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Edvantage Group Announces its Business Update for First Three Quarters of FY2023
New industry-education integration policy rolled out
Quality schooling brand nurtures Chinese talent
Revenue and Gross Profit Reached at RMB1,460.3 million and RMB735.7 million respectively
HONG KONG, Jul 26, 2023 - (ACN Newswire) - Edvantage Group Holdings Limited ("Edvantage Group" or the "Group", stock code: 0382.HK), the largest private business higher and vocational education group in the Greater Bay Area, has announced its unaudited financial data and business update for the nine months ended 31 May 2023 (the "Period under Review").
Business Update Highlights (Unaudited relevant data for the nine months ended 31 May 2023)
-- Revenue increased by 16.1% YoY to approximately RMB1,460.3 million;
-- Gross profit rose by 16.3% YoY to approximately RMB735.7 million;
-- Number of student enrolments increased by 11.6% against the same period last year to 87,068.
During the Period under Review, the Group achieved steady growth in both revenue and gross profit, with the former increasing by 16.1% year-on-year to approximately RMB1,460.3 million and the latter up by 16.3% year-on-year to approximately RMB735.7 million. The Group's gross profit margin was 50.4%. The increase in the Group's revenue was mainly attributable to the increase in the number of student enrolments and average tuition fees in all the PRC operating schools of the Group. The number of full-time student enrolments of the Group was 87,068 for the nine months ended May 31, 2023.
National Policies Continue to Support the Development of Industry-Education Integration to Promote High-Quality Development of Vocational Education
On 13 June 2023, including the National Development and Reform Commission, the Ministry of Education, and the Ministry of Human Resources and Social Security, jointly issued the "Action Plan for Empowering and Improving Vocational Education through the Integration of Production and Education (2023-2025)". Four key areas highlighted in the plan include promoting the integration of industry and education, strengthening the foundation for the development of vocational colleges, establishing practical training bases for industry-education integration, and deepening cooperation between industry-education integration and enterprises. The Group actively responds to the relevant national policies, focuses on internal construction, further promote the integration of industry and education, cultivate and build industry-education integration-oriented enterprises, and comprehensively promote the high-quality development of vocational education.
Adhered to High-Quality and Highly Compliant Education, Teaching Brands Widely Recognised
During the Period under Review, the Group closely followed the national policy guidelines, insisted on high-quality and highly compliant education, and focused on bringing out the full potential of high-quality education. The teaching brands of the Group's schools have received recognition by the society. Guangzhou Huashang College ranked 10th in the national private finance and economics colleges in the 2023 Best Chinese University Ranking of Shanghai Ranking; The employment rate of the 2022 graduates of Guangzhou Huashang Vocational College is as high as 97.8%. In 2022, the number of students admitted to the undergraduate programmes of Huashang Vocational College and the admission rate reached a record high, and the admission rate has reached 61.5%. Urban Vocational College of Sichuan has ranked first in the Competitiveness Ranking of Chinese Higher Vocational Colleges in the recent three consecutive years in the province. Urban Technician College of Sichuan is a "Three Stars Famous School - Sichuan Provincial Secondary Formal Vocational Education Famous School, Famous Major, Famous Training Base Construction Project. Guangdong Huashang Technical School was recognised by the Human Resources and Social Security Department of Guangdong Province as a "Provincial Demonstration Technical School Founding Unit".
Established Three New Undergraduate Majors and Six New Higher Vocational Majors to Promote the Development of Industry-Education Integration
The Group actively improve the structural setting of vocational education by offering more majors that were in shortage and met market demand, forming a professional system closely connected with the industrial and innovation chain. Among others, Huashang College has been approved to offer three new undergraduate application-oriented majors in digital economy, financial mathematics, and jewellery design and technology. Huashang Vocational College has also added a total six new application-oriented majors, including big data application on finance and taxation, online marketing and live broadcast e-commerce, business data analysis and application, architectural interior design, cloud computing technology application, and dental technology, with a view to injecting new vitality to talent training of the schools.
Outstanding Contributions in ESG, Active Assumption of Corporate Social Responsibilities
The Group has always been steadfast in assuming its corporate social responsibility and actively contributing to social development, focusing mainly on the learning, exchanges, internships, employment, and entrepreneurship of young people in Hong Kong and Macao. The Group donated two " Edvantage x VTC" coffee trucks to the Hong Kong Institute of Vocational Education under the Hong Kong Vocational Training Council to encourage innovation and entrepreneurship among young people in Hong Kong. The long-term cooperation between the Group's schools and the Vocational Training Council has effectively promoted the coordinated development of vocational education in the Greater Bay Area, helping to develop the Greater Bay Area into an "international centre for vocational education development" and jointly creating a new highland for the integration of industry and education in the Greater Bay Area.
Future Development
Looking ahead, the Group will promote the high-quality development of vocational education, guided by national policies and the market. In terms of education, the Group will adhere to high-quality and highly compliant education, utilise the advantages of educational resources in international education market and the Guangdong-Hong Kong-Macao Greater Bay Area, and rely on the integration of industry and education to cultivate application-oriented talent with a sense of social responsibility and an international vision, in order to continue to contribute to the empowerment of enterprises, service to society, and the development of the country.
About Edvantage Group Holdings Limited
Edvantage Group Holdings Limited ('Edvantage Group' or the 'Group', stock code: 0382.HK) is the largest private business higher education and vocational education group in the Greater Bay Area, and an early mover in education sector in pursuing international expansion, listed in Hong Kong Main Board on 16 July 2019. The total number of full-time student enrolments of the Group was approximately 87,100 as of 31 May 2023. Operated 9 private education institutions, namely, Guangzhou Huashang College (Applied Undergraduate), Guangzhou Huashang Vocational College (Higher Vocational Education) and Guangdong Huashang Technical School (Secondary Vocational Education) located in Guangdong, China; Urban Vocational College of Sichuan (Higher Vocational Education) and Urban Technician College of Sichuan (Secondary Vocational Education) in Sichuan, China; GBA Business School (GBABS) in Hong Kong, China; Global Business College of Australia (GBCA) and Edvantage Institute Australia (EIA) in Australia; Edvantage Institute (Singapore) (EIS) in the downtown of Singapore.
While focusing on school operations, the Group also actively fulfil corporate social responsibility, extensively contributing to social welfare programmes including charity, poverty alleviation, education and revitalisation, in order to take the initiative in repaying society through action. Since its listing, the Group has made outstanding contribution in the field of ESG and has won the "InnoESG Care Prize" in 2021, Gelonghui's "Mid-to-Small Market Value Corporate Social Responsibility Award of the Year", and Zhitong Caijing's "Best CSR Listed Company" award in 2022.
Source: Edvantage Group Holdings Limited
Sectors: Education
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