Financial Performance - Revenue for the six months ended February 29, 2024, was RMB 170,764,000, representing a 12.3% increase compared to RMB 152,125,000 for the same period in 2023[3] - Gross profit decreased by 11.7% to RMB 64,883,000 from RMB 73,508,000 year-on-year[3] - Profit for the period fell by 30.4% to RMB 28,568,000 compared to RMB 41,067,000 in the previous year[3] - Other income and gains increased significantly to RMB 9,751,000 from RMB 1,993,000, marking a substantial growth[5] - Revenue increased by RMB 18.7 million or 12.3% from RMB 152.1 million for the six months ended February 28, 2023, to RMB 170.8 million for the six months ended February 29, 2024[31] - Tuition revenue rose by RMB 19.3 million or 13.8% from RMB 139.7 million to RMB 159.0 million during the same period[31] - Net profit for the six months ending February 29, 2024, was RMB 28.6 million, a decrease of approximately 30.4% from RMB 41.1 million for the same period in 2023[41] Assets and Liabilities - Total assets less current liabilities amounted to RMB 1,568,859,000, up from RMB 1,478,214,000 in the previous period[8] - Cash and cash equivalents increased to RMB 334,697,000 from RMB 270,776,000, indicating improved liquidity[8] - The net current liabilities were recorded at RMB 354,328,000, a decrease from RMB 425,181,000 in the previous period[8] - Non-current assets totaled RMB 1,923,187,000, slightly up from RMB 1,903,395,000[8] - Contract liabilities decreased from RMB 284.5 million to RMB 126.4 million, indicating a reduction in advance payments for tuition and accommodation[25] Expenses - Employee benefits expenses (excluding directors' remuneration) increased from RMB 38.4 million to RMB 47.1 million, reflecting a rise in wages and pension contributions[20] - Sales cost increased by RMB 27.3 million or 34.7% to RMB 105.9 million for the six months ending February 29, 2024, compared to RMB 78.6 million for the same period in 2023[33] - Administrative expenses decreased by RMB 4.8 million or 19.8% to RMB 19.4 million, mainly due to a reduction in consulting fees and other professional service costs[37] - Financing costs rose from RMB 6.7 million to RMB 19.6 million, with total interest expenses increasing from approximately RMB 26.8 million to approximately RMB 33.5 million[39] Enrollment and Education Services - Total enrollment increased from 11,023 students in the 2022/23 academic year to 11,955 students in the 2023/24 academic year[31] - The school had 11,941 full-time undergraduate students as of February 29, 2024, representing an increase from 11,023 in the previous academic year, with a utilization rate of 85.46%[55] - The average tuition fee for the 2023/2024 academic year was RMB 24,796, a 12% increase from RMB 21,857 in the previous year, while accommodation fees rose by 11% to RMB 2,249[55] - The employment rate for the 2023 graduates was 85.94%, with a local employment rate of 41.04%, both exceeding provincial averages[59] Strategic Initiatives - The group is actively promoting the construction of a smart campus, launching the "Cloud on Heilongjiang Industry and Commerce" platform for digital business operations[61] - The group aims to expand its educational services by actively developing international student education in line with the Belt and Road Initiative[67] - The company is investing in vocational education by establishing vocational education institutions in the Yangtze River Delta and Beijing-Tianjin-Hebei regions[70] - The group is focused on enhancing its dual-system education and talent cultivation model through deep cooperation with international education groups[70] Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors, with the chairman being Mr. Chen Yifen[80] - The unaudited interim results for the six months ending February 29, 2024, have been reviewed by the audit committee and deemed compliant with applicable accounting standards and regulations[80] - The company has adopted a set of trading rules for directors and employees to comply with securities trading regulations[78] - The company maintains a sufficient public float of at least 25% of its issued share capital as required by listing rules[83]
立德教育(01449) - 2024 - 中期业绩