Educational Operations - As of December 31, 2020, China East Education operated 206 schools and centers with an average enrollment of 133,310 students[15]. - The vocational training education covers four main sectors: culinary arts, information technology, auto services, and fashion & beauty, with the highest enrollment in culinary arts at 63,500 students[15]. - The average number of students enrolled in the information technology and internet technology segment was 41,389, with 31 schools operating under this brand[15]. - Wontone Automotive Education had an average enrollment of 21,789 students across 33 schools[15]. - The company reported a total of 64 schools under New East Culinary Education, with an average enrollment of 63,500 students[15]. - Omick Education of Western Cuisine and Pastry operated 35 schools with an average enrollment of 4,708 students[15]. - As of December 31, 2020, the company operated 206 vocational education institutions across 29 of the 31 provinces in mainland China and Hong Kong[37]. - The company achieved a leading position in vocational training education in China, particularly in culinary arts, information technology, and auto services[38]. Financial Performance - For the year ended 31 December 2020, the Group's main operating revenue was approximately RMB 3,649 million, representing a year-on-year decrease of 6.6% compared to 2019[28]. - Net profit for the year ended 31 December 2020 was approximately RMB 258 million, down from RMB 848 million in 2019[28]. - Adjusted net profit for the year was RMB 500 million, a decrease of 44.4% from RMB 900 million in 2019[20]. - Adjusted EBITDA for the year was RMB 1,436 million, down 20.1% from RMB 1,797 million in 2019[20]. - The Group's gross profit for the year was RMB 1,969 million, down from RMB 2,280 million in 2019[20]. - Profit before taxation for the year was RMB 444 million, a decrease of 58.6% from RMB 1,070 million in 2019[20]. - The Group's net assets as of 31 December 2020 were RMB 6,040 million, down from RMB 6,120 million in 2019[21]. - The Group's revenue for the year ended 31 December 2020 was approximately RMB 3,649 million, a decrease of 6.6% compared to RMB 3,905 million in 2019[64]. - The decrease in revenue was primarily due to a 5% decline in the number of new student enrollments and new customer registrations attributed to the COVID-19 outbreak[64]. Enrollment Trends - New student enrollments for the Culinary Arts segment decreased by 11.5% from 77,448 in 2019 to 68,539 in 2020[46]. - Long-term course enrollments in the Xinhua Internet Technology segment fell by 16.4%, from 24,771 in 2019 to 20,719 in 2020[47]. - The Wontone Automotive Education segment saw a 10.8% increase in total enrollments, rising from 20,925 in 2019 to 23,176 in 2020[48]. - Overall, the total number of new students enrolled across all segments decreased by 4.7%, from 152,611 in 2019 to 145,472 in 2020[48]. - The average number of students enrolled in long-term courses decreased by 7.0% to 57,897 in 2020 from 62,281 in 2019[51]. - The average number of students enrolled in short-term courses decreased by 5.8% to 5,603 in 2020 from 5,948 in 2019[51]. Strategic Initiatives - The company aims to support the evolving workforce requirements driven by China's economic growth and urbanization[5]. - The establishment of seven renowned school brands reflects the company's commitment to vocational training education in China[5]. - The company plans to significantly increase investment in R&D funds and actively apply for national R&D projects to enhance its innovation capabilities[33]. - The company aims to improve the accuracy of advertising placement and enhance brand marketing to drive enrollment growth[32]. - The company plans to establish five self-owned regional centers in major geographical regions of China, including Beijing, Shanghai, Guangzhou, Chengdu, and Xi'an, with the first phase of the Chengdu center expected to be completed by 2022[95]. - The company aims to diversify its course offerings in culinary arts, information technology, auto services, and fashion & beauty, while also exploring new industry sectors such as artificial intelligence and healthcare[95]. Corporate Governance - The Company has complied with all code provisions set out in the Corporate Governance Code for the year ended December 31, 2020[121]. - The Board held four meetings during the year to approve interim results and assess business performance[124]. - The Company has a clear division of responsibilities between the Board and management, with day-to-day operations delegated to management teams[122]. - The Company has established various Board Committees to ensure sound corporate governance practices[140]. - The Company has provided appropriate insurance cover for Directors and Officers' liabilities to protect against potential legal actions[135]. Sustainability and Social Responsibility - The sustainability strategy focuses on solid innovation, equality, green environmental protection, and building a harmonious society[178]. - The company actively promotes energy conservation and emission reduction in its operations, contributing to environmental sustainability[178]. - The Group has gradually improved its sustainability operating system since its listing in 2019, integrating ESG requirements into its management practices[180]. - The Group aims to provide over 35 million vocational skills training opportunities and increase enrollment in vocational colleges by 2 million in the next two years[195]. - The Group's commitment to vocational education is seen as a key factor in stabilizing employment and ensuring people's livelihoods[167]. Future Outlook - The company has outlined a future outlook with a projected revenue growth of 20% for the upcoming fiscal year[113]. - New product launches are expected to contribute an additional $30 million in revenue, with a focus on innovative educational technologies[112]. - The management team emphasized the importance of digital transformation, with a goal to increase online course offerings by 40%[112]. - The Group continues to explore new modes of vocational education, integrating its vision with societal needs and government direction[167].
中国东方教育(00667) - 2020 - 年度财报