Financial Performance - The revenue for the six months ended February 29, 2024, was RMB 813,910,000, representing an increase of 8.7% compared to RMB 748,710,000 for the same period in 2023[2]. - Gross profit for the same period was RMB 493,706,000, up 4.8% from RMB 471,026,000 year-over-year[2]. - Profit before tax increased by 15.7% to RMB 388,111,000 from RMB 335,510,000 in the previous year[2]. - The total comprehensive income for the period was RMB 384,271,000, reflecting a growth of 16.0% compared to RMB 331,172,000 in the prior year[2]. - The adjusted net profit for the period, excluding share-based compensation and foreign exchange losses, was RMB 386,047,000, a 16.3% increase from RMB 331,819,000[2]. - Basic and diluted earnings per share for the six months ended February 29, 2024, were RMB 384,271,000, up from RMB 331,172,000 in the previous year, reflecting a growth of 15.9%[17]. - The company's profit increased by 16.0% from RMB 331.2 million for the six months ended February 28, 2023, to RMB 384.3 million for the six months ended February 29, 2024[58]. - Adjusted net profit rose by 16.3% from RMB 331.8 million to RMB 386.0 million during the same periods[59]. Dividend Information - The company proposed an interim dividend of RMB 0.0907 per share, compared to no dividend for the same period last year[3]. - The proposed interim dividend is RMB 0.0907 per share, totaling RMB 108,840,000, compared to no interim dividend declared for the same period in 2023[18]. - The total amount of the final dividend for the year ended August 31, 2023, was approximately RMB 63.9 million, approved at the annual general meeting on January 19, 2024[68]. - The board has proposed an interim dividend of RMB 0.0907 per share for the six months ended February 29, 2024, compared to no dividend for the same period in 2023[68]. Assets and Liabilities - Non-current assets totaled RMB 5,218,548,000 as of February 29, 2024, compared to RMB 4,997,088,000 as of August 31, 2023[6]. - Current assets decreased to RMB 1,401,555,000 from RMB 1,460,715,000 in the previous period[6]. - The net current liabilities increased to RMB (1,074,931,000) from RMB (987,435,000) year-over-year[7]. - Total equity as of February 29, 2024, was RMB 3,597,231,000, up from RMB 3,275,659,000 as of August 31, 2023[7]. - As of February 29, 2024, the company's cash and cash equivalents were RMB 382.9 million, down from RMB 789.7 million as of August 31, 2023[60]. - The capital debt ratio decreased by 14.0 percentage points to approximately 52.2% as of February 29, 2024, compared to 66.2% on August 31, 2023[61]. Enrollment and Education - As of February 29, 2024, the total number of students enrolled across all institutions was 104,053, showing a slight increase of 0.1% from 103,931 on February 28, 2023[44]. - The average employment rate of graduates from higher education programs was approximately 93.52% as of December 31, 2023[36]. - The enrollment at 商丘学院 decreased by 13.9% from 29,779 to 25,638 students[43]. - The enrollment in the 专升本 courses at 商丘学院 increased significantly by 59.3%, from 3,023 to 4,817 students[43]. - The enrollment at 健康学院 surged by 83.9%, increasing from 3,714 to 6,831 students[44]. - 荊州学院's total enrollment rose by 22.2%, from 13,710 to 16,752 students[44]. - The number of students at 安阳学院 decreased by 5.3%, from 30,525 to 28,897 students[43]. - The enrollment in the 专科 courses at 商丘学院应科技学院 dropped by 78.2%, from 4,940 to 1,079 students[43]. - Total student enrollment increased by 0.1% from 103,931 to 104,053 for the academic year 2023/2024[45]. - The overall admission rate for the five colleges offering undergraduate programs was 96.8% as of February 29, 2024[46]. Strategic Initiatives - The company reported a strategic cooperation agreement with ICBC to enhance financial services, effective from April 2, 2024[33]. - The company has established partnerships with approximately 900 enterprises for practical training and collaborative education as of February 29, 2024[36]. - The company plans to acquire more land use rights and build new educational facilities to support future enrollment growth[48]. - The company has allocated RMB 244.9 million for acquiring land use rights and constructing educational facilities, with RMB 18 million used in the six months ended February 29, 2024[75]. - RMB 146.9 million was designated for acquiring or collaborating with other universities in China, with no amount utilized as of February 29, 2024[75]. Financial Management - The financing cost for the six months ended February 29, 2024, was RMB 47,294,000, down from RMB 61,384,000 in the same period of 2023, representing a decrease of 22.9%[13]. - Income tax expense for the six months ended February 29, 2024, was RMB 3,840,000, a decrease from RMB 4,338,000 in the previous year, indicating a reduction of 11.5%[14]. - Other income rose by 53.3% to RMB 62.1 million, mainly driven by increased service revenue[54]. - Administrative expenses increased by 3.6% to RMB 117.6 million, primarily due to higher employee compensation[57]. - The total salary cost for the reporting period was RMB 171.9 million, an increase from RMB 158.7 million for the six months ended February 28, 2023[66]. - The company has established credit facilities with banks amounting to RMB 330 million and RMB 240 million for Anyang College and Shangqiu College, respectively[64]. - The company does not have any significant acquisitions or disposals during the reporting period[63]. - The company has no foreign currency hedging policy in place to manage foreign exchange risks[66]. Corporate Governance - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited consolidated financial statements for the reporting period[72]. - The company has adopted high standards of corporate governance and complied with all provisions of the Corporate Governance Code during the reporting period[70]. - The interim results announcement will be published on the Hong Kong Stock Exchange and the company's website[76].

Enrollment and Student Statistics - The total number of enrolled students increased from 97,685 in the 2021/2022 academic year to 103,277 in the 2022/2023 academic year[5] - The total number of students in the 2022/2023 academic year across all institutions was approximately 90,178, showing a decrease of 3.2% from the previous year[25] - The number of students in the undergraduate programs at Shangqiu College decreased by 3.0% to 9,698, while the number in the vocational education programs increased by 19.1% to 6,017[25] - Anyang College experienced a significant decline of 21.6% in undergraduate enrollment, dropping to 8,473 students, while the number of students in the specialized programs surged by 62.4% to 5,851[25] - Enrollment in the Applied Technology College's undergraduate program increased by 3.1% to 8,173 students[31] - The total enrollment rate for undergraduate programs across four colleges was 96.8% for the 2022/2023 academic year[32] - The number of students in vocational education courses increased by 188.9% to 780[31] - The health college in Hubei Province has a total enrollment of 3,699 students, focusing on nursing and health management programs[23] Financial Performance - Revenue rose from RMB 1,309 million for the year ended August 31, 2022, to RMB 1,498 million for the year ended August 31, 2023, representing a growth of 14.4%[12] - Adjusted net profit for the year was RMB 673 million, up 25.2% from RMB 538 million in the previous year[12] - Gross profit increased by 7.7%, from RMB 826 million in 2022 to RMB 890 million in 2023[12] - Profit before tax grew by 23.9%, from RMB 555 million in 2022 to RMB 688 million in 2023[12] - Revenue for the fiscal year ending August 31, 2023, was RMB 1,498.0 million, representing a 14.4% increase from RMB 1,309.2 million in the previous year[38] - Adjusted net profit rose by RMB 135.6 million or 25.2% to RMB 673.2 million, with an adjusted net profit margin of 44.9% compared to 41.1% in the previous year[37] - Gross profit for the fiscal year was RMB 890.1 million, with a gross margin of 59.4%, down from 63.1% in the previous year[37] - Net profit for the year increased by 23.9% from RMB 552.3 million for the year ended August 31, 2022, to RMB 684.4 million for the year ended August 31, 2023[49] Capital Structure and Equity - The total equity increased from RMB 2,615 million in 2022 to RMB 3,276 million in 2023[9] - The capital-to-debt ratio improved from 91.4% in 2022 to 66.2% in 2023[9] - The debt-to-equity ratio improved from 91.4% as of August 31, 2022, to 66.2% as of August 31, 2023, a decrease of 25.2 percentage points[53] - The company has a zero balance in distributable reserves as of August 31, 2023[119] Dividends and Shareholder Information - The company proposed a final dividend of RMB 0.053 per share, subject to shareholder approval[12] - The board has proposed a final dividend of RMB 0.053 per share, subject to shareholder approval, which equates to approximately HKD 0.058[115] - As of August 31, 2023, Mr. Hou holds 900,000,000 shares, representing 75% of the company's equity[149] - Mr. Hou also holds options under the pre-IPO share option plan amounting to 6,000,000 shares, which is 0.50% of the total issued shares[149] Operational Developments - The company is acquiring more land and resources in Henan Province to expand enrollment[5] - The company plans to acquire more land use rights and build new educational and living facilities to support future enrollment growth[36] - The company completed the acquisition of Jingzhou College in May 2021 and is in the process of acquiring the operator's equity of Tianping College[17] - The company operates four institutions in Henan Province and two in Hubei Province, with a focus on applied talent cultivation and industry-education integration[17] Management and Governance - The board consists of three executive directors, one non-executive director, and three independent non-executive directors[68] - The company has a strong management team with extensive experience in education and logistics, with key members having over 15 years of experience in their respective fields[85][86][88] - The company secretary, Yu Anni, has over 20 years of experience in corporate governance, enhancing the company's compliance and governance standards[91] - The company has established a remuneration committee in accordance with the Corporate Governance Code to oversee compensation matters[148] Strategic Initiatives and Future Outlook - The company plans to expand its market presence by opening three new campuses in key cities, aiming for a 30% increase in total enrollment by the end of the next fiscal year[76] - New product offerings, including online courses, are expected to contribute an additional 10% to overall revenue in the upcoming year[77] - The management has provided guidance for the next fiscal year, projecting a revenue growth of 20%[80] - The company is executing a business plan aimed at expanding its overseas education operations, demonstrating a commitment to meet qualification requirements[195] Risks and Compliance - The company faces several key risks, including the ability to maintain or increase student enrollment and tuition fees[109] - The company acknowledges potential risks associated with its contractual arrangements, including regulatory compliance and ownership control issues[175] - The company has been closely monitoring the regulatory environment in China to mitigate risks associated with the contractual arrangements[182] Contractual Arrangements - The company has established contractual arrangements to operate its private education business in China, ensuring compliance with local regulations[173] - The contractual arrangements accounted for 100% of the group's revenue and pre-tax profit for both 2023 and 2022[183] - The company relies on the ability of foreign-invested enterprises to distribute dividends, and any restrictions on this ability could significantly impact the company's capacity to pay dividends to shareholders[177] Environmental and Social Responsibility - The company maintains a commitment to environmental policies and practices, including recycling and reducing waste[102] - The company has made charitable donations of approximately RMB 0 during the reporting period[112] Share Options and Incentives - As of August 31, 2023, the company granted options for 33,550,000 shares under the pre-IPO share option plan to 23 participants[124] - The maximum number of shares that can be granted under the share incentive plan is capped at 84,000,000 shares, representing 7% of the company's issued share capital as of the listing date[140] - The share incentive plan aims to align the interests of eligible participants with the company's long-term development and profitability[138]

Financial Performance - For the fiscal year ended August 31, 2023, the total revenue was RMB 1,497,962,000, representing a 14.4% increase from RMB 1,309,197,000 in the previous year[2] - Gross profit for the same period was RMB 890,055,000, up 7.7% from RMB 826,703,000[2] - Profit before tax increased by 23.9% to RMB 688,175,000, compared to RMB 555,451,000 in the prior year[2] - The adjusted net profit was RMB 673,227,000, reflecting a 25.2% growth from RMB 537,630,000[2] - Net profit attributable to shareholders for the year was RMB 684,393,000, up 24.0% from RMB 552,260,000 in 2022[18] - Basic earnings per share increased to RMB 0.5703 in 2023 from RMB 0.4602 in 2022, reflecting a growth of 24.0%[18] - The company’s net profit for the year rose by 23.9% to RMB 684.4 million from RMB 552.3 million in the previous year[64] - The adjusted net profit for the same period was RMB 673,227,000, up from RMB 537,630,000, reflecting a growth of 25.2%[65] Revenue Sources - Tuition and accommodation fees amounted to RMB 1,359,278,000 and RMB 138,684,000 respectively, compared to RMB 1,188,035,000 and RMB 121,162,000 in 2022, reflecting growth of 14.4% and 14.5%[12] - Other income increased to RMB 84,066,000 in 2023 from RMB 51,631,000 in 2022, representing a growth of 62.9%[13] - Interest income rose significantly to RMB 9,672,000 in 2023 from RMB 4,255,000 in 2022, marking an increase of 127.0%[13] - The revenue from the Health College surged by 176.7% to RMB 52.3 million, primarily due to expanded enrollment[56] Dividends and Shareholder Information - The company proposed a final dividend of RMB 0.053 per share, subject to shareholder approval at the annual general meeting on January 19, 2024[3] - Proposed final dividend per share is RMB 0.053, down from RMB 0.1 in 2022, resulting in total proposed dividends of RMB 63,985,000 compared to RMB 120,000,000 in the previous year[19] - The annual general meeting will be held on January 19, 2024, with a suspension of share transfer registration from January 16 to January 19, 2024[77] Assets and Liabilities - Non-current assets, including property, plant, and equipment, totaled RMB 2,987,663,000, an increase from RMB 2,797,921,000 in the previous year[6] - Current liabilities included contract liabilities of RMB 678,914,000, indicating a focus on managing cash flow[8] - The total assets less current liabilities amounted to RMB 4,009,653,000, compared to RMB 2,986,483,000 in the previous year[6] - As of August 31, 2023, the total carrying value of properties, plants, and equipment is RMB 4,105,565,000, an increase from RMB 3,706,141,000 as of August 31, 2022, representing a growth of approximately 10.7%[20] - The carrying value of properties pledged as collateral for other loans increased to RMB 441,666,000 in 2023 from RMB 312,131,000 in 2022, reflecting a rise of about 41.4%[21] Student Enrollment and Education Sector - The total number of enrolled students increased by 5.7% from 97,685 in the 2021/2022 academic year to 103,277 in the 2022/2023 academic year[50] - The number of students in the specialized upgrading program at Shangqiu College rose by 25.5%, from 2,399 to 3,011[47] - Enrollment in vocational education courses at Shangqiu College increased by 19.1%, from 5,050 to 6,017[47] - The number of students in the health college surged by 180.7%, from 1,318 to 3,699[48] - The total number of students at Jingzhou College increased by 12.1%, from 12,234 to 13,718[48] - The company operates primarily in the private higher education sector in China, generating revenue from tuition and accommodation fees[10] Financial Management and Costs - The overall cost of revenue increased by 26.0% to RMB 607.9 million, with the cost as a percentage of revenue rising to 40.6% from 36.9%[57] - Administrative expenses decreased by 12.3% to RMB 174.4 million, attributed to reduced utility and maintenance costs[62] - Financing costs decreased by 8.3% to RMB 124.5 million, primarily due to a reduction in average loans[63] - The total salary cost for the reporting period was RMB 330.8 million, an increase from RMB 272.9 million for the year ended August 31, 2022, reflecting a growth of 21.2%[74] Corporate Governance and Compliance - The audit committee has reviewed the audited consolidated financial statements for the year ending August 31, 2023, ensuring compliance with accounting and internal control policies[81] - The company has adopted and complied with the Corporate Governance Code as per the Listing Rules during the reporting period[78] - The company’s auditor, Zhonghui Anda CPA Limited, has verified the financial figures in the announcement but did not provide an opinion or assurance on the announcement[80] Future Plans and Investments - The company plans to acquire more land use rights and build new educational and living facilities to increase student enrollment capacity[53] - The remaining unused proceeds from the global offering, approximately RMB 18 million, are expected to be gradually used for acquiring land use rights and constructing educational facilities by September 2024[84] - The company has no significant investments or future capital asset plans disclosed for the year ended August 31, 2023[68][74] Employment and Workforce - The number of employees decreased from 5,763 as of August 31, 2022, to 4,750 as of August 31, 2023, indicating a reduction of approximately 17.5%[74] Risk Management - The company faces foreign exchange risks due to transactions, assets, and liabilities denominated in USD and HKD, but currently has no hedging policy in place[73]

Enrollment Growth - The total number of enrolled students increased from 98,387 on February 28, 2022, to 103,931 on February 28, 2023, representing a growth of approximately 5.2%[3] - Total student enrollment increased by 5.6% from 98,387 in the previous academic year to 103,931 in the 2022/2023 academic year, primarily due to the expansion of enrollment at Anyang College Yuanyang Campus and Health College[18] - Enrollment at Shangqiu College decreased by 1.9% to 29,779 students, with a notable decline of 3.1% in undergraduate courses[17] - Anyang College saw a 10.7% decrease in total enrollment to 30,525 students, with a significant drop of 21.7% in undergraduate courses[17] - Enrollment at Shangqiu College of Applied Technology increased by 11.6% to 18,054 students, driven by a 67.1% increase in transfer programs[17] - Health College's enrollment surged by 176.8% to 3,714 students, reflecting strong demand for health-related programs[17] - Jingzhou College's total enrollment rose by 11.8% to 13,710 students, with a 5.9% increase in undergraduate courses[17] - Anyang College Yuanyang Campus achieved a remarkable 100.7% increase in total enrollment to 8,149 students, with a 96.8% increase in undergraduate courses[17] Financial Performance - Revenue rose from RMB 655.6 million for the six months ended February 28, 2022, to RMB 748.7 million for the six months ended February 28, 2023, marking a 14.2% increase[6] - Gross profit increased by 14.9%, from RMB 409.9 million to RMB 471.0 million during the same period[6] - Profit before tax surged by 33.1%, from RMB 252.0 million to RMB 335.5 million[6] - The net profit for the period increased by 32.0%, from RMB 250.8 million to RMB 331.2 million[6] - Adjusted net profit, excluding share-based compensation and foreign exchange gains/losses, rose by 26.0% to RMB 331.8 million[6] - The gross profit margin improved to 62.9% for the six months ended February 28, 2023, compared to 62.5% for the same period in 2022[22] - The net profit margin for the six months ended February 28, 2023, was 44.2%, up from 38.3% in the same period of 2022[22] - The adjusted net profit for the same period was RMB 331.8 million, representing a 26.0% increase from RMB 263.4 million in the prior year[22] Operational Strategy - The company operates four schools in Henan Province and two in Hubei Province, with ongoing acquisitions to expand its educational resources[3] - The group has established around 700 school-enterprise cooperation partnerships, focusing on practical skills training aligned with market needs[9] - The establishment of new programs and campuses is part of the company's strategy for sustainable growth and market expansion[18] - The company plans to acquire more land use rights and build new educational and living facilities to support future enrollment growth[21] - The company aims to balance student enrollment with dormitory capacity to support its expansion strategy[21] Corporate Governance and Compliance - The company has adopted high standards of corporate governance and has complied with all relevant codes during the reporting period[35] - The company has not been involved in any significant litigation or arbitration as of February 28, 2023[37] - The company has not engaged in any significant acquisitions or disposals during the six months ended February 28, 2023[31] - The company believes that the non-compliance issues regarding its buildings will not have a significant adverse impact on its overall operations[62] - The company will update the progress of rectifying any non-compliance issues in its subsequent interim and annual reports[62] Future Outlook - The company is actively pursuing market expansion and strategic partnerships to enhance its educational offerings[104] - Future guidance indicates a projected revenue growth of 10-15% for the next fiscal year, driven by increased enrollment and new program launches[112] - The company is exploring potential acquisitions of smaller educational institutions to expand its footprint in the region[112] - The management emphasized a commitment to improving educational quality and student satisfaction, which is expected to enhance retention rates by 5%[112] Employee and Compensation - The company employed 4,750 employees as of February 28, 2023, up from 4,494 employees a year earlier[40] - The total salary cost for the reporting period was RMB 158.7 million, an increase from RMB 134.4 million for the six months ended February 28, 2022[41] - Total remuneration for directors and key management personnel was RMB 4,619,000, an increase of 26.7% from RMB 3,645,000 in the previous year[100] - The company established a compensation committee to review the remuneration of its key executives based on performance and contributions[41] Cash Flow and Liquidity - The current ratio of the company’s cash and cash equivalents decreased from RMB 630.9 million as of August 31, 2022, to RMB 478.0 million as of February 28, 2023[28] - The company believes it can meet liquidity needs through a combination of internally generated cash, external borrowings, and funds raised from capital markets[29] - The net cash generated from operating activities for the six months ended February 28, 2023, was RMB 663,981,000, a decrease of 16.4% compared to RMB 794,587,000 for the same period in 2022[72] - The company incurred a net cash outflow from investing activities of RMB 327,162,000, significantly reduced from RMB 627,349,000 in the previous year[72] Shareholder Information - The company does not recommend the payment of an interim dividend for the six months ended February 28, 2023[56] - The final dividend of RMB 0.1 per share, totaling approximately RMB 29,024,000, was approved at the annual general meeting on February 6, 2023[56] - Mr. Hou holds a controlled corporation interest of 900,000,000 shares, representing 75% of the company[54] - The company has a total of 1,200,000,000 issued shares as of February 28, 2023[50] Investment and Capital Expenditure - The company plans to use the remaining net proceeds for acquiring land use rights and constructing facilities at existing schools[39] - The company invested approximately RMB 168,964,000 in property, plant, and equipment for campus infrastructure improvements, compared to RMB 111,936,000 in the same period last year[86] - The total capital commitments as of February 28, 2023, amounted to RMB 191,544,000, significantly up from RMB 76,926,000 as of August 31, 2022, indicating an increase of approximately 149%[96]

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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]

Enrollment Growth - The total number of enrolled students increased from 90,902 in the 2020/2021 academic year to 97,685 in the 2021/2022 academic year, representing an increase of approximately 7.9%[4] - The total number of students enrolled at Shangqiu College for the 2021/2022 academic year was 30,111[17] - The total number of students enrolled at Shangqiu College of Applied Technology for the 2021/2022 academic year was 16,112[18] - The total number of students enrolled at Anyang College for the 2021/2022 academic year was 33,851[19] - The total number of students enrolled at Anyang College Yuanyang Campus for the 2021/2022 academic year was 4,059[20] - The total number of students enrolled at Health College for the 2021/2022 academic year was 1,318[22] - The total number of enrolled students increased by 7.5% from 90,902 in the 2020/2021 academic year to 97,685 in the 2021/2022 academic year, primarily due to the consolidation of Jingzhou College and Anyang College's Yuanyang Campus into the group[28] - Jingzhou College had a total enrollment of 12,234 students in the 2021/2022 academic year, representing a 13.7% increase from 10,759 in the previous year[25] - The enrollment in undergraduate programs at Jingzhou College rose by 2.5% to 6,610 students, while the enrollment in the top-up degree program surged by 120.3% to 1,280 students[25] - The total enrollment at Anyang College decreased by 2.5% to 33,851 students, with a significant drop of 17.9% in undergraduate programs[24] - The total number of students in vocational education programs at Anyang College increased by 14.4% to 7,333 students[24] - The group achieved a total enrollment of 30,111 students at Shangqiu College, with a slight decrease of 0.8% from the previous year[24] - The group has established a strong alumni network that aids in attracting high-quality students, contributing to a high enrollment rate of 95.9% for undergraduate programs[28] Financial Performance - Revenue rose from RMB 1,042 million for the year ended August 31, 2021, to RMB 1,309 million for the year ended August 31, 2022, marking an increase of about 25.6%[4] - Adjusted net profit for 2022 was RMB 538 million, up from RMB 396 million in 2021, reflecting an increase of approximately 35.7%[9] - Revenue for the year ended August 31, 2022, was RMB 1,309,197, an increase of 25.6% from RMB 1,041,999 in 2021[11] - Adjusted net profit was RMB 537,630, up 35.7% from RMB 396,109 in the previous year[11] - Gross profit increased from RMB 631 million in 2021 to RMB 827 million in 2022, resulting in a gross margin of 63.1%[9] - Gross profit for the same period was RMB 826,703, reflecting a growth of 30.9% compared to RMB 631,439 in 2021[11] - The company’s revenue cost as a percentage of revenue decreased from 39.4% to 36.9% for the fiscal year ending August 31, 2022[34] - The capital-to-debt ratio improved from 115.0% in 2021 to 91.4% in 2022, indicating a stronger financial position[10] - The company’s cash and cash equivalents increased from RMB 399.6 million to RMB 630.9 million as of August 31, 2022[41] Operational Expansion - The company is currently acquiring more land and resources in Henan Province to expand enrollment capacity[4] - The company plans to continue expanding its operations in the education sector, particularly in Henan and Hubei provinces[4] - The company plans to acquire more land use rights and build new educational and living facilities to increase student enrollment capacity[31] - The company is executing a business plan aimed at expanding its overseas education operations, demonstrating a commitment to meet qualification requirements[127] - The company is in discussions with several reputable overseas education service providers to expand its school network[127] Governance and Management - The company has a diverse board consisting of three executive directors, two non-executive directors, and three independent non-executive directors[54] - The company’s executive team includes experienced individuals with extensive backgrounds in education and financial management[55][57] - The company has a strong management team with diverse backgrounds in education and finance, enhancing operational efficiency[63] - The board proposed a final dividend of RMB 0.1 per share, subject to shareholder approval[12] - The company has established a remuneration committee to determine the remuneration policy for directors and senior management[96] - The board is responsible for the overall business strategy and performance, ensuring effective governance and decision-making[151] - The company has established three committees (audit, remuneration, and nomination) to oversee specific aspects of its affairs[152] Risk Management and Compliance - The company faces several key risks, including the ability to maintain or increase student enrollment and tuition fees[76] - The company has established a whistleblowing policy to address potential misconduct confidentially[77] - The company is closely monitoring the regulatory environment in China to mitigate risks associated with its contractual arrangements[118] - The company has complied with all relevant laws and regulations that significantly impact its business and operations during the reporting period[132] - The company has committed to correcting all non-compliance issues in a timely manner and will update the progress in future reports[131] ESG and Social Responsibility - The ESG report outlines the group's commitment to sustainable development and corporate social responsibility, adhering to the guidelines set by the stock exchange[177] - The report highlights the importance of stakeholder communication and the identification of significant ESG factors[177] - Chunlai Education aims to foster a green campus by promoting resource conservation and waste management initiatives[7.1][7.3] - The board emphasizes the importance of good ESG governance for the group's success and stakeholder value enhancement[195] - The ESG committee is responsible for identifying, assessing, and managing significant ESG issues, risks, and opportunities[197] Shareholder Relations - The company believes effective communication with shareholders is crucial for strengthening investor relations and understanding business performance[172] - The company has established channels for effective communication with investors, maintaining a proactive approach to investor relations[171] - The board reviews the effectiveness of the shareholder communication policy annually, confirming its implementation[171] - Investors and shareholders are primarily concerned with business growth, investment returns, operational stability, transparency, and corporate governance[199]

Enrollment Growth - Total student enrollment increased from 91,587 as of February 28, 2021, to 98,387 as of February 28, 2022, representing a growth of approximately 7.9%[4] - Total student enrollment increased by 7.4% from 91,587 to 98,387 due to the consolidation of Jingzhou College and Anyang College Yuanyang Campus[22] - The total enrollment for Shangqiu College was 30,356, a slight decrease of 0.5% from 30,523[21] - Anyang College's total enrollment decreased by 2.7% from 35,139 to 34,194[21] - The enrollment at Shangqiu College Applied Technology College increased by 10.2% from 14,680 to 16,174[21] - Health College's enrollment surged by 176.1% from 486 to 1,342[21] - Jingzhou College's total enrollment rose by 14.0% from 10,759 to 12,261[21] - The overall admission rate for the four colleges offering undergraduate programs was 96.3% for the 2021/2022 academic year[23] Financial Performance - Revenue rose by 30.8% from RMB 501.2 million for the six months ended February 28, 2021, to RMB 655.6 million for the six months ended February 28, 2022[8] - Gross profit increased by 33.4% from RMB 307.3 million to RMB 410.0 million during the same period[8] - Profit before tax surged by 49.0% from RMB 169.2 million to RMB 252.0 million[8] - Net profit for the period grew by 52.4% from RMB 164.6 million to RMB 250.8 million[8] - Adjusted net profit, excluding share-based compensation and foreign exchange losses, increased by 35.5% to RMB 263.4 million[8] - The gross profit margin improved to 62.5% for the six months ended February 28, 2022, up from 61.3% in the prior year[35] - Revenue for the six months ended February 28, 2022, was RMB 655,568,000, an increase of 30.7% compared to RMB 501,224,000 for the same period in 2021[113] - The net profit for the period was RMB 250,845,000, up 52.5% from RMB 164,552,000 in the same period last year[113] Strategic Expansion - The company is actively acquiring more land and resources in Henan Province to expand enrollment capacity[4] - The company completed the acquisition of Jingzhou College in May 2021 and is in the process of acquiring Tianping College[12] - The company plans to acquire more land use rights and build new educational and living facilities to support future enrollment growth[28] - The company is executing a business plan aimed at expanding its overseas education operations, demonstrating a commitment to meet qualification requirements[94] - The company is exploring potential investments or acquisitions in overseas education businesses[97] Employment and Alumni Network - The average initial employment rate for graduates was approximately 93.3% for the 2020/2021 academic year and 94.4% for the 2021/2022 academic year, indicating strong job placement success[13] - The company has established a strong alumni network that aids in attracting quality students[23] - The company believes its educational philosophy and high employment rates of graduates contribute to attracting excellent students[22] Marketing and Recruitment Strategies - The company has implemented various promotional strategies to enhance student recruitment, including seminars and advertising[23] - The company has initiated a new marketing strategy aimed at increasing brand awareness, with a budget allocation of HKD 10 million for digital marketing campaigns[163] Financial Management and Liabilities - The company’s total liabilities as of February 28, 2022, were RMB 2,565,324,000, compared to RMB 2,215,211,000 as of August 31, 2021, representing an increase of approximately 15.8%[115] - The company’s current liabilities net amount was RMB (2,032,974,000) as of February 28, 2022, compared to RMB (1,653,966,000) as of August 31, 2021, indicating a worsening liquidity position[115] - The company’s retained earnings increased to RMB 1,144,271,000 as of February 28, 2022, from RMB 970,462,000 as of August 31, 2021, reflecting a growth of about 17.9%[116] - The company incurred a net cash outflow from investing activities of RMB 627,349,000 for the six months ended February 28, 2022, compared to RMB 647,628,000 for the same period in 2021, showing a slight improvement[119] Future Outlook - Future guidance indicates a projected revenue growth of 25% for the full year 2022, driven by increased enrollment and new program launches[161] - The company plans to expand its educational offerings by introducing new undergraduate programs, aiming for a 10% increase in course offerings by the end of 2023[163] - The company is exploring potential acquisitions of smaller educational institutions to expand its market presence, with a target of completing at least one acquisition by mid-2023[163] Compliance and Governance - The company has complied with all provisions of the Corporate Governance Code during the reporting period[60] - The company is seeking guidance from its legal advisors to ensure compliance with all relevant rules and regulations in China[92] - The company is committed to correcting all non-compliance issues in a timely manner and will update the progress in subsequent interim and annual reports[100]