Financial Performance - For the six months ended February 29, 2024, the company reported total revenue of RMB 640,111,000, an increase from RMB 548,044,000 for the same period in 2023, representing a growth of approximately 16.8%[37]. - Tuition fees accounted for RMB 587,932,000, up from RMB 509,476,000 in the previous year, indicating a year-over-year increase of about 15.4%[37]. - Boarding fees increased to RMB 52,179,000 from RMB 38,568,000, reflecting a growth of approximately 35.4%[37]. - The company achieved a profit before tax of approximately RMB 240.6 million, which is a year-on-year increase of about 9.6% from RMB 219.6 million[43]. - The company reported a net profit margin of 34.4%, down 4.8% from the previous year[52]. - The company recorded a gross profit of approximately RMB 344.8 million, an increase of about 6.8% from RMB 322.9 million year-on-year, resulting in a gross margin of 53.9%, down 5.0% from the previous year[39]. - Operating profit rose to RMB 287.6 million for the six months ended February 29, 2024, up from RMB 268.1 million for the same period in 2023, reflecting an increase of approximately 7.3%[139]. - Profit for the period attributable to owners of the company was RMB 219.9 million for the six months ended February 29, 2024, compared to RMB 215.1 million for the same period in 2023, marking a growth of about 2.0%[139]. - Basic and diluted earnings per share for the six months ended February 29, 2024, were RMB 0.183, compared to RMB 0.179 for the same period in 2023, representing an increase of approximately 2.2%[139]. Expenses and Costs - Employee benefit expenses increased to RMB 165,849,000, up from RMB 120,376,000, reflecting a growth of approximately 37.7%[19]. - Total sales costs, selling expenses, and administrative expenses reached RMB 367,456,000, an increase from RMB 297,205,000, representing a growth of approximately 23.6%[19]. - Financial income from bank interest was RMB 2,788,000, while financial expenses from bank loans amounted to RMB (44,234,000), resulting in a net financial expense of RMB (46,994,000) for the period[9]. - Financial expenses amounted to approximately RMB 49.8 million, a decrease of about 4.6% from RMB 52.2 million for the same period last year[42]. - Marketing expenses increased by approximately 114.3% to RMB 13.5 million due to higher promotional spending for the 2023/2024 academic year[56]. Assets and Liabilities - As of February 29, 2024, total borrowings (including principal and interest) amounted to RMB 2,697,680,000, with RMB 449,750,000 due within one year[32]. - The group's total assets amounted to RMB 6,959,028,000, a decrease from RMB 7,274,639,000 as of August 31, 2023, representing a decline of approximately 4.3%[117]. - The company's total equity increased to RMB 3,580,827,000 as of February 29, 2024, compared to RMB 3,366,207,000 as of August 31, 2023, reflecting an increase of about 6.4%[117]. - The total liabilities decreased to RMB 3,378,201,000 as of February 29, 2024, down from RMB 3,908,432,000 as of August 31, 2023, indicating a reduction of approximately 13.6%[118]. - The company reported cash and cash equivalents of RMB 424,321,000 as of February 29, 2024, a significant decrease from RMB 985,499,000 as of August 31, 2023, representing a decline of about 56.9%[117]. Student Enrollment and Education Services - The number of enrolled students was 54,077, a slight decrease of 0.1% from 54,109 students in the previous year[52]. - The total number of students enrolled as of February 29, 2024, was 54,077, a slight decrease of 0.1% from 54,109 in the previous year[97]. - The number of students at Huazhi College increased by 16.5% to 25,183 from 21,615 in the previous year[97]. - The occupancy rate for the total capacity of the schools is 81.2% for the 2023/2024 academic year, down from 88.9% in the previous year[77]. - The group operates three schools in Guangdong Province, all of which offer government-recognized degrees or certificates[95]. Taxation and Compliance - The group benefits from a reduced income tax rate of 15% for certain subsidiaries in China, as per local tax incentives[10]. - The company has not recorded taxable profits in Hong Kong for the six months ended February 29, 2024, and therefore has not made any provisions for Hong Kong profits tax[24]. - The company continues to benefit from tax incentives for educational services provided in mainland China, with no income tax expenses recognized for the period[23]. - The estimated average annual tax rate used for the six months ended February 29, 2024, was 9.1%, compared to 1.7% for the six months ended February 28, 2023[174]. Capital Expenditures and Commitments - For the six months ended February 29, 2024, the group recorded capital expenditures of approximately RMB 282.6 million, a decrease of about 4.8% compared to RMB 296.7 million for the six months ended February 28, 2023, primarily due to reduced expenditures on new campus construction[90]. - The company has significant capital commitments for property, plant, and equipment amounting to RMB 94,613,000 expected to be incurred within the next twelve months[123]. - The company has unutilized committed credit facilities totaling RMB 2.1 billion, valid until April 18, 2025, and is in discussions with several commercial banks for additional credit[47]. Governance and Risk Management - The company’s financial risk management policies have not changed during the reporting period[29]. - The company has implemented plans and measures to ensure sufficient cash flow for ongoing operations over the next twelve months[144]. - The company has maintained compliance with corporate governance codes and standards throughout the reporting period[135]. - The group actively monitors foreign exchange risks and considers hedging significant foreign currency risks when necessary[91]. - The company’s independent audit committee consists of three independent non-executive directors, ensuring the integrity and accuracy of the financial information[114].
中国职业教育(01756) - 2024 - 中期业绩