New Higher Education currently has 7 schools with more than 113,500 students, covering 300 undergraduate and college majors. 7,147 employees.
On March 23, New Higher Education (02001.HK) announced its 2019 annual report. In 2019, New Higher Education achieved revenue of 1.252 billion yuan, an increase of 72.2% year-on-year; net profit of 430 million yuan, an increase of 69.3% year-on-year. The reason for the increase in revenue was that: the newly completed acquisition of Central China School and Guangxi School; Henan School and Northeast School were consolidated. Among them, a new school of 500 acres was newly built in Henan School, with 27,000 students.
Li Xiaoxuan, founder and chairman of the board of directors of the New Higher Education Group, said that in 2019, the group has further achieved two-wheel drive growth, the quality of education and employment has improved significantly, the successful integration of the merged university has been completed, and various businesses have grown steadily. At the same time, the company pays attention to improving the level of teaching and digitalization, and implements digitalization of teaching, management, service, and security. The TronClass online teaching platform integrating teaching, learning, management, and evaluation played an important role during the epidemic prevention and control, and met the online teaching Demand, cumulative visits exceeded 40 million.
Screenshot from financial report
Among them, Guangxi School was acquired in January last year for 259 million yuan in cash, and Huazhong School was acquired in August last year for 604 million yuan in cash. Since the acquisition, Guangxi School has contributed revenue of 83.118 million yuan, with a net profit of 22.33 million yuan; Central China School has contributed 72.213 million yuan in revenue and 18.04 million yuan in net profit.
In 2019, the gross profit of New Higher Education is 543 million yuan, and the gross profit margin is 49.1%.
Its sales and distribution expenses were 13.957 million yuan, administrative expenses were 84.891 million yuan, other expenses were 27.208 million yuan, and financing costs were 93.806 million yuan.
In 2019, New Higher Education’s cash and cash equivalents, time deposits, and pledged deposits were 1.047 billion yuan, compared with 413 million yuan in the same period last year, an increase of 153.5%. Net cash flow from operating activities increased from 457 million yuan to 831 million yuan. Net interest-bearing liabilities decreased by 49.8% to 439 million yuan, and the net interest-bearing liabilities / total equity ratio decreased from 38.3% in 2018 to 14.9%.
New Higher Education currently has 7 schools with more than 113,500 students, covering 300Subject and specialty. 7,147 employees.
New Higher Education closed at HK $ 2.18 today, up 6.34%, with a market value of HK $ 3.36 billion and PE is 12 times.
With regard to the epidemic, the management of New Higher Education has carefully evaluated and made a preliminary judgment. The financial status of the group has not been significantly affected for the time being. At the same time, representatives of medical graduates went deep into the anti-epidemic front line in Wuhan. Five outstanding nursing graduates from the Guizhou school joined the E-medical team and went to the anti-epidemic front line in Wuhan. The majority of the faculty, staff and students of the Group have also made voluntary donations to support the new crown pneumonia epidemic prevention and control work. At present, they have received donations of about 1.4 million yuan and large quantities of materials.