Enrollment and Employment - As of the 2021/2022 academic year, the total number of enrolled students at Heilongjiang University of Commerce reached 9,891, an increase of 3.5% from 9,554 in the previous year[12]. - The employment rate for the 2021 undergraduate graduates was 89.66%, with an overall employer satisfaction rate of 88.72%[12]. - The student enrollment for the 2022/2023 academic year reached 11,023, up from 9,891 in the 2021/2022 academic year, reflecting a significant increase in student numbers[50]. - The company has implemented a "one-stop" employment initiative, completing training for 170 graduates in 2022, enhancing their employability[56]. - The company has established modern industry colleges, offering 84 cooperative courses and training over 2,000 students, with 100 students securing employment in partner companies[54]. Financial Performance - For the fiscal year ending August 31, 2022, the company reported revenue of RMB 238.2 million, a growth of 21.5% compared to RMB 196.1 million in the previous year[12]. - Revenue increased from RMB 196.1 million for the year ended August 31, 2021, to RMB 238.2 million for the year ended August 31, 2022, representing a growth of RMB 42.1 million or 21.5%[21]. - Tuition revenue rose from RMB 180.0 million to RMB 219.6 million, an increase of RMB 39.6 million or 22.0%[21]. - Accommodation revenue increased from RMB 16.1 million to RMB 18.6 million, up by RMB 2.5 million or 16.0%[21]. - The company recorded a profit before tax of approximately RMB 56.0 million for the year ended August 31, 2022, an increase of about 7.7% compared to approximately RMB 52.0 million for the same period in 2021[32]. - The total profit for the year ended August 31, 2022, was RMB 56.0 million, reflecting a 7.7% increase from RMB 52.0 million for the year ended August 31, 2021[35]. Costs and Expenses - Cost of sales increased from RMB 97.2 million to RMB 137.2 million, a rise of RMB 40.0 million or 41.1%[23]. - Gross profit increased from RMB 99.0 million to RMB 101.1 million, a growth of RMB 2.1 million or 2.2%[25]. - Gross margin decreased from 50.5% to 42.4% due to increased teaching expenses and staff salaries[25]. - Administrative expenses rose from RMB 29.3 million to RMB 40.5 million, an increase of RMB 11.2 million or 38.1%[29]. - The total salary cost for the group for the year ending August 31, 2022, was RMB 70.2 million, an increase from RMB 53.0 million for the previous year[71]. Investments and Expansion Plans - The company plans to expand its educational services by establishing vocational schools and colleges, aiming for a systematic and multi-level educational framework[13]. - The company is increasing investment in teaching facilities and equipment to improve educational conditions and expand enrollment capacity[13]. - The company has made a strategic move to acquire Qiqihar College, with a total consideration of RMB 35 million, although the deposit of RMB 3 million was returned due to unmet conditions[59]. - The company aims to strengthen school-enterprise cooperation and expand its network of schools and student numbers in the future[15]. - The company is focused on cultivating high-quality, application-oriented talents to meet industry demands and support regional economic development[67]. Regulatory and Compliance Issues - The company has established structural contracts to comply with Chinese regulations, allowing indirect operations in the private education sector through its Chinese affiliates[152]. - The 2021 Implementation Regulations, effective from September 1, 2021, significantly modify the operational management of private schools, allowing non-profit private schools to enjoy tax benefits equivalent to public schools[193]. - Future acquisitions may face stricter regulations, as the 2021 Implementation Regulations prohibit any organization or individual from controlling private schools through mergers or contractual arrangements[199]. - The company must establish a public mechanism for transactions with related parties, subject to annual reviews by relevant government departments[199]. - The government’s interpretation and enforcement of the 2021 Implementation Regulations remain uncertain, which could impact the company's business and financial performance[199]. Assets and Liabilities - Total current assets decreased from RMB 321.8 million in 2021 to RMB 283.4 million in 2022[18]. - Total equity increased from RMB 848.7 million in 2021 to RMB 912.8 million in 2022[18]. - As of August 31, 2022, the company's cash and cash equivalents were approximately RMB 253.1 million, down from RMB 303.9 million as of August 31, 2021[37]. - The company's property, plant, and equipment amounted to approximately RMB 1,677.4 million as of August 31, 2022, representing a year-on-year increase of about 6.5% from RMB 1,574.4 million[39]. - As of August 31, 2022, the group had outstanding bank and other borrowings and accrued interest of approximately RMB 855.6 million[122]. Shareholder and Governance Information - The shareholders of Harbin Xiangge, Mr. Liu and Ms. Dong, hold 40% and 60% of the company respectively, ensuring compliance with non-competition commitments[163]. - The independent non-executive directors have confirmed the independence of all independent non-executive directors as per listing rules[150]. - The company has not identified any other interests held by its controlling shareholders in businesses that may compete directly or indirectly with its operations[149]. - The company has not disclosed any other board positions held by its directors in the past three years[82][87][92][96]. - The board does not recommend the declaration of a final dividend for the year ending August 31, 2022, with no arrangements for shareholders to waive or agree to waive any dividend[113].
立德教育(01449) - 2022 - 年度财报