Financial Performance - Revenue for the year ended December 31, 2023, was RMB 354,862,000, representing a 24% increase from RMB 286,193,000 in 2022[7] - Gross profit for the same period was RMB 213,110,000, up from RMB 162,235,000, indicating a significant growth in profitability[7] - Operating profit increased to RMB 163,403,000 from RMB 113,939,000, reflecting a 43% year-over-year growth[7] - Profit attributable to owners of the company for the year was RMB 148,032,000, compared to RMB 85,008,000 in the previous year, marking a 74% increase[7] - Basic and diluted earnings per share rose to RMB 0.30 from RMB 0.17, showing improved earnings performance[7] - The company reported a net finance cost of RMB 14,641,000, a reduction from RMB 28,735,000 in the prior year, indicating better financial management[7] - Net profit for the fiscal year was RMB 148.0 million, up from RMB 85.0 million in 2022, reflecting a net profit margin of 41.7%[36] - The group’s profit increased by approximately 74.1% to about RMB 148.0 million for the year, compared to RMB 85.0 million in 2022[84] - The group’s total liabilities decreased by approximately 39.4% to RMB 168.4 million, down from RMB 277.9 million in the previous year[88] - The company’s debt-to-equity ratio as of December 31, 2023, was 15.8%, down from 31.5% in 2022, primarily due to a reduction in total borrowings and an increase in cash and cash equivalents[114] Student Enrollment and Educational Services - The number of enrolled students at Ginkgo Hotel Management College increased to approximately 20,728, an 8.3% rise from 19,148 in the previous academic year[44] - The number of graduates in 2023 was approximately 4,572, a significant increase of 55.5% compared to 2,941 in 2022[44] - The number of students enrolled in diploma programs increased from 2,007 in the 2022/2023 academic year to 2,410 in the 2023/2024 academic year, primarily due to participation in an independent enrollment plan[74] - The company is focused on enhancing its educational services and expanding its market presence in China, particularly through its Ginkgo Hotel Management College[14] - The company plans to actively promote school-enterprise cooperation and integration of industry and education to align professional offerings with market demand[27] - The company plans to expand its international cooperation with overseas educational institutions and enterprises to enhance its educational offerings[51] - The company aims to diversify its revenue sources by further developing training programs under the Ginkgo brand[51] Operating Expenses and Financial Management - The total operating expenses, including selling and administrative expenses, were managed effectively, with administrative expenses slightly decreasing to RMB 52,850,000 from RMB 54,036,000[7] - The company’s administrative expenses for the year were approximately RMB 52.9 million, a decrease from RMB 54.0 million in 2022[107] - The group’s sales costs for the year were approximately RMB 141.8 million, an increase of about 14.4% from RMB 124.0 million in 2022[79] - Other income for the year was approximately RMB 1.4 million, a decrease from RMB 4.7 million in the previous year, mainly due to reduced foreign exchange gains[81] - The group’s financial expenses decreased to approximately RMB 14.6 million from RMB 28.7 million in 2022, attributed to reduced new borrowings and lower interest rates[82] Cash Flow and Investments - The total cash and cash equivalents as of December 31, 2023, were approximately RMB 215.7 million, representing an increase of about 7.9% from RMB 199.9 million in 2022[111] - The net cash generated from operating activities for 2023 was approximately RMB 237.5 million, compared to RMB 212.0 million in 2022[112] - The net cash used in investing activities for 2023 was approximately RMB 141.0 million, a decrease from RMB 153.4 million in 2022[112] - The net cash used in financing activities for 2023 was approximately RMB 81.8 million, compared to RMB 19.7 million in 2022[112] - The company has plans for future investments and capital expenditures, although specific details were not disclosed in the provided content[115] Corporate Governance and Risk Management - The company has established a risk management framework to address operational risks, including expanding school networks and increasing tuition fees[138] - An independent internal control consultant was appointed to evaluate the internal control system, covering all major risks and controls[140] - The board is responsible for overseeing the company's overall risk and approving significant business decisions related to major risk exposures[138] - The company has implemented a risk management and internal control system to assess and manage risks and opportunities, including environmental, social, and governance risks[161] - The company emphasizes the importance of effective corporate governance to better understand and manage risks and opportunities[161] - The company has established a formal and transparent procedure for determining the compensation policy for senior management, ensuring accountability and governance[156] - The company has a diverse board structure, considering various factors such as gender, age, and professional experience in the selection of directors[169] Shareholder Information and Dividends - The board has decided not to recommend a final dividend for the year ending December 31, 2023[134] - The company's reserves available for distribution to shareholders as of December 31, 2023, amount to approximately RMB 428.6 million[175] - The annual general meeting is scheduled for June 14, 2024, with a cutoff for share transfer registration on June 7, 2024[135][136] - The company has suspended the transfer of shares from June 11, 2024, to June 14, 2024, to determine eligibility for voting at the annual general meeting[155] Compliance and Regulatory Matters - The company is registered in the Cayman Islands and its shares are listed on the Hong Kong Stock Exchange, complying with relevant laws and regulations[132] - The company has adopted multiple policies to ensure compliance with listing rules, including risk management and information disclosure[139] - The company is committed to timely disclosure of inside information as per the Securities and Futures Ordinance and Listing Rules[165] - The company has not disclosed any insider information in the current report[141] Social Responsibility - The company is committed to social responsibility and sustainable growth, focusing on employee welfare and environmental protection[179] - The company has not faced any significant fines or penalties related to environmental law violations during the year[179] - The company has identified key risks including operational outlook, ability to maintain or increase tuition fees, and competition for resources[183]

Financial Performance - The total revenue for the year ended December 31, 2023, was RMB 354,862 thousand, an increase of RMB 68,669 thousand or 24.0% compared to RMB 286,193 thousand in 2022[14] - Tuition fees contributed RMB 303,394 thousand, up 22.9% from RMB 246,922 thousand in the previous year[14] - The gross profit for the reporting period was approximately RMB 213.1 million, with a gross profit margin of about 60.1%, compared to 56.7% in 2022[19] - The group reported a profit before tax of RMB 106,033 thousand, up from RMB 85,204 thousand in the previous year, representing a growth of approximately 24.5%[98] - The net profit attributable to the company's owners for 2023 was RMB 148,032,000, a significant increase of 74% from RMB 85,008,000 in 2022[80] - Earnings per share for the fiscal year 2023 was RMB 0.30, up from RMB 0.17 in 2022, indicating a growth of 76.5%[80] - The group reported a net profit of RMB 148,032,000 for the year[121] - The group's net profit margin for the year was approximately 29.6%, consistent with the previous year’s performance[98] Revenue Sources - The group reported a significant increase in accommodation fees, which reached RMB 24,862 thousand, a rise of 27.5% from RMB 19,507 thousand in 2022[14] - Other income for the reporting period was approximately RMB 1.4 million, a decrease from RMB 4.7 million in 2022, primarily due to reduced foreign exchange gains[22] - The group's operating cash flow primarily comes from tuition fees, accommodation fees, and catering service fees, with investment cash outflows mainly including purchases of properties, plants, and equipment totaling approximately RMB 141.0 million[39] - Contract liabilities related to recognized revenue amounted to RMB 175,647 thousand for the year ended December 31, 2023, an increase from RMB 129,065 thousand in the previous year, showing a growth of approximately 36.2%[101] - Contract liabilities related to tuition fees amounted to RMB 178,325,000, an increase of 11.7% from RMB 159,564,000 in 2022[127] Assets and Liabilities - Total assets increased to RMB 1,459,398 thousand, up from RMB 1,408,891 thousand, representing a growth of approximately 3.6%[60] - Total liabilities decreased to RMB 674,696 thousand from RMB 772,221 thousand, a reduction of about 12.6%[61] - The group’s total liabilities decreased to RMB 123,728,000 in 2023 from RMB 178,441,000 in 2022, reflecting a reduction of 30.7%[118] - The net current liabilities decreased by approximately 39.4% to RMB 168.4 million as of December 31, 2023, down from RMB 277.9 million in the previous year[158] Student Enrollment and Education Services - The number of enrolled students increased to 20,728 in the 2023/2024 academic year, up from 19,148 in the previous year, representing a growth of approximately 8.2%[79] - The number of graduates in June 2023 was approximately 4,572, a significant increase of 55.5% compared to 2,941 graduates in the previous year[144] - The total number of undergraduate degree programs offered increased to 30, while the number of diploma programs remained at 24 as of December 31, 2023[145] - The group plans to expand its student enrollment and improve marketing efforts, with the number of students in the diploma program increasing from 2,007 to 2,410 for the academic years 2022/2023 to 2023/2024[175] Corporate Governance and Compliance - The group has established an audit committee consisting of three independent non-executive directors, ensuring compliance with listing rules and corporate governance standards[50] - The group confirmed that all directors have strictly adhered to the standards set forth during the reporting period[49] - The audit committee has confirmed that the preliminary performance figures align with the audited consolidated financial statements for the year[197] - The annual report contains all information required by the Listing Rules and will be sent to shareholders at the appropriate time[198] Future Outlook and Strategic Plans - The group expects continued demand for skilled talent in the hospitality industry, positioning itself to capture growth opportunities in China[11] - The group anticipates further development of training courses under its existing brand to diversify revenue sources[16] - The group plans to expand its hotel management services in China, aiming to enhance revenue streams and market presence[96] - The group has a cautious optimistic outlook for future development, aiming to become a leader in hotel education in China through international collaborations and expansion of the Yinxing Academy[177] Cost Management and Financial Health - Administrative expenses decreased slightly to RMB 52,850,000 in 2023 from RMB 54,036,000 in 2022, showing cost management efforts[80] - The group has implemented cost control measures, resulting in a sales cost of approximately RMB 141.8 million, an increase of about 14.4% from RMB 124.0 million in the previous year[180] - The group incurred net financial expenses of RMB 28,735 thousand, compared to RMB 27,668 thousand in the previous year, indicating a slight increase[98] Staff and Operations - The group employed 960 staff members as of December 31, 2023, an increase from 830 staff members in the previous year[161] - The group aims to further increase market penetration and improve teaching quality while solidifying its position in China's hotel education sector[148]

Shareholding Structure - As of June 30, 2023, the company has 500,000,000 shares issued, with Vast Universe Company Limited holding 366,562,500 shares, representing 73.3% ownership[5] - Tian Tao holds 8,437,500 shares through HFYX Company Limited, accounting for 1.7% of the total shares[5] Corporate Governance - The board consists of four executive directors and three independent non-executive directors, adhering to high standards of corporate governance[16] - The company has maintained compliance with all mandatory disclosure requirements and corporate governance code provisions during the reporting period[16] Financial Performance - The group reported total revenue of RMB 184,275,000 for the six months ended June 30, 2023, representing a 37.4% increase from RMB 134,109,000 in the same period of 2022[38] - Gross profit for the same period was RMB 116,409,000, up from RMB 79,642,000, indicating a significant improvement in profitability[38] - Operating profit increased to RMB 93,492,000, compared to RMB 59,568,000 in the prior year, reflecting a growth of 56.8%[38] - Net profit for the period was RMB 82,158,000, a substantial rise from RMB 51,780,000, marking an increase of 58.5% year-on-year[38] - The basic and diluted earnings per share were RMB 0.16, compared to RMB 0.10 for the same period last year, showing a 60% increase[38] - The group did not declare any interim dividend for the six months ended June 30, 2023[28] Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 1,243,986,000, with significant contributions from the higher education segment[29] - The group’s current liabilities net amount was RMB 139,999,000, excluding non-financial liabilities, as of June 30, 2023[43] - The total liabilities of the group were RMB 525,158,000 as of June 30, 2023, down from RMB 772,221,000 as of December 31, 2022[51] - The group reported a total non-current asset value of RMB 1,183,560,000 as of June 30, 2023, slightly down from RMB 1,187,277,000 at the end of 2022[51] - The group maintained a cash and cash equivalents level of RMB 47,293,000 as of June 30, 2023, compared to RMB 199,854,000 at the end of 2022[51] - The total borrowings (including principal and interest) due within one year amounted to RMB 211,516,000 as of June 30, 2023[46] - The group’s equity totalled RMB 718,828,000 as of June 30, 2023, an increase from RMB 636,670,000 as of December 31, 2022[51] Cash Flow and Financial Management - The net cash used in operating activities for the six months ended June 30, 2023, was RMB (64,882,000), compared to RMB (53,832,000) for the same period in 2022, indicating a decline in cash flow efficiency[57] - Cash and cash equivalents decreased by RMB 154,118,000 during the six months ended June 30, 2023, compared to a decrease of RMB 68,486,000 in the same period of 2022[57] - The company has no significant liquidity risk, supported by expected operating cash flows and continued bank support[43] Capital Expenditures and Investments - Capital expenditures for the higher education segment were RMB 7,450,000, reflecting ongoing investments in infrastructure[29] - The company has committed capital expenditures of approximately RMB 92 million related to the expansion of the Nankai New Campus as of June 30, 2023[65] - The total capital commitments for property, plant, and equipment amounted to RMB 91,971 thousand as of June 30, 2023, significantly up from RMB 17,633 thousand as of December 31, 2022[166] Employee and Operational Metrics - The company employed 800 staff as of June 30, 2023, down from 830 staff as of December 31, 2022, indicating a reduction in workforce[69] - The operating profit for the higher education segment was RMB 66,042,000, while the hotel management segment reported a loss of RMB 4,191,000[194] Taxation and Compliance - The corporate income tax rate applicable to the company in China is 25%, as per the Corporate Income Tax Law effective from January 1, 2008[113] - The company’s subsidiaries in the Cayman Islands and British Virgin Islands are exempt from corporate income tax, contributing to a favorable tax position[110][111] - The company anticipates retaining profits within its Chinese subsidiaries for future business expansion, rather than distributing dividends to foreign investors[115] Risk Management - The company faced foreign exchange risks primarily related to USD and HKD, with no current hedging policies in place[66] - The group has not made any changes to its risk management policies since the end of the previous year[42] Related Party Transactions - The group engaged in significant related party transactions, purchasing goods and services totaling RMB 3,533 thousand during the six months ended June 30, 2023[174] Future Plans - The group plans to continue expanding its market presence and developing new educational programs to enhance revenue streams[104] - The group submitted an application in July 2023 to convert Yinxing Academy into a for-profit private school, pending government evaluation and approval[187]

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之內容概不負責， 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 何部分內容而產生或因倚賴該等內容而引致之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） 截至二零二三年六月三十日止六個月的 中期業績 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」）宣佈，本集團截至二零二三年六月三十日止六 個月（ 「報告期」）的未經審核合併業績，連同截至二零二二年六月三十日止六個月 （「過往期間」）的比較數字如下。 ...

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 ...