Financial Performance - For the year ended August 31, 2024, the Group's revenue amounted to approximately RMB 1,268.5 million, representing an increase of approximately 17.1% from RMB 1,083.3 million for the corresponding period last year[22]. - The Group's gross profit for the year was RMB 666.3 million, reflecting a growth of 6.68% compared to RMB 624.6 million in the prior year[16]. - Profit for the period reached RMB 451.1 million, an increase of 14.77% from RMB 393.0 million in the previous year[16]. - Adjusted net profit was RMB 443.8 million, which is a 9.54% increase from RMB 405.1 million in the prior year[16]. - Earnings per share rose to RMB 0.376, representing a 14.63% increase from RMB 0.328 in the previous year[16]. - The gross profit margin decreased to 52.5% from 57.7%, a decline of 5.2 percentage points[16]. - The operating profit ratio slightly decreased to 45.2% from 45.8%[16]. - The net profit ratio also saw a minor decline to 35.6% from 36.3%[16]. - The Group's cost of sales amounted to approximately RMB602.2 million, increased by approximately 31.3% year-on-year from approximately RMB458.7 million for the year ended August 31, 2023[117]. - Profit before taxation was approximately RMB487.6 million, representing an increase of approximately 22.4% year-on-year from approximately RMB398.2 million for the year ended August 31, 2023[136]. - Taxation recorded was approximately RMB36.5 million, representing an increase of approximately 605.5% year-on-year from approximately RMB5.2 million for the year ended August 31, 2023[137]. - The Group's finance expenses were approximately RMB89.8 million, representing a decrease of approximately 13.2% year-on-year compared to approximately RMB103.5 million for the year ended August 31, 2023[135]. - The Group's capital expenditures for the year ended August 31, 2024, were approximately RMB523.4 million, representing a decrease of about 8.2% from approximately RMB570.1 million for the year ended August 31, 2023[147]. - As of August 31, 2024, the Group's bank balances and cash amounted to approximately RMB841.4 million, a decrease of approximately 14.8% from approximately RMB987.9 million as of August 31, 2023[148]. - The Group's debt ratio as of August 31, 2024, was 29.8%, down from 33.6% as of August 31, 2023[155]. Enrollment and Student Statistics - The number of students enrolled increased to 54,017, up by 1,277 students or 2.42% from 52,740 students in the previous year[15]. - The Group maintains three schools, with no change in the number of schools compared to the previous year[15]. - As of August 31, 2024, the total student enrollment across the three schools reached 54,017, an increase of 2.42% from 52,740 in the previous year[55]. - Huali College saw a significant enrollment increase of 16.67%, with 25,162 students compared to 21,567 in the previous year[57]. - Huali Technician College experienced a decline in enrollment by 30.33%, with 7,414 students compared to 10,641 in the previous year[57]. - The Jiangmen campus of Huali College reported a remarkable enrollment increase of 274.38%, rising to 4,062 students from 1,085[57]. - Huali Vocational College's enrollment increased by 4.43%, totaling 21,441 students compared to 20,532 in the previous year[57]. - Student enrollment increased to 54,017 in the academic year 2023/2024 from 52,740 in 2022/2023, with average tuition fees per student rising from RMB 19,110 to RMB 21,564[69]. Tuition and Revenue Sources - Tuition fees accounted for approximately 91.8% of the total revenue for the year ended August 31, 2024[63]. - Total tuition fee revenue for Huali College increased by 23.3% from RMB 623.5 million to RMB 768.5 million[66]. - The overall average tuition fee per student rose by 12.8% from RMB 19,110 in 2023 to RMB 21,564 in 2024[69]. - Huali College's average tuition fee per student increased from RMB 28,908 in 2023 to RMB 30,542 in 2024, reflecting a growth of 5.7%[69]. - The boarding fee revenue decreased significantly, with Huali Vocational College's boarding fees dropping by 56.1% from RMB 21,962 to RMB 9,636[66]. - The average boarding fee rates ranged from RMB 600 to RMB 14,000 per academic year depending on various factors[76]. Strategic Initiatives and Future Plans - The Group plans to continuously increase total enrollment by promoting campus construction and enhancing teaching services to improve business profitability[41]. - The integration of industry and education is prioritized, with successful implementation of the "Month of Industry-Education Integration" leading to an increase in collaborative projects[30]. - New majors such as new energy automobile engineering, blockchain engineering, and artificial intelligence have been added to meet the demands of emerging industries[27]. - The Group aims to develop a diversified non-formal vocational education business to achieve sustainable long-term development[41]. - The strategy of "Strengthening Schools with Talents" is being implemented to build a high-quality teaching team, focusing on both talent introduction and training[31]. - The Group emphasizes the importance of employment channels for graduates, actively broadening opportunities through various initiatives[39]. - Future policies will support the development of the education industry, aligning professional settings with industry needs to cultivate skilled talents[40]. - The Group aims to optimize professional structures to align with industry needs and cultivate high-quality skilled talents for local economies[92]. - Future business expansion will focus on developing a second curve of vocational education through an asset-light model and diversified non-formal vocational education[96]. Awards and Recognition - The company received the Vice-President Unit of the Third Council (2023-2028) award from the Guangdong Vocational Capacity Construction Association in September 2023[84]. - In October 2023, the company was recognized as the Zengcheng District High-level Talents Innovation and Entrepreneurship Base by the Organisation Department of Zengcheng District Committee of Guangzhou City[84]. - The company was awarded the Best Innovation and Practice University for High Quality Employment in 2023 by Jiuyeqiao.cn in November 2023[84]. - In December 2023, the company received the Outstanding Organisation Award for the Greater Bay Area e-Sports Competition from the Culture, Tourism, Radio and Television Bureau[86]. - The company was recognized as the Advanced Unit of Vocational Capacity Construction in Guangdong Province in 2023 by the Guangdong Vocational Capacity Construction Association in January 2024[86]. - The company was awarded the Executive Director Unit of Industry-Education Integration by the Standing Secretariat of the Industry-Education Integration Community of Creative Design Industry in April 2024[88]. - The company received the Advanced Unit award for the 24th "Contemporary Cup" National Preschool Teachers' Vocational Skills Competition in June 2024[89]. - The company was recognized as a council member of the Guangdong Higher Education Association's seventh council in July 2024[90]. Management and Governance - The Board consists of seven Directors, including four executive Directors and three independent non-executive Directors[165]. - Mr. Zhang Zhifeng, the founder and CEO, has been recognized for his contributions to education, receiving multiple awards including the "Special Contribution Award for Private Education" in April 2019[171]. - Mr. Ye Yaming, former CEO, has been acknowledged as an "Outstanding Educator of Vocational Training" in Guangdong Province in September 1994[177]. - Mr. Zhang Yude, appointed as COO on November 19, 2021, is responsible for the overall operation of the Group[180]. - Mr. Zou Kang, appointed as an executive Director on November 19, 2021, oversees the vocational training business and daily operations of Huali Technician College[182]. - The Group has a strategic focus on vocational education and training, leveraging its established institutions for market expansion[178]. - The Group's management team has extensive experience in education and vocational training, enhancing its operational capabilities[183]. - The company has a strong focus on compliance and corporate governance, with independent directors providing oversight and independent opinions to the Board[189]. - The company emphasizes the importance of vocational education, with directors having extensive experience in education management and training[186]. - The management team includes professionals with significant experience in finance, education, and corporate governance, ensuring informed decision-making[200]. Regulatory Environment - The regulatory framework for private education has been updated, allowing schools to choose between non-profit and for-profit classifications[98]. - The Group intends to register its three schools as for-profit private schools, pending local regulations[107]. - There are uncertainties regarding the impact of the Amendment on business operations, particularly concerning tax treatments for different school classifications[108].
中国职业教育(01756) - 2024 - 年度财报