Financial Performance - In 2022, the company achieved a net profit attributable to shareholders of RMB 167,505,856, a significant recovery from a net loss of RMB 203,205,060 in 2021[5]. - The total revenue for 2022 was RMB 760,423,009.78, representing a 52.10% decrease compared to RMB 1,587,456,924.83 in 2021[22]. - The company's net cash flow from operating activities was negative RMB 224,456,121.45, an improvement from negative RMB 475,969,426.95 in the previous year[22]. - The basic earnings per share for 2022 was RMB 0.64, a recovery from a loss of RMB 0.77 per share in 2021[23]. - The weighted average return on equity increased to 65.68%, up 105.40 percentage points from -39.72% in 2021[23]. - The company reported a cumulative undistributed profit of negative RMB 32,258,843.47 as of the end of 2022[5]. - The net profit attributable to shareholders was 168 million RMB, while the net profit after deducting non-recurring gains and losses was -131 million RMB[31]. Revenue and Cash Flow - The company reported a significant decline in cash flow from operating activities, with a net cash flow of -242 million RMB in Q1 2022[25]. - The company's operating revenue for 2022 was CNY 760.42 million, a decrease of 52.10% compared to CNY 1,587.46 million in the previous year[56]. - Operating costs fell to CNY 413.77 million, down 55.96% from CNY 939.58 million year-on-year[56]. - The company’s investment activities generated a net cash flow of CNY 225.51 million, a decrease of 56.64% from the previous year[57]. - The company’s cash flow from financing activities was -¥51,254,386.59, reflecting a reduction in rental expenses[75]. Business Strategy and Focus Areas - The company has faced significant challenges due to the "double reduction" policy affecting the education sector, impacting its revenue and operational strategies[22]. - The company is focusing on non-subject core business areas, including quality education, vocational education, and adult education, following the "double reduction policy"[32]. - The company has established a "non-subject working group" to enhance collaboration and integration across various business units[34]. - The company is actively expanding its international and basic education business, particularly in the Yangtze River Delta and Pearl River Delta regions[33]. - The company has transitioned its business structure to focus on quality education, vocational education, adult education, and international and foundational education due to the "double reduction" policy[67]. Enrollment and Market Growth - In 2022, the company reported a significant increase in enrollment, with approximately 4,000 students in the early childhood segment (up 100%), 6,000 in the primary segment (up 300%), and 23,000 in the secondary segment (up 40%)[45]. - The adult education sector has become a popular area for growth, with an expected increase in the number of graduates reaching 10.76 million in 2022, up 167,000 from the previous year[42]. - The non-academic training market is expected to grow to 616 billion RMB in 2023, indicating a stable demand for non-academic courses[96]. Operational Efficiency and Management - The company has implemented a new organizational model to optimize human resources and improve operational efficiency[35]. - The company conducted 20 strategic workshops to empower its business teams and enhance value management across all business units[35]. - The company has launched its self-developed CRM system and SCRM system to enhance operational efficiency, with plans to expand the CRM system to all C-end businesses in 2023[36]. - The company has implemented a "lean exit" strategy to improve cash flow management and reduce fixed cost expenditure ratios[37]. - The company has established a comprehensive internal control system, including various management regulations to enhance operational efficiency and governance[156]. Governance and Compliance - The company has established a governance structure that complies with the latest regulatory requirements, ensuring the protection of investors' rights[110]. - The board of directors consists of 11 members, including 4 independent directors, which meets the legal requirements for composition[111]. - The company has implemented a robust internal control system, with annual internal control evaluation reports submitted to the board for review[114]. - The company has not experienced any incidents of major shareholders infringing on the rights of minority shareholders during the reporting period[111]. - The company actively engages with investors through various channels, including performance briefings and investor reception days, to enhance communication[113]. Shareholder and Management Changes - The company has appointed a new board of directors, with Zhou Chuan You as the chairman and Zhang Wen Hao as the vice chairman[124]. - The company appointed a new management team on July 14, 2022, including Zhou Chuan You as President and Wu Zhu Ping as Co-President[125]. - The company has not reported any changes in shareholding for its directors and senior management during the reporting period[119]. - The company has not issued any new shares or made any changes to its capital structure in 2022[119]. - The company’s management changes included the resignation of several key personnel due to personal reasons or term expirations[131]. Investments and Acquisitions - The company completed the acquisition of 51% equity in Shanghai Yulun Education Technology Development Co., with a total investment of 85.17 million yuan[172]. - The company completed the acquisition of STAR EDUCATION INVESTMENT LIMITED, a core asset of Sailinqi, for 4.5 million GBP[188]. - The company has made several equity investments, including a 65% stake in Shanghai Jiao Suo Education Technology Co., with a registered capital of 5 million RMB[82]. - The company has undergone multiple equity cancellations, indicating a strategic shift in its investment approach[84]. Legal and Regulatory Matters - The company is involved in significant litigation, including a dispute with Shanghai Chuyang Investment Management Co., with a claimed amount of RMB 122.04 million[181]. - The company has recognized a provision for expected liabilities of RMB 116 million related to a loan guarantee provided in 2018[182]. - The company received disciplinary actions from the Shanghai Stock Exchange for violations in information disclosure and operational norms, resulting in public reprimands for former executives[132]. Future Outlook and Strategic Goals - In 2023, the company aims to optimize its business and product lines, focusing on non-subject education, vocational education, and international and basic education, with an emphasis on expanding into multiple cities and channels[100]. - The company plans to enhance its cash flow management to ensure stable business development[101]. - The company aims to strengthen its brand influence and market share in the quality education sector while maintaining flexibility in business adjustments[102].

Financial Performance - The company's operating revenue for Q1 2023 was CNY 189,278,164.81, representing a decrease of 5.14% compared to the same period last year[7]. - The net profit attributable to shareholders was CNY -29,761,359.57, a decline of 140.76% year-on-year[7]. - The basic earnings per share were CNY -0.1146, down 140.77% from the previous year[7]. - The weighted average return on equity decreased by 42.87 percentage points to -7.70%[7]. - Total operating revenue for Q1 2023 was ¥189,278,164.81, a decrease of 5.6% compared to ¥199,538,034.46 in Q1 2022[23]. - Net profit for Q1 2023 was a loss of ¥29,826,030.96, compared to a profit of ¥66,613,304.83 in Q1 2022, representing a significant decline[24]. - Operating profit for Q1 2023 was a loss of ¥26,795,969.32, compared to a profit of ¥68,492,692.29 in Q1 2022[24]. - The company reported a net profit of -¥31,508,156.59 for Q1 2023, a significant decline from a net profit of ¥86,184,906.55 in Q1 2022[40]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,226,213,853.51, a slight decrease of 0.31% from the end of the previous year[7]. - The total equity attributable to shareholders decreased to RMB 318,696,598.35 from RMB 336,757,128.55, indicating a decline in shareholder value[21]. - The company's total liabilities increased to RMB 819,922,819.11 from RMB 805,597,255.51, indicating a rise in financial obligations[21]. - As of March 31, 2023, total assets amounted to ¥2,013,322,754.20, a slight increase from ¥2,004,340,068.37 as of December 31, 2022, reflecting a growth of approximately 0.06%[35]. - Total liabilities as of March 31, 2023, were ¥1,326,342,054.10, compared to ¥1,297,552,041.05 at the end of 2022, representing an increase of approximately 2.2%[36]. Cash Flow - The net cash flow from operating activities was CNY 11,945,063.25, with a significant increase attributed to the collection of student tuition fees[10]. - Cash flow from operating activities generated a net inflow of ¥11,945,063.25, a recovery from a net outflow of ¥242,948,058.70 in Q1 2022[30]. - The net cash flow from investing activities was -$64,103,311.15, compared to $178,956,680.56 in the previous period[44]. - The net cash flow from financing activities was $125,526,786.30, while cash outflows totaled $251,318,827.55, resulting in a net cash flow of -$125,792,041.25[44]. - The ending balance of cash and cash equivalents was $102,529,690.40, up from $56,209,713.16 at the beginning of the period[44]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,834[10]. - The number of shares held by major shareholders, including China International Capital Corporation, reached 68,156,380 shares, accounting for 23.79% of the total share capital[13]. - Shanghai Jiao Tong University Industry Investment Management (Group) Co., Ltd. and its action-in-consort shareholders reduced their holdings by 5,730,800 shares, representing 2% of the total share capital[15]. Operational Metrics - The company's cash and cash equivalents increased to RMB 401,540,431.65 from RMB 400,197,608.71, indicating a stable liquidity position[18]. - Total current liabilities rose to RMB 751,737,559.28 from RMB 733,789,162.78, reflecting an increase in operational obligations[20]. - The company’s contract liabilities increased to RMB 447,772,013.65 from RMB 390,467,493.41, suggesting growth in future revenue commitments[20]. - The company’s inventory decreased to RMB 10,611,590.90 from RMB 11,568,417.07, indicating improved inventory management[18]. - Research and development expenses rose to ¥6,392,202.11, an increase of 7.9% from ¥5,924,987.53 in Q1 2022[23]. - Sales expenses increased to ¥51,759,126.37, up 33.4% from ¥38,783,063.29 in the same period last year[23]. - The company incurred sales expenses of ¥249,010.76 in Q1 2023, a reduction from ¥1,992,080.59 in Q1 2022, indicating a decrease of approximately 87.5%[39]. Other Income and Expenses - The company received government subsidies amounting to CNY 774,360.38, which are closely related to its normal business operations[8]. - Other income decreased to ¥774,360.38 from ¥1,000,912.78 in Q1 2022, reflecting a decline of 22.6%[24]. - Investment income for Q1 2023 was ¥1,659,249.90, a significant drop from ¥95,651,065.39 in Q1 2022[24]. - Investment income for Q1 2023 was reported at ¥1,552,363.57, a decrease from ¥105,496,271.38 in Q1 2022[39]. Accounting and Reporting - The company did not report any audited financial statements for this quarter[5]. - The company did not apply new accounting standards or interpretations for the current financial statements[44].

Financial Performance - The company's operating revenue for the third quarter was ¥198,893,545.96, a decrease of 53.93% compared to the same period last year[8]. - The net profit attributable to shareholders for the third quarter was ¥104,908,041.10, with a year-to-date net profit of ¥168,131,543.96, reflecting a 6.86% increase year-on-year[8]. - The basic earnings per share for the third quarter was ¥0.4069, a significant increase of 1,002.22% compared to the same period last year[8]. - Total operating revenue for the first three quarters of 2022 was ¥545,672,450.32, a decrease of 59.0% compared to ¥1,333,355,535.57 in the same period of 2021[27]. - Net profit for the first three quarters of 2022 was ¥165,883,533.63, compared to ¥180,188,172.73 in the same period of 2021, reflecting a decrease of 7.3%[28]. - The company's total comprehensive income for the first three quarters of 2022 was ¥176,015,154.73, slightly down from ¥180,352,686.59 in the same period of 2021[29]. - The total operating profit for Q3 2022 was approximately ¥204.07 million, compared to ¥34.50 million in the same period last year, indicating a significant increase[44]. - The net profit for Q3 2022 reached ¥204.64 million, a substantial rise from ¥34.50 million year-over-year[44]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,191,421,492.49, a decrease of 19.72% from the previous year[8]. - The company's total assets as of September 30, 2022, were ¥2,093,585,697.22, slightly up from ¥2,025,616,505.30 at the end of 2021[39]. - The company's total liabilities as of September 30, 2022, were RMB 692,262,229.00, down from RMB 1,102,989,974.02 at the end of 2021[23]. - Total liabilities amounted to ¥797,232,812.42, a decrease from ¥1,269,791,463.29 in the previous year[24]. - The total liabilities decreased to ¥1,301,486,526.63 from ¥1,448,285,971.13 year-over-year[41]. Shareholder Information - The equity attributable to shareholders increased by 104.07% to ¥349,558,006.70 compared to the end of the previous year[8]. - The company has a total of 22,414 common shareholders at the end of the reporting period[14]. - As of September 30, 2022, Shanghai Changjia Investment Co., Ltd. and its concerted parties held a total of 50,705,504 shares, accounting for 17.70% of the company's total equity[16]. - As of September 30, 2022, CICC Investment Group Co., Ltd. and its concerted parties held a total of 68,156,380 shares, representing 23.79% of the company's total equity[17]. - Total equity attributable to shareholders was ¥349,558,006.70, compared to ¥171,294,841.64 in the same period of 2021, showing an increase of 104.0%[24]. Cash Flow - The company reported a net cash flow from operating activities of -¥285,199,311.37 year-to-date, indicating challenges in cash generation[8]. - Cash inflow from operating activities was ¥591,639,699.81, down 49.3% from ¥1,166,592,706.15 in the previous year[32]. - The net cash flow from operating activities for the first nine months of 2022 was negative at approximately -¥79.13 million, an improvement from -¥127.31 million in the same period of 2021[46]. - The cash inflow from investment activities for the first nine months of 2022 was approximately ¥312.34 million, compared to a cash outflow of -¥141.30 million in the same period last year[47]. - The cash flow from financing activities for the first nine months of 2022 was negative at -¥353.73 million, a decrease from a positive cash flow of ¥137.67 million in the same period of 2021[47]. Investment and Expenses - The company reported an investment income of ¥248,501,246.51, significantly higher than ¥105,544,818.80 in the previous year, marking an increase of 134.0%[28]. - Research and development expenses increased to ¥11,976,643.16 in 2022 from ¥7,353,911.18 in 2021, representing a rise of 63.0%[28]. - The company recorded a total of ¥10.13 million in other comprehensive income for Q3 2022[44]. - The company reported a significant investment income of ¥248,598,167.71 for the first three quarters of 2022, up from ¥32,455,453.57 in the same period of 2021[43]. Challenges and Market Conditions - The decline in operating revenue was primarily attributed to the "double reduction" policy and the impact of the COVID-19 pandemic in Shanghai[11]. - The company plans to reduce its shareholding by up to 2% within six months, as announced by Shanghai Jiao Tong University Industry Investment Management Group Co., Ltd. and Shanghai Jiao Tong University Enterprise Management Center[18].

Financial Performance - The company's operating revenue for the first half of 2022 was approximately ¥346.78 million, a decrease of 61.54% compared to ¥901.65 million in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2022 was approximately ¥62.42 million, down 63.08% from ¥169.07 million in the previous year[19]. - The basic earnings per share for the first half of 2022 was ¥0.2403, a decline of 62.30% from ¥0.6373 in the same period last year[19]. - The net cash flow from operating activities decreased by 288.04%, resulting in a negative cash flow of approximately -¥283.08 million[19]. - The company reported a significant decline in net profit after deducting non-recurring gains and losses, which fell by 266.31% to approximately -¥36.67 million[19]. - Operating cash flow turned negative at approximately -¥283.08 million, a decline of 288.04% compared to a positive cash flow of ¥150.54 million in the previous year[45]. - The company reported a net profit of -1,380.41 million CNY for Shanghai Angli Education Technology Group, with a total revenue of 23,488.34 million CNY, indicating a negative profit margin[61]. - The net profit attributable to shareholders was 62.42 million yuan, down 63.08% year-on-year, while the net profit after deducting non-recurring gains and losses was -36.67 million yuan, a decline of 266.31%[33]. Asset and Liability Management - The company's total assets decreased by 21.38% to approximately ¥1.17 billion from ¥1.48 billion at the end of the previous year[19]. - The company's cash and cash equivalents decreased by 29.60% to approximately ¥316.86 million, primarily due to a reduction in advance tuition fees[51]. - The total liabilities decreased by 37.44% for contract liabilities, reflecting the optimization of certain campuses[51]. - The company's total liabilities decreased from ¥1,269,791,463.29 to ¥889,918,454.60, a decline of around 30%[117]. - The total equity attributable to shareholders increased from ¥171,294,841.64 to ¥233,718,344.50, an increase of approximately 36.4%[117]. - The company's long-term equity investments decreased slightly from ¥95,466,440.31 to ¥85,986,102.02, a decline of about 9.2%[117]. Business Strategy and Focus - The decline in revenue and profit was primarily attributed to the impact of the "double reduction" policy and the COVID-19 pandemic affecting offline classes in Shanghai[20]. - The company is transitioning its business focus towards vocational education, youth quality education, international and foundational education, and university education[20]. - The company has fully divested its academic training business for compulsory education as of December 31, 2021, in response to the "double reduction" policy[32]. - The company has adjusted its business structure to focus on four major segments: vocational education, youth education, international and basic education, and higher education[32]. - The company is actively transitioning from traditional subject training to non-subject training, focusing on areas such as programming, art, and life skills[35]. - The company is exploring potential mergers and acquisitions to strengthen its market position and drive future growth[160]. Operational Efficiency and Management - The company aims to enhance its operational management and optimize its organizational structure to ensure successful transformation and sustainable development[29]. - The company is enhancing its cash flow management and optimizing asset allocation, including the disposal of inefficient and idle assets, to ensure operational safety[40]. - The company is focusing on building a learning organization to enhance operational efficiency and project management capabilities[46]. - The company has initiated a series of business adjustments and strategic transformations in response to the "double reduction" policy affecting K9 education, which has significantly impacted its subject training business[64]. Market and Product Development - The vocational education segment is experiencing rapid growth, driven by policy support and industry upgrades, with a focus on integrating educational resources and industry collaboration[26]. - The youth quality education sector is transitioning from K12 subject training to non-subject quality education, with a focus on practical and creative programs[27]. - The international education market is expected to grow steadily, with the company focusing on providing international perspectives and high-quality courses[28]. - The university education market is becoming increasingly competitive, with the company exploring various segments such as exam preparation and study abroad services[29]. - The company plans to focus on market expansion and new product development in the upcoming quarters to drive future growth[127]. Shareholder and Governance - The company held its 2021 annual general meeting on June 29, 2022, where all resolutions were approved without any objections[69]. - The company did not propose any profit distribution or capital reserve transfer plans for the half-year period, with no dividends or stock bonuses declared[73]. - A total of 13,700,040 shares were repurchased, accounting for 4.7810% of the total share capital, with a total expenditure of approximately 300.51 million yuan[75]. - The company plans to use the repurchased shares for employee stock incentive plans[76]. - The company underwent significant management changes, including the election of a new board and supervisory committee on June 29, 2022[71]. - The new board of directors includes Zhang Yun Jian, Zhang Wen Hao, and Zhou Chuan You, among others, with Zhou Chuan You appointed as the chairman[72]. Compliance and Risk Management - The company has confirmed its ability to continue operations for at least 12 months from the reporting date, indicating financial stability[171]. - The company has committed to maintaining its independent legal status and operational autonomy, adhering to relevant laws and regulations since April 28, 2014[83]. - The company has no significant litigation or arbitration matters during the reporting period[88]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[87]. - The company has not encountered any issues related to illegal activities or penalties during the reporting period[89]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that financial statements reflect the true financial condition and operating results[173]. - The company's consolidated financial statements reflect the overall financial status and cash flows of the entire corporate group, with internal transactions appropriately eliminated[178]. - The company maintains a consistent accounting currency of Renminbi (RMB), which is crucial for financial reporting and analysis[176]. - The company recognizes financial liabilities at initial recognition as either fair value through profit or loss or at amortized cost, depending on specific criteria[186].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 199,538,034.46, a decrease of 58.82% compared to the same period last year[7] - Net profit attributable to shareholders was CNY 73,021,087.01, an increase of 41.52% year-on-year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -21,014,946.74, a decline of 181.10% compared to the previous year[7] - The basic earnings per share were CNY 0.2811, up 45.72% year-on-year[7] - Total operating revenue for Q1 2022 was ¥199,538,034.46, a decrease of 58.8% compared to ¥484,534,901.72 in Q1 2021[25] - Net profit for Q1 2022 was ¥66,613,304.83, slightly down from ¥67,018,624.47 in Q1 2021, representing a decrease of 0.6%[26] - The net profit attributable to shareholders of the parent company for Q1 2022 was ¥73,021,087.01, an increase of 41.5% from ¥51,596,095.58 in Q1 2021[27] - Basic and diluted earnings per share for Q1 2022 were both ¥0.2811, up from ¥0.1929 in Q1 2021[28] - The total operating profit for Q1 2022 was ¥86,181,689.17, compared to ¥57,497,869.66 in Q1 2021, representing an increase of approximately 50%[43] - The net profit for Q1 2022 was ¥86,184,906.55, up from ¥57,497,869.66 in Q1 2021, indicating a growth of around 50%[43] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,238,010,376.81, a decrease of 16.58% from the end of the previous year[7] - The total assets as of March 31, 2022, were 2,079,851,668.81 RMB, an increase from 2,025,616,505.30 RMB as of December 31, 2021[37] - The total liabilities decreased to 1,416,541,871.77 RMB from 1,448,285,971.13 RMB, reflecting a reduction in the company's debt levels[39] - The company's total equity increased to 663,309,797.04 RMB from 577,330,534.17 RMB, indicating a strengthening of the company's financial position[39] - The total current liabilities decreased from RMB 1,084,000,000 to RMB 1,000,000,000, indicating a reduction of approximately 7.77%[21] - The company’s total liabilities decreased from RMB 1,084,000,000 to RMB 1,000,000,000, indicating a reduction of approximately 7.77%[21] Cash Flow - The net cash flow from operating activities was CNY -242,948,058.70, not applicable for comparison[7] - Cash inflow from operating activities in Q1 2022 was ¥76,379,520.19, a significant decrease from ¥481,130,418.73 in Q1 2021[30] - Net cash flow from operating activities was -242,948,058.70 RMB, a significant decrease compared to -28,479,581.61 RMB in the previous period, indicating a worsening cash flow situation[32] - The net cash flow from operating activities for Q1 2022 was -¥24,300,610.18, an improvement from -¥36,392,008.21 in Q1 2021[45] - The total cash inflow from operating activities in Q1 2022 was ¥339,300.53, a decrease from ¥907,563.00 in Q1 2021[45] - The total cash outflow from operating activities in Q1 2022 was ¥24,639,910.71, reduced from ¥37,299,571.21 in Q1 2021[45] Investment and Expenses - The company completed the transfer of 5.01% of shares in Shanghai Jiao Tong University Anli Co., which significantly impacted investment income, increasing by 109.40%[9] - Research and development expenses for Q1 2022 were ¥5,924,987.53, an increase of 120.8% compared to ¥2,695,059.56 in Q1 2021[26] - The company reported a decrease in sales expenses to ¥38,783,063.29 in Q1 2022 from ¥100,989,953.50 in Q1 2021, a reduction of 61.6%[26] - The company incurred sales expenses of 1,992,080.59 RMB, a decrease from 3,707,548.14 RMB in the previous year, indicating improved cost management[42] - The investment income for Q1 2022 was 105,496,271.38 RMB, a notable increase from the previous year's 2,917,475.95 RMB, reflecting successful investment strategies[42] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 21,829[11] - The number of shares held by Shanghai Changjia Investment Co., Ltd. and its concerted parties increased to 50,705,504 shares, representing 17.70% of the total share capital[13] Operational Changes - The company faced a 58.82% decline in operating revenue primarily due to the "double reduction" policy affecting its K12 business scale[9] - The company transitioned to online teaching due to COVID-19 restrictions, impacting its operational activities in March 2022[15]

Financial Performance - In 2021, the company's operating revenue was approximately CNY 1.59 billion, a decrease of 12.24% compared to CNY 1.81 billion in 2020[22]. - The net profit attributable to shareholders of the listed company for 2021 was a loss of approximately CNY 203.21 million, compared to a loss of CNY 248.47 million in 2020[22]. - The net cash flow from operating activities was negative CNY 475.97 million, significantly worse than the negative CNY 73.67 million in 2020[22]. - As of the end of 2021, the total assets of the company were approximately CNY 1.48 billion, a decrease of 40.61% from CNY 2.50 billion at the end of 2020[22]. - The net assets attributable to shareholders of the listed company decreased by 69.48% to approximately CNY 171.29 million at the end of 2021[22]. - The company reported a significant decline in both revenue and net profit, indicating ongoing challenges in its business operations[22]. - The company achieved a net profit of CNY 22 million in the first half of 2021, representing a year-on-year increase of 116.66%[30]. - The company reported a net cash flow from operating activities of CNY -323 million in Q4 2021, indicating cash flow challenges[30]. - The company's operating revenue for the reporting period was CNY 1.58 billion, a decrease of 12.24% compared to the previous year, primarily due to the impact of the "double reduction" policy on the academic education training business[52]. - Operating costs decreased to CNY 940 million, down 22.81% year-on-year, also influenced by the "double reduction" policy[52]. Business Strategy and Transformation - The company is transitioning its traditional academic training business to non-academic training, focusing on vocational education and skills training[31]. - The company has established a comprehensive business layout, including international and foundational education, and is expanding its service offerings[31]. - The company is enhancing its internal collaboration and operational efficiency through organizational adjustments and team integration[32]. - The company is actively managing cash flow and optimizing asset allocation to mitigate operational risks and support transformation efforts[33]. - The company introduced the "Healthy Growth Coefficient" concept to focus on both revenue growth and business health (profit margins) in 2021[35]. - The company plans to enhance its focus on vocational education, university education, quality education, and international education, while optimizing its organizational structure[44]. - The company has shifted its focus towards vocational education, university student education, and international and foundational education, forming a new business structure[58]. - The company has implemented a transformation of its traditional academic training business to align with the "double reduction" policy, enhancing its service offerings[58]. - The company plans to focus on vocational education, university education, quality education, and international and basic education as part of its new business strategy[83]. Market Trends and Challenges - The vocational education market in China reached a scale of 700 billion CNY in 2021, with non-degree vocational education accounting for approximately 460 billion CNY, and is expected to grow at a rate of around 12% over the next three years[37]. - The market size for university education is approximately 1,414.4 billion CNY, with a trend of increasing enrollment in standardized examinations and a growing number of candidates for postgraduate studies[38]. - Following the "Double Reduction" policy, the number of offline subject training institutions in the compulsory education stage decreased from 124,000 to 9,728, a reduction rate of 92.14%[39]. - The company anticipates increased competition in the university education sector due to the entry of leading educational institutions[85]. - The company recognizes the growing demand for international talent in China, which is expected to drive the international education sector[88]. - In 2021, approximately 77.83% of the company's revenue came from K12 education services, which are now facing significant regulatory challenges due to new policies[99]. Operational Efficiency and Management - The company has enhanced its operational management of teaching centers, upgrading facilities and optimizing management processes to improve the learning experience[46]. - The company has implemented a salary policy that links employee income to job responsibilities and performance, ensuring alignment with company operating results[135]. - The company has established four major training programs to enhance employee skills and support talent development[136]. - The organization will implement a project performance management system to enhance value creation and ensure alignment with strategic goals[95]. - The company is committed to optimizing its organizational structure to support business transformation and improve operational efficiency[94]. Governance and Compliance - The board of directors consists of 11 members, including 4 independent directors, which is more than one-third of the total board[104]. - The supervisory board has 5 members, including 2 employee supervisors, complying with legal requirements[105]. - The company emphasizes social responsibility and actively cooperates with stakeholders to balance interests and promote sustainable development[105]. - The company has established a robust internal control system, regularly evaluating and improving its internal control measures[106]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication with shareholders and stakeholders[106]. - The company has not encountered any incidents of insider information leakage during the reporting period[107]. - The company has made significant efforts to maintain transparency and fairness in its information disclosure practices[107]. Shareholder and Capital Management - The company reported a total of 1,820,174 shares held at the beginning of the reporting period, which decreased to 1,375,374 shares by the end, reflecting a reduction of 444,800 shares due to secondary market sell-offs[113]. - The total pre-tax remuneration for the independent directors was 11.90 million yuan each, while the total pre-tax remuneration for the executive vice president was 116.44 million yuan[112]. - The company has repurchased 13,700,040 shares, accounting for 4.7810% of total shares, with a total expenditure of approximately ¥300.51 million for employee stock incentives[140]. - A second share repurchase plan was approved, with 13,053,500 shares bought back, representing 4.5554% of total shares, at a cost of approximately ¥188.41 million[141]. - The company has repurchased a total of 26,753,540 shares, accounting for 9.3365% of the total share capital, through two buyback programs[189]. - Shanghai Changjia Investment Co., Ltd. is the largest shareholder, holding 24,019,215 shares, which is 8.38% of the total[187]. - The second-largest shareholder, CICC Investment Group Co., Ltd., holds 23,988,074 shares, representing 8.37%[187]. - The company has not reported any changes in its share capital structure during the reporting period[183]. Legal and Regulatory Matters - The company is involved in a significant lawsuit regarding a loan contract dispute with Shanghai Sailing Flag Management Consulting Center, with the case number (2021) Hu 74 Min Chu 11[168]. - The company has no significant litigation or arbitration matters pending, indicating a stable legal standing[169]. - The company has not faced any delisting risks or bankruptcy restructuring issues during the reporting period[169]. - The company has disclosed no major related party transactions that have not been reported previously, ensuring transparency in operations[173].

Financial Performance - The company's operating revenue for Q3 2021 was ¥431,702,645.91, a decrease of 21.99% compared to the same period last year[7]. - The net profit attributable to shareholders for Q3 2021 was -¥11,723,232.76, representing a decline of 229.50% year-on-year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2021 was -¥34,794,968.14, a decrease of 482.30% compared to the previous year[7]. - The basic earnings per share for Q3 2021 was -¥0.0451, down 235.99% year-on-year[7]. - Total operating revenue for the first three quarters of 2021 was CNY 1,333,355,535.57, a slight decrease of 0.03% compared to CNY 1,338,796,930.95 in the same period of 2020[25]. - Net profit for the first three quarters of 2021 was CNY 180,188,172.73, compared to a net loss of CNY 110,238,702.42 in the same period of 2020[26]. - The net profit attributable to shareholders of the parent company was CNY 157,342,898.47, recovering from a loss of CNY 71,109,007.08 in the previous year[27]. - Earnings per share for the third quarter was CNY 0.5972, a significant improvement from a loss of CNY 0.2606 per share in the same quarter of 2020[27]. Assets and Liabilities - Total assets at the end of Q3 2021 were ¥2,338,548,438.06, a decrease of 6.42% from the end of the previous year[7]. - Cumulative total assets as of September 30, 2021, amounted to RMB 2,338,548,438.06, a decrease from RMB 2,498,891,157.17 as of December 31, 2020[21]. - Total current assets decreased to RMB 1,012,907,182.83 from RMB 1,532,545,952.41 as of December 31, 2020[21]. - Total current liabilities decreased to RMB 1,324,384,529.76 from RMB 1,830,069,897.58 as of December 31, 2020[22]. - The total liabilities amounted to CNY 1,735,110,850.09, a decrease from CNY 1,845,784,618.29 year-over-year[24]. - Total liabilities rose to CNY 1.83 billion, compared to CNY 2.09 billion, indicating a slight increase in financial obligations[36]. - The total assets and equity combined were reported at 2,498,891,157.17, a decrease of 553,195,919.17 compared to the last report[37]. Cash Flow - The company reported a net cash flow from operating activities of -¥152,490,285.31 for the year-to-date[7]. - Cash inflow from operating activities totaled CNY 1,166,592,706.15, down from CNY 1,448,956,711.04 in the previous year[30]. - Net cash outflow from operating activities was CNY 152.49 million, compared to CNY 72.88 million in the previous year, indicating a decline in operational cash flow[31]. - The ending balance of cash and cash equivalents decreased to CNY 323.38 million from CNY 701.31 million, indicating a liquidity contraction[32]. - The company reported a significant reduction in cash and cash equivalents, which fell to RMB 323,877,746.74 from RMB 893,916,771.86[20]. Strategic Focus - The company attributed the decline in net profit to the impact of the "double reduction" policy[10]. - The company has adjusted its strategy in response to the "double reduction" policy affecting K12 education, focusing on business transformation[16]. - The company is focusing on the gradual recovery of its teaching business and the disposal of idle assets[11]. - The company plans to implement new leasing standards starting from 2021, which may impact future financial reporting[32]. - The company plans to increase shareholding by at least 0.5% and up to 5% of the total share capital within the next six months[15]. Shareholder Equity - The equity attributable to shareholders at the end of Q3 2021 was ¥536,486,754.26, down 4.42% from the previous year[7]. - Total equity attributable to shareholders of the parent company was CNY 536,486,754.26, down from CNY 561,279,161.66 in the previous year[24]. - The company reported an undistributed profit of -4,122,356.28, showing a significant decline from -43,379,174.53 in the previous period[37]. - The total equity, including minority interests, was 653,106,538.88, down by 42,270,833.45 compared to the last report[37].

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥901.65 million, representing a year-on-year increase of 14.80% compared to ¥785.44 million in the same period last year[22]. - The net profit attributable to shareholders of the listed company reached approximately ¥169.07 million, a significant increase of 310.91% from a loss of ¥80.16 million in the previous year[22]. - The net cash flow from operating activities improved to approximately ¥150.54 million, up 176.83% from a negative cash flow of ¥195.95 million in the same period last year[22]. - The basic earnings per share for the first half of 2021 was ¥0.6373, compared to a loss of ¥0.2938 per share in the same period last year, marking an increase of 316.92%[24]. - The total assets of the company at the end of the reporting period were approximately ¥2.78 billion, an increase of 11.19% from ¥2.50 billion at the end of the previous year[22]. - The company's net assets attributable to shareholders were approximately ¥559.66 million, a slight decrease of 0.29% from ¥561.28 million at the end of the previous year[22]. - The weighted average return on net assets increased to 30.71%, up 44.99 percentage points from -14.28% in the same period last year[24]. - The company reported a substantial increase in investment income of 350.27%, amounting to 80.04 million RMB, primarily from subsidiary disposals[42]. - The company reported a significant increase in trading financial assets, rising to ¥430.61 million from ¥146.53 million, marking an increase of approximately 194%[112]. - The company reported a total of 131,730,258.66 RMB in owner contributions during the period, indicating active capital inflow[146]. Revenue Sources and Business Segments - The company achieved a revenue of 902 million, representing a year-on-year growth of 14.80%[35]. - The company's education training business achieved revenue of 850 million RMB, accounting for 94.25% of total revenue, with subject training contributing approximately 80.68%[37]. - Approximately 80.68% of the company's revenue is derived from K12 subject education, indicating a heavy reliance on this segment[61]. - The company attributed the revenue growth to the effective control of the COVID-19 pandemic, allowing business operations to resume normal activities[25]. - The improvement in net profit was due to the reduced impact of the pandemic and the recovery of the company's teaching business profitability[25]. Operational Efficiency and Strategy - The company has implemented a new marketing transformation and established a centralized management system for its campuses to enhance operational efficiency[35]. - The company is focusing on expanding its vocational education, international education, and quality education sectors in response to regulatory changes[32]. - The company is advancing technology empowerment by improving its information systems and integrating various platforms to support business development[36]. - The company has adjusted its organizational structure to better align with strategic goals and improve collaboration among departments[36]. - The company is actively responding to the "Double Reduction" policy by positioning itself as a beneficial supplement to the national education system[32]. Challenges and Risks - The company faces significant challenges due to the "Double Reduction" policy, which imposes strict regulations on extracurricular academic training, potentially impacting future revenue streams[60]. - The ongoing COVID-19 pandemic poses risks to the company's offline teaching operations, necessitating a shift to online education methods[62]. - The company anticipates significant impacts on its subject training business due to the "double reduction" policy, affecting operational models and cash flow[40]. Shareholder and Capital Structure - The total number of ordinary shareholders as of the end of the reporting period was 13,679[98]. - The top ten shareholders hold a total of 47,527,730 shares, accounting for 16.59% of the company's total share capital[103]. - The company has repurchased a total of 26,753,540 shares, which is 9.3365% of the total share capital[102]. - The company repurchased a total of 13,700,040 shares, accounting for 4.7810% of the total share capital, with a total repurchase amount of approximately 300.51 million yuan[70]. Legal and Compliance Matters - The company is involved in a civil lawsuit regarding a loan contract dispute with Shanghai Sailinqi Education Management Consulting Center, with the principal amount of the loan being 113 million RMB and interest of 9.04 million RMB involved[88]. - The company has recognized a provision for expected liabilities amounting to 116 million RMB related to the loan provided to Shanghai Sailinqi Education Management Consulting Center[89]. - The company guarantees that the equity held by Shanghai Qiran Education Management Consulting Co., Ltd. in Angli Technology is free from any pledges or restrictions[85]. - The commitment to avoid related party transactions will remain effective until the company is no longer a major shareholder or listed on the Shanghai Stock Exchange[83]. Philanthropy and Social Responsibility - The company has been actively involved in educational philanthropy, training nearly 1,000 rural teachers through its "Rural Teacher Public Welfare Program"[75]. - The company established a dedicated charity fund account for donations to impoverished students, with a donation of over 50,000 yuan in educational materials to a school in Tibet[75]. - The company is exploring a "Party Building + Public Welfare" model, launching the "Angli Neighborhood Public Welfare Classroom" to provide tailored interest classes for residents[76]. Financial Reporting and Accounting Practices - The company adheres to the accounting standards set by the Ministry of Finance and relevant regulations for financial reporting[157]. - The company confirms its ability to continue as a going concern for at least 12 months from the reporting date[158]. - The company prepares consolidated financial statements as a single accounting entity, eliminating internal transactions and adjusting for any inconsistencies in accounting policies among subsidiaries[165]. - The company recognizes cash equivalents as short-term, highly liquid investments that are easily convertible to known amounts of cash[171]. Asset Management and Investments - The company disposed of low-efficiency assets, resulting in an asset disposal gain of 103.48 million RMB, a 196.72% increase year-on-year[43]. - The company has upgraded its early childhood education business to "Kaiton Children's Growth Center," focusing on core competencies and diverse product offerings[38]. - The company provided a loan of 2.27 million RMB to Astrum Education Limited in the UK to support its working capital needs[94].

Financial Performance - The company's total revenue for 2020 was ¥1,808,927,139.78, a decrease of 24.35% compared to ¥2,391,323,310.58 in 2019[22] - The net profit attributable to shareholders for 2020 was -¥248,473,615.01, a decline of 558.82% from a profit of ¥54,154,723.85 in 2019[22] - The net cash flow from operating activities was -¥73,666,718.06, showing an improvement of 14.51% compared to -¥86,169,482.06 in 2019[22] - The total assets decreased by 7.84% to ¥2,498,891,157.17 at the end of 2020, down from ¥2,711,382,027.57 in 2019[22] - The net assets attributable to shareholders were ¥561,279,161.66 at the end of 2020, a decrease of 38.66% from ¥915,066,387.43 in 2019[22] - The basic earnings per share for 2020 was -¥0.91, a decrease of 578.95% from ¥0.19 in 2019[23] - The weighted average return on equity was -32.85% for 2020, a decrease of 37.81 percentage points from 4.96% in 2019[23] - The company reported a net profit attributable to shareholders of -248 million RMB for the year[39] - The company’s revenue from the education and training sector was CNY 152,141.89 million, a decrease of 25.70% compared to the previous year, with a gross margin of 35.29%[53] - The gross margin for the education training sector decreased by 8.3 percentage points compared to the previous year[53] Operational Changes - The company transitioned offline courses to online formats during the pandemic, optimizing online course products and enhancing the technical platform[40] - The ongoing COVID-19 pandemic has accelerated the shift towards online education, increasing competition and leading to a greater focus on OMO (online merge offline) products[31] - The company has faced significant risks as detailed in the annual report, which investors are advised to consider[8] - The education training industry is experiencing a shift towards online and offline integration (OMO), with K12 live classes becoming a significant growth area, creating high competitive barriers[77] - The company is focused on a "3+3" strategic implementation plan to enhance business health and service quality amid ongoing pandemic challenges[47] Strategic Initiatives - The company aims to enhance its brand influence and become a leading education service provider in China by upgrading core products and improving internal business collaboration[33] - The company plans to implement a "3+3" strategic plan, focusing on enhancing K12 training capabilities and expanding nationwide while leveraging technology[80] - The company is targeting expansion into lower-tier cities, where there is a lack of branded educational services, to capture untapped market demand[79] - The company will enhance its digital management system and continuously upgrade its online and offline business models to adapt to changing customer needs[80] - The company has established a product discipline department to enhance product management and launched joint product development initiatives[43] Investments and Acquisitions - The company has made several equity investments in K12 education businesses, with total registered capital contributions amounting to CNY 3,880 million[62] - Shanghai New Nanyang Angli Education Technology Co., Ltd. completed the acquisition of 432,007 shares of CHUNGDAHMLearning, Inc., representing 5.63% of the total share capital, for a transaction amount of RMB 40 million[68] - The company has completed the transfer of 51% equity in Shandong Jinze Angyang Education Technology Co., Ltd. for RMB 400 million[64] - The company has successfully completed the acquisition of 51% of Yulun Education, with a performance commitment of a net profit of no less than 15.2 million yuan for 2019, which was achieved[113] Shareholder and Governance Matters - The company does not have a controlling shareholder or actual controller, as confirmed by the shareholders' independent decision-making rights[158] - The company has maintained a diverse shareholder structure, preventing any single shareholder from significantly influencing board decisions[161] - The total number of shares held by the board members at the beginning of the reporting period was 2,836,982, which decreased to 2,148,982 by the end of the period, reflecting a reduction of 688,000 shares[167] - The company’s independent directors have extensive backgrounds in finance and management, enhancing governance and strategic oversight[168] - The company received disciplinary actions from the Shanghai Stock Exchange due to violations in information disclosure and inaccurate annual performance forecasts, resulting in public reprimands for key executives[119] Financial Management and Compliance - The company will strictly manage the use of raised funds in accordance with relevant laws and regulations, ensuring that they are not used for major investments or asset purchases[107] - The company has established a commitment period of three years for the non-public offering[106] - The financial statements for the year ended December 31, 2020, were prepared in accordance with accounting standards and fairly reflect the company's financial position[200] - The internal control audit report received a standard unqualified opinion, indicating no significant deficiencies were found[197] Employee and Talent Management - The total number of employees in the company and its main subsidiaries is 5,383, with 5,175 in subsidiaries and 208 in the parent company[180] - The company implements a salary policy that links employee income to job responsibilities and company performance, ensuring a dynamic salary adjustment mechanism[181] - A four-tier talent training system was established in 2020 to enhance organizational capabilities and accelerate talent development[182] Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of 25% and aiming to reach $1.875 billion[102] - New product launches are expected to contribute an additional $200 million in revenue, with a focus on innovative technology solutions[102] - The company plans to enhance its organizational capabilities and optimize its management structure to improve operational efficiency and team vitality[84]

Financial Performance - Net profit attributable to shareholders increased by 384.15% to CNY 51,596,095.58, reflecting a recovery in teaching business profitability[9] - Operating revenue grew by 23.32% to CNY 484,534,901.72, primarily due to the resumption of normal business operations after the pandemic[9] - Basic earnings per share rose by 404.26% to CNY 0.1929[9] - The company reported a net profit of 24,882,980.73 RMB, compared to a loss of 4,122,356.28 RMB in the previous period, indicating a turnaround in profitability[38] - Net profit for Q1 2021 was CNY 67,018,624.47, compared to a net loss of CNY 32,326,019.45 in Q1 2020, marking a significant turnaround[47] - The operating profit for Q1 2021 was CNY 57,497,870, a turnaround from an operating loss of CNY 760,365 in Q1 2020[51] - The net profit for Q1 2021 reached CNY 57,497,870, compared to a net loss of CNY 760,365 in the same period last year[51] Asset Management - Total assets increased by 9.45% to CNY 2,735,121,668.04 compared to the end of the previous year[8] - As of March 31, 2021, the company's total assets included RMB 58,132.18 million in right-of-use assets due to the implementation of new leasing standards[20] - The company's current assets decreased to 1,294,924,556.13 RMB from 1,532,545,952.41 RMB at the end of 2020, reflecting a decline of approximately 15.5%[35] - The company's total assets amounted to 2,735,121,668.04 RMB, an increase from 2,498,891,157.17 RMB at the end of 2020[38] - Total assets rose to CNY 2,224,089,542.05 from CNY 1,794,197,267.81, an increase of 24.0%[42] Liabilities and Equity - The company's total liabilities increased to 2,195,483,042.99 RMB from 1,845,784,618.29 RMB, indicating a rise of about 19%[38] - The company's non-current liabilities increased significantly to 635,501,886.36 RMB from 15,714,720.71 RMB, reflecting a substantial rise[38] - The company's equity attributable to shareholders decreased to 514,362,407.55 RMB from 561,279,161.66 RMB, a decline of approximately 8.3%[38] - Total liabilities increased to CNY 1,518,080,041.04 from CNY 1,073,051,174.11, a rise of 41.5%[43] Cash Flow - Net cash flow from operating activities improved by 85.67%, reaching CNY -28,479,581.61, indicating better cash collection[9] - The net cash flow from operating activities for Q1 2021 improved to RMB -2,847.96 million, an 85.67% increase from RMB -19,869.20 million in the previous year[23] - Cash inflow from operating activities in Q1 2021 was CNY 481,130,419, an increase from CNY 352,162,084 in Q1 2020[53] - The net cash flow from operating activities was negative at CNY -28,479,582 in Q1 2021, an improvement from CNY -198,691,984 in Q1 2020[54] Shareholder Information - The number of shareholders reached 12,014 by the end of the reporting period[12] - The top shareholder, Shanghai Jiao Tong University Industry Investment Management (Group) Co., Ltd., holds 10.13% of shares[13] Strategic Initiatives - The company continues to focus on asset disposal and improving operational efficiency as part of its strategic initiatives[10] - The company has signed a four-party supervision agreement for the storage of raised funds, reallocating 68.17 million RMB from the vocational education project to the K12 education project[29] Investment Activities - The company reported an investment income of RMB 4,567.90 million for Q1 2021, a significant increase of 581.27% compared to RMB 670.50 million in the same period last year[22] - The company completed the sale of equity stakes in Shanghai Zhongjing and Jiangsu Nanyang, receiving an initial payment of RMB 28.18 million[25] - The company agreed to sell 100% equity of Kunshan New Nanyang Education Development Co., Ltd. for a transaction price of 100 million RMB, receiving 70 million RMB as of the report date[28] Compliance and Legal Matters - The company is in the process of enforcing a court ruling against a partner for a loan repayment of RMB 113 million and interest of RMB 9.04 million[24] - The company has agreed to provide a loan of GBP 250,000 (approximately RMB 22.59 million) to ASTRUM EDUCATION LIMITED at an interest rate of 6%[26] Operational Efficiency - The company's accounts receivable decreased by 70.34% to RMB 31.51 million from RMB 106.26 million due to the sale of subsidiaries[20] - The company’s development expenditure increased by 166.74% to RMB 1,656.07 million, reflecting a return to normal operations after COVID-19 disruptions[20]