Enrollment Growth - Total student enrollment increased from 91,587 as of February 28, 2021, to 98,387 as of February 28, 2022, representing a growth of approximately 7.9%[4] - Total student enrollment increased by 7.4% from 91,587 to 98,387 due to the consolidation of Jingzhou College and Anyang College Yuanyang Campus[22] - The total enrollment for Shangqiu College was 30,356, a slight decrease of 0.5% from 30,523[21] - Anyang College's total enrollment decreased by 2.7% from 35,139 to 34,194[21] - The enrollment at Shangqiu College Applied Technology College increased by 10.2% from 14,680 to 16,174[21] - Health College's enrollment surged by 176.1% from 486 to 1,342[21] - Jingzhou College's total enrollment rose by 14.0% from 10,759 to 12,261[21] - The overall admission rate for the four colleges offering undergraduate programs was 96.3% for the 2021/2022 academic year[23] Financial Performance - Revenue rose by 30.8% from RMB 501.2 million for the six months ended February 28, 2021, to RMB 655.6 million for the six months ended February 28, 2022[8] - Gross profit increased by 33.4% from RMB 307.3 million to RMB 410.0 million during the same period[8] - Profit before tax surged by 49.0% from RMB 169.2 million to RMB 252.0 million[8] - Net profit for the period grew by 52.4% from RMB 164.6 million to RMB 250.8 million[8] - Adjusted net profit, excluding share-based compensation and foreign exchange losses, increased by 35.5% to RMB 263.4 million[8] - The gross profit margin improved to 62.5% for the six months ended February 28, 2022, up from 61.3% in the prior year[35] - Revenue for the six months ended February 28, 2022, was RMB 655,568,000, an increase of 30.7% compared to RMB 501,224,000 for the same period in 2021[113] - The net profit for the period was RMB 250,845,000, up 52.5% from RMB 164,552,000 in the same period last year[113] Strategic Expansion - The company is actively acquiring more land and resources in Henan Province to expand enrollment capacity[4] - The company completed the acquisition of Jingzhou College in May 2021 and is in the process of acquiring Tianping College[12] - The company plans to acquire more land use rights and build new educational and living facilities to support future enrollment growth[28] - The company is executing a business plan aimed at expanding its overseas education operations, demonstrating a commitment to meet qualification requirements[94] - The company is exploring potential investments or acquisitions in overseas education businesses[97] Employment and Alumni Network - The average initial employment rate for graduates was approximately 93.3% for the 2020/2021 academic year and 94.4% for the 2021/2022 academic year, indicating strong job placement success[13] - The company has established a strong alumni network that aids in attracting quality students[23] - The company believes its educational philosophy and high employment rates of graduates contribute to attracting excellent students[22] Marketing and Recruitment Strategies - The company has implemented various promotional strategies to enhance student recruitment, including seminars and advertising[23] - The company has initiated a new marketing strategy aimed at increasing brand awareness, with a budget allocation of HKD 10 million for digital marketing campaigns[163] Financial Management and Liabilities - The company’s total liabilities as of February 28, 2022, were RMB 2,565,324,000, compared to RMB 2,215,211,000 as of August 31, 2021, representing an increase of approximately 15.8%[115] - The company’s current liabilities net amount was RMB (2,032,974,000) as of February 28, 2022, compared to RMB (1,653,966,000) as of August 31, 2021, indicating a worsening liquidity position[115] - The company’s retained earnings increased to RMB 1,144,271,000 as of February 28, 2022, from RMB 970,462,000 as of August 31, 2021, reflecting a growth of about 17.9%[116] - The company incurred a net cash outflow from investing activities of RMB 627,349,000 for the six months ended February 28, 2022, compared to RMB 647,628,000 for the same period in 2021, showing a slight improvement[119] Future Outlook - Future guidance indicates a projected revenue growth of 25% for the full year 2022, driven by increased enrollment and new program launches[161] - The company plans to expand its educational offerings by introducing new undergraduate programs, aiming for a 10% increase in course offerings by the end of 2023[163] - The company is exploring potential acquisitions of smaller educational institutions to expand its market presence, with a target of completing at least one acquisition by mid-2023[163] Compliance and Governance - The company has complied with all provisions of the Corporate Governance Code during the reporting period[60] - The company is seeking guidance from its legal advisors to ensure compliance with all relevant rules and regulations in China[92] - The company is committed to correcting all non-compliance issues in a timely manner and will update the progress in subsequent interim and annual reports[100]
中国春来(01969) - 2022 - 中期财报