香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Readboy Education Holding Company Limited 讀 書 郎 教 育 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2385） 截至2024年6月30日止六個月的 中期業績公告 讀書郎教育控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司（連同其子 公司，統稱「本集團」）截至2024年6月30日止六個月（「2024年中期」）的未經審核綜合中期業 績。本中期業績公告列載本公司截至2024年6月30日止六個月的中期報告（「2024中期報告」） 全文，並符合香港聯合交易所有限公司證券上市規則中有關中期業績初步公告附載的資料之 要求及已經董事會審計委員會審閱。2024年中期報告將適時在香港交易及結算所有限公司網 站(www.hkexnews.hk)及本公司網站(www.readboy.com)刊發。 承董事會命 讀書郎教育控股有限公 ...

读书郎 i餃部部 000 ANNU Stock Code:2385 HK 股份代號:2385.HK (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) | --- | --- | |---------------|------------------------------------------------------------------| | | | | CONTENTS 目錄 | | | 2 | Company Profile 公司簡介 | | 3 | Corporate Information 公司資料 | | 6 | Chairman's Statement 主席報告 | | 8 | Management Discussion and Analysis 管理層討論及分析 | | 28 | Five-Year Financial Summary 五年財務概要 | | 29 | Directors and Senior Management 董事及高級管理層 | | 36 | Directors' ...

“普娃，学渣家长该买什么学习机？” “为了给娃选学习机，已经试用了七款，艰难选择” “怒砸三万元，亲测五款当红学习机” …… 当你在小红书、微博等社交媒体或是抖音等短视频平台搜索学习机，便不难看到诸多类似的困扰帖或者测评视频。而频繁出现在这些笔记或视频里的品牌，包括但不限于：传统学习机厂商，如读书郎、步步高、优学派；教育赛道的老玩家作业帮、学而思、网易有道等等。 入局品牌众多，头部品牌却较为集中，而价格梯度则是从两三千元到近万元。正是这些价格不菲的学习机，在各大平台销量甚好，甚至成为了公司的核心产品。 然而，当学习机被曝内容不当、资源鸡肋、硬件故障频出，不少家长陷入了焦虑：不买怕孩子输在起跑线，买了又担心被“割韭菜”……而学习机品牌们，正借着AI热潮更“卷”一步，闷声赚钱。 销量暴涨：从两三千元到近万元，不买就“输了”？ “毕竟是给孩子买的，既然要买就想买最好的。”刘雅最近为给儿子选学习机这件事耗费了不少时间和精力。她的儿子今年4岁，在幼儿园读中班，“其实从刚进幼儿园不久，就有家长说他们买了学习机，我当时觉得还早，但今年也有点着急。”刘雅的焦虑很大一部分源自其他家长，“都说要早点启蒙，不然一开始就输了。” 而 ...

Financial Performance - The company reported a net loss of RMB72.5 million for the year 2023, compared to a net profit of RMB4.9 million in 2022, primarily due to a decrease in gross profit by approximately RMB41.8 million[186]. - Revenue for 2023 was RMB 359,372, a decrease of 40.5% compared to RMB 605,210 in 2022[199]. - The Group's revenue decreased by approximately 40.6% from RMB 605.2 million in 2022 to RMB 359.4 million in 2023, primarily due to the negative impact of the domestic economy and the "double reduction" policy[177][179]. - Loss before tax for 2023 was RMB (61,308), compared to a profit of RMB 10,729 in 2022[199]. - Total revenue for the year ended December 31, 2023, was RMB359.4 million, a decrease from RMB605.2 million in 2022[116]. - The adjusted net loss for 2023, a non-HKFRS measure, was RMB53.4 million, compared to an adjusted net profit of RMB6.3 million in 2022[188]. - The company’s profit before tax was RMB10.7 million in 2022, while it recorded a loss before tax of RMB61.3 million in 2023[186]. - The company reported a loss attributable to owners of the parent of RMB (71,447) in 2023, compared to a profit of RMB 5,209 in 2022[199]. Revenue Breakdown - Revenue from personal student tablets reached RMB 313,132, accounting for 87.1% of total revenue in 2023, compared to RMB 522,166 and 86.3% in 2022[149]. - Revenue from digital and smart classroom solutions decreased by approximately 34.1% from RMB 15.3 million in 2022 to RMB 10.1 million in 2023[112]. - Revenue from wearable products decreased by 67.7% from RMB 27.0 million in 2022 to RMB 8.7 million in 2023, primarily due to the negative impact of the domestic economy and consumer caution in spending post-pandemic[114]. - Revenue from accessory products decreased by 46.7% from RMB 29.1 million in 2022 to RMB 15.5 million in 2023, influenced by the international macroeconomic environment and the "double reduction" policy[114]. - Revenue from advertisement and content licensing increased by approximately 2.4% from approximately RMB11.7 million in 2022 to approximately RMB11.9 million in 2023[115]. - Revenue from offline distributors accounted for 75.2% of total revenue in 2023, down from 80.6% in 2022[116]. - Self-operated online platforms generated RMB44.6 million, representing 12.4% of total revenue in 2023, an increase from 7.9% in 2022[116]. - Revenue from online distributors decreased to RMB28.4 million, representing 7.9% of total revenue in 2023, down from 9.6% in 2022[116]. - Other revenue sources increased to RMB16.1 million, accounting for 4.5% of total revenue in 2023, up from 1.9% in 2022[116]. Financial Position - As of December 31, 2023, the Group had unutilized banking facilities of approximately RMB 44.7 million, a decrease from RMB 160.0 million as of December 31, 2022[43]. - The Group has not reported any significant liabilities, guarantees, or major litigation as of December 31, 2023[44]. - The Group's financial condition is stable, with no significant contingent liabilities or litigations as of December 31, 2023[58]. - The Group did not pledge any assets as of December 31, 2023, maintaining a stable financial position[165]. - The Group considers its exposure to currency risk to be insignificant, as its business is primarily conducted in Renminbi[165]. - As of December 31, 2023, the gearing ratio was 31.7%, up from 27.3% as of December 31, 2022, due to total assets decreasing at a higher rate than total liabilities[163]. - Total assets decreased to RMB 723,828 in 2023 from RMB 962,362 in 2022, a decline of 24.8%[199]. - Total liabilities decreased to RMB 229,690 in 2023 from RMB 262,783 in 2022, a decline of 12.6%[199]. - Net assets for 2023 were RMB 494,138, down from RMB 699,579 in 2022, a decrease of 29.4%[199]. - Equity attributable to owners of the parent was RMB 495,159 in 2023, down from RMB 697,808 in 2022, a decline of 29.0%[199]. Strategic Initiatives - The Company has established a strategic partnership with the "China Language Intelligent Research Center" to advance the development of educational informatization and smart education[37]. - The Group aims to enhance its distribution network by optimizing distributor selection criteria and providing marketing support to improve operational levels[16]. - The Group aims to enhance customer satisfaction and maintain long-term relationships through continuous improvements in its customer service team[47]. - The company aims to collaborate with educational institutions to develop and promote innovative teaching solutions, addressing emerging needs in the education industry[100]. - The company is focusing on market expansion and new product development strategies moving forward[200]. - The company plans to focus on innovation in smart education devices and improve internal operation efficiency and customer service[123]. - The company aims to deepen market penetration in third-and-fourth-tier cities and rural areas to achieve stable and sustainable growth[124]. - The Group will improve and expand its offline distribution network while strengthening online channels for broader market coverage[169]. - The focus on product innovation includes developing more smart learning devices and educational resources to meet market demands[169]. - The Group is committed to pursuing innovation and breakthroughs to facilitate sustainable growth and enrich the learning experience for students and educators[169]. Product Development - The Group's primary business includes the design, development, manufacturing, and selling of intelligent learning devices, leveraging advanced technologies such as AI and big data[72]. - The personal student tablets are designed to provide a comprehensive learning platform, integrating learning, interaction, and entertainment for students aged 6 to 18[137]. - The Readboy brand has accumulated over 8.8 million registered users by December 2023, with daily active users of 750,000 and an average of over 1.4 million monthly active users over the past 12 months[63]. - The company has developed a smartwatch with educational features, including a daily bilingual vocabulary learning function[114]. - The AI Dictionary Pen offers intelligent recognition and supports multiple languages, enhancing language learning for students[114]. - The smart scanning pen provides offline real-time translation, allowing users to translate sentences anytime and anywhere[114]. - The digital and smart classroom solutions include intelligent grading systems and integrated teaching-researching platforms, aimed at enhancing educational quality and efficiency in primary and secondary schools[142]. - The integration of new technologies such as artificial intelligence and big data has improved the functionality of smart education devices, enhancing education quality and learning efficiency[132]. - The one-stop education public service platform has successfully met the needs of education authorities nationwide, showcasing the company's technological capabilities in smart education governance[106]. Cost Management - Cost of sales decreased by approximately 43.3% from RMB471.0 million in 2022 to RMB267.0 million in 2023, primarily due to decreased tablet sales[155]. - Gross profit decreased by approximately 31.1% from RMB134.2 million in 2022 to RMB92.4 million in 2023, while gross profit margin increased from 22.2% to 25.7% due to new higher-margin products[155]. - Selling and distribution expenses decreased by approximately 16.2% from RMB96.4 million in 2022 to RMB80.8 million in 2023, primarily due to reduced advertising and marketing expenses[155]. - Administrative expenses decreased by approximately 27.8% from RMB54.4 million in 2022 to RMB39.3 million in 2023, mainly due to no listing-related expenses incurred during the year[155]. - Research and development expenses increased by 13.5% from RMB37.9 million in 2022 to RMB43.0 million in 2023, reflecting increased investment in new product development[156]. - Other expenses decreased by approximately 50.9% from RMB22.2 million in 2022 to RMB10.9 million in 2023, primarily due to the disposal of raw materials and accessory parts in 2022[156]. - Finance costs increased by approximately 783.6% from RMB134,000 in 2022 to RMB1.2 million in 2023, primarily due to increased interest expenses on bank borrowings[156]. Future Outlook - Looking forward to 2024, the Group aims to maintain its leadership in smart education through continuous business upgrades and innovation[169]. - Plans for 2024 include further development of digital education resources and smart classroom solutions, enhancing collaboration with educational authorities[169]. - The company aims to provide useful information to investors and management through the presentation of non-HKFRS measures alongside HKFRS measures[187]. - The company has laid a solid foundation for future steady growth despite less favorable operating results in 2023[136].

Financial Performance - The company's revenue decreased by approximately 51.5% from RMB 259.8 million in the first half of 2022 to RMB 125.9 million in the first half of 2023, primarily due to reduced sales of personal tablets and wearable products [5]. - The total revenue for the first half of 2023 was RMB 125.9 million, compared to RMB 259.8 million in the same period of 2022 [16]. - The Group's revenue decreased by approximately 51.5% from RMB 259.8 million in 2022 Interim to RMB 125.9 million in 2023 Interim, primarily due to decreased sales of personal student tablets and wearable products [26]. - Gross profit decreased by approximately 26.9% from RMB 66.5 million in 2022 Interim to RMB 48.6 million in 2023 Interim, while gross profit margin increased from 25.6% to 38.6% due to higher profit margins on new products [31]. - Cost of sales decreased by approximately 60.0% from RMB 193.3 million in 2022 Interim to RMB 77.3 million in 2023 Interim, correlating with the decline in sales of personal student tablets [29]. - Other income and gains increased by approximately 6.0% from RMB 30.7 million in 2022 Interim to RMB 32.6 million in 2023 Interim, mainly due to an increase in net foreign exchange differences [31]. - Selling and distribution expenses decreased by approximately 8.6% from RMB 40.3 million in 2022 Interim to RMB 36.8 million in 2023 Interim, reflecting the decrease in product sales [31]. - Administrative expenses decreased by approximately 30.7% from RMB 25.6 million in 2022 Interim to RMB 17.7 million in 2023 Interim, primarily due to no listing-related expenses incurred during the period [31]. - Research and development expenses increased by approximately 57.3% from RMB 16.2 million in 2022 Interim to RMB 25.5 million in 2023 Interim, reflecting enhanced research and development activities [31]. - The net loss for 2023 Interim was RMB 37.9 million, compared to a net loss of RMB 42.4 million for 2022 Interim [111]. Product Sales and Market Trends - Revenue from the sales of wearable products decreased by approximately 60.8% from RMB 13.1 million in 2022 Interim to RMB 5.2 million in 2023 Interim, due to increased competition from enterprises in other sectors [36]. - Revenue from digital and smart classroom solutions decreased by approximately 57.9% from RMB 5.1 million in 2022 Interim to RMB 2.2 million in 2023 Interim, as schools reduced hardware purchases amid digital education strategies [33]. - Revenue from personal student tablets decreased by approximately 54.8% from RMB 230.5 million in 2022 Interim to RMB 104.2 million in 2023 Interim [101]. - The demand for intelligent education devices expanded, with product types and functionalities diversifying, leading to intensified competition in the market [74]. - Consumer demand for intelligent education devices has become increasingly diversified, necessitating differentiated products and services for various student demographics [80]. Strategic Initiatives and Innovations - The company aims to expand its distribution network through both offline distributors and online sales channels to reach a larger customer base [16]. - The establishment of the Readboy Institute of Education Technology in 2017 focuses on content research and the development of digital educational resources [18]. - The company emphasizes continuous innovation and specialization to enhance its core competitiveness and meet market demands [1]. - The company is focusing on research and development in hardware and software to ensure the continuous introduction of competitive intelligent education devices and solutions [62]. - The Group aims to deliver flexible, efficient, interactive, and personalized teaching experiences to its users [46]. - The company aims to strengthen brand building and promotion to enhance market recognition and attract more users [62]. - The Group is continuously developing compatible teaching and learning products to meet emerging market demands and trends [41]. Government and Economic Environment - In the first half of 2023, the Chinese education industry continued to exhibit a stable growth trend, supported by government initiatives and increasing investments in education [73]. - The government has increased policy support for educational informatization, promoting the digitalization and intelligent development of educational resources [78]. - The global economy is expected to continue moderate growth in the second half of 2023, despite uncertainties such as trade friction and geopolitical risks [125]. - The Chinese education market is expected to sustain stable growth, particularly in online education, vocational education, and lifelong learning, supported by continuous investments and state policies [154]. Financial Position and Investments - As of June 30, 2023, cash and cash equivalents amounted to RMB 332,017,000, an increase from RMB 149,041,000 as of December 31, 2022 [134]. - Readboy's net proceeds from its initial public offering were approximately HK$364.6 million, aimed at expanding its business and enhancing market position [88]. - The Group acquired assets at a cost of RMB 1,365,109,000 for the six months ended June 30, 2023, compared to RMB 962,000,000 for the same period in 2022 [129]. Collaborations and Partnerships - Collaborative relationships with educational institutions and government departments are being established to advance the digitalization of education [62]. - The Group plans to collaborate with major educational institutions and publishers to develop high-quality digital textbooks and teaching resources, aiming to expand market share [92]. - A strategic cooperation agreement was signed with the "China Language Intelligence Research Center" to promote the development of smart education [94]. Challenges and Future Outlook - The decline in product sales was attributed to the impact of the international economic environment, increased competition, and cautious consumer spending due to the pandemic [5]. - The second half of 2023 is anticipated to present both opportunities and challenges, necessitating active innovation and enhancement of core competitiveness [158]. - The Group aims to leverage its strengths and innovate continuously to achieve sustainable development in the face of market conditions in the second half of 2023 [123].

Smart Education Solutions - Readboy Education achieved significant breakthroughs in smart education governance solutions, developing a one-stop educational public service platform based on organizational, application, and data hubs[3]. - The company focuses on providing integrated solutions for government education departments, schools, teachers, students, and parents, enhancing information and resource sharing across all levels[13]. - The company plans to strengthen its data foundation capabilities to offer tailored educational solutions to regional education authorities, improving the overall level of smart education[3]. - The integration of advanced technologies such as AI, big data, and cloud computing in education has deepened, enhancing the quality of smart education equipment[10]. - The company is committed to developing and applying advanced technologies to improve the quality and functionality of its smart education devices, differentiating itself from competitors[4]. - The company is focusing on developing innovative and competitive smart education solutions and devices to meet diverse educational needs, leveraging advanced technologies such as AI, big data, and cloud computing[39]. - The company has launched an AI dictionary pen with intelligent recognition capabilities, which can read and identify Chinese or English vocabulary and sentences, enhancing the learning experience[46]. - The company is expanding its product offerings to include a smartwatch designed for educational purposes, featuring daily vocabulary learning functions and traditional features like GPS and health monitoring[44]. Market Performance - In the first half of 2023, the smart education equipment market continued to expand, with diverse product types and functionalities, driven by increasing demand for digital education[8]. - The Chinese education industry showed stable growth in the first half of 2023, supported by government initiatives and increased family investment in education[7]. - The sales revenue of student personal tablets decreased by approximately 54.8% from RMB 230.5 million in the first half of 2022 to RMB 104.2 million in the first half of 2023[26]. - The sales revenue of wearable products dropped by about 60.8% from RMB 13.1 million in the first half of 2022 to RMB 5.2 million in the first half of 2023[28]. - Revenue from supporting products slightly increased by approximately 8.9% from RMB 8.1 million in the first half of 2022 to RMB 8.8 million in the first half of 2023[31]. - The company's revenue decreased by approximately 51.5% from RMB 259.8 million in the first half of 2022 to RMB 125.9 million in the first half of 2023, primarily due to a decline in sales of personal tablets and wearable products[38]. - Sales revenue from smart campus solutions dropped about 57.9% from RMB 5.1 million in the first half of 2022 to RMB 2.2 million in the first half of 2023, as schools reduced hardware purchases amid the implementation of digital education strategies[44]. - The sales of personal tablets accounted for 82.7% of total revenue in the first half of 2023, amounting to RMB 104.2 million, down from 88.7% and RMB 230.5 million in the same period of 2022[56]. Financial Overview - Gross profit decreased by approximately 26.9% from RMB 66.5 million in the first half of 2022 to RMB 48.6 million in the first half of 2023, while gross margin increased from 25.6% to 38.6% due to higher profit margins on new products[57]. - The company reported a significant reduction in sales costs from RMB 193.3 million in the first half of 2022 to RMB 77.3 million in the first half of 2023, primarily due to decreased sales volume of personal tablets[56]. - Adjusted net loss for the six months ended June 30, 2023, was RMB 17.7 million, compared to an adjusted net profit of RMB 17.5 million for the same period in 2022[69]. - The company reported a pre-tax loss of RMB 25.6 million for the six months ended June 30, 2023, compared to a pre-tax loss of RMB 46.5 million in the same period of 2022[95]. - The company reported a basic loss attributable to owners of the parent of RMB (37,708) thousand for the six months ended June 30, 2023, compared to RMB (42,299) thousand in the same period of 2022[189]. - The total cash and cash equivalents as of June 30, 2023, were RMB 332,017,000, significantly up from RMB 149,041,000 at the end of 2022, reflecting an increase of about 123%[137]. - The group confirmed employee costs of approximately RMB 34.7 million for the six months ended June 30, 2023, compared to RMB 32.7 million for the same period in 2022, reflecting an increase of 6.1%[106]. - The group had short-term bank borrowings of approximately RMB 55.3 million as of June 30, 2023, with fixed interest rates ranging from 3% to 3.2%[120]. Strategic Initiatives - The company aims to strengthen brand building and enhance market visibility to attract more users and partners[19]. - The company plans to continue investing in software and hardware R&D to launch competitive smart education devices and solutions[18]. - The company has signed a strategic cooperation agreement with the "Chinese Language Intelligent Research Center" to promote the development of educational informatization[24]. - The company will focus on user needs and continuously optimize products and services to provide a high-quality user experience[19]. - The company is committed to attracting and retaining talented individuals to improve employee quality and work efficiency[18]. - The company will closely monitor policy regulations and industry standards to ensure compliance and seize policy opportunities[19]. - The group plans to increase investment in online education products and services to meet diverse student needs in response to the rapid development of online education[108]. - The group aims to adjust its business strategy to align with national policies on educational equity and burden reduction, actively participating in public education projects[109]. Government and Policy Impact - The government has increased policy support for educational informationization, promoting the digitalization and intelligence of educational resources[9]. - The company anticipates opportunities in the education market in the second half of 2023, driven by government support and a focus on educational equity[131]. Recognition and Compliance - The company has been recognized as a specialized and innovative small and medium-sized enterprise by the Guangdong Provincial Department of Industry and Information Technology, highlighting its leadership in the education electronics industry[53]. - The company has no significant tax obligations due to tax exemptions and reductions applicable to its subsidiaries in China[161].

User Base and Market Position - As of December 2022, Readboy has accumulated over 6.69 million registered users, with an average of over 1.4 million monthly active users in the past 12 months[3][14]. - Readboy ranked second among China's smart learning device service providers in terms of total retail market value and fifth in total device shipments in 2021, according to a Frost & Sullivan report[13][16]. - Readboy's brand has become a well-recognized technology-powered education brand in China, contributing to its competitive positioning in the market[14][16]. Distribution and Market Strategy - The company has established a nationwide offline distribution network with 131 contracted distributors controlling a total of 4,258 points of sale across 324 cities in 31 provinces and autonomous regions in China as of December 31, 2022[15][17]. - Readboy plans to expand its market presence in lower-tier cities by setting up exclusive stores to enhance localized service and operations, focusing on products like student tablets, telephone watches, and dictionary pens[7]. - The company aims to leverage resource advantages to drive consumer consumption through products targeting government and business sectors, promoting revenue growth in its main business[7]. - The company aims to enhance internet precise marketing efforts by integrating with platforms like JD Daojia to improve online and offline sales channels[43]. - The strategy of adhering to offline distribution channels and smart campus business is expected to bring great opportunities in the post-pandemic economic recovery[38][40]. Financial Performance - In 2022, the company's revenue was RMB605.2 million, a decrease of 26% year-on-year, and the net profit after deducting extraordinary items was RMB6.3 million, down 92% year-on-year[33][37]. - Revenue decreased by approximately 25.6% from RMB813.2 million in 2021 to RMB605.2 million in 2022, primarily due to reduced sales of personal student tablets and wearable products impacted by COVID-19 restrictions[73]. - Revenue from personal student tablets decreased by approximately 25.9% from RMB 705.0 million in 2021 to RMB 522.2 million in 2022, primarily due to COVID-19 impacts[52]. - Profit before tax decreased from RMB72.0 million in 2021 to RMB10.7 million in 2022[99]. - Net profit for the year was RMB4.9 million in 2022, down from RMB82.1 million in 2021, primarily due to a gross profit decrease of approximately RMB35.0 million[99]. Product Development and Innovation - The company focuses on the design, development, manufacturing, and selling of smart learning devices embedded with digital educational resources for primary and secondary students, parents, and teachers in China[2][16]. - The Smart Campus Business Unit achieved significant breakthroughs in 2022, undertaking large-scale projects such as "Learning in Zhuji" and "Greater Bay Area Joint Examination"[27][29]. - The company plans to develop devices utilizing 5G technologies to enhance transmission speed and reduce latency[122]. - New product development is underway, with plans to launch three innovative educational devices by Q3 2023[135]. Operational Efficiency and Cost Management - Cost of sales decreased by approximately 26.9% from RMB644.0 million in 2021 to RMB471.0 million in 2022, primarily due to reduced tablet sales and increased investment in digital educational resources[85]. - Selling and distribution expenses increased by approximately 32.0% from RMB73.1 million in 2021 to RMB96.4 million in 2022, driven by increased advertising and marketing expenses related to new product launches[88]. - Administrative expenses increased by approximately 27.4% from RMB44.0 million in 2021 to RMB56.1 million in 2022, primarily due to higher professional service fees and maintenance expenses[93]. Environmental, Social, and Governance (ESG) Initiatives - The Group's wastewater discharge complied with national and local government emission requirements, with no incidents of non-compliance reported[187]. - The Group has established an ESG committee to oversee sustainability efforts and ensure effective ESG management[180]. - The Group's commitment to ESG management is integrated into its decision-making processes, with the board responsible for overseeing sustainability initiatives[180]. Future Outlook and Strategic Goals - The year 2023 is viewed as a new year of post-pandemic overall opening and economic recovery, with a commitment to serving students, parents, and partners[44][40]. - The company has set a future revenue guidance of RMB 6 million for 2023, reflecting an expected growth of 17.6%[134]. - The company is expanding its market presence, targeting a 20% increase in market share in the next fiscal year[136]. - A strategic acquisition of a smaller tech firm is in progress, aimed at enhancing the company's R&D capabilities[139].

Financial Performance - For the fiscal year ending December 31, 2022, the company reported a net profit of RMB 4.9 million, a significant decrease of approximately 94.0% compared to RMB 82.1 million in 2021[8]. - The company's total revenue decreased by approximately 25.6% from RMB 813.2 million in 2021 to RMB 605.2 million in 2022, primarily due to a decline in sales of personal tablets and wearable products impacted by COVID-19 restrictions[39]. - The pre-tax profit dropped significantly from RMB 72.0 million in 2021 to RMB 10.7 million in 2022[30]. - The income tax expense for 2022 was RMB 5.9 million, compared to a tax credit of RMB 10.1 million in 2021[32]. - The total profit for the year was RMB 4,856 million, a significant decrease from RMB 82,146 million in the previous year[56]. - Net profit attributable to the owners of the company for 2022 was RMB 5,209 thousand, significantly lower than RMB 82,146 thousand in 2021, representing a decrease of 93.7%[117]. - The company reported a deferred tax expense of RMB 5,873 thousand in 2022, compared to a deferred tax benefit of RMB 10,417 thousand in 2021[144]. Revenue Breakdown - The company's revenue from student personal tablets was RMB 522.2 million, accounting for 86.3% of total revenue, while revenue from smart campus solutions was RMB 15.3 million, representing 2.5%[3]. - Sales revenue for student personal tablets decreased by approximately 25.9% from RMB 705.0 million in 2021 to RMB 522.2 million in 2022, primarily due to the impact of COVID-19 and supply chain disruptions[45]. - Sales revenue for wearable products fell by 49.7% from RMB 53.7 million in 2021 to RMB 27.0 million in 2022, also attributed to COVID-19 related challenges[47]. - Revenue from smart campus solutions decreased by about 35.1% from RMB 23.6 million in 2021 to RMB 15.3 million in 2022, due to delays in promotional activities caused by the pandemic[67]. - Revenue from advertising and content licensing dropped from approximately RMB 13.0 million in 2021 to about RMB 11.7 million in 2022, mainly due to the "double reduction" policy affecting user purchases[71]. - Revenue from digital educational resources and services was RMB 130,734 thousand in 2022, slightly down from RMB 137,676 thousand in 2021, a decrease of about 5.3%[133]. Expenses and Costs - Research and development expenses decreased by 13.6% to RMB 37.9 million in 2022 from RMB 43.9 million in 2021, primarily due to reduced professional service fees and material costs[7]. - Sales and distribution expenses increased by approximately 32.0% to RMB 96.4 million in 2022 from RMB 73.1 million in 2021, driven by increased marketing efforts and new product launches[23]. - Administrative expenses rose by approximately 27.4% to RMB 56.1 million in 2022 from RMB 44.0 million in 2021, mainly due to increased professional service fees post-IPO[24]. - The cost of sales decreased by approximately 26.9% to RMB 471.0 million in 2022 from RMB 644.0 million in 2021, primarily due to reduced tablet sales[19]. - The cost of goods sold for equipment, wearable products, and other products was RMB 427,677 thousand in 2022, down from RMB 596,061 thousand in 2021, reflecting a reduction of approximately 28.3%[139]. Assets and Liabilities - The company's cash and cash equivalents as of December 31, 2022, were RMB 149.0 million, a decrease from RMB 333.3 million as of December 31, 2021[6]. - The asset-liability ratio decreased from 68.1% in 2021 to 27.3% in 2022, mainly due to a reduction in total liabilities[33]. - As of December 31, 2022, total assets minus current liabilities amounted to RMB 732,098 thousand, an increase from RMB 420,958 thousand in 2021[90]. - The company's total equity as of December 31, 2022, was RMB 699,579 thousand, up from RMB 258,938 thousand in 2021, indicating a growth of 170.5%[121]. - The company reported a significant reduction in trade receivables, which decreased to RMB 28,330 thousand from RMB 47,551 thousand in 2021, a decline of 40.5%[90]. Strategic Focus and Future Plans - The company focuses on developing and marketing digital educational resources for Chinese students, leveraging internal R&D capabilities[43]. - The company aims to enhance digital teaching methods and improve teaching quality and efficiency through its smart campus solutions targeting primary and secondary schools[45]. - The company plans to enhance its smart campus solutions and develop localized educational content to better meet user needs[112]. - The company aims to expand its distribution network and penetrate more lower-tier cities to accelerate network restructuring[112]. - The company will continue to explore suitable business and investment opportunities to drive growth[84]. Other Information - The company has no significant contingent liabilities, guarantees, or major lawsuits as of December 31, 2022[34]. - The company has no significant direct foreign exchange risk as its operations are primarily conducted in RMB[81]. - The company operates solely in China, with all revenue and long-term assets generated from this region[154]. - The company operates five reportable segments based on its product classifications[127]. - The company did not propose any dividend for the year, consistent with the previous year[166].

Company Overview - Readboy Education Holding Company Limited was listed on the Stock Exchange on July 12, 2022, marking a significant milestone for the company[2]. - As of June 2022, Readboy had accumulated over 5.5 million registered users, with an average of over 1.4 million monthly active users in the past 12 months[4]. - The company ranked second among China's smart learning device service providers in terms of total retail market value and fifth in total device shipments in 2021, according to a Frost & Sullivan report[3]. - Readboy has established a nationwide offline distribution network with 129 contracted distributors controlling 4,608 points of sale across 344 cities in 31 provinces and autonomous regions in China as of June 30, 2022[5]. - The company focuses on the design, development, manufacturing, and selling of smart learning devices embedded with digital educational resources for primary and secondary students, parents, and teachers in China[2]. - Readboy's brand is recognized as a reputable technology-powered education brand in China[3]. Financial Performance - The company's revenue decreased by approximately 26.9% from RMB 355.2 million in 2021 Interim to RMB 259.8 million in 2022 Interim[37]. - Revenue from personal student tablets decreased by approximately 23.1% from RMB299.6 million in 2021 Interim to RMB230.5 million in 2022 Interim due to COVID-19 impacts[14]. - Revenue from smart classroom solutions decreased by approximately 36.7% from RMB8.1 million in 2021 Interim to RMB5.1 million in 2022 Interim, primarily due to promotional delays caused by COVID-19[17]. - Revenue from wearable products decreased by 61.5% from RMB34.1 million in 2021 Interim to RMB13.1 million in 2022 Interim, affected by pandemic control measures[19]. - Revenue from advertisement and content licensing decreased from approximately RMB5.9 million in 2021 Interim to approximately RMB3.0 million in 2022 Interim due to regulatory changes affecting third-party online education institutions[25]. - Sales of personal student tablets accounted for RMB 230.5 million, representing 88.7% of total revenue in 2022 Interim, down from RMB 299.6 million or 84.3% in 2021 Interim[39]. - Gross profit decreased by approximately 24.5% from RMB88.1 million in 2021 Interim to RMB66.5 million in 2022 Interim, while gross profit margin increased from 24.8% to 25.6%[42]. - The net loss for the period was RMB42.4 million in 2022 Interim, compared to a net profit of RMB29.1 million in 2021 Interim, mainly due to a revenue decrease of approximately RMB95.4 million[44]. Strategic Focus and Future Plans - The company aims to expand its market presence and enhance its product offerings through technology-driven innovations[3]. - Readboy is committed to improving user engagement and retention through its educational products and services[4]. - The company plans to leverage its established distribution network to further penetrate the Chinese education market[5]. - Readboy's strategic focus includes continuous investment in research and development for new products and technologies[3]. - The Group anticipates a challenging market environment in the second half of 2022, with expected inflation in input costs and ongoing uncertainty due to COVID-19 impacts[53]. - The Group aims to enhance educational resources through localized content and special teaching functions for customized smart classroom solutions[53]. Shareholder Information - Mr. Chen holds a total of 120,386,719 shares, representing 34.20% of the Company[56]. - Mr. Qin has interests in a controlled corporation with 98,929,717 shares, equating to 28.11%[56]. - Ms. Liu Zhilan holds 6,664,555 shares, representing 1.89% of the Company[56]. - The controlling shareholders of the company, including Kimlan Limited and Mr. Chen, collectively hold 62.31% of the company's shares[58]. Corporate Governance and Compliance - The company has adopted the Corporate Governance Code and has complied with all applicable provisions, except for the separation of the roles of chairman and chief executive officer[100]. - The company maintains effective control over Zhuhai Readboy through Contractual Arrangements due to PRC laws restricting foreign ownership in value-added telecommunications services[102]. - The Board has confirmed that there has been no material change in the Contractual Arrangements since the last review[103]. - The company has confirmed compliance with the Contractual Arrangements in all material respects as of June 30, 2022[106]. Market Challenges - The decrease in revenue was primarily due to stringent COVID-19 preventive measures affecting production schedules and offline distributor operations[37]. - The Group continues to monitor developments in relevant laws and regulations regarding foreign investment[107]. - There have been no updates on the Foreign Investment Law or any non-compliance issues with relevant PRC laws[107]. Cash Flow and Assets - As of June 30, 2022, the Group had cash and cash equivalents of RMB 317.7 million, a decrease from RMB 333.3 million as of December 31, 2021[51]. - The Group's gearing ratio increased to 70.9% as of June 30, 2022, compared to 68.1% at the end of 2021, indicating a higher level of financial leverage[51]. - The Group had unutilized banking facilities of approximately RMB 160.0 million as of June 30, 2022[49]. - Total non-current assets increased to RMB 108,392,000 as of June 30, 2022, compared to RMB 105,637,000 as of December 31, 2021, reflecting a growth of 2.3%[118]. Research and Development - The company established the Readboy Institute of Education Technology in 2017 to enhance educational resource development[31]. - Research and development expenses decreased by 13.7% from RMB18.8 million in 2021 Interim to RMB16.2 million in 2022 Interim, primarily due to a reduction in the number of research and development staff[42]. - Research and development expenses amounted to RMB 16,194,000, indicating the company's commitment to innovation and product development[141].