Financial Performance - The group's revenue for the year was approximately RMB 286.2 million, an increase of about 26.2% compared to the previous fiscal year[39]. - The net profit for the year was RMB 85.0 million, representing a significant increase of 119.8% year-over-year[39]. - The gross profit for the year reached RMB 162.2 million, up from RMB 103.9 million in the previous year, indicating a gross margin of 56.7%[54][58]. - Tuition fees amounted to approximately RMB 246.9 million, representing a 32.2% increase from RMB 186.8 million in the previous year[92]. - Accommodation fees increased by approximately 31.0% to RMB 19.5 million, up from RMB 14.9 million in the previous year[92]. - The group's administrative expenses for the year were approximately RMB 54.0 million, an increase from RMB 51.9 million in the previous year, mainly due to higher employee benefits and office expenses[99]. - Other income for the year was approximately RMB 4.1 million, up from RMB 1.3 million in the previous year, primarily due to government subsidies received[100]. - The group's net financial expenses for the year were approximately RMB 28.7 million, an increase from RMB 9.3 million in the previous year, mainly due to increased borrowings[102]. - The group reported an income tax expense of approximately RMB 0.2 million for the year, down from RMB 0.8 million in the previous year[128]. Student Enrollment and Educational Quality - The number of students enrolled in the diploma program increased from 1,831 in the 2021/2022 academic year to 2,007 in the 2022/2023 academic year, attributed to improved marketing and recruitment strategies[47]. - The number of enrolled students grew to approximately 19,100, a 28.2% increase from 14,900 in the previous academic year[88]. - The number of graduates increased to approximately 2,941, an 11.9% rise from 2,629 in the previous academic year[88]. - The company achieved an employment rate of 89% for its graduates, demonstrating the effectiveness of its curriculum[39]. - The company plans to continue enhancing educational quality and expanding its course offerings to improve business performance[39]. - The company aims to become a leader in hotel education in China, implementing strategies to expand its market presence and enhance educational quality[164]. Capital Management and Financial Position - The company's reserves available for distribution to shareholders as of December 31, 2022, amounted to approximately RMB 431.1 million[1]. - The current ratio decreased to 0.44 in 2022 from 0.52 in 2021, indicating a decline in short-term liquidity[54]. - The debt-to-equity ratio improved to 31.5% in 2022 from 42.1% in 2021, reflecting a stronger capital structure[54]. - Cash and cash equivalents as of December 31 were approximately RMB 199.9 million, an increase of about 27.9% from RMB 156.3 million in the previous year[83]. - The group's debt-to-equity ratio decreased to 31.5% as of December 31, 2022, compared to 42.1% in the previous year, mainly due to an increase in cash and cash equivalents[131]. - The group has maintained a focus on capital management based on the debt-to-equity ratio[131]. Governance and Compliance - The board of directors includes executive directors and independent non-executive directors, ensuring governance and oversight[36]. - The board of directors is subject to rotation, with one-third of directors retiring at each annual general meeting[18]. - The company has appointed three independent non-executive directors to balance the board's composition and protect shareholder interests[198]. - The company has complied with all relevant laws and regulations in the Cayman Islands, China, and Hong Kong throughout the year[149]. - The company must comply with the foreign investment control requirements, ensuring that domestic partners play a leading role in joint educational institutions[192]. Risks and Challenges - The group faces several key risks, including maintaining or increasing student enrollment and tuition fees, as well as managing operational costs[35]. - The group faces foreign exchange risks related to fluctuations in the exchange rates of the US dollar and Hong Kong dollar against the RMB, with no current foreign currency hedging policy in place[109]. - The company is subject to restrictions under China's Foreign Investment Negative List, particularly in the higher education sector[192]. Investments and Expansion - The company has a focus on capital expenditure plans and future funding needs to support growth[35]. - Capital expenditures for upgrading teaching facilities and equipment amounted to RMB 190.6 million, including new dormitories and educational hotels to accommodate an additional 2,000 students[64]. - The group completed the construction of a new campus in the Nanxi District, which is expected to support long-term student enrollment growth[47]. - The Chengdu Ginkgo Academy expansion project has a total construction area of approximately 41,000 square meters, completed and operational for the 2022/2023 academic year[95]. - The company plans to expand its overseas education initiatives and strengthen international cooperation with educational institutions and enterprises[72]. - The company is focused on strategic investments and acquisitions to enhance its educational offerings and operational capabilities[164]. Shareholder Information - The company declared a final dividend of HKD 0.10 per share, to be approved at the upcoming annual general meeting[150]. - The company’s major shareholder, Mr. Fang, holds 73.3% of the shares, indicating a strong control over the company[175]. - Vast Universe holds 366,562,500 shares, representing 73.3% of the equity[178]. - 熊嵐女士, as the spouse of 方先生, also holds 366,562,500 shares, equating to 73.3% of the equity[178]. - GreenTree Hospitality Group Ltd. owns 41,336,000 shares, which is 8.3% of the equity[178].

B_table indent_4.5 mm N_table indent_4 mm 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Gingko Education Group Company Limited 中 國 銀 杏 教 育 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1851） 截至二零二二年十二月三十一日止年度的 年度業績公告 中國銀杏教育集團有限公司（「本公司」，連同其附屬公司及併表聯屬實體統稱「本 集團」）的董事（「董事」）會（「董事會」）欣然宣佈，本集團截至二零二二年十二月三十 一日止年度（「報告期」）的經審核合併業績，連同截至二零二一年十二月三十一日 止年度的比較數字如下。 財務摘要 以下學年 二零二二╱ 二零二一╱ ...

Revenue and Profitability - The total revenue for the six months ended June 30, 2022, was RMB 134.1 million, an increase of 23.5% compared to RMB 108.6 million for the same period in 2021[14]. - Tuition fees contributed RMB 116.8 million, representing a 26.1% increase from RMB 92.6 million in the previous year[14]. - The company's revenue for the reporting period was approximately RMB 134.1 million, an increase of about RMB 25.5 million or approximately 23.5% compared to the previous period's RMB 108.6 million[20]. - Tuition fees during the reporting period amounted to approximately RMB 116.8 million, representing an increase of about RMB 24.2 million or approximately 26.1% from RMB 92.6 million in the previous period[20]. - Gross profit for the reporting period was RMB 79.6 million, an increase of approximately RMB 26.3 million or about 49.3% compared to RMB 53.3 million in the previous period, with a gross margin of approximately 59.4%[23]. - The company's net profit for the reporting period increased by approximately 127.4% to about RMB 51.8 million, up from approximately RMB 22.8 million in the previous period[30]. - The net profit for the period was RMB 51,780,000, which is a substantial increase from RMB 22,774,000 in the same period last year, marking a growth of 127.5%[72]. - Basic and diluted earnings per share for the period were RMB 0.10, up from RMB 0.05 in the previous year, indicating a 100% increase[72]. - The company reported a total comprehensive income of RMB 51,780 thousand for the six months ended June 30, 2022, compared to RMB 22,774 thousand for the same period in 2021, reflecting a growth of approximately 127.5%[90]. Student Enrollment and Education Expansion - The number of students enrolled at Ginkgo Hotel Management College increased by 21.1% to approximately 14,900 in the 2021/2022 academic year, up from about 12,300 in the 2020/2021 academic year[11]. - The group graduated 2,941 students in June 2022, an increase of 11.9% compared to the previous academic year[9]. - The group plans to enhance market penetration and improve teaching quality to solidify its position in the Chinese hotel management industry[15]. - The group aims to actively develop overseas education and strengthen international cooperation with foreign educational institutions and enterprises[15]. - The group continues to focus on expanding its higher education services and hotel management operations in China[120]. Financial Position and Cash Flow - The company's cash and cash equivalents as of June 30, 2022, were RMB 90.1 million, a decrease of approximately RMB 66.2 million from RMB 156.3 million in the previous year[33]. - The company's debt as of June 30, 2022, was approximately RMB 462.1 million, an increase from RMB 388.3 million as of December 31, 2021[34]. - The company's capital commitments as of June 30, 2022, were approximately RMB 102.8 million, primarily related to the expansion of the Ginkgo Academy[39]. - The group’s total liabilities as of December 31, 2021, were RMB 571,807,000, indicating a significant increase in liabilities by June 30, 2022[116]. - The group’s total borrowings (principal and interest) as of June 30, 2022, were RMB 534,474,000[116]. - The group’s liquidity risk is expected to be managed through internally generated operating cash flows and continued support from banks[114]. - Operating cash flow for the six months ended June 30, 2022, was negative at RMB (53,625) thousand, an improvement from RMB (72,302) thousand for the same period in 2021[94]. - Net cash used in investing activities was RMB (72,484) thousand for the six months ended June 30, 2022, compared to RMB (22,367) thousand for the same period in 2021, indicating increased investment activity[94]. - Financing activities generated net cash of RMB 57,830 thousand for the six months ended June 30, 2022, compared to RMB 23,264 thousand for the same period in 2021, showing a significant increase in financing[94]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to RMB 1,190,962 thousand, a decrease from RMB 1,201,590 thousand as of December 31, 2021[77]. - Total liabilities decreased to RMB 587,520 thousand as of June 30, 2022, compared to RMB 649,928 thousand as of December 31, 2021, reflecting a reduction of approximately 9.6%[77]. - Total equity increased to RMB 603,442 thousand as of June 30, 2022, up from RMB 551,662 thousand as of December 31, 2021, representing a growth of about 9.4%[77]. - The group had 858 employees as of June 30, 2022, a decrease from 881 employees as of December 31, 2021[43]. - The group reported a decrease in accrued expenses and other payables to RMB 103,476,000 as of June 30, 2022, from RMB 111,768,000 as of December 31, 2021[170]. Risk Management and Governance - The group faces foreign exchange risks primarily related to fluctuations in the exchange rates of RMB against USD and HKD, with no current hedging policies in place[40]. - The group has no foreign currency hedging policies and will continue to monitor the impact of exchange rate fluctuations on its performance[40]. - The board believes that the group maintains good relationships with its employees, with no significant labor disputes reported during the reporting period[43]. - The company has adhered to the corporate governance code and maintained high standards of corporate governance throughout the reporting period[60]. - The group has not made any changes to its risk management policies since the end of the year[110]. Capital Expenditures and Investments - Capital expenditures for the six months ended June 30, 2022, totaled RMB 73,060 thousand, consistent with the previous year's expenditure[124]. - The group obtained bank loans amounting to RMB 294,400,000 secured by construction in progress valued at approximately RMB 196,244,000 as of June 30, 2022[173]. - The total value of right-of-use assets related to land use rights and buildings was approximately RMB 3,686,000,000 as of June 30, 2022, down from RMB 3,736,000,000 as of December 31, 2021[153]. - The carrying amount of property, plant, and equipment as of June 30, 2022, was RMB 1,021,804,000, reflecting an increase from RMB 961,342,000 as of January 1, 2022[159]. Employee and Management Information - Employee benefit expenses for the six months ended June 30, 2022, were RMB 43,547,000, up from RMB 38,835,000 in the same period of 2021, reflecting a growth of 17.5%[136]. - The total remuneration for key management personnel decreased to RMB 1,431 thousand for the six months ended June 30, 2022, from RMB 1,515 thousand for the same period in 2021[184].

Financial Performance - Total revenue for the fiscal year increased by 28.2% year-on-year to RMB 226.7 million[19] - Net profit for the fiscal year grew by 128.5% year-on-year to RMB 38.7 million[19] - Gross profit for the fiscal year reached RMB 103.9 million, compared to RMB 76.1 million in the previous year[10] - Gross margin improved to 45.8% from 43.0% in the previous year[11] - The company reported a basic earnings per share of RMB 0.08, up from RMB 0.03 in the previous year[10] - Profit before tax increased by 123.2% from approximately RMB 177 million to approximately RMB 395 million due to the combined effects of revenue, costs, and expenses[53] - Net profit increased by approximately 128.5% from approximately RMB 169 million to approximately RMB 387 million, reflecting the impact of the aforementioned revenue, costs, and expenses[55] Assets and Liabilities - Current assets amounted to RMB 165.9 million, while current liabilities were RMB 318.7 million, resulting in a current ratio of 0.52[15] - Non-current assets increased to RMB 1,035.7 million from RMB 1,008.2 million in the previous year[14] - Total assets less current liabilities stood at RMB 882.9 million, slightly down from RMB 893.1 million in the previous year[14] - The debt-to-equity ratio improved to 42.1% from 47.9% in the previous year[15] - Cash and cash equivalents were RMB 156.3 million, compared to RMB 152.5 million in the previous year[14] - Current liabilities increased by 32.8% from RMB 1,151 million to RMB 1,528 million, primarily due to borrowings due within one year and an increase in contract liabilities from students[63] Student Enrollment and Education Quality - In the 2021/2022 academic year, the number of enrolled students increased to approximately 14,900, a growth of 21.1% compared to about 12,300 in the 2020/2021 academic year[27] - The number of students enrolled in undergraduate programs rose to 13,114, reflecting a 23.8% increase from 10,597 in the previous year[29] - The total number of students across all programs reached 14,945, marking a 21.3% increase from 12,324 in the previous academic year[29] - Approximately 2,629 students graduated in June 2021, with a first-time employment rate of about 91%, a slight decrease of 2% from the 2019/2020 academic year[27] - The new campus in Yibin City, Nanshan District, has started operations, enhancing teaching space and improving education quality[21] - The group aims to become a major player in vocational training for the hotel industry, focusing on skills such as Western and Chinese cooking, baking, bartending, and coffee making[23] Revenue Sources and Growth - Total revenue for the year increased by 28.2% to approximately RMB 226.7 million from RMB 176.9 million in the previous year, driven mainly by an increase in tuition fees[41] - Tuition fees rose by 23.7% to RMB 186.8 million, while accommodation fees increased by 69.0% to RMB 14.9 million, and catering service fees surged by 72.9% to RMB 13.5 million[31] - The group aims to diversify its revenue sources by developing training programs under the Ginkgo Academy brand[36] Operational Developments - The construction of the new campus in Nanchong is largely completed, including a teaching hotel and various facilities[37] - Sales expenses rose by 22.1% to approximately RMB 3.4 million, attributed to recruitment activities related to the new campus in Nanchong[46] - The group continues to expand its new campuses to increase utilization rates and diversify course offerings[23] - The impact of COVID-19 was managed effectively, with no significant adverse effects on the financial status, despite temporary suspensions of operations[38] Governance and Compliance - The company has appointed three independent non-executive directors to balance the number of directors with vested interests and independent directors, aiming to promote the overall interests of the company and its shareholders[1] - The company has established a mechanism to avoid conflicts of interest among directors, requiring them to report any significant conflicts at the earliest board meeting[1] - The company is committed to maintaining transparency and providing relevant financial information to stakeholders as part of its governance practices[189] Risks and Regulatory Environment - The group faces significant foreign exchange risk related to the fluctuation of the RMB against the USD and HKD, with no current hedging policy in place[68] - The group faces significant risks if the Chinese government deems its agreements for establishing business operations in China non-compliant with applicable laws[169] - The proposed Foreign Investment Law may bring substantial changes to the legal framework governing foreign investment in China, potentially impacting the group's business[169] Shareholder Information - The company reported a reserve of approximately RMB 427.2 million available for distribution to shareholders as of December 31, 2021[108] - The company did not recommend the payment of a final dividend for the year ended December 31, 2021[101] - The total number of issued shares as of December 31, 2021, is 500,000,000[135]

Revenue and Enrollment - Total revenue for the six months ended June 30, 2021, was RMB 108.63 million, an increase of 33.4% compared to RMB 81.44 million in the same period of 2020[13]. - Tuition fees contributed RMB 92.59 million, up 21.0% from RMB 76.52 million in the previous year[13]. - Accommodation fees increased significantly by 98.4% to RMB 6.98 million from RMB 3.52 million[13]. - The number of students enrolled at Ginkgo Hotel Management College rose to approximately 12,300, a growth of 10.8% from about 11,100 students in the previous academic year[10]. - The graduation rate for the academic year 2020/2021 saw 2,832 students graduate, reflecting a 5.6% increase from the previous year[8]. - Revenue from catering services surged to RMB 4.65 million, a remarkable increase of 1,027.7% from RMB 0.41 million[13]. - Other income sources, primarily from research projects and vocational training, increased to RMB 4.41 million, up 345.3% from RMB 0.99 million[13]. - Revenue increased by approximately 33.4% from RMB 81.4 million for the six months ended June 30, 2020, to RMB 108.6 million for the six months ended June 30, 2021, primarily due to an increase in student enrollment[18]. Financial Performance - Gross profit increased from approximately RMB 41.2 million to RMB 53.3 million, while gross margin slightly decreased from 50.5% to 49.1% due to the lower margin of catering services[20]. - Operating profit increased to RMB 28,308 thousand, up from RMB 21,706 thousand, marking a growth of 30.0%[67]. - Net profit for the period was RMB 22,774 thousand, compared to RMB 20,783 thousand in the previous period, indicating a year-over-year increase of 9.6%[67]. - Basic and diluted earnings per share rose to RMB 0.05, up from RMB 0.04 in the previous period[67]. - The group reported a total operating profit of RMB 38,835,000 for the six months ended June 30, 2021, compared to RMB 32,383,000 in the same period of 2020, reflecting a growth of 20%[106]. Expenses and Losses - Cost of sales rose by approximately 37.3% from RMB 40.3 million to RMB 55.3 million, mainly due to increased student activity expenses and cafeteria purchases following the recovery from COVID-19[19]. - Administrative expenses increased from RMB 21.3 million to RMB 23.1 million, primarily due to operational costs associated with the preparation for the new campus in Nanxi[22]. - Net loss for the six months ended June 30, 2021, was approximately RMB 0.7 million, compared to a net profit of RMB 1.3 million for the same period in 2020, mainly due to unfavorable exchange rates[25]. - Financial expenses net amount for the six months ended June 30, 2021, was RMB (5,271) thousand, compared to RMB (745) thousand for the same period in 2020, indicating a significant increase in financial expenses[109]. Cash Flow and Liquidity - Cash and cash equivalents decreased by approximately 47.3% to RMB 80.4 million as of June 30, 2021, from RMB 152.5 million as of December 31, 2020[33]. - Operating cash outflow for the six months ended June 30, 2021, was RMB 72.3 million, compared to RMB 47.2 million for the same period in 2020[33]. - The group has a liquidity risk management strategy that includes maintaining sufficient cash and cash equivalents, despite current liabilities exceeding current assets by approximately RMB 113,960,000[92]. - The group reported a net cash inflow from financing activities of RMB 23,264 thousand, contrasting with a net cash outflow of RMB (12,227) thousand in the previous period[78]. Debt and Liabilities - Total borrowings increased to approximately RMB 435.1 million as of June 30, 2021, from RMB 398.4 million as of December 31, 2020[34]. - As of June 30, 2021, the group's debt-to-equity ratio was 66.2%, an increase from 47.9% on December 31, 2020[35]. - The group’s total liabilities as of December 31, 2020, were RMB 633,395,000, with significant portions due within one year[94]. - The group reported a total loan liability of RMB 503,454,000 as of June 30, 2021, with RMB 92,887,000 due within one year[94]. Corporate Governance and Compliance - The company has adhered to the corporate governance code, with a board comprising four executive directors and three independent non-executive directors[56]. - The audit committee, consisting of independent non-executive directors, reviewed the unaudited interim condensed consolidated financial information for the six months ending June 30, 2021[64]. - The company continues to ensure compliance with the corporate governance code, despite a deviation regarding the separation of the roles of chairman and CEO[57]. Investments and Capital Expenditures - The company is constructing a new campus in Yibin City, Sichuan Province, with the first phase expected to be operational in the second half of 2021[15]. - The group has capital commitments of approximately RMB 12.5 million related to the investment in the new campus in Nanxi as of June 30, 2021[39]. - The company has capital expenditures of RMB 19.6 million that were contracted but not yet incurred as of December 31, 2020[39]. - The company reported a total of RMB 14,700,000 in advance payments for property, plant, and equipment as of June 30, 2021, compared to RMB 13,790,000 as of December 31, 2020, indicating an increase of approximately 6.6%[141]. Shareholder Structure and Dividends - The company reported a significant shareholder structure, with Vast Universe holding 366,562,500 shares, representing 73.3% of the issued share capital[50]. - GreenTree Hospitality Group Ltd. and its controlled entity, GreenTree Inns Hotel Management Group, Inc., collectively hold 41,336,000 shares, accounting for 8.3% of the issued share capital[50]. - The company did not declare any interim dividends for the six months ending June 30, 2021, as decided in the board meeting held on August 27, 2021[60]. Risk Management - The group faced foreign exchange risks primarily related to USD and HKD, with no current hedging policies in place[40]. - The group’s financial risk factors include market risk, credit risk, and liquidity risk, which are detailed in the annual financial statements[89]. - The group has not experienced any significant changes in risk management policies since the end of the reporting period[90].

中國銀杏教育集團有限公司 China Gingko Education Group Company Limited (於開曼群島註冊成立的有限公司) 股份代號：1851 2020年度報告 目錄 公司資料2 財務摘要4 主席報告6 管理層討論及分析8 董事及高級管理層履歷詳情 16 董事會報告 20 企業管治報告 52 獨立核數師報告 69 合併全面收益表 74 合併資產負債表 75 合併權益變動表 77 合併現金流量表 78 合併財務報表附註 79 詞 彙 140 公司資料 北 角 董事會 執行董事 方功宇先生（董 事 會 主 席） 田濤先生 余媛女士 馬曉明先生 獨立非執行董事 蔣謙先生 王志強先生（於二零二零年七月三十一日獲委任） 莊 文 鴻 先 生（於 二 零 二 零 年 七 月 三 十 一 日 辭 任） 袁軍先生 審核委員會 王志強先生（主 席） （於 二 零 二 零 年 七 月 三 十 一 日 獲 委 任） 莊文鴻先生（主 席） （於 二 零 二 零 年 七 月 三 十 一 日 辭 任） 蔣謙先生 袁軍先生 提名委員會 方功宇先生（主 席） 蔣謙先生 袁軍先生 薪酬委員會 蔣謙先生（主 席） 袁軍先 ...

Revenue and Profitability - The total revenue for the six months ended June 30, 2020, was RMB 81,439,000, a decrease of 3.3% compared to RMB 84,224,000 in the same period of 2019[12]. - Revenue decreased by approximately 3.3% from RMB 842 million to RMB 814 million, primarily due to a 92.9% drop in catering service fees and a 34.9% decline in accommodation fees due to COVID-19[18]. - Revenue for the six months ended June 30, 2020, was RMB 84,224 thousand, a slight decrease from RMB 81,439 thousand in the same period of 2019, representing a decline of approximately 2.4%[83]. - Net profit decreased by 9.5% from RMB 230 million to RMB 208 million[32]. - Adjusted net profit decreased by 23.5% from RMB 272 million to RMB 208 million[34]. - Operating profit decreased to RMB 23,580 thousand from RMB 21,706 thousand, reflecting a decline of approximately 7.9%[83]. - The profit attributable to equity holders of the company for the six months ended June 30, 2020, was RMB 20,783,000, down from RMB 22,977,000 in the same period of 2019, reflecting a decrease of approximately 9.6%[139]. Tuition and Enrollment - Tuition fees increased by 7.6% to RMB 76,517,000 from RMB 71,120,000, while accommodation fees decreased by 34.9% to RMB 3,519,000[13]. - The number of students enrolled at Ginkgo Hotel Management College rose by 8.3% to approximately 11,100 in the 2019/2020 academic year, up from about 10,200 in the previous year[8]. - The number of graduates from Ginkgo College increased by 7.4% to 2,683 in June 2020, compared to the previous academic year[8]. Campus Development and Strategic Initiatives - The group is constructing a new campus in Yibin, Sichuan Province, with the first phase expected to gradually commence operations in the second half of 2020[17]. - The group successfully applied to terminate its cooperation with Chengdu University of Information Technology and transitioned Ginkgo College to a private higher education institution, which is expected to reduce joint teaching support costs[16]. - The group plans to actively pursue overseas education initiatives and strengthen international cooperation with foreign educational institutions and enterprises[14]. - The group aims to enhance market penetration and teaching quality to solidify its position in the Chinese hotel management industry[14]. - The group anticipates that the transition to a private institution will create opportunities for quality enhancement and increased enrollment[16]. Financial Position and Cash Flow - Cash and cash equivalents decreased by approximately 39.8% from RMB 2,275 million to RMB 1,369 million[38]. - Net cash used in operating activities was RMB 472 million, compared to RMB 433 million in the previous period[38]. - Net cash used in investing activities was RMB 312 million, a significant decrease from RMB 1,113 million in the previous period[38]. - As of June 30, 2020, the group's borrowings amounted to RMB 425.5 million, slightly up from RMB 423.7 million as of December 31, 2019[39]. - The debt-to-equity ratio as of June 30, 2020, was 56.2%, a significant increase from 39.5% as of December 31, 2019[40]. - The group's current liabilities net amount was RMB 25.1 million as of June 30, 2020, down from RMB 68.5 million as of December 31, 2019[40]. - The company anticipates future cash flow needs to be met through operating cash flow and continued support from banks[109]. Expenses and Cost Management - Sales costs reduced by about 5.9% from RMB 428 million to RMB 403 million, mainly due to decreased student activity and cafeteria expenses caused by COVID-19[19]. - Administrative expenses increased from RMB 186 million to RMB 213 million, attributed to increased employee benefits and operational costs for the new campus[24]. - Operating profit for the six months ended June 30, 2020, was impacted by employee benefits expenses of RMB 32,383 thousand, up from RMB 29,823 thousand in 2019[127]. - Depreciation and amortization expenses increased to RMB 13,383 thousand from RMB 9,833 thousand, reflecting a rise of 36.0%[127]. - Financial expenses net amounted to RMB (745) thousand, compared to RMB (440) thousand in the previous year, indicating an increase in financial costs[129]. Shareholder Information and Corporate Governance - As of June 30, 2020, Vast Universe holds 366,562,500 shares, representing approximately 73.3% of the issued share capital[57]. - GreenTree Hospitality Group Ltd. and its controlled entities, including Xu Shuguang, own 41,336,000 shares, accounting for 8.3% of the issued share capital[57]. - The company did not purchase, sell, or redeem any of its listed securities during the six months ending June 30, 2020[60]. - The board of directors has adopted the corporate governance code and has complied with its provisions, except for a deviation regarding the roles of the chairman and CEO[61]. - No interim dividend was declared for the six months ending June 30, 2020[64]. Risk Management and Compliance - The group is exposed to foreign exchange risks primarily related to USD and HKD, with no current foreign currency hedging policies in place[45]. - The company has not adopted any new accounting standards that would have a significant financial impact during the reporting period[101]. - The financial risk management policies have remained unchanged since the end of the last fiscal year[107]. - The company’s interim financial data has not been audited, which may affect the reliability of the reported figures[97]. - There were no significant matters related to the group's business or financial performance noted after June 30, 2020[71].

Financial Performance - The company's revenue for the fiscal year 2019 was RMB 165,661,000, representing an increase of 5.4% compared to RMB 156,605,000 in 2018[10]. - Gross profit for 2019 was RMB 67,562,000, resulting in a gross margin of 40.8%, down from 45.7% in 2018[10][11]. - Net profit for the year was RMB 32,078,000, which is a 28.5% increase from RMB 24,908,000 in 2018[10]. - Adjusted net profit for 2019 was RMB 30,889,000, compared to RMB 44,244,000 in 2018, indicating a significant decrease[10][12]. - Total revenue for the year ended December 31, 2019, increased by 5.8% to RMB 165.7 million compared to the previous fiscal year[18]. - Profit for the year rose by 28.8% to RMB 32.1 million, while adjusted net profit decreased by 30.2% to RMB 30.9 million[18]. - The group's revenue increased by 5.8% from approximately RMB 156.6 million in the year ended December 31, 2018, to approximately RMB 165.7 million in the year ended December 31, 2019, primarily due to an increase in tuition, accommodation, and catering service fees[41]. - The group's net income increased significantly from approximately RMB 0.5 million in the year ended December 31, 2018, to approximately RMB 7.9 million in the year ended December 31, 2019, primarily due to gains from the sale of land use rights[48]. - For the year ended December 31, 2019, the group's profit for the year increased by 28.8% to approximately RMB 32.1 million from RMB 24.9 million in 2018[56]. - The adjusted net profit decreased by 30.2% to approximately RMB 30.9 million from RMB 44.2 million in 2018[61]. Assets and Liabilities - The total assets as of December 31, 2019, were RMB 1,138,914,000, up from RMB 547,539,000 in 2018[15]. - Current liabilities increased to RMB 307,429,000 in 2019 from RMB 143,429,000 in 2018, reflecting a significant rise in short-term obligations[15]. - The company's cash and cash equivalents reached RMB 227,518,000, compared to RMB 114,814,000 in the previous year, indicating improved liquidity[15]. - The current ratio for 2019 was 0.78, a decrease from 0.89 in 2018, suggesting a decline in short-term financial health[15]. - The company reported a debt-to-equity ratio of 39.5% in 2019, indicating a moderate level of financial leverage[15]. - The group's total borrowings as of December 31, 2019, amounted to RMB 423.7 million, up from RMB 104.6 million in 2018[67]. - The debt-to-equity ratio as of December 31, 2019, was 39.5%, reflecting an increase due to the rise in secured bank and other borrowings[68]. - The net cash generated from operating activities for 2019 was RMB 47.6 million, compared to RMB 1.3 million in 2018[66]. - The net cash used in investing activities for 2019 was RMB 382.2 million, compared to RMB 49.4 million in 2018[66]. Enrollment and Educational Initiatives - The number of students enrolled at Ginkgo College increased by 8.3% year-on-year to approximately 11,000 as of December 31, 2019[19]. - The initial employment rate for graduates from Ginkgo College was 92.2% for the 2018/2019 academic year, reflecting the effectiveness of the practical curriculum[19]. - The number of students enrolled in undergraduate programs increased by 17.4% to 9,421, while enrollment in diploma programs decreased by 24.5% to 1,667[28]. - Revenue from tuition fees increased by 6.8% to RMB 133.5 million, while accommodation fees rose by 9.6% to RMB 10.9 million[32]. - The company plans to enhance teaching quality and increase market penetration following its successful listing on the stock exchange on January 18, 2019[20]. - A new campus in Nanchong is expected to attract more students from neighboring provinces, thereby diversifying the student base[20]. - The company is applying to convert Ginkgo College into a regular private higher education institution, which is anticipated to have a positive long-term impact on development[20]. - The demand for skilled talent in the hotel industry is expected to continue growing, positioning the company favorably to capitalize on opportunities in the Chinese hotel market[19]. - The group plans to enhance market penetration and teaching quality, aiming to become a leader in talent cultivation within China's hotel management industry[34]. - The group is actively pursuing international cooperation with overseas educational institutions and enterprises to expand its educational offerings[34]. - The group is in the process of establishing a new campus in Yibin, Sichuan, with a land area of 333,360 square meters, expected to enhance teaching quality and market penetration[39]. - The group anticipates that the enrollment numbers for its diploma programs will gradually improve due to participation in a separate enrollment plan approved by the Sichuan Provincial Education Department[35]. Future Outlook and Strategic Initiatives - The company plans to focus on expanding its market presence and developing new educational technologies in the upcoming fiscal year[10]. - The company has outlined a future outlook aiming for a revenue growth target of 20% for the upcoming fiscal year[106]. - New product offerings include an online learning platform that has already attracted 50,000 users since its launch in Q4 2019[105]. - The company is actively pursuing market expansion strategies, targeting tier-2 and tier-3 cities in China to increase its footprint[105]. - A strategic acquisition of a local education technology firm is in progress, expected to enhance the company's technological capabilities and service offerings[105]. - The company plans to invest approximately HKD 100 million in research and development for new educational technologies in the next fiscal year[105]. - The management team emphasized the importance of enhancing user engagement through personalized learning experiences, aiming for a 15% increase in user retention rates[105]. - The company is committed to improving operational efficiency, targeting a reduction in operational costs by 10% over the next year[105]. Governance and Compliance - The company has complied with all relevant laws and regulations in the Cayman Islands, China, and Hong Kong as of December 31, 2019[115]. - There were no significant legal, arbitration, or administrative proceedings involving the company as of December 31, 2019[114]. - The company has established a framework for shareholder rights and management authority, ensuring control over operational decisions[200]. - The board has established mechanisms to avoid conflicts of interest, ensuring that directors act in the best interests of the company[185]. - The company has appointed three independent non-executive directors to balance the interests of shareholders and promote overall company benefits[185]. - The company emphasizes the importance of compliance with Chinese laws and regulations in all its operational agreements[197]. Human Resources - The group employed 783 staff as of December 31, 2019, an increase from 693 staff as of December 31, 2018, due to ongoing recruitment for qualified teachers and preparations for the Nankai New Campus[76]. - The company is actively involved in the recruitment and training of teachers and staff to support educational initiatives[196]. Shareholder Information - The board has decided not to declare a final dividend for the year ended December 31, 2019, to reinvest in growth initiatives[107]. - The company maintained a reserve of approximately RMB 447.6 million available for distribution to shareholders as of December 31, 2019[125]. - The company did not have any single customer contributing over 5% of revenue for the years ended December 31, 2018, and 2019[127]. - The top five suppliers accounted for 6.4% of total procurement, with the largest supplier contributing 2.9%[127]. Risks and Challenges - The company faces foreign exchange risks primarily related to USD and HKD, with no current foreign currency hedging policy in place[73]. - Risks associated with contractual arrangements include potential severe penalties if agreements are deemed non-compliant with Chinese laws, which could adversely affect business operations[177]. - The proposed Foreign Investment Law may significantly impact foreign investment enterprises controlling Chinese businesses through contractual arrangements[177]. - The company believes that current laws do not clearly define specific standards for foreign investors to prove their qualifications[175].

Enrollment and Student Performance - As of June 30, 2019, the total number of students enrolled at Ginkgo Academy reached approximately 10,200, representing a 6.3% increase from about 9,600 students in the previous academic year[6] - The employment rate for graduates from Ginkgo Academy was approximately 92.2%, indicating strong job placement success[6] - The number of graduates from Ginkgo Academy in June 2019 was 2,497, reflecting the effectiveness of its practical curriculum[6] Financial Performance - The total revenue for the six months ended June 30, 2019, was RMB 84,224,000, an increase of 2.3% compared to RMB 82,338,000 in the same period of 2018[12] - Net profit rose by 16.8% from RMB 197 million to RMB 230 million for the six months ended June 30, 2019[30] - Operating profit before tax increased by 9.6% from RMB 211 million to RMB 231 million[28] - The group's revenue increased by approximately 2.3% from RMB 823 million for the six months ended June 30, 2018, to RMB 842 million for the six months ended June 30, 2019, primarily due to an increase in tuition and accommodation fees[17] Revenue Sources - Tuition fees contributed RMB 71,120,000, up 5.4% from RMB 67,463,000, while accommodation fees increased by 15.0% to RMB 5,404,000[12] - The company intends to diversify its revenue sources by further developing training programs under the Ginkgo Academy brand[13] Costs and Expenses - The cost of sales rose by about 6.5% from RMB 402 million to RMB 428 million, mainly due to increased employee benefits expenses resulting from a rise in the number of teachers and staff[18] - Gross profit decreased from RMB 421 million to RMB 414 million, with the gross profit margin declining from approximately 51.2% to 49.2%[20] - Employee benefit expenses increased to RMB 29,823 for the six months ended June 30, 2019, up from RMB 22,452 in the same period of 2018, representing a rise of about 32.9%[131] Cash Flow and Liquidity - Cash and cash equivalents decreased by approximately 4.8% from RMB 1,148 million at December 31, 2018, to RMB 1,093 million at June 30, 2019[31] - The net cash used in operating activities was RMB (43,302) thousand, compared to RMB (80,558) thousand for the same period in 2018, indicating a significant improvement[92] - The financing activities generated a net cash inflow of RMB 148,997 thousand, up from RMB 90,243 thousand in the previous year, reflecting increased borrowing activities[92] Investments and Capital Expenditures - The group has committed but unprovided capital expenditures of approximately RMB 566.7 million, primarily related to the investment in the new campus in Nanjing[36] - The group acquired land use rights for a total consideration of approximately RMB 155 million and entered into a construction contract worth RMB 210 million for the first phase of the Nanjing new campus[42] - The company has committed to invest approximately RMB 600 million in the construction of the new campus in Nanxi, Yibin, with actual investment amounts subject to future contracts with builders[194] Debt and Financial Position - As of June 30, 2019, the group's borrowings amounted to RMB 115.5 million, an increase from RMB 104.6 million as of December 31, 2018[32] - The group's debt-to-equity ratio was 1.3% as of June 30, 2019, indicating a stable financial position[35] - The group has unutilized bank financing totaling RMB 700.0 million as of June 30, 2019[32] Future Plans and Strategies - The company aims to enhance market penetration and teaching quality to solidify its position in the Chinese hotel management industry[13] - Ginkgo Education Group plans to actively pursue international collaborations with overseas educational institutions and enterprises[13] - The group plans to establish a comprehensive curriculum focused on practical skills applicable to the hotel management industry in the second half of 2019[15] Government Support and Grants - The group recognized a government grant related to land use rights amounting to RMB 149,513 thousand during the reporting period[92] - As of June 30, 2019, the total amount of government subsidies granted for the establishment of the new campus in Yibin, Sichuan, is approximately RMB 149,513,000[150] Shareholder Information - The company has a major shareholder, Vast Universe, holding approximately 73.3% of the issued share capital[49] - The company reported no interim dividend for the six months ended June 30, 2019, as decided in the board meeting held on August 30, 2019[59] Risk Management - The group maintains a liquidity risk management strategy, ensuring sufficient cash and cash equivalents to support operations and mitigate cash flow volatility[111] - The group is exposed to foreign exchange risk primarily related to the Hong Kong dollar, with no current foreign currency hedging policy in place[37] - The group’s financial risk management includes monitoring market risks such as foreign exchange and interest rate risks[108]

Financial Performance - Total revenue for the year ended December 31, 2018, increased by 12.6% to RMB 156.6 million compared to the previous fiscal year[13] - Net profit for the same period decreased by 39.5% to RMB 24.9 million, while adjusted net profit increased by 7.4% to RMB 44.2 million[13] - Gross profit for the year was RMB 71.5 million, reflecting a gross margin of 45.7%[7] - The company reported a basic earnings per share of RMB 0.07 for the year ended December 31, 2018[7] - The group's revenue increased by 12.6% from approximately RMB 139.0 million in 2017 to approximately RMB 156.6 million in 2018, primarily due to an increase in student enrollment from 9,553 to 10,236[30] - Gross profit rose by 16.7% from approximately RMB 61.3 million in 2017 to approximately RMB 71.5 million in 2018, with a gross margin improvement of 1.6 percentage points to 45.7%[33] - The net profit for the year decreased by 39.5% from approximately RMB 41.2 million in 2017 to approximately RMB 24.9 million in 2018[43] - Adjusted net profit increased by 7.4% from approximately RMB 41.2 million in 2017 to approximately RMB 44.2 million in 2018, excluding listing-related expenses[45] Assets and Liabilities - Non-current assets increased to RMB 419.3 million from RMB 381.2 million in the previous year[10] - Current assets rose to RMB 128.2 million, up from RMB 90.5 million in 2017[10] - Current liabilities decreased to RMB 143.4 million from RMB 170.9 million in the previous year[10] - The company maintained a current ratio of 0.89, an improvement from 0.53 in 2017[10] - Cash and cash equivalents increased to RMB 114.8 million from RMB 76.0 million in the previous year[10] - As of December 31, 2018, the group's borrowings amounted to RMB 104.6 million, with RMB 98.5 million secured by commercial properties and RMB 6.1 million from unsecured loans[49] - The net current liabilities as of December 31, 2018, were RMB 15.2 million, a decrease from RMB 80.5 million as of December 31, 2017[50] Student Enrollment and Education Services - As of December 31, 2018, the total number of students enrolled at Ginkgo College was 10,236, representing a year-on-year growth of 7.1%[20] - The initial employment rate for graduates in the 2017/2018 academic year was 98.6%, significantly higher than the overall average of 77.7% to 78.4% for higher education in China[20] - The number of undergraduate students increased by 20.2% to 8,027 in the 2018/2019 academic year from 6,680 in the previous year[22] - Tuition fees for 2018 amounted to RMB 124,976,000, an increase of 8.6% from RMB 115,127,000 in 2017[24] - Accommodation fees rose to RMB 9,924,000 in 2018, reflecting an 8.8% increase from RMB 9,119,000 in 2017[24] Campus Development and Strategic Plans - The company plans to establish a new campus in Yibin City, Sichuan Province, on a land area of 333,360 square meters, which will include a teaching hotel[15] - The group plans to enhance its market penetration through the construction of a new campus in Sichuan, which includes a teaching hotel[29] - Ginkgo College aims to enhance its market penetration and teaching quality to become a standard setter in the hotel management education sector in China[27] - The company is focused on diversifying its revenue sources by further developing training programs under the Ginkgo College brand[27] Operational and Administrative Expenses - Administrative expenses surged by 94.8% from approximately RMB 22.3 million in 2017 to approximately RMB 43.4 million in 2018, mainly due to expenses related to the company's listing[35] - The net cash generated from operating activities in 2018 was RMB 1.3 million, a decrease from RMB 62.6 million in 2017[48] - The net cash used in investing activities for 2018 was RMB 49.4 million, compared to RMB 38.9 million in 2017[48] - The net cash generated from financing activities in 2018 was RMB 87.0 million, up from a net cash used of RMB 14.3 million in 2017[48] Governance and Management - The management team has extensive experience in the hospitality industry, with previous roles in major hotel chains and educational institutions[67] - The company is focused on expanding its hotel management and vocational development services, with a strategic emphasis on international cooperation[63] - The board includes independent non-executive directors who provide oversight and independent opinions on company strategies[68] - The company is committed to improving training programs for educators and administrators across the nation[74] Legal and Compliance - The company has not been involved in any significant legal, arbitration, or administrative proceedings that could adversely affect its operations or financial condition[92] - The company has established multiple ongoing agreements with related parties as part of its daily operations, which constitute continuing connected transactions[142] - The company has complied with the relevant disclosure requirements under the listing rules regarding continuous connected transactions during the review year[190] - The foreign investment law was adopted on March 15, 2019, and will take effect on January 1, 2020, replacing previous foreign investment laws[199] Shareholder Information - The company issued 125,000,000 new shares at an IPO price of HKD 1.44, resulting in a net amount of approximately HKD 157.8 million (equivalent to RMB 136.4 million) after deducting estimated expenses[98] - The company did not recommend the payment of a final dividend for the year ended December 31, 2018[86] - As of December 31, 2018, the company's distributable reserves amounted to approximately RMB 317.1 million[102]