Financial Performance - For the six months ended February 29, 2024, the group's main revenue increased by 13.8% year-on-year to RMB 1.311 billion, while net profit attributable to shareholders rose by 10.6% to RMB 432 million[2]. - Total revenue for the six months ended February 29, 2024, was RMB 1,482.3 million, an increase of 12.2% compared to RMB 1,321.3 million for the same period last year[20]. - Gross profit reached RMB 521.2 million, a 15.1% increase from RMB 452.7 million, with a gross margin of 39.8% compared to 39.3% last year[23]. - Net profit for the period was RMB 432.0 million, up 10.6% from RMB 390.5 million, with adjusted net profit at RMB 426.1 million, a 7.6% increase[30]. - Basic and diluted earnings per share for the period was RMB 0.28, compared to RMB 0.25 in the previous year[52]. - The total tax expense was RMB 98,028,000, an increase of 37% compared to RMB 71,598,000 for the same period in 2023[68]. Student Employment and Satisfaction - The employment rate for the 2023 graduating class reached 96.97%, maintaining a high level for four consecutive years, with high-quality employment accounting for 27.76%, an increase of 5.8 percentage points year-on-year[2]. - The group has been recognized as one of the "Top 50 Employment Work" institutions by the Ministry of Education, reflecting its leadership in high-quality employment[2]. - Student satisfaction has risen for three consecutive years, with 84% of students reporting high satisfaction levels[12]. - The number of graduates employed by Fortune 500 companies, China's top 100 companies, and A-share listed companies increased by 88.06%[11]. Educational Development - The group added 7 new undergraduate programs in response to national strategic needs, including Oral Medicine and New Energy Vehicle Engineering, with only 5 institutions nationwide approved for Oral Medicine in 2024[2][9]. - The group launched 31 provincial-level first-class undergraduate courses, with 7 courses evaluated for national-level first-class status during the reporting period[9]. - The group established strategic partnerships with 1,156 well-known enterprises, creating 54 modern industry colleges and over 1,110 off-campus experimental training bases[10]. - The group aims to create high-quality educational opportunities by focusing on high-quality teaching, employment, and student experiences[17]. Financial Management and Costs - Main operating costs increased to RMB 789.6 million, up 12.9% from RMB 699.5 million, primarily due to campus upgrades and increased personnel costs[22]. - Financing costs decreased to RMB 59.0 million, down 13.5% from RMB 68.2 million, due to optimized debt structure and lower average loan rates[27]. - Selling and distribution expenses rose to RMB 22.4 million, an increase of 28.0% from RMB 17.5 million, reflecting enhanced brand building efforts[25]. - Administrative expenses increased to RMB 53.3 million, up 18.7% from RMB 44.9 million, mainly due to external service fees for school accreditation[26]. Capital and Assets - Total assets as of February 29, 2024, amounted to RMB 8,198,964 thousand, an increase from RMB 8,050,080 thousand as of August 31, 2023[54]. - The company's interest-bearing bank loans and other borrowings amounted to RMB 2,767.6 million, an increase from RMB 2,718.3 million as of August 31, 2023[32]. - The company's net interest-bearing debt to total equity ratio increased from 44.4% as of August 31, 2023, to 48.5% as of February 29, 2024, primarily due to a decrease in total cash[32]. - Capital expenditures during the reporting period were RMB 397.3 million, mainly for the construction of school buildings and facilities, land acquisition, and furniture and equipment purchases[33]. Compliance and Governance - The company maintained compliance with all applicable corporate governance codes during the reporting period[49]. - The company is currently awaiting the classification registration process for its private schools in various provinces, which remains uncertain due to local regulatory requirements[40]. - The company will continue to monitor updates related to the Foreign Investment Law to ensure compliance with all relevant laws and regulations[44]. - The company emphasizes the importance of compliance with the Hong Kong Stock Exchange regulations[85]. Future Outlook and Strategy - The company plans to integrate ESG principles with financial performance indicators to ensure sustainable value creation[18]. - The company is committed to expanding its market presence in Yunnan and Guizhou provinces[86]. - The company aims to enhance its educational offerings through new product and technology development initiatives[86].
新高教集团(02001) - 2024 - 中期业绩