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Annual Report 2019 CORPORATE INFORMATION

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Annual Report 2019 CORPORATE INFORMATION CONTENTS 2 Company Profile 3 Corporate Information 5 Financial Highlights 7 Chairman’s Statement 8 Management Discussion and Analysis 29 Report of Directors 55 Directors and Senior Management 59 Corporate Governance Report 69 Environmental, Social and Governance (ESG) Report 97 Independent Auditor’s Report 101 Consolidated Statement of Profit or Loss and Other Comprehensive Income 102 Consolidated Statement of Financial Position 104 Consolidated Statement of Changes in Equity 105 Consolidated Statement of Cash Flows 107 Notes to the Consolidated Financial Statements 167 Definitions MANAGEMENT DISCUSSION AND ANALYSIS Company Profile We are one of the leading private education service groups in Chengdu, Sichuan Province, the PRC with a track record of more than 18 years in the provision of private education services. Through our schools, we provide education services to students of different age groups from kindergarten to high school. As at 1 September 2019, we operated a total 11 schools, comprising six kindergartens, one primary and middle school, two middle schools and one middle and high school in Chengdu, as well as one primary and middle school in each of Bazhong, Guangyuan and Ziyang, Sichuan Province. As at 1 September 2019, we had an enrollment of 12,082 students supported by 1,709 employees, including 986 teachers. Since 2001, we have built the foundation of our business We aim to provide quality education services with a strong upon private preschool education and expanded our emphasis on the all-round development of students. footprints to the private primary and middle school With increasing demand for quality private education education industry. In June 2001, we established Chengdu from parents in the PRC, we have undergone significant Youshi Experimental Kindergarten, our first kindergarten development since the opening of our first school in 2001. formed in joint venture with Chengdu Preschool Normal On the back of experience gained over the years and the School. This was followed by Lidu Kindergarten, Riverside dedication and commitment of our management team, we Kindergarten, Longquan Kindergarten, Qingyang have built a strong reputation for quality in the industry, Kindergarten and Peninsula Kindergarten. We established which will allow us to attract outstanding students and Chengdu Jinjiang District No. 1 Experimental Middle teachers as we further expand our school network and School Attached to Sichuan Normal University in April geographic coverage to enhance and cement our market 2012, followed by Longquan School and Tianfu School in position in the private fundamental education sector in successful replications of our business model for school Sichuan Province. management. After years of planning and preparations, in September 2018, we launched our own education brand name of “Bojun School” and established four through-train schools in Chengdu, Bazhong and Guangyuan in Sichuan Province, to provide education from primary to high-school levels. In September 2019, we established a through-train school in Ziyang in Sichuan Province, to provide education from primary to high-school levels. 2 BOJUN EDUCATION COMPANY LIMITED Annual Report 2019 CORPORATE INFORMATION BOARD OF DIRECTORS AUDITOR Executive Directors Deloitte Touche Tohmatsu Mr. Xiong Tao (Chairman of the Board) Mr. Ran Tao LEGAL ADVISORS Ms. Liao Rong As to Hong Kong law: Non-executive Directors Loeb & Loeb LLP Mr. Wu Jiwei As to PRC law: Independent Non-executive Director Jingtian & Gongcheng Mr. Cheng Tai Kwan Sunny (Chairman) Mr. Mao Daowei COMPLIANCE ADVISER Ms. Luo Yunping First Shanghai Capital Limited Mr. Yang Yuan Audit Committee PRINCIPAL BANKERS Agricultural Bank of China, Hong Kong branch Mr. Cheng Tai Kwan Sunny (Chairman) Agricultural Bank of China, Chengdu Shahebao branch Mr. Mao Daowei China CITIC Bank, Chengdu Jinsha branch Ms. Luo Yunping Bank of China (Hong Kong) Limited Nomination Committee REGISTERED OFFICE Mr. Xiong Tao (Chairman) Cricket Square Mr. Mao Daowei Hutchins Drive Ms. Luo Yunping PO Box 2681 Grand Cayman Remuneration Committee KY1-1111 Cayman Islands Mr. Yang Yuan (Chairman) Mr. Mao Daowei Ms. Luo Yunping HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN THE PRC Company Secretary No. 288 Jingan Road, Jinjiang District Mr. Lam Wai Kei Chengdu Sichuan Province The PRC Authorised Representatives Mr. Wu Jiwei Mr. Lam Wai Kei Annual Report 2019 BOJUN EDUCATION COMPANY LIMITED 3 CORPORATE INFORMATION PRINCIPAL PLACE OF BUSINESS IN HONG KONG 21st Floor, CCB Tower 3 Connaught Road Central Hong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Conyers Trust Company (Cayman) Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Tricor Investor Services Limited Level 54, Hopewell Centre 183 Queen’s Road East, Hong Kong STOCK CODE 1758 COMPANY’S WEBSITE http://bojuneducation.com INVESTOR RELATIONS Phone: +86-28-86002115 Email: [email protected] 4 BOJUN EDUCATION COMPANY LIMITED Annual Report 2019 FINANCIAL HIGHLIGHTS A summary of the results and of the assets and liabilities of the Group for the last five financial years, as extracted from published audited financial statements, is set out below: FIVE-YEAR COMPARISON OF KEY FINANCIAL FIGURES For the year ended 31 August Result of operation 2015 2016 2017 2018 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 103,223 135,371 181,240 231,259 338,019 Gross Profit 35,304 49,387 59,134 61,814 89,755 Profit for the year 20,597 31,909 35,050 15,308 28,941 Adjusted net profit (Note) 14,778 30,035 37,858 26,294 28,941 Profit and total comprehensive income for the year attributable to owners of the Company 21,117 29,453 35,377 17,133 26,597 Basic earnings per share (RMB) 0.04 0.07 0.06 0.03 0.03 For the year ended 31 August Financial ratio 2015 2016 2017 2018 2019 Gross profit margin (%) 34.2% 36.5% 32.6% 26.7% 26.6% Net profit margin (%) 20.0% 23.6% 19.3% 6.6% 8.6% Adjusted net profit margin (%) 14.3% 22.2% 20.9% 11.4% 8.6% Note: The adjusted net profit, which is unaudited in nature, is presented because our management believes such information will be helpful for investors in assessing the level of our net profit by eliminating the effects of certain one-off or non-recurring items. For the details of reconciliation to the most directly comparable financial measure calculated and presented in accordance with HKFRS, which is profit for the year, please refer to the paragraph headed “Financial review” under the section headed “Management discussion and analysis” in this annual report. Annual Report 2019 BOJUN EDUCATION COMPANY LIMITED 5 FINANCIAL HIGHLIGHTS As at 31 August Assets and liabilities 2015 2016 2017 2018 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Non-current assets 158,774 326,001 274,041 848,658 1,370,899 Current assets 848,318 386,225 427,327 631,127 437,467 Current liabilities 945,807 376,280 333,295 621,778 899,076 Net current (liabilities)/assets (97,489) 9,945 94,032 9,349 (461,609) Total assets less current liabilities 61,285 335,946 368,073 858,007 909,290 Non-current liabilities 8,061 6,196 2,946 45,634 69,720 Capital and reserves 53,224 329,750 365,127 812,373 839,570 Property, plant and equipment 133,653 213,089 224,341 671,226 1,106,119 Bank balances and cash 77,870 373,579 332,531 607,062 336,647 Contract liabilities (Deferred revenue) 100,305 144,389 201,325 280,481 350,837 Borrowings 79,000 – – 60,000 140,000 As at 31 August Financial ratio 2015 2016 2017 2018 2019 Current ratio 0.90 1.03 1.28 1.02 0.49 Gearing ratio (Note) 166.6% 2.2% 1.0% 7.4% 16.7% Note: Gearing ratio is calculated by dividing total debts (which equal interest-bearing bank borrowings and obligation under finance leases) by total equity attributable to owners of the Company as of the respective year end date. For the year ended 31 August Cash flows 2015 2016 2017 2018 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Net cash from operating activities 153,507 69,668 127,812 126,931 103,870 6 BOJUN EDUCATION COMPANY LIMITED Annual Report 2019 CHAIRMAN’S STATEMENT Dear Shareholders, foreign languages, sports and robotics. In the Zhongkao of 2019, approximately 92.8% of our graduating middle On behalf of the Board, I am pleased to present the school students scored well enough for admission by annual report of the Company, covering the consolidated first-tier high schools in Chengdu. In the Gaokao of 2019, results of the Group for the year ended 31 August 2019. approximately 99.30% of our high school graduates were admitted to universities (this is the first batch of graduates), with approximately 94.8% of them admitted RESULTS OVERVIEW to the universities. Compared with the previous financial year, the Group’s total revenue for the year ended 31 August 2019 grew by approximately 46.1% to approximately RMB338.0 million. DEVELOPMENT PLANS Profit for the year increased by approximately 89.1% Looking to the future, we believe we will continue to to approximately RMB28.9 million, while adjusted net benefit from the PRC Government’s strong efforts to profit for the year increased by approximately 10.1% to promote the regulated development of private education. approximately RMB28.9 million. To further enhance and expand our market position as a provider of premium private education in Southwest China, the Group will continue to focus on the growth of SUMMARY OF BUSINESS its K12 education services in Sichuan Province by actively As of now, we have been running private schools in increasing our capacity of existing schools, with a view to Chengdu, Sichuan Province, China for more than 17 years the ongoing growth of our education services.
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