Action Education(605098)2024-08-08 08:37Financial Performance - Revenue for the first half of 2024 reached 389,434,954.21 yuan, a 35.16% increase compared to the same period last year[14] - Net profit attributable to shareholders of the listed company was 136,187,995.87 yuan, up 29.19% year-on-year[14] - Basic earnings per share increased by 29.21% to 1.15 yuan per share compared to the same period last year[15] - Diluted earnings per share also increased by 29.21% to 1.15 yuan per share[15] - Basic earnings per share excluding non-recurring gains and losses increased by 38.55% to 1.15 yuan per share[15] - Weighted average return on equity increased by 3.75 percentage points to 13.51%[15] - Weighted average return on equity excluding non-recurring gains and losses increased by 4.43 percentage points to 13.52%[15] - Revenue increased by 35.16% to 389.44 million yuan, with a net profit attributable to the parent company of 136.19 million yuan, up 29.19%[32] - Total assets reached 2.14 billion yuan, an increase of 2.24%, and net assets attributable to shareholders were 979.52 million yuan, up 2.13%[32] - The company implemented a 2023 annual dividend distribution of 10 yuan per 10 shares, totaling 118.08 million yuan[32] - Revenue for the first half of 2024 reached 278,924,693.26 RMB, a significant increase from 210,988,140.11 RMB in the same period of 2023[92] - Net profit for the first half of 2024 was 128,512,014.47 RMB, compared to 102,400,285.94 RMB in the first half of 2023[94] - Operating cash flow for the first half of 2024 was 174,118,730.31 RMB, a decrease from 239,774,221.02 RMB in the same period of 2023[95] - Basic earnings per share (EPS) for the first half of 2024 was 1.15 RMB, up from 0.89 RMB in the first half of 2023[91] - Total comprehensive income for the first half of 2024 was 138,024,435.43 RMB, compared to 105,234,569.92 RMB in the same period of 2023[91] - Interest income for the first half of 2024 was 11,836,819.56 RMB, slightly down from 12,715,410.08 RMB in the first half of 2023[92] - The company received 451,629,221.13 RMB from sales of goods and services in the first half of 2024, up from 405,283,131.36 RMB in the same period of 2023[95] - Total cash inflows from operating activities in the first half of 2024 were 464,251,129.83 RMB, compared to 436,950,885.24 RMB in the first half of 2023[95] - Net cash flow from operating activities decreased to 176.64 million yuan in the first half of 2024, compared to 232.94 million yuan in the same period last year[98] - Net cash flow from investing activities was -216.67 million yuan in the first half of 2024, a significant decline from 45.35 million yuan in the same period last year[98] - Net cash flow from financing activities was -122.44 million yuan in the first half of 2024, an improvement from -200.40 million yuan in the same period last year[98] - Total cash and cash equivalents at the end of the period decreased to 547.50 million yuan, down from 585.07 million yuan at the end of the previous period[99] - Revenue from sales of goods and services was 326.53 million yuan in the first half of 2024, a slight decrease from 348.76 million yuan in the same period last year[98] - Cash received from other investment-related activities was 310.00 million yuan in the first half of 2024, down from 465.94 million yuan in the same period last year[98] - Cash paid for investments was 645.00 million yuan in the first half of 2024, an increase from 547.00 million yuan in the same period last year[98] - Total owner's equity increased by 22.16 million yuan in the first half of 2024, reaching 962.48 million yuan[100] - Comprehensive income for the period was 138.02 million yuan, contributing significantly to the increase in owner's equity[100] - Cash received from minority shareholders' investment was 1.00 million yuan in the first half of 2024, compared to 0.00 million yuan in the same period last year[96] - The company's total owner's equity at the end of the period was RMB 984,644,401.72, with a net loss of RMB 118,078,600.00 allocated to owners (or shareholders)[101] - The company's comprehensive income for the period was RMB 105,234,569.92, with a net profit of RMB 105,418,997.94 attributable to the parent company[102] - The company's total owner's equity at the end of the period was RMB 939,630,876.57, with a net loss of RMB 236,157,200.00 allocated to owners (or shareholders)[103] - The company's capital reserve increased by RMB 1,761,299.58 during the period, mainly due to equity incentives[102] - The company's undistributed profit at the end of the period was RMB 278,246,404.09, a decrease of RMB 130,738,202.06 compared to the beginning of the period[104] - The company's total owner's equity at the end of the first half of 2024 was RMB 829,097,429.17, an increase of RMB 12,347,825.75 compared to the beginning of the period[105][106] - Comprehensive income for the first half of 2024 was RMB 128,512,014.47, contributing significantly to the increase in owner's equity[105] - Capital reserve increased by RMB 1,914,411.28 due to share-based payments during the first half of 2024[105] - Undistributed profits increased by RMB 10,433,414.47 in the first half of 2024, reaching RMB 177,271,332.36[105] - The company's total owner's equity at the end of the first half of 2023 was RMB 929,084,019.72, which decreased by RMB 131,995,614.48 during the period[106] - Comprehensive income for the first half of 2023 was RMB 102,400,285.94, partially offsetting the decrease in owner's equity[106] - Capital reserve increased by RMB 1,761,299.58 due to share-based payments during the first half of 2023[106] - Undistributed profits decreased by RMB 133,756,914.06 in the first half of 2023, primarily due to profit distribution[106] Dividend Distribution - Cash dividend distribution plan: 10 yuan per 10 shares, totaling 118,078,600 yuan, accounting for 86.70% of the net profit attributable to shareholders[3] - The company plans to distribute a cash dividend of RMB 10.00 per share (tax included), totaling RMB 118,078,600, which represents 86.70% of the net profit attributable to shareholders for the first half of 2024[51] - The company's total distributable profit as of June 30, 2024, is RMB 308,625,774.53, with a parent company distributable profit of RMB 177,271,332.36[51] Asset and Liability Changes - Total assets as of June 30, 2024, were 2,143,466,569.43 yuan, a 2.24% increase from the end of the previous year[14] - Operating cash flow for the first half of 2024 was 174,118,730.31 yuan, a decrease of 27.38% compared to the same period last year[14] - Cash and cash equivalents decreased by 3.97% to 1.30 billion yuan, accounting for 60.84% of total assets[36] - Other receivables increased by 61.54% to 3.67 million yuan, reflecting higher business activity[36] - Inventory decreased by 41.45% to 1,682,670.53 yuan, mainly due to the sale of some book inventory[37] - Long-term equity investment increased by 207.06% to 436,288.25 yuan, driven by investment gains from affiliated enterprises[37][38] - Contract liabilities increased by 4.50% to 1,001,017,003.03 yuan, indicating strong future revenue potential[37] - Fixed assets decreased by 2.24% to 160,782,619.33 yuan, reflecting minor adjustments in asset structure[37] - Construction in progress decreased by 94.80% to 484,248.19 yuan, as some projects were completed and transferred to long-term deferred expenses[37] - Long-term deferred expenses increased by 168.50% to 16,036,989.79 yuan, due to the completion of some construction projects[37] - Employee compensation payable decreased by 64.55% to 16,643,887.53 yuan, mainly due to the settlement of year-end bonuses[37] - Taxes payable increased by 33.43% to 31,109,064.79 yuan, driven by higher corporate income tax[37] - The company's investment in Hainan Gongxing Private Equity Fund Partnership (Limited Partnership) amounted to 111,681,581.34 yuan, representing 99.50% of the total investment[42] - The company's subsidiary, Shanghai Action, reported a net profit of 180.80 thousand yuan, with total assets of 38,980.34 thousand yuan[43] - Total assets increased to 2,143,466,569.43 RMB as of June 30, 2024, compared to 2,096,479,278.79 RMB at the end of 2023[83][84][85] - Monetary funds decreased to 1,304,044,429.64 RMB from 1,358,004,999.62 RMB year-over-year[83] - Trading financial assets increased to 539,448,422.48 RMB from 440,141,704.03 RMB, reflecting a growth of 22.6%[83] - Contract liabilities rose to 1,001,017,003.03 RMB from 957,931,191.10 RMB, indicating a 4.5% increase[84] - Total liabilities increased to 1,158,822,167.71 RMB from 1,133,998,637.92 RMB, a 2.2% rise[84][85] - Shareholders' equity grew to 984,644,401.72 RMB from 962,480,640.87 RMB, showing a 2.3% increase[85] - Long-term equity investments increased to 436,288.25 RMB from 142,085.37 RMB, a significant growth of 207%[83] - Fixed assets decreased slightly to 160,782,619.33 RMB from 164,467,137.37 RMB[83] - Prepaid expenses increased to 17,440,100.49 RMB from 14,824,754.12 RMB, a 17.6% rise[83] - Other receivables grew to 3,670,893.83 RMB from 2,272,414.68 RMB, reflecting a 61.5% increase[83] - Total revenue for the first half of 2024 reached 389,434,954.21 RMB, a significant increase from 288,138,225.77 RMB in the same period of 2023[89] - Net profit for the first half of 2024 was 137,596,368.80 RMB, up from 105,126,126.30 RMB in the first half of 2023[90] - Long-term equity investments increased to 264,874,191.08 RMB in 2024 from 262,963,470.06 RMB in 2023[87] - Contract liabilities rose to 800,522,422.05 RMB in 2024, compared to 762,542,912.92 RMB in 2023[87] - Total assets increased to 2,061,007,807.47 RMB in 2024 from 1,983,651,850.80 RMB in 2023[87] - Operating profit for the first half of 2024 was 163,609,798.16 RMB, up from 122,844,638.80 RMB in the same period of 2023[90] - Sales expenses increased to 89,629,233.53 RMB in 2024 from 73,201,863.74 RMB in 2023[89] - Research and development expenses decreased slightly to 10,682,573.56 RMB in 2024 from 11,398,715.78 RMB in 2023[89] - Total liabilities for 2024 were 1,231,910,378.30 RMB, up from 1,166,902,247.38 RMB in 2023[88] - Shareholders' equity increased to 829,097,429.17 RMB in 2024 from 816,749,603.42 RMB in 2023[88] - Sales expenses increased to 31,031,824.16 RMB in the first half of 2024, compared to 19,197,652.69 RMB in the same period of 2023[92] - R&D expenses decreased to 8,729,442.11 RMB in the first half of 2024, down from 10,373,381.26 RMB in the first half of 2023[92] - Accounts receivable bad debt provision decreased by 6,304.78 RMB, with the ending balance at 565,930.60 RMB[159] - Top five accounts receivable and contract assets at the end of the period totaled 506,082.99 RMB, accounting for 77.50% of the total[161] - Prepayments increased to 17,440,100.49 RMB, with 92.83% of the amount within 1 year[163] - Top five prepayment objects at the end of the period totaled 6,349,272.30 RMB, accounting for 36.41% of the total[164] - Other receivables increased to 3,670,893.83 RMB from 2,272,414.68 RMB at the beginning of the period[165] - Other receivables increased to RMB 10,041,682.68 at the end of the period, up from RMB 8,484,206.39 at the beginning of the period, with a significant portion (39.89%) attributed to Shanghai Honglin Technology Co., Ltd[167][170] - Bad debt provision for other receivables increased to RMB 6,370,788.85 at the end of the period, up from RMB 6,211,791.71 at the beginning, with an additional provision of RMB 158,997.14 during the period[169][170] - Inventory decreased to RMB 3,262,354.63 at the end of the period, down from RMB 4,353,492.92 at the beginning, with inventory impairment provision increasing to RMB 1,579,684.10 from RMB 1,479,774.65[171][172] - The proportion of inventory impairment provision for items over 3 years old remained at 100%, with a total provision of RMB 1,325,374.79 for such items[172] - Prepaid taxes increased to RMB 3,526,725.37 at the end of the period, up from RMB 2,405,186.16 at the beginning, contributing to an overall increase in other current assets to RMB 4,965,119.42[173] - Long-term equity investment in Ningxia Action Education Technology Co., Ltd. increased by 294,202.88 yuan, reaching a total of 436,288.25 yuan at the end of the period[176] - Other equity instrument investments in Shanghai Fengrui Venture Center (Limited Partnership) increased by 441,932.28 yuan, totaling 41,574,923.51 yuan at the end of the period[178] - Other equity instrument investments in Ningbo Panxi Equity Investment Center (Limited Partnership) increased by 152,806.89 yuan, reaching 4,173,269.55 yuan at the end of the period[178] - Total other equity instrument investments increased by 594,739.17 yuan, reaching 46,192,950.18 yuan at the end of the period[179] - Fixed assets decreased by 3,684,518.04 yuan, from 164,467,137.37 yuan at the beginning of the period to 160,782,619.33 yuan at the end of the period[180] - Accumulated depreciation of fixed assets increased by 4,618,584.15 yuan, reaching 59,836,137.81 yuan at the end of the period[180] - The net book value of fixed assets decreased by 3,684,518.04 yuan, from 164,467,137.37 yuan at the beginning of the period to 160,782,619.33 yuan at the end of the period[181] - The balance of construction in progress at the end of the period was 484,248.19 yuan, a significant decrease from the initial balance of 9,307,180.43 yuan[182] - The Smart Base Construction Project had an initial balance of 8,576,580.00 yuan but was reduced to 0.00 yuan by the end of the period[182] - The Action MOOC Project had an initial balance of 730,600.43 yuan and increased to 484,248.19 yuan by the end of the period[182] - The Smart Base Construction Project had a budget of 45,546.76 thousand yuan, with 3.30% of the budget utilized by the end of the period[183] - The Action MOOC Project had a budget of 8,472.30 thousand yuan, with 2.76% of the budget utilized by the end of the period[183] - The total budget for all projects was 54,019.06 thousand yuan, with a combined utilization rate of 3.30% and 2.76% for the respective projects[183