ADvTECH Limited AVTEF 2026年第二季度及上半年财报电话会议记录

发布时间：2026-08-25 一、AI总结内容 一、核心要点 1. 2026年上半年集团财报表现：营收51亿兰特，同比增长8%；经营利润首次突破10亿兰特，同比增长14%；经营利润率升至22%，同比提升1个百分点；每股基本及摊薄收益均增长16%；中期股息增长18%至每股53分。 2. 业务结构优化： tertiary业务简化完成，品牌数量精简；学校品牌整合推进，运营效率提升；resourcing业务受美国援助终止影响，营收同比降15%、经营利润降12%。 3. 学生增长强劲：总注册学生近12万，同比增长13%，为近13.5万的年度创纪录增量；其中学校学生增长5%， tertiary学生增长19%； tertiary中远程学生增长34%，两年内几乎翻倍。 4. 各区域及品牌进展： Rosebank International品牌重塑完成，KZN、Gauteng等校区扩建落地；Ghana校区运营首年注册超预期，有望2027年获完整大学资质；非洲区域学校有机增长强劲，外汇汇率贡献显著增长。 二、投资与运营线索 1. 资本支出：上半年资本支出同比增长53%，主要用于新增校区容量，如Emirates新校区规模翻倍、Rosebank校区扩容至1.5万名学生等。2. 品牌与战略：聚焦非洲市场增长，推动 tertiary远程学习，建设更多远程学习支持中心，远程学生支持设施利用率达97%；新增学位课程，包括硕士、博士等研究生项目，提升学术优势。3. 股息与股份回购：2026年中期股息为53分，同比增18%；启动股份回购计划，回购比例约1%，资金用于平衡增长投资与资本结构优化。三、风险与关注点 1. resourcing业务风险：受美国援助终止影响，该部分营收利润短期承压，已调整客户结构转向非美国资助客户，预计下半年业绩改善。 2. 非洲运营风险：面临汇率波动、当地政策等风险，正通过区域化筹资、控制美元成本等方式降低风险。 3. 校区空间压力：部分非洲校区利用率高达93%，存在空间限制，需持续扩建新增校区。 4. 大学资质申请：Rosebank International及Emirates的大学资质申请仍待政府最终审批，进度存在不确定性。 二、音频原文（转写） bottom right of this slide. We've also increasedcapacity by 50% to 4.5000 students. And then onupdates on our KZN university developments, we've acquired ten hectares of land, a huge site southwest of the Canubia Mall near Umshlanga, to build a state of the art campus with capacity forten thousand students. The new location will co nsolidate our existing tertiary sites in the region and include world class sports facilities aswell as a sizable amount of student accommodation. Phase one will open in 2029 with Full BuildAct is due to be completed in 2035. And then moving on to Rosebank. Our rebranding from IIE, Rosebank College to Rosebank International is now complete. As you can see in the photograph on thetop left of this slide, the new logo and iconography position Rosebank International as a trusted aspirational international university with aheritage going back to nineteen o nine And I'm also pleased to report that the renovation and expansion of our flagship brand from Team Campus,which is what we're showing here, has now been concluded. increasing capacity from 11.5 to 15,000 students. but despite adding that extra capacity we're already running out of space in brownfin tape. We therefore acquired new buildings nearthe main campus. that will allow us to increasecapacity immediately. by another 4000. Outfit capacity on this additional site will be nine thousand however which will give us some very useful headroom. And the total cost of acquiring thebuildings and phase 1 of the FITA is around 120million. and worked to open in time for the 2027academic year begins shortly but will be finished. By the end of November. And then moving east. rapidly. growth in demand also means we're running out of space. In our Durban campus. So as aresult, we'll be relocating. to much larger premises in time for the new academic year. we arecreating space for an additional 650 students immediately. with the ability to add two thousandmore. Over time. And we're also seeing strong demand in Poliquani. we've just added Two new buildings. to our existing campus. that's increasedcapacity by 900 to 4600. and allowed us to upgrade student facilities at the same time. And then, as mentioned a few slides back, Rosebank International will open a new campus in January. in K ergompo City, which used to be East London. Thebrand has acquired lease premises with initial capacity for 600 students. we have the option toincrease that nearly 4500 on the same site overtime. And then a quick word on our online business. 系花。 contact student growth. has been exceptional. We're also very focused on growing distance enrollments. And as part of that drive, we've been adding contact centers to our existing campuses. And these provide distance students with access todevices, the internet. and collaboration spaces. So 6 centers are now up and running with 2 tofollow soon. In Durban and the new site I just showed you and in Mombela. And these facilities have proven to be extremely popular with utilization levels running around 97%. And and This initiative is helping us aggressively grow. DISTANCESTUDENT NUMBERS I shared that. I like it. and then a click update. on The Rosebank International in Ghana. We are currently in our first year of operation with enrolments running slightly ahead of business case. We opened with university coverage status and are confident that we'll become a full university next year. And we have plans to expand both contacts and distance enrolments from this site, specialising in postgraduate qualifications. Then moving on to resourcing. Theunexpected closure of U.S. aid in February lastyear continues to impact our Africa resourcingbusiness, which is the bulk of the division. Andhaving pivoted away from clients dependent on U.S. funding, we expect year-on-year performanceto be better in the second half. Add on the plusside, overall margins in this division improvedfrom 6.5% to 6.8%. And then as covered earlier,divisional revenue and operating profit were down 15% and 12% respectively at the