Financial Performance - Revenue for the six months ended February 29, 2024, was RMB 1,645,443, an increase of 73.8% compared to RMB 946,591 for the same period in 2023[2] - Gross profit for the same period was RMB 582,925, reflecting a 57.2% increase from RMB 370,780[2] - Profit for the period was RMB 285,863, up 65.6% from RMB 172,649 in the previous year[2] - Adjusted profit for the period reached RMB 319,474, a 70.0% increase from RMB 187,904[3] - Basic earnings per share increased to RMB 13.90, a rise of 69.5% from RMB 8.20[2] - Total comprehensive income for the period was RMB 285,913,000, compared to RMB 172,693,000 in the same period last year, reflecting a 65.5% growth[41] - Profit before tax increased to RMB 382,137,000, representing a 66.7% rise compared to RMB 229,026,000 in the previous year[39] Dividends and Shareholder Returns - The company declared an interim dividend of RMB 4.17 per share, up 71.6% from RMB 2.43[2] - The company declared an interim dividend of RMB 0.0417 per share, totaling RMB 88,237,000, compared to RMB 52,342,000 for the same period last year[78] Student Enrollment and Educational Services - The number of high school students served during the reporting period was 36,708[4] - The number of high school students in the company's network increased by approximately 43.8% to 36,708 as of the beginning of the 2023 fall semester, compared to 25,524 in the previous year[15] - Approximately 83.5% of the company's 2023 high school graduates exceeded the national university admission score[6] - Revenue from comprehensive education services rose by 64.4% from approximately RMB 517.8 million to approximately RMB 851.3 million, attributed to an increase in high school enrollment and a significant growth in study abroad services post-pandemic[19] Operational Growth and Expansion - The company employed 2,060 full-time teachers as of February 29, 2024, compared to 1,654 the previous year[7] - The company operates in 36 cities across various provinces, providing comprehensive education services through 50 schools[7] - The company successfully established five independent profit-making high schools with operational licenses as of February 29, 2024[15] - The company plans to enhance its high school enrollment scale and provide comprehensive operational services, including online campus shopping and international education consulting[16] Financial Position and Assets - As of February 29, 2024, total assets amounted to RMB 3,506,663 thousand, a decrease of approximately 15.7% from RMB 4,158,172 thousand as of August 31, 2023[14] - The company’s total liabilities decreased to RMB 2,666,942 thousand as of February 29, 2024, down from RMB 3,291,335 thousand as of August 31, 2023[14] - The company's cash and cash equivalents were approximately RMB 652.3 million as of February 29, 2024, down from RMB 704.7 million as of February 28, 2023[28] - The company's borrowings as of February 29, 2024, were approximately RMB 1,727.2 million, up from RMB 1,505.4 million as of February 28, 2023, with unused bank financing of approximately RMB 1,423 million[30] Costs and Expenses - Total cost of sales rose by 84.5% from approximately RMB 575.8 million to approximately RMB 1,062.5 million, primarily due to the significant revenue growth[21] - Administrative expenses increased by 29.9% from approximately RMB 100.1 million to approximately RMB 130.0 million, mainly due to increased stock-based compensation and other expenses[25] - Income tax expense rose by 70.7% from approximately RMB 56.4 million to approximately RMB 96.3 million, driven by increased pre-tax profits from taxable subsidiaries[27] - Financial costs increased from RMB 25.6 million to RMB 35.6 million, primarily due to higher interest on bank loans and lease liabilities[26] Governance and Compliance - The audit committee has reviewed the financial statements for the six months ending February 29, 2024, ensuring compliance with financial control and risk management standards[90][91] - The company has confirmed compliance with the corporate governance code, with the chairman and CEO roles held by the same individual, which the board believes is in the best interest of the company and its shareholders[88] - The company plans to enhance gender diversity on its board by seeking suitable candidates of different genders to join by December 31, 2024[89] Future Outlook and Strategic Plans - The company plans to utilize approximately RMB 200 million for potential acquisitions of high-quality targets to expand in first-tier and core cities[37] - The company expects all revenue related to performance obligations to be recognized within one year, indicating a strong outlook for future revenue recognition[57] - The company is committed to maintaining a prudent cash management policy to ensure readiness for future growth opportunities[32]
天立国际控股(01773) - 2024 - 中期业绩