Financial Performance - Revenue for the six months ended February 28, 2022, was RMB 822,575,000, representing a 48.4% increase from RMB 554,276,000 in the same period of 2021[12]. - Gross profit for the same period was RMB 412,965,000, up 49.0% from RMB 277,210,000 year-on-year[12]. - Adjusted net profit attributable to owners was RMB 263,952,000, a 32.0% increase compared to RMB 199,906,000 in the previous year[12]. - Basic earnings per share increased to RMB 23.58, reflecting a 47.1% rise from RMB 16.03[12]. - Total comprehensive income for the period was RMB 285,199,000, compared to RMB 177,608,000 in the same period last year[15]. - The company reported a pre-tax profit of RMB 294,023,000, up from RMB 185,653,000 in the previous year[14]. - The company reported a profit for the period of RMB 428,734 thousand, compared to RMB 351,390 thousand in the previous period, reflecting a growth of approximately 22%[18]. - The group reported a segment profit of RMB 315,756,000, compared to RMB 232,892,000 in the same period last year, reflecting a growth of 35.5%[31]. - The group’s pre-tax profit for the six months ended February 28, 2022, was approximately RMB 294.0 million, reflecting a 58.4% increase compared to the same period last year[112]. - The group's total profit for the period was RMB 285.8 million, up from RMB 175.9 million in the previous year, representing a year-on-year increase of 62.5%[114]. Dividends and Shareholder Returns - The interim dividend was set at HKD 0.084 per share, a 52.7% increase from HKD 0.055 in the prior period[12]. - The total amount of dividends declared for the six months ended February 28, 2022, was RMB 90,036,210, compared to RMB 43,772,000 for the same period in 2021[39]. - The interim dividend declared is HKD 0.084 per share, an increase from HKD 0.055 per share for the same period last year, with options for shareholders to receive dividends in cash or new shares[128]. Expenses and Costs - Administrative expenses increased to RMB 148,473,000 from RMB 76,615,000, indicating a significant rise in operational costs[14]. - Total employee costs for the period amounted to RMB 290,286,000, up 57.2% from RMB 184,641,000 in the previous year[38]. - The group’s operating costs amounted to approximately RMB 409.6 million, a 47.8% increase year-on-year[109]. - The group’s administrative expenses increased by 93.8% to approximately RMB 148.5 million, primarily due to the hiring of additional administrative and senior management personnel[111]. Assets and Liabilities - Non-current assets increased to RMB 5,274,333 thousand as of February 28, 2022, compared to RMB 4,859,302 thousand as of August 31, 2021, reflecting a growth of approximately 8.5%[16]. - Current liabilities decreased significantly to RMB 1,675,066 thousand from RMB 1,769,651 thousand, a reduction of about 5.3%[17]. - Total assets minus current liabilities rose to RMB 4,753,278 thousand, up from RMB 4,396,436 thousand, indicating an increase of approximately 8.1%[17]. - The company’s total liabilities stood at RMB 3,270,315 thousand, an increase from RMB 3,045,955 thousand, indicating a rise of about 7.4%[17]. - The company’s contract liabilities decreased to RMB 794,229 thousand from RMB 1,140,908 thousand, a decrease of approximately 30.3%[17]. - The company’s cash and bank balances decreased to RMB 538,525 thousand from RMB 795,344 thousand, a decline of about 32.3%[16]. - The total equity attributable to owners of the company reached RMB 2,723,169 thousand, up from RMB 2,533,381 thousand, marking an increase of about 7.5%[17]. Cash Flow - The company’s cash flow from operating activities showed improvement, contributing to a stronger liquidity position despite the decrease in cash balances[18]. - For the six months ended February 28, 2022, the net cash used in operating activities was RMB (78,369,000), a decrease from RMB 35,921,000 in the same period of 2021[20]. - The net cash used in investing activities amounted to RMB (1,501,901,000), compared to RMB (1,907,880,000) in the previous year[20]. - The net cash used in financing activities was RMB (274,666,000), an increase from RMB (145,646,000) in the prior year[21]. - The group reported a significant decrease in cash flow from operating activities, indicating potential liquidity challenges[20]. - The group has sufficient operating cash flow and available bank financing to meet its future obligations[23]. Acquisitions and Investments - The company acquired 100% equity of Guangdong Sunshine City Industrial Co., Ltd. for RMB 150,000,000, with RMB 55,220,000 paid in cash and the remaining RMB 94,780,000 recorded as other payables[77]. - The acquisition is aimed at expanding the company's education business, with additional revenue generated from Guangdong Sunshine City amounting to RMB 9,843,000 during the reporting period[84]. - The company previously acquired a 51% stake in Sichuan New Concept Education Investment Co., Ltd. for RMB 750,000,000, aimed at expanding its education business in China[86]. - The profit contribution from Sichuan New Concept Group during the reporting period was RMB 22,733,000, with total revenue of RMB 48,342,000 attributed to the acquisition[93]. Educational Performance and Growth - The group operates 9 schools domestically and internationally, with a focus on high-quality vocational education amid favorable government policies[94]. - Huashang College ranked 17th among private universities in China and first in Guangdong Province for its educational quality[95]. - The employment rate for graduates from Huashang Vocational College reached nearly 99%, ranking among the top in the province for similar institutions[100]. - The number of students enrolled in Huashang College increased to approximately 26,700 as of February 28, 2022, up from 25,000 as of August 31, 2021[101]. - The number of students participating in overseas integration projects increased from 115 to 5,504 over three semesters, reflecting significant growth in international educational offerings[98]. Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors to review financial performance and internal controls[144]. - The company has complied with the Corporate Governance Code during the reporting period[141]. - The company has no knowledge of any non-compliance with the standard code of conduct by its senior management during the reporting period[142]. Share Capital and Options - The total number of issued and fully paid ordinary shares as of February 28, 2022, was 1,500,000,000, an increase from 1,018,362,000 shares as of September 1, 2020[48]. - The company has a stock option plan allowing for the issuance of up to 100,000,000 shares, which is 10% of the total shares issued at the time of listing[49]. - The company has adopted a share option scheme and a share award scheme, both effective for a period of 10 years from the listing date[134][135]. - The company did not repurchase any ordinary shares during the six months ended February 28, 2022, compared to 2,544,000 shares repurchased at a total cost of HKD 22,479,000 (approximately RMB 18,901,000) for the six months ended February 28, 2021[61].
中汇集团(00382) - 2022 - 中期财报