Financial Performance - For the six months ended June 30, 2023, the group's revenue was approximately RMB 494.2 million, an increase of approximately RMB 89.7 million or 22.2% compared to the same period last year[3]. - The group's profit before tax for the six months ended June 30, 2023, was approximately RMB 246.5 million, an increase of approximately RMB 63.4 million or 34.6% compared to the previous year[13]. - The net profit for the six months ended June 30, 2023, was RMB 183.5 million, a 37.7% increase from RMB 133.1 million in the prior year[50]. - The total comprehensive income for the same period was RMB 183,581,000, up from RMB 139,388,000 in 2022, reflecting a growth of 31.7%[144]. - The company's cash flow from operating activities before tax was RMB 246,521,000, compared to RMB 183,134,000 in the previous year, indicating a 34.6% increase[149]. Revenue Sources - Tuition and related service revenue increased by approximately RMB 70.8 million or 19.7% to approximately RMB 429.9 million, driven by an increase in average tuition fees and new dormitory facilities[3]. - Boarding fee revenue rose by approximately RMB 18.9 million or 41.6% to approximately RMB 64.3 million, attributed to the resumption of on-campus accommodation[3]. - Other income and gains increased by RMB 4.3 million or 71.6% to RMB 10.2 million, mainly due to a rise in rental income and government subsidies[7]. Assets and Liabilities - As of June 30, 2023, the group's property, plant, and equipment amounted to approximately RMB 2,208.0 million, an increase of approximately RMB 124.9 million or 6.0% from December 31, 2022[17]. - Total bank borrowings as of June 30, 2023, were approximately RMB 759.4 million, down from RMB 774.4 million as of December 31, 2022, with an effective annual interest rate of 3.85%[21]. - The company's total reserves amounted to RMB 1,719,156,000, up from RMB 1,537,428,000 as of December 31, 2022[146]. - Total liabilities decreased from RMB 784,613,000 to RMB 385,647,000 during the same period[174]. Student Enrollment and Educational Programs - The total number of full-time students enrolled for the 2022/23 academic year was 24,467, an increase of 2,013 students from the previous year, driven by higher enrollment numbers[40]. - The group plans to enroll 4,900 undergraduate students, 865 diploma students, and 2,050 students for the top-up degree program for the 2023/24 academic year[40]. - The group has introduced new undergraduate programs in Primary Education and Digital Economy for the 2023/24 academic year[58]. - The adult continuing education program maintained a stable growth in enrolled students, reaching 6,382 as of June 30, 2023[68]. Capital Expenditures and Investments - Capital expenditures for the six months ended June 30, 2023, were RMB 184.8 million, primarily related to the fourth phase of campus construction and maintenance[21]. - The total construction cost for the fourth phase of campus facilities is estimated at approximately RMB 345.6 million, expected to be operational by the 2024/25 academic year[80]. - Approximately 35.0% (RMB 233.1 million) of the net proceeds from the IPO will be used for campus construction projects and the purchase of furniture and equipment[86]. Governance and Compliance - The company has adopted a set of employee trading conduct rules for employees who may possess unpublished inside information[93]. - The company has established a disclosure system for transactions with related parties to ensure fair pricing and protect the interests of the state, schools, teachers, and students[137]. - The board believes that recent legal and regulatory changes will not have an immediate adverse impact on the company's business operations and financial condition[140]. Shareholder Information - The company declared an interim dividend of HKD 0.10 per share for the six months ended June 30, 2023, which represents approximately 20.5% of the profit attributable to shareholders[91]. - The company proposed an interim dividend of HKD 0.10 per share, subject to shareholder approval at a special meeting on October 10, 2023[114]. - Major shareholders include Ai Xin Limited with 100,000,000 shares (24.10%) and Fwin Limited with 70,000,000 shares (16.87%) as of June 30, 2023[126]. Employee and Operational Costs - The total salary cost for the group for the six months ending June 30, 2023, was RMB 159.1 million, an increase from RMB 131.1 million for the same period in 2022[84]. - Employee benefits expenses increased to RMB 159,149 thousand in H1 2023, up from RMB 131,053 thousand in H1 2022, representing a growth of 21.4%[194]. - Depreciation of property, plant, and equipment rose to RMB 30,080 thousand in H1 2023, compared to RMB 25,025 thousand in H1 2022, reflecting a 20.4% increase[194].
建桥教育(01525) - 2023 - 中期财报