Financial Performance - For the six months ended February 28, 2025, the company's revenue increased to RMB 591.5 million, representing a growth of 13.7% compared to RMB 520.4 million for the same period in 2024[11]. - Gross profit for the same period rose to RMB 207.6 million, reflecting a 15.8% increase from RMB 179.3 million in the previous year[11]. - The net profit attributable to the company's owners surged by 55.3% to RMB 49.1 million, up from RMB 31.6 million in the prior period[11]. - The adjusted net profit (non-IFRS measure) increased by 26.8% to RMB 62.1 million, compared to RMB 49.0 million in the previous year[11]. - Total revenue for the group increased to RMB 489.29 million for the six months ended February 28, 2025, representing a growth of RMB 67.395 million or 16.0% compared to the previous year[16]. - Revenue increased by RMB 71.1 million (or 13.7%) to RMB 591.5 million for the six months ended February 29, 2024, primarily due to increased tuition fees and cafeteria service revenue[38]. - Tuition revenue rose by RMB 67.4 million (or 16.0%) to RMB 489.3 million, driven by an increase in student enrollment for the 2024/2025 academic year[38]. - The group reported a pre-tax profit of RMB 49,090,000 for the six months ended February 28, 2025, compared to RMB 31,602,000 for the same period in 2024, reflecting a growth of approximately 55.2%[124]. - Basic and diluted earnings per share increased to RMB 1.6 for the six months ended February 28, 2025, compared to RMB 1.0 for the same period in 2024, representing a growth of 60%[124]. Enrollment and Tuition - The total number of students enrolled across the company's schools reached 34,307, with 9,609 in high school and 24,698 in university programs[6]. - Tuition fees accounted for RMB 489.3 million, marking a 16.0% increase from RMB 421.9 million in the previous year[15]. - Average tuition fees for high school domestic courses increased slightly to RMB 44,101, while international courses rose to RMB 141,769, reflecting a year-over-year increase of 0.2% and 6.5% respectively[17]. - New undergraduate tuition fees are set to increase to RMB 18,000 and RMB 15,900 for specialized students starting from the 2024/2025 academic year[23]. Operational Efficiency - The overall utilization rate of schools improved to 71.4% from 62.1% in the previous year[23]. - The company aims to maintain and strengthen its market position in the private education sector in China, leveraging its established reputation to attract quality students and faculty[7]. - The company has established a risk management structure to oversee significant business decisions, including expansion and tuition fee adjustments[36]. - The company has sufficient liquidity to meet its daily management and capital expenditure needs[53]. Expansion and Development - The company operates 14 physical institutions across five cities in Sichuan, Hong Kong, and Irvine, California, with a focus on expanding its educational offerings[6]. - The group plans to establish a second campus in 2025, expanding its service offerings based on the successful operational model of its flagship campus[28]. - The group has entered into management cooperation agreements with 13 schools, providing educational management and consulting services[27]. - The company is exploring potential acquisitions to strengthen its market position, with a budget of $G million earmarked for this purpose[151]. Financial Stability - The total cash and cash equivalents at the end of the reporting period on February 28, 2025, were RMB 559,367,000, compared to RMB 506,467,000 as of August 31, 2024, indicating a 10.4% increase[53]. - The bank and other borrowings as of February 28, 2025, amounted to RMB 2,046,335,000, a decrease from RMB 2,099,943,000 as of August 31, 2024[53]. - The leverage ratio decreased from approximately 249.9% on August 31, 2024, to approximately 233.5% on February 28, 2025, primarily due to a reduction in interest-bearing bank borrowings[63]. - The company reported a significant decrease in government subsidies received in advance for students, from RMB 20,894,000 as of August 31, 2024, to RMB 10,512,000 as of February 28, 2025[132]. Compliance and Governance - The company is subject to stricter regulations regarding the operation and management of private schools, particularly non-profit institutions, as per the new implementation rules effective September 1, 2021[80]. - The company has implemented specific plans to meet qualification requirements for foreign investors in Sino-foreign cooperative private schools, with ongoing evaluations of compliance[78]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results and financial statements for the reporting period[73]. Shareholder Information - The board has declared an interim dividend of HK$0.80 per share for the six months ending February 28, 2025, compared to HK$0.55 for the same period last year, reflecting a 45% increase[71]. - The company has adopted a share option scheme to incentivize qualified individuals, allowing for a maximum of 300,000,000 shares to be issued under this plan, which is approximately 9.71% of the issued shares as of the report date[90][94]. - The share option plan is valid for 10 years from the adoption date, with a remaining term of approximately 7 months[93].
成实外教育(01565) - 2025 - 中期业绩