Financial Performance - Total revenue for the six months ended February 28, 2022, was approximately RMB 131.8 million, an increase of 34.5% compared to RMB 97.9 million for the same period in 2021[12]. - Gross profit for the same period was approximately RMB 51.9 million, up 6.6% from RMB 48.7 million in 2021, with a gross margin decrease from 49.7% to 39.4%[20]. - Profit for the six months ended February 28, 2022, was RMB 36.4 million, an increase of approximately 19.1% compared to RMB 30.5 million for the same period in 2021[29]. - Total comprehensive income for the period was RMB 36,949,000, compared to RMB 24,033,000 for the same period in 2021, reflecting a significant increase of 54.1%[113]. - The group reported a profit attributable to equity holders of the parent of RMB 36,354,000 for the six months ended February 28, 2022, compared to RMB 30,530,000 for the same period in 2021, representing an increase of approximately 19%[153]. Revenue Sources - Tuition revenue rose by 35.3% to RMB 121.5 million, while accommodation revenue increased by 26.3% to RMB 10.3 million[16]. - Tuition fees for the six months ended February 28, 2022, amounted to RMB 121,463,000, up 35.2% from RMB 89,794,000 in the previous year[137]. - Other income and gains increased by RMB 5.1 million to RMB 5.0 million due to government subsidies received after successful listing[21]. Student Enrollment and Educational Offerings - The number of full-time students increased to 9,879, representing a growth of approximately 3.4% compared to the 2020/2021 academic year[13]. - The average tuition fee for undergraduate programs increased by approximately 17.5% compared to the previous academic year[13]. - The company plans to expand its educational offerings and increase student capacity at its Hanan campus in Harbin to enhance enrollment numbers[55]. - The company has initiated the construction of a new education base in the Yangtze River Delta, with a land area of 86,056 square meters, expected to be completed by the end of 2024[44]. Expenses and Costs - Total sales costs increased by 62.2% to RMB 79.8 million, primarily due to a 44.6% rise in employee costs to RMB 30.7 million[18]. - Administrative expenses rose by RMB 4.4 million or 42.3% to RMB 14.6 million, primarily due to an increase in the number of administrative staff and related costs[26]. - The total salary cost incurred by the group for the six months ended February 28, 2022, was RMB 34.4 million, compared to RMB 24.7 million for the same period in 2021[69]. Capital Expenditures and Assets - Capital expenditures for the six months ended February 28, 2022, were RMB 153.4 million, up from RMB 110.5 million for the same period in 2021[36]. - The group's property, plant, and equipment increased by RMB 81.4 million to approximately RMB 1,655.8 million as of February 28, 2022, due to the completion of construction at the Hainan campus[31]. - Non-current assets as of February 28, 2022, totaled RMB 1,765,358,000, an increase from RMB 1,675,862,000 as of August 31, 2021[115]. Financial Position and Liquidity - As of February 28, 2022, the group's cash and cash equivalents were approximately RMB 151.2 million, down from RMB 303.9 million as of August 31, 2021[33]. - The group had unutilized financing of RMB 100.0 million as of the reporting date, indicating sufficient operational funding for at least the next 12 months[32]. - The company reported a significant reduction in cash outflows for investment activities, totaling RMB 93,746,000, down from RMB 146,780,000 in the previous year, indicating a more conservative investment approach[124]. Strategic Initiatives and Future Plans - The company aims to leverage national policies supporting vocational education to expand its educational scale and enhance its market position[55]. - The company is actively pursuing mergers and acquisitions of quality vocational and higher education licenses in the northeastern provinces of China[64]. - The company plans to complete the construction of a "New Financial Wisdom Learning Factory" by the end of 2022, which will significantly enhance students' practical training experiences[60]. Governance and Compliance - The company has complied with the corporate governance code, with no significant deviations reported[91]. - The audit committee has reviewed the unaudited interim results for the six months ending February 28, 2022, and found that the financial information complies with applicable accounting standards[108]. - The board of directors will continue to review the separation of the roles of chairman and CEO as necessary[93]. Shareholder Information - The company does not recommend declaring an interim dividend for the six months ending February 28, 2022[98]. - The board of directors has approved a share buyback program worth HKD 100 million to enhance shareholder value[200].
立德教育(01449) - 2022 - 中期财报