Financial Performance - Revenue for the six months ended February 28, 2025, was RMB 633,904,000, a decrease of 3.7% compared to RMB 657,987,000 for the same period in 2024[12]. - The net profit for the period was RMB 117,380,000, a significant increase of 377.9% from a loss of RMB 42,232,000 in the previous year[12]. - Adjusted EBITDA for the six months ended February 28, 2025, was RMB 281,188,000, reflecting a 12.8% increase from RMB 249,379,000 in 2024[12]. - Total revenue decreased by RMB 24,100,000 or 3.7% to RMB 633,900,000 for the six months ending February 28, 2025, primarily due to a decline in tuition and accommodation fees[41]. - Gross profit for the same period was RMB 328,123,000, slightly down from RMB 331,626,000, resulting in a gross margin of approximately 51.7%[72]. - The company recorded a profit before tax of RMB 146,600,000, compared to a loss of RMB 11,700,000 in the previous period, with a profit margin of 23.1%[50]. - The company reported a net loss of RMB 11,700,000 for the six months ended February 29, 2024, while for the same period in 2025, the pre-tax profit was RMB 146,638,000[4]. - The company incurred a total comprehensive expense of RMB 48,171,000 for the period, which included a loss of RMB 42,232,000[79]. Enrollment and Operations - The total number of enrolled students decreased by 8.1% to 8,709 from 9,475 in the previous year[16]. - The number of schools operated decreased to 28 from 31, representing a decline of 9.7%[16]. - The number of schools in China decreased to 20 from 22, a reduction of 9.1%[16]. - The company employed 256 IB-certified teachers as of February 28, 2025, down from 279 in the previous year[9]. - The number of kindergarten students in China decreased from 1,588 in 2024 to 1,225 in 2025, a decline of 363 students or 22.9%[32]. Revenue Segments - The overseas revenue segment saw a decline of 5.7%, dropping to RMB 396,550,000 from RMB 420,513,000[12]. - The China segment generated revenue of RMB 237,354,000, while the overseas segment contributed RMB 396,550,000 for the six months ended February 28, 2025[4]. Profitability Metrics - The gross profit margin improved to 51.8%, up from 50.4% in the previous year, indicating a 2.8% increase[12]. - The EBITDA margin increased to 44.2%, compared to 33.6% in the previous year, marking a 31.5% improvement[12]. - Other income and losses turned from a loss of RMB 55,500,000 to a profit of RMB 9,600,000, primarily due to the absence of losses from convertible bonds and a shift from foreign exchange losses to gains[46]. Cash Flow and Liquidity - Cash and bank balances increased to RMB 674,700,000 as of February 28, 2025, from RMB 564,800,000 as of August 31, 2024[54]. - For the six months ended February 28, 2025, the company reported a net cash inflow from operating activities of RMB 160,012,000, a decrease of 32.3% compared to RMB 236,371,000 for the same period in 2024[84]. - The company’s cash and cash equivalents increased by RMB 181,955,000, reaching RMB 674,708,000 at the end of the reporting period[84]. Strategic Initiatives - The group is adapting its operational structure to mitigate the impact of the updated Private Education Promotion Law, which restricts foreign investment in certain educational institutions[27]. - The group aims to enhance its brand recognition and accelerate business development in first-tier cities, particularly in the Greater Bay Area[20]. - The company plans to expand its catering services to universities, boarding schools, and corporate cafeterias, starting with public dining services launched in Shenzhen and Inner Mongolia in June 2023[36]. - The group plans to focus on developing high schools and overseas schools that are not affected by the "Implementation Rules" of the Private Education Promotion Law[93]. Shareholder Information - The company repurchased 48,070,000 shares at a total cost of RMB 12,734,000, with an average repurchase price of RMB 0.26 per share[80]. - The company canceled 23,730,000 shares during the reporting period[80]. - The average number of ordinary shares for calculating basic and diluted earnings per share was 2,962,599,000 for the six months ended February 28, 2025, slightly down from 2,971,011,000 for the same period in 2024[112]. Employee and Management - The company had 1,959 full-time employees as of February 28, 2025, down from 2,022 employees a year earlier[63]. - Total employee compensation for the six months was RMB 257,500,000, a decrease from RMB 267,500,000 in the previous year[63]. - Total remuneration for key management personnel for the six months ended February 28, 2025, was RMB 4,485,000, a decrease of approximately 6% from RMB 4,771,000 for the same period in 2024[135]. Compliance and Governance - The company has adopted the corporate governance code and has complied with all applicable provisions, except for the separation of the roles of Chairman and CEO[144]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six months ended February 28, 2025[166].
枫叶教育(01317) - 2025 - 中期财报