Financial Performance - The group's revenue increased by 0.8% from RMB 642.7 million in the fiscal year ending December 31, 2023, to RMB 648.1 million for the fiscal year ending December 31, 2024[9]. - The group's revenue increased by 0.8% from RMB 642.7 million to RMB 648.1 million, primarily due to an increase in average tuition fees[26]. - Other income rose by 45.5% from RMB 33.6 million to RMB 48.9 million, mainly due to improved operations at Jiangsu school[27]. - The main operating costs decreased by 3.4% from RMB 264.7 million to RMB 255.8 million, attributed to reduced depreciation expenses[28]. - Gross profit increased by 3.8% from RMB 378.0 million to RMB 392.3 million, driven by improved management and resource integration[29]. - Profit before tax rose by 7.8% from RMB 313.2 million to RMB 337.5 million, mainly due to increased taxable profits in China[33]. - Net profit for the period was RMB 330.2 million, a 7.5% increase from RMB 307.1 million[35]. - Adjusted net profit increased from RMB 329.7 million to RMB 359.4 million, reflecting the impact of foreign exchange losses and share-based payment expenses[36]. - Cash and cash equivalents, along with long-term bank deposits, amounted to RMB 1,019.9 million as of December 31, 2024, up from RMB 684.6 million in 2023[37]. - As of December 31, 2024, the net current assets of the group amounted to RMB 343.5 million, an increase of 43.9% compared to RMB 238.7 million as of December 31, 2023[38]. Student Enrollment and Educational Quality - The total number of full-time students for the 2024/25 academic year is approximately 42,553, a decrease of about 2.94% year-on-year, while continuing education enrollment increased by approximately 32.15% to 20,183 students[13]. - The proportion of undergraduate students among full-time students reached approximately 97.09%[13]. - The group has been approved for 4 national first-class undergraduate programs and 14 provincial first-class undergraduate programs, enhancing its educational quality[14]. - The number of awards won by students in provincial and above competitions increased by 21.7% year-on-year, with national-level awards increasing by 1.7 times[15]. - The number of doctoral and senior title teachers recruited increased by 23.1% year-on-year, with 837 training sessions conducted covering 30,000 participants[16]. Strategic Initiatives - The group's revenue guidance for the next fiscal year is expected to continue growing, leveraging its strong educational resources and market potential[10]. - The group aims to strengthen industry-education integration and school-enterprise cooperation to enhance management levels and service quality[10]. - The group is committed to optimizing its curriculum and improving educational conditions to meet labor market demands[12]. - The group plans to enhance international cooperation and expand educational resources, including establishing overseas campuses and language training centers[25]. - The group aims to optimize academic programs and deepen industry-education integration to meet regional economic needs[22]. Capital and Financial Management - The group's capital expenditure during the reporting period was RMB 93.7 million, down from RMB 151.9 million as of December 31, 2023, primarily related to the construction of buildings and school facilities[39]. - As of December 31, 2024, the group's bank loans and other borrowings totaled RMB 601.8 million, an increase from RMB 546.3 million as of December 31, 2023[41]. - The asset-liability ratio of the group as of December 31, 2024, was 23.3%, up from 22.6% as of December 31, 2023, due to a greater increase in total liabilities compared to total assets[43]. - The group had no significant investments or capital asset plans as of December 31, 2024[44]. - The group had no off-balance sheet transactions as of December 31, 2024[50]. Corporate Governance and Compliance - The company has established a dividend policy, with no preset dividend payout ratio, and any dividend declaration will be at the discretion of the board based on financial performance and future prospects[78]. - The board does not recommend the distribution of a final dividend for the reporting period, which was 6.32 HK cents in 2023[80]. - The company has maintained a public float of no less than 25% of its total issued shares throughout the reporting period[200]. - The audit committee has reviewed the accounting principles and practices adopted by the group and discussed audit, internal control, and financial reporting matters[198]. - The company is committed to maintaining high standards of corporate governance practices[199]. Risk Management - The group faces multiple operational risks, including the overall market conditions of the private education sector in China and the ability to provide quality education and increase enrollment or tuition fees[84]. - The group has established a risk management structure to address various risks, including market risks related to interest rates, credit, and liquidity[85]. - The company has taken measures to ensure compliance with structured contracts, including annual reviews by the board of directors[184]. Structured Contracts and Regulatory Compliance - The group has established a second structured contract to control Chinese operating schools, ensuring compliance with local laws and regulations[141]. - The structured contracts facilitate the flow of economic benefits from Chinese operating schools to the group through service fees[145]. - The structured contracts are designed to mitigate potential conflicts with Chinese laws and regulations regarding foreign ownership in the education sector[141]. - The company has committed to regular updates in annual and interim reports regarding compliance with qualification requirements and the Foreign Investment Law[184]. - The structured contracts do not require approval from educational authorities, according to consultations with the Anhui Provincial Education Department[179]. Share Options and Compensation - The company has adopted a share option plan on March 8, 2018, to incentivize eligible individuals and retain talent[118]. - The total number of shares that may be issued under the share option plan is capped at 10% of the shares issued on the listing date, which amounts to 160,000,000 shares[120]. - The share options granted during the reporting period totaled 139,800,000, with 2,000,000 options having been canceled[123]. - The exercise price for options granted on June 5, 2023, is set at HKD 0.764, with a 10-year exercise period[123]. - The company has implemented a spouse commitment that ensures spouses are aware of and agree to the structural contract arrangements[161].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 648,078,000, representing a 0.8% increase from RMB 642,660,000 in 2023[4] - Gross profit increased by 3.8% to RMB 392,261,000 in 2024, compared to RMB 377,956,000 in 2023[4] - Annual profit rose by 7.5% to RMB 330,219,000 in 2024, up from RMB 307,099,000 in 2023[4] - Adjusted net profit for the year was RMB 359,406,000, reflecting a 9.0% increase from RMB 329,692,000 in 2023[4] - The company reported a basic and diluted earnings per share of RMB 20.53 for 2024, compared to RMB 19.09 in 2023[5] - The group reported a pre-tax profit of RMB 330,219,000 for 2024, compared to RMB 307,099,000 in 2023, reflecting an increase of 7.5%[24] - Profit before tax rose by 7.8% from RMB 313.2 million to RMB 337.5 million, mainly due to increased taxable profits in China[65] - Net profit for the period was RMB 330.2 million, a 7.5% increase from RMB 307.1 million in the previous year[67] - Adjusted net profit increased from RMB 329.7 million to RMB 359.4 million, reflecting adjustments for foreign exchange losses and share-based payment expenses[68] Revenue Sources - The revenue from tuition fees was RMB 596,626,000 in 2024, up from RMB 588,144,000 in 2023[14] - Rental and property management revenue for 2024 reached RMB 26,124,000, an increase of 6.7% from RMB 24,476,000 in 2023[17] - Service revenue decreased to RMB 23,512,000 in 2024, down 12.5% from RMB 26,838,000 in 2023[17] - Other income rose by 45.5% from RMB 33.6 million to RMB 48.9 million, mainly due to improved operations at Jiangsu School[59] Assets and Liabilities - Cash and bank balances increased to RMB 689,882,000 in 2024 from RMB 524,639,000 in 2023, indicating improved liquidity[8] - Total assets less current liabilities amounted to RMB 4,272,165,000 in 2024, up from RMB 3,960,157,000 in 2023[8] - The company’s total equity increased to RMB 3,720,336,000 in 2024, compared to RMB 3,463,926,000 in 2023[8] - The total amount of loans and borrowings increased to RMB 601,849,000 in 2024 from RMB 546,251,000 in 2023, reflecting a rise of 10.2%[30] - As of December 31, 2024, the total liabilities amounted to RMB 1,128,410 thousand, while total assets were RMB 4,848,746 thousand, resulting in a debt-to-asset ratio of 23%[43] - The debt-to-asset ratio as of December 31, 2024, was 23.3%, up from 22.6% as of December 31, 2023, due to a greater increase in total liabilities compared to total assets[75] Student Enrollment and Educational Quality - The number of full-time students for the 2024/25 academic year was approximately 42,553, representing a year-on-year decrease of about 2.94%, while continuing education enrollment increased by approximately 32.15% to 20,183 students[46] - The company has been granted 4 national-level first-class undergraduate programs and 14 provincial-level first-class undergraduate programs, enhancing its educational quality[47] - The number of awards won by students in provincial and above competitions increased by 21.7% year-on-year, with national-level awards increasing by 1.7 times[48] Operational Efficiency - Employee costs rose to RMB 181,285,000 in 2024, up from RMB 176,146,000 in 2023, marking a 2.0% increase[18] - Depreciation of property, plant, and equipment decreased to RMB 49,378,000 in 2024 from RMB 60,070,000 in 2023, a reduction of 17.7%[20] - Operating costs decreased by 3.4% from RMB 264.7 million to RMB 255.8 million, attributed to reduced depreciation expenses[60] - The group’s cash flow from operating activities improved, with a significant increase in cash reserves compared to the previous year[29] Dividends and Shareholder Returns - The company did not propose any final dividend for the year ending December 31, 2024, compared to a final dividend of 6.32 HKD cents per share in 2023[38] - The company approved and paid a final dividend of RMB 92,609 thousand for the previous fiscal year, down from RMB 96,216 thousand in 2023[39] - The board of directors does not recommend the payment of a final dividend for the reporting period, compared to 6.32 HK cents in 2023[85] Future Plans and Developments - The company plans to strengthen international cooperation and expand its educational offerings, including establishing overseas campuses and language training[57] - The company aims to expand its educational offerings in the Yangtze River Delta region, which includes Jiangsu, Zhejiang, Anhui, and Shanghai[96] Governance and Compliance - The company emphasizes compliance with the Listing Rules and Corporate Governance Code[95] - The board of directors includes a mix of executive and independent non-executive members, ensuring diverse governance[96] Miscellaneous - The company organized 837 training sessions covering 30,000 participants, with a 67.5% increase in provincial-level research projects[3] - The company constructed 34 laboratory projects and 35 smart classrooms, enhancing educational resources[50] - The group had no significant investments or capital asset plans as of December 31, 2024[76] - There were no significant acquisitions or disposals of subsidiaries and associates during the reporting period[77] - The group did not have any off-balance-sheet transactions as of December 31, 2024[82] - The company operates several independent colleges, including Anhui Xinhua College and Jiangsu School, which are not part of the consolidated entities[96] - The company is associated with Anhui Xinhua Group, which was established in 1999 and is a key entity in the education sector[95] - The company is registered in the Cayman Islands and its shares are listed on the Hong Kong Stock Exchange[94] - The company’s shares have a nominal value of HKD 0.01 each[95]

Financial Performance - Adjusted revenue for the six months ended June 30, 2024, was RMB 510.7 million, an increase of 4.1% compared to RMB 490.7 million for the same period in 2023[3] - Total revenue for the same period was RMB 355.7 million, reflecting a 1.3% increase from RMB 351.1 million in 2023[3] - Gross profit for the six months ended June 30, 2024, was RMB 235.9 million, a slight increase of 0.5% from RMB 234.8 million in 2023[3] - Profit for the period increased by 17.5% to RMB 213.1 million, compared to RMB 181.5 million in the previous year[3] - Adjusted net profit for the same period was RMB 224.8 million, up 2.7% from RMB 218.9 million in 2023[3] - Revenue for the six months ended June 30, 2024, was RMB 355,716,000, a slight increase of 1.8% compared to RMB 351,075,000 for the same period in 2023[63] - Gross profit for the same period was RMB 235,921,000, compared to RMB 234,822,000 in 2023, reflecting a marginal increase[63] - Operating profit increased to RMB 222,239,000, up from RMB 190,206,000, representing a growth of 16.8% year-over-year[63] - Profit before tax rose to RMB 215,864,000, compared to RMB 183,692,000 in the previous year, marking a 17.5% increase[63] - Net profit for the period was RMB 213,119,000, an increase of 17.4% from RMB 181,454,000 in 2023[63] - Total comprehensive income for the period was RMB 217,658,000, compared to RMB 204,736,000 in the same period last year, indicating a growth of 6.9%[63] Student Enrollment and Educational Offerings - The company operates four educational institutions, including Xinhua College and Clinical Medical College, enhancing its educational influence in the Yangtze River Delta region[5] - Xinhua College offers 59 undergraduate programs and has seen a 29.7% increase in student competition awards year-on-year, with national-level awards increasing by 49.5%[6] - The Clinical Medical College has a strong student enrollment rate, ranking among the top in Anhui Province for similar institutions[7] - Total full-time students across the institutions reached 43,659, a slight decrease from 44,277 in the previous year[10] - The number of full-time students at Xinhua School decreased from 4,374 to 2,577, indicating a significant drop of approximately 41%[10] - The group has established 4 national first-class undergraduate programs and 14 provincial first-class undergraduate programs, enhancing its academic offerings[11] - The group introduced a new undergraduate program in biopharmaceuticals, further diversifying its clinical medicine offerings[11] - China Xinhua Education Group reported a significant increase in enrollment numbers, with a year-over-year growth of 15% in student registrations[100] Strategic Plans and Future Outlook - The company is committed to improving educational quality and expanding its curriculum to meet labor market demands[4] - Future development plans include further enhancing educational services and expanding strategic partnerships with various enterprises[4] - The company aims to achieve a revenue target of RMB 600 million for the next fiscal year, representing a 20% growth forecast[100] - Future outlook indicates a target to expand into three additional provinces by 2025, aiming for a 25% increase in market share[100] - The company plans to explore strategic partnerships with local businesses to enhance job placement rates for graduates, targeting a 40% increase in placements[100] - A merger with a regional education provider is under consideration, which could potentially increase the company's footprint by 15%[100] Financial Position and Capital Management - As of June 30, 2024, the company's debt-to-asset ratio was 17.5%, down from 22.6% as of December 31, 2023, due to a decrease in total liabilities[31] - The company's total equity as of June 30, 2024, was RMB 3,593,077,000, up from RMB 3,345,354,000 as of June 30, 2023, reflecting a growth of approximately 7.4%[68] - The debt-to-asset ratio improved to 18% as of June 30, 2024, down from 23% as of December 31, 2023, indicating a stronger capital structure[95] - The company aims to balance higher shareholder returns with a good capital position, actively reviewing its capital structure in response to economic conditions[95] Share Options and Equity - The company adopted a share option scheme on March 8, 2018, to incentivize eligible individuals[44] - The total number of share options available for issuance under the share option plan is 20,200,000, accounting for approximately 1.26% of the company's issued share capital[45] - As of June 30, 2024, a total of 139,800,000 share options remain unexercised[47] - The company has not granted any share options that would result in the total number of shares issued exceeding 1% of the issued share capital within any 12-month period[45] - The company has not exercised any share options during the six months ended June 30, 2024, consistent with the previous year[93] Compliance and Governance - The independent auditor, KPMG, reviewed the unaudited interim financial statements for the reporting period, ensuring compliance with applicable accounting standards[57] - The company has adhered to all applicable corporate governance codes during the reporting period, ensuring shareholder interests are protected[58] - The company is committed to meeting qualification requirements for foreign investment in education, with no updates to the implementation regulations during the reporting period[54] - The company believes that the new Foreign Investment Law and the negative list will not have a significant adverse impact on its business operations or financial condition[55] - The company has reviewed its structural contracts and confirmed compliance in all material aspects during the reporting period[53] Cash Flow and Investments - The net cash used in operating activities for the six months ended June 30, 2024, was RMB (75,243,000), a slight improvement compared to RMB (83,311,000) in the same period of 2023[69] - The company reported a net cash outflow from investing activities of RMB (75,183,000) for the six months ended June 30, 2024, compared to RMB (56,119,000) in the same period of 2023, indicating increased investment activity[69] - Long-term bank deposits increased to RMB 240,000,000 as of June 30, 2024, from RMB 160,000,000 as of December 31, 2023, representing a growth of 50%[86] - The group’s investment prepayments for the acquisition of Hongshan College remained at RMB 660,000,000 as of June 30, 2024[83] Operational Efficiency - Sales and distribution costs decreased significantly by 64.5% to RMB 1,100,000 for the six months ended June 30, 2024, down from RMB 3,100,000, mainly due to reduced enrollment expenses[19] - Administrative expenses decreased by 44.6% to RMB 36,700,000 for the six months ended June 30, 2024, from RMB 66,200,000, primarily due to a reduction in foreign exchange losses[20] - The group reported a pre-tax profit of RMB 24,057 thousand for the six months ended June 30, 2024, compared to RMB 24,725 thousand in the same period of 2023[76] - Employee costs totaled RMB 88,461 thousand, an increase from RMB 85,547 thousand, with salaries and wages accounting for RMB 78,645 thousand[77] - The group has no significant impact from the adoption of new accounting standards during the reporting period[71] Digital Education and Technology - The group is committed to digital education, leveraging emerging technologies like big data and artificial intelligence to improve teaching environments[13] - The company is investing RMB 50 million in new technology for online education platforms, expected to enhance user engagement by 30%[100] - User data indicates a 50% increase in active online learners, highlighting the growing demand for digital education solutions[100]

Financial Performance - Adjusted revenue for the six months ended June 30, 2024, was RMB 510,709,000, representing a 4.1% increase from RMB 490,697,000 in the same period of 2023[1] - Total revenue for the same period was RMB 355,716,000, up 1.3% from RMB 351,075,000 year-on-year[1] - Gross profit for the six months ended June 30, 2024, was RMB 235,921,000, a slight increase of 0.5% compared to RMB 234,822,000 in 2023[1] - Profit for the period increased by 17.5% to RMB 213,119,000 from RMB 181,454,000 in the previous year[1] - Adjusted net profit for the period was RMB 224,779,000, reflecting a 2.7% increase from RMB 218,904,000 in the same period of 2023[1] - Basic and diluted earnings per share for the six months ended June 30, 2024, were both RMB 13.2, compared to RMB 11.3 in 2023[2] - Total revenue for the six months ended June 30, 2024, was RMB 355,716,000, compared to RMB 351,075,000 for the same period in 2023, representing a growth of approximately 1.8%[7] - The pre-tax profit for the six months ended June 30, 2024, was RMB 213,119,000, an increase from RMB 181,454,000 in the same period of 2023, reflecting a growth of approximately 17.4%[16] - Basic earnings per share for the six months ended June 30, 2024, were RMB 0.132, compared to RMB 0.113 for the same period in 2023, marking an increase of about 16.8%[16] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 4,087,041,000, an increase from RMB 3,960,157,000 as of December 31, 2023[4] - The company's net asset value increased to RMB 3,593,077,000 as of June 30, 2024, compared to RMB 3,463,926,000 at the end of 2023[4] - As of June 30, 2024, the total liabilities amounted to RMB 762,293,000, while total assets were RMB 4,355,370,000, resulting in a debt-to-asset ratio of 18%[27] - The company reported cash and bank balances of RMB 500,215,000 as of June 30, 2024, down from RMB 684,639,000 as of December 31, 2023[20] - Trade receivables aged within one year decreased to RMB 812,000 as of June 30, 2024, compared to RMB 2,885,000 as of December 31, 2023[19] - The company’s other payables increased to RMB 197,912,000 as of June 30, 2024, compared to RMB 119,420,000 as of December 31, 2023[24] - The company’s other receivables decreased to RMB 17,896,000 as of June 30, 2024, from RMB 24,890,000 as of December 31, 2023[19] - The net current assets as of June 30, 2024, were RMB 211.7 million, down 11.3% from RMB 238.7 million on December 31, 2023, primarily due to a decrease in current assets exceeding changes in contract liabilities and payable dividends[48] Operational Efficiency - The company reported a decrease in administrative expenses to RMB 36,661,000 from RMB 66,249,000 in the previous year[2] - Employee costs totaled RMB 88,461,000 for the six months ended June 30, 2024, compared to RMB 85,547,000 in 2023, representing an increase of approximately 3.5%[11] - The company incurred financing costs of RMB 6,375,000 for the six months ended June 30, 2024, slightly down from RMB 6,514,000 in 2023[11] - Selling and distribution costs decreased by 64.5% to RMB 1.1 million, primarily due to reduced enrollment expenses in the first half of 2024[42] - Administrative expenses decreased by 44.6% to RMB 36.7 million, mainly due to a reduction in foreign exchange losses[43] - Financing costs slightly decreased to RMB 6.4 million, attributed to lower bank loan interest rates[44] Student Enrollment and Educational Offerings - The total number of full-time students across all institutions as of June 30, 2024, is 63,436, an increase from 59,863 the previous year, representing a growth of approximately 5.2%[33] - The number of full-time students at Xinhua College is 23,831, a slight decrease from 24,092 the previous year, while continuing education students increased to 19,777 from 15,586, marking a growth of 26.4%[33] - The employment rate of graduates is higher than the average employment rate in their respective provinces, enhancing the institution's reputation and attracting more high-achieving candidates[30] - Xinhua College has established 4 national first-class undergraduate programs and 71 provincial first-class courses, with a 29.7% year-on-year increase in student awards in various competitions[30][34] - The Clinical Medicine College has a total of 7,310 full-time students, up from 5,991 the previous year, indicating a strong demand for medical education[33] - The Clinical Medicine College has been approved to offer 15 undergraduate programs, focusing on clinical medicine and related fields[31] - The institution has implemented a "talent strong school" strategy, successfully recruiting 188 doctoral-level teachers to enhance the quality of education[34] - The institution has established multiple practical education bases and international cooperation projects, including partnerships with universities in Malaysia, Indonesia, Thailand, and Vietnam[34] - Significant investments have been made in modernizing campus facilities, including upgraded laboratory equipment and the completion of new library facilities at the Clinical Medicine College[34] - The institution's strategic focus on aligning educational programs with emerging industry needs has resulted in the introduction of new programs, such as a bachelor's degree in biopharmaceuticals[34] Investments and Dividends - The company has made an investment prepayment of RMB 660,000,000 for the acquisition of Hongshan College as of June 30, 2024[18] - The company approved a final dividend of RMB 92,609,000 for the last fiscal year, down from RMB 96,216,000 for the previous year[25] - The group did not hold any significant investments during the reporting period[53] - There were no significant investments or capital asset plans disclosed as of June 30, 2024[52] - The board did not recommend the distribution of an interim dividend for the reporting period[55]

Financial Performance - The company's revenue increased from RMB 625.5 million for the year ended December 31, 2022, to RMB 642.7 million for the year ended December 31, 2023, representing a growth of approximately 2.3%[11]. - The gross profit increased by 2.5% to RMB 378.0 million from RMB 368.7 million in the previous year, attributed to improved management and resource integration[38]. - The net profit for the reporting period was RMB 307.1 million, a 30.4% increase compared to RMB 235.5 million in the previous year[42]. - Administrative expenses decreased by 49.3% to RMB 80.3 million from RMB 158.4 million in the previous year, mainly due to reduced foreign exchange losses[40]. - Capital expenditures for the reporting period were RMB 151.9 million, significantly lower than RMB 436.7 million in the previous year, primarily related to building construction and equipment purchases[47]. - The group recorded cash and bank balances of RMB 684.6 million as of December 31, 2023, up from RMB 502.1 million in the previous year[45]. Educational Institutions and Student Enrollment - The company operates four educational institutions, including Xinhua College, Clinical Medicine College, Hongshan College, and Xinhua School, enhancing its position as the largest private higher education group in the Yangtze River Delta region[6][17]. - As of December 31, 2023, the total number of full-time students across all institutions was 43,841, a decrease of 1.7% from 44,622 in the previous year[26]. - The Clinical Medicine College saw a significant increase in full-time students, reaching 7,325, which is a 22.2% increase from 5,993 in the previous year[26]. - The overall employment rate of the company's graduates is higher than the average employment rate in their respective provinces and cities, which enhances the company's reputation and attracts more high-achieving candidates[14]. Strategic Goals and Initiatives - The company aims to strengthen industry-education integration and school-enterprise cooperation to improve management levels and provide quality services to enhance students' competitiveness in the labor market[7]. - The company is committed to providing high-quality applied education services, with a focus on meeting employer preferences and labor market demands through continuous market research[14]. - The company emphasizes the importance of educational quality and aims to contribute significantly to improving labor quality, promoting employment, and serving industrial upgrades and transformations[13]. - The company is responding to national educational policies to enhance its influence and accelerate the development of its educational business[13]. - The group aims to enhance digital education and improve the quality of educational services through the integration of emerging technologies[34]. Human Resources and Employee Relations - The group implemented a "talent strong school" strategy, introducing 187 doctoral teachers to enhance the quality of the teaching staff[31]. - As of December 31, 2023, the group had approximately 2,504 employees, an increase from 2,297 employees as of December 31, 2022[51]. - The group participates in various employee social security plans managed by local governments, including housing, pension, medical insurance, maternity insurance, and unemployment insurance[51]. - The board believes that the group maintains good working relationships with employees and did not experience any significant labor disputes during the reporting period[51]. - The remuneration for directors and senior management is determined based on performance, operational results, and market data[136]. Governance and Compliance - The company has a board of directors that includes independent non-executive directors to ensure governance[105]. - The board has committed to reviewing its diversity policy to enhance governance practices[198]. - The company has established irrevocable commitments from shareholders and their spouses to ensure the continuity of rights and obligations[194]. - The agreements in place are designed to withstand various corporate changes, including mergers and liquidations, ensuring stability in governance[188]. - The company is focused on maintaining compliance with Chinese laws while advancing into international capital markets[200]. Stock Options and Shareholder Relations - On June 5, 2023, the company granted 71,900,000 share options under its share option scheme, with an exercise price of HKD 0.764 per share[80]. - The company has a dividend policy in place, with the final dividend eligibility period from June 24 to June 26, 2024[96]. - The company aims to attract and retain experienced personnel through its stock option plan, rewarding contributions that benefit the group's performance and growth[143]. - The stock option plan has a remaining term of approximately three years and eleven months, effective from the date it becomes unconditional[122]. - The total number of options available for issuance under the stock option plan is 20,200,000 shares, representing approximately 1.26% of the company's total issued share capital[163]. Operational Risks - The group faces multiple operational risks, including the overall market conditions of the private education sector in China and the ability to provide quality education and increase enrollment rates[70]. - The board has general authority to manage school operations and is responsible for considering and approving significant business decisions involving major risk exposures, such as expanding the school network to new regions and increasing tuition fees[72].

Financial Performance - The basic earnings per share for the year ended December 31, 2023, was RMB 307,099,000, compared to RMB 235,511,000 in 2022, reflecting an increase of approximately 30.4%[6] - The group reported a profit before tax of RMB 313.2 million, an increase of 30.8% compared to RMB 239.4 million for the previous year, primarily due to reduced foreign exchange losses[57] - Net profit for the period was RMB 307.1 million, up 30.4% from RMB 235.5 million in the previous year[59] - Adjusted net profit for the year was RMB 329.7 million, slightly down from RMB 330.8 million in the previous year[62] - Annual profit for 2023 was RMB 307,099 thousand, reflecting a significant increase of 30.4% from RMB 235,511 thousand in 2022[130] - Operating profit increased to RMB 327.46 million in 2023, up from RMB 255.20 million in 2022, representing a growth of 28.3%[133] Revenue and Income - The group's revenue increased by 2.7% from RMB 625.5 million in 2022 to RMB 642.7 million in the reporting period, primarily due to an increase in average tuition fees[44] - Total revenue for 2023 was RMB 642,660 thousand, up 2.7% from RMB 625,476 thousand in 2022[130] - Adjusted revenue, including income from the Clinical Medical College and Hongshan College, rose to RMB 907.5 million in 2023 from RMB 860.1 million in 2022, reflecting a strong operational performance[45] - Other income decreased by 36.4% from RMB 52.8 million in 2022 to RMB 33.6 million in the reporting period, mainly due to reduced interest income and increased investment in Hongshan College[46] Costs and Expenses - Main operating costs increased by 3.1% from RMB 256.8 million in 2022 to RMB 264.7 million in the reporting period, driven by the expansion of the college's scale and ongoing educational investments[47] - Sales and distribution costs decreased by 53.2% from RMB 79 million to RMB 37 million, primarily due to reduced recruitment expenses and depreciation[50] - Administrative expenses fell by 49.3% from RMB 158.4 million to RMB 80.3 million, mainly due to a decrease in foreign exchange losses[51] Assets and Liabilities - Total assets less current liabilities amounted to RMB 3,960.16 million, up from RMB 3,680.49 million in 2022, indicating a growth of 7.6%[135] - Total liabilities decreased from RMB 128,517 thousand in 2022 to RMB 119,420 thousand in 2023, a reduction of approximately 7.5%[13] - The debt-to-asset ratio was 22.6%, a slight decrease from 22.8% in the previous year[69] - Cash and cash equivalents increased to RMB 684.6 million from RMB 502.1 million year-on-year[63] - Current assets net increased by 800.8% to RMB 238.7 million, primarily due to an increase in cash and bank balances[64] Student Enrollment and Performance - The number of full-time students at Xinhua College decreased from 24,095 in 2022 to 23,834 in 2023, a decline of approximately 1.1%[32] - The enrollment at the Clinical Medicine College reached 7,325 students in 2023, reflecting a year-on-year growth of 22.2%[29] - The number of students at Hongshan College increased from 9,826 in 2022 to 9,950 in 2023, showing a growth of about 1.3%[32] - The total number of students across all institutions was 39,107 in 2023, slightly down from 39,983 in 2022, indicating a decrease of approximately 2.2%[32] - The number of national-level awards for students increased by 49.5% year-on-year, highlighting improved student performance[21] Faculty and Educational Development - The number of teaching competition awards for faculty rose by 39.0% year-on-year, indicating enhanced faculty engagement and recognition[21] - The group has introduced 187 doctoral teachers to optimize the faculty structure and enhance teaching quality[34] - The group has established 4 national first-class undergraduate programs and 14 provincial first-class undergraduate programs, enhancing its educational offerings[34] - The group aims to align educational offerings with industry needs, focusing on high-quality talent cultivation and international cooperation[39] Dividends and Shareholder Returns - Proposed final dividend per share decreased from 6.56 HKD cents in 2022 to 6.32 HKD cents in 2023, representing a decline of about 3.7%[14] - The board proposed a final dividend of HKD 0.0632 per share, equivalent to approximately RMB 0.0573 per share, compared to HKD 0.0656 per share in 2022[93]

Financial Performance - Adjusted revenue for the six months ended June 30, 2023, was RMB 490.7 million, an increase of 7.3% compared to RMB 457.3 million in the same period of 2022[9]. - Total revenue for the same period was RMB 351.1 million, reflecting a growth of 5.3% from RMB 333.5 million year-on-year[9]. - Gross profit reached RMB 234.8 million, up 5.8% from RMB 221.9 million in the previous year[9]. - Net profit for the period was RMB 181.5 million, a 5.2% increase from RMB 172.5 million in the prior year[9]. - The group's revenue increased by 5.3% from RMB 333.50 million for the six months ended June 30, 2022, to RMB 351.10 million for the reporting period, primarily due to an increase in average tuition fees charged to students[30]. - Adjusted revenue, which includes income from the Clinical Medical College and Hongshan College, rose to RMB 490.70 million in 2023 from RMB 457.30 million in 2022[30]. - The group recorded a profit before tax of RMB 183.70 million, up 6.1% from RMB 173.20 million in the previous period, mainly due to increased revenue[35]. - The group's net profit increased by 5.2% from RMB 172.50 million to RMB 181.50 million, reflecting the combined impact of revenue and cost changes[37]. - The total comprehensive income for the first half of 2023 was RMB 204,736,000, up from RMB 212,337,000 in the previous year, reflecting a decrease of approximately 3.6%[137]. - The company declared a dividend of RMB (96,216,000) for the previous year, which is a decrease from RMB (148,237,000) in the prior year[137]. Student Enrollment and Education Offerings - The number of enrolled students at the Clinical Medicine College reached 5,991, representing a year-on-year growth of 40.6%[13]. - The total number of full-time students across all institutions was 59,863, compared to 57,534 in the previous year[15]. - The number of continuing education students increased to 15,586, up from 12,296 in the previous year[15]. - The company introduced a new national-level first-class undergraduate course in Digital Circuits, expanding its academic offerings[10]. - The Clinical Medical College has added a new undergraduate program in biopharmaceuticals, further enriching its professional offerings[42]. Operational Costs and Investments - Other income decreased by 34.7% from RMB 37.80 million to RMB 24.70 million, mainly due to reduced operating income from Hongshan College[31]. - The main operating costs increased by 4.2% from RMB 111.60 million to RMB 116.30 million, attributed to the expansion of the school and ongoing educational investments[31]. - Capital expenditures for the reporting period amounted to RMB 126.10 million, significantly higher than RMB 14.30 million in the previous year, primarily for building construction and equipment purchases[39]. - The group invested in the construction of 32 new or renovated training centers to enhance educational resources and environment[47]. Financial Position and Assets - The group recorded a cash and bank balance of RMB 283,400,000 as of June 30, 2023, down from RMB 502,100,000 as of December 31, 2022[51]. - The debt-to-asset ratio decreased to 17.7% as of June 30, 2023, from 22.8% as of December 31, 2022, indicating a slight reduction in leverage[55]. - As of June 30, 2023, the group had bank loans and loans from related parties amounting to RMB 500,200,000[53]. - As of June 30, 2023, total non-current assets amounted to RMB 3,748,538,000, an increase from RMB 3,653,976,000 as of December 31, 2022, representing a growth of approximately 2.6%[109]. - Total liabilities decreased from RMB 511,423,000 to RMB 268,684,000, reflecting a reduction of approximately 47.5%[109]. - The net asset value increased to RMB 3,345,354,000 from RMB 3,234,393,000, indicating a growth of about 3.4%[109]. Employee and Talent Development - The group is focusing on building a high-level teaching staff and optimizing the talent cultivation system through effective integration of education, talent, and industry chains[45]. - The group plans to enhance talent recruitment and training, conducting 340 training sessions to improve teaching capabilities[17]. - As of June 30, 2023, the group had approximately 2,576 employees, an increase from 2,057 employees on June 30, 2022[76]. Corporate Governance and Compliance - The company remains committed to maintaining high levels of corporate governance to protect shareholder interests and enhance corporate value[126]. - The audit committee reviewed the interim financial performance and confirmed compliance with applicable accounting standards and regulations[103]. - The company has complied with all significant aspects of the structural contracts reviewed by the board during the reporting period[97]. Share Options and Financial Instruments - The group has adopted a share option scheme to incentivize eligible individuals to enhance their contributions to the group[87]. - A total of 52,900,000 stock options were granted on July 15, 2019, with 33,000,000 options (Group A) vesting at 25% each on July 15 for the years 2020 to 2023[91]. - The fair value of stock options on April 30, 2019, was HKD 16,434,000, increasing to HKD 53,520,000 on July 15, 2019, and decreasing to HKD 16,055,000 by June 5, 2023[96]. Cash Flow and Financial Activities - Cash used in operating activities for the first half of 2023 was RMB (83,311,000), compared to RMB (62,352,000) in the same period of 2022, showing an increase in cash outflow[138]. - Cash and cash equivalents decreased to RMB 43,433,000 as of June 30, 2023, from RMB 188,279,000 at the end of the previous year, a decline of approximately 76.1%[138]. - The company reported a total of RMB (56,119,000) cash used in investing activities for the first half of 2023, compared to RMB (178,956,000) in the same period of 2022, indicating a reduction in cash outflow[138]. Taxation and Regulatory Matters - The group is subject to a corporate income tax rate of 25% for taxable income generated in mainland China[193]. - For the six months ended June 30, 2023, the group did not incur income tax expenses on revenue from formal education services due to tax exemptions[194].

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。 China Xinhua Education Group Limited 中 國 新 華 教 育 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2779） 截至2023年6月30日止六個月 中期業績公告 中國新華教育集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本 公司、其附屬公司及綜合聯屬實體（統稱「本集團」）截至2023年6月30日止六個月 （「報告期」）的未經審核中期綜合財務業績，連同2022年同期的比較數字。本集團 於報告期內的未經審核中期綜合財務業績已由董事會審核委員會（「審核委員會」） 審閱。 於本公告中，「我們」指本公司，倘文義另有所指，指本集團。 摘要 截至6月30日止六個月 變動 2023年 2022年 百分比 人民幣千元 人民幣千元 （未經審核）（未經審核） ...

Enrollment and Academic Programs - The total number of enrolled students increased from 56,518 as of December 31, 2021, to 60,510 as of December 31, 2022, representing a growth of approximately 6%[8]. - The Clinical Medicine College saw an enrollment increase to 5,993 students as of December 31, 2022, which is a year-on-year growth of 40.65%[12]. - The new undergraduate programs approved for Xinhua College include Financial Technology and Artificial Intelligence, contributing to a total of 57 undergraduate programs offered[11]. - The Clinical Medicine College has added three new undergraduate programs: Preventive Medicine, Intelligent Medical Engineering, and Biomedical Data Science[12]. - The group added new undergraduate programs in financial technology, artificial intelligence, preventive medicine, intelligent medical engineering, and biomedical data science, totaling 4 national-level first-class undergraduate programs and 14 provincial-level first-class undergraduate programs[18]. Financial Performance - Revenue rose from RMB 565.4 million for the year ended December 31, 2021, to RMB 625.5 million for the year ended December 31, 2022, marking an increase of about 10.6%[8]. - The group's revenue increased by 10.6% from RMB 565.4 million for the year ended December 31, 2021, to RMB 625.5 million for the year ended December 31, 2022, primarily due to an increase in student enrollment and average tuition fees[24]. - Adjusted revenue for 2022 was RMB 860,098,000, an increase of 11.1% from RMB 774,046,000 in 2021[25]. - The company reported a revenue of 1.2 billion RMB for the fiscal year 2022, representing a year-over-year increase of 15%[76]. - The gross margin for the year was reported at 40%, a slight improvement from 38% in the previous year[76]. Costs and Expenses - Main operating costs rose by 31.5% to RMB 256,800,000 in 2022 from RMB 195,300,000 in 2021, driven by increased educational investments[27]. - Administrative expenses surged by 147.1% to RMB 158,400,000 in 2022 from RMB 64,100,000 in 2021, largely due to increased foreign exchange losses[31]. - Profit before tax fell by 33.0% to RMB 239,400,000 in 2022 from RMB 357,300,000 in 2021, primarily due to increased foreign exchange losses[33]. - Net profit for the year was RMB 235,500,000, a decline of 33.6% from RMB 354,500,000 in 2021[36]. - Current assets decreased significantly by 77.0% to RMB 537,936,000 in 2022 from RMB 2,338,874,000 in 2021, mainly due to reclassification of other receivables[39]. Investments and Capital Expenditures - Capital expenditures for the group amounted to RMB 436.7 million in 2022, a decrease from RMB 997.7 million in 2021, primarily related to the construction of buildings and school facilities[49]. - The group has invested significantly in modernizing campus facilities, including the construction and renovation of 80 experimental training centers and 3 academic report centers[18]. Employment and Workforce - The workforce increased to approximately 2,297 employees as of December 31, 2022, compared to 1,995 in the previous year[63]. - The group conducted 680 training sessions to enhance the skills of its faculty, focusing on attracting high-level talent, including PhDs and senior professionals[18]. Strategic Initiatives and Future Plans - The company aims to enhance the management level of existing schools and improve the quality of educational services to increase student competitiveness in the job market[9]. - The company is focused on integrating education with industry and strengthening school-enterprise cooperation to leverage market potential in higher education[9]. - The company plans to leverage favorable policies to enhance educational services and contribute to the modernization of education in China, as outlined in the "Strategic Plan for Expanding Domestic Demand (2022-2035)"[20]. - The company expects a revenue growth of 10-15% for the next fiscal year, driven by new product launches and market expansion[76]. Risk Management - The company faces operational risks including changes in the private education market, regulatory environment, and competition from other educational institutions[107]. - The company has a risk management structure in place to address various risks, including credit and liquidity risks[111]. Shareholder and Governance - The board of directors has approved a dividend payout of 0.2 RMB per share, reflecting a commitment to returning value to shareholders[76]. - The company has established a dividend policy that allows the board to decide on dividend distribution based on financial performance, working capital needs, and future plans[101]. - The controlling shareholder has committed to a non-competition agreement, ensuring no direct or indirect competition with the group's business during the restricted period[167]. - The company has confirmed the independence of its independent non-executive directors as per the listing rules[133]. Compliance and Legal Structure - The group operates private higher education businesses in China through structured contracts due to restrictions on foreign ownership in the sector[173]. - The company has established a second structured contract, which is substantially similar to the first, ensuring the flow of economic benefits from Chinese operating schools to the company[176]. - The agreements are designed to protect the company's interests and ensure the sustainability of its educational services[182].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 China Xinhua Education Group Limited 中 國 新 華 教 育 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2779） 截至2022年12月31日止年度 全年業績公告 財務摘要 截至12月31日止年度 2022年 2021年 變動百分比 人民幣千元 人民幣千元 經調整收入(1) 860,098 774,046 11.1% 收入 625,476 565,386 10.6% 毛利 368,705 370,132 -0.4% 年度溢利 235,511 354,482 -33.6% 經調整淨溢利(2) 330,788 341,393 -3.1% 附註： (1) 經調整收入包括本集團的收入加上臨床醫學院及紅山學院的收入。其並非一項國際財務報 告準則計量。有關詳情，請參閱本公告「管理層討論與分析－財務回顧」一節。 (2) 本集團將經調整淨溢利定義為就與本集團 ...