Financial Performance - Revenue for the six months ended February 28, 2023, was RMB 748,710,000, representing a 14.2% increase from RMB 655,568,000 for the same period in 2022[2] - Gross profit for the same period was RMB 471,026,000, up 14.9% from RMB 409,951,000 year-on-year[2] - Profit before tax increased by 33.1% to RMB 335,510,000 compared to RMB 252,024,000 in the previous year[2] - Net profit for the period was RMB 331,172,000, reflecting a 32.0% increase from RMB 250,845,000 in the prior year[2] - Adjusted net profit was RMB 331,819,000, a 26.0% increase from RMB 263,399,000 year-on-year[2] - Basic earnings per share rose to RMB 28, compared to RMB 21 for the same period last year[4] - Operating profit for the period was RMB 396,894,000, an increase from RMB 318,514,000 in the same period last year[4] - The adjusted net profit margin improved to 44.3% for the six months ended February 28, 2023, compared to 40.2% for the same period in 2022[49] - The gross profit margin for the six months ended February 28, 2023, was 62.9%, slightly up from 62.5% in the previous year[49] - Profit for the period increased by 32.0% from RMB 250.8 million to RMB 331.2 million, primarily due to increased enrollment[58] - Adjusted net profit rose by 26.0% from RMB 263.4 million to RMB 331.8 million[59] Revenue Sources - Tuition fees amounted to RMB 679,405,000 and accommodation fees were RMB 69,305,000 for the six months ended February 28, 2023, compared to RMB 594,711,000 and RMB 60,857,000 respectively for the same period in 2022[10] - The company reported other income of RMB 40,507,000, significantly up from RMB 20,339,000 in the previous period[4] - Consulting revenue from Tianping College for the six months ended February 28, 2023, was RMB 7,075,000, an increase of 50.3% from RMB 4,717,000 for the same period in 2022[29] - Interest income from Tianping College for the same period was RMB 8,888,000, compared to no income in the previous year[29] - The revenue from the Health College surged by 175.4%, from RMB 9.5 million to RMB 26.2 million, mainly due to increased enrollment[50] Assets and Liabilities - Total assets as of February 28, 2023, amounted to RMB 4,818,136,000, compared to RMB 4,754,364,000 as of August 31, 2022[5] - Net assets increased to RMB 2,920,615,000 from RMB 2,615,690,000 year-on-year[5] - Trade and other receivables amounted to RMB 658,015,000 as of February 28, 2023, an increase of 35.6% from RMB 485,139,000 as of August 31, 2022[22] - The company reported a decrease in accounts payable from RMB 304,120,000 as of August 31, 2022, to RMB 293,185,000 as of February 28, 2023[27] - As of February 28, 2023, accounts receivable from Tianping College amounted to RMB 17,500,000, up 75% from RMB 10,000,000 as of August 31, 2022[29] Capital Expenditures - Capital expenditures on property, plant, and equipment for the six months ended February 28, 2023, were approximately RMB 168,964,000, an increase from RMB 111,936,000 for the same period in 2022[18] - Capital commitments related to property, plant, and equipment as of February 28, 2023, were RMB 150,084,000, significantly up from RMB 35,466,000 as of August 31, 2022[28] - The company plans to gradually utilize the remaining net proceeds of RMB 29.5 million for acquiring land use rights and constructing educational facilities by September 2024[75] Financing and Costs - The financing costs for the six months ended February 28, 2023, were RMB 61,384,000, a decrease from RMB 66,490,000 for the same period in 2022[11] - The company's financing costs decreased by 7.7% from RMB 66.5 million to RMB 61.4 million, mainly due to a reduction in average loans[56] - The capital-to-debt ratio improved to approximately 68.3% as of February 28, 2023, down from 91.4% on August 31, 2022, due to the repayment of certain interest-bearing bank loans and an increase in equity[62] Employment and Compensation - The total employee count increased from 4,494 to 4,750 between February 28, 2022, and February 28, 2023[66] - Total employee compensation costs for the reporting period amounted to RMB 158.7 million, up from RMB 134.4 million for the six months ended February 28, 2022[66] Governance and Reporting - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[72] - The mid-term performance announcement will be published on the Hong Kong Stock Exchange website and the company's website[76] - The mid-term report for the six months ending February 28, 2023, will be released on the aforementioned platforms and sent to shareholders in due course[76] - The board of directors consists of executive directors and independent non-executive directors, ensuring a diverse governance structure[76] Enrollment and Educational Impact - The total number of students enrolled at Shangqiu College for the 2022/2023 academic year was 29,779[36] - Shangqiu College Applied Technology College had a total enrollment of 18,054 students for the 2022/2023 academic year[37] - Enrollment rates for undergraduate programs across five colleges reached 96.7% for the 2022/2023 academic year, indicating strong demand for educational services[46] - The number of students at Jingzhou College increased by 11.8% from 12,261 to 13,710, with notable growth in undergraduate and vocational education programs[43] - The Health College saw a significant increase in enrollment, with a 176.8% rise in students, contributing to overall growth[43] - The company believes that its strong educational reputation and high employment rates for graduates will continue to attract quality students[45]
中国春来(01969) - 2023 - 中期业绩