Financial Performance - Revenue for the year ended August 31, 2023, reached RMB 2,302,540 thousand, a significant increase of 160.3% compared to RMB 884,372 thousand in the previous year[2] - Adjusted profit for the year was RMB 365,660 thousand, up 276.4% from RMB 97,142 thousand in the prior year[3] - The company achieved a basic earnings per share of RMB 15.90, representing a 247.2% increase from RMB 4.58 in the previous year[2] - The net profit for the year ended August 31, 2023, was RMB 331,073 thousand, compared to RMB 96,160 thousand for the previous year, representing a growth of approximately 244%[16] - Gross profit for the year ended August 31, 2023, was RMB 778,847 thousand, compared to RMB 293,539 thousand for the previous year, marking an increase of approximately 165%[16] - Total revenue increased by 160.3% from approximately RMB 884.4 million for the year ended August 31, 2022, to approximately RMB 2,302.5 million for the year ended August 31, 2023[18] Student Enrollment and Educational Services - The number of high school students served increased by 43.8% to 36,708 at the beginning of the 2023 fall semester[4] - The number of high school students in the company's network increased to 36,708 for the fall semester of 2023, up about 43.8% from 25,524 in the fall semester of 2022, with new high school enrollments reaching 19,071, an increase of approximately 41%[14] - Approximately 83.5% of the 2023 high school graduates exceeded the national university admission score, with 50.3% surpassing the first-tier university score[6] - Revenue from comprehensive education services rose by 253.8% from approximately RMB 345.7 million to approximately RMB 1,223.2 million, driven by an increase in high school enrollment and the establishment of four independent profit-making high schools[19] Dividends and Shareholder Returns - The total dividend payout increased by 108.3% to RMB 4.77 per share, with a payout ratio of 30%, down 20 percentage points from the previous year[2] - The proposed interim dividend for 2023 is RMB 0.0243 per share, totaling RMB 58,224 thousand, compared to no interim dividend in 2022[76] - The proposed final dividend for 2023 is RMB 0.0234 per share, totaling RMB 50,404 thousand, compared to RMB 49,327 thousand in 2022[76] Operational Expansion and Employment - The number of full-time teachers employed increased to 2,090, up from 1,124 the previous year, reflecting the company's expansion efforts[7] - The company successfully established five independent profit-making high schools with operational licenses as part of its strategy to optimize its operational structure[14] - The company employed 5,029 employees as of August 31, 2023, compared to 3,018 employees a year earlier, indicating a growth of approximately 66.6%[98] Financial Position and Assets - The company's total assets as of August 31, 2023, were RMB 4,158,172 thousand, down from RMB 4,802,222 thousand as of August 31, 2022, indicating a decrease of about 13.4%[13] - The company's net assets decreased to RMB 866,837 thousand as of August 31, 2023, compared to RMB 1,014,259 thousand as of August 31, 2022, reflecting a decline of approximately 14.6%[13] - Non-current assets totaled RMB 7,180,588,000 as of August 31, 2023, compared to RMB 5,925,078,000 a year earlier, showing a growth of about 21.2%[40] - Current assets increased to RMB 2,371,130,000 from RMB 2,206,033,000, representing an increase of approximately 7.5%[40] Liabilities and Financial Obligations - The total liabilities of the company as of August 31, 2023, were RMB 3,291,335 thousand, down from RMB 3,787,963 thousand as of August 31, 2022, indicating a reduction of about 13.1%[13] - As of August 31, 2023, the company's net current liabilities amounted to approximately RMB 2,198.4 million, an increase from RMB 1,608.5 million as of August 31, 2022, primarily due to increased short-term bank loans and other payables related to property, plant, and equipment[27] - The company's borrowings as of August 31, 2023, were approximately RMB 1,672.4 million, compared to RMB 1,131.8 million as of August 31, 2022, with unutilized bank financing of approximately RMB 730 million[29] Regulatory and Compliance Matters - The company anticipates ongoing monitoring of the impact of the new regulations on private education and will assess their implications for future operations[8] - The company confirmed compliance with the corporate governance code throughout the reporting period, with a board consisting of seven male directors[103] - The audit committee, consisting of three members, has been established to oversee financial controls and risk management[104] Cost and Expense Management - The company's operating expenses for the year ended August 31, 2023, included administrative expenses of RMB 240,061 thousand, compared to RMB 132,822 thousand for the previous year, reflecting an increase of approximately 80.9%[16] - Financial costs increased from approximately RMB 27.5 million to approximately RMB 62.5 million, primarily due to higher bank loan interest and reduced capitalized interest[25] - Employee benefits expenses, excluding directors and key management personnel, totaled RMB 550,763,000 in 2023, compared to RMB 196,222,000 in 2022, marking an increase of approximately 180%[67] Future Outlook and Strategic Plans - The company plans to enhance its high school enrollment scale and provide comprehensive operational services, including online campus shopping and international education consulting[15] - The company continues to manage its cash and cash equivalents prudently to prepare for future growth opportunities[31] - The company has not recognized deferred tax assets related to temporary differences and tax losses due to the likelihood of not having taxable profits to offset these losses[75] Share Repurchase and Capital Management - The company repurchased a total of 13,407,000 shares at a total cost of HKD 35,526,836 during the year ending August 31, 2023[100] - In July 2023, the company repurchased 2,434,000 shares at an average price of HKD 2.75, and in August 2023, it repurchased 10,973,000 shares at an average price of HKD 2.82[101]
天立国际控股(01773) - 2023 - 年度业绩