Financial Performance - For the six months ended February 28, 2023, total revenue was RMB 1,188,765,000, a decrease of 1.24% compared to RMB 1,203,707,000 for the same period in 2022[11]. - Gross profit for the same period was RMB 681,837,000, resulting in a gross margin of approximately 57.3%[10]. - Operating profit was RMB 552,834,000, reflecting a slight decrease from RMB 552,834,000 in the previous year[10]. - Net profit for the period was RMB 547,819,000, compared to RMB 569,146,000 for the same period in 2022, indicating a decrease of 3.75%[10]. - Basic earnings per share remained stable at RMB 0.16 for both periods[17]. - The adjusted net profit attributable to equity holders was RMB 483.5 million, a decrease of RMB 92.3 million or 16.0% compared to the same period in 2022[38]. - The adjusted gross profit for the same period was RMB 579.1 million, down RMB 123.6 million or 17.6% from RMB 702.7 million in 2022, with an adjusted gross profit margin of 48.7% compared to 58.4% in 2022[40]. - The group reported a decrease in administrative expenses to RMB 90.0 million for the six months ended February 28, 2023, down from RMB 97.5 million in 2022, primarily due to cost control measures[43]. - The group’s operating profit for the six months ended February 28, 2023, was RMB 576.1 million, compared to RMB 552.8 million in 2022, reflecting a positive trend in profitability[70]. - The company does not recommend the payment of an interim dividend for the period ended February 28, 2023, consistent with the previous year[32]. - The company reported a profit attributable to equity holders of RMB 586,749,000 for the six months ended February 28, 2023, compared to RMB 542,331,000 for the same period in 2022, representing an increase of approximately 8.2%[181]. - The net profit margin for the six months ended February 28, 2023, was 49.4%, up from 45.1% in the same period of 2022[132]. Assets and Liabilities - Total assets as of February 28, 2023, were RMB 10,417,598,000, compared to RMB 10,816,969,000 as of February 28, 2022[10]. - Total liabilities decreased to RMB 5,184,529,000 from RMB 5,552,823,000 in the previous year[10]. - Non-current assets in mainland China increased to RMB 7,429,901,000 from RMB 6,900,981,000[11]. - The group's total bank borrowings as of February 28, 2023, amounted to RMB 480.1 million, secured by guarantees from related parties and equity pledges of certain subsidiaries[52]. - As of February 28, 2023, the group's current assets amounted to RMB 3,015.7 million, with cash and restricted cash at RMB 2,532.4 million and other current assets at RMB 483.3 million[74]. - The group's current liabilities were RMB 2,475.7 million, including accrued expenses and other payables of RMB 1,099.1 million, borrowings of RMB 210.1 million, and contract liabilities of RMB 1,157.4 million[74]. - The current ratio as of February 28, 2023, was 1.22, an increase from 0.95 on August 31, 2022[74]. - Total liabilities decreased to RMB 4,283,101 thousand from RMB 5,669,746 thousand, indicating a reduction of approximately 24.4%[148]. - Current liabilities decreased to RMB 2,475,656 thousand from RMB 4,561,038 thousand, a reduction of approximately 45.5%[148]. Cash Flow and Investments - The net cash used in investing activities was RMB (1,051,139,000), significantly higher than RMB (333,938,000) in the previous year[115]. - The total cash and cash equivalents at the end of the period were RMB 2,531,862,000, down from RMB 2,998,310,000 at the end of the previous year[115]. - The company reported a net cash outflow from investing activities of RMB (1,051,139) thousand, compared to RMB (333,938) thousand in the previous year[149]. - The company has not made or held any significant investments during the six months ended February 28, 2023, that represent 5% or more of its total assets[51]. Employee and Operational Metrics - The total number of employees as of February 28, 2023, was 8,876, with teachers making up 81.1% of the workforce[80]. - Employee benefits expenses increased to RMB 312,065,000 for the six months ended February 28, 2023, up from RMB 294,446,000 in the previous year, reflecting a growth of about 6.0%[176]. - The company had no single customer contributing more than 10% of total revenue as of February 28, 2023, indicating a diversified customer base[173]. - The company has not encountered any significant labor disputes or difficulties in recruiting employees during the reporting period[98]. Corporate Governance and Compliance - The board aims to maintain high standards of corporate governance, which is crucial for protecting shareholder interests and enhancing corporate value[101]. - The group has complied with all applicable corporate governance codes as of February 28, 2023[83]. - There were no significant lawsuits or arbitration involving the group as of February 28, 2023[87]. Strategic Focus and Future Plans - The group plans to enhance educational infrastructure and significantly increase investment in vocational education, focusing on management post-expansion to maximize shareholder value[37]. - The company is focused on expanding its educational services in China and Thailand, particularly in the private education sector[154]. - The company completed the placement of 220,000,000 shares, raising significant capital for future investments[110]. Miscellaneous - The company operates in the private education sector, providing services from high school to university levels in mainland China and Thailand[198]. - The interim consolidated financial information for the six months ended February 28, 2023, is prepared in accordance with International Accounting Standards[199]. - There is no significant impact expected on previously recognized amounts or on current or future periods due to the revised International Accounting Standard[200].
宇华教育(06169) - 2023 - 中期业绩