Financial Performance - For the six months ended February 28, 2025, total revenue was approximately RMB 172.2 million, an increase of 0.8% compared to RMB 170.8 million for the six months ended February 29, 2024[12]. - Gross profit decreased by 11.7% to RMB 57.3 million for the six months ended February 28, 2025, down from RMB 64.9 million for the same period in 2024[20]. - Net profit for the period was approximately RMB 24.2 million, a decrease of 15.2% compared to RMB 28.6 million for the six months ended February 29, 2024[12]. - Total comprehensive income for the period was RMB 24,710,000, down 25.3% from RMB 33,032,000 in the previous year[93]. - The company did not declare any interim dividend for the six months ended February 28, 2025, consistent with the previous year[87]. - The profit attributable to equity holders of the parent company for the six months ended February 28, 2025, was RMB 24,219,000, compared to RMB 28,573,000 for the same period in 2024, representing a decrease of approximately 15.5%[126]. Revenue Breakdown - Tuition revenue decreased to RMB 158.9 million for the six months ended February 28, 2025, from RMB 159.0 million for the same period in 2024, while accommodation revenue increased by 12.7% to RMB 13.3 million[16]. - Tuition fees accounted for RMB 158,940,000, while accommodation fees increased to RMB 13,251,000 from RMB 11,762,000, marking a growth of 12.65%[111]. Student Enrollment and Academic Performance - The number of full-time students as of February 28, 2025, was 11,909, a decrease of 0.3% from 11,941 in the 2023/2024 academic year[12]. - In 2024, the university achieved a pass rate of 100% in the national undergraduate teaching evaluation, receiving high praise from evaluation experts[45]. - A total of 3,793 students were enrolled in 2024, with a job placement rate of 87.59% for the 2024 graduating class[48]. - The university has launched a total of 1,322 courses, including 59 compulsory public courses, 244 elective public courses, 860 professional courses, and 159 practical teaching sessions[45]. Expenses and Costs - Sales costs increased by 8.5% to RMB 114.9 million for the six months ended February 28, 2025, compared to RMB 105.9 million for the same period in 2024[17]. - Administrative expenses rose by 7.7% to RMB 21.0 million for the six months ended February 28, 2025, from RMB 19.5 million for the same period in 2024[23]. - The total salary cost for the group for the six months ending February 28, 2025, was RMB 42.1 million, a decrease from RMB 48.7 million for the same period in 2024[65]. - The group’s pre-tax profit for the six months ended February 28, 2025, was impacted by employee benefits expenses totaling RMB 42,068,000, down from RMB 47,146,000 in 2024, a decrease of 10.5%[113]. Assets and Liabilities - As of February 28, 2025, the group's property, plant, and equipment amounted to approximately RMB 1,917.1 million, an increase of RMB 12.0 million from RMB 1,905.1 million as of August 31, 2024[28]. - Non-current assets as of February 28, 2025, totaled RMB 2,229,594,000, an increase from RMB 2,179,742,000 as of August 31, 2024[94]. - Total liabilities decreased to RMB 1,471,093,000 from RMB 1,615,639,000 as of August 31, 2024[96]. - The company has a net current liability of RMB 606,294,000 as of February 28, 2025, indicating a need for careful liquidity management[105]. Financing and Cash Flow - Financing costs decreased from RMB 19.6 million for the six months ended February 29, 2024, to RMB 19.0 million for the six months ended February 28, 2025, with interest expenses reducing from approximately RMB 33.5 million to approximately RMB 27.0 million[25]. - The company raised RMB 138,944,000 in new bank loans during the six months ended February 28, 2025, compared to RMB 124,200,000 in the same period of 2024[101]. - The company incurred net cash outflows from investing activities amounting to RMB 79,140,000 for the six months ended February 28, 2025, compared to RMB 34,874,000 in the prior year[101]. Strategic Initiatives and Future Plans - The group aims to expand its educational services into a systematic, multi-level, and multi-dimensional operation, gradually increasing the scale of education to continuously create value for shareholders[60]. - The group plans to invest in vocational education by establishing vocational education institutions in the Yangtze River Delta and Beijing-Tianjin-Hebei regions, forming a new model of school-enterprise integration[62]. - The company plans to continue its business expansion while managing its financial resources effectively, including RMB 120,225,000 in financing available[105]. - The company is exploring potential acquisitions of smaller educational institutions to enhance its service offerings and market share[155]. Governance and Management - The board believes that the current arrangement of having the CEO also serve as the chairman is beneficial for the company's overall operations and management[82]. - The board will continue to review the separation of the roles of chairman and CEO as necessary[83]. - The group emphasizes the importance of attracting and retaining quality employees as crucial for its success and sustainable development[65]. Market Position and Growth - The company reported a significant increase in user enrollment, with a year-over-year growth of 25% in student numbers[154]. - Future guidance indicates a projected revenue growth of 20% for the next fiscal year, driven by increased enrollment and new product offerings[156]. - User retention rates improved to 85%, reflecting the effectiveness of recent educational programs and support services[154].
立德教育(01449) - 2025 - 中期财报