Financial Performance - The company's profit attributable to owners for the year was approximately RMB 388.2 million, representing a 6% increase compared to the previous year[7] - The company's total profit for the year was approximately RMB 502.8 million, a 6% increase compared to the previous year[16] - The company's financing costs decreased from RMB 0.6 million in the previous year to RMB 18,000 this year, primarily due to the maturity of short-term bank loans[12] - The company had no bank loans or other borrowings as of December 31, 2023, making the debt-to-equity ratio not applicable[161] - The company had no significant investments, acquisitions, or disposals of assets during the year[174] Expansion and Investment Plans - The company plans to acquire or invest in schools in China with relatively low utilization rates and/or significant development potential, focusing on regions such as Central China, East China, and South China[11] - The company is also exploring opportunities to acquire suitable target schools overseas[15] - The company plans to invest additional resources in teacher recruitment and retention to improve the student-to-teacher ratio, which currently does not meet the regulatory requirement of 1:18[175] - The company entered into an agreement in January 2024 to purchase office space and parking spaces in Hangzhou for a total cash consideration of approximately RMB 52.5 million, primarily for self-use[181] Employee and Training Statistics - The company's two main colleges employed a total of 2,219 full-time and part-time employees as of December 31, 2023, with a male-to-female ratio of 0.5:1[44] - The company's employee distribution by region shows 61% in Henan Province, 24% in Zhejiang Province, and 15% in other provinces of China[45] - Employee turnover rate for the company remained stable at 6% in 2023, consistent with the previous year[61] - The company trained 1,017 employees in 2023, representing 54% of total employees, with an average training duration of 33 hours per employee[74] - Female employees accounted for 68% of the total trained employees, while male employees accounted for 32%[65] - Non-management employees received an average of 18 hours of training, mid-level management received 23 hours, and leadership received 39 hours[67] - The company's training programs focused on teaching skills, subject matter, and cultural development, with 85% of trainees being non-management staff[74][78] - The company's training programs included both internal and external courses, with a focus on keeping teachers updated on industry changes and new teaching methods[54] - The company employed 2,313 employees as of December 31, 2023, an increase from 2,240 employees in the previous year, with total employee benefits expenses (excluding director remuneration) amounting to approximately RMB 251.3 million[162] Corporate Governance and Compliance - The company maintained a strong focus on intellectual property protection, complying with relevant Chinese laws and regulations[89] - The company has not received any cases involving violations of labor laws in China during the reporting period[96] - The company has not received any complaints or major cases involving the leakage of personal information of students and parents during the reporting period[117] - The company has not received any complaints related to the quality of school teaching during the reporting period[106] - The company has not received any reports of corruption or other significant misconduct by its employees during the reporting period[111] - The company has a举报政策 (whistleblower policy) in place to encourage employees to report any misconduct without fear of retaliation[104] - The company provided a total of 3 mandatory training courses for directors and staff, with a combined participation of 764 hours, to enhance their understanding of relevant rules and regulations[130] - 847 employees (99.5%) and 4 directors (0.5%) participated in anti-corruption training[132] - 233 staff members (96.3%) and 9 directors (3.7%) participated in anti-corruption training[134] Environmental and Social Responsibility - The company is implementing a paperless office initiative, aiming to reduce paper waste by 20% within one year[22] - The company implemented strict green procurement policies, adhering to national standards for energy-saving and environmentally friendly products[55] - The company's employee volunteer hours accumulated to 2,260 hours during the reporting period, a significant increase from 424 hours in 2022[114] Shareholder and Equity Information - The maximum number of shares that can be issued under the share option plan is 160,000,000 shares, representing approximately 10% of the company's issued share capital as of the report date[100] - The company's directors hold significant equity stakes, with Chen Yuguo holding 378,000,000 shares (23.61%), Chen Shu holding 216,000,000 shares (13.49%), and Chen Lingfeng holding 216,000,000 shares (13.49%)[151] - Chen Yuguo holds a 31.50% equity stake in Jia Hong Holdings Group with a registered capital of RMB 15,750,000[156] - Chen Shu holds an 18.00% equity stake in Jia Hong Holdings Group with a registered capital of RMB 9,000,000[156] - Chen Lingfeng holds an 18.00% equity stake in Jia Hong Holdings Group with a registered capital of RMB 9,000,000[156] - Chen Yuguo holds a 45.00% equity stake in Jingyi Middle School with a registered capital of RMB 450,000[156] - Chen Yuchun holds a 15.00% equity stake in Jingyi Middle School with a registered capital of RMB 150,000[156] - The company's share option plan allows for the issuance of up to 160,000,000 shares, representing approximately 10% of the issued shares as of the report date[172] Educational Programs and Partnerships - The company's graduate employment rate for the 2022/2023 academic year was approximately 98.35%[2] - The company has established partnerships with 375 enterprises, institutions, and associations, including Alibaba and Geely Holding Group, to create off-campus internship and training bases[2] - The company has established eight applied technology majors, including air service, investment, e-commerce, international economics and trade, accounting, and English, through its校企合作计划 (school-enterprise cooperation program)[105] - The company has introduced over 20 applied technology courses through its校企合作计划 (school-enterprise cooperation program), including VBSE financial comprehensive training, ERP financial comprehensive training, and securities trading practice simulation[105] Infrastructure and Regulatory Compliance - The company's student-to-teacher ratio at Changzheng College and Jingmao College did not fully meet the regulatory requirements during the year[175] - The company's per-student teaching and administrative building area at Changzheng College and Jingmao College was 4.7 square meters and 5.1 square meters, respectively, as of December 31, 2023[182] - The company's per-student land area at Changzheng College and Jingmao College was 16.2 square meters and 14.4 square meters, respectively, as of December 31, 2023[182] - The company's Changzheng College and Jingmao College did not fully meet the regulatory requirements for per-student teaching and administrative building area and per-student land area during the year[180] Supply Chain and Procurement - The company collaborated with 146 suppliers in 2023, down from 151 in 2022, with 78% located in Zhejiang Province, China[70][85] - The company's supply chain management emphasized supplier reputation and after-sales service to ensure consistency in materials and services[55] Board and Management Information - Chen Lingfeng, aged 35, joined the group in November 2015 and was appointed as an executive director on November 3, 2018. He is responsible for admissions, recruitment, and school logistics management[191] - Zhang Xuli, aged 57, was appointed as a non-executive director on November 3, 2018. She holds multiple qualifications including a clinical nursing certificate, a law degree, and an MBA[193][194] - Feng Nanshan, aged 47, was appointed as an independent non-executive director on November 3, 2018. He is a certified public accountant in Hong Kong and a practicing accountant in Australia[196][199] Asset and Liability Information - The company has no asset mortgages as of December 31, 2023, and December 31, 2022[160]

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 873,345 thousand, an increase of 7% from RMB 819,358 thousand in 2022[18] - Gross profit for the same period was RMB 567,969 thousand, reflecting a 10% increase from RMB 514,084 thousand in the previous year[18] - Net profit for the year was RMB 502,811 thousand, up 6% from RMB 472,942 thousand in 2022[18] - Core net profit, as defined, was RMB 526,737 thousand, representing a 10% increase from RMB 478,393 thousand in the prior year[18] - The total comprehensive income for the year was RMB 504,505 thousand, compared to RMB 483,794 thousand in 2022[21] - The company reported a basic and diluted earnings per share of RMB 0.2425, compared to RMB 0.2291 in the previous year[34] - The company reported a profit attributable to ordinary shareholders of RMB 388,196,000 for 2023, an increase of 5.1% from RMB 366,727,000 in 2022[99] - The group recorded a profit of approximately RMB 502.8 million for the year, representing a growth of about 6% compared to the year ended December 31, 2022[147] - The pre-tax profit for the year was approximately RMB 504.3 million, an increase of 6% compared to the previous year[169] Assets and Liquidity - Cash and cash equivalents increased to RMB 1,995,904 thousand from RMB 1,500,901 thousand, indicating strong liquidity[23] - Non-current assets totaled RMB 2,029,589 thousand, slightly up from RMB 2,007,606 thousand in the previous year[23] - Current assets rose to RMB 2,134,100 thousand from RMB 1,518,779 thousand, showing significant growth in short-term resources[23] - Total equity increased to RMB 3,403,095 thousand from RMB 2,920,192 thousand, reflecting a significant growth in shareholder value[37] - The company has no bank loans or other borrowings, resulting in an asset-liability ratio not applicable as of December 31, 2023[190] Revenue Sources - Tuition fees contributed RMB 794,061,000 in 2023, up from RMB 736,596,000 in 2022, reflecting a growth of 7.8%[79] - Other income and revenue totaled RMB 83,966,000 in 2023, a significant increase of 47.0% compared to RMB 57,120,000 in 2022[79] - Bank interest income rose to RMB 51,659,000 in 2023, up from RMB 32,623,000 in 2022, marking an increase of 58.5%[79] - The group received government subsidies totaling RMB 13,921,000 in 2023, compared to RMB 11,920,000 in 2022, reflecting a growth of 16.8%[79] Employee and Operational Costs - Employee benefits expenses (excluding directors' remuneration) totaled RMB 251,342,000 in 2023, up 22.7% from RMB 204,683,000 in 2022[5] - Administrative expenses grew from RMB 70.1 million in 2022 to RMB 107.3 million in 2023, an increase of about 53.0%, largely due to rising employee costs[144] - The cost of sales for the year was approximately RMB 305.4 million, similar to RMB 305.3 million in the previous year, with significant increases in employee costs and other expenses[57] Student Enrollment and Employment - Total student enrollment increased from 53,051 in 2022 to 57,654 in 2023, representing a growth of approximately 8.3%[115] - The initial employment rate for graduates from Changzheng College was approximately 98.35% for the 2022/2023 academic year, indicating strong job placement success[63] - The initial employment rate for graduates from the Economic and Trade College was approximately 87.05%, with an employment rate of about 96.33% as of the year-end[156] Strategic Initiatives and Future Plans - The group established partnerships with 375 enterprises and organizations to create off-campus internship training bases, enhancing practical training opportunities for students[43] - The company plans to expand its enrollment in the Zhengzhou Economic and Trade College, which ranked fifth in the private undergraduate college enrollment plan in Henan Province for 2023[111] - The company intends to acquire or invest in underutilized schools in Central, Eastern, and Southern China, targeting profitable private institutions[139] - A new degree-granting institution, California School, is planned to be established in California, focusing on business administration and international business courses[140] - The group plans to establish a new campus for Changzheng College, with an expected total enrollment of no less than 5,000 students[161] Regulatory and Compliance - The company has adopted new and revised International Financial Reporting Standards for the current financial year[10] - The group has implemented a series of favorable policies from the Chinese government to support and encourage vocational education development[52] - The group has not been affected by the implementation of the OECD's Pillar Two legislation, as it does not fall within its scope[75] Dividends and Financing - The group has not recommended the declaration of a final dividend for the year ended December 31, 2023, compared to a dividend of 1.5 HK cents in the previous year[61] - The company's financing costs and dividend analysis are under review, with specific figures not disclosed in the provided content[98] - The company plans to use 50% of the net proceeds from the global offering, amounting to RMB 231 million, for acquiring other schools to expand its school network[200] - 40% of the net proceeds, or RMB 184 million, will be allocated for business expansion, including establishing new campuses for the Economic and Trade Academy and Changzheng Academy[200] - The remaining 10% of the net proceeds, totaling RMB 46 million, is designated for working capital and general corporate purposes[200] Teaching Staff Quality - Approximately 99.2% of the teachers hold a bachelor's degree or above, with about 73.2% holding a master's degree or higher, reflecting the quality of the teaching staff[55]

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 441,055,000, representing a 14% increase from RMB 385,545,000 in 2022[29] - Gross profit increased by 18% to RMB 294,801,000 compared to RMB 249,188,000 in the previous year[29] - Other income and gains rose significantly by 76% to RMB 39,389,000 from RMB 22,326,000[29] - The net profit attributable to the company's owners for the six months ended June 30, 2023, was approximately RMB 211.6 million, an increase of about 8% compared to the same period in 2022[76] - The group achieved a pre-tax profit of approximately RMB 273.0 million, which is a 10% increase from the previous period[75] - The group recorded a profit of approximately RMB 272.2 million for the period, representing a growth of about 10% compared to RMB 247.6 million for the six months ended June 30, 2022[98] - Total comprehensive income for the period was RMB 275,707,000, up from RMB 252,973,000, reflecting a growth of 9.0% year-over-year[183] - The basic and diluted earnings per share for the period were RMB 13.22, compared to RMB 12.27 in the previous year, representing an increase of 7.8%[183] Expenses and Costs - Administrative expenses increased by 58% to RMB 30,913,000, up from RMB 19,574,000[29] - Sales costs increased from RMB 136.4 million for the six months ended June 30, 2022, to RMB 146.3 million, primarily due to rising employee costs and depreciation[93] - Employee benefits expenses for the six months ended June 30, 2023, totaled approximately RMB 106.9 million, excluding director remuneration[85] - Other income and expenses related to sales and distribution decreased from RMB 2.6 million to RMB 2.1 million during the same period[94] - Income tax expenses decreased from RMB 1.4 million to RMB 0.8 million, mainly due to prior period adjustments[97] Assets and Liabilities - The company's total assets as of June 30, 2023, were RMB 3,209,389,000, an increase from RMB 2,947,674,000 at the end of 2022[159] - Current liabilities decreased significantly to RMB 142,784,000 from RMB 578,711,000, showing a reduction of approximately 75.3%[159] - The company's cash and cash equivalents stood at RMB 1,302,824,000, down from RMB 1,500,901,000, indicating a decrease of about 13.1%[159] - Net assets rose to RMB 3,174,297,000, up from RMB 2,920,192,000, indicating a growth of 8.7%[186] - Non-current liabilities increased to RMB 35,092,000 from RMB 27,482,000, marking a rise of 27.5%[186] Educational Operations and Growth - The company operates major educational institutions in Zhejiang and Henan provinces, benefiting from the growing demand for higher education in these regions[20] - The company has established partnerships with over 200 enterprises to create high-quality off-campus internship bases[26] - The company is recognized as the largest private higher education institution in Zhejiang province and a leading institution in Henan province[31] - Recent favorable policies from the Chinese government are expected to continue benefiting the company in the vocational education sector[32] - The company plans to establish a new campus for Changzheng College, with an expected enrollment of no less than 5,000 students[48] - The group plans to establish a new campus for the Business School in Kaifeng, Henan Province, with an estimated capacity of about 15,000 students[67] - The company aims to acquire or invest in underutilized higher education institutions in Central, Eastern, and Southern China that are transitioning to for-profit private schools[67] Corporate Governance and Compliance - The company is committed to adhering to corporate governance best practices, with the chairman and CEO roles held by the same individual to ensure consistency in leadership[112] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[115] - The company complies with corporate governance codes, ensuring clear separation of roles between the chairman and the CEO[134] - The company has confirmed compliance with the standards of conduct for securities trading as outlined in the listing rules[113] Shareholder Information - Guo's Investment Holdings Limited holds 378,000,000 shares, representing 23.61% of the total shares[125] - Shu's Investment Holdings Limited owns 216,000,000 shares, accounting for 13.49% of the total shares[125] - Chun's Investment Holdings Limited has 120,000,000 shares, which is 7.50% of the total shares[125] - Cao's Investment Holdings Limited possesses 90,000,000 shares, equating to 5.62% of the total shares[125] - The net proceeds from the company's initial public offering amounted to approximately HKD 524 million (equivalent to RMB 461 million)[138] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[137] - The company has a stock option plan approved by shareholders, with 160,000,000 options available for grant as of June 30, 2023[152] Future Strategies - The company is exploring strategies to optimize pricing to improve profitability[49] - The company has introduced multiple professional programs, including nine brand majors recognized at the provincial level[39] - The company aims to enhance its position as the largest private higher education institution in Zhejiang Province and expand its school network in China and overseas[48]

Financial Performance - Revenue increased by 14% from RMB 385.5 million to RMB 441.1 million due to an increase in student enrollment[21] - Gross profit rose by 18% from RMB 249.2 million to RMB 294.8 million, consistent with revenue growth[24] - Profit before tax increased by approximately 10% to RMB 273.0 million compared to the previous period[11] - Net profit attributable to the company's owners grew by about 8% to RMB 211.6 million[15] - Total revenue for the six months ended June 30, 2023, was RMB 441,055 thousand, representing a 14% increase from RMB 385,545 thousand in the same period of 2022[41] - Gross profit for the same period was RMB 294,801 thousand, an 18% increase from RMB 249,188 thousand year-over-year[41] - The period profit was RMB 272,163 thousand, reflecting a 10% increase from RMB 247,575 thousand in the prior year[41] - Core net profit for the six months ended June 30, 2023, was RMB 274,194 thousand, also a 10% increase from RMB 249,594 thousand in the previous year[41] - The basic and diluted earnings per share for the period profit was RMB 13.22, compared to RMB 12.27 in the previous year[45] - Core net profit for the period was RMB 272,163,000, compared to RMB 247,575,000 in the previous year, reflecting a growth of 9.9%[52] - Other income and gains increased to RMB 39,389,000 from RMB 22,326,000, marking a significant rise of 76.7%[52] - The total tax expense for the period was RMB 826,000, a decrease from RMB 1,357,000 in the previous year[121] Expenses and Costs - Administrative expenses increased by RMB 11.3 million to RMB 30.9 million, primarily due to rising employee costs and depreciation[3] - Other expenses surged from RMB 0.4 million to RMB 28.1 million, mainly due to costs associated with transforming Lean School into a for-profit institution[9] - Employee benefit expenses (excluding directors' remuneration) increased to RMB 106,898,000 in 2023 from RMB 91,644,000 in 2022, reflecting a rise of approximately 16.6%[116] - The cost of services provided increased to RMB 146,254,000 in 2023 from RMB 136,357,000 in 2022, marking an increase of approximately 7.3%[116] Assets and Liabilities - As of June 30, 2023, the net current assets amounted to approximately RMB 1,220.0 million, an increase of about RMB 279.9 million compared to RMB 940.1 million on December 31, 2022[30] - Cash and cash equivalents decreased to RMB 1,302.8 million as of June 30, 2023, down RMB 198.1 million from RMB 1,500.9 million on December 31, 2022, primarily due to a net cash outflow of RMB 127.0 million from operating activities[31] - Total assets as of June 30, 2023, were RMB 3,174,297,000, up from RMB 2,920,192,000 as of December 31, 2022[58] - The total current liabilities decreased significantly to RMB 142,784,000 as of June 30, 2023, from RMB 578,711,000 as of December 31, 2022, a reduction of about 75.7%[81] - The company reported a significant decrease in contract liabilities from RMB 436,078,000 as of December 31, 2022, to RMB 15,774,000 as of June 30, 2023, a decline of approximately 96.4%[99] - The company’s total liabilities decreased to RMB 121,903,000 as of June 30, 2023, down from RMB 135,290,000 at the end of 2022, indicating a reduction of approximately 9.9%[113] Strategic Initiatives - The company plans to establish new campuses, including a new campus for Changzheng College with an expected enrollment of at least 5,000 students[16] - The company aims to acquire or invest in underutilized higher education institutions in Central, Eastern, and Southern China[18] - The company plans to optimize pricing strategies to enhance profitability, leveraging brand recognition and market acceptance[20] - The company has completed the registration to transform Jingyi Middle School into a for-profit private school, in compliance with the Private Education Promotion Law effective from September 1, 2021[34] - The company has established partnerships with over 328 enterprises and institutions to create off-campus training bases, enhancing practical training opportunities for students[142] - The company actively collaborates with over 200 enterprises to build high-quality off-campus internship bases, fostering industry connections for students[146] Employment and Education Quality - Approximately 99.0% of the teachers hold a bachelor's degree or above, with about 71.8% holding a master's degree or higher as of June 30, 2023[36] - The employment rate of graduates from the company's institutions consistently exceeds that of similar colleges in the same provinces, indicating strong job market performance[137] - The company ranks first in the private college enrollment plan in Zhejiang Province for 2022, highlighting its competitive position in the education sector[138] - The company has established six provincial first-class programs and nine brand programs in private higher education, reflecting its commitment to quality education[145] Government and Regulatory Environment - The company received government subsidies amounting to RMB 4,026,000 for operational expenses, compared to RMB 246,000 in the previous year[69] - The local government has issued guidelines to encourage the development of private education, which may impact the company's future operations and classifications[75] - The company continues to assess the impact of recent tax reforms on its operations and potential future tax liabilities[102] Corporate Governance and Financial Position - The group maintains a high standard of corporate governance to protect shareholder interests and enhance corporate value[168] - The company has no bank loans or other borrowings as of June 30, 2023, indicating a strong financial position with no debt obligations[147] - The company has a cash flow generated from operating activities to meet its operational funding needs, ensuring financial stability[147] - The company has no significant unrecorded liabilities or major lawsuits as of June 30, 2023[163] Capital Allocation - 50% of the funds allocated for acquiring other schools to expand the school network amounts to RMB 231 million[190] - 40% of the funds allocated for business expansion, including the establishment of new campuses for the Economic and Trade College and Changzheng College, totals RMB 184 million[190] - 10% of the funds allocated for working capital and general corporate purposes is RMB 46 million, which has been fully utilized[190] - Total funds allocated amount to RMB 461 million, with RMB 415 million remaining unutilized as of December 31[190]

Financial Performance - The company's revenue for 2022 was RMB 819,358,000, an increase of 19.7% compared to RMB 684,596,000 in 2021[6] - Gross profit for 2022 reached RMB 514,084,000, up from RMB 420,677,000 in 2021, reflecting a growth of 22.2%[6] - The annual profit for 2022 was RMB 472,942,000, compared to RMB 408,970,000 in 2021, marking an increase of 15.6%[6] - The core net profit for 2022 was RMB 478,393,000, which is a rise from RMB 415,016,000 in 2021, representing a growth of 15.2%[6] - The net profit margin for 2022 was 57.7%, slightly down from 59.7% in 2021[8] - The company reported a net profit margin of 20% for the fiscal year, maintaining a stable profitability level despite market challenges[122] Assets and Liabilities - Total assets increased to RMB 3,526,385,000 in 2022 from RMB 3,014,766,000 in 2021, showing a growth of 17.0%[21] - The current ratio improved to 2.6 in 2022 from 2.3 in 2021, indicating better liquidity management[8] - The income tax expense increased from RMB 0.8 million for the year ended December 31, 2021, to RMB 1.9 million for the current year, primarily due to tax adjustments made this year[43] - The company has no bank or other borrowings as of December 31, 2022[167] Educational Expansion and Strategy - The company plans to expand its vocational education offerings in response to government policies encouraging private sector involvement in education[14] - The company is positioned as the largest private higher education institution in Zhejiang Province and a leading institution in Henan Province[27] - The 2022 enrollment plan for Changzheng College ranked first among private colleges in Zhejiang Province[29] - The company plans to expand the Changzheng College campus, constructing new training buildings, dormitories, and administrative offices totaling approximately 57,102 square meters, increasing student accommodation capacity by about 5,000 students[38] - The company operates two higher education institutions located in Zhejiang and Henan provinces, with a focus on benefiting from favorable policies in vocational education in China[47] - The company aims to expand its school network both domestically and internationally, leveraging its operational experience[195] Student and Teacher Statistics - The initial employment rate of graduates from the School of Economics and Trade for the 2021/2022 academic year was approximately 90.89%[34] - As of December 31, 2022, about 98.7% of the teachers held a bachelor's degree or above, and approximately 69.7% held a master's degree or above[35] - The average teaching administrative building area per student for Long March College and Economic and Trade College was 5.15 square meters and 5.4 square meters, respectively[72] - The average land area per student for Long March College and Economic and Trade College was 17.7 square meters and 15.6 square meters, respectively, which does not fully meet regulatory requirements[72] - The student-to-teacher ratio for Long March College and Economic and Trade College did not meet the regulatory requirement of at least 1:18 during the year[71] Investment and Development - The company has allocated RMB 231 million for acquiring other schools to expand its network[179] - A total of RMB 184 million is designated for establishing new campuses, including the Economic and Trade College and the Long March College[180] - The company is investing G million in research and development to enhance product offerings and maintain competitive advantage[92] - The company has allocated HKD 50 million for research and development of new educational technologies in 2023[126] Market Position and Competition - The company is facing intense competition in the education sector, which may lead to pricing pressures and a potential decrease in operating profit margins[126] - The company aims to increase its market share by 5% over the next fiscal year through strategic marketing initiatives[126] - The company is expanding its market presence, targeting E new regions, which is expected to enhance overall market share[92] Governance and Compliance - The board has established an audit committee to oversee financial reporting and internal controls, ensuring compliance with regulatory standards[123] - The company has maintained compliance with relevant laws and regulations without any significant violations during the fiscal year[150] - The management team emphasized a commitment to sustainability, with plans to allocate K million towards eco-friendly initiatives[92] Shareholder Returns - The board of directors has proposed a final dividend of HKD 0.10 per share, reflecting a commitment to returning value to shareholders[132] - The company proposed a final dividend of HKD 0.015 per share for the year ended December 31, 2022, compared to no dividend in 2021[173] - The company reported a total revenue of approximately RMB 1,736 million available for distribution to shareholders as of December 31, 2022[154] Employee Relations and Training - The company has implemented an employee training program managed by the human resources department to maintain competitiveness in the industry[150] - The company has established a stock option plan to recognize and incentivize employee contributions[150] - The company has maintained good relationships with employees, suppliers, and customers, which are deemed essential for achieving corporate goals[152]

Financial Performance - The group recorded a profit of approximately RMB 472.9 million for the year, representing a growth of about 16% compared to RMB 409.0 million for the previous year[22]. - The company reported a profit attributable to owners of approximately RMB 366.7 million for the year, representing a growth of about 12% compared to the previous year[49]. - The core net profit for the year was RMB 478.4 million, compared to RMB 415.0 million in the previous year[50]. - The company's revenue for the year ended December 31, 2022, was RMB 819,358,000, representing an increase of RMB 134,762,000 or 20% compared to the previous year[97]. - Gross profit for the same period was RMB 514,084,000, reflecting a growth of RMB 93,407,000 or 22% year-over-year[97]. - Net profit for the year was RMB 472,942,000, which is an increase of RMB 63,972,000 or 16% from the prior year[97]. - Profit attributable to equity holders of the company was RMB 366,727,000, up by RMB 40,691,000 or 12% compared to the previous year[97]. - Core net profit reached RMB 478,393,000, marking an increase of RMB 63,377,000 or 15% year-over-year[97]. - Annual profit before tax increased to RMB 474,824,000, representing a growth of 15.9% compared to RMB 409,734,000 in 2021[118]. - The company reported a net profit of RMB 472,942,000 for 2022, a rise of 15.6% from RMB 408,970,000 in the previous year[118]. Revenue and Tuition Fees - Tuition fees generated RMB 396,549,000, an increase from RMB 343,527,000 in the previous year[110]. - Tuition fees generated RMB 736,596,000 in 2022, a 20.5% increase from RMB 611,000,000 in 2021[131]. - Total revenue for 2022 reached RMB 819,358,000, an increase of 19.7% from RMB 684,596,000 in 2021[118]. - The average tuition fee for Changzheng College in 2022 was RMB 15,398, compared to RMB 14,880 in 2021, reflecting an increase of approximately 3.5%[15]. - The average tuition fee for Jingyi School in 2022 was RMB 19,164, up from RMB 18,649 in 2021, indicating an increase of approximately 2.8%[15]. Assets and Liabilities - As of December 31, 2022, the net current assets amounted to approximately RMB 940.1 million, an increase from RMB 731.1 million the previous year, mainly due to an increase in bank balances by approximately RMB 273.6 million[24]. - As of December 31, 2022, the company's net assets amounted to RMB 2,920,192 thousand, an increase from RMB 2,436,398 thousand in the previous year[80]. - Cash and cash equivalents at the end of 2022 amounted to RMB 1,500,901,000, an increase from RMB 1,227,318,000 in 2021[121]. - Non-current assets totaled RMB 2,007,606,000, up from RMB 1,729,584,000 in 2021, indicating a growth of 16.1%[121]. - Total contract liabilities amounted to RMB 436,078,000, up from RMB 380,290,000 in the prior year[110]. Dividends - The board proposed a final dividend of HKD 0.015 per share for the year ended December 31, 2022, compared to no dividend in the previous year[32]. - The company did not declare any interim dividends for the years ended December 31, 2022, and December 31, 2021[113]. - The company will suspend shareholder registration from May 25, 2023, to May 30, 2023, for determining eligibility for the proposed final dividend[198]. Operational Developments - The group has completed the registration to transform Jingyi School into a for-profit private school, with the conversion process starting on March 13, 2023[13]. - The group plans to acquire or invest in underutilized schools in Central, East, and South China, aiming to expand its operational network[17]. - The company plans to establish a new campus for the Business School in Kaifeng, Henan Province, with an estimated capacity of about 15,000 students[43]. - The company plans to establish a new campus for Changzheng College, with an expected enrollment of no less than 5,000 students[157]. - The company plans to expand the campus of Changzheng College, constructing new training buildings, dormitories, and administrative offices totaling approximately 57,102 square meters, which will increase student capacity by about 5,000 students[183]. Student Enrollment and Employment - The total number of students across all schools increased to 53,051 in 2022, up from 45,506 in 2021, reflecting a growth of approximately 16.7%[41]. - The initial employment rate for graduates from the Economic and Trade College was approximately 90.89% for the 2021/2022 academic year[152]. - The initial employment rate for graduates from Changzheng College was approximately 98.48% for the 2021/2022 academic year[176]. Partnerships and Collaborations - The company has established over 200 high-standard off-campus internship bases in collaboration with various enterprises[12]. - The company has established partnerships with 328 enterprises and institutions to create off-campus internship training bases[74]. - The company has partnered with over 20 enterprises to establish collaborative education programs, enhancing industry integration[179]. Cost and Expenses - Operating expenses increased from RMB 7.9 million to RMB 8.8 million, primarily due to an increase in enrollment capacity[46]. - Other expenses rose significantly from RMB 9.4 million to RMB 16.9 million, mainly due to a net loss of RMB 8.5 million related to fair value adjustments of investment properties[47]. - Employee benefits expenses, excluding director remuneration, rose to RMB 204,683,000 in 2022 from RMB 168,206,000 in 2021, marking an increase of approximately 21.6%[163]. - The company's sales cost increased from RMB 263.9 million to RMB 305.3 million, a rise of approximately RMB 41.4 million, primarily due to an increase in employee costs of RMB 29.3 million and pandemic-related expenses of RMB 17.1 million[186]. Financial Management - The company aims to optimize its pricing strategy to enhance profitability[89]. - The company is positioned to further optimize its pricing strategy without affecting its reputation or ability to attract and retain students[158]. - The company has implemented strict controls over trade receivables to mitigate credit risk, with overdue balances regularly reviewed by senior management[72]. - The number of trade receivables aged within one year increased significantly to RMB 1,612,000 in 2022 from RMB 537,000 in 2021, indicating a growth of approximately 200%[140]. - The impairment of trade receivables increased to RMB 180,000 in 2022 from RMB 134,000 in 2021, reflecting a rise of approximately 34.3%[163]. Compliance and Reporting - The company has adopted revised international financial reporting standards in its financial statements for the current year[81]. - The audit committee and management have reviewed the group's annual consolidated financial performance for the year[199].

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 385,545,000, representing a 21% increase from RMB 318,352,000 in the same period of 2021[11] - Gross profit increased by 30% to RMB 249,188,000, compared to RMB 192,326,000 in the previous year[11] - The net profit for the period was RMB 247,575,000, a 29% increase from RMB 192,539,000 in the previous year[11] - Profit before tax increased by 28% to approximately RMB 248.9 million compared to the previous period[60] - Net profit attributable to the company's owners grew by approximately 32% to RMB 196.4 million[65] - Total comprehensive income for the period was RMB 201,793,000, compared to RMB 145,211,000 in the previous year, indicating a 38.9% increase[143] - Basic and diluted earnings per share for the period were RMB 12.27, compared to RMB 9.28 in the previous year[133] - The pre-tax profit for the six months ended June 30, 2022, was RMB 196,395,000, compared to RMB 148,611,000 for the same period in 2021, reflecting a year-on-year increase of approximately 32.2%[184] Enrollment and Student Statistics - The number of students enrolled for the 2022/2023 academic year is planned to increase to 20,906, a growth of 17.8% from 17,744 in 2021/2022[15] - Zhengzhou University of Economics plans to increase its enrollment from 10,040 to 12,646 students, a significant rise of 26%[16] - The number of students in the specialized undergraduate program at Zhengzhou University of Economics is expected to grow by 50.2%, from 3,080 to 4,626[16] - As of June 30, 2022, the number of students at Jingyi School was 1,172, an increase of 7.6% from 1,089 in 2021[37] - The enrollment plan for the 2022/2023 academic year is 7,940 students, representing a 7.5% year-on-year increase[23] Assets and Liabilities - Current assets decreased by 22% to RMB 1,001,980,000 from RMB 1,285,182,000 as of December 31, 2021[12] - Current liabilities decreased significantly by 64% to RMB 201,219,000 from RMB 554,117,000[12] - Total equity increased by 10% to RMB 2,689,371,000 from RMB 2,436,398,000[12] - Total assets as of June 30, 2022, amounted to RMB 2,725,173,000, an increase from RMB 2,460,649,000 as of December 31, 2021[135] - Non-current assets totaled RMB 1,924,412,000, up from RMB 1,729,584,000 at the end of 2021[135] - The debt-to-asset ratio as of June 30, 2022, was 1.9%, with short-term bank loans of RMB 50.0 million[72] Employee and Operational Metrics - The employment rate for graduates from Zhengzhou University of Economics was approximately 93.80% in the 2020/2021 academic year[16] - The school has established 3 provincial key construction disciplines, including Business Management and Mechanical Manufacturing[19] - The school has built 11 on-campus training bases, including 145 experimental training rooms[27] - The school collaborates with 328 industry associations and enterprises to establish off-campus internship training bases[28] - As of June 30, 2022, the group had 2,100 employees, an increase from 1,970 employees as of December 31, 2021[79] - Total employee benefit expenses for the six months ended June 30, 2022, amounted to approximately RMB 916 million, excluding director remuneration[79] Investment and Expansion Plans - The company plans to expand the Changzheng College campus by constructing new training buildings, dormitories, and administrative offices totaling approximately 57,102 square meters, increasing student capacity by about 5,000[42] - A new campus for Jingyi School is planned in Kaifeng, Henan Province, with an estimated capacity of 15,000 students[43] - The company intends to establish a degree-granting higher education institution in California, USA, focusing on business administration and international business courses[47] - The company plans to acquire or invest in underutilized higher education institutions in Central, East, and South China, targeting profitable private schools[44] Financial Management and Governance - The company aims to optimize its pricing strategy to enhance profitability, leveraging increased brand recognition and market acceptance[48] - The company does not recommend the payment of an interim dividend for the six months ending June 30, 2022[98] - The audit committee, consisting of three independent non-executive directors, is responsible for reviewing and supervising the company's financial reporting procedures and internal controls[99] - The company has adopted the corporate governance code and has complied with its provisions, except for the separation of the roles of chairman and CEO[96] Shareholding and Ownership Structure - Mr. Chen Yuguo holds 378,000,000 shares, representing 23.61% of the company's equity, indicating a strong bullish position[108] - Mr. Chen Shu and Mr. Chen Lingfeng each hold 216,000,000 shares, accounting for 13.49% of the equity, also reflecting a bullish stance[108] - The company maintains a strong ownership structure with significant stakes held by its directors, indicating confidence in future performance[113] - The total shares held by major shareholders reflect a concentrated ownership, which may influence strategic decisions and market stability[113] Cash Flow and Expenditures - Cash and cash equivalents decreased by RMB 238.0 million to RMB 989.3 million, primarily due to cash outflows from operating and investment activities[71] - Capital expenditures for the period amounted to RMB 238.7 million, significantly higher than RMB 114.0 million in the previous period[73] - The company incurred a net cash outflow from investing activities of RMB 238,687,000, compared to RMB 115,939,000 in the previous year, reflecting increased investment activities[148] Regulatory and Compliance Matters - The implementation of the 2021 regulations may impact the development of private education institutions, including tax benefits for non-profit private schools[84] - The company has taken reasonable actions to meet qualification requirements for establishing Sino-foreign joint schools, as advised by its legal counsel[92] - The group has not registered any of its schools as for-profit private schools or non-profit private schools as of the date of the financial statements approval[178]

Financial Performance - The total revenue for the year ended December 31, 2021, increased to RMB 684.6 million, up 22% from RMB 561.3 million in the previous year[24]. - Annual profit rose to RMB 409.0 million, representing a 26% increase from RMB 325.6 million in the prior year[24]. - The gross profit for the year was RMB 420.7 million, up from RMB 334.3 million in 2020, indicating a growth of 25.8%[12]. - Core net profit for the year was RMB 415.0 million, an increase from RMB 331.8 million in the previous year[12]. - The net profit margin improved to 59.7% in 2021, up from 58.0% in 2020[15]. - Revenue increased by 22% from RMB 561.3 million in 2020 to RMB 684.6 million in 2021, primarily due to an increase in tuition fees by RMB 90.8 million and accommodation fees by RMB 25.1 million[58]. - Gross profit rose by 26% from RMB 334.3 million in 2020 to RMB 420.7 million in 2021, driven by the increase in revenue[61]. - Net profit for the year was approximately RMB 409.0 million, a growth of about 26% compared to RMB 325.6 million in 2020[68]. Student Enrollment and Employment - The number of enrolled students expanded to 45,506, marking a 17% increase compared to the previous academic year[23]. - The employment rate of graduates from the company's institutions is consistently higher than that of similar colleges in the provinces[30]. - The initial employment rate of graduates from Changzheng College for the 2020/2021 academic year was approximately 98.68%[38]. - The initial employment rate for graduates from Zhengzhou University of Economics and Trade was approximately 93.80% for the 2020/2021 academic year[42]. - Zhengzhou University of Economics and Trade had a total student enrollment of 27,881 in 2021, up from 24,147 in 2020, representing an increase of approximately 11.4%[48]. Institutional Growth and Expansion Plans - The company plans to leverage the growth potential in China's higher education market, focusing on private higher education institutions[23]. - The company aims to expand its operational scale through both organic growth and mergers and acquisitions[27]. - The company plans to expand its school network, including a new campus in Kaifeng, Henan, with an estimated capacity of 15,000 students[54]. - The company aims to acquire or invest in underutilized schools in Central, Eastern, and Southern China, focusing on profitable private institutions[55]. - A new degree-granting institution is planned in California, USA, offering courses in business administration and international business[56]. Financial Position and Assets - Total assets increased to RMB 3,014.8 million in 2021, compared to RMB 2,646.1 million in 2020[12]. - The total equity for the year reached RMB 2,436.4 million, up from RMB 2,182.5 million in 2020[12]. - The net current assets increased to approximately RMB 731.1 million as of December 31, 2021, up from RMB 717.6 million in 2020, mainly due to an increase in bank balances[71]. - As of December 31, 2021, the group had cash and cash equivalents of RMB 1,227.3 million, an increase of RMB 77.7 million from RMB 1,149.6 million as of December 31, 2020[74]. Operational Efficiency and Management - The company plans to enhance profitability by optimizing pricing strategies and diversifying revenue sources[25]. - The company is focused on attracting and retaining qualified teachers while enhancing their research and curriculum development capabilities[25]. - The company has a strong management team with members holding various educational qualifications, including master's degrees in engineering and business administration[98]. - The management team collectively brings decades of experience in their respective fields, enhancing the company's strategic decision-making capabilities[106]. - The company has been expanding its management team with experienced professionals to enhance operational efficiency[120][123]. Compliance and Governance - The company has maintained compliance with relevant laws and regulations without any significant violations during the fiscal year ending December 31, 2021[136]. - The board has no disclosed relationships among its members, ensuring independent governance[123]. - All independent non-executive directors confirmed their independence according to the listing rules, and the company considers them independent as of December 31, 2021[158]. - The company emphasizes the importance of financial control and discipline within its operations[123]. Environmental and Social Responsibility - The company is committed to integrating environmental protection concepts into its educational practices, although its operations do not have significant environmental impacts[135]. - The company has established a compliance mechanism to adhere to environmental policies and has not encountered any violations related to environmental protection during the year[135]. Shareholder and Financial Structure - The company reported a distributable reserve of approximately RMB 1,410 million as of December 31, 2021[145]. - The company's issued and paid-up shares amounted to 1,600,830,000 shares as of December 31, 2021[142]. - The company raised approximately HKD 600 million from its IPO by issuing 400,000,000 shares at HKD 1.5 per share, with a net amount of approximately HKD 524 million after deducting underwriting fees and related expenses[151]. - 50% of the net proceeds (approximately RMB 231 million) is allocated for acquiring other schools to expand the school network, with the expected utilization by December 31, 2024[151]. Contracts and Agreements - The company operates through Wholly Foreign-Owned Enterprises (WFOEs) to manage its educational business in China[173]. - The structural contracts allow the company to effectively control the financial and operational policies of schools operating in China, complying with applicable laws[173]. - The exclusive purchase option agreement allows WFOEs to acquire all or part of the equity of Jia Hong Holdings Group and its subsidiaries, as well as the interests of the organizer of Jingyi Middle School, at the minimum price permitted by Chinese laws and regulations[198].

Financial Performance - Revenue for the six months ended June 30, 2021, was RMB 318,352,000, representing a 16% increase from RMB 274,733,000 in 2020[13] - Gross profit for the same period was RMB 192,326,000, up 16% from RMB 165,103,000 in 2020[13] - The company reported a net profit of RMB 192,539,000, which is a 19% increase compared to RMB 161,894,000 in the previous year[13] - Revenue increased by 16% from RMB 274.7 million to RMB 318.4 million for the six months ended June 30, 2021, primarily due to increased tuition and accommodation fees[48] - Gross profit rose by 16% from RMB 165.1 million to RMB 192.3 million, consistent with revenue growth[50] - Profit before tax increased by 19% to approximately RMB 194.0 million compared to the same period last year[57] - Core net profit was RMB 195.8 million, up from RMB 172.6 million in the previous year[61] - Basic and diluted earnings per share for the parent company shareholders was RMB 9.28, compared to RMB 8.01 in the prior year, marking a 15.8% increase[121] - The company reported a profit attributable to ordinary shareholders of RMB 148,611,000 for the six months ended June 30, 2021, compared to RMB 128,285,000 for the same period in 2020, representing an increase of approximately 15.9%[169] Assets and Liabilities - Current assets decreased by 29% to RMB 821,639,000 from RMB 1,160,927,000 as of December 31, 2020[14] - Current liabilities saw a significant reduction of 68%, dropping to RMB 143,951,000 from RMB 443,325,000[14] - The total equity increased by 2% to RMB 2,222,052,000 from RMB 2,182,517,000[14] - Non-current assets totaled RMB 1,571,257,000 as of June 30, 2021, an increase from RMB 1,485,143,000 at the end of 2020[126] - Total equity as of June 30, 2021, was RMB 2,222,052,000, up from RMB 2,182,517,000 at the end of 2020[129] - The debt-to-equity ratio was zero as of June 30, 2021, and December 31, 2020, due to no bank loans or other borrowings[71] Student Enrollment and Programs - The company operates the largest private higher education institution in Zhejiang Province and is a leading institution in Henan Province[16] - Longzheng College ranked first in the enrollment plan for private colleges in Zhejiang Province for 2021[18] - The company offers a diverse range of practical courses aimed at enhancing students' employability in the labor market[16] - The company ranks 7th in the enrollment plan for private undergraduate colleges in Henan Province for 2021[25] - The company offers 46 undergraduate programs and 20 specialized programs across six major disciplines[26] - The total student capacity for the Economic and Trade College is 24,809 in 2021, with a utilization rate of 97.0%, up from 93.7% in 2020[34] Operational Developments - The company has established partnerships with 328 enterprises and organizations to create off-campus internship training bases[23] - The company has 7 on-campus training bases and approximately 133 training rooms[22] - The company has established high-level off-campus internship bases with over 200 enterprises, enhancing practical training opportunities[29] - The company is a pilot unit for the modern apprenticeship system in Zhejiang Province[23] - The company has developed a cross-border e-commerce talent training demonstration park in Hangzhou[23] - The company has implemented a strategy to enhance the quality of education and improve employment competitiveness for students[29] Financial Management and Investments - The company aims to acquire or invest in underutilized higher education institutions in China, focusing on those with significant development potential[40] - The company plans to establish a degree-granting higher education institution in California, USA, offering courses in business administration and international business[41] - The company intends to optimize pricing strategies to enhance profitability, with tuition rates subject to approval from local government price agencies[43] - The company has not encountered any regulatory intervention regarding the adoption of structured contracts for consolidating financial performance[83] - The company has established structured contracts to control and benefit from private higher education and high school operations in China[83] Employee and Governance - Teacher quality is a key factor affecting teaching quality and future development, with approximately 99.2% of teachers holding a bachelor's degree or above and about 71.5% holding a master's degree or above as of June 30, 2021[32] - The total employee benefits expenditure (excluding director remuneration) for the six months ended June 30, 2021, was approximately RMB 76.5 million[73] - The company had 1,870 employees as of June 30, 2021[73] - The audit committee, consisting of three independent non-executive directors, is responsible for reviewing and supervising the company's financial reporting procedures and internal controls[91] - The company has adopted the Corporate Governance Code and has complied with its provisions, except for the separation of the roles of Chairman and CEO[88] Cash Flow and Capital Expenditures - Cash and cash equivalents decreased to RMB 810.4 million from RMB 1,149.6 million, primarily due to capital expenditures and dividend payments[65] - Capital expenditures for the six months ended June 30, 2021, amounted to RMB 114.0 million, mainly for campus construction and equipment purchases[67] - The company’s cash flow from operating activities for the six months ended June 30, 2021, was a net outflow of RMB 69,920,000, an improvement from a net outflow of RMB 89,813,000 in the same period of 2020[140] - The company incurred capital expenditures of RMB 116,839,000 for property, plant, and equipment during the six months ended June 30, 2021, significantly higher than RMB 26,383,000 in the same period of 2020, marking an increase of approximately 343%[172] Dividends and Shareholder Information - The company does not recommend the payment of an interim dividend for the six months ended June 30, 2021[90] - The company declared a final dividend of RMB 149,604,000 for the six months ended June 30, 2021, compared to RMB 109,833,000 for the same period in 2020, reflecting an increase of approximately 36.2%[165] - As of June 30, 2021, the largest shareholder, Mr. Chen Yuguo, holds 378 million shares, representing 23.61% of the company's total shares[98] - The company plans to fully utilize the unallocated proceeds by December 31, 2022[95]

Financial Performance - JH Educational Technology reported a revenue of $XX million for the fiscal year 2020, representing a YY% increase compared to the previous year[2]. - Revenue increased from RMB 485.1 million in 2019 to RMB 561.3 million in 2020, representing a growth of 15.8%[26]. - Annual profit rose from RMB 227.2 million in 2019 to RMB 325.6 million in 2020, an increase of 43.4%[26]. - Core net profit increased from RMB 249.7 million in 2019 to RMB 331.8 million in 2020, a growth of 32.8%[24]. - The company reported a net profit margin of FF% for the fiscal year, indicating strong operational efficiency[2]. - The company recorded a profit of approximately RMB 325.6 million for the year ended December 31, 2020, representing a growth of about 43% compared to RMB 227.2 million in 2019[79]. - Profit attributable to owners of the company increased by approximately 51% to RMB 265.9 million for the year ended December 31, 2020[80]. - The company reported a significant increase in revenue, achieving a total of $150 million for the fiscal year, representing a 25% growth compared to the previous year[121]. - The group reported a significant increase in revenue for the fiscal year 2020, with total revenue reaching approximately HKD 1.2 billion, representing a year-on-year growth of 15%[147]. User Growth and Engagement - The company has expanded its user base to ZZ million active users, reflecting a growth of AA% year-over-year[2]. - User data showed a 30% increase in active users, reaching 1.2 million by the end of the fiscal year[121]. - Management highlighted a focus on improving customer engagement through enhanced digital platforms, targeting an increase in user retention rates by EE%[2]. - The company plans to expand its educational services into new regions, targeting a 20% increase in market share over the next three years[150]. Future Guidance and Strategic Initiatives - Future guidance indicates an expected revenue growth of BB% for the next fiscal year, driven by new product launches and market expansion strategies[2]. - The company is investing in R&D for innovative educational technologies, with a budget allocation of $CC million for the upcoming year[2]. - The company is exploring potential acquisitions to enhance its service offerings, with a budget of $10 million allocated for this purpose[121]. - A new strategic partnership was announced, expected to enhance distribution channels and increase user engagement by 25%[121]. - The company plans to acquire or invest in underutilized higher education institutions in China, focusing on profitable private schools in Central, Eastern, and Southern China[61]. Operational Efficiency and Profitability - The gross profit margin for 2020 was approximately 59.5%, up from 53.2% in 2019[26]. - The company aims to optimize pricing strategies and diversify revenue sources to improve profitability[27]. - The financial summary indicates a stable operating profit margin of approximately 25% for the fiscal year 2020[149]. - The company reported a net profit margin of 12%, up from 10% in the previous year, indicating improved operational efficiency[121]. Expansion and Capacity - The company plans to enter new markets in Asia, aiming for a market share increase of DD% within the next two years[2]. - Long March College expanded its campus in 2020, increasing student capacity to 13,900[39]. - The total student capacity of JH Education's JH Business School increased to 24,809 in 2020, up from 22,947 in 2019, reflecting a utilization rate of 97.3% compared to 93.7% in the previous year[54]. - The company plans to establish a new campus in Kaifeng, Henan, with an estimated capacity of 15,000 students[60]. Financial Health and Assets - The current ratio improved from 2.4 in 2019 to 2.6 in 2020, indicating better short-term financial health[17]. - Total assets increased from RMB 1,982.2 million in 2019 to RMB 2,182.5 million in 2020[24]. - Cash and cash equivalents increased to RMB 1,149.6 million as of December 31, 2020, from RMB 524.5 million in 2019, with a net cash flow from operating activities of RMB 441.5 million[86]. - The company had no bank borrowings as of December 31, 2020, and confirmed no difficulties in obtaining bank loans or any defaults[88]. Compliance and Governance - The company has complied with all relevant laws and regulations without any serious violations during the year ended December 31, 2020[156]. - The board of directors includes five executive directors and three independent non-executive directors, with a rotation policy requiring one-third of directors to retire every three years[183]. - The company has confirmed the independence of all independent non-executive directors as of December 31, 2020[185]. - The remuneration policy for directors is designed to attract and retain talent, with regular reviews based on market practices and company performance[190]. Social Responsibility - The company donated RMB 5 million for COVID-19 prevention efforts and RMB 1 million for poverty alleviation during the year ended December 31, 2020[179]. - The company has established a compliance mechanism to adhere to relevant laws and environmental policies in China[150]. - The company has not encountered any significant environmental impact or violations related to environmental protection during the year[155].