Enrollment and Student Statistics - The total number of students at Heilongjiang University of Commerce reached 11,023 for the 2022/2023 academic year, an increase of 11.4% from 9,891 in the previous year[8] - The school had a total enrollment of 11,955 full-time undergraduate students for the 2023/2024 academic year, an increase from 11,023 students in the previous year, marking a growth of approximately 8.5%[50] - In 2023, the company achieved a total enrollment plan of 3,959 students, with a 100% acceptance rate and 3,676 students reported, an increase of 292 students compared to 2022[64] - The employment rate for the 2023 graduates reached 81.83%, with 2,230 students employed, ranking first among private colleges in Heilongjiang Province[65] Financial Performance - The company's revenue for the year ended August 31, 2023, was RMB 275.8 million, representing a 15.7% increase from RMB 238.3 million in the previous year[8] - The gross profit for the same period was RMB 105.4 million, with a gross profit margin of approximately 38.2%[18] - The annual profit for the year was RMB 57.6 million, compared to RMB 56.0 million in the previous year, showing a slight increase of 2.8%[18] - Revenue increased by RMB 37.5 million or 15.7% from RMB 238.3 million for the year ended August 31, 2022, to RMB 275.8 million for the year ended August 31, 2023[21] - Tuition revenue rose by RMB 33.5 million or 15.2% from RMB 219.6 million to RMB 253.1 million, driven by an increase in enrollment from 9,891 students in 2021/22 to 11,023 students in 2022/23[21] - The net profit for the year ended August 31, 2023, was RMB 57.6 million, reflecting a similar increase of about 2.8% from RMB 56.0 million in the prior year[36] Expenses and Liabilities - The total current liabilities increased to RMB 717.6 million in 2023, up from RMB 522.2 million in 2022[18] - The total equity as of August 31, 2023, was RMB 908.9 million, a slight decrease from RMB 912.8 million in the previous year[18] - Selling expenses rose by RMB 1.4 million or 87.7% from RMB 1.6 million to RMB 3.0 million due to increased promotional activities post-COVID-19[27] - Other income and gains decreased by RMB 3.4 million or 48.2% from RMB 7.1 million to RMB 3.7 million, primarily due to the absence of government subsidies received in the previous year[26] - Administrative expenses decreased by RMB 1.2 million or 2.9% from RMB 40.5 million to RMB 39.3 million, despite an increase in employee costs[29] Investments and Future Plans - The company plans to invest in vocational education and establish vocational education institutions in the Yangtze River Delta and Beijing-Tianjin-Hebei regions[9] - The company aims to develop a digital lifelong learning system and create a "Future Learning Center" for digital education[11] - The company has invested in a new 13,495 square meter student dormitory, expected to be completed by the end of 2023[69] - The company plans to enhance its dual-system education and talent cultivation model through deep cooperation with international education groups[77] Transition to For-Profit Institution - The transition to a for-profit institution has been approved by the Ministry of Education, with plans to complete the transition within three years[14] - The transition of Heilongjiang University of Commerce to a for-profit institution has made significant progress, with the application for conversion approved by the Ministry of Education[75] - The company is committed to maintaining student rights during the transition period to a for-profit institution and will manage asset transfers and personnel contracts accordingly[75] Governance and Management - The company has four executive directors and three independent non-executive directors as of the report date[96] - Liu Laixiang, the CEO and Chairman, has approximately 17 years of experience in the education sector[96] - Dong Ling, an executive director, has nearly 26 years of experience in education and is also the Vice President of Heilongjiang University of Commerce[98] - The management team is focused on enhancing operational efficiency and expanding market presence[96] Compliance and Regulatory Matters - The group has complied with all relevant laws and regulations without any significant violations during the fiscal year[128] - The company is committed to complying with foreign investment control regulations in higher education, ensuring that the majority of board members are Chinese citizens[85] - The company has adopted specific plans to meet qualification requirements for foreign investment in education, although implementation guidelines remain unclear[86] Strategic Partnerships and Collaborations - The company has signed 45 cooperation agreements with various enterprises, enhancing collaboration and resource sharing[70] - The company organized a winter quality education program with over 17,000 course selections, enriching students' educational experience[57] - The company has established four industry colleges, including the Kunshan Qiu Tai Electronic Information Industry College, enhancing the integration of industry and education[57] Risk Management - The group faced various operational risks, including market recognition of its brand and reputation, changes in overall market conditions, and regulatory environment changes in the private higher education sector in China[133] - Future acquisitions may face increased regulatory scrutiny, impacting the company's expansion plans[84] Shareholder and Dividend Policies - The board does not recommend the declaration of a final dividend for the year ending August 31, 2023[136] - The group has established a dividend policy to allow shareholders to share in profits while retaining liquidity for future growth opportunities[137] - The board will review and reassess the dividend policy regularly or as required[138]
立德教育(01449) - 2023 - 年度财报