Financial Data and Key Indicators Changes - The company achieved a revenue of approximately 500 million RMB in the fiscal year 2021, representing an 11.2% increase compared to the previous year [5] - Gross profit was 201.6 million RMB, a decrease of approximately 7.4 million RMB due to increased costs in labor, property, and teaching expenses [5][6] - The net profit for the year was 154 million RMB, reflecting a decrease of 9.7% compared to the previous year [5][6] Business Line Data and Key Indicators Changes - The vocational college contributed 400 million RMB in revenue with an 8.7% positive growth [6][7] - The modern technical college achieved nearly 100 million RMB in revenue, a 23% increase year-on-year, contributing 48.8 million RMB in gross profit [7] - Adult education services provided quality services to 35,349 individuals, generating 39.2 million RMB in revenue, a 21% increase [7] Market Data and Key Indicators Changes - The total number of students enrolled across the two colleges was 25,797, with a slight decrease of 4.6% compared to the previous year [6][7] - The employment rate for graduates from both colleges reached over 99% in 2021 [6] Company Strategy and Development Direction and Industry Competition - The company aims to integrate internal and external resources to build higher-level vocational colleges and provincial-level high-standard technician colleges [2][3] - The focus is on high-quality development in vocational education, aligning with national policies to enhance the attractiveness and quality of vocational training [2][10] - The company is actively expanding its campus network and enhancing cooperation with over 1,000 enterprises to deepen industry-education integration [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of vocational education, citing strong government support and the potential for growth in the sector [4][10] - The company plans to adapt to changes in national policies, particularly regarding the transition from diploma to degree-level vocational education [10][11] - Future growth is expected to come from the implementation of the undergraduate strategy and expansion of adult education services [31][32] Other Important Information - The company plans to distribute approximately 60.63 million RMB as dividends, with a payout of 5.6 HKD per share [6] - The asset-liability ratio stands at 36.1%, indicating a stable financial position [5] Q&A Session All Questions and Answers Question: What are the specific plans for upgrading the colleges to universities? - The company is planning to upgrade Lingnan Vocational Technical College to offer undergraduate programs between 2023 and 2024, with part of the professional undergraduate courses already established [17] Question: What impact does the revised Vocational Education Law have on the industry and the company? - The revised law enhances the status of vocational education, emphasizing equal opportunities with general education and promoting industry-education integration, which aligns with the company's strengths [18][19] Question: What are the reasons for the decrease in gross profit and net profit? - The decrease is attributed to rising costs in labor, property, and teaching expenses, although adjusted net profit remained stable at approximately 179 million RMB [20] Question: Will the company expand its business outside the Greater Bay Area? - The company has established good cooperation with institutions in Southeast Asia and plans to further develop these partnerships as the pandemic situation improves [21] Question: What is the current student capacity and utilization rate? - The total number of full-time students is 27,987, with an overall utilization rate of 83.2% [22] Question: What is the timeline for the completion of the undergraduate transition? - The transition is expected to begin with professional approvals in 2023-2024, aiming for full implementation during the 14th Five-Year Plan period [29] Question: What is the company's approach to international cooperation? - The company is committed to international education, with ongoing collaborations with institutions in South Korea, Malaysia, and Germany, and plans to open overseas campuses when conditions permit [30]
华南职业教育(06913) - 2021 Q4 - 业绩电话会