华南职业教育(06913) - 2025 - 中期财报

Company Information Board of Directors and Management This section lists the board members of China South Vocational Education Group Co Ltd, including executive and independent non-executive directors, as well as the company secretary and authorized representatives - The Chairman of the Board is Mr He Huishan, and the Chief Executive Officer is Ms He Huifen[3] - Independent Non-Executive Director Ms Yang Yang was appointed on August 29, 2025, and Mr Luo Pan resigned on the same day[3] Committees This section outlines the composition and changes of the company's audit, nomination, and remuneration committees - The Audit Committee Chairman is Ms Yang Yang (appointed on August 29, 2025), with Mr Luo Pan resigning on the same day[6] - The Nomination Committee Chairman is Mr He Huishan, with Ms He Huifen and Mr Ma Shuchao appointed as members on June 30, 2025[4] - The Remuneration Committee Chairman is Mr Ye Zhewei, with Ms Yang Yang appointed as a member on August 29, 2025[7] Legal Advisors and Offices This section provides detailed address information for the company's Hong Kong legal advisor, China headquarters, principal place of business in Hong Kong, and registered office - The legal advisor for Hong Kong law is Haiwen & Partners[4] - The company's China headquarters and principal place of business are located at No 492 Daguan Middle Road, Tianhe District, Guangzhou, Guangdong Province[4] - The registered office is located at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands[9] Auditor and Share Registrars This section lists the company's auditor, Cayman Islands share registrar, and Hong Kong securities registrar - The auditor is Huiyi International CPA Limited[8] - The Hong Kong share registrar is Tricor Investor Services Limited[10] Stock Code and Company Website This section provides the company's stock code and official website information Company Basic Information | Metric | Details | | :--- | :--- | | Stock Code | 06913 | | Company Website | www.scvedugroup.com | Management Discussion and Analysis Business Review This section reviews the main business, auxiliary education services, and operational data of the Group's two schools in the Greater Bay Area, Guangdong Lingnan Institute of Technology and Guangdong Lingnan Modern Technician College, during the reporting period - The Group operates two schools in the Greater Bay Area, China: Guangdong Lingnan Institute of Technology and Guangdong Lingnan Modern Technician College, offering academic education and vocational training[11][12] - Lingnan Institute of Technology has been integrated into 8 secondary colleges, 2 public colleges, and 1 continuing education college, adding new specialties such as stomatological medicine technology and optometry technology[13] - Auxiliary education services primarily include continuing education courses, vocational skill assessment, and professional qualification exam preparation training[16] 2024/2025 Academic Year Business Operations Data | Metric | Data | Unit | | :--- | :--- | :--- | | Total Full-time Enrolled Students | 34,748 | students | | Lingnan Institute of Technology Average Tuition Fee | 18,065 | RMB/year | | Lingnan Modern Technician College Average Tuition Fee | 15,023 | RMB/year | | Lingnan Institute of Technology Average Boarding Fee | 2,586 | RMB/year | | Lingnan Modern Technician College Average Boarding Fee | 2,079 | RMB/year | Outlook This section elaborates on positive changes in China's vocational education policies, including increased financial investment, deepened industry-education integration, optimized systems and specialties, and emphasis on skilled talent cultivation, highlighting the Group's commitment to the Greater Bay Area by continuously supplying highly skilled professionals - In 2024, the central government allocated RMB31.257 billion for the Modern Vocational Education Quality Improvement Plan, focusing on enhancing teaching facilities, faculty development, and educational quality[18] - Policies encourage deepening industry-education integration and school-enterprise cooperation, establishing city-level industry-education alliances and industry communities, and launching the 'Thousand Schools, Ten Thousand Enterprises' collaborative innovation partnership program[20] - The Greater Bay Area's economy accounts for over 11% of the national total, with a continuously expanding talent gap in emerging industries; the Group will leverage existing schools to expand its campus network and vocational education market[24] Business Development Strategy The Group has formulated a 'Five-in-One' new development pattern, aiming for performance growth by enhancing academic vocational education quality, pursuing external mergers and acquisitions, expanding auxiliary education businesses, fostering international cooperation, and diversifying into five major sectors: large-scale training, large-scale dispatch, big health, big e-commerce, and big public welfare - Lingnan Institute of Technology aims to become an entrepreneurial vocational technical university with a focus on big health within the next decade, concentrating on upgrading specialties and striving to become a new national 'Double High' institution[25] - Lingnan Modern Technician College collaborates with JD.com Group to co-establish an industry college, deepening the 'industry-education-evaluation' ecosystem, and actively seeking new school premises in the Greater Bay Area[25] - The Group will rapidly expand its network through external mergers and acquisitions, prioritizing high-quality technical schools and non-academic vocational training institutions within the Greater Bay Area[25] - Vigorously expanding auxiliary education businesses such as vocational skill level certification and adult continuing education, Lingnan Modern Technician College has been approved for vocational skill level certification in 25 trades[27] - Actively developing international cooperative education, exploring collaboration with overseas institutions for upgrading to undergraduate level (with a focus on Hong Kong, Macau, Singapore, EU countries, and regions)[27] - Shifting to a 'Five-in-One' development pattern driven by 'academic education + vocational training + technical services', expanding into five major sectors: large-scale training, large-scale dispatch, big health, big e-commerce, and big public welfare[27] Financial Review This section reviews changes in the Group's revenue, costs, gross profit, other income, and various expenses during the reporting period, noting revenue growth but a decline in gross profit and profit for the period due to rising costs Changes in Key Financial Indicators for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB million) | 2024 (RMB million) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Revenue | 361.8 | 335.8 | +7.8% | Increase in total full-time enrolled students | | Cost of Sales | 238.8 | 201.8 | +18.3% | Increase in staff costs, depreciation, cooperative education costs, and property management fees | | Gross Profit | 123.0 | 134.0 | -8.2% | Cost of sales increased more than revenue | | Gross Profit Margin | 34.0% | 39.9% | -5.9% | Cost of sales increased more than revenue | | Other Income and Gains | 33.9 | 27.8 | +21.6% | Increase in rental income | | Selling and Distribution Expenses | 13.9 | 13.4 | +3.7% | Increase in advertising expenses | | Administrative Expenses | 41.8 | 43.9 | -4.7% | Decrease in staff costs and benefits | | Other Expenses | 12.6 | 14.0 | -9.9% | Decrease in donations and exchange losses | | Finance Costs | 4.9 | 6.0 | -18.7% | Decrease in weighted average interest-bearing bank and other borrowings | | Profit for the Period | 83.7 | 87.8 | -4.6% | Impact of the aforementioned comprehensive factors | Financial and Liquidity Position This section analyzes the Group's current assets, current liabilities, debt, financial assets, contingent liabilities, and asset pledges, indicating a significant improvement in liquidity with net current assets turning positive, despite an increase in interest-bearing bank and other borrowings - Net current assets shifted from a net current liability of approximately RMB177.3 million as of December 31, 2024, to a net current asset of approximately RMB5.2 million as of June 30, 2025, an increase of approximately 102.9%[40] - The increase in current assets was primarily due to an increase in cash and cash equivalents resulting from increased long-term borrowings[40] - The decrease in current liabilities was mainly due to a reduction in contract liabilities of approximately RMB172.9 million as tuition and boarding fees were recognized as revenue[40] Debt Position as of June 30, 2025 | Metric | Amount (RMB million) | Effective Annual Interest Rate | | :--- | :--- | :--- | | Interest-bearing bank and other borrowings | 323.4 | 2.6% to 6.8% | - As of June 30, 2025, the Group had no financial assets measured at fair value through profit or loss (December 31, 2024: **RMB0.03