绿源的成功源于以"庖丁解牛"的精准创新，直击产业痛点与用户需求。面对电动两轮车行业从增量市场 转向存量竞争的现状，倪捷指出："点石成金的时代结束，行业必须回归产品本质。"在同行追逐功能堆 砌和概念炒作时，绿源保持了难得的务实态度。 绿源提出的"全场景轻出行"战略，是基于对用户多样化需求的深入洞察。这一战略捕捉了上下班通勤之 外的接送孩童、宠物出行、即时配送、短途休闲等多种"中短途、中低速、中低负载"轻出行场景。这种 场景化思维，将庞杂需求条分缕析：针对电机寿命短，首创液冷电机技术并承诺十年质保，大幅提升耐 用性；针对刹车磨损快、安全隐患大，研发陶瓷刹车并承诺三年质保，显著提升安全基准；针对用 户"里程焦虑"，突破SOC精准电量显示技术，让剩余里程一目了然。 这种聚焦实际问题的创新方式，为中国制造业突破瓶颈提供了启示：真正的技术突破不在于参数竞争， 而在于能否解决用户的实际问题。 7月2日，《新华社》刊发对绿源集团创始人、董事局主席倪捷的专访，回顾了这家民族企业28年来深耕 实业、以技术突破实现成长的历程。从金华一家小厂发展到行业标杆企业，绿源的成长轨迹反映了中国 制造业从规模扩张到质量提升的转变过程。这家企业 ...

Enrollment and Student Statistics - The total number of full-time students at the college for the 2024/2025 academic year is 19,313, a decrease of 0.8% from 19,463 in the 2023/2024 academic year[9]. - The number of new students enrolled for the 2024/2025 academic year is 5,256, down 6.8% from 5,639 in the previous year[10]. - The total enrollment capacity for the 2024/2025 academic year is 5,541, which is a decrease of 5.3% from 5,852 in the previous year[10]. - The enrollment plan for the 2024/2025 academic year is set at 5,541 students, a decrease of 311 students compared to the 2023/2024 academic year, with actual enrollment at 5,256 students[15]. - The employment rate for graduates in the 2023/2024 academic year is approximately 96.54%[8]. Financial Performance - The group's revenue for the period was approximately RMB 183.1 million, a decrease of about RMB 1.0 million or 0.5% compared to the previous period[27]. - Tuition revenue decreased to RMB 167.1 million, down RMB 1.0 million or 0.6%, primarily due to a reduction in student enrollment[27]. - The group's gross profit was approximately RMB 76.1 million, a decrease of about RMB 2.8 million or 3.6%, with a gross margin of 41.6%, down 1.3 percentage points from the previous period[29]. - The group recorded a profit of approximately RMB 51.8 million, a decrease of RMB 15.8 million or 23.5% compared to the previous period[40]. - For the six months ended February 28, 2025, the company reported revenue of RMB 183,057,000, a slight decrease of 0.54% compared to RMB 184,056,000 for the same period in 2024[76]. - Gross profit for the same period was RMB 76,088,000, down 3.6% from RMB 78,932,000 year-over-year[76]. - The company reported a profit of RMB 51,767,000 for the six months ended February 28, 2025, compared to RMB 67,626,000 for the same period in 2024, a decline of 23.5%[83]. - The total comprehensive income for the period was RMB 53,444,000, compared to RMB 66,344,000 for the same period last year, reflecting a decline of 19.4%[78]. Assets and Liabilities - As of February 28, 2025, the group's current assets net amount was approximately RMB 426.4 million, a decrease of RMB 129.1 million from the previous period[41]. - Cash and cash equivalents amounted to approximately RMB 595.7 million, a decrease of RMB 100.2 million from RMB 695.9 million as of August 31, 2024[43]. - Non-current assets increased to RMB 1,442,873,000 as of February 28, 2025, up from RMB 1,277,371,000 on August 31, 2024, representing a growth of 12.9%[79]. - Current assets decreased to RMB 622,520,000 from RMB 777,549,000, a decline of 20%[79]. - Total liabilities decreased from RMB 239,173,000 to RMB 196,172,000, a reduction of 18%[79]. Operational Developments - The college offers a total of 50 undergraduate programs, with three new programs added: Arts Education, Film Production, and Sports Economics and Management[7]. - The group plans to expand its operations through acquisitions and the construction of new facilities to increase student capacity and improve teaching and living environments[14]. - The group aims to enhance its curriculum offerings and continue providing practical training opportunities for students[14]. - The company plans to establish a degree-granting higher education institution in California, USA, to expand its overseas presence, focusing on business administration and marketing degrees[17]. - The application to operate a degree-granting institution in California was rejected on January 30, 2024, but the company is actively seeking new agents to resolve the issue, believing it will not significantly impact operations[18]. Employee and Administrative Costs - The group employs 753 full-time teachers and 511 part-time teachers as of February 28, 2025[7]. - Employee costs for the six months ended February 28, 2025, totaled approximately RMB 66.6 million, an increase of about RMB 2.7 million or 4.2% compared to the previous period[57]. - Administrative expenses increased to approximately RMB 29.7 million, an increase of RMB 5.6 million, primarily due to higher maintenance costs and increased office expenses[34]. - Employee benefits expenses increased to RMB 52,100,000 from RMB 46,108,000, reflecting an increase of 12.87%[94]. Cash Flow and Investments - Net cash flow from operating activities was RMB 33,546,000 for the six months ended February 28, 2025, down from RMB 69,357,000 in the same period last year, a decrease of 51.6%[83]. - The company recorded a net cash outflow from investing activities of RMB 116,673,000, compared to RMB 108,151,000 in the previous year, an increase of 7%[85]. - The group acquired assets at a cost of RMB 209,806,000 for the six months ended February 28, 2025, compared to RMB 89,869,000 for the same period in 2024[103]. - The group disposed of assets with a net book value of RMB 2,323, resulting in a loss of RMB 2,323 for the six months ended February 28, 2025, compared to a loss of RMB 17,573 in 2024[103]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with its provisions during the reporting period[67]. - The company has confirmed compliance with the standard code for securities transactions by directors throughout the reporting period[68]. - The company has achieved all conditions set forth in the resumption guidance and will resume trading on October 15, 2024[69]. - There have been no significant events occurring after February 28, 2025, up to the date of this interim report[70]. Market Position - The college's market share in the private higher education sector in Shanxi Province is 15.7%, ranking second among all private higher education institutions[13]. - The company holds a 15.7% market share in the private higher education sector in Shanxi Province for the 2023/2024 academic year, ranking second among private institutions based on full-time student enrollment[25].

Financial Performance - For the six months ended February 28, 2025, the total revenue was RMB 183,057,000, a slight decrease of 0.54% from RMB 184,056,000 for the same period in 2024[3] - Gross profit for the same period was RMB 76,088,000, down 3.6% from RMB 78,932,000 in 2024[3] - The net profit for the period was RMB 51,767,000, representing a decrease of 23.5% compared to RMB 67,626,000 in the previous year[3] - Basic and diluted earnings per share decreased to RMB 0.11 from RMB 0.14, reflecting a decline of 21.4%[3] - Total comprehensive income for the period was RMB 53,444,000, down 19.4% from RMB 66,344,000 in 2024[5] - The company reported a pre-tax profit of RMB 52,100,000 for the six months ended February 28, 2025, compared to RMB 46,108,000 for the same period in 2024, representing an increase of approximately 12.9%[17] - The company recorded a profit of approximately RMB 51.8 million, a decrease of RMB 15.8 million or 23.5% compared to the previous period[57] Assets and Liabilities - Non-current assets increased to RMB 1,442,873,000 from RMB 1,277,371,000, marking a growth of 12.9%[6] - Current assets decreased to RMB 622,520,000 from RMB 777,549,000, a decline of 20%[6] - The total liabilities decreased to RMB 196,172,000 from RMB 222,088,000, a reduction of 11.7%[6] - As of February 28, 2025, the group's net current assets amounted to approximately RMB 426.4 million, a decrease of about RMB 129.1 million from RMB 555.5 million as of August 31, 2024[58] - Cash and cash equivalents as of February 28, 2025, were approximately RMB 595.7 million, down from RMB 695.9 million as of August 31, 2024, representing a decrease of RMB 100.2 million[60] - The group's bank borrowings were RMB 0 million as of February 28, 2025, compared to RMB 18.5 million as of August 31, 2024, indicating a complete repayment of bank loans[61][59] - The capital debt ratio was 0% as of February 28, 2025, down from 1.0% as of August 31, 2024, reflecting no bank borrowings against total equity[59] Enrollment and Academic Programs - The total number of students enrolled in the college for the 2024/2025 academic year is 19,313, a decrease of 0.8% from 19,463 in the 2023/2024 academic year[30] - The number of new students for the 2024/2025 academic year is 5,256, down 6.8% from 5,639 in the previous academic year[30] - The college has introduced three new undergraduate programs: Arts Education, Film Production, and Sports Economics and Management, increasing the total number of programs to 50[28] - The college's graduation employment rate for the 2023/2024 academic year was approximately 96.54%[29] - The group has maintained a market share of 15.7% in the private higher education sector in Shanxi Province, ranking second among private undergraduate institutions[28] - Total enrollment for the 2024/2025 academic year is planned at 5,541, a decrease of 311 students from 2023/2024, with actual enrollment at 5,256[33] - The enrollment numbers for undergraduate programs decreased from 19,463 in 2023/2024 to 19,313 in 2024/2025[32] Business Operations and Strategy - The company reported no significant changes in its main business operations during the period[7] - The group primarily operates in the higher education services sector in mainland China, with all revenue generated from this region[10] - The company plans to expand its business and school network, including building new facilities to increase capacity and improve teaching and living environments[34] - The company aims to enhance its course offerings and continue providing practical training for students as part of its growth strategy[34] - The company believes that the demand for private higher education in Shanxi Province will continue to grow, benefiting from the overall market expansion[34] - The application to operate a degree-granting higher education institution in California was rejected, but the company is actively seeking new agents to resolve the issue[36] - The company is exploring the establishment of a degree-granting institution in California to offer business administration and marketing degrees, expanding its overseas presence[35] Employee and Administrative Information - The group employed 753 full-time teachers and 511 part-time teachers as of February 28, 2025[28] - As of February 28, 2025, the group had 1,690 employees, a decrease from 1,720 employees as of February 29, 2024[72] - Total employee costs for the six months ended February 28, 2025, amounted to approximately RMB 66.6 million, an increase of about RMB 2.7 million or approximately 4.2% compared to RMB 63.9 million for the same period in 2024[72] - Administrative expenses increased to approximately RMB 29.7 million, an increase of RMB 5.6 million, primarily due to higher maintenance costs and increased office expenses[51] Dividends and Taxation - The group has not declared or paid any dividends during the reporting period[23] - The group has not incurred any taxable profits in Hong Kong during the reporting period, thus no provision for Hong Kong profits tax has been made[18] - The company does not recommend any interim dividend for the six months ended February 28, 2025, consistent with the previous period[69] Corporate Governance and Reporting - The interim results for the six months ended February 28, 2025, were reviewed by the audit committee, which consists of three independent non-executive directors[82] - The interim report for the six months ended February 28, 2025, will be sent to shareholders and made available on the company's website[83] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with it during the period[80] - There were no significant events occurring after February 28, 2025, up to the date of this announcement[79] - The company expressed gratitude to shareholders and stakeholders for their continued support and acknowledged the contributions of all employees[84] Investments and Financial Proceeds - The company plans to utilize the net proceeds from its IPO for several expansion projects, including the construction of new facilities in Shanxi Province, with an expected full utilization timeline by August 2025[68][71] - The unutilized net proceeds from the IPO as of August 31, 2024, were approximately RMB 38.6 million, which includes RMB 14.4 million originally designated for the construction of a teaching building and RMB 24.2 million for renovation projects[70] - The group has no significant contingent liabilities or pledged assets as of February 28, 2025[64][65] - There were no major acquisitions or disposals of subsidiaries or joint ventures during the reporting period[66] - The group has not made any significant investments during the reporting period[67]

Financial Performance - The group's gross profit for the year was approximately RMB 157.5 million, a decrease of about RMB 17.4 million or approximately 9.9% compared to RMB 174.9 million in 2023[1]. - The gross profit margin for the year was approximately 47.6%, a decrease of about 6.5% from the previous year, primarily due to an increase in sales costs exceeding revenue growth[1]. - The group recorded a profit of approximately RMB 108.4 million for the year, a decrease of about RMB 28.9 million or approximately 21.0% compared to RMB 137.3 million in 2023[86]. - The net profit margin decreased to 32.7% from 42.5% in the prior year[99]. - The return on assets (ROA) was 5.3%, down from 7.0% in the previous year[99]. - The return on equity (ROE) decreased to 6.0% from 8.0% in the prior year[100]. - The group's revenue for the fiscal year was approximately RMB 331.1 million, an increase of about RMB 7.9 million compared to the previous fiscal year, reflecting a growth of approximately 2.4%[104]. - Tuition revenue for the year was approximately RMB 302.4 million, up about RMB 7.1 million or approximately 2.4% from RMB 295.3 million in 2023, attributed to an increase in student enrollment[152]. - Accommodation revenue increased to approximately RMB 28.8 million, a rise of about RMB 0.9 million or approximately 3.2% from RMB 27.9 million in 2023, also due to expanded enrollment[152]. - Other income and gains for the year are approximately RMB 19.4 million, a decrease from RMB 28.1 million in the previous year, primarily due to reduced bank interest income and government rewards[142]. Enrollment and Student Statistics - The total number of full-time students for the 2023/2024 academic year is 19,416, an increase of 2.3% from 18,978 in the 2022/2023 academic year[67]. - The number of new students enrolled in the 2023/2024 academic year is 5,639, representing a 3.7% increase from 5,440 in the previous year[67]. - The enrollment quota for the 2023/2024 academic year is 5,852, which is a 3.3% increase from 5,667 in the previous year[77]. - The student-to-area ratio for the 2023/2024 academic year is 31.99 square meters per student, which is below the required minimum of 54 square meters[59]. - The total number of enrolled students increased from approximately 8,000 in the 2011/2012 academic year to 19,416 in the 2023/2024 academic year, representing a growth of 142.7%[115]. - The initial employment placement rate for graduates in the 2023/2024 academic year was 96.54%[104]. Operational and Strategic Developments - The group plans to fund its capital expenditures and working capital needs through cash flows generated from operations, net proceeds from issuing new shares, bank borrowings, and other funds raised from the capital markets as needed[5]. - The group has commenced construction on the new campus in Beige, which includes multiple buildings such as training facilities, apartments, and teaching buildings for the arts academy[14]. - The group plans to further optimize its professional course offerings and teaching methods while expanding industry-academia cooperation to enhance student employment opportunities[105]. - The group aims to establish itself as a high-level applied undergraduate institution, focusing on practical skills relevant to the job market[108]. - The group is focused on enhancing faculty investment, upgrading laboratories, and building smart campuses to improve educational quality[103]. - The group plans to expand its business and school network by constructing new facilities to increase student capacity and improve teaching and living environments[122]. - The group is actively seeking new agents to resolve issues related to its application for establishing a degree-granting higher education institution in California, which was recently rejected[136]. Compliance and Regulatory Environment - The group has complied with all relevant Chinese laws and regulations in significant aspects as of August 31, 2024[44]. - The company has implemented internal control measures to ensure compliance with relevant Chinese laws and regulations[60]. - The company has not been informed of any actual or anticipated actions, claims, or investigations by government agencies or third parties regarding non-compliance issues[57]. - The group is subject to regulatory risks regarding land allocation plans, which are beyond its control[50]. - The group has a low risk of penalties from the Shanxi Provincial Education Department for not complying with the required land area to student ratio[50]. - There is uncertainty regarding the impact of government regulations on the operation of for-profit schools, particularly in Shanxi Province[82]. Human Resources and Employee Costs - The group had a total of 1,712 employees as of this year, an increase of 49 employees from 1,663 in 2023[29]. - The total salary cost for the year was approximately RMB 121.3 million, an increase of about RMB 16.1 million compared to RMB 105.2 million in 2023[29]. - Administrative expenses for the year were approximately RMB 67.4 million, an increase of about RMB 5.9 million from RMB 61.5 million in 2023, primarily due to rising personnel costs and consulting fees[155]. - The group employed 765 full-time teachers and 519 part-time teachers as of August 31, 2024[115]. Assets and Financial Position - The total assets of the group as of August 31, 2024, were RMB 2,055.9 million, with current assets at RMB 777.5 million and non-current assets at RMB 1,277.4 million[112]. - The total equity of the group increased to RMB 1,815.7 million from RMB 1,707.9 million in the previous year, reflecting a growth of approximately 6.3%[112]. - The group's cash and cash equivalents as of August 31, 2024, were RMB 645.8 million, down from RMB 788.3 million in 2023[8]. - The group's current assets net amount was approximately RMB 555.5 million, a decrease of RMB 86.5 million from RMB 642.0 million in 2023[159]. - The capital debt ratio as of August 31, 2024, was 1.0%, slightly down from 1.1% in 2023[162]. - The group's property, plant, and equipment increased to approximately RMB 1,026.7 million, up RMB 164.4 million from RMB 862.3 million in 2023, due to the acquisition of teaching equipment and ongoing construction of the new campus[160]. - Capital expenditures for the year amounted to RMB 272.1 million, an increase from RMB 165.4 million in 2023, primarily related to the construction of the new campus and educational equipment[175]. Safety and Risk Management - The group has not experienced any major safety incidents related to school buildings and facilities, indicating a good safety status[49]. - The company has engaged two third-party engineering firms for fire safety maintenance and renovation to ensure compliance with fire safety standards[63]. - The company has established health and safety measures to protect students from physical harm and health risks[58]. - The group has several deficiencies in construction and building rights at both Longcheng and Beige campuses, including lack of real estate certificates and necessary approvals[48].

Financial Performance - Revenue for the year ended August 31, 2024, was RMB 331,138,000, an increase from RMB 323,205,000 in 2023, representing a growth of approximately 2.86%[2] - Gross profit decreased to RMB 157,528,000 from RMB 174,901,000, reflecting a decline of about 9.95%[2] - The company's profit before tax for the year was RMB 108,416,000, down from RMB 137,256,000 in the previous year, indicating a decrease of approximately 21.03%[2] - Basic and diluted earnings per share for the year were RMB 0.23, compared to RMB 0.29 in 2023, a decline of about 20.69%[2] - The group’s total other income and gains decreased to RMB 19,392 thousand from RMB 28,083 thousand, a decline of 30.9%[21] - The net profit for the year was approximately RMB 108.4 million, a decrease of about RMB 28.9 million or approximately 21.0% compared to RMB 137.3 million in 2023[106] Assets and Liabilities - Total assets as of August 31, 2024, amounted to RMB 1,832,832,000, an increase from RMB 1,726,400,000 in 2023, representing a growth of approximately 6.15%[7] - Non-current assets increased to RMB 1,277,371,000 from RMB 1,084,395,000, reflecting a rise of about 17.83%[7] - Current liabilities decreased to RMB 222,088,000 from RMB 234,271,000, a reduction of approximately 5.20%[7] - As of August 31, 2024, the company's current assets were approximately RMB 555.5 million, a decrease of about RMB 86.5 million from RMB 642.0 million in 2023, mainly due to a reduction in cash and cash equivalents[107] - The company's cash and cash equivalents as of August 31, 2024, were approximately RMB 695.9 million, a decrease of RMB 117.9 million from RMB 813.8 million in 2023, primarily due to payments for construction costs[111] Student Enrollment and Education Services - The total number of full-time students at the institution for the 2023/2024 academic year is 19,416, representing a 2.3% increase from 18,978 in the 2022/2023 academic year[67] - The number of new students enrolled in the 2023/2024 academic year is 5,639, which is a 3.7% increase from 5,440 in the previous year[68] - The institution's market share in the private higher education sector in Shanxi Province is approximately 15.7% for the 2023/2024 academic year, ranking second among all private higher education institutions in the province[76] - The institution plans to expand its operations through the construction of new facilities, acquisitions, and the enhancement of its curriculum offerings[78] - The institution aims to improve its teaching and living environment to accommodate more students and enhance educational quality[78] Regulatory and Governance - The company is considering registering as a for-profit private school, which would allow it to retain operational profits and set tuition fees based on market conditions[87] - Non-profit private schools in Shanxi are restricted from generating operational profits, with all surpluses required to be reinvested into the school[82] - The regulatory framework allows for-profit schools to independently determine their fee structures, while non-profit schools must adhere to government pricing regulations[85] - The company’s board of directors has undergone changes, with new appointments made to key positions as of June 20, 2024[91] - The company has adopted the corporate governance code as its own corporate governance guidelines and has complied with these guidelines as of August 31, 2024[139] Financial Management and Investments - The total employee compensation cost for the year was approximately RMB 121.3 million, an increase of RMB 16.1 million from RMB 105.2 million in 2023[122] - The company has not made any significant investments during the year[126] - The company plans to utilize the unutilized net proceeds for the construction of the new campus, expected to be fully utilized by August 2025[133] - The company has achieved compliance with all conditions set forth in the resumption guidance, allowing shares to resume trading on October 15, 2024[148] Audit and Reporting - The independent auditor's report indicates a qualified opinion regarding the financial statements for the year ended August 31, 2024, due to limitations in evidence related to prior year balances[53] - The auditor's report highlights the inability to obtain sufficient evidence regarding the validity and classification of consultant fee payments totaling RMB 4,702,000[60] - Adjustments to prior year balances may significantly impact the comparability of financial statements for the year ended August 31, 2024[61] - The independent auditor has agreed that the figures in the preliminary announcement are consistent with the consolidated financial statements for the year ending August 31, 2024[151]

Enrollment and Student Statistics - The total number of full-time students at the college reached 18,070 for the 2021/2022 academic year, an increase of 4.9% compared to 17,233 in the 2020/2021 academic year[14] - The number of new students enrolled in the 2021/2022 academic year was 5,267, representing an increase of 8.8% from 4,841 in the previous year[14] - The college's enrollment capacity increased by 10.0% to 5,500 for the 2021/2022 academic year, up from 5,000 in the 2020/2021 academic year[15] - The number of undergraduate students for the 2021/2022 academic year was 18,070, up from 17,233 in the 2020/2021 academic year[18] - The enrollment plan for the 2021/2022 academic year was set at 5,500, with an actual enrollment of 5,267 students, an increase of 500 from the previous year[20] Academic Programs and Faculty - The college has expanded its program offerings from 36 to a total of 44 programs and directions, including five new programs such as Nursing and Cross-Border E-Commerce[9] - The college employs 573 full-time teachers and 507 part-time teachers as of February 28, 2022[8] - The college has established 13 secondary colleges and 2 teaching departments, providing bachelor's degree programs[9] Financial Performance - The company's revenue for the reporting period was approximately RMB 170.5 million, an increase of about RMB 9.9 million or 6.2% compared to RMB 160.6 million for the same period last year[38] - Tuition revenue was RMB 155.7 million, up approximately RMB 9.0 million or about 6.1%, attributed to an increase in student enrollment[38] - The cost of sales increased to approximately RMB 82.8 million, a rise of about RMB 23.8 million or approximately 40.3% compared to RMB 59.0 million in the previous period[39] - Gross profit was approximately RMB 87.7 million, a decrease of about RMB 13.9 million or approximately 13.7%, with a gross margin of about 51.4%, down approximately 11.8 percentage points from the previous period[40] - The group recorded a profit of approximately RMB 64.9 million, a decrease of about RMB 21.7 million or 25.1% compared to RMB 86.6 million for the six months ended February 28, 2021[45] Market Position and Expansion Plans - The college's market share in Shanxi Province for private higher education institutions was approximately 15.6% for the 2020/2021 academic year[8] - The company plans to expand its business and school network by constructing new facilities and improving teaching and living environments[24] - The establishment of a degree-granting higher education institution in California is planned to expand the company's overseas presence[24] - The company is positioned to benefit from the growing demand for private higher education in Shanxi Province due to increasing disposable income and market pricing regulations[23] Regulatory Environment and Future Outlook - Recent regulatory developments allow private schools to choose between for-profit and non-profit status, impacting tuition fee structures and operational revenues[26] - The company plans to register as a for-profit private school, which may allow for greater operational flexibility and potential government support[31] - The company has not yet formally applied for registration as a for-profit institution, and the regulatory environment remains uncertain[31] - The company anticipates that local government considerations will favor its registration as a for-profit institution when specific regulations are established[35] Cash Flow and Assets - Cash and cash equivalents as of February 28, 2022, were approximately RMB 879.9 million, an increase of about 48.0% from RMB 594.7 million as of August 31, 2021[49] - The net current assets were approximately RMB 788.2 million, an increase of about RMB 9.3 million from RMB 778.9 million as of August 31, 2021[46] - The fair value of financial assets measured at fair value through profit or loss decreased to approximately RMB 91.6 million as of February 28, 2022, down by about RMB 381.6 million from RMB 473.2 million as of August 31, 2021[57] Employee and Management Costs - Employee costs totaled approximately RMB 48.7 million for the six months ending February 28, 2022, an increase of about RMB 11.4 million or 30.6% compared to the previous year[66] - The total remuneration for key management personnel for the six months ended February 28, 2022, was RMB 2,390,000, an increase of 172.4% from RMB 876,000 in the same period of 2021[158] Shareholder Information - As of February 28, 2022, the company’s major shareholders include Mr. Niu Sanping with a 52.67% stake and Mr. Niu Jian with a 21.51% stake[73][74] - The weighted average number of ordinary shares issued during the period was 505,403,168 shares, an increase from 375,000,000 shares in the previous period[137] Dividends and Capital Commitments - The board did not recommend any interim dividend for the six months ended February 28, 2022, consistent with the previous period[62] - The company's capital commitments as of February 28, 2022, amounted to RMB 165,196,000, a decrease of 20.2% from RMB 206,869,000 as of August 31, 2021[149]

[Financial Highlights and Overview](index=3&type=section&id=Financial%20Highlights%20and%20Overview) [Financial Performance and Ratios](index=3&type=section&id=Financial%20Performance%20and%20Ratios) In FY2021, revenue grew **6.7%** to **RMB 289 million**, but profit for the year decreased **9.1%** to **RMB 130 million** due to listing expenses, while total assets and equity significantly increased post-IPO FY2021 Key Financial Performance (As of August 31) | Indicator | 2021 (RMB thousands) | 2020 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 289,262 | 271,083 | +6.7% | | Gross Profit | 171,927 | 163,936 | +4.9% | | Profit Attributable to Owners of the Company for the Year | 129,759 | 142,761 | -9.1% | FY2021 Assets and Liabilities (As of August 31) | Indicator | 2021 (RMB thousands) | 2020 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Current Assets | 1,090,196 | 420,532 | +159.3% | | Total Non-current Assets | 795,185 | 751,725 | +5.8% | | Total Equity | 1,574,121 | 1,069,201 | +47.2% | FY2021 Key Financial Ratios | Indicator | 2021 | 2020 | | :--- | :--- | :--- | | Gross Profit Margin | 59.4% | 60.5% | | Net Profit Margin | 44.9% | 52.7% | | Return on Assets | 6.9% | 12.2% | | Return on Equity | 8.2% | 13.3% | | Current Ratio | 350.3% | 408.1% | [Chairman's Statement](index=5&type=section&id=Chairman%27s%20Statement) [Annual Results and Achievements](index=5&type=section&id=Annual%20Results%20and%20Achievements) The Group achieved a significant milestone with its successful listing on the Main Board of the Stock Exchange on **July 16, 2021**, while student enrollment grew **3.7%** to **17,233**, and despite revenue and gross profit growth, net profit declined **9.0%** due to increased staff costs and listing expenses - The Group successfully listed on the Main Board of the Stock Exchange on **July 16, 2021**, becoming the first higher education stock listed in Shanxi Province in 2021[12](index=12&type=chunk) FY2021 Performance Highlights | Indicator | Data | Year-on-year Change | | :--- | :--- | :--- | | Student Enrollment | 17,233 | +3.7% | | Revenue | - | Increased by approx. RMB 18.2 million (+6.7%) | | Gross Profit | - | Increased by approx. RMB 8.0 million (+4.9%) | | Net Profit | - | Decreased by approx. RMB 12.9 million (-9.0%) | - The Group continued to optimize its academic program structure, with **5 new undergraduate programs** approved during the reporting period, including Nursing and Cross-border E-commerce, bringing the total undergraduate programs to **47**, covering **8 major disciplines**[18](index=18&type=chunk) [Core Initiatives and Social Responsibility](index=6&type=section&id=Core%20Initiatives%20and%20Social%20Responsibility) The Group actively promotes industry-education integration by co-establishing industry colleges and undertaking key provincial planning, while Chairman Mr. Niu Sanping received multiple honors for social responsibility, including being elected as an Executive Director of the China Association for Non-Government Education - The Group actively promotes industry-education integration by co-establishing industry colleges with enterprises, such as Huayou Industry College and Smart Finance Industry College, and was approved to establish a Cross-border E-commerce Industry College[20](index=20&type=chunk) - Group Chairman Mr. Niu Sanping was elected as an Executive Director of the China Association for Non-Government Education and received titles such as 'Advanced Individual in Poverty Alleviation in Shanxi Province', demonstrating the Group's commitment to social responsibility[21](index=21&type=chunk) [Future Outlook and Development Strategy](index=6&type=section&id=Future%20Outlook%20and%20Development%20Strategy) The Group's future strategy combines organic growth with external mergers and acquisitions, focusing on deepening industry-education integration, enhancing profitability through optimized tuition and increased enrollment, exploring vocational education, and seeking M&A opportunities in North and Northeast China - The core of the Group's development strategy is a dual approach of **'organic growth + external M&A'** and **'academic education + vocational education'**[21](index=21&type=chunk) - Four key future development strategies include deepening industry-education integration, enhancing profitability through optimized tuition and increased enrollment, expanding course diversification with a focus on vocational education, and actively seeking M&A opportunities in North and Northeast China[23](index=23&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=8&type=section&id=Business%20Review) The Group, a leading private higher education institution in Shanxi, ranked first in full-time student enrollment in FY2020/2021 with a **15.6%** market share, achieving a **90.3%** initial graduate employment rate, and plans growth through new facilities, acquisitions, curriculum enrichment, and overseas expansion - The Group ranked first among all private higher education institutions in Shanxi Province by total full-time student enrollment, holding a **15.6%** market share in the 2020/2021 academic year[25](index=25&type=chunk) - The Group focuses on providing application-oriented programs, with an initial graduate employment rate of **90.3%** in the 2020/2021 academic year, a significant recovery from the **72.5%** recorded in the prior academic year affected by the pandemic[27](index=27&type=chunk) - The Group plans to establish a degree-granting higher education institution in California, USA (the US School), to expand its overseas presence, with an application submitted in **June 2021**[44](index=44&type=chunk) [COVID-19 Pandemic and Its Impact on Our Business](index=9&type=section&id=COVID-19%20Pandemic%20and%20Its%20Impact%20on%20Our%20Business) The COVID-19 pandemic led to campus delays and online teaching, resulting in **RMB 5.4 million** in refunded accommodation fees in FY2019/2020, yet FY2021 revenue grew **6.7%** to **RMB 289 million**, with adjusted profit up **2.3%** after excluding listing expenses, and cash and cash equivalents significantly increased to **RMB 595 million** - To cope with the pandemic, the Group conducted teaching through multiple online platforms like WeChat and Tencent Classroom since **March 2020**, supplemented by third-party online course resources[31](index=31&type=chunk)[33](index=33&type=chunk) Financial Impact of Pandemic and Adjusted Profit | Indicator | 2021 (RMB millions) | 2020 (RMB millions) | Change | | :--- | :--- | :--- | :--- | | Revenue | 289.3 | 271.1 | +6.7% | | Profit | 129.8 | 142.7 | -9.0% | | Listing Expenses | 20.1 | 3.9 | - | | **Adjusted Profit (Excluding Listing Expenses)** | **149.9** | **146.6** | **+2.3%** | [Tuition Fees and Student Enrollment](index=11&type=section&id=Tuition%20Fees%20and%20Student%20Enrollment) In FY2021, average tuition remained stable at **RMB 15,333.9**, while total student enrollment grew **3.7%** to **17,233**, with the college fully transitioning its focus to undergraduate programs by the 2020/2021 academic year, eliminating all junior college enrollments Student Enrollment Changes (Academic Year) | Program Type | 2020/2021 Academic Year | 2019/2020 Academic Year | Change | | :--- | :--- | :--- | :--- | | Undergraduate Programs | 17,233 | 16,337 | +5.5% | | Junior College Programs | 0 | 279 | -100% | | **Total** | **17,233** | **16,616** | **+3.7%** | - Since the 2020/2021 academic year, the college has no junior college program students, with its business focus entirely shifted to undergraduate programs[42](index=42&type=chunk) [Latest Regulatory Developments](index=13&type=section&id=Latest%20Regulatory%20Developments) Under the Private Education Promotion Law, private schools must register as for-profit or non-profit; the Group expects to register Shanxi Business College as for-profit, allowing autonomous fee setting but potentially impacting land and tax benefits, though Shanxi Province has not yet issued specific conversion rules or begun accepting applications - According to the 2016 revised Private Education Promotion Law, sponsors of private schools can choose to register their schools as either for-profit or non-profit[47](index=47&type=chunk) - The Group currently expects to register the college as a for-profit private school, which could allow for operating profits and autonomous pricing, but may also lead to uncertainties regarding government support such as land and tax benefits[51](index=51&type=chunk) - As of the reporting period end, Shanxi Province has not yet issued specific implementation rules for the conversion of existing private schools to for-profit entities, and relevant application procedures have not commenced[55](index=55&type=chunk) [Financial Review](index=15&type=section&id=Financial%20Review) In FY2021, total revenue grew **6.7%** to **RMB 289 million**, driven by increased enrollment, while sales costs rose **9.5%**, leading to a slight decline in gross profit margin to **59.4%** despite a **4.9%** gross profit increase; administrative expenses surged **54.5%** due to listing fees, but adjusted net profit grew **2.3%** to **RMB 150 million**, with strong liquidity and a **0%** gearing ratio [Revenue, Costs and Profit](index=15&type=section&id=Revenue%2C%20Costs%20and%20Profit) Revenue grew **6.7%** to **RMB 289 million**, driven by tuition and accommodation fees, while sales costs rose **9.5%**, leading to a **4.9%** gross profit increase to **RMB 172 million** but a slight margin decline to **59.4%**, and profit for the year decreased **9.0%** to **RMB 130 million** due to a **RMB 20.1 million** surge in listing-related administrative expenses FY2021 Revenue Composition | Item | 2021 (RMB millions) | 2020 (RMB millions) | Year-on-year Growth | | :--- | :--- | :--- | :--- | | Tuition Fees | 264.3 | 255.2 | +3.6% | | Accommodation Fees | 25.0 | 15.9 | +57.2% | | **Total Revenue** | **289.3** | **271.1** | **+6.7%** | - Gross profit margin decreased from **60.5%** last year to **59.4%**, primarily because the growth rate of cost of sales (**+9.5%**) exceeded that of revenue (**+6.7%**)[60](index=60&type=chunk) - Administrative expenses increased **54.5%** year-on-year to **RMB 61.5 million**, mainly due to **RMB 20.1 million** in listing expenses incurred this year (compared to **RMB 3.9 million** in the prior year)[67](index=67&type=chunk) [Adjusted Net Profit](index=17&type=section&id=Adjusted%20Net%20Profit) To accurately assess operating performance, management uses adjusted net profit as a supplementary financial measure; excluding **RMB 20.1 million** in non-recurring listing expenses, the Group's FY2021 adjusted net profit was approximately **RMB 149.9 million**, a **2.3%** increase from **RMB 146.6 million** last year, reflecting robust growth in core operations Reconciliation of Adjusted Net Profit | Indicator | 2021 (RMB millions) | 2020 (RMB millions) | Year-on-year Growth | | :--- | :--- | :--- | :--- | | Profit for the Year | 129.8 | 142.7 | -9.0% | | Add: Listing Expenses | 20.1 | 3.9 | - | | **Adjusted Net Profit** | **149.9** | **146.6** | **+2.3%** | [Liquidity, Capital and Commitments](index=18&type=section&id=Liquidity%2C%20Capital%20and%20Commitments) As of **August 31, 2021**, the Group's net current assets significantly increased to **RMB 779 million**, with cash and cash equivalents surging to **RMB 595 million** due to IPO proceeds and tuition fees, maintaining a **0%** gearing ratio with no bank borrowings, while capital commitments for the Beige Campus Phase IV project substantially increased to **RMB 207 million** - Cash and cash equivalents increased **567.5%** year-on-year to **RMB 595 million**, primarily due to net proceeds from the IPO of approximately **RMB 385 million** and increased tuition fee income[75](index=75&type=chunk) - The Group's gearing ratio (bank borrowings/total equity) is **0%**, indicating no bank borrowings and a robust financial structure[73](index=73&type=chunk) Capital Commitments | Item | August 31, 2021 (RMB thousands) | August 31, 2020 (RMB thousands) | | :--- | :--- | :--- | | Buildings | 195,262 | 14,669 | | Teaching Facilities | 11,607 | 1,491 | | **Total** | **206,869** | **16,160** | [Significant Investments](index=21&type=section&id=Significant%20Investments) As of **August 31, 2021**, the Group held approximately **RMB 473 million** in financial assets at fair value through profit or loss, primarily low-risk fund products from Hong Kong institutions and wealth management products from mainland Chinese banks, with **RMB 403 million** invested in a structured deposit product from Shanghai Pudong Development Bank, representing **21.4%** of total assets - As of **August 31, 2021**, the Group held approximately **RMB 473 million** (2020: **RMB 312 million**) in financial assets at fair value through profit or loss, primarily short-term investments aimed at enhancing returns on idle cash reserves[92](index=92&type=chunk) Major Financial Asset Investments (Over 5% of Total Assets) | Issuer | Nature of Investment | Investment Cost (RMB thousands) | Fair Value of Investment as of August 31, 2021 (RMB thousands) | Percentage of Total Assets | | :--- | :--- | :--- | :--- | :--- | | Shanghai Pudong Development Bank Co., Ltd. | Structured Deposit Product | 400,000 | 403,305 | 21.4% | [Report of the Directors](index=26&type=section&id=Report%20of%20the%20Directors) [Corporate Reorganization, Listing and Business Review](index=27&type=section&id=Corporate%20Reorganization%2C%20Listing%20and%20Business%20Review) The Company, incorporated in the Cayman Islands in **2018**, listed on the HKEX Main Board on **July 16, 2021**, operating as an investment holding company primarily engaged in higher education services in China, facing key risks including regulatory changes, campus compliance, intense competition, reliance on reputation, and enrollment/tuition limitations - The Company's shares were listed on the Main Board of the Stock Exchange on **July 16, 2021**, with stock code **2175**[122](index=122&type=chunk) - Key risks faced by the Group include changes in regulatory policies, campus property compliance issues, intense industry competition, reliance on reputation, and limitations on student enrollment quotas and tuition fee levels[125](index=125&type=chunk) [Compliance and Internal Control](index=28&type=section&id=Compliance%20and%20Internal%20Control) The Group has compliance issues, including unobtained land use rights or property ownership certificates for some campus land and buildings lacking necessary approvals, with per-student land area below Ministry of Education recommendations; however, the Group is actively addressing these issues with authorities, and directors believe they will not materially adversely affect overall operations - The Group has **three parcels of land** (totaling approximately **125,000 square meters**, representing **25.9%** of total land area) for which land use rights certificates or property ownership certificates have not yet been obtained, with applications currently in progress[130](index=130&type=chunk) - There are several deficiencies in **81 buildings** across Longcheng and Beige campuses, such as unobtained property ownership certificates and incomplete fire and environmental acceptance procedures; the Group has engaged third-party companies for rectification[134](index=134&type=chunk) - The college's per-student land area (**27.9 square meters/student**) does not meet the Ministry of Education's recommended standard (**54 square meters/student**), but Chinese legal counsel believes the risk of penalties is low[137](index=137&type=chunk) [Use of Net Proceeds from Initial Public Offering](index=32&type=section&id=Use%20of%20Net%20Proceeds%20from%20Initial%20Public%20Offering) The Group raised approximately **RMB 385 million** in net proceeds from its IPO and partial exercise of the over-allotment option; as of **August 31, 2021**, **RMB 66 million** was utilized, primarily for the Beige Campus Phase IV library project, with most funds for acquisitions, campus renovation, and equipment remaining unutilized and planned for gradual deployment between **2023** and **2024** Use of IPO Net Proceeds and Progress (As of August 31, 2021) | Purpose | Net Proceeds (RMB millions) | Amount Utilized (RMB millions) | Unutilized Amount (RMB millions) | Expected Time of Utilization | | :--- | :--- | :--- | :--- | :--- | | Beige Campus Phase IV Construction Project (Teaching Building and Library) | 173.3 | 51.3 | 122.0 | March 2024 | | Acquisition or Investment in Private Education Institutions | 96.3 | 0 | 96.3 | December 2023 | | Renovation of Longcheng Campus | 43.9 | 0.5 | 43.4 | December 2023 | | Purchase of Teaching Equipment and Furniture | 33.1 | 4.3 | 28.8 | December 2023 | | General Working Capital | 38.5 | 9.9 | 28.6 | Not Applicable | | **Total** | **385.1** | **66.0** | **319.1** | - | [Continuing Connected Transactions (VIE Structure)](index=36&type=section&id=Continuing%20Connected%20Transactions%20%28VIE%20Structure%29) Due to Chinese foreign investment restrictions in higher education, the Group controls its PRC operating entities via contractual arrangements (VIE structure), enabling effective financial and operational control and economic benefits; the Board and independent auditor confirmed compliance with agreements, and the Group is establishing a US school to meet potential future Sino-foreign cooperative education requirements and mitigate regulatory risks - To circumvent Chinese foreign investment restrictions, the Group operates its core education business through contractual arrangements (VIE structure) with its PRC affiliated entities and their shareholders (Mr. Niu Sanping, Mr. Niu Jian)[178](index=178&type=chunk)[179](index=179&type=chunk) - Both the independent non-executive directors and the Company's auditor have reviewed and confirmed that, for the year ended **August 31, 2021**, the implementation of the contractual arrangements complied with the relevant agreement terms and the transactions were fair and reasonable[200](index=200&type=chunk)[201](index=201&type=chunk) - To address potential 'qualification requirements' for Sino-foreign cooperative education, the Group has applied to establish a degree-granting higher education institution in California, USA, with a provisional license expected by the end of **2022**[209](index=209&type=chunk)[210](index=210&type=chunk) [Corporate Governance Report](index=45&type=section&id=Corporate%20Governance%20Report) [Governance Structure and Practices](index=46&type=section&id=Governance%20Structure%20and%20Practices) The Company adheres to high corporate governance standards, adopting the HKEX Corporate Governance Code, with a Board comprising four executive and three independent non-executive directors, separating Chairman and CEO roles, and establishing Audit, Remuneration, and Nomination Committees predominantly composed of independent non-executive directors, ensuring full compliance since listing - From its listing on **July 16, 2021**, to **August 31**, the Company fully complied with the code provisions of the Corporate Governance Code[237](index=237&type=chunk) - The roles of Board Chairman (Mr. Niu Sanping) and Chief Executive Officer (Mr. Niu Jian) are separate, ensuring a balance of power[240](index=240&type=chunk)[243](index=243&type=chunk) - The Audit Committee, Remuneration Committee, and Nomination Committee have all been established, with their composition meeting Listing Rules requirements and a majority of independent non-executive directors[261](index=261&type=chunk)[266](index=266&type=chunk)[272](index=272&type=chunk) [Risk Management, Internal Control and Auditor's Remuneration](index=53&type=section&id=Risk%20Management%2C%20Internal%20Control%20and%20Auditor%27s%20Remuneration) The Board oversees risk management and internal control systems; post-reporting period, the Company identified an internal control deficiency regarding the delayed announcement of three structured deposit agreements, for which remedial actions were taken, though other aspects of risk management and internal control remain effective, with **RMB 5.053 million** paid to auditor Ernst & Young in FY2021, including **RMB 3.053 million** for listing services - The Company failed to timely publish announcements for three structured deposit agreements entered into post-listing, revealing a compliance deficiency in its internal control system; the Company has since taken remedial actions and proactively made announcements[278](index=278&type=chunk) FY2021 Auditor's Remuneration | Service Type | Fees Paid/Payable (RMB thousands) | | :--- | :--- | | **Audit Services** | | | - Listing-related Services | 3,053 | | - Annual Audit Services | 2,000 | | **Non-audit Services** | – | | **Total** | **5,053** | [Shareholder Rights and Communication](index=54&type=section&id=Shareholder%20Rights%20and%20Communication) The Company prioritizes shareholder communication through various channels like general meetings and its website, with articles of association clearly defining shareholder rights, including the ability for shareholders holding at least **10%** of paid-up capital to requisition an extraordinary general meeting, and Mr. Zhang Senquan, an external professional, serves as Company Secretary - Shareholders holding not less than one-tenth of the Company's paid-up capital have the right to request the Board to convene an extraordinary general meeting[292](index=292&type=chunk) - The Company maintains communication with shareholders and investors through its website (http://chinageg.cn) and general meetings, among other channels[287](index=287&type=chunk)[290](index=290&type=chunk) [Independent Auditor's Report](index=55&type=section&id=Independent%20Auditor%27s%20Report) [Audit Opinion](index=56&type=section&id=Audit%20Opinion) Auditor Ernst & Young issued an unmodified opinion, confirming that the consolidated financial statements fairly present the Group's financial position as of **August 31, 2021**, and its financial performance and cash flows for the year then ended, in accordance with International Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance - The auditor believes that the consolidated financial statements fairly present the Group's financial position, performance, and cash flows, and have been properly prepared[298](index=298&type=chunk) [Key Audit Matters](index=56&type=section&id=Key%20Audit%20Matters) The auditor identified 'Income Tax' as a key audit matter due to the Group's non-provision for corporate income tax on academic education service revenue, stemming from unclear tax preferential policies for private schools in China, a matter involving significant management judgment, which the auditor assessed through discussions, past tax filings, and internal tax expert consultation - The key audit matter is 'Income Tax' treatment; due to unclear tax preferential policies, the Group did not provide for corporate income tax on academic education service revenue, a treatment involving significant management judgment[300](index=300&type=chunk)[304](index=304&type=chunk) - The auditor's response procedures included discussions with management, reviewing past tax filings, assessing the impact of new policies, and involving internal tax experts in the evaluation[304](index=304&type=chunk) [Consolidated Financial Statements](index=60&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=60&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended **August 31, 2021**, the Group reported **RMB 289 million** in revenue and **RMB 172 million** in gross profit; however, due to increased administrative expenses including listing fees, profit before tax and profit for the year both amounted to **RMB 130 million**, representing a **9.0%** year-on-year decrease, with basic and diluted earnings per share at **RMB 0.33** FY2021 Consolidated Statement of Profit or Loss Summary | Indicator (RMB thousands) | 2021 | 2020 | | :--- | :--- | :--- | | Revenue | 289,262 | 271,083 | | Gross Profit | 171,927 | 163,936 | | Profit Before Tax | 129,759 | 142,735 | | Profit for the Year | 129,759 | 142,735 | | Basic Earnings Per Share | 0.33 | 0.38 | [Consolidated Statement of Financial Position](index=61&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of **August 31, 2021**, the Group's total assets were **RMB 1.885 billion**, total liabilities **RMB 311 million**, and total equity **RMB 1.574 billion**, with non-current assets primarily comprising **RMB 648 million** in property, plant, and equipment, and current assets significantly increasing to **RMB 1.090 billion**, including **RMB 595 million** in cash and cash equivalents and **RMB 473 million** in financial assets at fair value through profit or loss Consolidated Statement of Financial Position Summary as of August 31, 2021 | Indicator (RMB thousands) | 2021 | 2020 | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 795,185 | 751,725 | | Total Current Assets | 1,090,196 | 420,532 | | **Total Assets** | **1,885,381** | **1,172,257** | | **Liabilities and Equity** | | | | Total Current Liabilities | 311,260 | 103,056 | | **Total Equity** | **1,574,121** | **1,069,201** | [Consolidated Statement of Cash Flows](index=64&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the year ended **August 31, 2021**, net cash flows from operating activities were **RMB 351 million**, while net cash flows used in investing activities amounted to **RMB 228 million**, primarily for financial assets and property, plant, and equipment, and net cash flows from financing activities were **RMB 384 million** from IPO proceeds, resulting in cash and cash equivalents significantly increasing from **RMB 89 million** to **RMB 595 million** at year-end FY2021 Consolidated Statement of Cash Flows Summary | Indicator (RMB thousands) | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | 351,398 | (25,439) | | Net Cash Flows Used in Investing Activities | (228,092) | (105,576) | | Net Cash Flows from Financing Activities | 384,037 | 8,316 | | **Net Increase in Cash and Cash Equivalents** | **507,343** | **(122,699)** | | **Cash and Cash Equivalents at End of Year** | **594,687** | **89,127** |