow forecast for the next twelve months indicates a positive outlook for operational funding[16] - The company has a robust strategy for managing contract liabilities, ensuring that pre-collected fees are recognized proportionately as services are rendered[26] - Total financing costs decreased to RMB 53,538 thousand in 2024 from RMB 85,888 thousand in 2023, a reduction of 37.5%[29] - The debt-to-equity ratio decreased from approximately 39.9% as of August 31, 2023, to approximately 17.7% as of August 31, 2024, due to a reduction in total interest-bearing bank and other borrowings[93] Compliance and Governance - The company has adopted new and revised Hong Kong Financial Reporting Standards, which did not significantly impact the financial statements[18] - The company has adopted the standard code of conduct for securities trading as per the Listing Rules Appendix C3, confirming compliance by all directors for the year ending August 31, 2024[107] - The audit committee reviewed the accounting principles and practices adopted by the group and discussed matters related to audit, internal controls, and financial reporting for the year ending August 31, 2024[109] - The financial information disclosed is based on the consolidated financial statements for the year ending August 31, 2024, approved by the company's auditors[111] Challenges and Risks - The company has faced various operational risks, including changes in the regulatory environment and competition from other educational institutions[68] - The company did not face any significant challenges or liquidity issues due to currency fluctuations as of August 31, 2024[95] - The company has no significant credit risk concentration in trade receivables, as it involves a large number of individual students[38]
中国科培(01890) - 2024 - 年度业绩