China Edu Group (Stock Code: 839) released insider information on November 12, 2024, announcing updates on its financial performance for the 2024 fiscal year. According to the preliminary review of the unaudited comprehensive management accounts, the company expects a net profit for the 2024 fiscal year to be between RMB 420 million and RMB 590 million, a significant decrease from approximately RMB 1,541 million in the 2023 fiscal year. This decrease is mainly due to impairment of goodwill and intangible assets of some cash-generating units in Sichuan and Shaanxi provinces, as well as goodwill impairment resulting from changes in Australia's international student policies. It is expected to recognize one-time non-cash impairment losses of approximately RMB 1,680 million to RMB 1,750 million. However, excluding these impairment losses, the...Show More

China Edu Group (Stock Code: 839) released insider information on November 12, 2024, announcing updates on its financial performance for the 2024 fiscal year. According to the preliminary review of the unaudited comprehensive management accounts, the company expects a net profit for the 2024 fiscal year to be between RMB 420 million and RMB 590 million, a significant decrease from approximately RMB 1,541 million in the 2023 fiscal year. This decrease is mainly due to impairment of goodwill and intangible assets of some cash-generating units in Sichuan and Shaanxi provinces, as well as goodwill impairment resulting from changes in Australia's international student policies. It is expected to recognize one-time non-cash impairment losses of approximately RMB 1,680 million to RMB 1,750 million. However, excluding these impairment losses, the adjusted non-IFRS net profit for the 2024 fiscal year is expected to reach between RMB 2,190 million and RMB 2,290 million, representing a growth of approximately 5.4% to 10.3% from the 2023 fiscal year. The company also saw an increase of about 5.2% in the number of full-time students. The company emphasizes that these data have not been confirmed or audited by independent auditors or audit committees and may be subject to adjustments. The final audited full-year performance is expected to be announced by the end of November 2024.