Employment and Education Quality - The group achieved a graduation employment rate of 95.6% for the 2022 cohort, maintaining a high level for three consecutive years; the initial employment rate for the 2023 cohort reached 90.65%, an increase of 1.24 percentage points year-on-year[2]. - The group established partnerships with over 1,150 enterprises, creating 51 modern industry colleges and 991 off-campus practice bases, enhancing the quality of education and employment opportunities[7]. - The group’s institutions achieved 40 national top awards in recognized comprehensive discipline competitions, setting a historical high[2]. - The group’s schools have been recognized for high-quality employment outcomes, with significant achievements in various employment-related awards and recognitions[2]. - The group has established three employment and entrepreneurship centers in key economic regions to enhance job opportunities for graduates[10]. - The group’s employment strategy has led to a 67% increase in the number of graduates employed by Fortune 500 companies and other top firms compared to the previous year[10]. - The group has introduced 8 new "Four New" majors (new engineering, new medical, new agricultural, and new liberal arts) to meet national strategic development needs[2]. - The proportion of undergraduate students among total enrolled students increased by 3.4 percentage points, indicating an optimization in student demographics[2]. Financial Performance - Total revenue for the year ended August 31, 2023, was RMB 2,526.9 million, an increase of 11.7% compared to RMB 2,262.5 million in the previous year[19]. - Main operating income reached RMB 2,119.1 million, up 10.3% from RMB 1,921.7 million year-on-year, driven by high-quality development and steady growth in tuition and accommodation fees[20]. - Gross profit amounted to RMB 806.0 million, a 7.4% increase from RMB 750.4 million, with a gross margin of 38.0%, down 1 percentage point from 39.0% in the previous year[22]. - Net profit for the year was RMB 703.3 million, up 11.6% from RMB 630.2 million, with adjusted net profit increasing by 8.4% to RMB 727.5 million[19]. - The group’s profit before tax for the reporting period was RMB 8,459 million, up 13.1% from RMB 7,476 million in the same period last year[28]. - The total tax expense for 2023 was RMB 142,554,000, compared to RMB 117,432,000 in 2022, representing a rise of 21.4%[85]. - Basic earnings per share for the year were RMB 0.45, up from RMB 0.39 in 2022[64]. Investments and Expenditures - The group invested 11% more in faculty costs year-on-year, focusing on expanding the dual-teacher workforce and improving compensation for high-qualification educators[5]. - Capital expenditures for the year ended August 31, 2023, were RMB 7,457 million, primarily for the construction of school facilities and the purchase of equipment and software[35]. - The group has invested RMB 50 million in technology development to enhance online learning platforms[100]. Governance and Compliance - The board emphasizes the importance of corporate governance and has adopted good governance practices to ensure transparency and accountability[57]. - The company must comply with public, fair, and reasonable principles when engaging in transactions with related parties, ensuring no harm to national interests or student rights[49]. - The audit committee has reviewed the financial reporting and internal controls, ensuring compliance with accounting principles[61]. Strategic Initiatives and Future Plans - The group plans to continue investing in high-quality education opportunities, aligning with national policy support for vocational education[16]. - The group aims to enhance its ESG initiatives, focusing on stable financial growth and sustainable development[17]. - The company anticipates a revenue growth of 20% for the next fiscal year, projecting revenues to reach RMB 1.44 billion[100]. - New product offerings in vocational training programs are expected to launch in Q1 2024, targeting an additional 5,000 enrollments[99]. - The company is expanding its market presence in southwestern China, with plans to open two new campuses by mid-2024[100]. Shareholder Returns - The board has proposed a final dividend of RMB 0.096 per share for the year ended August 31, 2023, compared to RMB 0.093 per share for the previous year, reflecting a 3.2% increase[53]. - The interim dividend for the year ended August 31, 2023, is RMB 0.119 per share, up from RMB 0.106 per share for the previous year, indicating a 12.3% increase[54]. - The board has approved a share buyback program worth RMB 100 million to enhance shareholder value[100]. Challenges and Regulatory Environment - The company has not yet started the classification registration process for its other subsidiaries, except for schools in Northeast China, Guangxi, Yunnan, and Guizhou, which are currently processing their classification registration according to local guidelines[47]. - The local regulations provide a framework for the classification registration of private schools but lack detailed provisions on the tax and land benefits for profit and non-profit schools[47]. - The government will review related transactions annually for non-profit private schools, which may lead to significant compliance costs for the company[49].
新高教集团(02001) - 2023 - 年度业绩