Minsheng Education Announces 2017 Annual Results
2018年3月13日 - 3:30PM
JCN Newswire
Minsheng Education Group Company Limited ("Minsheng Education"
or the "Group," Stock code: 1569) has announced its audited annual
results for the twelve months ended 31 December 2017 ("Period under
Review").
Financial Highlights
- Revenue increased by 7.4% to RMB477.8 million (FY2016: RMB445.0
million)
- Gross profit grew by 7.8% to RMB278.7 million (FY2016: RMB258.6
million). Gross profit margin improved to 58.3% (FY2016: 58.1%)
- Core net profit increased by 31.9% to RMB 310.4 million (FY2016:
RMB235.3 million). Core net profit margin increased to 65.0%
(FY2016: 52.9%)
- Annual net profit increased by 4.4% to RMB 260.9million (FY2016:
RMB249.7 million)
- Basic earnings per share were RMB6.86 cents (FY2016: RMB8.00
cents)
Minsheng Education recorded a revenue of RMB 477.8 million for the
twelve months ended 31 December 2017, increasing by approximately
7.4% when compared to the corresponding period of the previous
year. Gross profit rose by 7.8% to approximately RMB278.7 million,
with gross profit margin up to approximately 58.3%. Net profit was
approximately RMB 260.8 million, rising by 4.4% compared to the
corresponding period of the previous year. Excluding the
listing-related expenses, unrealized exchange loss and share option
expenses, the core net profit surged by 31.9% to RMB310.4 million
as core net profit margin grew to 65.0%. Basic earnings per share
amounted to RMB6.86 cents. The Board does not recommend an annual
dividend for the twelve months ended 31 December 2017.
Mr. Li Xuechun, Chairman of Minsheng Education, said, "Minsheng
Education intends to expand its school network and increase its
market penetration and its market share in private higher education
sector in the PRC. The management team will identify and evaluate
potential acquisition target across China to solidify our position
as one of the largest private provider of formal higher education
in China, thus enhancing the value of the Group, further
consolidate and expand the Group's competitive advantage to create
long term and high value returns to shareholders."
Business Review
Actively Expands School Network
The Group had an aggregate of 41,120 students enrolled at 5 schools
that it owned and operated as at 31 December 2017, namely,
Chongqing College of Humanities, Science and Technology, Pass
College of Chongqing Technology and Business University, Chongqing
Vocational College of Applied Technology, Inner Mongolia Fengzhou
Vocational College (Qingcheng Branch) and Chongqing Electronic
Information College. Besides, Laoling Minsheng Secondary Vocational
School, the sixth school of the Group, is expected to enroll its
first batch of students in September 2018. In addition, the
People's Government of Laoling (the"Laoling Government") and Bureau
of Education of Laoling have entrusted the management and operation
of Laoling Secondary Vocational and Technical School to Laoling
Minsheng Secondary Vocational School.
In November 2017, Chongqing Yuecheng Zhiyuan Education Technology
Co., Ltd. ("Chongqing Yuecheng"), a consolidated affiliated entity
of the Company, signed an agreement to increase capital in
Chongqing Electronic Information College. Pursuant to the
agreement, Chongqing Yuecheng would make a capital contribution of
RMB125 million to Chongqing Electronic Information College,
increasing its stake in operation of the college to 51%, and all
procedures concerned were completed in February 2018.
On 12 February 2018, Chongqing Jierui Education Technology Co.,
Ltd. ("Jierui"), a company designated by the Company, entered into
an agreement and a supplemental agreement (collectively,
the"Laoling Agreements") with the People's Government of Laoling
(the"Laoling Government") in relation to the proposed establishment
of Laoling Senior High School Affiliated with Minsheng Education
Group (the "Minsheng Laoling High School"). The establishment of
the Minsheng Laoling High School represents the Group's step in
expanding the scope of its businesses into the high school market
in the PRC.
Growing of teacher qualifications
As at 31 December 2017, the number of school teachers has increased
by approximately 286 or approximately 26%. At the same time, the
Group has recruited more experienced personnel in various
positions. The Group has implemented a job competition mechanism
for mid-level management staff in its Pass College of Chongqing
Technology and Business University and Chongqing Vocational College
of Applied Technology.
Upgrade and transformation of teaching facilities
The Group has further improved the teaching conditions in 2017.
Chongqing College of Humanities, Science and Technology has
recently built the Innovation and Entrepreneurship College and the
Innovation and Entrepreneurship Training Base; Chongqing College of
Humanities, Science and Technology and Chongqing Vocational College
of Applied Technology have refurbished their stadiums, student
apartments in Pass College of Chongqing Technology and Business
University and Chongqing Vocational College of Applied Technology
have configured new facilities, and Shandong Laoling Minsheng
Secondary Vocational School has finished the new campus planning,
and has started the basic construction.
Outlook
Seek acquisition opportunities and formulate organic growth
strategyGoing forward, the Group will expand its school numbers and
student sizes through mergers and acquisitions and internal growth.
It will explore the investment opportunities in independently
organized ordinary undergraduate higher education institutions;
independent colleges with preliminary conditions to be converted to
independently organized ordinary undergraduate higher education
institutions; higher vocational (junior) colleges with preliminary
conditions to be upgraded to independently organized ordinary
undergraduate higher education institutions; and specialized
secondary colleges and high schools.
Expand into the high school market and extend its presence in the
international teaching arena
The Group will expand the scope of business into the high school
market in the PRC through the establishment of high schools and
mergers and acquisitions of high schools with both good brand name
and good quality. To expand the internationalised school operation,
the Group will choose universities with both good brand name and
good quality in Europe and the United States as its acquisition
targets. It will set up a marketing department and an international
college in each school to carry out a variety of models of
cooperation in operating schools and cooperate with famous
international universities to carry out network teaching.
The Group will gradually expand the teaching-by-network scope and
together with its campuses achieve effective information management
and services to improve the centralised management, the Group's
schools share courses with a high level of high-quality teacher
resources and logistics supply, including the implementation of a
unified tender and procurement for large amounts procurement, and
for building construction, aimed at strengthening management.
About Minsheng Education Group Company Limited (Stock code:
1569)
Minsheng Education Group Company Limited has been listed on the
Main Board of the Hong Kong Stock Exchange since 22 March 2017, is
one of the largest private providers of higher education in China.
As at 31 December 2017, the Group operated five schools in the
People's Republic of China (the "PRC"), namely Chongqing College of
Humanities, Science and Technology, Pass College of Chongqing
Technology and Business University, Chongqing Vocational College of
Applied Technology, Inner Mongolia Fengzhou Vocational College
(Qingcheng Branch). The sixth school of the Group, Laoling Minsheng
Secondary Vocational School is under construction. In addition,
Laoling Secondary Vocational and Technical School will be managed
and operated by Laoling Minsheng Secondary Vocational School under
an entrustment management arrangement. The Group primarily offers
formal higher education, including formal undergraduate education
and junior college education. For further details, please visit:
http://www.minshengedu.com
Enquiries:
Strategic Financial Relations Limited
Joanne Lam Tel: +852 2864 4816 Email: joanne.lam@sprg.com.hk
Stephanie Liu Tel: +852 2864 4852 Email:
stephanie.liu@sprg.com.hk
Ovina Zhu Tel: +852 2114 4955 Email: ovina.zhu@sprg.com.hk
Fax: +852 2527 1196
Source: Minsheng Education Group Company Limited
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