Financial Performance - For the six months ended February 29, 2024, the company reported revenue of RMB 871,970,000, an increase of 10.4% compared to RMB 789,750,000 for the same period in 2023[9]. - Gross profit for the same period was RMB 529,853,000, reflecting an 8.4% increase from RMB 488,788,000 in the previous year[9]. - The company achieved a profit before tax of RMB 480,787,000, which is a 10.9% increase from RMB 433,425,000 in the prior year[9]. - The net profit for the period was RMB 452,488,000, up 6.7% from RMB 424,216,000 year-on-year[9]. - Core net profit increased by 5.1% to RMB 461,323,000 from RMB 438,889,000 in the same period last year[9]. - Adjusted EBITDA for the period was RMB 617,990,000, representing a 6.0% increase from RMB 582,809,000 in the previous year[9]. - Total revenue increased by RMB 82.2 million or 10.4% to RMB 872.0 million for the six months ended February 29, 2024, compared to RMB 789.8 million for the same period in 2023[24]. - Tuition revenue rose by RMB 85.5 million or 11.7% to RMB 817.9 million, driven by stable growth in student enrollment and average tuition fees[30]. - Gross profit increased by RMB 41.1 million or 8.4% to RMB 529.9 million, with a gross margin of 60.8%, slightly down from 61.9% year-on-year[33]. - The total comprehensive income for the period was RMB 477,580 thousand, compared to RMB 432,241 thousand in the previous year, indicating an increase of about 10.5%[90]. Dividend and Shareholder Information - The board declared an interim dividend of HKD 0.07 per share, amounting to approximately 30% of the profit attributable to the owners of the company[11]. - The company declared an interim dividend of HKD 0.07 per share for the six months ended February 29, 2024, compared to no dividend for the same period in 2023[63]. - As of February 29, 2024, the total number of issued shares is 2,015,248,667[70]. - Major shareholders include Ye Nianqiao with 33.61% and Ye Xun with 14.89% of the company's shares[69]. - The company has a significant concentration of ownership, with the top three shareholders controlling over 85% of the shares[75]. Educational Initiatives and Achievements - The company continues to focus on providing high-quality vocational education to meet the growing market demand, particularly in engineering disciplines[4]. - The company aims to maintain and enhance its market position in China's private vocational education sector[4]. - The group introduced over 300 high-quality teachers for the 2023/24 academic year, significantly increasing the number of teachers with intermediate and above titles[13]. - A total of 31 national awards and 76 provincial awards were received in the 2023/24 academic year, reflecting the significant achievements in faculty development[14]. - The group established 70 new experimental training rooms, including modern facilities such as an AI laboratory and an industrial robot lab, to meet the demands of contemporary vocational education[15]. - Over 4,000 companies were invited to recruitment events, offering more than 150,000 job positions, resulting in an average of 10 job opportunities per graduate[17]. - The employment rate for graduates exceeded 90% in 2023, with students securing positions at renowned companies such as CATL, Xpeng Motors, and BYD[17]. - The group launched an Innovation and Entrepreneurship College, supporting over 50 entrepreneurial teams and providing a practical base for student projects[17]. - The group has invested in digital resources amounting to 50TB, including over 6 million academic papers and 500,000 electronic journals, enhancing the teaching environment[15]. - The group has undertaken 68 provincial-level research projects, with faculty publishing 843 academic papers, marking a growth of over 30% in awards and honors compared to the previous year[14]. Financial Management and Capital Expenditures - Capital expenditures for the six months ended February 29, 2024, amounted to RMB 223.5 million, primarily for maintenance and upgrading existing campuses and acquiring new educational facilities and equipment[47]. - The company has not reported any significant changes in accounting policies that would impact the financial statements for the period[100]. - The company is committed to prudent financial management and has prepared cash flow forecasts to ensure operational sustainability[97]. - The company reported a net cash flow from operating activities of RMB 695,782 thousand, up from RMB 531,964 thousand, indicating a strong operational performance[93]. - The company anticipates sufficient operating funds to meet its financial obligations in the foreseeable future, supported by positive cash flow from operations and access to financing[97]. Corporate Governance and Compliance - The company maintains a strong focus on corporate governance, adhering to applicable codes and regulations[60]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[65]. - The company is committed to ensuring compliance with the Listing Rules of the Hong Kong Stock Exchange[146]. - The company has not reported any changes in the interests of directors and senior management in shares or related securities[71]. Taxation and Regulatory Changes - The group is undergoing internal restructuring to transition existing schools to for-profit status, in compliance with recent regulatory changes[118]. - The group anticipates that once registered as for-profit private schools, it may be subject to a corporate income tax rate of 25% on future service fees, which could materially affect profitability[118]. - The company reported a total tax expense of RMB 28,299,000 for the six months ended February 29, 2024, compared to RMB 9,209,000 for the same period in 2023, representing an increase of 207%[120].
中国科培(01890) - 2024 - 中期业绩