Financial Performance - Revenue for the six months ended February 28, 2023, was RMB 946,591,000, representing a 137.20% increase compared to RMB 399,063,000 for the same period in 2022[2]. - Gross profit for the same period was RMB 370,780,000, up 228.61% from RMB 112,834,000 in the previous year[2]. - Profit for the period increased to RMB 170,611,000, a significant rise of 453.90% from RMB 30,802,000 in the prior year[2]. - Adjusted profit for the period was RMB 185,866,000, reflecting a 412.32% increase from RMB 36,279,000 in the previous year[2]. - Basic earnings per share rose to RMB 8.10, a 451.02% increase from RMB 1.47 in the same period last year[2]. - Profit before tax increased to RMB 229,026,000 from RMB 38,337,000 year-over-year, reflecting a growth of 497.5%[3]. - Net profit for the period was RMB 170,611,000, up from RMB 30,802,000 in the previous year, marking a growth of 453.5%[3]. - Basic and diluted earnings per share for the period were both RMB 8.10, compared to RMB 1.47 in the prior year[42]. Operational Highlights - The company employed 1,654 full-time teachers as of February 28, 2023, compared to 1,124 on August 31, 2022[7]. - The company operates 44 schools and provides comprehensive education services across 33 cities in China[7]. - The number of high school students in the network reached 25,524 as of the beginning of the 2022 autumn semester[4]. - The number of registered high school students increased to 25,524 as of the beginning of the fall semester in 2022, up approximately 48.9% from 17,139 in the previous year[15]. - The company successfully established four independent profit-making high schools with operational licenses as part of its strategy to optimize operational structure[15]. Financial Position - The total assets as of February 28, 2023, were RMB 4,729,585 thousand, slightly down from RMB 4,802,222 thousand as of August 31, 2022[15]. - The net asset value decreased to RMB 973,315 thousand as of February 28, 2023, from RMB 1,014,259 thousand in the previous year[15]. - The total liabilities as of February 28, 2023, were RMB 3,756,270 thousand, compared to RMB 3,787,963 thousand in the previous year[15]. - The company's cash and cash equivalents as of February 28, 2023, were approximately RMB 704.7 million, up from RMB 469.6 million a year earlier[29]. - The total borrowings of the company as of February 28, 2023, amounted to approximately RMB 1,505.4 million, compared to RMB 1,131.8 million as of August 31, 2022[31]. - The debt-to-equity ratio as of February 28, 2023, was approximately 17.7%, an increase from 13.9% as of August 31, 2022[31]. - The total equity attributable to the owners of the company was RMB 1,964,825,000, an increase from RMB 1,851,796,000 year-over-year, indicating a growth of 6.1%[46]. Expenses and Costs - Administrative expenses rose to approximately RMB 100.1 million from approximately RMB 60.4 million, primarily due to increased administrative staff costs and office expenses[26]. - Financial costs increased from approximately RMB 14.5 million to approximately RMB 25.6 million, mainly due to higher bank loan interest and reduced capitalized interest expenses[27]. - Employee costs increased by 112.1% from approximately RMB 73.0 million to approximately RMB 154.9 million, due to hiring new teachers and increased labor costs from comprehensive education services[22]. - The company reported a 33.6% increase in material consumption costs, rising from approximately RMB 135.6 million to approximately RMB 181.1 million, due to increased dining numbers in operated restaurants[21]. Dividend and Shareholder Information - The company declared an interim dividend of RMB 2.43 per share, with a payout ratio of 30%[2]. - The interim dividend declared for the six months ended February 28, 2023, is RMB 0.0243 per share, totaling RMB 52.34 million, with a payout ratio of 30%[39]. - A total of 75,000,000 shares were granted under the restricted share award plan, representing about 3.48% of the company's total issued shares as of the announcement date[75]. Regulatory and Governance - The company is monitoring the impact of the new regulations on private education and has assessed their implications on its operations[10]. - The company is committed to compliance with the listing rules of the Hong Kong Stock Exchange[84]. - The audit committee, consisting of three members, is responsible for overseeing financial controls, risk management, and internal control systems[78]. - The company has established an audit committee to oversee accounting and financial reporting processes[83]. Future Plans - The company plans to focus on expanding its profit-making high school business and providing comprehensive operational services, including online campus shopping and international education consulting[16]. - The company plans to actively explore investment opportunities to broaden its revenue base and enhance future financial performance and profitability[33]. - The company will gradually reduce the enrollment scale of affected primary and junior high schools to ensure sustainable development[15].
天立国际控股(01773) - 2023 - 中期业绩