Financial Performance - Revenue for the six months ended February 28, 2025, was RMB 890,720,000, representing a 9.4% increase compared to RMB 813,910,000 for the same period in 2024[4] - Gross profit for the same period was RMB 499,777,000, a slight increase of 1.2% from RMB 493,706,000 in 2024[4] - Profit before tax increased by 6.4% to RMB 413,011,000 from RMB 388,111,000 year-on-year[4] - Net profit for the period was RMB 406,563,000, reflecting a 5.8% increase compared to RMB 384,271,000 in the previous year[4] - Adjusted net profit, excluding share-based compensation and foreign exchange gains/losses, was RMB 402,557,000, up 4.3% from RMB 386,047,000[4] - Total revenue for the six months ended February 28, 2025, was RMB 890,720,000, an increase of 9.5% from RMB 813,910,000 for the same period in 2024[14] - Tuition fees amounted to RMB 813,806,000, up from RMB 741,344,000, representing a growth of 9.8% year-over-year[14] - Accommodation fees increased to RMB 76,914,000 from RMB 72,566,000, reflecting a rise of 6.4%[14] - Financing costs totaled RMB 36,133,000 for the six months ended February 28, 2025, down 23.5% from RMB 47,294,000 in the prior year[16] - The gross profit margin for the reporting period was 56.1%, down from 60.7% for the six months ended February 29, 2024[53] - Cost of revenue rose by 22.1% to RMB 390.9 million, reflecting strategic optimization in teacher compensation and development plans[56] Assets and Liabilities - Total assets as of February 28, 2025, were RMB 7,130,016,000, compared to RMB 7,253,830,000 as of August 31, 2024[7] - Current liabilities decreased to RMB 2,340,721,000 from RMB 2,849,450,000, indicating improved liquidity[8] - As of February 28, 2025, the accounts receivable for tuition and accommodation fees amounted to RMB 76,856,000, a decrease from RMB 116,944,000 as of August 31, 2024, representing a decline of approximately 34%[25] - The company reported service income receivables of RMB 168,734,000 as of February 28, 2025, up from RMB 133,684,000 as of August 31, 2024, indicating an increase of about 26%[25] - The total cash and cash equivalents as of February 28, 2025, were RMB 435,311,000, a significant decrease from RMB 790,900,000 as of August 31, 2024, reflecting a decline of approximately 45%[28] - The company has capital commitments of RMB 186,978,000 as of February 28, 2025, compared to RMB 79,253,000 as of August 31, 2024, indicating an increase of approximately 136%[32] - The company reported interest payable of RMB 2,336,000 as of February 28, 2025, an increase from RMB 1,827,000 as of August 31, 2024, reflecting a rise of about 28%[29] - As of February 28, 2025, the company had outstanding loans to the Tianping College amounting to RMB 900,700,000, an increase from RMB 722,700,000 as of August 31, 2024, representing a growth of about 25%[30] Dividends and Shareholder Returns - The company did not declare an interim dividend for the six months ended February 28, 2025, compared to RMB 0.0907 per share in the previous year[20] - The company has approved a final dividend of RMB 0.0924 per share for the year ending August 31, 2024, totaling approximately RMB 110,880,000, which is an increase from RMB 63,985,000 for the previous year[24] - No interim dividend was proposed for the reporting period, while a final dividend of RMB 0.0924 per share was approved, totaling approximately RMB 110.88 million[80] Operational Highlights - The company continues to focus on expanding its operations in the private higher education sector in China[9] - The financial results reflect the company's ongoing commitment to enhancing operational efficiency and profitability[5] - The company operates six institutions across Henan and Hubei provinces, focusing on applied talent cultivation and industry integration[37] - The company is actively working to transform Tianping College into an independent private university, indicating plans for future expansion[37] - The total number of students enrolled in the company's institutions as of February 28, 2025, is 26,569 at Shangqiu College, reflecting a 3.6% increase from 25,638 in the previous year[45] - The average employment rate for graduates from higher education programs was approximately 94.54% as of December 31, 2024, indicating strong outcomes from practical training courses[38] - The company has established around 1,100 school-enterprise cooperation projects, focusing on practical skills training and enhancing employability[37] - The total number of enrolled students increased by 6.5% from 104,053 on February 29, 2024, to 110,861 on February 28, 2025, primarily due to increased enrollment at several campuses[48] Student Enrollment and Programs - The number of students enrolled in the undergraduate programs at Shangqiu College increased by 8.2%, from 9,444 to 10,223[45] - The enrollment in the specialized programs at Shangqiu College saw a significant increase of 14.8%, rising from 4,817 to 5,531[45] - The total enrollment at Shangqiu College Applied Technology College decreased by 1.6% in undergraduate programs, from 8,543 to 8,407[45] - The total number of students at Hubei Health Vocational College is 9,808 as of February 28, 2025[43] - The number of students in vocational education programs decreased by 70.2%, from 816 to 243[48] Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[81] - The company has adopted and complied with the Corporate Governance Code as per the Listing Rules[82] - All directors confirmed adherence to the Standard Code for Securities Transactions during the reporting period[83] - The company has established an audit committee consisting of three independent non-executive directors to review the interim financial statements[84] Future Plans and Innovations - The company plans to acquire more land use rights and build new educational and living facilities to increase student capacity[52] - The company aims to complete the transition of Tianping College to an independent private university by September 2026[49] - The company plans to deploy the DeepSeek R1 model by March 13, 2025, to enhance AI education and applications, integrating it into a collaborative AI education platform with Beijing Gravity Internet Technology Co., Ltd[79]
中国春来(01969) - 2025 - 中期业绩