Financial Performance - Revenue for the year ended August 31, 2024, was RMB 955,107 thousand, representing a 25.3% increase from RMB 762,268 thousand in the previous year[1] - Gross profit increased by 24.2% to RMB 312,806 thousand, up from RMB 251,775 thousand[1] - Net profit for the year was RMB 53,956 thousand, a significant increase of 39.9% compared to RMB 38,561 thousand in the prior year[1] - Adjusted net profit reached RMB 69,913 thousand, reflecting a 22.2% growth from RMB 57,221 thousand[1] - Total customer contract revenue for 2024 reached RMB 955,107,000, a 25.3% increase from RMB 762,268,000 in 2023[30] - Tuition fees contributed RMB 760,118,000 in 2024, up 26.0% from RMB 603,516,000 in 2023[30] - The group reported a profit attributable to owners of RMB 45,009,000 for 2024, a 39.4% increase from RMB 32,263,000 in 2023[42] - The group’s income tax expense for 2024 was RMB 5,637,000, compared to RMB 15,754,000 in 2023, reflecting a significant reduction[38] - The group’s service costs for 2024 amounted to RMB 241,984,000, an increase from RMB 184,833,000 in 2023[45] Dividends - The company proposed a final dividend of 0.25 HKD per share and a special dividend of 0.50 HKD per share, with a total dividend payout ratio of 50.0%[1] - The board proposed a final dividend of HKD 23,165,708 (approximately RMB 21,132,222) for 2024, down from HKD 33,976,371 (approximately RMB 31,101,290) in 2023[39] Enrollment and Student Statistics - Total student enrollment increased to 34,307 in 2024, up from 30,339 in 2023, marking a growth of 6,968 students or 22.9%[3] - The number of students enrolled in the group's self-operated schools for the 2024-2025 academic year is projected to be 34,307, including 9,609 high school students and 24,698 university students[58] - The total number of students enrolled across all school categories reached 34,307 in 2024, representing a 13.5% increase from 30,339 in 2023 and a 26.4% increase from 27,155 in 2022[68] - The number of teachers increased to 1,513 in 2024, with approximately 56.3% holding a master's degree or higher[70] Assets and Liabilities - Non-current assets totaled RMB 3,499,467 thousand, slightly down from RMB 3,510,881 thousand in the previous year[10] - Current assets decreased to RMB 968,577 thousand from RMB 1,024,382 thousand, primarily due to changes in prepayments and other receivables[10] - Total liabilities decreased to RMB 1,649,370 thousand from RMB 1,755,561 thousand, indicating improved financial stability[10] - Total assets decreased to RMB 2,818,674,000 in 2024 from RMB 2,779,702,000 in 2023, reflecting a growth of 1.4%[12] - Interest-bearing bank and other borrowings increased to RMB 1,343,280,000 in 2024 from RMB 1,219,334,000 in 2023, representing a rise of 10.2%[12] - Non-current liabilities totaled RMB 1,978,331,000 in 2024, up from RMB 1,936,936,000 in 2023, indicating an increase of 2.1%[12] - Net assets slightly decreased to RMB 840,343,000 in 2024 from RMB 842,766,000 in 2023, a decline of 0.3%[12] - The company’s total equity decreased to RMB 840,343,000 in 2024 from RMB 842,766,000 in 2023, a decrease of 0.3%[12] Operational Insights - The company plans to implement cost-saving measures to maintain sufficient cash flow for operations[16] - The company’s cash flow forecasts indicate sufficient operating funds to meet financial obligations for at least the next 12 months[16] - The company is exploring opportunities to provide non-academic services for students, including dormitory and cafeteria services[84] - The company faces operational risks including changes in the regulatory environment and competition from other educational institutions[90] - The company has established a risk management structure to oversee significant business decisions and ensure compliance with applicable laws and regulations[94] Revenue Breakdown - Revenue from high school education increased by 39.3% from RMB 282.3 million in 2023 to RMB 393.4 million in 2024[65] - The group’s revenue from accommodation fees increased by 21.8% from RMB 43.2 million in 2023 to RMB 52.6 million in 2024[63] - The international education department recorded revenue of RMB 14.5 million in the 2023/2024 academic year, reflecting the expansion of international education services[78] - The company generated revenue of RMB 22.5 million from comprehensive educational programs in the 2023/2024 academic year[81] Cost and Expenses - The company's cost of sales for the fiscal year ending August 31, 2024, was RMB 642.3 million, an increase of RMB 131.8 million or 25.8% from the previous year[100] - Employee costs rose by RMB 54.4 million (or 25.1%) due to an increase in the number of teachers for the 2023/2024 academic year[100] - Administrative expenses for the year ended August 31, 2024, amounted to RMB 118.5 million, an increase of RMB 12.1 million or 11.4% compared to the previous year[104] - Other income and gains decreased to RMB 19.8 million, down RMB 13.2 million or 40.0% year-over-year, primarily due to a reduction in government subsidies[105] - Other expenses rose to RMB 18.7 million, an increase of RMB 6.2 million or 49.6%, mainly due to foreign exchange losses and financial guarantee contracts[107] - Financing costs increased to RMB 126.3 million, up RMB 26.6 million or 26.7%, driven by interest expenses on bank and other borrowings[108] Future Plans and Developments - The company plans to establish new high schools in collaboration with third-party partners, primarily following a light-asset model, to enhance market presence[71] - Tuition fees for new undergraduate and diploma students are set to increase to RMB 18,000 and RMB 15,900 respectively starting from the 2024/2025 academic year[75] - The company has entered into cooperation agreements with three new schools for educational management and consulting services, with services expected to commence in 2024 and 2025[80] Miscellaneous - As of August 31, 2024, the group had no significant contingent liabilities[113] - There were no major investments, acquisitions, or disposals during the reporting period[114] - The group has not experienced any significant events after the reporting period that would impact its financial position[118] - The audit committee has reviewed the accounting principles and practices adopted by the group for the year ending August 31, 2024[127] - The financial information in the announcement does not constitute audited consolidated financial statements for the year ending August 31, 2024[129] - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website[130]
成实外教育(01565) - 2024 - 年度业绩