Hope Education (01765) released annual results with adjusted net profit of 875 million yuan, an increase of 15.32% over the previous year

Zhitong Finance ·  11/30/2023 22:12

Hope Education (01765) released its annual results for the year ended August 31, 2023, with revenue of 3,582 billion yuan (...

According to the Zhitong Finance App, Hope Education (01765) released its annual results for the year ended August 31, 2023, with revenue of 3,582 billion yuan (RMB, same below), up 17.71% year on year; annual profit of 211 million yuan; adjusted gross profit of 1,761 million yuan, up 18% year on year; and adjusted net profit of 875 million yuan, up 15.32% year on year.

According to reports, the increase in earnings is mainly due to a significant increase in the number of students enrolled in schools in China. In the 2023-2024 academic year, the number of newly recruited students from the company's institutions exceeded 100,000 for the first time, and the number of enrolled students exceeded 290,000, reaching another record high. In the past 5 years, the compound growth rate of newly recruited students from colleges organized by the company was 26.4%, and the compound growth rate of current students was 27.6%

During the reporting period, the company continued to increase investment in running schools, improve the conditions for running schools, and consolidate the foundation of content development. Capital expenditure for expansion was 1,498 billion yuan, focusing on the renovation and expansion of institutions, incremental upgrading of teaching and training equipment, and improvement of the campus environment. During the reporting period, it was invested in the construction of new comprehensive training rooms for big data, artificial intelligence, the Internet of Things, communication engineering, software development, industrial robots, etc., as well as 172 training centers, including high-speed rail simulation cabin training rooms, cooking training rooms, and construction work training rooms, adding more than 20,000 square meters of internship training rooms.

During the reporting period, the employment department visited more than 2,141 enterprises offline, contacted more than 4,200 enterprises online, and completed 651 school-enterprise cooperation negotiations. A total of 54 large-scale double election meetings and 681 special job fairs were held, providing more than 150,000 internships and jobs. Since its listing, the company's host institutions have sent more than 400,000 professional and skilled talents of all levels and types to the community, contributing hope to social and economic development.

In addition, the scale of operation of the company's overseas Inti International University in Malaysia, Thailand University of Economics and Trade, and Wickler Business School in Hungary has steadily increased, growing steadily compared to before the merger; the quality of operation and social reputation have improved; the quality of operation and social reputation have improved. Indi International University Malaysia entered the top 600 for the first time in the 2024 QS World University Rankings, ranking 556th.

The company has further stepped up its efforts to bring in more than 3,000 new teachers, including more than 400 with professional skill levels and above. At the same time, it has actively carried out various types of internal training 2199 times to increase the talent pool. During the reporting period, teachers' remuneration expenses were 1,051 million yuan, an increase of 21.1% over the previous year. Colleges and universities enhance teachers' business ability through various methods such as improving vocational education, bringing the old with the new, academic exchanges, and “go out, please come in”. The organization encouraged teachers from various colleges and universities to participate in various competitions at the national, provincial and municipal levels. A total of 205 awards were won, including 30 national awards and 87 provincial awards. Through the introduction of talents, diversified training, and “competition to promote training”, the overall quality of teachers has been improved.

The company emphasizes “integration of morality and skill, education and training” and actively promotes industry-education integration, school-enterprise cooperation, and collaborative education in various colleges and universities. It has signed school-enterprise cooperation agreements with China Railway Eighth Bureau, Chengdu Railway, Wuhan Electrification Bureau of China Railway, Ningde Times, BYD, China Aviation Lithium Battery, Chery Automobile, Hikvision, Tianma Microelectronics Co., Ltd., Shandong Goerle Co., Ltd., Geely Automobile, Jingdong, SAIC Motor Volkswagen Co., Ltd., China Innovation Aviation Technology Co., Ltd., Sunchuangyuan, etc.

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