Financial Performance - Revenue for the six months ended February 29, 2024, reached RMB 1,160,191 thousand, an increase of 19.3% compared to RMB 972,751 thousand for the same period in 2023[2] - Gross profit for the same period was RMB 578,009 thousand, reflecting a growth of 17.5% from RMB 491,831 thousand year-on-year[2] - Adjusted net profit attributable to the company's owners was RMB 346,204 thousand, up 13.7% from RMB 304,368 thousand in the previous year[2] - Basic earnings per share rose to RMB 29.76, a 7.3% increase from RMB 27.73 in the previous period[2] - Total comprehensive income for the period was RMB 375,066 thousand, compared to RMB 353,678 thousand for the same period last year[4] - The group generated a profit before tax of RMB 386,460,000 for the six months ended February 29, 2024, compared to RMB 362,187,000 for the same period in 2023, reflecting an increase of 6.7%[19] - The company recorded revenue of approximately RMB 1,160.2 million for the six months ended February 29, 2024, representing a 19.3% increase compared to the same period last year, driven by an increase in student enrollment at various institutions[44] - Operating costs amounted to approximately RMB 582.2 million, an increase of 21.1% year-on-year, aligned with the revenue growth and increased investments in school infrastructure[45] - Gross profit reached approximately RMB 578.0 million, up 17.5% year-on-year, with a gross margin of 49.8%, slightly down by 0.8 percentage points from the previous year[46] - The company reported a pre-tax profit of approximately RMB 386.5 million, reflecting a 6.7% increase compared to the same period last year[48] - Adjusted net profit attributable to the company’s owners was approximately RMB 346.2 million, a 13.7% increase year-on-year[49] Student Enrollment and Education Offerings - The number of enrolled students increased to 96,100, representing a growth of 12.3% from 85,603 students in the prior year[2] - The total number of enrolled students as of February 29, 2024, reached approximately 31,800 at Huashang College, 21,800 at Huashang Vocational College, and 21,500 at Urban Vocational College, showing significant growth compared to the previous year[41] - The group has established new industry-specific colleges, including Digital Economy and Animation Game Industry Colleges, to align educational offerings with market demands[39] - The group emphasizes the integration of education and industry, focusing on emerging sectors such as digital economy and health care to meet national strategic talent needs[39] - The group continues to adapt its curriculum and teaching methods in response to national policies and industry trends, ensuring alignment with market needs[38] Dividends and Shareholder Returns - The interim dividend declared was HKD 9.60 per share, up 6.7% from HKD 9.00 in the previous year[2] - The company declared an interim dividend of HKD 0.096 per share for the six months ended February 29, 2024, compared to HKD 0.090 per share for the same period in 2023, reflecting an increase of approximately 6.7%[27] - The company recognized a total of RMB 93,219,000 in final dividends for the year ended August 31, 2023, which is expected to be distributed in cash or shares by May 31, 2024[27] Assets and Liabilities - Non-current assets increased to RMB 6,527,257 thousand as of February 29, 2024, from RMB 6,370,998 thousand as of August 31, 2023[7] - Current liabilities decreased to RMB 2,141,816 thousand from RMB 2,572,455 thousand, improving the net current liabilities position[8] - The company's total equity attributable to owners increased to RMB 3,786,045 thousand from RMB 3,542,453 thousand[8] - As of February 29, 2024, the group reported net current liabilities of RMB 517,163,000[11] - The group has contract liabilities of approximately RMB 1,049,430,000 as of February 29, 2024, related to tuition and accommodation fees received in advance[11] - The group’s debt-to-equity ratio as of February 29, 2024, was 37.5%, down from 42.9% as of August 31, 2023, while the debt-to-assets ratio was 20.8%, slightly down from 21.4%[55] Employee Costs and Investments - Total employee costs for the period were RMB 410,961,000, up from RMB 319,752,000 in the previous year, indicating a rise of about 28.6%[24] - The employee cost for the six months ended February 29, 2024, was approximately RMB 411.0 million, which includes director remuneration[58] - Investment in teaching staff increased by 17.0% year-on-year, with 12.2% of full-time teachers holding doctoral degrees and 30.7% holding senior titles as of February 29, 2024[37] Capital Expenditures and Financial Position - Capital expenditures for the six months ended February 29, 2024, were approximately RMB 268.0 million, primarily for the construction of new teaching facilities at various campuses[52] - The company reported new property, plant, and equipment additions of RMB 278,114,000 during the reporting period, down from RMB 539,677,000 in the previous year[30] - As of February 29, 2024, the company’s property, plant, and equipment amounted to approximately RMB 5,091.8 million, a 3.3% increase from August 31, 2023[51] - The company’s cash and cash equivalents decreased by 31.2% to approximately RMB 1,378.7 million, mainly due to capital expenditures and repayment of bank loans[54] Risk Management and Compliance - The group has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[57] - The group has not implemented any foreign exchange hedging policies but closely monitors foreign exchange risks[56] - The group has no significant contingent liabilities as of February 29, 2024[57] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[64] - The interim report for the six months ended February 29, 2024, will be made available to shareholders and published on the company's website[65]
中汇集团(00382) - 2024 - 中期业绩