科德教育(300192) - 2024 Q3 - 季度财报

I. Main Financial Data Key Accounting Data and Financial Indicators The company reported slight growth in operating revenue and net profit attributable to parent company shareholders, with a year-on-year decrease in net cash flow from operating activities Key Financial Indicators for Q3 2024 and Year-to-Date | Indicator | Current Period (Q3 2024) | YoY Change (Q3 2024 vs Q3 2023) | Year-to-Date (YTD 2024) | YoY Change (YTD 2024 vs YTD 2023) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 208,285,184.90 | 1.98% | 578,458,818.90 | 3.15% | | Net Profit Attributable to Shareholders (RMB) | 43,433,669.72 | 3.73% | 106,239,432.17 | 6.71% | | Net Profit Attributable to Shareholders (Excluding Non-recurring G&L) (RMB) | 43,128,973.76 | 1.53% | 105,081,255.93 | 5.13% | | Net Cash Flow from Operating Activities (RMB) | -- | -- | 196,351,788.89 | -22.00% | | Basic EPS (RMB/share) | 0.132 | 3.77% | 0.3228 | 6.71% | | Diluted EPS (RMB/share) | 0.132 | 3.77% | 0.3228 | 6.71% | | Weighted Average ROE | 4.93% | -0.37% | 12.11% | -0.50% | | End of Current Period | | | End of Previous Year | Change from End of Previous Year | | Total Assets (RMB) | 1,222,416,908.58 | | 1,161,494,345.94 | 5.25% | | Total Equity Attributable to Shareholders (RMB) | 852,556,368.34 | | 885,920,635.79 | -3.77% | Non-recurring Gains and Losses Items and Amounts The company reported non-recurring gains and losses for the current period and year-to-date, which collectively had a positive impact on net profit Non-recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (RMB) | Amount for Year-to-Date (RMB) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 14,392.28 | 311,959.94 | | Government Grants Recognized in Current P&L | 360,283.21 | 1,058,945.98 | | Other Non-operating Income/Expenses (Excluding above) | -65,475.05 | -79,487.03 | | Less: Income Tax Impact | 4,504.48 | 133,242.65 | | Total | 304,695.96 | 1,158,176.24 | Changes and Reasons for Key Accounting Data and Financial Indicators This section explains significant changes in financial indicators, including decreased ROE, increased prepayments and contract liabilities, and variations in investment gains/losses and net cash flow - From January to September 2024, the weighted average return on equity decreased by 0.50% year-on-year, primarily due to the recognition of investment losses from the investment in Zhonghaoxinying during the reporting period[5] - Prepayments increased by RMB 50.21 million from the beginning of the year, a 2130.79% increase, mainly due to the payment of the 2024 semi-annual dividend to China Securities Depository and Clearing Corporation Limited Shenzhen Branch during the current reporting period[5] - Contract liabilities increased by RMB 60.96 million from the beginning of the year, a 91.30% increase, primarily due to increased advance tuition fees from students during the current reporting period[5] - Investment gains and losses for January to September 2024 decreased by 11978.64% year-on-year, primarily due to the company recognizing an investment loss of RMB 5.98 million from its equity investment in Zhonghaoxinying based on its shareholding ratio[6] - Net cash flow from operating activities for January to September 2024 decreased by 22% year-on-year, mainly due to an increase in cash paid for other operating activities during the current reporting period[6] II. Shareholder Information Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings At the end of the reporting period, the company had 28,761 common shareholders, with Wu Xianliang being the largest among the top ten, holding only restricted shares - At the end of the reporting period, the total number of common shareholders was 28,761[7] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Wu Xianliang | Domestic Natural Person | 27.57% | 90,750,000 | 90,750,000 | | MA LIANGMING | Foreign Natural Person | 9.00% | 29,619,897 | 22,214,998 | | Dong Bing | Domestic Natural Person | 2.43% | 8,010,000 | 6,007,500 | Total Number of Preferred Shareholders and Top 10 Preferred Shareholders' Holdings The company has no preferred shareholders - The company has no preferred shareholders[9] Changes in Restricted Shares The company's total restricted shares increased during the period, driven by changes in executive restricted shares, specifically an increase for Wu Xianliang and a decrease for Dong Bing Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period (shares) | Shares Added to Restriction in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Xianliang | 70,181,011 | -2,118,511 | 22,687,500 | 90,750,000 | Executive Restricted Shares | | Dong Bing | 7,200,000 | -1,192,500 | 0 | 6,007,500 | Executive Restricted Shares | | Total | 77,381,011 | -3,311,011 | 22,687,500 | 96,757,500 | -- | III. Other Significant Matters 2024 Semi-Annual Profit Distribution Plan The company approved its 2024 semi-annual profit distribution plan, proposing a cash dividend of RMB 1.5 (tax inclusive) for every 10 shares - Based on the current total share capital of 329,143,329 shares, the company will distribute a cash dividend of RMB 1.5 (tax inclusive) for every 10 shares to all shareholders, totaling RMB 49,371,499.35 (tax inclusive)[10] Capital Increase and Share Expansion of Associate Company Zhonghaoxinying and Company's Waiver of Pre-emptive Rights Associate company Zhonghaoxinying underwent capital increase and share expansion with new investors; the company waived its pre-emptive rights, diluting its stake from 7.7971% to 6.5014% - Zhonghaoxinying introduced strategic investors through multiple rounds of capital increase and share expansion, and the company waived its pre-emptive rights for this round of capital increase based on its business development plan[10][11] - Following the capital increase, Kede Education's shareholding in Zhonghaoxinying will be diluted from 7.7971% to 6.5014%[10][11] - The company's waiver of pre-emptive rights will not adversely affect its financial position, operating results, or going concern ability, nor does it harm the interests of the company and its shareholders[11] Completion of Share Reduction Plan by Shareholder Holding Over 5% Shareholder Ma Liangming (MA LIANGMING), holding over 5%, completed his share reduction plan, divesting 3,280,000 shares, or 0.9965% of total share capital - Shareholder Ma Liangming (MA LIANGMING), holding over 5%, reduced his stake by 3,280,000 shares through centralized bidding[12] - This share reduction represented 0.9965% of the company's total share capital, and the plan has been completed[12] IV. Quarterly Financial Statements Financial Statements This subsection presents the company's unaudited consolidated balance sheet, income statement, and cash flow statement, providing core financial performance data Consolidated Balance Sheet As of the reporting period end, total assets reached RMB 1.22 billion, up 5.25% from the period start, with total current liabilities significantly increasing to RMB 362.97 million Key Consolidated Balance Sheet Item Changes | Item | Period-End Balance (RMB) | Period-Start Balance (RMB) | Change (RMB) | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 353,314,642.54 | 294,305,034.33 | 59,009,608.21 | 20.05% | | Prepayments | 52,565,606.43 | 2,356,365.93 | 50,209,240.50 | 2130.79% | | Other Receivables | 28,571,443.41 | 15,567,435.06 | 13,004,008.35 | 83.53% | | Total Current Assets | 702,232,652.66 | 584,880,311.89 | 117,352,340.77 | 20.06% | | Long-term Equity Investments | 139,898,506.34 | 145,876,559.31 | -5,978,052.97 | -4.10% | | Right-of-Use Assets | 38,746,372.14 | 56,004,251.70 | -17,257,879.56 | -30.82% | | Deferred Income Tax Assets | 5,349,252.23 | 11,317,545.28 | -5,968,293.05 | -52.73% | | Total Non-current Assets | 520,184,255.92 | 576,614,034.05 | -56,429,778.13 | -9.79% | | Total Assets | 1,222,416,908.58 | 1,161,494,345.94 | 60,922,562.64 | 5.25% | | Notes Payable | 0.00 | 20,284,063.45 | -20,284,063.45 | -100.00% | | Contract Liabilities | 127,718,192.94 | 66,762,293.87 | 60,955,899.07 | 91.30% | | Other Payables | 56,332,765.01 | 10,234,873.94 | 46,097,891.07 | 450.40% | | Total Current Liabilities | 362,974,765.10 | 258,878,907.72 | 104,095,857.38 | 40.21% | | Lease Liabilities | 11,488,279.92 | 20,469,405.50 | -8,981,125.58 | -43.88% | | Total Liabilities | 374,761,635.51 | 279,646,903.71 | 95,114,731.80 | 34.01% | | Total Equity Attributable to Parent Company Shareholders | 852,556,368.34 | 885,920,635.79 | -33,364,267.45 | -3.77% | Consolidated Income Statement from Year-to-Date Year-to-date, total operating revenue reached RMB 578.46 million, up 3.15%, and net profit attributable to parent company shareholders was RMB 106.24 million, up 6.71%, despite a significant decrease in investment income Key Consolidated Income Statement Item Changes (Year-to-Date) | Item | Current Period Amount (RMB) (YTD 2024) | Prior Period Amount (RMB) (YTD 2023) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 578,458,818.90 | 560,803,838.23 | 3.15% | | Total Operating Costs | 450,913,111.67 | 441,350,125.43 | 2.17% | | Taxes and Surcharges | 2,784,214.99 | 4,019,195.17 | -30.73% | | Selling Expenses | 20,618,551.14 | 22,956,481.29 | -10.20% | | Financial Expenses | 636,176.60 | -1,158,831.86 | 154.90% | | Other Income | 2,386,505.65 | 90,958.35 | 2523.73% | | Investment Gains and Losses (Losses indicated by "-") | -5,979,351.15 | 50,337.00 | -11978.64% | | Credit Impairment Losses (Losses indicated by "-") | 1,811,032.66 | -1,107,240.35 | 263.56% (Decrease) | | Gains on Disposal of Assets (Losses indicated by "-") | 295,439.10 | 76,266.01 | 287.38% | | Total Profit | 126,491,232.77 | 118,512,043.91 | 6.73% | | Net Profit | 104,046,730.83 | 96,460,239.83 | 7.86% | | Net Profit Attributable to Parent Company Shareholders | 106,239,432.17 | 99,554,640.03 | 6.71% | | Basic Earnings Per Share | 0.3228 | 0.3025 | 6.71% | Consolidated Cash Flow Statement from Year-to-Date Year-to-date, net cash flow from operating activities decreased by 22.00% to RMB 196.35 million, while investing activities significantly improved, and financing activities saw increased outflows due to dividend distribution Key Consolidated Cash Flow Statement Item Changes (Year-to-Date) | Item | Current Period Amount (RMB) (YTD 2024) | Prior Period Amount (RMB) (YTD 2023) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 196,351,788.89 | 251,724,053.61 | -22.00% | | Net Cash Flow from Investing Activities | -6,551,671.49 | -119,402,654.32 | 94.51% (Decreased Outflow) | | Net Cash Flow from Financing Activities | -129,808,500.18 | -85,089,064.00 | -52.56% (Increased Outflow) | | Net Increase in Cash and Cash Equivalents | 58,452,928.81 | 46,683,787.09 | 25.22% | Adjustments to Financial Statement Items at the Beginning of the First Year of Adopting New Accounting Standards from 2024 The company adopted new accounting standards from 2024, but reported no related financial statement item adjustments during the current period - The company has no adjustments to financial statement items at the beginning of the first year of adopting new accounting standards from 2024[20] Audit Report The company's third-quarter report is unaudited - The company's third-quarter report is unaudited[21]