Financial Performance - For the year ended August 31, 2023, the Group's revenue amounted to approximately RMB 1,083.3 million, representing an increase of approximately 19.3% from approximately RMB 907.8 million for the corresponding period last year [21]. - Gross profit for the year was RMB 624.6 million, an increase of 29.5% from RMB 482.2 million in the previous year [17]. - Profit for the year increased to RMB 393.0 million, reflecting a growth of 51.3% compared to RMB 259.8 million in the prior year [17]. - Adjusted net profit for the year was RMB 405.1 million, up 53.6% from RMB 263.8 million in the previous year [17]. - Earnings per share increased to RMB 0.328, representing a growth of 51.9% from RMB 0.216 in the previous year [17]. - The gross profit ratio improved to 57.7%, up from 53.1% in the previous year, indicating enhanced profitability [17]. - The group's revenue increased from approximately RMB 907.8 million for the year ended August 31, 2022, to approximately RMB 1,083.3 million for the year ended August 31, 2023, representing a growth of RMB 175.5 million [26]. - The Group's net profit for the year was RMB 393.0 million, up from RMB 259.8 million in the previous year, representing a year-on-year growth of approximately 51.2% [124]. - The Group recorded a profit before taxation of approximately RMB 398.2 million for the year ended August 31, 2023, which is an increase of approximately 42.8% year-on-year from RMB 278.9 million [112]. Student Enrollment and Educational Offerings - The number of student enrollments in the Group was 52,740, representing an increase of 11.9% from 47,131 as at August 31, 2022 [23]. - The increase in revenue was attributed to a rise in both student numbers and average tuition fees [23]. - Huali College saw a 22.4% increase in enrollment, with 21,567 students compared to 17,622 students in the previous year [44]. - Huali Vocational College's enrollment increased by 12.0%, reaching 20,532 students from 18,338 students [44]. - Huali Technician College experienced a decrease in enrollment by 4.7%, with 10,641 students compared to 11,171 students in the previous year [44]. - The total number of students enrolled across all schools increased to 52,740 for the academic year 2022/2023, up from 47,131 in 2021/2022 [55]. - The company offers a total of 38 undergraduate majors and 1,850 undergraduate programs across its schools [36]. - The Group continues to focus on applied science-focused and practice-oriented programs in its educational offerings [22]. Revenue Sources and Tuition Fees - Tuition fees accounted for approximately 93.0% of total revenue for the year ended August 31, 2023 [48]. - Huali College's tuition revenue increased by 29.2% to RMB623.5 million, while Huali Vocational College's tuition revenue rose by 16.5% to RMB275.7 million [50]. - The average tuition fees per student increased to RMB19,110 for the year ended August 31, 2023, compared to RMB17,748 in the previous year [55]. - The average tuition fee for Huali College rose to RMB28,908, up from RMB27,391 in the previous year [55]. - Boarding fees increased by 5.8% to RMB75.4 million, with Huali College seeing a significant rise of 47.4% in boarding fees [50]. Campus and Infrastructure Development - The Group operates three schools, maintaining the same number as the previous year, which supports its stable educational offerings [18]. - The Group plans to enhance campus construction and improve teaching quality to boost profitability [29]. - The school capacity for the Zengcheng campus increased to 29,556 in the 2022/2023 academic year from 28,971 [68]. - The company aims to align its educational services with local economic development to cultivate high-quality skilled talents [75]. Strategic Plans and Future Outlook - The company aims to develop a diversified non-formal vocational education business focusing on an asset-light model for sustainable long-term growth [29]. - The Group plans to register its three schools as for-profit private schools, subject to further detailed local rules and regulations [86]. - The Group intends to align its educational services with local economic development to cultivate high-quality skilled talents [75]. - The Group's expansion strategy through acquisitions will not be impacted by the new implementation rules [93]. Management and Governance - The board consists of seven directors, including four executive directors and three independent non-executive directors [145]. - The management team has a diverse background in education and finance, enhancing the company's strategic direction [175]. - The company emphasizes civic engagement, with board members actively participating in local governance and educational initiatives [177]. - The company is committed to continuous improvement in educational standards and training methodologies [164].
中国职业教育(01756) - 2023 - 年度财报