Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 354,862,000, a decrease of 4.4% compared to RMB 372,687,000 in 2023[3] - Gross profit for the same period was RMB 213,110,000, slightly down from RMB 209,963,000, indicating a gross margin of approximately 60%[3] - Net profit for the year was RMB 148,032,000, compared to RMB 153,207,000 in the previous year, reflecting a decline of 3.8%[3] - Basic earnings per share rose to RMB 0.31 from RMB 0.30, representing a year-on-year increase of 3.3%[4] - The group's operating profit before tax was RMB 153,832,000 for the year, up from RMB 148,762,000 in 2023, indicating a growth of 3.6%[29] - The group's net profit for the reporting period increased by approximately 3.5% to about RMB 153.2 million, compared to RMB 148.0 million in 2023[68] Enrollment and Education Services - The number of enrolled students increased to 20,745 in 2024 from 20,728 in 2023, showing a marginal growth in student enrollment[3] - The total number of enrolled students at Yinxing College for the 2024/2025 academic year is 20,745, a slight increase from 20,728 in the previous year[49] - The number of graduates in June 2024 is approximately 5,397, representing an 18.0% increase from 4,572 graduates in the previous year[49] - The number of undergraduate degree programs offered has increased to 29 from 30 in the previous year, while the number of diploma programs remains at 24[51] Revenue Sources - Tuition fees accounted for RMB 325,181,000, representing a growth of 7.2% compared to RMB 303,394,000 in the previous year[19] - Accommodation fees for the reporting period are approximately RMB 27.1 million, an increase of 9.2% from RMB 24.9 million in the previous year[55] - The group recognized revenue of RMB 197,847,000 from contract liabilities at the beginning of the year, an increase from RMB 175,647,000 in 2023[22] - The group’s total contract liabilities as of December 31, 2024, were RMB 202,241,000, compared to RMB 198,569,000 in 2023, marking a 1.3% increase[21] Assets and Liabilities - Total assets increased to RMB 1,586,443,000 in 2024, up from RMB 1,459,398,000 in 2023, marking a growth of 8.7%[5] - Total liabilities decreased to RMB 648,534,000 in 2024 from RMB 674,696,000 in 2023, a reduction of 3.9%[6] - Cash and cash equivalents rose significantly to RMB 271,723,000 in 2024, compared to RMB 215,713,000 in 2023, an increase of 25.9%[5] - The group's debt as of December 31, 2024, was approximately RMB 309.8 million, down from RMB 339.8 million in 2023[71] - The group's current liabilities net amount was approximately RMB 174.5 million, an increase of about 3.6% from RMB 168.4 million in 2023[73] - The group's debt-to-equity ratio decreased to 4.1% as of December 31, 2024, from 15.8% in 2023[72] Taxation and Deferred Tax - The corporate income tax rate in China for the current year is 25%[33] - The group has not recognized any income tax expense for revenue from providing regular academic education services, resulting in zero income tax expense for 2023[34] - As of December 31, 2023, the group has recognized deferred tax assets of approximately RMB 6,552,000 related to tax losses carried forward[36] - The total tax losses available for carryforward as of December 31, 2023, amount to RMB 26,207,000, with a five-year carryforward period for subsidiaries in China[37] Corporate Governance and Compliance - The group has adopted new and revised standards that do not have a significant financial impact on its operations for the current reporting period[13] - The group has pledged assets totaling RMB 203.4 million as collateral for bank loans amounting to RMB 269.8 million[79] - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance during the reporting period[90] - The company maintained sufficient public float as required by listing rules during the reporting period[91] - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance during the reporting period[93] - The group's auditor, PwC, confirmed that the preliminary performance figures align with the audited consolidated financial statements[94] Future Plans and Market Strategy - The company continues to explore market expansion opportunities and new strategies to enhance its educational offerings[8] - The company aims to enhance market penetration and improve teaching quality to solidify its position in China's hotel education sector[58] - The company plans to actively develop overseas education and strengthen international cooperation with foreign educational institutions[58] Employee and Operational Insights - The group employed 1,106 staff as of December 31, 2024, an increase from 960 employees in 2023, with compensation policies aligned with market conditions and local regulations[80] - The group’s administrative expenses were approximately RMB 56.5 million, an increase from RMB 52.9 million in 2023[63] - There were no significant investments, acquisitions, or disposals involving subsidiaries or joint ventures during the reporting period[74] Dividends and Profit Retention - The board has resolved not to recommend any final dividend for the year ending December 31, 2024, similar to 2023, and plans to reinvest profits into expansion projects and business operations[82] - The group did not declare or pay any dividends for the years ended December 31, 2023, and 2024[40]
银杏教育(01851) - 2024 - 年度业绩