Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 968,108,000, representing a 5.4% increase from RMB 918,430,000 in the same period of 2023[6] - Gross profit for the same period was RMB 510,656,000, up 11.2% from RMB 459,320,000 year-over-year[6] - Operating profit increased by 1.8% to RMB 403,127,000 compared to RMB 395,895,000 in the previous year[6] - Net profit for the period was RMB 277,571,000, reflecting a 1.4% increase from RMB 273,733,000 in the prior year[6] - Total revenue for the first half of 2024 reached RMB 968.1 million, a 5.4% increase from RMB 918.4 million in the same period of 2023[9] - Full-time higher education services generated RMB 802.9 million, accounting for 82.9% of total revenue, with a 7.2% year-over-year increase[9] - The company reported a significant increase in financial asset impairment losses, which rose by 410.8% to RMB 14,434,000 from RMB 2,826,000 in the previous year[6] - Administrative expenses increased by 22.9% to RMB 92,228,000 compared to RMB 75,046,000 in the same period of 2023[6] - Other income decreased by 18.8% to approximately RMB 55.5 million, primarily due to a reduction in government subsidies[43] - The net finance costs for the period were approximately RMB 42.8 million, an increase of 7.8% year-over-year, mainly due to higher borrowing interest expenses[44] - The income tax expense for the period was approximately RMB 82.7 million, a slight increase of 0.3% year-over-year, driven by an increase in taxable profits[45] Acquisitions and Business Expansion - The company completed the acquisition of Neusoft Health Medical and its subsidiaries, integrating their financial performance into the group's financial statements[5] - The company completed the acquisition of Dongsoft Health Medical and its subsidiaries, including two hospitals and a nursing home, on May 31, 2024[58] - The financial performance of Dongsoft Health Management Group will be consolidated into the company's financial statements from the acquisition date[105] - The company aims to expand its market presence through strategic acquisitions and the development of innovative educational technologies[5] - The company plans to strategically expand into the healthcare and wellness sector, integrating education, technology, and healthcare services[8] Educational Initiatives and Developments - Neusoft Education launched the first domestic education metaverse platform, OpenNEU, to enhance digital teaching activities for partner institutions[5] - Neusoft Education was selected as a typical product and service case by the Ministry of Industry and Information Technology in January 2024[5] - The company initiated the "2024 Huawei HarmonyOS Orientation Class" project in collaboration with Huawei, enhancing its educational offerings[12] - The Guangdong University launched two micro-major programs in "Harmony Software Application Development" and "Big Data Management and Application" to meet market demands[12] - The company launched several smart education platforms, including OpenNEU and a quality monitoring platform, enhancing its educational ecosystem[24] - The company has developed a comprehensive 4S product service system, integrating content, software, platform, and data services for educational institutions[21] - The company has developed 223 courses and 9,273 projects across six core areas including software engineering and artificial intelligence[25] Student Enrollment and Demographics - The number of enrolled students across three universities reached approximately 57,000, marking a 7.5% increase compared to the same period last year[15] - The total number of students for the 2024/2025 academic year increased by 687, representing a 3.5% growth year-over-year[13] - Total enrolled students as of June 30, 2024, reached 56,781, an increase of 3,962 students or 7.5% compared to 52,819 students as of June 30, 2023[16] - The number of students in the Dalian College increased by 2.2% to 15,244, while the Chengdu College saw a 6.0% increase to 21,934 students[16] Healthcare Services and Initiatives - The company recognizes the growing demand for mental and cultural needs among the elderly, creating significant opportunities in the silver economy market[34] - The cardiovascular hospital, established in January 2022, has treated nearly 20,000 outpatient and emergency patients and approximately 3,000 inpatients in the first half of 2024[35] - The dental hospital, opened in June 2023, spans 10,000 square meters and can accommodate 150 dental chairs and 50 beds, providing comprehensive oral health services[36] - The integration of education, medical, and health services aims to improve the quality of life and welfare of the elderly population, establishing a strong brand effect[34] - The Phoenix Academy offers specialized courses in three main areas: AI and Art Creation, Health and Rehabilitation, and Spiritual Travel, addressing personalized needs of the elderly[33] Financial Position and Liabilities - The cash and cash equivalents as of June 30, 2024, were approximately RMB 874.6 million, a decrease from RMB 1,708.4 million as of December 31, 2023[50] - The total borrowings as of June 30, 2024, amounted to approximately RMB 2,808.9 million, compared to RMB 2,724.9 million as of December 31, 2023[50] - The debt-to-equity ratio as of June 30, 2024, was 138.3%, an increase from 133.6% as of December 31, 2023[56] - The company reported a net cash outflow from operating activities of RMB (499,768) thousand for the six months ended June 30, 2024, compared to RMB (414,142) thousand for the same period in 2023, indicating a worsening cash flow situation[104] - The company incurred a net cash outflow from investing activities of RMB (254,842) thousand, compared to a net inflow of RMB 36,728 thousand in the previous year, indicating a significant change in investment strategy[104] Shareholder Information and Corporate Governance - As of June 30, 2024, Liu Jiren holds a 63.18% stake in the company, while Sun Yinhua holds a 10.06% stake[77] - The total number of shares issued by the company as of June 30, 2024, is 646,205,135 shares[82] - The company has granted 50,000,000 share options under the pre-IPO share incentive plan, accounting for approximately 7.74% of the total shares issued as of June 30, 2024[83] - The company aims to enhance shareholder value through its share incentive plans and strategic initiatives[84] - The board of directors has undergone changes, with key appointments and resignations effective from July and August 2024[87] Taxation and Deferred Tax Assets - The corporate income tax rate for certain subsidiaries is reduced to 15% for high-tech enterprises, applicable for the six months ended June 30, 2024[149] - The withholding tax rate for dividends distributed to foreign investors from the company's Chinese subsidiaries is 5% due to compliance with tax arrangements between mainland China and Hong Kong[148] - The company has recognized a deferred tax asset of RMB 264,590,000 in tax losses as of June 30, 2024, which will not be available to offset future profits[151] - Deferred tax assets increased to RMB 83,688,000 as of June 30, 2024, compared to RMB 38,584,000 for the same period in 2023, reflecting a growth of 117.5%[167] Risks and Challenges - The group faces multiple financial risks, including market risk, credit risk, and liquidity risk, with a focus on minimizing potential adverse impacts on financial performance[117] - The company has assessed control over a non-profit hospital through a service agreement, allowing it to guide hospital activities and receive variable returns[115] - The group’s liquidity risk management involves maintaining sufficient cash levels and monitoring cash flow fluctuations, with expectations of funding future cash flow needs through operating cash flows and bank borrowings[118]

证券研究报告|港股公司点评报告 [Table_Title] 教育板块稳健增长，康养板块未来可期 [Table_Date] 2024 年 08 月 28 日 | --- | --- | --- | --- | |-------------------|----------|-------------------------------|-----------| | [Table_DataInfo] | | 评级： 买入 股票代码： | 9616 | | 上次评级： 买入 | | 52 周最高价 /最低价(港元) ： | 3.69/2.58 | | 目标价格(港元 )： | | 总市值(亿港元 ) | 15.64 | | 最新收盘价(港元 | )： 2.42 | 自由流通市值(亿港元 ) | 15.64 | | | | 自由流通股数(百万 ) | 646.21 | [Table_Summary] 事件概述 2024H1 公司收入/净利润/经调整净利润分别为 9.68/2.77/2.77 亿元、同比增长 5.40%/1.20%/1.82%。净 利增幅低于收入增幅主要由于管理费用率提升、其他收入减少（政府补助同比减少 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 968,108 thousand, representing an increase of 5.4% compared to RMB 918,430 thousand for the same period in 2023[2]. - Gross profit for the same period was RMB 510,656 thousand, up 11.2% from RMB 459,320 thousand year-on-year[2]. - Profit for the period was RMB 277,571 thousand, a slight increase of 1.4% from RMB 273,733 thousand in the previous year[2]. - Adjusted net profit was RMB 276,794 thousand, reflecting a year-on-year increase of 1.8% from RMB 271,851 thousand[2]. - The gross profit margin improved to 52.7%, up from 50.0% in the previous year, indicating better cost management[2]. - Basic earnings per share increased to RMB 0.43, compared to RMB 0.42 for the same period last year, marking a growth of 2.4%[2]. - The company reported a net profit attributable to owners of the company of RMB 277,414 thousand, slightly up from RMB 274,138 thousand in the previous year[2]. - The net profit attributable to the company's owners for the six months ended June 30, 2024, was approximately RMB 276.6 million, reflecting a year-on-year increase of 1.6%[96]. - The adjusted net profit was approximately RMB 276.8 million, representing a year-on-year growth of 1.8%[95]. Assets and Liabilities - Non-current assets increased to RMB 4,906,874 thousand as of June 30, 2024, compared to RMB 4,625,741 thousand at the end of 2023[6]. - Total assets amounted to RMB 6,239,013 thousand, down from RMB 6,691,232 thousand at the end of 2023, reflecting a decrease in overall asset base[6]. - The total liabilities decreased from 4,625,023 to 4,111,996, representing a reduction of approximately 11.1%[8]. - Current liabilities decreased significantly from 2,446,630 to 1,652,699, a decline of about 32.4%[8]. - Non-current liabilities increased from 2,178,393 to 2,459,297, reflecting an increase of approximately 12.9%[8]. - The total equity and liabilities amounted to 6,239,013, down from 6,691,232, indicating a decrease of about 6.8%[8]. Cash Flow and Liquidity - Cash and cash equivalents decreased to RMB 874,618 thousand from RMB 1,708,427 thousand at the end of 2023, indicating a significant reduction in liquidity[6]. - The total cash outflow for the acquisition, after deducting cash acquired, was RMB 46,927 thousand[52]. - The total cash and cash equivalents as of June 30, 2024, were approximately RMB 874.6 million, down from RMB 1,708.4 million as of December 31, 2023[97]. Acquisitions and Investments - The company acquired 100% equity of Dongsoft Health Management Co., Ltd. for RMB 81,000,000, effective from May 31, 2024[9]. - The acquisition of Dongsoft Health Medical and its subsidiaries, including two hospitals and a nursing home, was completed on May 31, 2024[104]. - The acquisition-related costs were not significant and were included in the profit and loss statement for the six months ended June 30, 2024[51]. Revenue Streams - Revenue from full-time higher education services was RMB 802,937 thousand, up from RMB 748,950 thousand year-over-year, indicating a growth of about 7.2%[19]. - The group reported RMB 6,870 thousand in revenue from medical and nursing services for the six months ended June 30, 2024, which was not present in the previous year[19]. - Other income decreased to RMB 55,499 thousand for the six months ended June 30, 2024, compared to RMB 68,373 thousand in the same period of 2023, reflecting a decline of approximately 18.8%[21]. - The education business generated total revenue of RMB 968,108 thousand for the six months ended June 30, 2024, representing a 5.4% increase compared to the previous year[53]. Student Enrollment and Education Services - The total enrollment for the 2024/2025 academic year across the three universities exceeded 20,000, representing an increase of 687 students or approximately 3.5% compared to the previous year[57]. - As of June 30, 2024, the total number of students enrolled across the three universities reached approximately 56,781, marking a year-on-year growth of about 7.5%[59]. - Dalian University reported an increase in enrollment for undergraduate programs to 4,133, a rise of 120 students or 3.0% from the previous year[58]. - The company has established partnerships with over 2,000 well-known enterprises, including IBM and Alibaba, to enhance vocational skills training[75]. Strategic Initiatives and Future Plans - The company plans to strategically expand into the medical and health care sector, leveraging its capabilities in education and technology[53]. - The company aims to create a stable and efficient integrated ecosystem of education, healthcare, and elderly care, enhancing resource sharing among schools and affiliated institutions[116]. - The company is committed to becoming a benchmark in China's elderly care technology industry by developing and showcasing innovative smart elderly care products and systems[117]. Corporate Governance and Compliance - The company has adhered to the corporate governance code and best practices during the six months ending June 30, 2024[128]. - The audit committee, consisting of two independent non-executive directors and one non-executive director, has reviewed the unaudited interim financial information for the six months ending June 30, 2024[130]. - The interim financial information has been reviewed by the company's auditors in accordance with international auditing standards[130]. Market Trends and Economic Outlook - The elderly population aged 60 and above in China is approximately 300 million, accounting for 21.1% of the total population, with projections indicating this will exceed 400 million by 2035[111]. - The "silver economy" is estimated to reach a scale of approximately RMB 30 trillion by 2035, representing about 10% of GDP[111]. - The government emphasized the importance of high-quality education and the integration of industry and education, aiming to enhance vocational education quality and establish pilot cities for industry-education integration[114].

Student Accommodation and Enrollment - As of December 31, 2023, the total student accommodation capacity across three universities exceeded 60,000 beds, with a comprehensive utilization rate of approximately 94% for full-time higher education business[17] - The number of enrolled students as of December 31, 2023, was 56,840, an increase of 7.5% from 52,882 in 2022[64] - The total number of enrolled students reached nearly 57,000, marking a year-on-year increase of about 7.5%[82] - In the 2023/2024 academic year, the number of new students exceeded 18,000, representing a growth of approximately 3.0% compared to the previous year[82] - The company expanded its campus capacity by 3,200 beds through the completion of the Chengdu Phase 8 student dormitory project[46] Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 1,806,073,000, representing a 16.6% increase from RMB 1,548,382,000 in 2022[39] - Gross profit for the same period was RMB 865,076,000, reflecting a 29.7% increase compared to RMB 666,739,000 in the previous year[39] - Operating profit reached RMB 664,672,000, an 11.2% increase from RMB 597,788,000 in 2022[39] - Net profit attributable to the company's owners was RMB 429,540,000, up 11.5% from RMB 385,393,000 in the prior year[39] Educational Achievements and Innovations - The company received a national first-class award for vocational education teaching achievements, being the only one in Liaoning Province to achieve this recognition[14] - The company has been ranked first in the national index for teacher development in private and independent colleges for five consecutive years from 2019 to 2023[14] - The company has been approved for one national first-class undergraduate course and 25 provincial first-class undergraduate courses, enhancing its educational offerings[14] - The company launched its first Sino-foreign cooperative education program in Virtual Reality Technology, successfully completing enrollment for the 2023/2024 academic year[65] - New product developments included the launch of a driverless training room and China's first metaverse smart health education platform[48] Digital Education and Technology Integration - The company is committed to becoming a leader in digital talent education services in China, focusing on technology-enabled smart education[10] - The company has developed a series of digital education products, supported by a robust product R&D team and a reliable big data platform, facilitating the expansion of its dual business model[22] - The company plans to enhance its digital education strategy and expand its 4S product service system in 2024[60] - The company aims to strengthen the integration of education, technology, and talent through the construction of a health technology industrial park[60] Employment and Industry Collaboration - The employment placement rate for graduates from Dalian College and Chengdu College reached approximately 95%, while Guangdong College achieved about 90%[70] - The company has established deep collaborations with 144 companies in software engineering, smart logistics, and artificial intelligence[70] - The universities actively promote student innovation and entrepreneurship through various competitions and collaborations with industries[99] - Dalian College ranked first in the number of provincial-level industry-education cooperation projects among private colleges in the province[100] Environmental, Social, and Governance (ESG) Initiatives - The company has established an ESG committee to drive the implementation of its environmental, social, and governance strategies[147] - The company aims to ensure student health and safety, compliance operations, and quality control in educational services as part of its ESG commitments[188] - Environmental sustainability efforts include waste management, energy consumption efficiency, and greenhouse gas emissions management[22][26][25] - The company is committed to environmental protection and community engagement through various initiatives and activities[187] Awards and Recognition - The company was recognized as an advanced unit for employment work among ordinary colleges and universities in Liaoning Province for the year 2022[16] - The company was awarded multiple honors, including the "2023 National College Digital Communication Excellence Award" and "Best Innovation and Practice University" for high-quality employment[66] - The company was recognized as an outstanding technology-enabled education enterprise by Hong Kong Financial Network, ranking among the top 100[46] - The company achieved a ranking of 67th in the 2023 WURI Ranking of the world's top innovative universities, an improvement of 24 places from 2022[85] Strategic Planning and Governance - The company has adopted a shareholder communication policy, which has been reviewed and deemed effective for the year 2023[135] - The board has conducted an annual review of the risk management and internal control systems, finding them sufficient and effective without any major issues[156] - The company has a policy for handling and disclosing inside information, ensuring compliance with relevant regulations[157] - The management team includes experienced individuals with extensive backgrounds in education and technology, enhancing strategic planning and operational oversight[194][197]

2024 年 03 月 28 日 一体两翼高质量发展，布局老年康养有望打造业绩新增量 | --- | --- | --- | --- | --- | --- | |---------------------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1,548 | 1,806 | 2,001 | 2,249 | 2,520 | | 增长率 yoy （ % ） | 13.6 | 16.6 | 10.8 | 12.4 | 12.1 | | 归母净利润（百万元） | 385 | 430 | 422 | 494 | 555 | | 增长率 yoy （ % ） | 35.6 | 11.5 | -1.7 | 17.0 | 12.3 | | EPS 最 新 摊 薄 （ 元 / | 0.60 | 0.66 | 0.65 | 0.76 | 0.86 | | 股） 净资产收益率（ % ） | 22.2 | 20.8 | 18.5 | 19.6 ...

Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 1,806,073,000, representing a 16.6% increase from RMB 1,548,382,000 in 2022[12]. - Gross profit for the same period was RMB 865,076,000, up 29.7% from RMB 666,739,000 in the previous year[12]. - Net profit for the year was RMB 429,641,000, an increase of 11.5% compared to RMB 385,416,000 in 2022[12]. - Adjusted net profit was RMB 428,713,000, reflecting a 12.6% increase from RMB 380,608,000 in the prior year[12]. - The gross margin improved to 47.9%, up from 43.1% in 2022, indicating enhanced operational efficiency[12]. - Basic earnings per share increased to RMB 0.66, a rise of 11.9% from RMB 0.59 in the previous year[12]. - The company declared a final dividend of 36.6 HKD cents per share, significantly up by 121.8% from 16.5 HKD cents in 2022[12]. - The company reported a total comprehensive income of RMB 426,817 for the year, compared to RMB 388,330 in 2022, reflecting an increase of approximately 9.9%[35]. - The company reported a profit attributable to owners of RMB 429,540,000 for the year ended December 31, 2023, compared to RMB 385,393,000 in 2022, reflecting a growth in profitability[115]. - Basic earnings per share rose to RMB 0.66 in 2023 from RMB 0.59 in 2022, indicating improved earnings performance[115]. - The company declared dividends of RMB 97,721,000 for the year ended December 31, 2023, up from RMB 81,085,000 in 2022[113]. Assets and Liabilities - The total assets of the company as of December 31, 2023, amounted to RMB 6,691,232,000, compared to RMB 5,993,620,000 in 2022[20]. - Total non-current assets as of December 31, 2023, reached RMB 4,625,741, an increase from RMB 4,211,383 in 2022[37]. - Total current assets increased to RMB 2,065,491 in 2023 from RMB 1,782,237 in 2022, reflecting a growth of approximately 15.9%[38]. - Total equity attributable to owners was RMB 2,066,209, up from RMB 1,735,752 in 2022, indicating a growth of about 19.1%[40]. - Total liabilities amounted to RMB 4,625,023, compared to RMB 4,257,868 in the previous year, representing an increase of approximately 8.6%[41]. - The total liabilities to equity ratio as of December 31, 2023, was approximately 0.69, indicating a stable financial structure[41]. - The total amount of borrowings increased to RMB 2,724,904,000 in 2023 from RMB 2,386,255,000 in 2022, reflecting an increase of about 14.2%[124]. Revenue Streams - Revenue from full-time higher education services for the year was RMB 1,453,347, up from RMB 1,175,294 in 2022, marking a growth of about 23.6%[49]. - Full-time higher education services generated RMB 1,453,347,000, accounting for 80.5% of total revenue, with a year-on-year growth of 23.7%[103]. - Continuing education services revenue increased by 8.3% to RMB 158,603,000, contributing 8.8% to total revenue[103]. - Total revenue for the year ended December 31, 2023, was RMB 1,806,073,000, representing a 16.6% increase from RMB 1,548,382,000 in 2022[103]. - Total revenue for 2023 was RMB 1,241,240 thousand, an increase from RMB 1,110,291 thousand in 2022, representing a growth of approximately 11.8%[76]. - Property rental income for 2023 was RMB 64,323 thousand, up from RMB 56,470 thousand in 2022, indicating a growth of about 13.0%[73]. Expenses and Costs - Employee benefit expenses rose to RMB 703,804 thousand in 2023, compared to RMB 630,241 thousand in 2022, reflecting an increase of around 11.6%[76]. - The company reported a net financial expense of RMB (86,891) thousand in 2023, compared to RMB (80,253) thousand in 2022, indicating an increase in financial costs[77]. - The total cost of goods sold for 2023 was RMB 21,219 thousand, down from RMB 40,682 thousand in 2022, showing a significant reduction[76]. - Software system technology development expenses increased to RMB 12,435 thousand in 2023 from RMB 8,126 thousand in 2022, marking a rise of approximately 53.0%[74]. Taxation - The effective corporate income tax rate for the company in China is 25%[56]. - The company maintained a corporate income tax rate of 15% for the year ended December 31, 2023, as it is recognized as a high-tech enterprise[107]. - The company’s subsidiary, Dalian YunGuan Information Technology Co., Ltd., has a reduced corporate income tax rate of 15% for the fiscal years ending December 31, 2023, and December 31, 2022[58]. - The company has subsidiaries eligible for a preferential tax rate of 20% for small and micro enterprises, applicable for the years ending December 31, 2023, and 2022[81][82][84]. Strategic Initiatives - The company plans to innovate and enhance its 4S service model products and services to optimize educational resource content and improve delivery quality and efficiency[5]. - The company is focused on expanding its higher education services and continuing education offerings to drive future growth[104]. - The company plans to retain profits in mainland China for business expansion, with no current plans to distribute retained earnings[57]. - The company launched a series of digital education products based on the 4S service model, including cloud services, educational software services, teaching resource services, and data analysis services[174]. - The company is actively exploring new collaborative opportunities across interdisciplinary fields and regions in response to the digital transformation trend in China[198]. Enrollment and Student Performance - The number of new students enrolled in the 2023/2024 academic year exceeded 18,000, marking a growth of approximately 3.0% compared to the previous year[129]. - The total number of enrolled students reached nearly 57,000, an increase of about 7.5% year-on-year, achieving a historical high[129]. - Dalian University had a total enrollment of 21,287 students as of December 31, 2023, representing a 14.3% increase from 18,623 in 2022[148]. - Chengdu University reported an enrollment of 21,941 students, a 5.9% increase from 20,711 in 2022[149]. - Guangdong University had a total of 13,612 students enrolled, showing a 0.5% increase from 13,548 in 2022[149]. - The employment placement rate for the 2023 graduates of Dalian University and Chengdu University reached approximately 95%, while Guangdong University achieved a placement rate of about 90%[182]. Collaborations and Partnerships - The company engaged in extensive collaboration with 144 companies in areas such as customized classes, course development, and research projects[137]. - Dalian University collaborated with Shenyang Medical College to establish a Medical Health Technology Industry College, and with Hebei Finance College to create a Digital Finance Industry College, enhancing cross-disciplinary cooperation[176]. - The company established a total of 231 industry-education integration projects, including 85 Ministry of Education collaborative education projects, with Dalian University ranking first among private universities in the province for the number of provincial-level projects approved[181]. Recognition and Achievements - The company ranked 67th in the world among innovative universities in the 2023 WURI Ranking, improving by 24 places from 2022[132]. - The company received recognition as a "High-Quality Employment, Best Innovation and Practice University" by China Education Online and Employment Bridge[134]. - The company achieved significant results in various academic competitions, with students winning over 5,500 provincial-level awards in 2023, showcasing their strong practical abilities[135]. - Dalian University won the first prize in the National Level Teaching Achievement Award in vocational education, the only award of its kind in Liaoning Province[150]. - The three universities collectively received multiple honors, including the "2023 National Excellent Award for Digital Broadcasting" and "Most Loved Undergraduate University in Sichuan Province"[153]. Campus Development - The company constructed a new campus area, Dongsoft Health Park, which combines digital technology, smart healthcare, and creative arts[188]. - The Chengdu University dormitory expansion added approximately 3,200 new beds, contributing to a total increase of about 20,000 beds over three years[140]. - As of December 31, 2023, the total campus capacity of the three universities exceeded 60,000 beds, with a full-time higher education business utilization rate of approximately 94%[160]. - Campus capacity as of December 31, 2023, is 60,585, with an overall utilization rate of 93.8%, up from 91.1% in 2022[185]. - Chengdu College's utilization rate reached 103.7% in 2023, compared to 115.8% in 2022, with 773 graduates living off-campus[186].

Shareholding Structure - As of June 30, 2023, the total number of issued shares of the company is 646,203,535[6] - 康睿道 and 康睿道第一 collectively hold 23.77% of the company's shares, amounting to 153,613,800 shares[1] - 東軟國際 and 東軟控股 together own 39.29% of the company's shares, totaling 253,897,000 shares[1] - The shareholding of Century Bliss and its controlled entities is 10.06%, equivalent to 65,010,000 shares[1] - FIL Limited and its controlled entities hold 6.00% of the company's shares, which is 38,782,627 shares[1] Share Incentive Plans - The company has a pre-IPO share incentive plan that granted options for 50,000,000 shares, representing approximately 7.74% of the total issued shares as of June 30, 2023[9] - As of June 30, 2023, 1,780,980 options have been canceled, 4,465,116 options have expired, and 3,372,335 options have been exercised under the pre-IPO share incentive plan[9] - The post-IPO share incentive plan allows for a maximum of 66,666,720 shares to be granted, which is 10% of the total issued shares at the time of listing[10] - No options have been granted, exercised, canceled, or expired under the post-IPO share incentive plan as of June 30, 2023[11] IPO Proceeds Utilization - The net proceeds from the initial public offering (IPO) amounted to approximately HKD 924.2 million (approximately RMB 777.5 million) as of September 29, 2020[13] - As of June 30, 2023, the utilization of IPO proceeds included 51.4% (RMB 399.6 million) for upgrading existing school facilities and campus expansion[14] - 12.9% (RMB 100 million) of the IPO proceeds was allocated for the acquisition of other schools, with RMB 50 million remaining to be utilized by the end of 2023[14] - 25.4% (RMB 198 million) of the IPO proceeds was used for repaying commercial loans, with the full amount already utilized[14] Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 918,430 thousand, representing a 23.5% increase from RMB 743,699 thousand in the same period of 2022[37] - Gross profit for the same period was RMB 459,320 thousand, up 31.4% from RMB 349,504 thousand year-over-year[37] - Operating profit increased to RMB 395,895 thousand, a rise of 14.5% compared to RMB 345,747 thousand in the previous year[37] - Net profit for the period was RMB 273,733 thousand, reflecting an increase of 17.5% from RMB 232,982 thousand in 2022[39] - Basic earnings per share rose to RMB 0.42, compared to RMB 0.35 in the same period last year, marking a 20% increase[37] Assets and Liabilities - Total assets as of June 30, 2023, were RMB 5,443,076 thousand, down from RMB 5,993,620 thousand at the end of 2022[41] - Current assets decreased to RMB 1,151,431 thousand from RMB 1,782,237 thousand at the end of 2022, indicating a significant reduction in liquidity[41] - Non-current assets increased to RMB 4,291,645 thousand from RMB 4,211,383 thousand, showing a slight growth in long-term investments[41] - Total liabilities decreased to RMB 3,531,951 thousand from RMB 4,257,868 thousand, indicating improved financial stability[44] - The company reported a net financial asset impairment loss of RMB 2,826 thousand, compared to RMB 85 thousand in the previous year, highlighting increased financial risks[37] Cash Flow and Financial Position - The net cash used in operating activities for the six months ended June 30, 2023, was RMB 414,142,000, compared to RMB 293,075,000 for the same period in 2022, representing a 41.3% increase[64] - The company reported a total comprehensive income of RMB 271,834,000 for the period, down from RMB 273,733,000 in the previous period[57] - The cash and cash equivalents at the end of the period were RMB 855,703,000, a decrease from RMB 882,806,000 at the beginning of the period[64] - The company incurred a net cash outflow from investing activities of RMB 36,728,000, a significant improvement compared to a net outflow of RMB 273,677,000 in the previous year[64] Corporate Governance and Compliance - The company confirmed compliance with the corporate governance code during the reporting period[24] - The board of directors does not recommend the payment of an interim dividend for the reporting period[29] - The company has maintained the minimum public float as required by the listing rules throughout the reporting period[28] - The audit committee reviewed the unaudited interim financial information for the six months ended June 30, 2023, ensuring compliance with applicable accounting principles[20] Taxation and Financial Efficiency - Several subsidiaries are eligible for a preferential corporate income tax rate of 15% to 20%, contributing to the overall tax efficiency of the company[145] - The company has recognized that certain tax losses may not be utilized against future profits, leading to no deferred tax asset recognition for these losses[152] - The company continues to focus on maintaining its status as a high-tech enterprise, which allows for reduced tax rates and potential growth in profitability[144] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies and products[66] - The company’s revenue from educational services is expected to grow in the upcoming quarters due to increased demand for higher education in China[76] Investment Properties and Leases - The company entered into a lease agreement for the management and operation of a cardiovascular hospital, enhancing its healthcare technology education resources[173] - A new lease agreement was established for smart imaging collaborative research, further supporting scientific research and practical training for students[173] - The company continues to utilize the income approach for the valuation of investment properties, based on total rental income during the lease term[174]

Education and Training Development - In the first half of 2023, the company launched and upgraded multiple smart training labs, including an unmanned driving training lab and an e-commerce big data training lab[1]. - The company developed 9 majors, 139 standardized professional courses, and 1,220 systematic projects, with 13 new standardized courses and 218 systematic projects added in the first half of 2023[3]. - The online education platform registered over 270,000 new users and launched 179 new courses totaling 1,600 hours of content in the first half of 2023[4]. - The total number of enrolled students across three universities reached 52,819 as of June 30, 2023, representing a 16% year-on-year increase[17]. - The total enrollment for the 2023/2024 academic year increased by 2,365 students, a growth of approximately 14% compared to the previous academic year[14]. - The company expanded its influence through the "Dongsoft Education Cup" series competitions, reaching over 150 universities across more than 20 provinces by June 30, 2023[7]. - The company launched several new smart education software products, including the first Metaverse Smart Health Future Education Platform in China[24]. - The company launched 14 new programs for the 2023/2024 academic year, covering advantageous fields such as software engineering and big data[105]. - The company has established partnerships with 60 institutions for industry academy and professional co-construction, serving 20,529 students[104]. - The employment rate for the 2022 graduates from the Yunnan Industrial Technology College's Eastsoft Information Industry Academy reached 91%[104]. - The company received approval for the SOVO Space (University Student Entrepreneurship Center) as an "Outstanding Maker Space" by the Sichuan Provincial Department of Science and Technology[109]. Financial Performance - For the six months ended June 30, 2023, the company reported revenue of RMB 918.43 million, an increase of 23.5% compared to RMB 743.70 million in the same period of 2022[29]. - Gross profit for the same period was RMB 459.32 million, reflecting a 31.4% increase from RMB 349.50 million year-over-year[29]. - The net profit attributable to the company's owners was RMB 274.14 million, up 17.6% from RMB 233.18 million in the previous year[29]. - The adjusted net profit was RMB 271.85 million, representing a 17.3% increase compared to RMB 231.74 million in the prior year[29]. - The gross margin improved to 50.0%, up from 47.0% in the same period last year[29]. - The revenue from full-time higher education services reached RMB 748,950,000, up from RMB 580,348,000 in the previous year, indicating a growth of about 29.1%[54]. - The revenue from tuition fees was RMB 690,244,000, an increase from RMB 530,217,000, reflecting a growth of approximately 30.2%[54]. - The company reported a total of RMB 575,097,000 in expenses for the six months ended June 30, 2023, compared to RMB 506,673,000 for the same period in 2022[83]. - The company reported a profit attributable to owners of RMB 274,138 thousand for the six months ended June 30, 2023, compared to RMB 233,176 thousand for the same period in 2022, representing an increase of approximately 17.6%[95]. - Basic earnings per share increased to RMB 0.42 for the six months ended June 30, 2023, up from RMB 0.35 in the same period of 2022, reflecting a growth of about 20%[95]. - The total comprehensive income was RMB 271,834,000, compared to RMB 234,945,000 for the same period in 2022, representing an increase of approximately 15.7%[46]. Expenses and Costs - Revenue cost for the first half of 2023 was approximately RMB 459.1 million, an increase of 16.5% year-on-year, primarily due to increased employee compensation and rising operational costs[6]. - Sales expenses for the first half of 2023 amounted to approximately RMB 20.7 million, a 13.7% increase year-on-year due to enhanced development efforts in educational resources[9]. - Research and development expenses for the first half of 2023 were approximately RMB 20.2 million, a decrease of 11.8% year-on-year as previous projects were completed[11]. - Employee benefit expenses for the six months ended June 30, 2023, were RMB 346,309,000, up from RMB 309,468,000 for the same period in 2022[83]. - The company’s total employee compensation cost for the six months ended June 30, 2023, was RMB 346.9 million, an increase from RMB 309.9 million for the same period in 2022[172]. Assets and Liabilities - The total liabilities decreased to RMB 3,531,951,000 as of June 30, 2023, from RMB 4,257,868,000 at the end of 2022, showing a reduction of about 17.0%[48]. - The group’s non-current liabilities totaled RMB 2,124,436,000, down from RMB 2,250,430,000, indicating a decrease of approximately 5.6%[48]. - The current liabilities decreased significantly to RMB 1,407,515,000 from RMB 2,007,438,000, representing a decline of about 30.0%[48]. - As of June 30, 2023, total assets amounted to RMB 5,443,076,000, down from RMB 5,993,620,000 as of December 31, 2022[75]. - The company's total equity increased to RMB 1,911,125,000 as of June 30, 2023, compared to RMB 1,735,752,000 at the end of 2022[75]. - The company’s long-term borrowings as of June 30, 2023, amounted to RMB 2,026,522 thousand, compared to RMB 2,140,583 thousand as of December 31, 2022[124]. - The total bank borrowings as of June 30, 2023, were approximately RMB 2,486.9 million, compared to RMB 2,386.3 million as of December 31, 2022[144]. - The company has bank borrowings of RMB 1,694.1 million secured against tuition and accommodation fee receivables[197]. - Additionally, there are bank borrowings of RMB 327.0 million secured against part of the equity[197]. Taxation and Dividends - The company has subsidiaries eligible for a preferential tax rate of 15% to 20%, with Neusoft Education Technology Group Co., Ltd. enjoying a corporate income tax rate of 15% for the six months ended June 30, 2023, compared to 12.5% for the same period in 2022[64]. - The company paid an annual dividend of approximately RMB 1,516,000 for the six months ended June 30, 2023, a significant decrease from RMB 71,821,000 for the same period in 2022[70]. - The income tax expense for the six months ended June 30, 2023, was approximately RMB 82.4 million, an increase of 9.0% year-on-year due to an increase in taxable profit[138]. - For the six months ended June 30, 2023, the company did not declare or pay any interim dividends[115]. Future Plans and Investments - The company has plans for market expansion and new product development, although specific details were not disclosed in the conference call[98]. - The company plans to add approximately 3,200 beds with the completion of the Chengdu College Phase 8 project, expected to be operational in the 2023/2024 academic year[21]. - The company has adopted a cautious financial management approach to ensure that its asset and liability structure meets its funding needs[166]. - The company plans to continue investing in the research and development of educational resource products to support stable growth in performance[174]. - The company has no significant investment or capital asset plans beyond those disclosed in the announcement regarding the use of proceeds from the initial public offering[171]. Corporate Governance - The company has adhered to corporate governance codes and best practices during the reporting period[180]. - The company has established an audit committee consisting of two independent non-executive directors and one non-executive director[182].

Corporate Governance - The company has adopted the corporate governance code and will continue to review and monitor its governance practices to ensure compliance[6]. - The company has complied with the standards for securities trading by directors as outlined in the listing rules[7]. - The company is committed to enhancing its governance practices to align with best practices in the industry[6]. - The company has not disclosed any significant changes in its board composition in the past three years, ensuring stability in governance[44]. - The board of directors consists of nine members, including one executive director and three independent non-executive directors[41]. - Liu Jiren, the chairman, has been a core founding member of the group and has held various leadership roles since 2000[43]. Education Quality and Development - The company plans to enhance the quality of education at its three universities to maintain its leading position in the private education sector[10]. - The company is focused on improving the quality of its academic programs and courses to strengthen its competitive edge in the education industry[10]. - The company emphasizes the importance of high-quality educational services as its foundation for growth[10]. - The company has successfully positioned its online education platform as one of the top 100 quality online vocational training platforms recommended by the Ministry of Human Resources and Social Security[62]. - The company has maintained its leading position in the industry by focusing on quality improvement and excellence in three universities[53]. - The company launched four new national-level first-class undergraduate programs, bringing the total to 25, with 7 being national-level, leading among private higher education institutions in China[92]. - The company completed the expansion project of Guangdong College, enhancing its capacity and infrastructure[95]. - The company initiated the construction of the eighth phase expansion project at Chengdu College, indicating ongoing market expansion efforts[99]. - The company has established extensive partnerships with hundreds of well-known enterprises to ensure students acquire practical skills relevant to industry needs[111]. - The company has established a strong product development team to support the digital transformation of education, leveraging over 20 years of experience in the IT field[141]. Digital Talent and Industry Integration - The demand for digital talent in fields such as health technology and digital media is rapidly increasing, leading to a structural shortage of qualified professionals[9]. - The company has a strategy to address the mismatch between the demand and supply of digital talent through educational initiatives[9]. - The company is committed to enriching and perfecting its digital talent cultivation innovative products[38]. - The company is focused on integrating industry and education, with plans to develop a collaborative model for industry-academy integration[39]. - The company plans to deepen the integration of industry and education, collaborating with institutions to promote digital economy development along the "Belt and Road" initiative[82]. Financial Performance - Revenue for the year ended December 31, 2022, was RMB 1,548,382,000, reflecting a 13.6% increase from RMB 1,363,126,000 in 2021[100]. - Gross profit increased by 12.7% to RMB 666,739,000 in 2022, up from RMB 591,430,000 in 2021[100]. - Operating profit rose by 34.0% to RMB 597,788,000, compared to RMB 446,175,000 in the previous year[100]. - Net profit attributable to the company’s owners was RMB 385,393,000, a 35.6% increase from RMB 284,222,000 in 2021[100]. - The company achieved a significant increase in other income, which rose by 67.4% to RMB 188,720,000 from RMB 112,744,000[100]. - The adjusted net profit attributable to the company's owners was approximately RMB 380.6 million, a year-over-year increase of 23.0%[168]. - The net profit attributable to the company's owners for the year ended December 31, 2022, was approximately RMB 385.4 million, a growth of 35.6% year-on-year, mainly due to increased profits and the acquisition of 100% net profit from a subsidiary[186]. Student Enrollment and Employment - Total student enrollment across three universities reached 52,882 as of December 31, 2022, an increase of 15.92% from 45,618 in 2021[90]. - New student enrollment for the 2022/2023 academic year exceeded 17,000, representing a growth of 17.1% compared to the previous year[105]. - The average employment rate for the 2022 graduates from the three universities exceeded 90% as of December 31, 2022[110]. - The company provided training services to over 14,000 students in the past year, generating revenue of approximately RMB 49 million, with a stable employment rate of over 90% for IT professionals trained[181]. Research and Development - The company plans to increase investment in R&D for educational resource products, enhancing innovation and upgrading its smart education platform[38]. - The company aims to enhance its R&D capabilities and build a high-level R&D team to empower smart education through technology[84]. - Research and development expenses decreased by 10.0% to approximately RMB 41.5 million, mainly due to the completion of several prior R&D projects[160]. Infrastructure and Capacity Expansion - The student capacity of Dalian College increased to 24,525 beds, with a utilization rate of 75.9%, while Chengdu College reached 17,888 beds with a utilization rate of 115.8%[113]. - In 2022, the three universities added over 7,000 new beds, accommodating more than 58,000 students, with ongoing expansion projects to further increase campus capacity[137]. - The digital campus construction is ongoing, with significant investments in smart classrooms and integrated network architecture to improve the learning experience[115]. Awards and Recognition - The company was recognized as a leading digital talent education service provider in China, focusing on IT and healthcare technology[86]. - The company received the "Most Valuable Education Company" award from Zhito Finance and Tonghuashun Finance in April 2022[72]. - The company received recognition for two case studies at the 2021 China Higher Education Expo as typical examples of "School-Enterprise Cooperation Double Hundred Plan"[63]. - In 2022, the three universities collectively received 1 special award, 6 first-class awards, 5 second-class awards, and 4 third-class awards for teaching achievements, with Dalian College ranking first in Liaoning Province for the number of approved achievements and first-class awards[135].

东软教育未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发均属侵权东软教育将保留追究其法律责任的权利东软教育不承担因转载转发而产生的任何损失和责任市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策 通过学历教育的实践积累了相关的教育的资源已经形成了一体两议的一个业态那么去年的一年全市学历教育发展的非常好我们的学生人数超过了5万同比增长了14.6%两议的业务按照预期良性发展 大连学校有一项广东学有一项推荐参评2023年国家级教学成果奖另外也就是我们学历教育全市在校的学生的人数超出了我们的预期去年一年增长的幅度比较大是我们在校的人数达到了五万两千多名 信息化校园向智慧化校园数字化校园的转化工作进展得非常的顺利基本建设按照原来的预期顺利完成使我们校园的容纳达到了58000个床位去年一年的整个利用率综合超过了91% 另外一个基于4S的研发的工作更加的成体系我们在平台的研发智慧软件的研发教学内容特别是实践案例的研发和数据分析系统功能方面的研发都取得了成效进一步的为我们资源输出奠定了一个好的基础 面对我们选定的9个专业方向重新更迭开发我们又重新开发出34个新的实训室为我们原来设定的5大专业群来做实训的支撑和服务 ...