CHINA NEW HIGHER EDUCATION GROUP LIMITED

Cash flow China New Higher Education Group Limited

Equities

2001

KYG2163K1076

School, College & University

Market Closed - Hong Kong S.E. Other stock markets 03:08:56 2026-01-21 am EST			5-day change	1st Jan Change
0.9000 ^HKD	0.00%		-5.26%	-5.26%

Dec. 24	China New Higher Education says Yun Ai enters deal with Zhongyuan Trust	RE
Dec. 01	Hong Kong Stocks Gain Over U.S. Rate Cut Expectations; Hengdeli Becomes Takeover Target	MT

cb76226283a3d07cb4ff4c.tY-RznIlf7wwjUEUtZuG6TyRlcpMqqv0JOhqpYgPbaw.8N76lBRGT_1munNXwq3noX7C--d-zM3FUrI9keFfMtjtxNuEBXQq7X3bdQ

Published financial data: CHINA NEW HIGHER EDUCATION GROUP LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: August	2021	2022	2023	2024	2025
Revenues	1.5B	1.92B	2.12B	2.41B	2.6B
Total Revenues	1.5B	1.92B	2.12B	2.41B	2.6B
Cost of Goods Sold, Total	830M	1.17B	1.31B	1.54B	1.68B
Gross Profit	667M	750M	806M	876M	923M
Selling General & Admin Expenses, Total	105M	116M	132M	154M	170M
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	105M	116M	132M	154M	170M
Operating Income	562M	634M	674M	722M	753M
Interest Expense, Total	-142M	-115M	-144M	-128M	-116M
Interest And Investment Income	32.6M	23.15M	22.29M	21.23M	24.76M
Net Interest Expenses	-110M	-91.52M	-121M	-107M	-91.03M
Currency Exchange Gains (Loss)	-	-41.68M	-24.95M	1.04M	-
Other Non Operating Income (Expenses)	225M	247M	316M	297M	311M
EBT, Excl. Unusual Items	678M	748M	845M	913M	973M
Gain (Loss) On Sale Of Investments	-	-	1.14M	-	22.58M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	678M	748M	846M	913M	996M
Income Tax Expense	86.06M	117M	143M	157M	166M
Earnings From Continuing Operations	592M	630M	703M	756M	829M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	592M	630M	703M	756M	829M
Minority Interest	-23.97M	-10.21M	-	-	-
Net Income - (IS)	568M	620M	703M	756M	829M
Net Income to Common Incl Extra Items	568M	620M	703M	756M	829M
Net Income to Common Excl. Extra Items	568M	620M	703M	756M	829M
Per Share Items
Net EPS - Basic	0.36	0.39	0.45	0.49	0.49
Basic EPS - Continuing Operations	0.36	0.39	0.45	0.49	0.49
Basic Weighted Average Shares Outstanding	1.58B	1.57B	1.56B	1.55B	1.69B
Net EPS - Diluted	0.34	0.39	0.45	0.49	0.49
Diluted EPS - Continuing Operations	0.34	0.39	0.45	0.49	0.49
Diluted Weighted Average Shares Outstanding	1.69B	1.58B	1.56B	1.55B	1.69B
Normalized Basic EPS	0.25	0.29	0.34	0.37	0.36
Normalized Diluted EPS	0.24	0.29	0.34	0.37	0.36
Dividend Per Share	0.14	0.2	0.22	-	-
Payout Ratio	26.39	47.84	20.64	24.58	18.01
Supplemental Items
EBITDA	709M	814M	885M	968M	1.02B
EBITA	563M	634M	675M	722M	753M
EBIT	562M	634M	674M	722M	753M
EBITDAR	709M	814M	885M	968M	1.02B
Effective Tax Rate - (Ratio)	12.7	15.71	16.85	17.19	16.72
Current Domestic Taxes	82.47M	74.54M	179M	148M	193M
Total Current Taxes	82.47M	74.54M	179M	148M	193M
Deferred Domestic Taxes	3.59M	42.9M	-36.46M	9.44M	-26.37M
Total Deferred Taxes	3.59M	42.9M	-36.46M	9.44M	-26.37M
Normalized Net Income	400M	457M	528M	571M	608M
Interest Capitalized	7.48M	40.04M	34.13M	31.91M	20.6M
Interest on Long-Term Debt	460K	508K	565K	289K	435K
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Selling and Marketing Expenses	20.24M	28.71M	35.83M	40.61M	41.37M
General and Administrative Expenses	84.64M	87.69M	95.71M	113M	129M
Research And Development Expense From Footnotes	-	2.31M	3.87M	2.31M	-
Net Rental Expense, Total	94K	294K	167K	199K	357K
Imputed Operating Lease Interest Expense	45.86K	115K	78.47K	81.54K	127K
Imputed Operating Lease Depreciation	48.14K	179K	88.53K	117K	230K
Maintenance & Repair Expenses, Total	-	-	-	-	-
Stock-Based Comp., Other (Total)	6.5M	3.32M	1.97M	-	-
Total Stock-Based Compensation	6.5M	3.32M	1.97M	-	-

Fiscal Period: August	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	776M	1.08B	855M	1.38B	788M
Short Term Investments	212M	57.43M	30.4M	35.44M	70.49M
Trading Asset Securities, Total	-	2.53M	48.79M	-	-
Total Cash And Short Term Investments	988M	1.14B	934M	1.42B	858M
Accounts Receivable, Total	-	10.89M	14.58M	4.05M	1.34M
Other Receivables	-	-	-	-	-
Total Receivables	-	10.89M	14.58M	4.05M	1.34M
Prepaid Expenses	14.4M	11.13M	11.96M	7.72M	8.31M
Other Current Assets, Total	340M	313M	232M	913M	488M
Total Current Assets	1.34B	1.48B	1.19B	2.34B	1.36B
Gross Property Plant And Equipment	5.44B	6.65B	7.36B	8.1B	8.87B
Accumulated Depreciation	-513M	-658M	-837M	-1.05B	-1.3B
Net Property Plant And Equipment	4.93B	5.99B	6.52B	7.05B	7.57B
Long-term Investments	-	110M	-	-	-
Goodwill	372M	752M	752M	752M	752M
Other Intangibles, Total	236M	213M	269M	351M	204M
Deferred Tax Assets Long-Term	9.79M	-	-	-	-
Other Long-Term Assets, Total	1.04B	528M	510M	524M	885M
Total Assets	7.93B	9.07B	9.24B	11.02B	10.77B
Liabilities
Accrued Expenses, Total	82.89M	99.77M	97.77M	133M	202M
Short-term Borrowings	646M	806M	308M	1.15B	639M
Current Portion of Long-Term Debt	568M	324M	846M	353M	183M
Current Portion of Leases	6.71M	4.86M	6.41M	4.1M	6.29M
Current Income Taxes Payable	67.31M	79.72M	149M	168M	209M
Unearned Revenue Current, Total	423M	1.1B	1.47B	1.79B	1.78B
Other Current Liabilities	814M	744M	780M	733M	490M
Total Current Liabilities	2.61B	3.16B	3.66B	4.33B	3.51B
Long-Term Debt	1.79B	2.19B	1.55B	2.01B	1.78B
Long-Term Leases	1.59M	8.13M	3.33M	1.3M	8.35M
Unearned Revenue Non Current	201M	313M	310M	363M	348M
Deferred Tax Liability Non Current	142M	222M	185M	195M	168M
Total Liabilities	4.74B	5.9B	5.71B	6.91B	5.81B
Common Stock, Total	1.09M	1.07M	1.07M	1.06M	1.37M
Additional Paid In Capital	1.21B	1.15B	1.13B	1.12B	1.47B
Retained Earnings	1.56B	1.88B	2.25B	2.87B	3.35B
Treasury Stock	-	-	-	-8.05M	-
Comprehensive Income and Other	248M	143M	148M	126M	134M
Total Common Equity	3.01B	3.18B	3.53B	4.11B	4.95B
Minority Interest	180M	-	-	-	-
Total Equity	3.19B	3.18B	3.53B	4.11B	4.95B
Total Liabilities And Equity	7.93B	9.07B	9.24B	11.02B	10.77B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.59B	1.56B	1.56B	1.54B	1.97B
ECS Total Common Shares Outstanding	1.59B	1.56B	1.56B	1.54B	1.97B
Book Value / Share	1.9	2.03	2.27	2.66	2.51
Tangible Book Value	2.4B	2.21B	2.51B	3.01B	4B
Tangible Book Value Per Share	1.52	1.42	1.62	1.95	2.03
Total Debt	3.01B	3.33B	2.72B	3.52B	2.61B
Net Debt	2.02B	2.19B	1.78B	2.11B	1.76B
Debt Equivalent Oper. Leases	752K	2.35M	1.34M	1.59M	2.86M
Minority Interest, Total (Incl. Fin. Div)	180M	-	-	-	-
Account Code - Inventory Valuation	3	-	3	3	3
Buildings, Total	3.69B	4.38B	5B	5.42B	5.75B
Machinery, Total	503M	665M	853M	981M	1.13B
Full Time Employees	8.65K	9.59K	9.76K	10.08K	9.92K
Accumulated Allowance for Doubtful Accounts (Supple)	-	7.33M	4.92M	1.39M	13K

Fiscal Period: August	2021	2022	2023	2024	2025
Net Income	568M	620M	703M	756M	829M
Depreciation & Amortization - CF	171M	216M	245M	282M	313M
Amortization of Goodwill and Intangible Assets - (CF)	314K	314K	314K	192K	-
Depreciation & Amortization, Total	171M	216M	245M	283M	313M
Amortization of Deferred Charges, Total - (CF)	11.14M	23.19M	25.37M	27.7M	32.78M
(Gain) Loss From Sale Of Asset	131K	4.37M	2.99M	1.16M	3.79M
(Gain) Loss on Sale of Investments - (CF)	-6.25M	-1.02M	-677K	-637K	-271K
Asset Writedown & Restructuring Costs	-	-	-	516K	-
Stock-Based Compensation (CF)	6.5M	3.32M	1.97M	-	-
Provision and Write-off of Bad Debts	-	738K	942K	1.03M	1.71M
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	195M	158M	115M	105M	42.79M
Change In Accounts Receivable	-	53.3M	-27.28M	8.26M	-4.63M
Change In Accounts Payable	-258M	-159M	-32.02M	12.17M	71.97M
Change in Unearned Revenues	36.93M	622M	383M	334M	-18.92M
Change in Other Net Operating Assets	4.17M	-6.68M	5.09M	14.67M	-18.88M
Cash from Operations	729M	1.53B	1.42B	1.54B	1.25B
Capital Expenditure	-298M	-565M	-615M	-688M	-617M
Sale of Property, Plant, and Equipment	2.48M	623K	6.62M	3.38M	3.82M
Cash Acquisitions	-472M	-42.76M	-40M	-	-
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-45.62M	-37.17M	-32.6M	-33.31M	-41.29M
Investment in Marketable and Equity Securities, Total	-198M	-11.42M	87.21M	37.87M	-30.01M
Other Investing Activities, Total	-11.06M	-73.3M	-37.87M	-58.57M	-7.77M
Cash from Investing	-1.02B	-729M	-632M	-739M	-692M
Short Term Debt Issued, Total	642M	-	-	-	-
Long-Term Debt Issued, Total	1.57B	1.76B	1.51B	2.44B	2B
Total Debt Issued	2.21B	1.76B	1.51B	2.44B	2B
Short Term Debt Repaid, Total	-	-647M	-	-	-
Long-Term Debt Repaid, Total	-1.49B	-779M	-2.15B	-1.66B	-2.91B
Total Debt Repaid	-1.49B	-1.43B	-2.15B	-1.66B	-2.91B
Issuance of Common Stock	207M	113K	-	-	-
Repurchase of Common Stock	-	-54.5M	-21.4M	-18.12M	-2.29M
Common Dividends Paid	-150M	-297M	-145M	-186M	-149M
Common & Preferred Stock Dividends Paid	-150M	-297M	-145M	-186M	-149M
Other Financing Activities, Total	-317M	-482M	-207M	-852M	-88.3M
Cash from Financing	461M	-500M	-1.02B	-279M	-1.15B
Foreign Exchange Rate Adjustments	-418K	351K	180K	-208K	1.05M
Net Change in Cash	168M	306M	-226M	525M	-592M
Supplemental Items
Cash Interest Paid	153M	182M	145M	156M	137M
Cash Income Tax Paid (Refund)	35.7M	62.13M	109M	129M	152M
Levered Free Cash Flow	166M	680M	500M	-376M	371M
Unlevered Free Cash Flow	255M	752M	590M	-296M	444M
Change In Net Working Capital	-57.86M	-715M	-544M	336M	-285M
Net Debt Issued / Repaid	720M	333M	-643M	777M	-914M

Fiscal Period: August	2021	2022	2023	2024	2025
Profitability
Return on Assets	5.1	4.66	4.6	4.46	4.32
Return on Total Capital	6.63	6.23	6.61	6.5	6.19
Return On Equity %	20.78	19.79	20.96	19.78	18.29
Return on Common Equity	21.3	20.04	20.96	19.78	18.29
Margin Analysis
Gross Profit Margin %	44.55	39.05	38.03	36.33	35.51
SG&A Margin	7	6.06	6.21	6.38	6.55
EBITDA Margin %	47.36	42.36	41.77	40.15	39.39
EBITA Margin %	37.57	33.01	31.84	29.95	28.96
EBIT Margin %	37.55	32.99	31.83	29.94	28.96
Income From Continuing Operations Margin %	39.52	32.79	33.19	31.35	31.9
Net Income Margin %	37.92	32.26	33.19	31.35	31.9
Net Avail. For Common Margin %	37.92	32.26	33.19	31.35	31.9
Normalized Net Income Margin	26.69	23.78	24.91	23.66	23.4
Levered Free Cash Flow Margin	11.09	35.4	23.6	-15.58	14.28
Unlevered Free Cash Flow Margin	17.02	39.13	27.83	-12.27	17.06
Asset Turnover
Asset Turnover	0.22	0.23	0.23	0.24	0.24
Fixed Assets Turnover	0.35	0.35	0.34	0.36	0.36
Receivables Turnover (Average Receivables)	-	58.62	166.42	258.89	963.29
Short Term Liquidity
Current Ratio	0.51	0.47	0.33	0.54	0.39
Quick Ratio	0.38	0.36	0.26	0.33	0.24
Operating Cash Flow to Current Liabilities	0.28	0.48	0.39	0.36	0.36
Days Sales Outstanding (Average Receivables)	-	6.23	2.19	1.41	0.38
Long Term Solvency
Total Debt/Equity	94.27	104.92	76.94	85.63	52.75
Total Debt / Total Capital	48.53	51.2	43.48	46.13	34.54
LT Debt/Equity	56.01	69.2	44.11	49	36.05
Long-Term Debt / Total Capital	28.83	33.77	24.93	26.39	23.6
Total Liabilities / Total Assets	59.75	64.99	61.78	62.68	53.99
EBIT / Interest Expense	3.96	5.53	4.7	5.65	6.5
EBITDA / Interest Expense	5.16	7.41	6.4	7.86	9.21
(EBITDA - Capex) / Interest Expense	3.07	2.49	2.12	2.47	3.88
Total Debt / EBITDA	4.1	3.92	2.96	3.5	2.45
Net Debt / EBITDA	2.76	2.58	1.94	2.1	1.65
Total Debt / (EBITDA - Capex)	6.9	11.68	8.94	11.13	5.82
Net Debt / (EBITDA - Capex)	4.64	7.68	5.87	6.66	3.91
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	38.34	28.33	10.27	13.81	7.78
Gross Profit, 1 Yr. Growth %	54.09	12.48	7.41	8.7	5.35
EBITDA, 1 Yr. Growth %	47.1	14.78	8.73	9.37	5.74
EBITA, 1 Yr. Growth %	58.97	12.75	6.38	7.05	4.2
EBIT, 1 Yr. Growth %	58.93	12.76	6.38	7.07	4.23
Earnings From Cont. Operations, 1 Yr. Growth %	100.17	6.49	11.6	7.51	9.67
Net Income, 1 Yr. Growth %	116.43	9.19	13.43	7.51	9.67
Normalized Net Income, 1 Yr. Growth %	153.21	14.36	15.51	8.09	6.57
Diluted EPS Before Extra, 1 Yr. Growth %	104.84	16.18	14.65	8.1	1.1
Accounts Receivable, 1 Yr. Growth %	-	-80.09	33.9	-72.21	-66.81
Net Property, Plant and Equip., 1 Yr. Growth %	38.16	21.56	8.77	8.15	7.4
Total Assets, 1 Yr. Growth %	35.44	14.38	1.87	19.2	-2.25
Tangible Book Value, 1 Yr. Growth %	27.73	-8.04	13.61	19.78	32.88
Common Equity, 1 Yr. Growth %	29.83	5.46	11.21	16.39	20.49
Cash From Operations, 1 Yr. Growth %	967.2	110.52	-7.26	8.43	-18.81
Capital Expenditures, 1 Yr. Growth %	51.46	89.76	8.94	11.87	-10.44
Levered Free Cash Flow, 1 Yr. Growth %	-	522.65	-26.49	-175.15	-198.76
Unlevered Free Cash Flow, 1 Yr. Growth %	-	279.64	-21.56	-150.16	-249.89
Dividend Per Share, 1 Yr. Growth %	117.46	45.26	8.04	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	33.24	18.96	12.02	10.75
Gross Profit, 2 Yr. CAGR %	-	31.65	9.91	8.05	7.01
EBITDA, 2 Yr. CAGR %	-	29.94	11.72	9.05	7.54
EBITA, 2 Yr. CAGR %	-	33.88	9.52	6.71	5.62
EBIT, 2 Yr. CAGR %	-	33.87	9.52	6.72	5.64
Earnings From Cont. Operations, 2 Yr. CAGR %	-	46	9.01	9.53	8.58
Net Income, 2 Yr. CAGR %	-	53.73	11.29	10.43	8.58
Normalized Net Income, 2 Yr. CAGR %	-	70.17	14.93	11.74	7.33
Diluted EPS Before Extra, 2 Yr. CAGR %	-	54.24	15.41	11.33	4.54
Accounts Receivable, 2 Yr. CAGR %	-	-	-48.36	-39	-69.63
Net Property, Plant and Equip., 2 Yr. CAGR %	-	29.59	14.99	8.46	7.77
Total Assets, 2 Yr. CAGR %	-	24.47	7.95	10.19	7.94
Tangible Book Value, 2 Yr. CAGR %	-	8.38	2.22	16.65	26.16
Common Equity, 2 Yr. CAGR %	-	17.01	8.3	13.77	18.42
Cash From Operations, 2 Yr. CAGR %	-	373.98	39.73	0.28	-6.17
Capital Expenditures, 2 Yr. CAGR %	-	69.53	43.78	10.4	0.1
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	113.95	-25.68	-13.85
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	72.57	-37.27	-13.29
Dividend Per Share, 2 Yr. CAGR %	-	77.73	25.27	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	25.1	17.22	10.59
Gross Profit, 3 Yr. CAGR %	-	-	23.02	9.51	7.14
EBITDA, 3 Yr. CAGR %	-	-	22.45	10.93	7.94
EBITA, 3 Yr. CAGR %	-	-	24	8.69	5.87
EBIT, 3 Yr. CAGR %	-	-	23.99	8.7	5.89
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	33.49	8.51	9.58
Net Income, 3 Yr. CAGR %	-	-	38.91	10.01	10.17
Normalized Net Income, 3 Yr. CAGR %	-	-	49.55	12.6	9.99
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	39.72	12.92	7.81
Accounts Receivable, 3 Yr. CAGR %	-	-	-	-58	-50.2
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	22.24	12.66	8.11
Total Assets, 3 Yr. CAGR %	-	-	16.43	11.57	5.88
Tangible Book Value, 3 Yr. CAGR %	-	-	10.1	7.76	21.83
Common Equity, 3 Yr. CAGR %	-	-	15.05	10.93	15.97
Cash From Operations, 3 Yr. CAGR %	-	-	175.17	28.4	-6.53
Capital Expenditures, 3 Yr. CAGR %	-	-	46.3	32.24	2.96
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	50.95	-18.29
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	14.32	-16.14
Dividend Per Share, 3 Yr. CAGR %	-	-	50.56	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	-	19.15
Gross Profit, 5 Yr. CAGR %	-	-	-	-	16.35
EBITDA, 5 Yr. CAGR %	-	-	-	-	16.25
EBITA, 5 Yr. CAGR %	-	-	-	-	16.29
EBIT, 5 Yr. CAGR %	-	-	-	-	16.3
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	-	22.91
Net Income, 5 Yr. CAGR %	-	-	-	-	25.88
Normalized Net Income, 5 Yr. CAGR %	-	-	-	-	30.96
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	-	24.41
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	-	16.24
Total Assets, 5 Yr. CAGR %	-	-	-	-	12.95
Tangible Book Value, 5 Yr. CAGR %	-	-	-	-	16.26
Common Equity, 5 Yr. CAGR %	-	-	-	-	16.38
Cash From Operations, 5 Yr. CAGR %	-	-	-	-	78.94
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-	25.69