Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 683,617,000, representing a 22.9% increase from RMB 556,204,000 in 2023[3] - The cost of sales increased by 30.0% to RMB 493,682,000, compared to RMB 379,704,000 in the previous year[3] - Gross profit for the year was RMB 189,935,000, up 7.6% from RMB 176,500,000 in 2023[3] - Profit before tax decreased by 23.0% to RMB 84,859,000, down from RMB 110,146,000 in the prior year[3] - Net profit for the year was RMB 90,892,000, a decline of 19.2% from RMB 112,529,000 in 2023[3] - The group reported a total of RMB 71,628,000 in other income and gains for 2024, a decrease of 9.7% compared to RMB 79,155,000 in 2023[16] - The group's net profit for the year decreased by approximately 19.2% from about RMB 112.5 million to about RMB 90.9 million due to the aforementioned factors[60] Dividends - The company proposed a final dividend of HKD 0.013 per share for the year ended December 31, 2024[3] - The proposed final dividend for 2024 is HKD 0.013 per share, down from HKD 0.048 per share in 2023[27] - The board has proposed a final dividend of HKD 0.013 per share for the year ending December 31, 2024, down from HKD 0.048 per share for the previous year[73] Assets and Liabilities - Non-current assets increased to RMB 2,109,440,000 from RMB 1,968,597,000 in 2023[6] - Current liabilities totaled RMB 598,531,000, compared to RMB 567,248,000 in the previous year[6] - The net current liabilities amounted to RMB 177,322,000, worsening from RMB 70,163,000 in 2023[7] - Total equity increased slightly to RMB 1,657,429,000 from RMB 1,651,153,000 in the previous year[7] - Interest-bearing bank and other borrowings amounted to approximately RMB 181.2 million, with actual annual interest rates ranging from about 3.0% to 6.8%[62] - The group's current liabilities net increased by approximately 152.6% from about RMB 70.2 million to about RMB 177.3 million, mainly due to increased cash outflows for teaching and administrative facility construction and increased contract liabilities from tuition fees for the 2024/2025 academic year[61] Revenue Sources - Tuition fees contributed RMB 615,315,000 to total revenue, up from RMB 502,749,000, reflecting a growth of 22.4%[16] - The group has no significant revenue from any single customer exceeding 10% of total revenue for the year[15] - The group operates solely in China, with all revenue and long-term assets located in the region[14] Expenses - The group's employee benefits expenses rose to RMB 255,972,000 in 2024, up 18.3% from RMB 216,306,000 in 2023[23] - Sales and distribution expenses increased by approximately 56.6% from about RMB 27.2 million to about RMB 42.6 million, mainly due to increased promotional expenses resulting from a rise in the total number of full-time students[56] - Administrative expenses rose by approximately 7.9% from about RMB 81.1 million to about RMB 87.5 million, primarily due to an increase in employee costs and benefits by RMB 4.6 million[57] - The impairment loss on receivables increased to RMB 636,000 in 2024 from RMB 390,000 in 2023[34] Strategic Initiatives - The company aims to expand its campus network and vocational education market in the Guangdong-Hong Kong-Macao Greater Bay Area, which accounted for over 11% of the national economic output in 2023[45] - The company plans to establish a "Five-in-One" development model, integrating academic education, vocational training, and technical services to drive growth[50] - The company has initiated a plan to develop high-quality vocational education, targeting the establishment of a vocational university specializing in health and technology within the next decade[46] - The company is actively pursuing mergers and acquisitions of quality vocational institutions in the Greater Bay Area to enhance its network and operational synergies[47] - The company is exploring international cooperation to enhance the attractiveness and international characteristics of its programs[49] - The company is focusing on the integration of industry and education, with plans to establish 1,000 provincial-level industry-education integration communities in advanced manufacturing and modern agriculture[2] Compliance and Governance - The audit committee has reviewed the accounting principles and policies adopted by the group, discussing financial reporting matters[79] - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange regulations[77] - There were no significant events to report to shareholders from the end of the reporting period to the announcement date[72] - The company has not engaged in any buybacks or sales of its listed securities during the year ending December 31, 2024[74] Future Outlook - The company plans to allocate a total of HKD 446.0 million for various purposes, with 61.1% (HKD 272.6 million) designated for enhancing student capacity and purchasing teaching equipment[71] - The company has no plans for major investments or capital assets as of December 31, 2024[76] - The company will hold its annual general meeting on May 28, 2025, to approve the proposed final dividend[84] - The independent auditor's report will include a qualified opinion regarding certain promotional expenses due to insufficient evidence[82] - Annual performance announcements will be published on the Hong Kong Stock Exchange website and the company's website[86] - The annual report will include all information required by listing rules and will be made available to shareholders[86] - The board expresses gratitude to management, employees, shareholders, business partners, banks, and auditors for their support during the reporting period[87] - The board of directors includes executive directors and independent non-executive directors as of March 31, 2025[89]
华南职业教育(06913) - 2024 - 年度业绩