Financial Performance - Total revenue for the six months ended November 30, 2022, was RMB 2,080,073,000, a significant increase from RMB 573,509,000 for the same period in 2021[9]. - The adjusted profit for the period was RMB 600,995,000, compared to a loss of RMB 418,955,000 in the previous year[9]. - The adjusted EBITDA for the period was RMB 686,246,000, compared to a loss of RMB 348,363,000 in the previous year[9]. - The net profit from continuing and discontinued operations turned from a net loss of RMB 544.0 million for the six months ended November 30, 2021, to a net profit of RMB 585.3 million for the same period in 2022, representing an increase of 207.6%[20]. - The company reported a profit before tax of RMB 755,294,000, a turnaround from a loss of RMB 106,835,000 in the prior year[131]. - Net profit for the period was RMB 585,293,000, compared to a loss of RMB 108,689,000 in the same period last year[131]. - The gross profit for the same period was RMB 982,473,000, compared to RMB 180,005,000 in the previous year, reflecting a substantial growth[131]. - The company reported a total comprehensive income attributable to owners of RMB 585,293 thousand for the six months ended November 30, 2022, compared to a loss of RMB 543,997 thousand in the same period of 2021[133]. Revenue Breakdown - The company's GMV (Gross Merchandise Volume) reached RMB 4.8 billion for the six months ended November 30, 2022[15]. - Revenue from self-operated products and live e-commerce reached RMB 1,765.8 million, with self-operated products exceeding RMB 1 billion[47]. - The university education segment's revenue increased by 10.3% to RMB 295.1 million, with paid student numbers rising from 275,000 to 315,000[48]. - Revenue from continuing operations rose by 590.2% to RMB 2,080.1 million for the six months ended November 30, 2022, from RMB 301.4 million in the prior year[46]. - Revenue from institutional clients decreased by 43.2% to RMB 19.2 million, down from RMB 33.7 million[49]. Operational Highlights - The number of followers on Douyin (TikTok) increased to 35.2 million, with 70.2 million paid orders placed during the same period[15]. - The company continues to focus on high-quality agricultural products and has established a strong presence in the live-streaming e-commerce sector[11]. - The company has established deep cooperation with logistics companies to enhance delivery quality and cold chain delivery range[24]. - The self-operated products and live e-commerce business have become a major long-term growth driver for the company, with a strong performance noted during the reporting period[33]. - The company has initiated collaborations with local governments to promote specialty agricultural products and cultural tourism since July 2022[27]. Cost and Expenses - Sales and marketing expenses decreased by 33.2% to RMB 227.8 million, attributed to the termination of K-12 business[59]. - Research and development expenses decreased by 69.2% to RMB 48.3 million, mainly due to the termination of K-12 business[60]. - Administrative expenses reduced by 72.6% to RMB 62.3 million, primarily due to decreased share-based compensation expenses[61]. - The total cost of revenue for the six months was RMB 1,097,600 thousand, leading to a net loss of RMB 112 thousand after accounting for various expenses[159]. Student Enrollment and Education Services - The average spending per paying student in university education increased to RMB 1,545 for the six months ended November 30, 2022, from RMB 1,249 in the previous year[19]. - The number of paid students in university education increased to 315, while K-12 education was discontinued, resulting in a total of 315 paid students compared to 2,142 in the previous year[16]. - The paid student total for the graduate entrance examination courses saw a significant increase during the 2022 exam season, indicating strong product potential[39]. - The average spending per paid student in the domestic university preparatory course business remained stable at RMB 1,025 during the reporting period, compared to RMB 1,023 for the six months ending November 30, 2021[31]. Cash Flow and Financial Position - Cash and cash equivalents as of November 30, 2022, were RMB 793.7 million, up from RMB 626.6 million as of November 30, 2021[72]. - The net cash generated from operating activities was RMB 537,580 thousand, compared to a cash outflow of RMB 191,908 thousand in the same period last year[142]. - The total equity of the company rose to RMB 2,291,195 thousand, up from RMB 1,641,008 thousand as of May 31, 2022[137]. - The company has not incurred any bank loans or other borrowings during the reporting period, indicating sufficient cash and capital resources for operations and expansion[80]. Shareholder and Governance Information - The company has a total of 1,005,789,456 shares issued, with major shareholders holding significant stakes, including 55.40% by New Oriental[93]. - Key executives hold various equity interests, with Yu Minhong owning approximately 12.1% of the company through controlled entities[88]. - The company has adopted and complied with the new corporate governance code effective from January 1, 2022, ensuring high standards of corporate governance practices[109]. - The company proposed to change its English name from "Koolearn Technology Holding Limited" to "East Buy Holding Limited" to better reflect its business direction and future prospects, which was approved by shareholders on January 31, 2023[107].
东方甄选(01797) - 2023 - 中期财报