Financial Performance - In the fiscal year 2021, the company reported revenue of RMB 499,621,000, representing a 11.2% increase from RMB 449,350,000 in 2020[22] - The gross profit for 2021 was RMB 201,614,000, with a gross margin of approximately 40.4%[22] - The company had a net profit of RMB 153,938,000 in 2021, a decrease of 9.7% compared to RMB 170,501,000 in 2020[22] - The group's revenue increased by approximately 11.2% year-on-year to RMB 499.6 million, driven by growth in student enrollment and average tuition fees[26] - Adjusted net profit remained stable at RMB 179.3 million compared to RMB 182.3 million in the previous fiscal year[26] - Gross profit decreased by approximately 3.5% from about RMB 209.0 million to approximately RMB 201.6 million, with the gross margin declining from about 46.5% to approximately 40.4%[55] - Other income and gains increased by approximately 30.6% from about RMB 85.9 million to approximately RMB 112.2 million, driven by termination lease income and property sales[56] - The total distributable reserves of the company as of December 31, 2021, amounted to approximately RMB 399.8 million, with about RMB 60.6 million proposed as the final dividend for the year[138] - The board proposed a final dividend of HKD 0.056 per share for the year ending December 31, 2021, to reward shareholders[26] Assets and Liabilities - As of December 31, 2021, total assets amounted to RMB 1,855,196,000, while total liabilities were RMB 823,448,000, resulting in total equity of RMB 1,455,525,000[22] - Non-current assets increased to RMB 1,647,693,000 in 2021, up from RMB 1,562,515,000 in 2020[22] - Current assets increased by RMB 274.7 million to approximately RMB 631.3 million, primarily due to funds raised from a global offering[67] - Current liabilities decreased by approximately 21.2% from RMB 537.9 million to RMB 423.8 million, reflecting payments related to acquisitions and reduced student-related liabilities[68] - Cash and cash equivalents increased by approximately 67.3% from RMB 284.4 million to RMB 482.4 million, mainly due to funds raised from the global offering[69] - Property, plant, and equipment increased by approximately 11.7% from RMB 1,019.1 million to RMB 1,138.5 million, driven by new campus developments and equipment purchases[74] - The leverage ratio decreased from approximately 43.0% as of December 31, 2020, to approximately 18.4% as of December 31, 2021, due to a reduction in interest-bearing bank and other borrowings and an increase in total equity following the global offering[84] Student Enrollment and Educational Services - The company enrolled 25,797 full-time students in the 2021/2022 academic year, with 72.7% studying in TMT and healthcare-related fields[5] - The total number of full-time students for the 2021/2022 academic year was 25,797, with enrollment at Lingnan Modern Technician College increasing by 23.9% to 7,900 students[26] - Average tuition fees for Lingnan Vocational Technical College and Lingnan Modern Technician College rose by 7.1% and 3.4% to RMB 16,677 and RMB 11,918, respectively[26] - The company has diversified its educational offerings, providing over 70 programs across various disciplines[6] - The company plans to expand its educational services, including continuing education programs and vocational skills training[7] - The group plans to expand its vocational education network in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on both academic and non-academic vocational training markets[45] Strategic Initiatives and Growth Plans - The company aims to enhance its market position through strategic initiatives and potential acquisitions in the vocational education sector[7] - The group plans to upgrade Lingnan Vocational Technical College to a vocational undergraduate institution, requiring targeted student scale control and increased infrastructure investment[27] - The group aims to expand non-academic vocational training and explore partnerships with leading industry companies to establish industry colleges[29] - The group will focus on integrating education and industry to cultivate high-quality technical talent for the Guangdong-Hong Kong-Macao Greater Bay Area[29] - The company is actively pursuing strategic acquisitions to enhance its educational offerings, with a target of acquiring two smaller educational institutions by the end of the year[106] Management and Governance - The management team has extensive experience in the education sector, with key members holding significant positions in various educational institutions[97] - The company has been managing overall operations and investments in the education sector since its establishment in 1995, with over 26 years of experience in education management[105] - The company has a strong management team with diverse expertise in finance, law, and education, enhancing its strategic decision-making capabilities[121] - The company aims to leverage its management's extensive experience to enhance corporate governance and financial oversight[112] - The company’s governance structure includes a review of the independence of its directors annually[155] Shareholder Information - As of December 31, 2021, the company had a total of 1,334,000,000 shares issued[170] - Mr. He Huishan holds 620,000,000 shares, representing approximately 46.48% of the company's equity[158] - Ms. He Huifen and Ms. He Huifang each hold 190,000,000 shares, representing approximately 14.24% of the company's equity[158] - The company has a significant concentration of ownership, with major shareholders holding substantial stakes[166] - The company has confirmed the independence of its independent non-executive directors as of December 31, 2021[155] Capital Raising and Financial Instruments - The company completed a global offering of 334,000,000 shares, representing 25% of the total shares, at a price of HKD 1.59 per share[177] - The net proceeds from the global offering amounted to approximately HKD 446.0 million[178] - 55% of the net proceeds (HKD 245.3 million) is allocated to increase student capacity by upgrading Lingnan Vocational Technical College to a bachelor's level institution[179] - 20% of the net proceeds (HKD 89.2 million) is designated for acquiring other schools and education service providers to expand the school network, with the timeline extended to 2023[181] - The company has not engaged in any acquisitions or disposals of subsidiaries or associated companies during the reporting period[173] Corporate Social Responsibility - The company has established a charity foundation aimed at supporting underprivileged students, with an initial funding of $1 million[107] - The company made charitable donations of approximately RMB 3.3 million during the reporting period[142] - The company has received recognition for its contributions to women's education initiatives, being awarded the "Outstanding Contribution Award" by the Guangdong Women's Entrepreneur Association[102] Environmental and Regulatory Compliance - The company emphasizes strict environmental protection measures to comply with current environmental laws and regulations[133] - The company has maintained a public float of no less than 25% of its issued shares since its listing date[146]
华南职业教育(06913) - 2021 - 年度财报