Financial Data and Key Metrics Changes - In the first half of the year, total revenue reached 192 million yuan, with a year-on-year growth of 32.6% [3][4] - The revenue from vocational education accounted for 65% of total revenue, while non-vocational education contributed 35% [4][6] - The average annual compound growth rate since the company went public in 2018 is 16.7% [4][6] Business Line Data and Key Metrics Changes - Vocational education revenue grew by 13.2%, while non-vocational education revenue surged by 94%, primarily due to the acquisition of Shijiazhuang Yuying Experimental High School [4][6] - The number of full-time students increased by 13.6%, reaching a total of 19,167 students [11][12] - The tuition fee cap for vocational courses increased by 30.8%, contributing to revenue growth [12][15] Market Data and Key Metrics Changes - The overall education expenditure in 2022 reached 6.1 trillion yuan, with a compound annual growth rate of 7.9% [10][11] - The vocational education market is expected to exceed 900 billion yuan in 2023, with an annual growth rate of 11.7% [9][10] Company Strategy and Development Direction - The company aims to expand its service boundaries by exploring opportunities in vocational education and related industries, focusing on a dual-driven model of internal development and external acquisitions [20][22] - The company is enhancing its educational quality and conditions to attract more students, particularly in its new high school and vocational education sectors [18][19] Management's Comments on Operating Environment and Future Outlook - The management highlighted the increasing demand for vocational education due to industrial upgrades, with a projected talent gap in manufacturing exceeding 30 million by 2025 [9][10] - The company is committed to responding to national policies encouraging vocational education development and integrating industry with education [20][22] Other Important Information - The company has maintained a stable dividend payout ratio, increasing it to 30% of operating profit in the previous year [7][8] - The company has repurchased approximately 7-8% of its total shares since its listing, enhancing shareholder value [8][9] Q&A Session All Questions and Answers Question: Can you explain the business model for the new college entrance examination services? - The business model includes two main parts: assisting students with college entrance exam planning and registration, and collaborating with high schools to enhance local teacher resources [22][23] Question: Why focus on regions like Hangzhou for expansion? - The company views Hangzhou and similar regions as having a strong emphasis on education, making them ideal for expansion [23]
21世纪教育(01598) - 2023 Q2 - 业绩电话会