Enrollment and Student Statistics - Total enrollment increased to 30,339 in 2023/2024 from 27,155 in 2022/2023, representing an increase of 8.0%[1] - Total enrollment for the 2023-2024 academic year reached 30,339 students, including 8,455 high school students and 21,884 university students[145] - The number of students enrolled increased to 30,339, up by 3,184 students or 11.7% from 27,155 in the prior year[154] - The number of high school students in domestic courses increased by 1,592 to 8,019, a growth of 24.8%[154] - The company employs approximately 1,481 teachers across its institutions in China[145] Financial Performance - Revenue for the six months ended February 29, 2024, was RMB 520,366,000, an increase of 27.6% compared to RMB 407,579,000 for the same period in 2023[36] - Gross profit for the same period was RMB 179,274,000, representing a gross margin of approximately 34.4%, up from RMB 139,984,000 in the previous year[36] - Net profit for the six months ended February 29, 2024, was RMB 36,846,000, a 36.0% increase from RMB 27,004,000 in the prior year[37] - Basic and diluted earnings per share increased to RMB 0.010 from RMB 0.008, reflecting a growth of 25%[36] - The group’s profit before tax for the six months ended February 29, 2024, was RMB 39,772 thousand, compared to RMB 28,038 thousand for the same period in 2023, reflecting a 42.1% increase[110] Revenue Sources - Tuition fees for the six months ended February 29, 2024, were RMB 318,570,000, a decrease of 42.7% compared to RMB 555,696,000 for the six months ended August 31, 2023[71] - Tuition fees contributed RMB 421,895 thousand, up 26.6% from RMB 333,277 thousand year-on-year[101] - The increase in revenue is attributed to student fees and non-academic training fees, which include tuition, accommodation, and overseas study consultation fees[151] - The group recorded revenue of RMB 3.6 million from overseas study consulting services for the six months ending February 29, 2024[177] Costs and Expenses - Sales costs increased by RMB 73.5 million or 27.5% compared to the same period last year, primarily due to increased student numbers and improved dining service quality[8] - Total operating costs, including service costs and employee benefits, increased to RMB 90,436 thousand and RMB 161,406 thousand respectively, compared to RMB 58,575 thousand and RMB 132,884 thousand in the previous year[103] - Employee costs increased by RMB 27.1 million (or 23.4%) due to the rise in the number of teachers for the 2023/2024 academic year[188] - Administrative expenses decreased by RMB 7.5 million (or 10.2%) due to improved school utilization and operational efficiency[190] - Financing costs rose by RMB 16.8 million (or 33.9%) to RMB 66.4 million, primarily due to increased interest expenses on bank and other borrowings[192] Cash Flow and Liquidity - Net cash flow used in operating activities was RMB (78,406) thousand for the six months ended February 29, 2024, compared to RMB (27,387) thousand for the same period in 2023[9] - The company’s cash and cash equivalents decreased to RMB 506,467 thousand as of February 29, 2024, down from RMB 756,413 thousand at the beginning of the period[9] - The group reported a net cash outflow from operating activities of RMB 78,406 thousand for the six months ended February 29, 2024, compared to RMB 27,387 thousand for the same period in 2023[110] - Cash and cash equivalents at the end of the period were RMB 506,467,000, up from RMB 226,920,000 at the end of the previous period[111] Assets and Liabilities - Total assets as of February 29, 2024, amounted to RMB 3,527,955,000, compared to RMB 3,510,881,000 as of August 31, 2023[38] - Current liabilities decreased to RMB 1,375,792,000 from RMB 1,755,561,000, indicating improved liquidity[38] - The company’s total liabilities as of February 29, 2024, were RMB 1,999,039,000, which is a slight increase from RMB 1,936,936,000 as of August 31, 2023[39] - The company’s bank loans amounted to RMB 1,297,990,000 as of February 29, 2024, compared to RMB 1,166,200,000 as of August 31, 2023, marking an increase of 11.3%[48] Strategic Developments - Virscend University received WSCUC accreditation on March 6, 2024, which will enhance the potential for international student enrollment and the introduction of new degree programs[11] - The company plans to open new degree programs and off-campus courses based on the recent accreditation[11] - The company aims to comply with qualification requirements for foreign investors in Sino-foreign cooperative private schools[21] - The company plans to continue its market expansion and product development strategies in the upcoming fiscal periods[34] - The company is optimistic about the strong demand for quality private education in Southwest China and plans to implement multiple expansion strategies to achieve future growth[154] Dividends and Shareholder Returns - The company paid dividends amounting to RMB 30,877,725.96, which were declared in January 2024 and paid in February 2024[119] - The company has proposed an interim dividend of HKD 0.55 per share for the six months ended February 29, 2024[125] Other Financial Metrics - The total tax expense for the period was RMB 2,926,000, significantly higher than RMB 1,034,000 for the previous period, indicating a 183.5% increase[78] - The company reported a foreign exchange gain of RMB 120, compared to a loss of RMB 93 in the previous period[37] - The group’s other income and gains decreased to RMB 5,731 thousand from RMB 14,536 thousand year-on-year, primarily due to a reduction in government grants[101]
成实外教育(01565) - 2024 - 中期业绩