Financial Performance - Revenue for the fiscal year ending August 31, 2023, was RMB 1,517,489,000, representing a 5.4% increase from RMB 1,439,713,000 in 2022[9] - Net profit for the same period was RMB 743,295,000, up 5.5% from RMB 704,230,000 in the previous year[9] - Core net profit increased by 5.3% to RMB 790,059,000 from RMB 750,127,000 year-on-year[9] - Adjusted EBITDA for the fiscal year was RMB 1,065,430,000, reflecting a 5.8% growth compared to RMB 1,007,327,000 in 2022[9] - Revenue increased by RMB 77.8 million or 5.4% from RMB 1,439.7 million for the year ended August 31, 2022, to RMB 1,517.5 million for the year ended August 31, 2023[46] - Tuition revenue rose by RMB 84.3 million or 6.3% to RMB 1,412.7 million, while accommodation revenue decreased by RMB 2.2 million or 2.3% to RMB 92.6 million[46] - Total tuition fees rose from RMB 1,328.4 million in the previous year to RMB 1,412.7 million, driven by an increase in student enrollment and average tuition fees[34] Assets and Equity - Non-current assets as of August 31, 2023, totaled RMB 6,151,836,000, an increase from RMB 5,971,914,000 in 2022[11] - Current assets decreased to RMB 1,264,742,000 from RMB 1,401,972,000 in the previous year[11] - Total equity increased to RMB 4,392,082,000 as of August 31, 2023, compared to RMB 3,751,567,000 in 2022[11] Cash Flow and Operating Activities - Net cash generated from operating activities for the fiscal year was RMB 996,961,000, down from RMB 1,266,883,000 in 2022[12] - As of August 31, 2023, the group's cash and cash equivalents amounted to RMB 899.4 million, while interest-bearing bank and other borrowings totaled RMB 1,750.4 million[60] Employment and Education Quality - The average employment rate of the group's schools was over 93% in 2022, and it achieved nearly 90% in 2023, ranking among the top in their provinces[15] - The group introduced over 600 high-quality teachers in the 2022/23 academic year, with a significant increase in the number of teachers holding intermediate and above titles[14] - The group added approximately 500 off-campus practical teaching bases in the 2022/23 academic year, an increase of 80% compared to the previous year[14] Strategic Initiatives and Growth Plans - The company aims to maintain and enhance its market position in China's private vocational education sector[3] - The group is expected to continue benefiting from favorable policies for vocational education, with plans to enrich course offerings and expand internal growth[16] - The company plans to enhance collaboration with enterprises in key industries such as new energy vehicles and artificial intelligence to improve student employment outcomes[42] - The group aims to build more industry colleges in the Pearl River Delta and Yangtze River Delta regions to cultivate high-quality technical talent[16] Risk Management and Compliance - The company faces operational risks including changes in market conditions and regulatory environments, which are critical for its success[39] - The company has established a risk management framework to address various operational and market risks, ensuring financial resources are available for its operations and expansion[40] - The company is committed to compliance with Chinese laws and regulations in its operations and agreements[179] Governance and Leadership - Li Yan has been the CFO and Executive Director since the company's inception, focusing on financial management and compliance for IPO and M&A activities[72] - The management team has over 18 years of experience in the education sector, contributing to the company's operational efficiency and market expansion strategies[72][75] - The board includes independent directors with over 25 years of business management experience, providing independent opinions and judgments to the board[76][78] Shareholder and Equity Information - The company reported no final dividend for the fiscal year ending August 31, 2023, compared to a final dividend of HKD 0.06 per share for the fiscal year ending August 31, 2022[88] - As of August 31, 2023, the total number of issued shares is 2,015,248,667[121] - Major suppliers accounted for 37.6% of total procurement, down from 46.2% in the previous year, with the largest supplier representing 18.2% of total procurement[93] Structural Contracts and Operations - The group operates private higher education and vocational education businesses in Guangdong, Heilongjiang, and Anhui provinces, China, through structural contracts[154] - The group does not hold any equity in Chinese schools but controls the economic benefits through structural contracts with school investors[154] - All economic benefits generated by Chinese schools are transferred to the group's wholly-owned subsidiary, Tibet Kepei, in the form of service fees, subject to Chinese legal regulations[154] Environmental and Social Responsibility - The company is committed to improving environmental sustainability and closely monitoring performance, integrating sustainable development concepts into educational programs and extracurricular activities[99] - The environmental, social, and governance report for the year ending August 31, 2023, will be published in accordance with the listing rules[100]
中国科培(01890) - 2023 - 年度财报