Financial Performance - Revenue for the six months ended February 28, 2022, was RMB 703.3 million, representing a 41.3% increase from RMB 497.8 million in the same period of 2021[10] - Gross profit increased to RMB 456.8 million, up 35.0% from RMB 338.5 million year-on-year[10] - Adjusted EBITDA for the period was RMB 514.0 million, a 34.5% increase from RMB 382.3 million in the prior year[10] - Profit for the period was RMB 380.9 million, which is a 35.0% increase from RMB 282.1 million in the same period last year[10] - Core net profit was RMB 387.6 million, up 17.0% from RMB 331.4 million year-on-year[10] - Total tuition fees amounted to RMB 649.3 million, an increase of RMB 193.5 million or 42.4% from RMB 455.9 million in the previous year[25] - The company reported a pre-tax profit of RMB 397.4 million, up by RMB 117.1 million or 41.8% from RMB 280.3 million in the previous period[35] - The net profit for the period was RMB 380.9 million, reflecting an increase of RMB 98.8 million or 35.0% compared to RMB 282.1 million in the prior period[35] Student Enrollment and Education Quality - The number of enrolled students reached 119,948, reflecting a growth of 29.5% compared to 92,624 students in the previous year[12] - The group operates 109,824 students in its schools and an additional 10,124 students in a managed institution as of February 28, 2022[14] - The employment rate across all schools exceeded 90% in 2021, with Guangdong Polytechnic Institute achieving a rate of 97.5%[18] - The new campus of Huai Bei Institute of Technology achieved a 100% enrollment completion rate and a 95.6% attendance rate[17] - The group introduced over 500 high-quality teachers during the reporting period, significantly increasing the number of mid-level and senior teachers[16] - New programs such as "New Energy Vehicle Application and Maintenance" and "Cross-Border E-Commerce" were added to align with emerging industries[19] Operational Developments - The company operates four schools and is focused on providing quality vocational education to meet local employment demands[2] - The group invested in modern facilities including IoT laboratories and AI classrooms to enhance vocational education[17] - The group has 20 industry-academia cooperation projects selected for the Ministry of Education's collaborative education project list[19] - The company aims to develop more industry colleges and strengthen school-enterprise cooperation to meet regional economic demands[32] Financial Management and Capital Structure - The company plans to maintain an appropriate capital structure to ensure efficient financial management[52] - The company's debt-to-equity ratio increased from approximately 44.9% as of August 31, 2021, to 55.7% as of February 28, 2022, due to an increase in interest-bearing borrowings[54] - The company has not disclosed any significant investments or acquisitions as of February 28, 2022[53] - The company reported total assets of RMB 7,420,595 thousand as of February 28, 2022, compared to RMB 6,746,802 thousand as of August 31, 2021, representing an increase of 10%[86] Shareholder Information and Dividends - The board declared an interim dividend of HKD 0.06 per share for the six months ended February 28, 2022, compared to no dividend for the same period in 2021[63] - The company declared a final dividend of HKD 0.06 per share for the period ending August 31, 2021, down from HKD 0.12 per share for the previous period[120] - The interim dividend for the six months ending February 28, 2022, is set at HKD 0.06 per share, compared to zero for the same period in 2021, amounting to RMB 101,058,000[121] Employee and Management Expenses - The total salary cost for the six months ended February 28, 2022, was RMB 151.4 million, compared to RMB 97.0 million for the same period in 2021[59] - Employee benefits expenses (excluding directors and key management personnel) totaled RMB 146,257 thousand for the six months ended February 28, 2022, compared to RMB 120,631 thousand in 2021, an increase of 21.3%[112] - The total remuneration for key management personnel for the six months ended February 28, 2022, was RMB 7,188,000, a decrease from RMB 20,851,000 in the same period of 2021[132] Cash Flow and Investments - Operating cash flow for the six months ended February 28, 2022, was RMB 690,748,000, a significant recovery from a cash outflow of RMB 151,668,000 in the same period last year[93] - The company reported a significant increase in cash outflow for the purchase of property, plant, and equipment, totaling RMB (383,749) thousand[94] - The cash flow from financing activities for the six months ended February 28, 2022, was RMB 471,004 thousand, a decrease from RMB 611,855 thousand in the previous year[94] Regulatory and Compliance - The company adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2022, which may impact future financial reporting[101] - The audit committee, consisting of three members, reviewed the unaudited interim consolidated results for the six months ended February 28, 2022, and confirmed compliance with relevant accounting standards[65] - The company has not registered as a for-profit or non-profit private school as of the reporting date, remaining classified as a non-enterprise unit[116]
中国科培(01890) - 2022 - 中期财报