Financial Performance - Revenue from principal business increased by 11% year-on-year[12] - Net profit attributable to owners of the parent increased by 13% year-on-year[12] - Total revenue for the six months ended February 28, 2023, was RMB 1,321.3 million, an increase of 9.2% compared to RMB 1,209.5 million for the same period in 2022[54] - Revenue from tuition fees and boarding fees increased by 11.2% to RMB 1,152.2 million, driven by the advantages of centralized school operation[55] - Gross profit for the reporting period was RMB 452.7 million, up 8.7% from RMB 416.5 million, with a gross profit margin of 39.3%, down 0.9 percentage points from 40.2%[57][62] - Profit before tax rose by 11.6% to RMB 462.1 million from RMB 414.1 million year-on-year[66] - Net profit increased by 9.8% to RMB 390.5 million compared to RMB 355.6 million in the same period last year[66] - Basic earnings per share attributable to ordinary equity holders of the parent was RMB 0.25, compared to RMB 0.22 in the previous year, indicating an increase of 13.6%[1][189] - Total comprehensive income for the period was RMB 386,838,000, slightly up from RMB 369,346,000 in the same period last year[1][192] Employment and Talent Development - The employment rate for 2022 graduates reached approximately 95.6%, with high-quality employment proportion at 22%[18] - 24% of graduates from Northeast School were employed by Fortune Global 500 companies[18] - More than half of nursing graduates from Yunnan School and Central China School retained employment after internships at the 301 General Hospital of the People's Liberation Army[18] - The Group organized over 2,600 teaching backbones to engage with Fortune Global 500 and A-share listed companies to align training goals with employment demands[16] - The Group has been awarded 158 projects under the Ministry of Education's Supply-Demand Matching Career Development Project, ranking among the top five in China[18] - The Group has cultivated approximately 400,000 high-quality applied and technical talents over more than 20 years in higher vocational education[25] - The satisfaction degree of graduates reached 91%, based on a survey covering over 40,000 participants, indicating strong approval of school management and business environment[46] Educational Quality and Development - Continuous improvement in the quality of talent training and student experience[14] - Ongoing efforts in classroom teaching quality, faculty, and integration of industry and education[14] - The Group has implemented over a hundred OBE (Outcome-Based Education) trainings and workshops to improve teaching quality and curriculum standards[31] - The Group's teaching quality assurance system, "One Integrality, Five Dimensions, One Platform," aims to continuously improve educational standards[41] - The Group's schools have been actively involved in curriculum reform based on industrial development trends and enterprise needs[30] - The Group aims to provide higher vocational education that meets the satisfaction of the people, focusing on high-quality teaching and employment experiences[21] Governance and Strategic Initiatives - The Group's governance is becoming more mature, enhancing operational capabilities of the schools[14] - The Group aims to strengthen its position in the higher vocational education sector by focusing on high-quality development and sustainable growth[54] - Future strategies include enhancing brand image and optimizing educational offerings to create greater value for society[54] - The Group's governance has matured, focusing on resource sharing, systems and processes, procurement management, and risk control to promote high-quality school operation[48] - Policies supporting vocational education development have been introduced, emphasizing the importance of high-quality education and employment strategies[49] Capital and Financial Management - The Group's total capital amounted to RMB969.4 million as of February 28, 2023, down from RMB1,568.1 million as of August 31, 2022[66] - Interest-bearing debt to total assets ratio decreased from 36.7% to 31.6% due to early repayment of high-interest bank loans[67] - Capital expenditures for the period were RMB351.7 million, primarily for school building construction and equipment purchases[70] - The Group's deposits amounted to RMB 518,329,000 as of February 28, 2023, an increase from RMB 354,165,000 as of August 31, 2022[81] - The company reported finance costs of RMB 68,193,000 for the period, compared to RMB 65,919,000 in the previous year, indicating a slight increase in financing expenses[1][189] Shareholder Information and Dividends - Dividend payout ratio maintained at 50%, with a dividend yield of 9% based on the share price on April 24, 2023[12] - The interim dividend declared for the six months ended February 28, 2023, is RMB 0.119 per share, compared to RMB 0.106 per share for the same period in 2022, reflecting a 12.3% increase[89] - The Board intends to recommend an annual dividend of not less than 30% of the profits available for distribution earned by the Company in each financial year[1][179] - The ability to pay dividends in the future may be restricted by regulations affecting the Company's PRC subsidiaries[1][180] Regulatory and Compliance Matters - The Group's corporate governance practices comply with all applicable code provisions set out in the Corporate Governance Code during the reporting period[88] - The Group is committed to meeting the Qualification Requirement and has adopted specific plans and taken concrete steps towards compliance[130] - The Foreign Investment Law does not explicitly define contractual agreements as a form of foreign investment, which may protect the Group's current contractual arrangements[144] - The Group's operations have not been affected by the 2021 Implementation Rules as of the report date[143]
新高教集团(02001) - 2023 - 中期财报