Revenue and Enrollment - Total revenue for the six months ended June 30, 2021, was RMB 108.63 million, an increase of 33.4% compared to RMB 81.44 million in the same period of 2020[13]. - Tuition fees contributed RMB 92.59 million, up 21.0% from RMB 76.52 million in the previous year[13]. - Accommodation fees increased significantly by 98.4% to RMB 6.98 million from RMB 3.52 million[13]. - The number of students enrolled at Ginkgo Hotel Management College rose to approximately 12,300, a growth of 10.8% from about 11,100 students in the previous academic year[10]. - The graduation rate for the academic year 2020/2021 saw 2,832 students graduate, reflecting a 5.6% increase from the previous year[8]. - Revenue from catering services surged to RMB 4.65 million, a remarkable increase of 1,027.7% from RMB 0.41 million[13]. - Other income sources, primarily from research projects and vocational training, increased to RMB 4.41 million, up 345.3% from RMB 0.99 million[13]. - Revenue increased by approximately 33.4% from RMB 81.4 million for the six months ended June 30, 2020, to RMB 108.6 million for the six months ended June 30, 2021, primarily due to an increase in student enrollment[18]. Financial Performance - Gross profit increased from approximately RMB 41.2 million to RMB 53.3 million, while gross margin slightly decreased from 50.5% to 49.1% due to the lower margin of catering services[20]. - Operating profit increased to RMB 28,308 thousand, up from RMB 21,706 thousand, marking a growth of 30.0%[67]. - Net profit for the period was RMB 22,774 thousand, compared to RMB 20,783 thousand in the previous period, indicating a year-over-year increase of 9.6%[67]. - Basic and diluted earnings per share rose to RMB 0.05, up from RMB 0.04 in the previous period[67]. - The group reported a total operating profit of RMB 38,835,000 for the six months ended June 30, 2021, compared to RMB 32,383,000 in the same period of 2020, reflecting a growth of 20%[106]. Expenses and Losses - Cost of sales rose by approximately 37.3% from RMB 40.3 million to RMB 55.3 million, mainly due to increased student activity expenses and cafeteria purchases following the recovery from COVID-19[19]. - Administrative expenses increased from RMB 21.3 million to RMB 23.1 million, primarily due to operational costs associated with the preparation for the new campus in Nanxi[22]. - Net loss for the six months ended June 30, 2021, was approximately RMB 0.7 million, compared to a net profit of RMB 1.3 million for the same period in 2020, mainly due to unfavorable exchange rates[25]. - Financial expenses net amount for the six months ended June 30, 2021, was RMB (5,271) thousand, compared to RMB (745) thousand for the same period in 2020, indicating a significant increase in financial expenses[109]. Cash Flow and Liquidity - Cash and cash equivalents decreased by approximately 47.3% to RMB 80.4 million as of June 30, 2021, from RMB 152.5 million as of December 31, 2020[33]. - Operating cash outflow for the six months ended June 30, 2021, was RMB 72.3 million, compared to RMB 47.2 million for the same period in 2020[33]. - The group has a liquidity risk management strategy that includes maintaining sufficient cash and cash equivalents, despite current liabilities exceeding current assets by approximately RMB 113,960,000[92]. - The group reported a net cash inflow from financing activities of RMB 23,264 thousand, contrasting with a net cash outflow of RMB (12,227) thousand in the previous period[78]. Debt and Liabilities - Total borrowings increased to approximately RMB 435.1 million as of June 30, 2021, from RMB 398.4 million as of December 31, 2020[34]. - As of June 30, 2021, the group's debt-to-equity ratio was 66.2%, an increase from 47.9% on December 31, 2020[35]. - The group’s total liabilities as of December 31, 2020, were RMB 633,395,000, with significant portions due within one year[94]. - The group reported a total loan liability of RMB 503,454,000 as of June 30, 2021, with RMB 92,887,000 due within one year[94]. Corporate Governance and Compliance - The company has adhered to the corporate governance code, with a board comprising four executive directors and three independent non-executive directors[56]. - The audit committee, consisting of independent non-executive directors, reviewed the unaudited interim condensed consolidated financial information for the six months ending June 30, 2021[64]. - The company continues to ensure compliance with the corporate governance code, despite a deviation regarding the separation of the roles of chairman and CEO[57]. Investments and Capital Expenditures - The company is constructing a new campus in Yibin City, Sichuan Province, with the first phase expected to be operational in the second half of 2021[15]. - The group has capital commitments of approximately RMB 12.5 million related to the investment in the new campus in Nanxi as of June 30, 2021[39]. - The company has capital expenditures of RMB 19.6 million that were contracted but not yet incurred as of December 31, 2020[39]. - The company reported a total of RMB 14,700,000 in advance payments for property, plant, and equipment as of June 30, 2021, compared to RMB 13,790,000 as of December 31, 2020, indicating an increase of approximately 6.6%[141]. Shareholder Structure and Dividends - The company reported a significant shareholder structure, with Vast Universe holding 366,562,500 shares, representing 73.3% of the issued share capital[50]. - GreenTree Hospitality Group Ltd. and its controlled entity, GreenTree Inns Hotel Management Group, Inc., collectively hold 41,336,000 shares, accounting for 8.3% of the issued share capital[50]. - The company did not declare any interim dividends for the six months ending June 30, 2021, as decided in the board meeting held on August 27, 2021[60]. Risk Management - The group faced foreign exchange risks primarily related to USD and HKD, with no current hedging policies in place[40]. - The group’s financial risk factors include market risk, credit risk, and liquidity risk, which are detailed in the annual financial statements[89]. - The group has not experienced any significant changes in risk management policies since the end of the reporting period[90].
银杏教育(01851) - 2021 - 中期财报