Financial Performance - For the six months ended February 28, 2025, the company reported revenue of RMB 1,278,104,000, representing a 7.2% increase from RMB 1,191,796,000 in the same period of 2024[10]. - Gross profit for the same period was RMB 597,927,000, which is a significant increase of 50.5% compared to RMB 397,225,000 in 2024[10]. - Adjusted net profit attributable to equity holders of the company reached RMB 434,529,000, marking a substantial growth of 108.7% from RMB 208,161,000 in the previous year[10]. - The adjusted gross profit for the six months was RMB 617,397,000, up 48.3% from RMB 416,252,000 in 2024[10]. - Operating profit for the six months was RMB 397.3 million, an increase of RMB 212.8 million or 115.3% from RMB 184.5 million in 2024, resulting in an operating profit margin of 31.1% compared to 15.5% in 2024[26]. - The adjusted net profit attributable to equity holders was RMB 434.5 million, an increase of RMB 226.4 million or 108.7% from RMB 208.2 million in 2024, with an adjusted net profit margin of 34.0% compared to 17.5% in 2024[27]. - Basic earnings per share for the period was RMB 0.11, up from RMB 0.05, reflecting a 120% increase[66]. - The company reported a net profit of RMB 405,788,000 for the period, compared to RMB 193,255,000 in the previous period, an increase of approximately 109.8%[73]. - The total equity attributable to equity holders of the company increased to RMB 8,237,927,000 from RMB 7,488,720,000, reflecting a growth of 10.0%[70]. Operational Highlights - The company has been operating private schools in China for over 20 years and is recognized as a leading operator in the sector based on enrollment numbers[16]. - The company plans to continuously improve educational infrastructure and expand its school network to ensure quality education for students[16]. - The company emphasizes the importance of developing modern talents with leadership skills and self-learning abilities as part of its educational goals[16]. - The company is committed to providing educational services that align with its values and contribute to the overall development of students[16]. - As of February 28, 2025, the company operated 10 schools, including 9 in China and 1 in Thailand, with ongoing plans to expand[18]. Financial Position - As of February 28, 2025, the group's cash and cash equivalents decreased by 38.1% to RMB 1,294.4 million from RMB 2,090.5 million as of August 31, 2024, primarily due to loan repayments and the redemption of convertible bonds[29]. - The current ratio as of February 28, 2025, improved to 0.63 from 0.53 as of August 31, 2024[29]. - The capital debt ratio as of February 28, 2025, was approximately 6.2%, a significant decrease from 18.4% as of August 31, 2024[29]. - Total assets as of February 28, 2025, were RMB 12,224,289,000, a decrease from RMB 12,539,531,000 as of August 31, 2024[70]. - Total liabilities decreased from RMB 5,005,731 thousand to RMB 3,939,704 thousand, representing a decline of approximately 21.4%[72]. Cost Management - The company reduced its adjusted cost of revenue to RMB 660.7 million, a decrease of RMB 114.8 million or 14.8% from RMB 775.5 million in 2024[21]. - Sales expenses decreased to RMB 16.8 million, down RMB 1.8 million or 9.6% from RMB 18.6 million in 2024, primarily due to reduced marketing and promotional expenses[24]. - Administrative expenses increased to RMB 158.5 million from RMB 152.5 million in 2024, attributed to normal business growth and inflation[24]. - Total expenses for the six months ended February 28, 2025, amounted to RMB 855,503,000, down from RMB 965,657,000 in the prior year, indicating a reduction of 11.4%[101]. Shareholder Information - As of February 28, 2025, Mr. Li holds approximately 53.71% of the company's shares, totaling 1,937,249,000 shares[46]. - Ms. Li holds approximately 53.84% of the company's shares, totaling 1,941,826,000 shares[46]. - The total issued shares of the company as of February 28, 2025, is 3,606,787,883 shares[46]. - The unexercised stock options under the Pre-IPO Share Option Scheme amount to 105,043,690 shares, representing approximately 2.5% of the company's issued share capital[52]. - The maximum number of shares that can be issued under the Share Award Scheme is capped at 270,000,000 shares, which is about 9% of the company's issued share capital as of the listing date[57]. Risks and Compliance - The group faced no significant foreign exchange risks as of February 28, 2025, except for bank deposits denominated in foreign currencies[30]. - The group continues to control consolidated subsidiaries through contractual agreements, in compliance with relevant Chinese laws and regulations[79]. - The group faces multiple financial risks, including market risk, credit risk, and liquidity risk, which are monitored and managed accordingly[87]. - The liquidity risk is managed by maintaining adequate levels of cash and cash equivalents, with expectations of internal cash flow generation and bank borrowings to meet future cash flow needs[88]. Discontinued Operations - The company is in the process of selling its subsidiary in Thailand, which has been classified as discontinued operations, with assets and liabilities separately classified as held for sale[96]. - The company reported a profit before tax of RMB 17,382,000 from discontinued operations, compared to RMB 19,298,000 in the prior year[161]. - The total liabilities associated with the discontinued operations were RMB 272,594,000, with current liabilities making up RMB 240,030,000[160]. Future Outlook - The company plans to enhance educational infrastructure and significantly increase investment in vocational education, focusing on high-potential higher education investment opportunities[20]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[76].
宇华教育(06169) - 2025 - 中期财报