Financial Performance - For the six months ended February 28, 2025, the revenue was RMB 172,191,000, representing a 0.8% increase compared to RMB 170,764,000 for the same period in 2024[3] - Gross profit decreased by 11.7% to RMB 57,296,000 from RMB 64,883,000 year-on-year[3] - Profit for the period was RMB 24,219,000, down 15.2% from RMB 28,568,000 in the previous year[3] - The total comprehensive income for the period was RMB 24,710,000, compared to RMB 33,032,000 for the same period in 2024[5] - Basic and diluted earnings per share for the period were RMB 0.0363, compared to RMB 0.0429 for the same period in 2024[5] - The group recorded a profit of RMB 24.2 million for the six months ended February 28, 2025, a decrease of approximately 15.4% compared to RMB 28.6 million for the same period in 2024[33] Assets and Liabilities - As of February 28, 2025, total non-current assets amounted to RMB 2,229,594,000, an increase from RMB 2,179,742,000 as of August 31, 2024[6] - Current liabilities totaled RMB 800,398,000, a slight decrease from RMB 840,265,000 in the previous period[6] - The net current liabilities were RMB 606,294,000, indicating a significant increase from RMB 476,473,000 year-on-year[6] - The company reported cash and cash equivalents of RMB 178,176,000, down from RMB 345,437,000 in the previous year[6] - The financial leverage ratio as of February 28, 2025, was approximately 1.2, unchanged from 1.3 as of August 31, 2024[37] - The group has unutilized financing of RMB 120.2 million as of the announcement date, indicating sufficient liquidity for future cash needs[39] - The group has no significant contingent liabilities as of February 28, 2025[41] Revenue Breakdown - Tuition revenue decreased by RMB 62,000 from RMB 159.0 million to RMB 158.9 million, while accommodation revenue increased by RMB 1.5 million or 12.7% from RMB 11.8 million to RMB 13.3 million[25] - Revenue increased by RMB 1.4 million or 0.8% from RMB 170.8 million for the six months ended February 29, 2024, to RMB 172.2 million for the six months ended February 28, 2025[25] Expenses - Cost of sales increased by RMB 9.0 million or 8.5% from RMB 105.9 million to RMB 114.9 million, primarily due to increased heating costs and maintenance expenses[26] - Gross profit decreased by RMB 7.6 million or 11.7% from RMB 64.9 million to RMB 57.3 million, resulting in a gross margin decline from 38.0% to 33.3%[27] - Sales expenses increased by RMB 0.2 million for the six months ended February 28, 2025, compared to the same period in 2024, mainly due to increased frequency of promotional activities outside the province[29] - Administrative expenses rose by RMB 1.5 million or 7.7% to RMB 21.0 million for the six months ended February 28, 2025, primarily due to increased consulting fees and other professional service costs[30] - Financing costs decreased from RMB 19.6 million for the six months ended February 29, 2024, to RMB 19.0 million for the same period in 2025, with interest expenses dropping by approximately RMB 6.5 million[31] Enrollment and Education Quality - The total number of enrollments decreased from 11,941 in the 2023/24 academic year to 11,909 in the 2024/25 academic year[25] - The average tuition fee for the 2024/2025 academic year is RMB 25,750, representing a 3.85% increase from RMB 24,796 in the 2023/2024 academic year[47] - The enrollment scale for 2024 is 3,793 students across 24 programs, with a job placement rate of 87.59% for the 2024 graduating class[52] - Heilongjiang University of Commerce has completed the evaluation for undergraduate teaching work, receiving high praise from evaluation experts[48] - A total of 1,322 courses are offered, including 59 compulsory public courses and 860 professional courses[48] Corporate Governance and Compliance - The company is committed to maintaining good corporate governance practices and has adhered to the corporate governance code during the reporting period[66] - The audit committee has reviewed the unaudited interim results for the six months ended February 28, 2025, and found that the financial information complies with applicable accounting standards and regulations[70] - The company has established an audit committee consisting of three independent non-executive directors to oversee internal controls and risk management[70] - The board of directors believes that the current arrangement of combining the roles of CEO and chairman is beneficial for the company's overall operations and management[67] - The company has confirmed compliance with the standard code for securities trading by all directors for the six months ending February 29, 2024[69] Strategic Initiatives - The company is transitioning to a for-profit private school, with the application for this change approved by the Ministry of Education, ensuring the protection of students' rights during the three-year transition period[61] - The company aims to develop a digital lifelong learning system and create a "Future Learning Center" to enhance its educational services[60] - The company plans to integrate its advantageous programs with the Belt and Road Initiative to actively develop international student education[60] - Recent policies from the government support the development of vocational and private education, emphasizing the equal importance of vocational education alongside general education[57] - The company has established two vocational schools in the Yangtze River Delta and Beijing-Tianjin-Hebei regions since 2021, expanding its educational group to four campuses across three regions[55] Staffing and Compensation - As of February 28, 2025, the total salary cost incurred by the group, including director remuneration, was RMB 421 million, a decrease from RMB 487 million for the same period in 2024[64] - The group currently employs 688 full-time and 113 part-time staff, down from 762 full-time and 167 part-time staff as of February 29, 2024[64]
立德教育(01449) - 2025 - 中期业绩