Financial Performance - Total revenue for the year ended August 31, 2025, was RMB 345,039,000, representing a 6.9% increase from RMB 322,901,000 in 2024[4] - Gross profit decreased by 1.1% to RMB 117,545,000 from RMB 118,871,000 in the previous year[4] - The company reported a net loss of RMB 73,912,000 for the year, a significant decline of 470.4% compared to a profit of RMB 19,952,000 in 2024[4] - The company recorded a net loss per share of RMB (0.1109), compared to earnings per share of RMB 0.0299 in 2024[6] - The total equity attributable to the owners of the parent company decreased to RMB 854,855,000 from RMB 927,895,000 in the previous year[8] - The company reported a pre-tax loss of RMB 73.9 million for the year ended August 31, 2025, compared to a profit of RMB 19.96 million in 2024[21] - Profit before tax decreased by approximately 80.8% to RMB 3.9 million for the year ending August 31, 2025, compared to RMB 20.1 million for the previous year[37] - The company recorded a loss of RMB 73.9 million for the year ending August 31, 2025, compared to a profit of RMB 20.0 million for the previous year[39] Revenue Sources - Tuition revenue rose by RMB 21.3 million or 7.2% from RMB 296.4 million in 2024 to RMB 317.7 million in 2025, attributed to an expanded enrollment[27] - Accommodation fees increased by RMB 0.8 million or 3.0% from RMB 26.5 million in 2024 to RMB 27.3 million in 2025[27] - The company's revenue increased by RMB 22.1 million or 6.9% from RMB 322.9 million in the year ended August 31, 2024, to RMB 345.0 million in the year ended August 31, 2025[27] Expenses and Costs - Administrative expenses rose to RMB 61,353,000, up from RMB 39,358,000 in 2024, indicating increased operational costs[5] - Sales cost increased by RMB 23.5 million or 11.5% to RMB 227.5 million for the year ending August 31, 2025, primarily due to heating costs, maintenance expenses, and student activity costs[29] - Gross profit decreased by RMB 1.3 million or 1.1% to RMB 117.5 million for the year ending August 31, 2025, with gross margin declining from 36.8% to 34.1%[31] - Other income and gains rose to RMB 14.1 million, an increase of RMB 6.2 million from RMB 7.9 million, mainly due to higher government grants and donations[32] - Administrative expenses increased by RMB 22.0 million or 55.9% to RMB 61.4 million, primarily due to tax penalties and professional service costs[35] Assets and Liabilities - The company had total non-current assets of RMB 2,333,306,000 as of August 31, 2025, compared to RMB 2,179,742,000 in 2024[7] - Current liabilities totaled RMB 772,374,000, a decrease from RMB 840,265,000 in the previous year, reflecting improved liquidity management[7] - Trade receivables increased to RMB 1,060 thousand in 2025 from RMB 573 thousand in 2024[23] - Contract liabilities totaled RMB 303.5 million as of August 31, 2025, compared to RMB 299.8 million in 2024[24] - Other payables and accrued expenses rose to RMB 77.2 million in 2025 from RMB 65.7 million in 2024[25] Cash Flow and Financing - The company has bank financing of RMB 726,000,000, with RMB 687,425,000 already drawn down as of August 31, 2025[12] - The cash flow forecast for the next 18 months includes internal operational funds and available credit financing, indicating a focus on maintaining liquidity[12] - Cash and cash equivalents were approximately RMB 275.8 million as of August 31, 2025, down from RMB 345.4 million the previous year[41] - Capital expenditures for the year ending August 31, 2025, were RMB 218.2 million, a decrease from RMB 359.6 million in 2024[44] - The financial leverage ratio increased from 1.3 to 1.5 as of August 31, 2025[47] - The company has unutilized financing of RMB 43.8 million and expects no obstacles in obtaining external financing in the future if needed[43] Enrollment and Student Statistics - The total number of full-time students for the 2024/25 academic year was 11,909, slightly down from 11,941 in the previous year[28] - The number of distance education students grew from 1,213 in 2024 to 2,424 in 2025[28] - The enrollment rate at Heilongjiang University of Commerce is 88.52% for the 2025/2026 academic year, up from 85.32% in the previous year[53] - The average tuition fee for the 2025/2026 academic year is RMB 25,556, a decrease of 0.75% from RMB 25,750 in the previous year[54] - In 2025, the total enrollment reached 4,043 students, with an admission rate of 96.8% for regular programs and a 100% admission rate for the transfer program[59] - The employment placement rate for the 2025 graduating class was 92.72%, with a local employment rate of 44.68%[59] Strategic Initiatives and Future Plans - The company aims to expand its international education strategy and has already attracted students from Morocco and other countries[62] - The company plans to invest in vocational education and establish a group of vocational schools in the Yangtze River Delta and Beijing-Tianjin-Hebei regions[70] - The company is developing a digital lifelong learning system to create a "Future Learning Center" for educational services[70] - The company aims to integrate its strengths with the Belt and Road Initiative to actively develop international student education[70] - The board has approved a new strategic plan focusing on digital transformation to improve operational efficiency[100] - The company is exploring potential acquisitions to diversify its educational offerings, with a budget of 100 million RMB allocated for this purpose[99] Regulatory and Compliance Issues - The implementation of the 2021 Regulations allows private schools to enjoy tax benefits similar to public schools, with non-profit private schools receiving equal tax treatment[72] - Non-profit private schools must reserve at least 10% of their audited annual net asset increase as a development fund, while for-profit schools must reserve 10% of their audited annual net income[73] - The 2021 Regulations impose stricter controls on transactions between private schools and related parties, requiring fair pricing and public disclosure mechanisms[77] - The company may incur significant compliance costs due to the establishment of disclosure mechanisms and government reviews, which could divert management's attention[76] - Future acquisitions may face increased regulatory scrutiny, potentially impacting the company's expansion plans[77] - The company has confirmed compliance with foreign investment control restrictions, ensuring that the principal and board members are Chinese citizens[78] - The foreign investment portion in Sino-foreign cooperative private schools must be less than 50%, with no specific implementation guidelines currently available[79] - The company has not received any significant fines or penalties related to its existing corporate structure or contractual arrangements as of the announcement date[75] - The interpretation of the 2021 Regulations remains uncertain, which could affect the company's operations and financial condition[75] - The company may need to modify or terminate its contractual arrangements if deemed non-compliant with applicable laws, potentially impacting its operational licenses[75] Corporate Governance - The company has established an audit committee composed of three independent non-executive directors to oversee internal controls and risk management[89] - The company has complied with the corporate governance code, except for the separation of the roles of chairman and CEO, which are currently held by the same individual[85] - The company has not reported any significant events occurring after August 31, 2025[83] Shareholder Information - The board of directors does not recommend the payment of a final dividend for the fiscal year ending August 31, 2025[92] - The company maintains a sufficient public float of at least 25% of its issued share capital as required by listing rules[95] - The annual general meeting is scheduled for February 24, 2026, with a record date for shareholder voting eligibility set from February 19 to February 24, 2026[94]
立德教育(01449) - 2025 - 年度业绩