Financial Performance - Total revenue for the six months ended February 28, 2023, was approximately RMB 152.1 million, an increase of 15.5% compared to RMB 131.8 million for the same period in 2022[7]. - Gross profit increased by 41.6% to RMB 73.5 million for the six months ended February 28, 2023, compared to RMB 51.9 million for the same period in 2022, resulting in a gross margin increase from 39.4% to 48.3%[14]. - Operating profit from continuing operations before tax was RMB 41.1 million, reflecting a 13.0% increase from RMB 36.4 million for the same period in 2022[7]. - The group recorded a profit of RMB 41.1 million for the six months ended February 28, 2023, representing an increase of approximately 13.0% compared to RMB 36.4 million for the same period in 2022[23]. - Total comprehensive income for the period was RMB 44,409,000, compared to RMB 36,949,000 for the same period last year, reflecting a growth of 20.5%[110]. - Basic and diluted earnings per share for the period were RMB 0.0616, an increase from RMB 0.0545 in the previous year[110]. - The profit attributable to equity holders of the parent for the six months ended February 28, 2023, was RMB 41.067 million, an increase from RMB 36.354 million in the same period last year, representing a growth of approximately 12.5%[149]. Revenue Sources - Tuition revenue rose by 15.0% to RMB 139.7 million for the six months ended February 28, 2023, compared to RMB 121.5 million for the same period in 2022[10]. - Accommodation revenue increased by 20.4% to RMB 12.4 million for the six months ended February 28, 2023, compared to RMB 10.3 million for the same period in 2022[10]. - Tuition fees contributed RMB 139,664,000, up from RMB 121,463,000, reflecting a growth of 15% year-over-year[134]. - Accommodation fees increased to RMB 12,461,000 from RMB 10,293,000, representing a growth of 21.2%[134]. Student Enrollment and Academic Performance - The number of full-time students increased by approximately 11.4% to 11,010 for the 2022/2023 academic year, up from 9,879 in the previous year[7]. - The school had a total of 11,010 full-time undergraduate students as of February 28, 2023, with a utilization rate of 86.83%, up from 77.9% in the previous year[39]. - The company achieved a net increase of 976 students compared to the previous year, with a total enrollment plan of 3,787 students, representing a year-on-year growth of 460 students[54]. - The employment rate for the 2022 graduating class reached 86.67%, with overall satisfaction from employers at 94.61%, ranking first among private colleges in Heilongjiang Province[57]. Expenses and Costs - Total sales costs decreased by 1.5% to RMB 78.6 million for the six months ended February 28, 2023, compared to RMB 79.8 million for the same period in 2022[11]. - Administrative expenses increased by RMB 9.6 million or 65.8% to RMB 24.2 million for the six months ended February 28, 2023, primarily due to increased employee costs and consulting fees[20]. - The total salary cost incurred by the group for the six months ending February 28, 2023, was RMB 38.8 million, an increase from RMB 34.4 million for the same period in 2022[73]. - Employee benefits expenses, excluding directors' remuneration, rose to RMB 38,359,000 from RMB 33,720,000, marking an increase of 13.5%[137]. Financial Position and Liquidity - Cash and cash equivalents decreased to approximately RMB 200.8 million as of February 28, 2023, from approximately RMB 253.1 million as of August 31, 2022, primarily due to payments related to the expansion of the Hanan campus[28]. - The group had a financial leverage ratio of approximately 1.0 as of February 28, 2023, consistent with the ratio as of August 31, 2022[30]. - The company has unutilized financing of RMB 93.0 million as of the report date, indicating sufficient liquidity for future cash requirements[29]. - Current liabilities decreased to RMB 442,681,000 from RMB 522,229,000, indicating improved liquidity management[112]. - The company has sufficient financial resources, including RMB 93,000,000 in available financing, to meet its financial obligations in the foreseeable future[126]. Capital Expenditures and Investments - Capital expenditures for the six months ended February 28, 2023, amounted to RMB 88.3 million, down from RMB 153.4 million for the same period in 2022[31]. - Property, plant, and equipment increased by RMB 64.4 million to approximately RMB 1,741.7 million as of February 28, 2023, due to the progress of construction at the Hanan campus[26]. - The group acquired assets for property, plant, and equipment at a cost of RMB 86.166 million, down from RMB 98.710 million in the previous year[151]. Corporate Governance and Shareholder Information - The board of directors proposed an interim dividend of HKD 0.105 per share, totaling HKD 70 million (approximately RMB 61.4 million) for the six months ended February 28, 2023, which was approved at a special general meeting on May 22, 2023[179]. - Major shareholders include Junhua Education Limited with 196,674,000 shares (29.5%) and Shuren Education Limited with 300,000,000 shares (45.0%)[78]. - The company has confirmed compliance with the securities trading standards for directors and employees since its listing[93]. - The board believes that the current arrangement of power and functions within the board is beneficial to the company and its shareholders[89]. Strategic Initiatives and Future Plans - The company aims to expand its educational services into a systematic, multi-level, and multi-dimensional operation to continuously create value for shareholders[66]. - The company plans to develop health-related majors and secondary colleges as part of its future growth strategy[63]. - The company is actively pursuing international education partnerships to enhance dual-system education and talent cultivation models[62]. - The company aims to integrate its advantageous programs with the Belt and Road Initiative to actively develop international student education[65].
立德教育(01449) - 2023 - 中期财报