Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 494,242,000, representing a 22.2% increase from RMB 404,473,000 in the same period of 2022[14] - Gross profit for the same period was RMB 338,625,000, up 23.0% from RMB 275,329,000 year-on-year[14] - Profit before tax increased by 34.6% to RMB 246,521,000 compared to RMB 183,134,000 in the previous year[14] - Net profit for the period was RMB 183,459,000, a 37.8% increase from RMB 133,116,000 in the prior year[14] - Basic and diluted earnings per share rose to RMB 0.46 from RMB 0.33[14] - The company reported a total comprehensive income of RMB 183,581,000 for the period, compared to RMB 139,388,000 in the previous year[9] - For the six months ended June 30, 2023, the profit attributable to equity holders of the parent company was RMB 183,459,000, compared to RMB 133,116,000 for the same period in 2022, representing an increase of approximately 37.8%[44] Revenue Sources - Total revenue from customer contracts for the six months ended June 30, 2023, was RMB 494,242 thousand, an increase of 22.2% from RMB 404,473 thousand in the same period of 2022[38] - Tuition fees contributed RMB 422,329 thousand, up from RMB 356,068 thousand, reflecting a growth of 18.6% year-over-year[38] - Tuition and education-related service revenue increased from approximately RMB 359.1 million to RMB 429.9 million, a rise of about RMB 70.8 million or 19.7%[140] - Boarding fee revenue rose from approximately RMB 45.4 million to RMB 64.3 million, an increase of about RMB 18.9 million or 41.6%[140] Expenses and Liabilities - Employee benefits expenses, including salaries and other allowances, increased to RMB 159,149 thousand from RMB 131,053 thousand, representing a rise of 21.4%[40] - The company reported a tax expense of RMB 63,072 thousand for the six months ended June 30, 2023, compared to RMB 50,027 thousand in the same period of 2022, marking a 26.0% increase[42] - Non-current liabilities decreased to RMB 707,929,000 from RMB 728,987,000[4] - Administrative expenses for the six months ending June 30, 2023, were approximately RMB 86.7 million, remaining stable compared to the previous year[120] - Financing costs decreased by RMB 0.8 million or 6.7% to RMB 11.7 million for the six months ending June 30, 2023, due to a reduction in interest-bearing borrowings and a decrease in the average effective interest rate from 4.20% to 3.85%[120] Assets and Cash Flow - Total net assets increased to RMB 2,106,622,000 from RMB 1,960,841,000[4] - Cash and cash equivalents decreased to RMB 328,108,000 from RMB 617,520,000[18] - As of June 30, 2023, the company's property, plant, and equipment amounted to approximately RMB 2,208.0 million, an increase of about RMB 124.9 million or 6.0% from December 31, 2022[149] - The company's cash and cash equivalents were approximately RMB 328.1 million, a decrease of about RMB 289.4 million or 46.9% compared to December 31, 2022[149] Educational Programs and Student Enrollment - The total number of full-time students at the institution for the 2022/23 academic year reached 24,467, an increase of 2,013 from the previous year[80] - For the 2023/24 academic year, the institution plans to enroll 4,900 undergraduate students, 865 diploma students, and 2,050 students for the top-up degree program[80] - The institution has 68 undergraduate programs and 12 associate degree programs, covering various disciplines including economics, management, and education[73] - The institution's undergraduate programs have 23 majors ranked in the top 10 nationally, accounting for approximately two-thirds of all undergraduate programs[104] Faculty and Staff - The institution has a stable teaching staff, with 84.3% holding a master's degree or above as of September 30, 2022[73] - The proportion of full-time faculty with doctoral degrees is 27.1%, and those with senior titles is 36.4%[105] Strategic Development and Future Plans - The company plans to optimize tuition pricing, increasing the minimum tuition for new students in the top-up degree program from RMB 23,000 to RMB 30,000 per year[133] - The company aims to enhance its international education offerings and has signed a cooperation agreement to promote international study programs[135] - The company plans to enhance the supply of quality higher education degrees to meet future expansion needs[178] - The total investment for the fourth phase of campus construction is estimated at approximately RMB 345.6 million, with completion expected by the 2024/25 academic year[109] Dividends and Shareholder Information - The company declared a final dividend of HKD 0.10 per ordinary share for the six months ended June 30, 2023, consistent with the previous period[43] - The board proposed an interim dividend of HKD 0.10 per share, subject to shareholder approval at a special general meeting[159] - The interim dividend for 2023 is scheduled to be paid on October 27, 2023, to shareholders listed on October 16, 2023[199] Financial Management and Investments - The group has adopted prudent financial management policies to monitor liquidity and ensure that asset and liability structures meet funding needs[169] - The group had no significant contingent liabilities or major lawsuits as of June 30, 2023[173] - The group has no major investments, acquisitions, or disposals of subsidiaries or associates as of June 30, 2023[174]

Student Enrollment and Employment - The total number of full-time students increased to 24,467 in the 2022/23 academic year, up by 2,013 from the previous year, making the institution the largest applied technology university in Shanghai [8]. - The employment rate for the 2022 graduating class reached 98.9%, with 66.0% of graduates remaining employed in the Shanghai area [11]. - The institution's employment rate for graduates has remained stable at 98% or above, with the 2022 cohort achieving a 98.9% employment rate despite the impact of COVID-19 [66]. - The number of adult continuing education students reached 6,166 as of June 30, 2022, representing a 37.8% increase year-on-year [74]. Academic Programs and Quality - Approximately 2/3 of undergraduate programs ranked in the top 10 nationally according to the 2022 China University Alumni Association rankings, with 40.5% of provincial first-class undergraduate programs established [9]. - The institution's comprehensive ranking improved to 4th in Shanghai and 34th nationally, including public universities [19]. - The institution's undergraduate programs offer 68 majors, while the associate degree programs provide 12 majors, covering various disciplines [59]. - The institution's practical teaching component accounted for an average of 44.2% of total credits in undergraduate courses for the 2022/23 academic year [11]. - The institution's full-time faculty with doctoral degrees accounted for 27.1%, ensuring high-quality education standards [42]. - The institution aims to enhance its educational quality and gradually optimize tuition and accommodation fees [46]. Financial Performance - The company achieved revenue of approximately RMB 790.1 million in 2022, representing a year-on-year growth of 15.6% [29]. - Gross profit for the year was approximately RMB 505.0 million, reflecting a year-on-year increase of 19.8% [29]. - Net profit reached approximately RMB 224.9 million, marking a year-on-year growth of 25.7% [29]. - The gross margin improved to 63.9% in 2022, up from 61.7% in 2021 [27]. - The return on equity (ROE) for 2022 was 11.5%, compared to 9.8% in 2021 [27]. - The company's current assets amounted to RMB 754.9 million, while current liabilities were RMB 784.6 million, resulting in a net current liability of RMB 29.7 million [27]. - The group's revenue increased from approximately RMB 421.7 million in the year ended December 31, 2021, to approximately RMB 505.0 million in the year ended December 31, 2022, representing a growth of about 19.8% [104]. - Other income and gains rose from RMB 15.2 million in 2021 to RMB 27.6 million in 2022, an increase of 82.0%, primarily due to government subsidies and bank interest income [106]. Campus Development and Investments - A new undergraduate program in Intelligent Manufacturing Engineering was approved in March 2022 to align with industry upgrade demands [19]. - The third phase of the campus was put into use in September 2022, featuring higher levels of intelligence compared to previous facilities [20]. - Capital expenditure related to the construction of the third phase of the campus is estimated at approximately RMB 340 million (equivalent to about HKD 377.4 million) [47]. - The group plans to invest approximately RMB 345.6 million in the fourth phase of campus construction, expected to be operational by the 2024/25 academic year [73]. - The institution invested approximately RMB 40 million in a demonstration base for integrated circuit packaging and testing, with an additional RMB 20 million invested in 2022 to enhance facilities [20]. - The institution's new campus facilities cover a total construction area of approximately 60,950 square meters, including a multifunctional teaching building and dormitory buildings [47]. Employee and Governance - The total employee compensation cost for the year ended December 31, 2022, was RMB 294.3 million, an increase from RMB 241.7 million for the year ended December 31, 2021 [150]. - As of December 31, 2022, the group had 1,770 full-time employees, up from 1,596 employees as of December 31, 2021 [150]. - The company regularly reviews its employee compensation policies and benefits based on industry practices and performance [150]. - The company has been recognized for its governance practices, as evidenced by the awards received by its board members [197]. - The independent non-executive directors bring significant academic and professional experience to the company, potentially improving decision-making [197]. Strategic Initiatives and Future Outlook - The company is committed to expanding its vocational education offerings in response to supportive government policies [39]. - The company provided guidance for 2023, projecting a revenue increase of 25% to 1.875 billion [188]. - New product launches are expected to contribute an additional 300 million in revenue in 2023 [188]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2023 [188]. - Research and development investments increased by 30% in 2022, focusing on innovative educational technologies [188]. - The company aims to enhance its online platform, expecting a 40% increase in user engagement by the end of 2023 [188].

Financial Performance - For the year ended December 31, 2022, the company reported a profit attributable to equity holders of RMB 224,932,000, an increase of 25.7% compared to RMB 179,012,000 in 2021[21]. - The company's net asset value increased to RMB 1,960,841,000 in 2022, up from RMB 1,828,239,000 in 2021, representing a growth of 7.2%[4]. - The company recorded a total revenue from customer contracts of RMB 2,002,000 in 2022, compared to RMB 1,197,000 in 2021, marking a growth of 67.3%[15]. - The company reported other income and gains of RMB 27,510,000 in 2022, an increase of 81.1% from RMB 15,182,000 in 2021[16]. - The company's profit before tax increased by approximately RMB 61.9 million or 25.4% to approximately RMB 305.3 million for the year ended December 31, 2022, compared to RMB 243.4 million for the previous year[147]. - The company's revenue increased by RMB 106.5 million or 15.6% to RMB 790.1 million for the year ended December 31, 2022, driven by higher tuition fees and an increase in student enrollment[166]. - The company's gross profit increased by approximately RMB 83.3 million or 19.8% to approximately RMB 505.0 million for the year ended December 31, 2022, compared to approximately RMB 421.7 million for the year ended December 31, 2021[141]. - The gross profit margin improved by 2.2 percentage points to 63.9% for the year ended December 31, 2022, due to increased enrollment and average tuition fees[168]. Shareholder Information - The total dividend declared for the year ended December 31, 2022, is HKD 0.20 per share, resulting in a dividend payout ratio of 31.6%[50]. - The company proposed a final dividend of HKD 0.10 per share for the year ended December 31, 2022, subject to shareholder approval at the upcoming annual general meeting[67]. - The company plans to hold its annual general meeting on June 8, 2023, to discuss various shareholder matters[49]. Assets and Liabilities - The total non-current liabilities decreased to RMB 728,987,000 in 2022 from RMB 755,789,000 in 2021, a reduction of 3.5%[4]. - The company has a net current liability of RMB 29,716,000 as of December 31, 2022, which was carefully considered by the board in assessing the company's financial resources for ongoing operations[7]. - The net current liabilities decreased by approximately RMB 127.3 million or 81.1% to approximately RMB 29.7 million as of December 31, 2022, attributed to the increase in cash and cash equivalents[176]. - As of December 31, 2022, the company had interest-bearing bank loans amounting to RMB 774.4 million, with an average annual effective interest rate reduced to 4.20% from 4.34% in 2021[179]. Operational Highlights - The total number of full-time students increased to 24,467 in the 2022/23 academic year, up by 2,013 from the previous year[102]. - The institution aims to enhance its educational facilities through ongoing investments in new construction projects to meet future expansion needs[107]. - The institution has provided training for 80 types of vocational qualification certificates as of December 31, 2022, in response to the "1+X" certificate system[134]. - The employment rate for graduates has remained stable at 98% or above, with the 2022 cohort achieving an employment rate of 98.9% as of August 31, 2022, despite the impact of COVID-19[101]. Governance and Compliance - The company has adopted the corporate governance code and complied with all applicable provisions for the year ended December 31, 2022[54]. - The audit committee reviewed the accounting principles and practices adopted by the group for the year ended December 31, 2022[58]. - The company has not identified any loss-making contracts under the revised International Accounting Standards, indicating no impact on its financial position or performance[10]. Future Plans and Investments - Approximately 34.8% (HKD 231.7 million) of the net proceeds will be used for acquisitions or investments to expand the school network[74]. - About 35.0% (HKD 233.1 million) will be allocated for campus construction projects and the purchase of furniture and equipment[74]. - The company plans to utilize approximately 20.2% (HKD 134.6 million) for the repayment of short-term and long-term loans[74]. - The remaining 10.0% (HKD 66.6 million) will be used to supplement working capital and for general corporate purposes[74]. - The board has decided to reallocate approximately HKD 231.7 million of unutilized net proceeds to campus construction to support high-quality vocational education development[76]. - The net proceeds from the offering are expected to be fully utilized by December 31, 2025[77]. - The company confirmed that the reallocation of unutilized net proceeds will not adversely affect its existing business and operations[77]. Employee and Compensation - The company's total employee compensation cost for the year ended December 31, 2022, was RMB 294.3 million, an increase from RMB 241.7 million in 2021, with a total of 1,770 full-time employees as of December 31, 2022[188]. - The faculty has a high level of qualification, with 84.3% holding a master's degree or above, and 27.1% holding a doctoral degree as of September 30, 2022[118]. - The institution's full-time teachers with dual qualifications account for 28.1% of the total[123]. Construction and Development - The institution's third-phase campus construction was completed in September 2022, with a total building area of approximately 60,950 square meters[133]. - The fourth-phase campus construction plan was initiated in December 2022, with an estimated cost of approximately RMB 345.6 million, expected to be completed by the 2024/25 academic year[134].

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 404,473,000, an increase of 16.3% compared to RMB 347,614,000 in the same period of 2021[7] - Gross profit for the same period was RMB 275,329,000, representing a gross margin of 68.1%, up from RMB 225,334,000 in 2021[7] - Profit before tax increased to RMB 183,134,000, a rise of 22.2% from RMB 149,786,000 in the previous year[7] - Net profit for the period was RMB 133,116,000, compared to RMB 111,853,000 in 2021, reflecting a growth of 19.0%[7] - The total comprehensive income for the period was RMB 139,388,000, compared to RMB 109,307,000 in the previous year, showing an increase of 27.5%[139] - Basic and diluted earnings per share rose to RMB 0.33, compared to RMB 0.27 for the same period in 2021, marking a 22.2% increase[137] - The group recorded a profit before tax of approximately RMB 183.1 million for the six months ended June 30, 2022, an increase of about 22.3% compared to RMB 149.8 million in the same period last year[51] Student Enrollment and Programs - The institution offers 71 undergraduate programs and 12 diploma programs, covering various disciplines, and is recognized as a leading private university in the Yangtze River Delta region[11] - The total number of full-time students increased to 22,454 in the 2021/22 academic year, up by 1,116 from the previous year[25] - The number of students admitted to the ordinary specialized upgrade program for the 2022/23 academic year grew by 99% compared to the previous year[27] - The employment rate for the 2021 graduating class reached 98.8%, with 64.6% of graduates remaining employed in Shanghai[22] - The college has 24 undergraduate programs ranked in the top 10 nationally, accounting for approximately 66.7% of all undergraduate programs[18] Financial Position and Cash Flow - As of June 30, 2022, the group's cash and cash equivalents were approximately RMB 168.9 million, a decrease of approximately RMB 319.9 million or 65.5% compared to December 31, 2021, mainly due to capital expenditures and share repurchase costs[57] - The company's cash and cash equivalents decreased to RMB 168,851,000 as of June 30, 2022, from RMB 488,735,000 as of December 31, 2021, a decline of approximately 65.4%[142] - The net cash used in operating activities for the six months ended June 30, 2022, was RMB (214,017,000), compared to RMB (107,016,000) for the same period in 2021, indicating a significant increase in cash outflow[150] - The total liabilities decreased to RMB 1,045,516,000 as of June 30, 2022, down from RMB 1,416,055,000 as of December 31, 2021, indicating a reduction of approximately 26.1%[142] Capital Expenditures and Investments - Capital expenditure for the third phase of campus construction is estimated at approximately RMB 340 million, expected to be completed by the end of 2022[35] - Capital expenditures for the six months ended June 30, 2022, were approximately RMB 59.6 million, primarily related to the construction of the third phase of the campus[62] - The group has authorized but not contracted capital commitments for property, plant, and equipment totaling RMB 80,547 thousand as of June 30, 2022, down from RMB 110,341 thousand at the end of 2021[195] Governance and Compliance - The company has complied with all applicable code provisions of the corporate governance code during the six months ended June 30, 2022[91] - The audit committee has reviewed the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2022, confirming compliance with applicable accounting standards and regulations[93] - The company adopted revised articles of association to comply with updated regulations, effective June 1, 2022[128] Shareholder Information - As of June 30, 2022, Zhao Donghui holds 100,000,000 shares, representing 24.10% of the company's equity[96] - The total number of shares pledged by eight shareholders to Ai Xin Limited is 87,350,000, excluding voting rights and rights to receive benefits[105] - The company has a total of 70,000,000 shares held by Fwin Limited, which is controlled by Zhao Donghui, representing 16.87% of the equity[104] Recognition and Accolades - The institution was ranked third among private universities in China according to the 2022 Alumni Association rankings, maintaining a strong reputation in vocational education[17] - The institution has received multiple accolades, including being recognized as a "National Civilized Unit" and a "Demonstration University for Party Building Work" in China[17] Strategic Initiatives - The company is exploring new business models in education integration, leveraging its unique position as the only private university in the Lingang area[13] - The company aims to enhance its international influence and competitiveness by actively developing international education and vocational training programs[41] - The college aims to enhance its educational quality and increase enrollment numbers as part of its business strategy[34] Taxation and Regulatory Compliance - The company's income tax expense for the six months ended June 30, 2022, was RMB 50,018,000, an increase from RMB 37,933,000 for the same period in 2021, representing a growth of approximately 32.0%[177] - The company is committed to meeting qualification requirements for foreign investment in private education, with specific plans and measures already implemented[118]

Financial Performance - Total revenue for 2021 reached RMB 683.58 million, representing a 23.1% increase from RMB 554.90 million in 2020[10] - Gross profit for 2021 was RMB 421.68 million, with a gross margin of 61.7%, up from 60.4% in 2020[10] - Profit before tax increased to RMB 243.38 million in 2021, a growth of 22.9% compared to RMB 198.01 million in 2020[10] - Net profit for 2021 was RMB 179.01 million, reflecting a decrease of 7.3% from RMB 193.06 million in 2020[10] - The company achieved revenue of approximately RMB 683.6 million, representing a year-on-year growth of 23.2%, and a gross profit of approximately RMB 421.7 million, with a year-on-year increase of 25.7%[12] - The net profit for the year was approximately RMB 179.0 million, a decrease of 7.3% compared to 2020, while the pre-tax profit was approximately RMB 243.4 million, reflecting a growth of 22.9%[12] Student Enrollment and Academic Offerings - The total number of full-time students at Shanghai Jianqiao College reached 22,454, an increase of 1,116 students from the previous academic year, with an average annual tuition fee of approximately RMB 25,871, up 11.9% year-on-year[12] - The company introduced new undergraduate programs in Intelligent Manufacturing Engineering, Fashion Communication, and Elderly Service Management, further diversifying its academic offerings[16] - The employment rate for the 2021 graduating class was 98.8%, with 64.6% of graduates securing jobs in Shanghai, indicating strong job placement success[16] - The institution's full-time faculty with doctoral degrees accounted for 26.1%, while those with senior titles made up 36.6% as of September 30, 2021[29] - The institution plans to optimize pricing and increase enrollment to enhance profitability, with a projected 10% increase in tuition fees for new students in the 2021/22 academic year[43] Campus Development - The third phase of campus construction commenced in September 2020 to accommodate future expansion needs[7] - The company plans to invest approximately RMB 340 million (equivalent to about HKD 377.4 million) in the third phase of campus construction, which will increase student accommodation and teaching facilities by approximately 60,950 square meters, expected to be completed by the end of 2022[44] - The fourth phase of campus construction is scheduled to start in April 2022, with an estimated capital expenditure of about RMB 65 million (approximately HKD 79.8 million) for a new teaching building, expected to be completed by the end of 2023[44] Financial Health and Management - The total assets as of December 31, 2021, amounted to RMB 3.24 billion, an increase from RMB 2.66 billion in 2020[10] - The current ratio remained stable at 0.8 in both 2020 and 2021, indicating consistent liquidity management[10] - The net debt-to-equity ratio was maintained at 0.2 in 2021, indicating a strong capital structure[10] - The financial leverage ratio decreased from 0.6 as of December 31, 2020, to 0.4 as of December 31, 2021, due to the repayment of borrowings and an increase in equity driven by business performance[92] - The group’s cash and cash equivalents decreased by approximately RMB 225.9 million or 31.6% to RMB 488.7 million as of December 31, 2021, primarily due to the repayment of part of the bank and other borrowings during the reporting period[76] Strategic Initiatives and Future Outlook - The company plans to continue expanding its educational facilities to meet increasing student enrollment demands[7] - Future outlook indicates a projected revenue growth of 10% for the next fiscal year, driven by new program offerings and market expansion strategies[108] - The company is investing RMB 100 million in research and development for new educational technologies aimed at enhancing online learning experiences[116] - Shanghai Jianqiao Education Group plans to open three new campuses in the next two years, targeting a 25% increase in geographic reach[115] - The company aims to increase its market share by 5% through strategic partnerships with local educational institutions[120] Awards and Recognition - The college has been recognized as the largest application-oriented higher education institution in Shanghai and ranked third among private universities in China according to the 2022 Alumni Association rankings[19] - The company received multiple industry awards, including the "Most Valuable Education Company" at the 6th Golden Hong Kong Stock Awards, reinforcing its reputation in the education sector[13] Compliance and Governance - The company has complied with all relevant laws and regulations that have a significant impact on its operations during the year ended December 31, 2021[171] - The company has a strong governance structure with key management personnel overseeing corporate governance, investment, and overseas business management[158] - The company received annual independence confirmations from all independent non-executive directors, affirming their independence as of December 31, 2021[195]

Financial Performance - Revenue for the six months ended June 30, 2021, was RMB 347,614,000, an increase of 24.5% compared to RMB 279,053,000 for the same period in 2020[6] - Gross profit for the same period was RMB 225,334,000, representing a gross margin of 64.8%, up from RMB 179,690,000 in 2020[6] - The net profit for the six months ended June 30, 2021, was RMB 111,853,000, compared to RMB 103,975,000 for the same period in 2020, indicating a growth of 7.5%[6] - Profit before tax increased to RMB 149,786,000, a 43.5% rise compared to RMB 104,345,000 in the previous year[115] - Total comprehensive income for the period was RMB 109,307,000, down from RMB 119,032,000 in the same period of 2020, primarily due to foreign exchange losses[117] - The company reported a foreign exchange loss of RMB 2,546,000 for the period, compared to a gain of RMB 15,057,000 in the previous year[117] Enrollment and Student Performance - The number of full-time students increased by 7.5% year-on-year to 21,338 for the 2020/21 academic year, driven by an increase in enrollment[15] - The college's employment rate for the 2020 graduating class was 97.6%, with an employer satisfaction rate of 99.5%[12] - The college's enrollment plan for the 2021/22 academic year increased by 6.5% year-on-year, with 4,900 undergraduate and 865 associate degree students planned[15] Tuition and Fees - Average annual tuition increased by 5.6% from RMB 23,319,000 in 2020 to RMB 24,618,000 in 2021[18] - For the 2021/22 academic year, new student tuition increased by 10% compared to the 2020/21 academic year[24] - Tuition fees for the six months ended June 30, 2021, amounted to RMB 291,829,000, up 13.5% from RMB 257,248,000 in the prior year[147] - Boarding fee revenue surged by approximately RMB 31.2 million or 196.4% to approximately RMB 47.1 million, primarily due to the resumption of student accommodation in the first half of 2021[38] Operational Developments - The company transitioned its operations to a for-profit private school model, obtaining the necessary operating license on April 21, 2021[10] - The company plans to expand its course offerings by introducing two new undergraduate programs: Fashion Communication and Elderly Service Management[29] - The company is focusing on building a smart campus, integrating information technology deeply into the educational process[30] - The company is committed to improving educational quality and expanding its student enrollment capacity through new construction projects[25] Financial Management - The financial cost decreased to RMB 26,200,000 from RMB 29,550,000 year-on-year, reflecting improved financial management[6] - Income tax expenses increased from approximately RMB 0.4 million for the six months ended June 30, 2020, to approximately RMB 37.9 million for the six months ended June 30, 2021, primarily due to uncertainties regarding tax benefits for private educational institutions[47] - The group's cash and cash equivalents were approximately RMB 665.2 million, a decrease of approximately RMB 49.4 million or 6.9% compared to December 31, 2020, mainly due to seasonal factors[52] Strategic Initiatives - The group has signed a comprehensive strategic cooperation framework agreement with Lingang Group to establish an industry university in the Lingang New Area, aiming to develop five key industry disciplines by 2023[34] - The company aims to enhance its market penetration by considering mergers and acquisitions of private higher education institutions with at least 5,000 students and revenues of at least RMB 100 million[27] - The company plans to deepen its internationalization efforts to enhance students' global perspectives and competencies[29] Shareholder Information - Major shareholders include She De Limited with 15.90% ownership (66,000,000 shares) and Gan En Limited with 9.57% ownership (39,700,000 shares)[79] - As of June 30, 2021, the company's directors and senior management hold significant stakes, with Mr. Zhou owning 25.47% (105,700,000 shares) of the company[75] - The board proposed an interim dividend on August 27, 2021, amounting to approximately 30.9% of the profit attributable to shareholders for the six months ended June 30, 2021[103] Compliance and Governance - The company remains committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[108] - The company is committed to meeting qualification requirements for foreign investment in education, with specific plans and measures in place[93] - The company is focused on expanding its market presence and enhancing its educational offerings in response to regulatory changes in the private education sector[199] Future Outlook - The company is positioned to benefit from a sustained growth period in the eligible university-age population in Shanghai over the next decade[23] - The company acknowledges that the timeline for utilizing the unutilized net proceeds may be affected by international macroeconomic conditions and uncertainties arising from the COVID-19 pandemic[72] - The company continues to monitor the impact of the COVID-19 pandemic on its operations and financial performance[200]

Financial Performance - Total revenue for 2020 reached RMB 554.895 million, representing a year-on-year increase of 10.6% compared to RMB 501.442 million in 2019[9] - Gross profit for 2020 was RMB 335.410 million, with a gross margin of 60.4%, up from 55.8% in 2019[9] - Adjusted net profit for 2020 was RMB 202.554 million, reflecting a significant increase of 34.4% from RMB 150.814 million in 2019[9] - The operating profit before tax for 2020 was RMB 198.006 million, showing a growth of 57.0% from RMB 126.285 million in 2019[9] - The net profit for the year ended December 31, 2020, was approximately RMB 193.1 million, an increase of about 53.9% from approximately RMB 125.4 million for the previous year[35] - The group's revenue increased from approximately RMB 501.4 million for the year ended December 31, 2019, to approximately RMB 554.9 million for the year ended December 31, 2020, representing a growth of about RMB 53.5 million or 10.7%[69] - The group's gross profit rose from approximately RMB 279.9 million to approximately RMB 335.4 million, an increase of about RMB 55.5 million or 19.8%, with a gross profit margin of 60.4%, up 4.6 percentage points from the previous year[73] - The net profit margin increased to 34.8% for the year ended December 31, 2020, up from 25.0% in the prior year[98] Assets and Liabilities - The total assets as of December 31, 2020, amounted to RMB 3.384 billion, an increase from RMB 3.339 billion in 2019[9] - The net debt-to-equity ratio improved to 0.2 in 2020, down from 0.8 in 2019, indicating a stronger financial position[9] - The current ratio improved to 0.8 in 2020, compared to 0.4 in 2019, indicating better short-term financial health[9] - As of December 31, 2020, the company's cash and cash equivalents amounted to approximately RMB 714.6 million, a year-on-year increase of about 113.4% from approximately RMB 334.9 million[39] - The company's net current liabilities decreased by approximately 72.9%, from about RMB 594.3 million in the previous year to approximately RMB 160.8 million[39] - As of December 31, 2020, the company's current liabilities decreased by approximately RMB 433.5 million or 72.9% compared to RMB 594.3 million as of December 31, 2019[87] Student Enrollment and Programs - As of December 31, 2020, the total number of enrolled students reached 21,338, representing a year-on-year growth of 7.5%[13] - The number of new students for the 2020/2021 academic year increased by 446 to 6,326, with a new student enrollment rate of 93.02% despite the impact of COVID-19[44] - The company established new undergraduate programs in Health Services and Management, Arts and Technology, and received approval for two additional programs in Fashion Communication and Elderly Service Management for the 2021/22 academic year[14] - Two new undergraduate programs were established for the 2020/21 academic year: (i) Health Services and Management and (ii) Arts and Technology, to address the growing needs in the health services and cultural creative industries[59] Strategic Initiatives and Expansion - The company plans to expand its operations by converting its schools into for-profit private institutions to comply with regulatory requirements[6] - The company aims to enhance its educational offerings and expand its market share through strategic acquisitions, particularly in the East China region[21] - The group plans to expand its network by seeking suitable acquisitions or investments in other schools, prioritizing private higher education institutions in East China, particularly in the Yangtze River Delta region[54] - The company is currently researching and negotiating projects, with plans to disclose any mergers and acquisitions in a timely manner[55] - The company plans to continue leveraging the policy benefits of the Lingang New Area to achieve integrated development of industry and education[62] Operational Efficiency and Governance - The company achieved a net profit margin of 20% for the last fiscal year, reflecting strong operational efficiency[130] - The board of directors emphasized the importance of corporate governance and strategic planning in their operational framework[134] - The management team has extensive experience, with key executives having over 20 years in the education sector, ensuring strong leadership[126] - The company has a diverse board with members holding significant educational and management experience across various institutions[140] Financial Management and Investments - The total capital expenditure for the third phase of campus construction is estimated to be approximately RMB 340 million (around HKD 377.4 million), expected to be completed by the end of 2022[53] - The total salary cost incurred by the company was approximately RMB 180.7 million for the year, compared to RMB 167.8 million for the previous year[113] - The company plans to expand its market presence by opening three new campuses in key urban areas by the end of 2021[125] - Investment in technology upgrades is set to increase by 30% in the next fiscal year to improve online learning experiences[131] Risk Management - The company has established a risk management framework to address operational risks, including market conditions and regulatory changes in the private higher education sector[184] - The company has not utilized derivative financial instruments to hedge interest rate risks, relying instead on floating-rate bank borrowings[186] - The company continuously monitors cash flow to maintain a balance between liquidity and flexibility in funding operations[188] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.10 per share for the six months ended June 30, 2020, and proposed a final dividend of HKD 0.08 per share for the year ended December 31, 2020, resulting in a total dividend of HKD 0.18 per share, with a payout ratio of 33.6% of the profit attributable to shareholders[178] Awards and Recognition - The company has received multiple awards for its contributions to education, enhancing its reputation in the industry[121]

Financial Performance - Revenue for the six months ended June 30, 2020, was RMB 279,053,000, an increase of 9.8% from RMB 254,211,000 for the same period in 2019[11]. - Gross profit for the same period was RMB 179,690,000, compared to RMB 147,307,000 in 2019, reflecting a gross margin improvement[11]. - Adjusted net profit for the six months ended June 30, 2020, was RMB 113,473,000, compared to RMB 90,187,000 in the same period of 2019, marking a growth of 25.7%[11]. - The company reported a pre-tax profit of RMB 104,345,000, up from RMB 81,469,000 in the previous year, indicating a significant increase of 28.0%[11]. - The group recorded a pre-tax profit of approximately RMB 104.3 million for the six months ended June 30, 2020, an increase of approximately 28.1% compared to approximately RMB 81.5 million in the same period last year[57]. - The company reported a net profit of RMB 103,975,000 for the six months ended June 30, 2020, compared to RMB 80,998,000 for the same period in 2019, representing an increase of 28.3%[139]. Student Enrollment and Tuition - The number of full-time students increased to 19,857 in the 2019/2020 academic year, up from 17,808 in the previous year, representing a growth of 11.6%[11]. - Average annual tuition fees rose to RMB 23,319, a 3.5% increase from RMB 22,528 in the prior year[18]. - Tuition revenue increased by approximately RMB 34.4 million or 15.4% due to an increase in the number of full-time students and tuition fees[47]. - The number of enrolled students for the 2020/2021 academic year increased by 478 compared to the previous year, reaching a total of 6,755 students[31]. - Tuition fees for eight programs were increased by approximately 30% to 40% for the 2020/2021 academic year[32]. Capital Expenditures and Investments - The total capital expenditure for the third phase of campus construction is estimated to be around RMB 340 million (approximately HKD 377.4 million)[36]. - The company plans to undertake the third phase of campus construction with an estimated cost of approximately RMB 250.0 million, funded by IPO proceeds and bank borrowings[76]. - The group plans to expand its enrollment capacity by constructing new facilities, with a total building area of approximately 60,950 square meters[35]. - The company has committed capital expenditures of RMB 1,677,000 for property, plant, and equipment as of June 30, 2020, compared to RMB 800,000 as of December 31, 2019[70]. Financial Position and Cash Flow - Cash and cash equivalents as of June 30, 2020, amounted to approximately RMB 570.2 million, representing an increase of about RMB 235.4 million or 70.3% compared to December 31, 2019[66]. - Total bank borrowings as of June 30, 2020, were approximately RMB 1,126.3 million, slightly down from RMB 1,131.2 million as of December 31, 2019[67]. - The financial leverage ratio decreased from 1.1 as of December 31, 2019, to 0.7 as of June 30, 2020, due to a reduction in interest-bearing bank borrowings and an increase in equity[72]. - Cash flow from operating activities showed a net outflow of RMB 414,027,000 for the six months ended June 30, 2020, compared to an outflow of RMB 104,400,000 for the same period in 2019, indicating a significant increase in cash usage[139]. - The total cash and cash equivalents at the end of the reporting period was RMB 387,532,000, up from RMB 195,408,000 at the end of June 30, 2019, marking an increase of 97.9%[140]. Educational Offerings and Development - The company operates as a leading private university in Shanghai, with a focus on applied technology education and a comprehensive curriculum[14]. - The institution has established partnerships with enterprises to enhance student employability through practical skills training[15]. - The company continues to explore market expansion opportunities and new program developments to meet evolving employment market demands[15]. - Two new undergraduate programs, Health Services and Management and Arts and Technology, were established for the 2020/2021 academic year[40]. - The group plans to submit an application to establish its own graduate programs to further enhance its educational offerings[40]. Regulatory and Compliance - The company continues to monitor the developments of laws and regulations affecting its operations and will make further announcements as necessary[106]. - The company has taken specific plans and measures to comply with qualification requirements for foreign investment in education[98]. - The company believes that the recent regulatory changes will not have an immediate adverse impact on its business operations and financial condition[106]. - The company has complied with all significant aspects of its contractual arrangements during the reporting period[97]. COVID-19 Impact and Response - The company has implemented online modules and remote learning activities in response to the COVID-19 pandemic, which has had a limited financial impact on its operations[115]. - The management assessed that the financial impact of COVID-19 on the group’s financial position was limited during the reporting period[198]. - The expected timeline for utilizing the unutilized net proceeds is subject to uncertainties due to the COVID-19 pandemic and its impact on the economic and business environment[83]. Shareholder Information - The company proposed an interim dividend of HKD 0.10 per share for the six months ended June 30, 2020, which represents approximately 36.5% of the profit attributable to shareholders[111]. - As of June 30, 2020, major shareholders include She De Limited with 66,000,000 shares (15.90%) and Gan En Limited with 39,450,000 shares (9.51%) in the company[93]. - The company’s directors and senior management hold significant stakes, with Mr. Zhou owning 105,450,000 shares (25.41%) in the company[86].

Financial Performance - The company recorded revenue of approximately RMB 501.4 million for the year ended December 31, 2019, representing an 18.1% increase from RMB 424.6 million in the previous year[13] - The net profit from continuing operations was approximately RMB 150.8 million, a significant increase of 29.3% compared to the previous year's net profit[13] - The gross profit margin improved to 55.8% in 2019, up from 52.3% in 2018[10] - Revenue increased by RMB 76.8 million or 18.1% from RMB 424.6 million for the year ended December 31, 2018, to RMB 501.4 million for the year ended December 31, 2019[62] - Tuition revenue rose by RMB 64.0 million or 17.5% from RMB 365.6 million to RMB 429.6 million, driven by an increase in full-time student enrollment and higher tuition fees for new students[62] - Boarding fee revenue increased by RMB 12.5 million or 23.4% from RMB 53.5 million to RMB 66.0 million, attributed to the increase in student numbers and higher fees for new dormitory facilities[62] - Gross profit rose by RMB 57.7 million or 26.0% from RMB 222.2 million to RMB 279.9 million, with gross margin increasing from 52.3% to 55.8%[64] - Profit before tax increased by approximately 14.6% from RMB 110.2 million for the year ended December 31, 2018, to RMB 126.3 million for the year ended December 31, 2019[72] - Net profit increased by 15.5% from RMB 108.6 million for the year ended December 31, 2018, to RMB 125.4 million for the year ended December 31, 2019[74] - Adjusted net profit increased by approximately 29.3% from RMB 116.7 million for the year ended December 31, 2018, to RMB 150.8 million for the year ended December 31, 2019, after excluding listing-related expenses[75] Assets and Liabilities - The total assets as of December 31, 2019, amounted to RMB 2,839.7 million, with total liabilities of RMB 943.1 million[10] - The total equity increased to RMB 1,014.975 million by the end of 2019, compared to RMB 889.892 million in 2018[10] - Current liabilities net increased by 137.7% from RMB 250.0 million as of December 31, 2018, to RMB 594.3 million as of December 31, 2019, primarily due to an increase in contract liabilities[76] - Cash and cash equivalents decreased by approximately 24.2% from RMB 442.1 million as of December 31, 2018, to RMB 334.9 million as of December 31, 2019, mainly due to repayment of bank loans and payments for the second phase of campus construction[81] Enrollment and Programs - Shanghai Jianqiao College's full-time student enrollment reached 19,857 as of December 31, 2019, with a compound annual growth rate of 7.6% from the 2015/2016 to 2018/2019 academic years[19] - The college offers 54 undergraduate programs and 13 vocational programs as of September 30, 2019[14] - The college's jewelry program became the largest in the country, with over 1,000 students enrolled and a 100% initial employment rate for graduates in 2018 and 2019[20] - Two new undergraduate programs, Early Childhood Education and Nursing, were established for the 2019/2020 academic year to meet local market demands[51] - The company plans to introduce two additional undergraduate programs, Health Services and Management and Arts and Technology, for the 2020/2021 academic year to further diversify its offerings[51] Strategic Initiatives - The company has established strong partnerships with enterprises to enhance students' employability and skills[14] - A strategic cooperation agreement was reached with China Construction Bank, providing RMB 5 billion in comprehensive credit support for mergers and acquisitions and daily operations[20] - The college plans to expand its capacity by establishing, acquiring, or investing in new or existing schools in the East China region to increase market penetration[25] - The college aims to enhance its reputation and attract quality students by optimizing tuition fees and increasing enrollment numbers[25] - The company plans to invest in new construction projects to meet future enrollment needs, including a new multifunctional building of over 10,000 square meters and approximately 4,000 dormitory beds[45] - The company aims to expand its network by seeking suitable acquisition opportunities in private higher education institutions, particularly in the Yangtze River Delta region, targeting schools with at least 5,000 students and revenues of at least RMB 100 million[47] Financial Management - The company incurred one-time listing expenses of approximately RMB 25.4 million during the reporting period[13] - The interest coverage ratio improved to 3.6 in 2019, indicating better ability to meet interest obligations[10] - The company is committed to optimizing pricing and increasing enrollment numbers to enhance profitability[43] - The management team emphasized a commitment to maintaining financial discipline, with a target operating margin of 20% for the upcoming fiscal year[138] Market Position and Growth - Shanghai Jianqiao College is positioned to benefit from the growing demand for private higher education in the Yangtze River Delta region[15] - The college's business school accounts for approximately 30% of total student enrollment, reflecting strong market demand for business-related disciplines[20] - The establishment of the Lingang New Area in Shanghai's Free Trade Zone presents significant growth opportunities for the college[15] - The company is exploring the establishment of its own graduate programs to elevate its educational offerings further[51] Regulatory and Risk Management - The company has submitted a decision to register as a for-profit private school in compliance with regulatory changes, which is expected to be completed by December 31, 2019[56] - The company continues to monitor the development of relevant laws and regulations, assessing their potential impact on business operations[58] - The company anticipates that the recent legal developments will not have an immediate significant adverse effect on its business operations or financial condition[58] - The company has established a risk management framework to address various operational risks, including market conditions and regulatory changes in the private higher education sector[188] Capital Expenditure and Investments - Capital expenditures for the year ended December 31, 2019, amounted to RMB 351.2 million, primarily related to the construction and upgrade of school facilities[83] - The company has a capital commitment of RMB 800,000 as of December 31, 2019, significantly down from RMB 144.9 million in 2018[86] - The net proceeds from the IPO, after deducting underwriting fees and related expenses, amounted to approximately HKD 666.0 million[196] - 34.8% of the net proceeds, equating to HKD 231.7 million, is allocated for acquisitions or investments to expand the school network[197] - 35.0% of the net proceeds, amounting to HKD 233.1 million, is designated for campus construction projects and the purchase of furniture and equipment, with HKD 67.7 million already utilized[197] User Engagement and Satisfaction - User satisfaction ratings have improved to 85%, reflecting the effectiveness of recent curriculum enhancements and student support services[138] - The company has introduced a new online learning platform, which has already attracted 5,000 users within the first month of launch[138] Awards and Recognition - The company received several awards for excellence in education, enhancing its brand reputation and market position[121]