Financial Data and Key Metrics Changes - As of June 30, 2024, the company's main business revenue reached 241 million, a 25.6% increase from 192 million in the same period of 2023 [1] - The overall gross profit was approximately 103 million, up 35.6% from 76.19 million year-on-year, with a gross margin increase of 3.2% [1] - EBITDA was about 94.51 million, a 3.4% increase from 91.41 million in the same period last year [1] - The net profit was approximately 30.78 million, a slight decrease of 2.58 million compared to 33.37 million in the same period of 2023 [1] Business Line Data and Key Metrics Changes - The vocational education segment generated 173 million in revenue, a significant increase of 38.8%, accounting for 72% of total revenue, up 7% from the previous year [1] - Non-vocational education revenue was approximately 68.55 million, a modest increase of 1.4% year-on-year [1] - The average tuition fee in the vocational education segment increased by 39.8%, while accommodation fees rose by 57.6% due to improved living conditions [1] Market Data and Key Metrics Changes - The total number of full-time students increased from 23,423 to 24,439, a growth of 4.3% year-on-year [1] - The employment rate for graduates reached 96.8%, a new high [1] Company Strategy and Development Direction - The company aims to expand its internal growth while optimizing its business and exploring external development opportunities [1] - The focus is on integrating educational resources and enhancing vocational education services, while also responding to national policies supporting private vocational education [1] - The company plans to enhance brand building and establish a unique educational brand with significant influence [1] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong growth in student numbers and tuition fees due to the quality of education and course offerings [1] - The company anticipates a double-digit revenue growth for the full year, with vocational education revenue expected to grow over 25% [1] Other Important Information - The company has initiated the construction of a new campus, which is expected to accommodate over 12,000 additional students [1] - The company is actively involved in industry partnerships and collaborations to enhance educational quality and employment outcomes for graduates [1] Q&A Session All Questions and Answers Question: What is the outlook for maintaining high tuition fee growth? - Management indicated that tuition fee increases are based on student growth and improved course quality, with expectations for continued growth in both student numbers and average tuition fees [1] Question: What are the reasons for the revenue growth this year? - Revenue growth was primarily driven by the vocational education segment, with significant increases in student enrollment and tuition fees [1] Question: What is the progress on the new campus construction? - The new campus construction is underway, with plans to increase student capacity significantly [1] Question: What is the current asset-liability ratio and future improvement plans? - The asset-liability ratio decreased to 63.7%, and the company will continue to monitor and manage this ratio for operational stability [1] Question: What are the latest developments regarding the classification of the vocational college? - The college has expressed its intention to classify as a for-profit institution, pending further instructions from the education authorities [1] Question: How does the company plan to ensure educational quality with increasing student capacity? - The college is focusing on high-level professional development, infrastructure improvements, and enhancing faculty quality to maintain educational standards [1] Question: What are the company's plans for the next five years? - The company aims to expand its educational offerings and explore acquisition opportunities while enhancing its brand and operational capabilities [1]
21世纪教育(01598) - 2024 Q2 - 业绩电话会