教育业务增长稳健 全日制学历高等教育服务业务方面，2024年收入16.25亿元，同比+11.8%，占收比79.6%。截至2024年12 月31日，三所大学在校生人数合计超5.8万人，同比+2.3%。2024年，教育资源输出业务收入同比 +14.9%至2.2亿元，期内公司向133家院校及机构提供其智慧教育平台、教育管理软件、实训室产品及配 套教学内容，与62所院校开展了产业学院和专业共建合作，覆盖约2.3万名学生。终身教育业务收入同 比-12.3%至1.4亿元，期内公司在原有服务基础上，开设"东软凤凰学院"以开拓老年教育业务，其课程 覆盖AI与艺术创作、健康与康复等特色领域。盈利层面，2024年毛利率达47.4%，同比-0.5ppt;经调整归 母净利润同比+8.3%至4.64亿元，对应经调整归母净利率22.8%，同比-1ppt。 中金主要观点如下： 2024年业绩超出市场预期 公司公布2024年度业绩：收入20.42亿元，同比+13.1%;经调整归母净利润4.64亿元，同比+8.3%，均超 出市场预期，得益于核心业务增长快于预期，以及医疗保健和健康服务亏损拖累小于预期。2024年5月 31日，公司公告完成东软健 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported revenue of 2.042 billion yuan and a net profit attributable to shareholders of 466 million yuan for 2024, reflecting year-on-year growth of 13.1% and 8.4% respectively, slightly exceeding previous expectations [2] - The company plans to distribute a final dividend of 0.388 HKD per share, with a payout ratio of 53.9% and a dividend yield of 12.7% [2] - The company has successfully acquired two new land parcels in Foshan, with a total construction area of 140,000 square meters [2] Summary by Sections Educational Business Performance - The educational segment showed steady growth, with total student enrollment increasing by 2.3% year-on-year to 58,000 and average tuition fees rising by 9.3% to 28,000 yuan per student [3] - Revenue from full-time higher education services, educational resource output, lifelong education services, and medical care business for 2024 were 1.626 billion, 221 million, 139 million, and 57 million yuan respectively, with year-on-year growth of 11.8%, 14.9%, -12.3%, and NA [3] Lifelong Education Business - The lifelong education segment experienced a decline, with revenue dropping by 12.3% to 139 million yuan due to a decrease in student enrollment [4] - The company implemented training projects for 94 institutions, covering nearly 41,000 students, and has registered approximately 2.3 million users on its online education platforms [4] Educational Resource Output - Revenue from educational resource output increased by 14.9% to 221 million yuan, supported by optimized cooperation structures and partnerships with 62 institutions [5] - The company launched several new platforms and training facilities, enhancing its integrated smart education platform [5] Medical and Health Business - The medical and health segment contributed 57 million yuan in revenue after being consolidated for 7 months, aligning with expectations [6] - The cardiovascular hospital received over 44,000 outpatient visits, and the occupancy rate of the nursing home exceeded 75% [6] Financial Performance and Forecast - The company’s adjusted net profit margin was 22.8% for 2024, with a gross margin of 47.4% [10] - Revenue forecasts for 2025 and 2026 are adjusted to 2.321 billion and 2.590 billion yuan respectively, with net profit estimates of 481 million and 610 million yuan [11] - The company maintains a PE ratio of 4/3/3X based on the current share price of 3.06 HKD, with a dividend yield of 12.7% [11]

Core Insights - Neusoft Ruixin Group reported a revenue of RMB 2.042 billion for the year ending December 31, 2024, representing a year-on-year increase of 13.1% [1] - The profit attributable to the company's owners was RMB 466 million, up 8.4% year-on-year, with adjusted net profit at RMB 464 million, also reflecting an 8.3% increase [1] - The company plans to strategically expand into the elderly education and healthcare services market, leveraging its innovative capabilities in "education + technology + healthcare" [1] Business Overview - The company operates primarily in two business segments: education services and healthcare services [1] - Education services encompass three areas: full-time higher education services, educational resource output, and lifelong education services [1] - Healthcare services are divided into medical services and elderly care services [1] Future Strategy - Starting in 2025, the company aims to expand its business scope to create a five-part ecosystem: educational technology, healthcare services, health technology, university technology parks and campus services, and wellness tourism services [2] - The company has officially changed its name to "Neusoft Ruixin Technology Group Co., Ltd." as of December 4, 2024, to better reflect its strategic transformation and upgrade [2] - The vision is to become a leader in the education, healthcare, and wellness tourism ecosystem, with a mission to empower this ecosystem through technology and innovative education [2]

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 2,042,073,000, an increase of 13.1% from RMB 1,806,073,000 in 2023[3] - Gross profit for the same period was RMB 968,552,000, reflecting a growth of 12.0% compared to RMB 865,076,000 in 2023[3] - Net profit attributable to the company's owners was RMB 465,619,000, up 8.4% from RMB 429,540,000 in the previous year[3] - Adjusted net profit was RMB 428,713,000, representing an increase of 8.7% from RMB 394,392,000 in 2023[3] - The gross profit margin slightly decreased to 47.4% from 47.9% in 2023[3] - Basic earnings per share increased to RMB 0.72 from RMB 0.66, marking a growth of 9.1%[3] - Total comprehensive income for the year amounted to RMB 464,921,000, compared to RMB 426,918,000 in 2023[5] - The company reported a net profit before tax of RMB 638,195,000, up from RMB 577,781,000 in the previous year[4] - The company's income tax expense for 2024 was RMB 170,876,000, an increase of 15.3% from RMB 148,140,000 in 2023[25] - The pre-tax profit for 2024 was RMB 638,195,000, up from RMB 577,781,000 in 2023, reflecting a growth of 10.4%[25] Assets and Liabilities - Total assets increased to RMB 7,355,053,000 in 2024 from RMB 6,691,232,000 in 2023, representing an increase of approximately 9.94%[6] - Current liabilities decreased slightly to RMB 2,418,192,000 in 2024 from RMB 2,446,630,000 in 2023, a decrease of about 1.15%[6] - Non-current liabilities rose significantly to RMB 2,622,909,000 in 2024 from RMB 2,178,393,000 in 2023, an increase of approximately 20.36%[7] - Total liabilities increased to RMB 5,041,101,000 in 2024 from RMB 4,625,023,000 in 2023, reflecting a growth of around 9.00%[7] - Equity attributable to owners increased to RMB 2,444,289,000 in 2024 from RMB 2,659,698,000 in 2023, a decrease of approximately 8.09%[7] - Cash and cash equivalents decreased to RMB 1,664,799,000 in 2024 from RMB 1,708,427,000 in 2023, a decline of about 2.55%[6] Revenue Streams - Full-time higher education services generated RMB 1,625,566,000 in revenue, up from RMB 1,453,347,000 in 2023, reflecting a growth of 11.8%[16] - Revenue from lifelong education services decreased by 12.3% to RMB 139,077,000 from RMB 158,603,000 in 2023[52] - The medical and nursing business generated revenue of RMB 56,820,000, which was not applicable in the previous year[52] Acquisitions and Investments - The acquisition of Dongsoft Health Medical Group was completed on May 31, 2024, for a total consideration of RMB 81,000,000, aimed at expanding the elderly education market[37] - The company recognized goodwill of RMB 196,016,000 as part of the acquisition of Dongsoft Health Medical Group[39] - The cash outflow from the acquisition of a subsidiary was RMB 81,000,000, with a net cash outflow of RMB 46,927,000 recorded in investment activities[40] Educational Initiatives - Dalian Neusoft Institute of Information has established 33 undergraduate programs, 7 associate degree programs, and 5 vocational undergraduate programs, including 5 health technology programs[55] - The company has launched the "2024 Huawei HarmonyOS Target Class" project in collaboration with Huawei and Chengdu Zhilaohui Technology Co., Ltd.[59] - The company aims to become a leader in the education, medical, health, and tourism ecosystem, focusing on technology-enabled development and sustainable growth[53] Student Enrollment and Performance - The total number of enrolled students across three universities reached over 58,158 as of December 31, 2024, representing a year-on-year growth of 2.3%[61] - The employment placement rate for the 2024 graduates from the three universities exceeded 90%, maintaining a high placement rate despite the challenging job market[72] Corporate Governance and Compliance - The company has adhered to the corporate governance principles and standards, ensuring high levels of ethical standards, transparency, accountability, and integrity as of December 31, 2024[181] - The audit committee has reviewed the accounting principles and financial reporting matters, confirming compliance with applicable accounting standards and sufficient disclosures for the fiscal year ending December 31, 2024[185] Future Plans and Strategies - The company plans to continue providing full-time higher education services and lifelong education services in mainland China[8] - The company plans to expand its business into five major ecosystems starting in 2025: Education Technology, Medical Services, Health Technology, University Technology Parks and Campus Services, and Health Tourism[53] - The company aims to build a "Education-Medical-Nursing-Health-Tourism" ecosystem, integrating five sectors for collaborative development[152]

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].