Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 491,134 thousand, a decrease of 74.1% compared to RMB 1,898,627 thousand in 2021[11]. - Gross profit for the same period was RMB 173,061 thousand, down 76.3% from RMB 729,347 thousand in 2021[11]. - Net profit for the year was RMB 54,073 thousand, a significant improvement of 116.6% from a loss of RMB 325,593 thousand in 2021[11]. - Adjusted net profit was RMB 54,799 thousand, also showing a 116.5% increase from a loss of RMB 331,507 thousand in the previous year[11]. - Basic earnings per share for 2022 was RMB 7.48, compared to a loss of RMB 43.2 in 2021[13]. - Total revenue for the company in 2022 was RMB 491,134 thousand, a significant decrease from RMB 1,898,627 thousand in 2021[49]. - The group recorded a profit of approximately RMB 54.1 million in the reporting period, a significant increase of 116.6% compared to a loss of RMB 325.6 million in 2021[148]. - The group's adjusted net profit increased by 116.5% from RMB -331.5 million in 2021 to RMB 54.8 million during the reporting period[172]. Assets and Liabilities - Current liabilities decreased from RMB 149,685 thousand in 2021 to RMB 93,455 thousand in 2022[10]. - Total assets less current liabilities increased from RMB 500,826 thousand in 2021 to RMB 550,816 thousand in 2022[10]. - The company reported a net asset value of RMB 405,890 thousand as of December 31, 2022, up from RMB 350,604 thousand in 2021[17]. - Non-current assets totaled RMB 455,119 thousand as of December 31, 2022, down from RMB 546,689 thousand in 2021[35]. - The company’s lease liabilities were RMB 144,926 thousand as of December 31, 2022, compared to RMB 150,222 thousand in 2021[36]. - The company’s debt decreased from RMB 316,047,000 in 2021 to RMB 46,058,000 in 2022, indicating a substantial reduction in liabilities[69]. - The group's current ratio improved to approximately 1.30 as of December 31, 2022, up from 0.94 on December 31, 2021[152]. - The leverage ratio decreased to 0.53 as of December 31, 2022, down from 0.73 in 2021[176]. Revenue Sources - Revenue from full-time review programs was RMB 163,520 thousand in 2022, slightly up from RMB 161,639 thousand in 2021[49]. - Revenue from quality education reached RMB 81,502 thousand in 2022, compared to RMB 73,956 thousand in 2021[49]. - The company achieved a revenue of RMB 95,138,000 from tutoring projects for the year ended December 31, 2022, while the revenue from tutoring projects for 2021 was RMB 747,193,000[77]. - Full-time review revenue increased by 1.2% to RMB 163.5 million, while tutoring project revenue decreased by 85.2% to RMB 245.4 million[112]. Operational Changes - The company ceased providing academic courses to K-9 students at the end of 2021 due to regulatory changes and shifted focus to full-time review courses and quality education[25]. - The company is focusing on vocational education and has established strategic partnerships with vocational schools to enhance educational offerings[131]. - The company aims to expand its full-day education business and enhance its development momentum[1]. - The company plans to deepen its quality education layout and establish a one-stop quality education base[1]. - The company will explore vocational education and strengthen strategic partnerships with private colleges and vocational schools[1]. - The company is expanding its full-time business segment by opening new campuses in Guangdong Province[130]. - The company is exploring new growth avenues in the Greater Bay Area to mitigate the impact of the "double reduction" policy and COVID-19[129]. Cost Management - The company reported a loss of RMB 191,586,000 in employee costs for 2022, down from RMB 747,143,000 in 2021, reflecting a reduction in operational expenses[56]. - Total employee costs amounted to RMB 270,488,000, a significant increase from RMB 944,977,000 in the previous year[1]. - Research and development costs recognized as expenses totaled RMB 55,725,000, compared to RMB 142,310,000 last year[1]. - Administrative expenses decreased by 60.2% to approximately RMB 88.7 million from RMB 223 million in 2021[119]. - Other operating expenses decreased by 57.1% to RMB 70.2 million during the reporting period[147]. - Total sales expenses decreased by approximately 82.1% from RMB 181 million in 2021 to RMB 32.4 million[167]. Corporate Governance - The board of directors consists of eight members, with three being independent non-executive directors, meeting the requirements of listing rules[195]. - The remuneration committee has three members, with two being independent non-executive directors, thus complying with the relevant listing rules[199]. - The company has confirmed compliance with the corporate governance code during the reporting period[190]. - The board will continue to review and monitor the company's practices to maintain high corporate governance standards[198]. - The company has not been made aware of any non-compliance by senior management during the reporting period[190]. - The independent non-executive director, Mr. Gan Jun, was appointed on September 23, 2022, and serves as the chairman of the audit committee[199]. Recognition and Community Engagement - The company has received various recognitions for its contributions during the pandemic, enhancing its brand reputation[1]. - The company has implemented a community-centered model to enhance its influence and provide diverse educational options for students[135]. - The company has successfully launched several non-academic products, including programming and literary courses, which have received high recognition from society and students[75]. - The company has implemented a new learning space to support self-study and improve students' learning habits[1].
卓越教育集团(03978) - 2022 - 年度业绩