Recently, Boshile Education released its unaudited financial report for the second quarter of the 2024 fiscal year as of February 29, 2024.
The financial report shows that Boshi Le's revenue in the second quarter was 521 million yuan, an increase of 17.2% compared to the same period last year's 445 million yuan.
In terms of revenue composition, during the reporting period, Boshile Education's overseas school revenue increased by 20.5% year-on-year to 248 million yuan, accounting for 47.7% of the total revenue. Boshile Education stated that the growth of this business is mainly attributed to the increase in the number of students and average tuition fees in overseas schools; Due to the recovery of overseas tutoring and international competition training businesses, the supplementary education service revenue of Boshile Education in the second fiscal quarter of 2024 was 214 million yuan, a year-on-year increase of 19.5%, accounting for 41% of the total revenue; Unlike the year-on-year growth in revenue from the two aforementioned businesses, during the reporting period, the revenue from domestic kindergartens and K12 operating services of Boshile Education decreased by 1.5% year-on-year to 59 million yuan.
In the second fiscal quarter, Boshile Education's gross profit was 162 million yuan, compared to 115 million yuan in the same period last year, an increase of 40.2% year-on-year; The gross profit margin also increased from 25.9% in the same period last year to 31%. Regarding this, Zhang Hui, Chief Financial Officer of Boshile Education, stated in the financial report that "the increase in gross profit margin is mainly due to our optimization of cost structure and implementation of expense control measures.".
According to the financial report, the total sales, general, and management expenses of Boshile Education during the reporting period were 147 million yuan, a decrease of 5.8% compared to 156 million yuan in the same period last year.
During the reporting period, Boshile Education's net profit was 2.893 million yuan, which was a loss of 50.832 million yuan compared to the same period last year, turning losses into profits; During the reporting period, Boshile Education's adjusted net profit was RMB 7.056 million, while the adjusted net loss for the same period in the previous fiscal year was RMB 47.785 million.
The net loss attributable to common shareholders for basic and diluted net income of common stock was RMB 0.02, while in the same quarter of the previous fiscal year, the basic net loss and diluted net loss per common stock were both RMB 0.42.
In the financial report, Niu Ruolei, CEO of Boshile Education, stated that in the second quarter, both overseas schools and supplementary education services businesses achieved double-digit year-on-year growth, achieving profits for the second consecutive quarter, compared to a net loss in the same period of the previous fiscal year. At the same time, the utilization rate of facilities and teaching resources will be further improved, and operations in the UK will be strengthened.