Financial Performance - Total revenue for the year ended December 31, 2018, increased by 12.6% to RMB 156.6 million compared to the previous fiscal year[13] - Net profit for the same period decreased by 39.5% to RMB 24.9 million, while adjusted net profit increased by 7.4% to RMB 44.2 million[13] - Gross profit for the year was RMB 71.5 million, reflecting a gross margin of 45.7%[7] - The company reported a basic earnings per share of RMB 0.07 for the year ended December 31, 2018[7] - The group's revenue increased by 12.6% from approximately RMB 139.0 million in 2017 to approximately RMB 156.6 million in 2018, primarily due to an increase in student enrollment from 9,553 to 10,236[30] - Gross profit rose by 16.7% from approximately RMB 61.3 million in 2017 to approximately RMB 71.5 million in 2018, with a gross margin improvement of 1.6 percentage points to 45.7%[33] - The net profit for the year decreased by 39.5% from approximately RMB 41.2 million in 2017 to approximately RMB 24.9 million in 2018[43] - Adjusted net profit increased by 7.4% from approximately RMB 41.2 million in 2017 to approximately RMB 44.2 million in 2018, excluding listing-related expenses[45] Assets and Liabilities - Non-current assets increased to RMB 419.3 million from RMB 381.2 million in the previous year[10] - Current assets rose to RMB 128.2 million, up from RMB 90.5 million in 2017[10] - Current liabilities decreased to RMB 143.4 million from RMB 170.9 million in the previous year[10] - The company maintained a current ratio of 0.89, an improvement from 0.53 in 2017[10] - Cash and cash equivalents increased to RMB 114.8 million from RMB 76.0 million in the previous year[10] - As of December 31, 2018, the group's borrowings amounted to RMB 104.6 million, with RMB 98.5 million secured by commercial properties and RMB 6.1 million from unsecured loans[49] - The net current liabilities as of December 31, 2018, were RMB 15.2 million, a decrease from RMB 80.5 million as of December 31, 2017[50] Student Enrollment and Education Services - As of December 31, 2018, the total number of students enrolled at Ginkgo College was 10,236, representing a year-on-year growth of 7.1%[20] - The initial employment rate for graduates in the 2017/2018 academic year was 98.6%, significantly higher than the overall average of 77.7% to 78.4% for higher education in China[20] - The number of undergraduate students increased by 20.2% to 8,027 in the 2018/2019 academic year from 6,680 in the previous year[22] - Tuition fees for 2018 amounted to RMB 124,976,000, an increase of 8.6% from RMB 115,127,000 in 2017[24] - Accommodation fees rose to RMB 9,924,000 in 2018, reflecting an 8.8% increase from RMB 9,119,000 in 2017[24] Campus Development and Strategic Plans - The company plans to establish a new campus in Yibin City, Sichuan Province, on a land area of 333,360 square meters, which will include a teaching hotel[15] - The group plans to enhance its market penetration through the construction of a new campus in Sichuan, which includes a teaching hotel[29] - Ginkgo College aims to enhance its market penetration and teaching quality to become a standard setter in the hotel management education sector in China[27] - The company is focused on diversifying its revenue sources by further developing training programs under the Ginkgo College brand[27] Operational and Administrative Expenses - Administrative expenses surged by 94.8% from approximately RMB 22.3 million in 2017 to approximately RMB 43.4 million in 2018, mainly due to expenses related to the company's listing[35] - The net cash generated from operating activities in 2018 was RMB 1.3 million, a decrease from RMB 62.6 million in 2017[48] - The net cash used in investing activities for 2018 was RMB 49.4 million, compared to RMB 38.9 million in 2017[48] - The net cash generated from financing activities in 2018 was RMB 87.0 million, up from a net cash used of RMB 14.3 million in 2017[48] Governance and Management - The management team has extensive experience in the hospitality industry, with previous roles in major hotel chains and educational institutions[67] - The company is focused on expanding its hotel management and vocational development services, with a strategic emphasis on international cooperation[63] - The board includes independent non-executive directors who provide oversight and independent opinions on company strategies[68] - The company is committed to improving training programs for educators and administrators across the nation[74] Legal and Compliance - The company has not been involved in any significant legal, arbitration, or administrative proceedings that could adversely affect its operations or financial condition[92] - The company has established multiple ongoing agreements with related parties as part of its daily operations, which constitute continuing connected transactions[142] - The company has complied with the relevant disclosure requirements under the listing rules regarding continuous connected transactions during the review year[190] - The foreign investment law was adopted on March 15, 2019, and will take effect on January 1, 2020, replacing previous foreign investment laws[199] Shareholder Information - The company issued 125,000,000 new shares at an IPO price of HKD 1.44, resulting in a net amount of approximately HKD 157.8 million (equivalent to RMB 136.4 million) after deducting estimated expenses[98] - The company did not recommend the payment of a final dividend for the year ended December 31, 2018[86] - As of December 31, 2018, the company's distributable reserves amounted to approximately RMB 317.1 million[102]
银杏教育(01851) - 2018 - 年度财报