Revenue and Profit Growth - Revenue increased by 8.9% to RMB 1,631,496 thousand in 2024 compared to RMB 1,497,962 thousand in 2023[3] - Gross profit rose by 7.4% to RMB 955,503 thousand in 2024 from RMB 890,055 thousand in 2023[3] - Profit before tax grew by 14.3% to RMB 786,913 thousand in 2024 compared to RMB 688,175 thousand in 2023[3] - Net profit for the year increased by 13.7% to RMB 778,171 thousand in 2024 from RMB 684,393 thousand in 2023[3] - Adjusted net profit rose by 17.3% to RMB 789,883 thousand in 2024 compared to RMB 673,227 thousand in 2023[3] - Total revenue for 2024 reached RMB 1,631,496 thousand, a 8.9% increase from RMB 1,497,962 thousand in 2023[23] - Revenue increased by 8.9% to RMB 1,631.5 million, primarily due to higher average tuition fees[97] - Gross profit rose by 7.4% to RMB 955.5 million, with a gross margin of 58.6%, down from 59.4% in the previous year[100] - Net profit for the year ended August 31, 2024, was RMB 778.2 million, with a net profit margin of 47.7%, up from 45.7% in the previous year[95] - Adjusted net profit increased by 17.3% to RMB 789.9 million, driven by higher average tuition fees[95] - Annual profit increased by 13.7% from RMB 684.4 million in the year ended August 31, 2023, to RMB 778.2 million in the reporting period[108] - Adjusted net profit (non-IFRS measure) increased by 17.3% from RMB 673.2 million in the year ended August 31, 2023, to RMB 789.9 million in the reporting period[110] Assets and Liabilities - Property, plant, and equipment increased to RMB 3,161,911 thousand in 2024 from RMB 2,987,663 thousand in 2023[8] - Trade and other receivables grew significantly to RMB 1,214,535 thousand in 2024 from RMB 670,988 thousand in 2023[8] - Net current liabilities decreased to RMB 844,008 thousand in 2024 from RMB 987,435 thousand in 2023[10] - Total assets less current liabilities increased to RMB 4,404,380 thousand in 2024 from RMB 4,009,653 thousand in 2023[11] - The total property, plant, and equipment as of August 31, 2024, amounted to RMB 4,525,723,000, with significant additions in buildings (RMB 24,708,000), furniture and fixtures (RMB 34,456,000), and electronic equipment (RMB 115,386,000)[42] - The net book value of property, plant, and equipment as of August 31, 2024, was RMB 3,161,911,000, compared to RMB 2,987,663,000 as of August 31, 2023[44] - The company is in the process of obtaining property certificates for buildings with a total book value of RMB 1,398,507,000 as of August 31, 2024 (2023: RMB 1,033,758,000)[44] - The intangible assets, specifically the school operation rights of Jingzhou College, were valued at RMB 188,000,000 using the discounted cash flow method with a discount rate of 12% (2023: 15%)[46] - The prepayment for the cooperation agreement with Tianping College is RMB 800,111,000, which will be treated as the acquisition cost once the transfer of the college's operation rights is completed[48] - The company has offshore foreign deposits of USD 40,000,000 (approximately RMB 283,604,000) as collateral for RMB-denominated domestic loans[49] - Trade and other receivables as of August 31, 2024, totaled RMB 1,214,535,000, with significant increases in receivables for tuition and accommodation fees (RMB 116,944,000) and service income (RMB 133,684,000)[53] - Accounts receivable for tuition and accommodation fees increased to RMB 116,944 thousand in 2024, up from RMB 80,275 thousand in 2023, with the largest increase in the 181 to 365 days category (RMB 31,598 thousand vs. RMB 13,443 thousand)[54] - Total borrowings increased to RMB 2,248,190 thousand in 2024 from RMB 2,171,622 thousand in 2023, with the majority (RMB 1,728,005 thousand) due within one year[60] - Fixed-rate borrowings accounted for RMB 1,955,744 thousand in 2024, while floating-rate borrowings increased significantly to RMB 292,446 thousand from RMB 70,000 thousand in 2023[63] - The actual annual interest rates for borrowings ranged from 2.50% to 9.43% for fixed-rate loans and 3.45% to 5.35% for floating-rate loans in 2024[67] - Advances to Tianping College increased significantly to RMB 722,700 thousand in 2024 from RMB 375,800 thousand in 2023, with an interest rate of 4.75%[58] - The company's total accrued expenses and other payables increased to RMB 395,688 thousand in 2024 from RMB 305,747 thousand in 2023, with the largest increase in accrued employee benefits and wages (RMB 51,694 thousand vs. RMB 35,208 thousand)[61] - Bank borrowings of RMB 1,091,216 thousand in 2024 (up from RMB 605,950 thousand in 2023) were secured by tuition fee receivables, equity of affiliated colleges, and personal guarantees[63] - Cash and cash equivalents were RMB 789.7 million and RMB 790.9 million as of August 31, 2023, and August 31, 2024, respectively[110] - Capital-to-debt ratio decreased by 8.3 percentage points from 66.2% as of August 31, 2023, to 57.9% as of August 31, 2024, due to an increase in total equity[112] Dividends and Shareholder Information - The company proposed a final dividend of RMB 0.0924 per share for 2024, compared to RMB 0.053 per share in 2023[3] - The company declared a final dividend of RMB 0.0924 per share for 2024, a 74.3% increase from RMB 0.053 per share in 2023[37] - The final dividend for the fiscal year ending August 31, 2023, is RMB 0.053 per share (approximately HKD 0.058 per share), totaling RMB 63,985,000 (approximately HKD 69,600,000), approved at the annual general meeting on January 19, 2024. Of this, RMB 63,224,000 (approximately HKD 68,763,000) has been paid, with RMB 761,000 (approximately HKD 837,000) remaining unpaid as of August 31, 2024[41] - The company has proposed a final dividend of RMB 0.0924 per share (approximately HKD 0.1 per share) for the reporting period, compared to RMB 0.053 per share (approximately HKD 0.058 per share) in 2023[128] - The final dividend will be declared in RMB and paid in HKD, with the exchange rate based on the average middle rate published by the People's Bank of China for the five business days prior to the declaration[128] - The 2025 Annual General Meeting will be held on January 10, 2025, with share transfer registration suspended from January 7 to January 10, 2025[130] - Share transfer registration will also be suspended from January 16 to January 21, 2025, to determine eligibility for the proposed final dividend[130] - The company's issued and fully paid share capital remained unchanged at 1,200,000,000 ordinary shares with a nominal value of HKD 0.00001 per share[67] Student Enrollment and Institutional Performance - The company operates a total of 6 institutions in Henan and Hubei provinces, with 1,100校企合作 projects as of August 31, 2024[71] - The average employment rate of graduates from the company's higher education programs is approximately 93.56% as of August 31, 2024[72] - Shangqiu College has a total enrollment of 25,046 students in the 2023/2024 academic year, offering 53 undergraduate programs and 38专升本 programs[74] - Shangqiu College Applied Technology College has a total enrollment of 15,170 students in the 2023/2024 academic year, offering 20 undergraduate programs and 16专升本 programs[75] - Anyang College has a total enrollment of 28,738 students in the 2023/2024 academic year, offering 46 undergraduate programs and 34专升本 programs[76] - Anyang College Yuanyang Campus has a total enrollment of 10,788 students in the 2023/2024 academic year, offering 19 undergraduate programs and 12专科 programs[77] - Health College has a total enrollment of 6,805 students in the 2023/2024 academic year, offering 19 programs in fields such as nursing and rehabilitation therapy[79] - Jingzhou College has a total enrollment of 16,754 students in the 2023/2024 academic year, offering 38 undergraduate programs and 15专升本 programs[80] - The total enrollment across all institutions increased by 24 students (0.02%) from 103,277 in 2022/2023 to 103,301 in 2023/2024[83] - Health College experienced the highest enrollment growth, with an 84.0% increase from 3,699 students in 2022/2023 to 6,805 students in 2023/2024[83] - Total student enrollment increased slightly by 0.02% to 103,301 students in the 2023/2024 academic year, driven by growth at Anyang University Yuanyang Campus, Jingzhou University, and Health College[87] - The overall enrollment rate for undergraduate programs across five institutions reached 94.41% in the 2023/2024 academic year[88] - Revenue from Anyang University Yuanyang Campus surged by 34.3% to RMB 177.2 million, mainly due to increased student enrollment[97] - Revenue from Health College jumped by 84.9% to RMB 96.7 million, also due to higher student numbers[97] Financial Costs and Income Tax - Financing costs decreased to RMB 95,720 thousand in 2024, down 23.1% from RMB 124,545 thousand in 2023, primarily due to lower interest expenses on bank and non-bank borrowings[31] - Corporate income tax expense increased to RMB 8,742 thousand in 2024, a 131.1% rise from RMB 3,782 thousand in 2023[32] - Financing costs decreased by 23.1% from RMB 124.5 million in the year ended August 31, 2023, to RMB 95.7 million in the reporting period, primarily due to lower borrowing rates[106] - Income tax expenses increased from RMB 3.8 million in the year ended August 31, 2023, to RMB 8.7 million in the reporting period, mainly due to higher taxable income[107] Strategic Initiatives and Future Plans - The company entered into a strategic cooperation agreement with ICBC to meet financial and business needs, including various financial services[93] - The company plans to acquire more land use rights and build new educational and living facilities to support future enrollment growth[94] - Anyang College and Shangqiu College entered into international education cooperation agreements with Elite Education Institute of Australia and Massey University of New Zealand in November 2024[127] - The company has fully utilized the net proceeds of RMB 489.8 million from the global offering, with RMB 18 million used during the reporting period for acquiring land use rights and constructing teaching and living facilities[139] Corporate Governance and Compliance - The company has maintained high standards of corporate governance and complies with the Corporate Governance Code and the Model Code for Securities Transactions by Directors[131][132][134] - The audit committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ended August 31, 2024[136] - The company did not purchase, sell, or redeem any of its listed securities during the year ended August 31, 2024[137] - The annual results announcement and annual report will be published on the Hong Kong Stock Exchange website and the company's website[140] - The board of directors includes executive directors Hou Junyu and Jiang Shuqin, executive director and CEO Zhang Jie, non-executive director and chairman Hou Chunlai, and independent non-executive directors Jin Xiaobin, Huo Peiming, and Liu Ziwen[142] Employee and Payroll Information - Total employee count increased from 4,750 as of August 31, 2023, to 5,180 as of August 31, 2024[125] - Total payroll costs for the reporting period were RMB 356.2 million, compared to RMB 330.8 million in the year ended August 31, 2023[126] Other Income and Expenses - Other income surged to RMB 128,788 thousand in 2024, a 53.2% increase from RMB 84,066 thousand in 2023, driven by higher service income and government grants[26] - Interest income from loans to Tianping College rose to RMB 27,500 thousand in 2024, up 47.1% from RMB 18,688 thousand in 2023[26] - The company has provided a refundable deposit of RMB 50,000,000 to Suzhou University of Science and Technology as a guarantee for the proper operation of Tianping College[51] - The weighted average expected loss rate for accounts receivable remained at 0% across all aging categories for both 2024 and 2023[57]
中国春来(01969) - 2024 - 年度业绩