Financial Performance - Revenue for the six months ended February 28, 2025, was RMB 918,236,000, representing a 5.3% increase from RMB 871,970,000 in the previous year[9]. - Gross profit decreased to RMB 478,560,000, down 9.7% from RMB 529,853,000, indicating a decline in profitability[9]. - The adjusted EBITDA for the period was RMB 581,251,000, reflecting a decrease of 5.7% compared to RMB 616,431,000 in the prior year[9]. - Core net profit decreased by RMB 25.7 million or 5.6% to RMB 434.1 million for the six months ended February 28, 2025[28]. - Profit before tax was RMB 454,974,000, compared to RMB 480,787,000 in the previous year, indicating a decline of approximately 5.4%[61]. - Net profit for the period was RMB 426,559,000, down from RMB 452,488,000 in 2024, a decrease of around 5.7%[63]. - Basic and diluted earnings per share for the period were RMB 0.2119, compared to RMB 0.2249 in the previous year, reflecting a decrease of about 5.4%[61]. - The total comprehensive income for the period was RMB 437,883,000, down from RMB 477,580,000 in the previous year, indicating a decline of about 8.3%[71]. Revenue Sources - Tuition fees accounted for approximately 94.7% of total revenue, with total tuition fees rising by RMB 51.4 million or 6.3% to RMB 869.3 million[16]. - Tuition revenue for the six months ended February 28, 2025, was RMB 358,739,000, an increase of 9.1% from RMB 327,925,000 for the same period in 2024[97]. - Accommodation revenue for the same period was RMB 29,240,000, slightly up from RMB 29,062,000, reflecting a growth of 0.6%[97]. - Total revenue recognized from contract liabilities for the six months ended February 28, 2025, was RMB 387,979,000, representing an 8.7% increase compared to RMB 356,987,000 in 2024[97]. Expenses and Costs - The total sales cost increased by 28.5% to RMB 439,676,000, compared to RMB 342,117,000 in the previous year, impacting overall profitability[9]. - Selling and distribution expenses decreased by RMB 1.9 million or 43.8% to RMB 2.5 million, attributed to improved brand building and reduced student recruitment promotion[24]. - Administrative expenses increased by RMB 5.7 million or 6.5% to RMB 94.5 million, mainly due to an increase in the number of management professionals[25]. - Employee benefits expenses (excluding directors and key management personnel) totaled RMB 227,662,000, an increase of 13.2% from RMB 201,080,000 in 2024[102]. Cash Flow and Liquidity - Cash flow from operating activities for the six months was RMB 459,184,000, a decrease of 33.5% from RMB 690,969,000 in the prior year[74]. - The company experienced an increase in cash and cash equivalents, ending the period with RMB 1,263,750,000, up from RMB 868,111,000, representing a growth of approximately 45.5%[76]. - The company raised RMB 608,634,000 through new bank and other borrowings, compared to RMB 178,016,000 in the prior year, indicating a significant increase in financing activities[74]. - The management anticipates sufficient operating funds to meet financial obligations, supported by positive cash flow and available credit facilities[81]. Awards and Achievements - The group received approximately 147 national awards and 164 provincial awards during the reporting period, highlighting significant achievements in faculty development[12]. - The Guangdong school ranked 35th in the GDI University Rankings (2025) among the top 300 private institutions, and 3rd within Guangdong province[12]. Strategic Initiatives - The implementation of the "AI + Vocational Education" strategy is underway, with the establishment of an AI application promotion working group to integrate AI technology into educational processes[13]. - A cooperation management agreement was signed with Hunan Vocational School, marking the first private vocational undergraduate cooperation project, which will enhance the company's management service capabilities[14]. - The company plans to expand international education services and deepen industry-education integration, focusing on key industries such as new energy vehicles and digital economy[18]. Shareholder Information - As of February 28, 2025, the total number of issued shares is 2,014,248,667[55]. - Director Ye Nianqiao holds 677,280,000 shares, representing 33.62% of the total shares[51]. - Major shareholder Cantrust (Far East) Limited holds 677,280,000 shares, representing 33.62% of the total shares[56]. - The company declared an interim dividend of HKD 0.07 per share, totaling RMB 130,751,000, compared to RMB 127,942,000 for the same period in 2024, representing an increase of approximately 1%[118]. Financial Position - Total assets as of February 28, 2025, amounted to RMB 6,560,440,000, an increase from RMB 6,122,732,000 as of August 31, 2024[65]. - Total liabilities as of February 28, 2025, were RMB 1,509,627,000, compared to RMB 1,490,764,000 as of August 31, 2024, showing a slight increase of approximately 1.3%[67]. - The debt-to-equity ratio as of February 28, 2025, was 17.7%, unchanged from August 31, 2024[36]. - The group has no significant contingent liabilities or guarantees as of February 28, 2025, consistent with the previous year[129]. Taxation and Compliance - The total tax expense for the period was RMB 28,415,000, slightly up from RMB 28,299,000 in the previous year, indicating a year-over-year increase of about 0.4%[117]. - The group has not incurred any taxable profits in Hong Kong during the reporting period, thus no provisions for Hong Kong profits tax have been made[105]. - The group’s tax rate for certain subsidiaries is 15%, benefiting from preferential tax policies in the Tibet region[114]. Other Information - The company is registered as a foreign-owned enterprise under Chinese law[147]. - The company operates in compliance with Hong Kong Financial Reporting Standards[146]. - The company is listed on the Hong Kong Stock Exchange[147].
中国科培(01890) - 2025 - 中期财报