Investment and Development - The Group cumulatively invested RMB1.25 billion in the 2024 financial year to support major projects, including upgrading vocational schools to undergraduate universities and obtaining master's degree-granting rights[17]. - The Group plans to accelerate the application for master's programs at Yunnan and Northeast schools, and upgrade Luoyang and Guangxi schools to degree-granting institutions, laying a solid foundation for future high-quality development[49]. - The Group's capital expenditures for the year ended 31 August 2024 were RMB920.8 million, mainly for upgrading school facilities in Guizhou and constructing new buildings[146]. Student Enrollment and Satisfaction - The total number of students in the Group's schools for the 2024/2025 academic year was approximately 139,000, with the proportion of undergraduate students increasing by 1 percentage point[21]. - Student satisfaction rose to 86.4% due to significant improvements in the educational environment and student activities[18]. - The total number of students in the Group's schools for the 2024/2025 academic year is approximately 139,000, with an increase of 4 percentage points in the proportion of new undergraduate students and a 1 percentage point increase in the overall proportion of undergraduate students[68]. Employment Outcomes - The employment rate for the 2023 graduates reached 96.97%, maintaining a high level for four consecutive years, while the initial employment rate for the 2024 graduates improved by 4.4 percentage points to 95.09%[34]. - The Group engaged over 1,900 employers from renowned enterprises, providing more than 27,000 internships, with over 7,000 graduates from the class of 2024 employed by these enterprises[62]. - The Group's schools have been recognized for high-quality employment rates, with continuous improvement in employment outcomes[1]. Financial Performance - The Group achieved a 13.8% year-on-year increase in revenue from principal business to RMB 2.41 billion for the year ended 31 August 2024, and a 6.1% year-on-year increase in adjusted net profit to RMB 0.77 billion[53]. - The Group's total revenue for the year ended 31 August 2024 was RMB2,835.2 million, representing a 12.2% increase from RMB2,526.9 million in the previous year[100]. - The Group's net profit for the year ended August 31, 2024, was RMB 756.0 million, representing a 7.5% increase from RMB 703.3 million in the previous year[78]. Teaching Quality and Recognition - The investment in teachers increased by 12.1%, with 273 high-level experts and 15 renowned scholars introduced, and "Double-high" teachers increased by 73%[18]. - The "Excellent Course, Excellent Reward" incentive mechanism covers all 8 schools, with 40% of teachers receiving this reward, leading to a nearly 170% increase in awards won by teachers in provincial competitions[28]. - The number of awards won by teachers in provincial teaching competitions and skills competitions increased by nearly 170%, marking a historical breakthrough for the Group[60]. Strategic Focus and Future Outlook - The Group's strategic focus on enhancing financial performance and expanding market presence is evident in the reported figures and future outlook[124]. - The Group aims to create a student-centered university and cultivate high-quality applied and technical talents to meet local economic and social development needs[74]. - The Group plans to continue investing in high-quality development and enhancing teaching quality, supported by national policies[97]. Regulatory Environment and Compliance - The Group's existing private schools are currently undergoing classified registration as per provincial authorities' guidance, specifically in Northeast, Guangxi, Yunnan, and Guizhou provinces[191]. - The Group must clarify ownership of assets and settle finances if it opts for for-profit registration, as per the Implemental Rules on Private School Classified Registration[186]. - The Group will continue to monitor developments related to the application of regulatory requirements affecting its private schools[191]. Dividend Policy - The Group maintains its dividend policy for the fiscal year 2023/2024, suggesting that all dividends be distributed in the form of new shares instead of cash, aiming to retain cash for business development and avoid increasing the capital debt ratio[23]. - The Board has resolved to recommend a final dividend of RMB0.233 per Share for the year ended 31 August 2024, compared to RMB0.096 per Share for the year ended 31 August 2023[199]. - The proposed final dividend will be payable wholly in the form of Scrip Shares, allowing the Group to conserve cash for business development and operational needs[199].
新高教集团(02001) - 2024 - 年度财报