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Public company info - China Chunlai Education Group Co. Ltd. , 01969.HK
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China Chunlai Education Group Co. Ltd., 01969.HK - Company Profile
Chairman Hou Chunlai
Share Issued (share) 1,200,000,000
Par Currency Hong Kong Dollar
Par Value 1.0E-5
Industry Other Support Services
Corporate Profile Business Summary: The principal activities of the group are mainly engaged in the operation of private higher education institutions. Performance for the year: For the year ended 31 August 2021, we recorded a revenue of RMB1,042 million and a gross profit of RMB631.4 million. The gross profit margin was 60.6% for the year ended 31 August 2021 as compared with 52.6% for the corresponding period in 2020. The net profit of the Group amounted to RMB606.9 million and RMB141.3 million for the years ended 31 August 2021 and 31 August 2020, respectively. The net profit margin of the Group amounted to 58.2% and 20.1% for the years ended 31 August 2021 and 31 August 2020, respectively. Business Review The Company is one of the leading providers of private higher education in China. Since our inception in 2004, we have grown to operate three colleges in Henan Province, namely Shangqiu University, Anyang University and Shangqiu University Kaifeng Campus, and two colleges in Hubei Province, namely Hubei Jiankang Vocational College (湖北健康職業學院) (“Jiankang College”) and Jingzhou College* (荊州學院) (“Jingzhou College”) (formerly Hubei College). We also participate in the operation of Tianping College of Suzhou University of Science and Technology (蘇州科技大學天平學院) (“Tianping College”). We completed the acquisition of sponsor interest of Jingzhou College in May 2021 and are in the process of acquiring the sponsor interest of Tianping College. We believe that we have strong potential to further grow our business, and the private higher education market in China presents many market opportunities. In 2020, the outbreak of novel coronavirus (“COVID-19”) has certain impact on the education business of the Group, mainly due to domestic travel restrictions and various precautionary measure undertaken by respective local authorities which, inter alia, include closure of schools and delays in class commencement during the outbreak period. The Group has put in place certain alternative action plans for the students during the schools’ closure period, which include implementation of online modules and website distance learning activities In view of the implementation of the above mentioned action plans, the management of the Group has assessed and preliminarily concluded that at this stage, there was no significant impact on the financial position of the Group as at 31 August 2021. The Company is of the view that the business of the Group remained relatively stable for the year ended 31 August 2021, notwithstanding the impact of COVID-19. Our employment-oriented curricula are focused on equipping our students with practicable skills that meet the demand of economic development in China. The effectiveness of our practical curricula and training programmes is reflected in our high graduate employment rates. For the 2019/2020 and 2020/2021 school years, the average initial employment rate of our higher education programmes was approximately 85.1% and 84.9%, respectively. The employment rate of our graduates for the 2019/2020 school year dropped given the impact of COVID-19 on the employment market in the PRC in 2020. Our Colleges Shangqiu University Shangqiu University is located in Shangqiu, Henan Province. The predecessor of Shangqiu University was Huayu College of Henan Agricultural University (河南農業大學華豫學院), which we co-founded with Henan Agricultural University in 2004. Shangqiu University currently offers 47 bachelor’s degree programmes, 18 junior college to bachelor’s degree transfer programmes, 36 junior college diploma programmes, 14 combined vocational education and junior college diploma programmes and 20 vocational education programmes. Shangqiu University has also been approved to offer double-major bachelor’s degree programmes in marketing, Chinese language and literature, economics, human resources management, and international economy and trade. For the 2020/2021 school year, Shangqiu University had a total enrolment of 30,353 students. In April 2017, Shangqiu University established Chunlai Institute, a two-year honours programme that aims to promote comprehensive and individualised education of its select students. Chunlai Institute offers courses in, among others, management, world history, introduction to traditional Chinese culture, conversational English and art. To increase the competitiveness of its enrolees, Chunlai Institute also offers courses that prepare students for graduate school entrance exams and civil service examinations. Anyang University Anyang University is located in Anyang, Henan Province. The predecessor of Anyang University was College of Humanities and Management of Anyang Normal University (安陽師範學院人文管理學院) (the “College of Humanities and Management”), which was co-founded by Anyang Normal University and Anyang Iron and Steel Group in 2003. Anyang University currently offers 41 bachelor’s degree programmes, 32 junior college diploma programmes, 3 counterpart bachelor’s degree programmes, 3 counterpart junior college diploma programmes, 25 combined vocational education and junior college diploma programmes and 6 technical secondary school programmes. For the 2020/2021 school year, Anyang University had a total enrolment of 34,724 students. In April 2021, we established the new Anyang University Yuanyang Campus, which only started to enrol students for the 2021/22 school year after the Reporting Period. Shangqiu University Kaifeng Campus Shangqiu University Kaifeng Campus is located in Kaifeng, Henan Province. It was established in 2013 as a branch college (下屬學院) of Shangqiu University. Shangqiu University Kaifeng Campus currently offers 26 bachelor’s degree programmes, 20 junior college to bachelor’s degree transfer programmes and 20 junior college diploma programmes. For the 2020/2021 school year, Shangqiu University Kaifeng Campus had a total enrolment of 14,594 students. Jiankang College Jiankang College is located in Xianning, Hubei Province. By closely following the state’s “Healthy China 2030” and “Aging Service and Industry” strategic development needs, Jiankang College has set up three departments and two divisions, including the Department of Nursing, the Department of Health Intelligent Engineering, the Department of Public Health, the Division of Basic Medicine, and the Division of Public Instruction, and offers 7 majors, namely nursing, midwifery, rehabilitation technology, dental medicine technology, health management, early childhood development and health management, and rehabilitation engineering technology. For the 2020/2021 school year, Jiankang College had a total enrolment of 472 students. Jingzhou College (formerly Hubei College) Jingzhou College is located in Jingzhou, Hubei Province. Jingzhou College currently offers 31 bachelor’s degree programmes, and 18 junior college diploma programmes. For the 2020/2021 school year, Jingzhou College had a total enrolment of 10,759 students. We have completed the acquisition of sponsor interest of Jingzhou College in May 2021 and the results of operations has been consolidated into those of the Group for the Reporting Period. Student Enrolment For the 2020/2021 school year, the number of students increased by 48.1% from 61,398 in the prior school year to 90,902. The increase was primarily due to the incorporation of Jingzhou College during the Reporting Period. We also achieved expected results through increasing our efforts and expanding our footprint, thereby driving solid momentum for future sustainable development. The Group believes the educational philosophies of its schools and its well-developed curricula as well as its high graduate employment rates enable the Group to attract high-quality students who are seeking a pathway to satisfactory employment. In addition, the quality faculty team is also a major factor that has played in the past, and will continue to play in the future, an important role in the success of the schools. Student Recruitment Our new student enrolment has historically been driven primarily by word-of-mouth referrals. We believe we generally have a good reputation in providing high quality education services among our students and their parents. In addition, after over 16 years of operations, we have built a highly engaged and vibrant community of alumni, who we believe would assist us to continuously attract outstanding students. Other than referrals from alumni network, we also employ a range of marketing and recruiting methods to attract students and increase enrolment at our colleges, such as information sessions, advertisements and brochures. Our recruitment efforts, coupled with the quality and reputation of our education programmes, have helped us achieve high admission yields in our colleges that offer bachelor’s degree programmes. For example, for the 2020/2021 school year, the overall yield of our four colleges that offer bachelor’s degree programmes (being Shangqiu University, Anyang University, Shangqiu University Kaifeng Campus and Jingzhou College), as defined by the number of students who enrolled in a bachelor’s degree programme divided by the number of students who were admitted in that programme, was 97.1%. Our Teachers We believe that our team of experienced and dedicated teachers are crucial to our success. As an operator of private schools, we can provide better incentives to qualified teachers who fit our hiring criteria. Teachers are the key to maintaining high-quality educational programmes and services as well as maintaining our brand and reputation. Our aim is to continue hiring teachers with a strong command of their respective subject areas who are open to innovative teaching methods and a caring heart towards students’ well-being. As of 31 August 2021, we had 2,599 full time teachers and 839 part-time teachers. Acquisition of Sponsor Interest of Tianping College On 19 August 2019, Henan Shangqiu Chunlai Education Corporation (河南商丘春來教育集團) (the “School Sponsor”), a consolidated affiliated entity of the Company, entered into an agreement with Suzhou University of Science and Technology (蘇州科技大學) (“Suzhou University of Science and Technology”) and Suzhou University of Science and Technology Education Development Foundation (蘇州科技大學教育發展基金會), which was amended by a supplemental agreement dated 20 August 2019 between the School Sponsor and Suzhou University of Science and Technology (collectively, the “Formal Agreement”). Pursuant to the Formal Agreement, the School Sponsor agreed to be the new school sponsor of Tianping College and to cooperate with Suzhou University of Science and Technology to jointly operate Tianping College during a certain preparatory period for converting Tianping College into a standalone private ordinary college without the name of Suzhou University of Science and Technology (the “Preparatory Period for Conversion”) for a total consideration of RMB800,111,100 (equivalent to approximately HK$909,217,159). The change of school sponsor of Tianping College and the conversion of Tianping College into a standalone private ordinary college is subject to the approval of and registration by the relevant authorities in the PRC (the “Acquisition”). For further details, please refer to the announcements of the Company dated 23 July 2019 and 20 August 2019 and the major transaction circular to be published in due course. Prospects: In order to continuously increase our total enrolment, we plan to acquire additional land use rights and construct new education and living facilities. We consider that the increase in capacity under the expansion plan is essential to accommodate our growth strategy of increasing student enrolment going forward. Each of our colleges generally requires its students to live in dormitories on campus. Therefore, a college’s student enrolment is largely limited by the capacity of its student dormitories. Taking into account the gender specificity of our student dormitories and the gender mix of our students, there is currently limited capacity for a significant growth in student enrolment. We expect to increase the capacity of our colleges progressively to strike a reasonable balance between student enrolment and utilisation. We believe the planned increase in capacity is appropriate and will enable our colleges to grow sustainably. We consider that, given our track record of delivering quality private higher education and industry reputation, the education authorities in the PRC will be receptive to our application for increasing admission quota provided that we are able to demonstrate that we have sufficient school capacity, appropriate facilities available and quality education programmes to offer, which are among the key objectives of our expansion plans.

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