Financial Performance - Revenue for the six months ended February 28, 2023, was RMB 972,751,000, an increase of 18.3% compared to RMB 822,575,000 for the same period in 2022[10]. - Gross profit for the same period was RMB 491,831,000, reflecting a growth of 19.1% from RMB 412,965,000 year-over-year[10]. - Profit attributable to owners of the company was RMB 298,723,000, up 18.9% from RMB 251,199,000 in the previous year[12]. - Adjusted net profit attributable to owners was RMB 304,368,000, representing a 15.3% increase from RMB 263,952,000 in the prior period[10]. - Basic earnings per share increased to RMB 27.73 from RMB 23.58, marking a rise of 17.6%[12]. - Total comprehensive income for the period was RMB 353,678,000, compared to RMB 285,199,000 in the same period last year[12]. - The company reported a pre-tax profit of RMB 362,187,000, an increase from RMB 294,023,000 year-over-year[12]. - The total tax expense for the six months ended February 28, 2023, was RMB 8,655,000, slightly higher than RMB 8,252,000 for the same period in 2022[37]. Student Enrollment and Education Services - The number of enrolled students grew to 85,603, a 12.2% increase from 76,301 in the previous year[10]. - Tuition fees recognized during the period amounted to RMB 845,624,000, up from RMB 723,489,000, reflecting a growth of 16.9%[27]. - The recognized accommodation fees for the period were RMB 86,085,000, an increase from RMB 65,714,000, marking a growth of 30.8%[27]. - The recognized non-academic vocational education service fees were RMB 41,042,000, up from RMB 32,471,000, reflecting a growth of 26.5%[27]. - The group reported a total of 103,180 share awards granted under the share incentive plan, with 90,973 shares vested and 12,207 shares forfeited during the period[72]. Assets and Liabilities - Non-current assets increased to RMB 6,171,747 thousand as of February 28, 2023, up from RMB 5,642,991 thousand as of August 31, 2022, representing an increase of approximately 9.4%[14]. - Current liabilities decreased to RMB 1,915,198 thousand as of February 28, 2023, down from RMB 2,170,915 thousand as of August 31, 2022, a reduction of about 11.8%[15]. - Total assets less current liabilities rose to RMB 5,324,995 thousand as of February 28, 2023, compared to RMB 5,047,181 thousand as of August 31, 2022, indicating an increase of approximately 5.5%[15]. - The company reported a net current liability of RMB (846,752) thousand as of February 28, 2023, compared to RMB (595,810) thousand as of August 31, 2022, indicating a worsening of current liabilities[15]. - The total non-current liabilities decreased to RMB 1,414,646 thousand as of February 28, 2023, down from RMB 1,479,576 thousand as of August 31, 2022, a decrease of approximately 4.4%[15]. Cash Flow and Investments - Net cash generated from operating activities for the six months ended February 28, 2023, was RMB 93,646,000, compared to a net cash used of RMB (78,369,000) for the same period in 2022[19]. - The net cash used in investing activities was RMB (1,028,631,000) for the six months ended February 28, 2023, down from RMB (1,501,901,000) in the previous year[19]. - Cash and cash equivalents at the end of the period were RMB 750,130,000, an increase from RMB 538,525,000 at the end of the same period in 2022[20]. - The group’s financing activities generated a net cash outflow of RMB (94,327,000) for the six months ended February 28, 2023, compared to a net inflow of RMB 148,531,000 in the previous year[20]. Share Capital and Dividends - The company declared an interim dividend of RMB 9.00 per share, up 7.1% from RMB 8.40 in the previous year[10]. - The company issued 39,256,118 shares under the scrip dividend scheme on February 27, 2023, representing a significant increase in issued shares compared to previous periods[52]. - The interim dividend declared for the six months ending February 28, 2023, is HKD 0.09 per share, an increase from HKD 0.084 for the same period in 2022[126]. - The company’s total issued and paid-up share capital as of February 28, 2023, stands at RMB 11,216,620, reflecting the issuance of new shares[51]. Operational Highlights - The group has expanded its educational offerings with nine operational schools across China and Australia, benefiting from favorable national policies supporting vocational education[91]. - The group anticipates continued growth in revenue and profit due to the increasing student numbers and rising tuition fees, supported by national policies promoting vocational education[93]. - The acquisition of Guangdong Sun City Industrial is expected to enhance the group's overseas expansion strategy and operational synergies[86]. - The group plans to continue expanding international collaboration and enhance educational offerings by integrating advanced teaching concepts and increasing infrastructure investment[104]. Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[146]. - The audit committee has reviewed the unaudited consolidated interim results for the six months ended February 28, 2023[146]. - The company has complied with the Corporate Governance Code during the reporting period[142]. - All directors confirmed compliance with the standard code of conduct for securities trading during the reporting period[143].
中汇集团(00382) - 2023 - 中期财报