Financial Performance - For the six months ending February 28, 2023, the company reported revenue of RMB 321,670,000, an increase of 11.99% compared to RMB 287,237,000 for the same period in 2022[7]. - Gross profit for the same period was RMB 126,695,000, reflecting a growth of 20.10% from RMB 105,489,000 year-over-year[7]. - The company achieved a net profit of RMB 20,966,000, a significant turnaround from a loss of RMB 35,827,000 in the previous year, marking a 158.52% improvement[7]. - Basic earnings per share increased to RMB 0.02, compared to a loss of RMB 0.04 per share in the prior year, representing a 150.00% change[7]. - Operating profit surged to RMB 62,105,000, compared to RMB 3,737,000 in the same period last year[9]. - Total revenue for the six months ended February 28, 2023, was RMB 321,670,000, an increase of 12.0% compared to RMB 287,237,000 for the same period in 2022[85]. - Tuition fees generated RMB 283,119,000 for the six months ended February 28, 2023, up from RMB 255,261,000 in the previous year, reflecting an increase of 10.9%[85]. - Revenue from accommodation fees was approximately RMB 33.25 million, reflecting a growth of about 29.44% compared to RMB 25.70 million for the same period in 2022[55]. Enrollment and Student Statistics - The total number of students enrolled as of February 28, 2023, was 36,272, up approximately 0.95% from 35,929 students a year earlier, driven by growth in specific institutions[7]. - The total number of enrolled students as of February 28, 2023, was 36,272, including 13,941 undergraduates, 14,458 diploma students, 6,463 vocational students, and 1,410 secondary school students[30]. Assets and Liabilities - The total assets of the company as of February 28, 2023, amounted to RMB 3,605,452,000, an increase from RMB 3,375,458,000 in the previous year[3]. - Total liabilities increased to RMB 2,772,894 thousand as of February 28, 2023, up from RMB 2,564,379 thousand as of August 31, 2022, representing an increase of 8.1%[16]. - Current liabilities rose to RMB 1,237,931 thousand, compared to RMB 1,173,619 thousand in the previous year, marking a growth of 5.5%[16]. - The total assets net of current liabilities reached RMB 2,367,521 thousand, an increase from RMB 2,201,839 thousand, reflecting a growth of 7.5%[16]. - The total equity increased to RMB 832,558,000 as of February 28, 2023, compared to RMB 811,079,000 in the previous year[15]. - The total equity and liabilities amounted to RMB 3,605,452 thousand, up from RMB 3,375,458 thousand, which is an increase of 6.8%[16]. Cash Flow and Financial Position - The company’s cash and cash equivalents decreased to RMB 128,795,000 from RMB 286,206,000 year-over-year[11]. - Cash and cash equivalents were approximately RMB 128.80 million as of February 28, 2023, a decrease from RMB 286.20 million as of August 31, 2022, indicating a decline of 55.1%[71]. - The group believes it has sufficient financial resources to support its operations and meet financial obligations due within the next 12 months[185]. Employee and Compensation - The total employee costs for the six months ended February 28, 2023, were RMB 94,580,000, slightly down from RMB 95,488,000 for the same period in 2022[48]. - The total employee compensation for the six months ended February 28, 2023, was approximately RMB 94.58 million, slightly down from RMB 95.49 million for the same period in 2022, a decrease of 0.9%[81]. - The company’s employee benefits payable rose to RMB 33,358 thousand from RMB 28,474 thousand, indicating an increase of 17.5%[23]. - As of February 28, 2023, the group had 2,439 employees, up from 2,005 employees as of February 28, 2022[95]. Strategic Initiatives and Future Outlook - The company plans to continue enhancing and diversifying its educational services to attract more talent and improve educational quality[41]. - The management believes that the private education sector in China will maintain a steady growth momentum in the second half of the 2022/2023 academic year, driven by increasing demand and government support[40]. - The company aims to strengthen its faculty recruitment and training to ensure high-quality education delivery[43]. - The company intends to invest in the construction, renovation, and upgrading of its current campus facilities and infrastructure as a key measure to enhance educational services[41]. - The company is focused on expanding its educational offerings and regularly reviews and adjusts its curriculum based on market research[55]. - The company collaborates with large enterprises to offer students internship and potential employment opportunities[55]. Governance and Compliance - The company has established an audit committee consisting of four independent non-executive directors to ensure compliance with corporate governance standards[130]. - The company is committed to adhering to corporate governance guidelines and listing rules to maintain transparency and accountability[129]. - The company has adopted a restricted share unit plan to incentivize key personnel and align their interests with shareholders[161]. Acquisitions and Business Combinations - The group has not made any significant acquisitions or disposals of subsidiaries or joint ventures during the reporting period[79]. - The group acquired Jiangxi Polytechnic Institute in December 2020 and further acquired Guizhou Vocational College and Zhengzhou Aviation Port District Yuren Senior High School in April and July 2021 respectively[171]. - The group recognizes business combinations using the acquisition method, measuring identifiable assets and liabilities at fair value on the acquisition date[180]. Revenue from Services - The revenue generated from educational services, including tuition and accommodation fees, was reported for the six months ended February 28, 2023[46]. - Approximately 98.35% of the revenue was generated from educational services, including undergraduate, vocational, and secondary courses, as well as accommodation fees[55]. - Revenue from self-operated canteen income was RMB 531,000 for the six months ended February 28, 2023, compared to RMB 2,608,000 in the same period of 2022, a significant decrease of 79.7%[67]. - Other service revenue for the six months ended February 28, 2023, was approximately RMB 2.49 million, a decrease of about 50.24% compared to the same period in 2022[188]. Financial Reporting and Standards - The financial statements are prepared in accordance with International Financial Reporting Standards and are presented in Renminbi (RMB) rounded to the nearest thousand[172]. - The group expects that the adoption of new and revised standards will not have a significant impact on its financial position and performance[179].
辰林教育(01593) - 2023 - 中期业绩