Financial Performance - The company's total revenue for the year ended December 31, 2024, increased by 49.4% to RMB 852.3 million from RMB 570.6 million in 2023[3] - Gross profit rose by 39.8% to RMB 333.4 million, compared to RMB 238.6 million in the previous year[3] - Net profit attributable to the company's owners increased by 69.4% to RMB 145.6 million, up from RMB 86.0 million in 2023[3] - Adjusted net profit attributable to the company's owners was RMB 175.7 million, reflecting a 62.7% increase from RMB 108.0 million in 2023[6] - Basic earnings per share rose by 71.2% to RMB 26.68, compared to RMB 15.58 in the previous year[3] - The company achieved an operating profit of RMB 191.5 million for the year, reflecting improved operational efficiency[16] - Operating profit increased to RMB 122,632,000, compared to RMB 191,546,000 in 2023, reflecting a decrease due to rising costs[43] - The profit attributable to the company's owners for 2024 was RMB 145,645,000, compared to RMB 85,988,000 in 2023, representing an increase of 69.5%[71] - Basic earnings per share for 2024 were RMB 26.68, up from RMB 15.58 in 2023, reflecting a growth of 71.1%[71] - Diluted earnings per share for 2024 were RMB 26.08, compared to RMB 15.42 in 2023, indicating an increase of 69.0%[74] Revenue Growth - Revenue from non-academic courses grew from RMB 518.9 million to RMB 766.8 million, demonstrating robust market demand[16] - The number of tutoring sessions increased from 5,973,028 to 8,692,591, indicating strong demand for non-academic courses[16] - The number of enrolled students increased by 47.2% to 386,006, with tutoring hours rising by 46.9% to 9,628,339 hours[21] - Total revenue increased by 49.4% to RMB 852.3 million for the year ended December 31, 2024, compared to RMB 570.6 million for the previous year[22] - The group reported total revenue of RMB 852,327 thousand for the year 2024, a significant increase of 49.3% compared to RMB 570,614 thousand in 2023[61] Expenses and Costs - The share-based compensation expense increased significantly by 270.1% to RMB 30.1 million from RMB 8.1 million in 2023[4] - Research and development expenses rose by 76.2% to RMB 26.5 million, primarily due to increased personnel costs related to the development of educational materials and curriculum products[22] - Financial costs increased by 75.6% to RMB 10.3 million, mainly due to higher interest expenses on lease liabilities and borrowings[24] - The group’s operating expenses for 2024 totaled RMB 481,107 thousand, a decrease of 30% from RMB 686,399 thousand in 2023[67] - The income tax expense for the year 2024 was RMB 35,451 thousand, compared to RMB 32,236 thousand in 2023, reflecting an increase of 9.3%[69] Strategic Initiatives - The company plans to expand its business in Guangdong Province and has initiated the relaunch of its operations in Guangzhou, which has received positive feedback from parents and students[18] - The company has launched educational travel services and international courses in July 2023, aiming to broaden its revenue base[18] - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings[48] - The company is investing $10 million in research and development for new technologies aimed at enhancing user experience[93] - The company plans to acquire a mixed-use building in Shenzhen for RMB 75 million to support ongoing expansion efforts[38] Cash Flow and Assets - Cash and cash equivalents rose by 7.9% to RMB 390.7 million from RMB 362.0 million year-over-year, primarily due to net cash inflow from operating activities[26] - Current assets increased to RMB 556.0 million, compared to RMB 497.1 million in 2023, with significant contributions from cash and bank deposits of RMB 392.4 million[26] - Non-current assets increased to RMB 771,384,000, compared to RMB 536,110,000 in 2023, showing a growth of 43.8%[45] - Total equity increased to RMB 634.8 million as of December 31, 2024, up from RMB 453.4 million in 2023, representing a growth of 40%[26] - The total value of right-of-use assets increased to RMB 351,831,000 in 2024 from RMB 200,586,000 in 2023, marking a growth of 75.5%[76] Compliance and Governance - The company maintained compliance with all applicable corporate governance codes as of December 31, 2024[85] - The group has not identified any breaches of structural contracts or non-compliance with measures to strengthen control over consolidated entities in China[55] Shareholder Returns - A final dividend of HKD 0.07 per share is proposed for the year ending December 31, 2024, compared to no dividend in 2023[36] - The proposed final dividend for 2024 is HKD 0.07 per share, amounting to HKD 39,541,000, compared to no dividend in 2023[79] - A share buyback program has been approved, with a budget of $5 million to enhance shareholder value[93] Market Trends and Future Outlook - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2026[93] - Future guidance indicates an anticipated revenue growth of 20% for the upcoming fiscal year[93] - Management emphasizes the importance of adapting to market trends and consumer preferences to drive future growth[93]
思考乐教育(01769) - 2024 - 年度业绩