公司發佈FY24H1財報：本期公司收入16.5億元，同增74%；毛利5.8億元，同增57%；淨利2.9億元，同增66%，調後淨利3.2億元，同增70%。
FY24H1 results: revenue shot up 74% yoy and adjusted net profit rose 70% yoy
Key metrics:
Tianli International released FY24H1 (Sep 2023 to Feb 2024) results recently with revenue at RMB1.65bn (up 74% yoy); with gross profit at RMB580m (up 57% yoy), net profit at RMB290m (up 66% yoy) and adjusted net profit at RMB320m (up 70% yoy).
中期公司擬每股分紅4.17分人民幣，分紅率約30%；
DPS:
the company plans to pay out a RMB4.17 cents dividend per share for FYH1, a dividend payout ratio of about 30%.
收入分拆看，綜合教育服務8.5億，同增64%。主要原因是：1）高中生入讀人數增長；2）疫情結束後遊學業務迎來顯著增長；
Revenue streams: educational services grew 64% yoy; product sales grew 189% yoy
A breakdown of Tianli’s revenue streams in FYH1 is as follows (rounded figures):
•
Comprehensive educational services:
RMB850m in FYH1, an increase of 64% yoy, mainly due to more high school student enrollments and strong growth in the study-abroad business post-pandemic.
餐廳運營2.9億，同增20%，系公司所服務學生人數增加；
•
Canteen operations:
RMB290m, rising 20% yoy on servicing a larger student pool.
銷售產品4.7億，同增189%，包括銷售學生用品（如通過在線校園商城向學生提供的校服、牀上用品、日用品及文具）收入約0.73億及通過整合渠道資源及物流體系供銷農副產品收入約4億；
•
Product sales:
RMB470m, up 189% yoy, comprising:
- RMB70m from student supplies (uniforms, bedding, daily necessities, stationery sold on the online campus mall) and
- RMB400m from agricultural and peripheral products sold through consolidated channel resources and logistics systems.
管理及特許經營費0.26億，系託管學校網絡新增三所學校。
•
Management and franchise fees:
RMB26m, with three new schools added to the network of schools managed by Tianli.
天立學校遍佈16省，數量達50所
憑藉天立於其所在地四川省的堅實佈局，學校遍佈內蒙古、山東、河南、貴州、江西、浙江、雲南、甘肅、安徽、廣西、廣東、陝西、上海、重慶及湖北的36座城市。FY24H1期間，天立於50所學校向學生提供綜合教育服務。目前天立服務在校生10萬人以上，同增22%；服務高中生3.7萬，同增44%
Expanding network: 50 schools across 16 provinces and 36 cities
Current network:
Tianli has entrenched its market presence in Sichuan Province, where the company is located. Its schools span 36 cities in Inner Mongolia, Shandong, Henan, Guizhou, Jiangxi, Zhejiang, Yunnan, Gansu, Anhui, Guangxi, Guangdong, Shaanxi, Shanghai, Chongqing and Hubei. Its comprehensive educational services cover 50 schools as of FYH1, with over 100,000 students (22% more yoy) and 37,000 high school students (44% higher yoy).
爲保障可持續發展1）天立將採取措施優化營運結構，包括自一體化學校獨立出擁有獨立運營牌照的高中。於2024年2月29日，天立已成功自一體化學校獨立出合共五所擁有獨立運營牌照的營利性高中，該等高中財務業績已併入天立綜合財務報表。2）逐步提高現有高中招生規模，2023年秋季學期，學校網絡擁有36,708名高中生，同增43.8%，其中高中新生入學人數19,071名，同增41%。
Future plans:
to drive sustainable growth, the company aims to take these measures:
•Optimize the business mix: Tianli wants to separate high schools with independent operating licenses from integrated schools; it has split five for-profit high schools with independent operating licenses from integrated schools as of 29 Feb 2024, and the high schools’ financial results have been incorporated into the company’s consolidated financial statement.
•Scale up enrollments gradually at high schools: Tianli’s school network covers 36,708 high school students (43.8% more yoy) as of the fall semester of 2023, including 19,071 high school freshmen (41% more yoy).
託管項目持續落地，豐富增長點。
天立累計簽約及託管的學校共14所，共涵蓋23個學段；其中FY24H1以來，23年9月託管寧波象山天立高中、宜賓第一高級中學、靖西市外國語學校、陝西略陽天立學校；24年2月新籤託管學校山東德州東城中學、24年3月新籤雲南昭通威信縣第一中學。
Entrusted schools: projects continued to be implemented as business grows
Tianli manages 14 entrusted schools under contract, which cover 23 stages of education. The new contracts signed since FY24H1 include:
•Sep 2023: Ningbo Xiangshan Tianli High School, Yibin No. 1 Senior High School, Jingxi Foreign Language School and Shaanxi Lueyang Tianli School.
•Feb 2024: Shandong Dezhou Dongcheng High School.
•March 2024: Yunnan Zhaotong Weixin County No. 1 High School.
學科競賽成績亮眼，研學業務顯著增長，電商平臺升級上線。
天立招募組建一隻由全國頂尖教練領銜的競賽團隊
，教練成員超40餘名，內容覆蓋數學、物理、化學、生物、信息學五大競賽學科。23-24學年上學期，五大學科競賽中，共15人次榮獲全國聯賽省級賽區一等獎3人入選省隊並在全國決賽中榮獲2枚金牌。
Diverse business: academic coaching, study tours and ecommerce platform
Academic accolades:
Tianli recruited from among China’s top educational instructors to form a competitive team of more than 40 coaches whose expertise covers the five top competitive subjects of mathematics, physics, chemistry, biology and informatics. Tianli’s performance for the first semester of the 2023-24 academic year has been gratifying: 15 of its students won first prize in competitions covering the five subjects in the provincial division of the National League, while three were selected for the provincial team and won two gold medals in the national finals.
驕子優品校園電商平臺
聚焦學生校服牀品箱包生活用品、米麪糧油等剛需，新增圖書、節日禮盒、學校所在各地的特產等品類，已成爲涵蓋學生及家長使用的全品類物資交易平臺。目前已完成2.0版本上線，支持百萬用戶線上交易；累計註冊用戶18萬人+，月均交易用戶10000人+。
Campus e-store:
Tianli’s Jiaoziyoupin campus ecommerce platform furnishes students’ basic needs like school uniforms, bedding, luggage, daily necessities, rice, flour, grains and oils. Newer categories include books, holiday gift boxes and local specialties from where the schools are located. The e-store has become a transactional platform with a full range of supplies for both students and parents. The current version 2.0 supports online transactions for 1m users, while it has over 180,000 cumulative registered users and over 10,000 monthly transactional users on average.
立行研學
作爲天立旗下專門從事遊學研學業務的子公司，立足於天立的優質教育資源，自成立以來一直帶領學生不斷拓展課堂邊界，致力於爲廣大適齡人士提供優質、創新的研學體驗。覆蓋學校43所，累計服務人次5.4萬人次。
Study tours:
Tianli subsidiary Sichuan Lixing Study Travel, as a study tour specialist, leverages Tianli’s premium educational resources for its business. Its services enable students to expand classroom boundaries and facilitate innovative and quality learning experiences to mostly school-age clients. It covers 43 schools and has served 54,000 clients cumulatively.
