But'one(SH:600455)2025-03-28 11:40Financial Performance - The net profit attributable to the parent company for 2024 is CNY 32,821,054.61, while the consolidated undistributed profits amount to CNY 86,321,866.05[7]. - The parent company's undistributed profits stand at CNY -163,916,217.27, indicating ongoing losses in the computer business[7]. - The company will not distribute profits for 2024 due to the negative undistributed profits in the parent company, which does not meet the conditions for cash dividends[8]. - The company aims to enhance the parent company's profitability and increase undistributed profits to eventually meet the conditions for cash dividends and profit distribution[8]. - The company achieved a total revenue of ¥286,958,278.62 in 2024, representing a year-on-year increase of 9.15%[25]. - Net profit attributable to shareholders reached ¥32,821,054.61, up 15.68% compared to the previous year[25]. - The basic earnings per share increased to ¥0.5255, reflecting a growth of 15.67% year-on-year[26]. - The weighted average return on equity rose to 11.5009%, an increase of 0.3645 percentage points from the previous year[26]. - The main business revenue from higher education was ¥283,732,777.99, accounting for 98.88% of total revenue, with an 8.86% increase year-on-year[34]. - The company reported a significant increase in the cost of main business, with costs rising by 11.56% to ¥137,921,004.08 in the higher education segment[34]. - The company achieved a consolidated revenue of ¥286,958,278.62 in 2024, representing a year-on-year increase of 9.15%[40]. - The net profit attributable to the parent company for 2024 was ¥32,821,054.61, up 15.68% compared to the previous year[40]. - The main business revenue from higher education accounted for 98.88% of total revenue, amounting to ¥283,732,777.99[40]. - The city college's revenue for the reporting period was ¥286,691,108.81, reflecting a 9.05% increase year-on-year[41]. - The company reported a net profit of ¥32,244,250.97 after deducting non-recurring gains and losses, marking an 18.81% increase year-on-year[45]. - The gross margin for higher education decreased by 1.18 percentage points to 51.34% due to costs rising faster than revenue[51]. - The company achieved a net profit attributable to the parent company of ¥28,373,441.14 for the fiscal year 2023[124]. - For the fiscal year 2024, the company reported a net profit attributable to the parent company of ¥32,821,054.61, but the parent company's undistributed profits remained negative at -¥163,916,217.27[125]. Operational Highlights - The company holds a 70% stake in Xi'an Jiaotong University City College, which has been profitable, contributing to the consolidated profits[7]. - The number of enrolled students at the city college reached over 11,800, contributing to increased revenue due to higher tuition fees for new students[41]. - The City College achieved operating revenue of CNY 286,691,108.81, an increase of 9.05% compared to the previous year[70]. - Operating profit for the City College was CNY 42,764,780.63, reflecting a 0.90% increase year-over-year[70]. - Net profit for the City College reached CNY 42,488,531.02, up by 2.17% from the previous year[70]. - The City College is undergoing a second phase of campus construction, with total investment of CNY 71,582.95 million, including land purchase and building projects[70]. - The company initiated a plan to acquire 55% of Shaanxi Yuteng Energy Environmental Technology Co., Ltd. but later terminated the restructuring due to market conditions[36]. - The company is closely monitoring policies regarding the registration of private schools as either non-profit or for-profit entities, which could significantly impact future operations[75]. - The competitive landscape for higher education is intensifying, with a long-term decline in college entrance exam applicants and rising admission rates[76]. - The company plans to enhance its core competitiveness and sustainable development capabilities by deepening reforms and improving management practices by 2025[78]. Governance and Compliance - The company has received a standard unqualified audit report from Sigma Accounting Firm[5]. - All board members attended the board meeting, ensuring the integrity of the annual report[4]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[10]. - The company has described potential risks in its annual report, which investors should be aware of[11]. - The company has established a robust corporate governance structure, ensuring compliance with relevant laws and regulations[87]. - The company is committed to improving internal controls and governance mechanisms to enhance operational efficiency[87]. - The company has undergone changes in its board of directors, with new elections scheduled for November 15, 2024, including the election of three new directors[102]. - The company has appointed independent directors with diverse backgrounds, including finance and law, to enhance governance[97]. - The company has established a remuneration management system for senior management that aligns with its current development stage, promoting healthy and sustainable growth[101]. - The company has implemented compliance training for its directors and senior management to prevent similar issues in the future[104]. - The company plans to strengthen its adherence to securities laws and regulations, ensuring timely and proper disclosure of significant matters[104]. - The audit committee confirmed that the 2023 financial audit report accurately reflects the company's financial status, allowing for timely disclosure of the annual report[111]. Cash Flow and Investments - The net cash flow from operating activities was ¥97,738,040.94, a decrease of 6.17% compared to the previous year[25]. - The net cash flow from investing activities improved by 29.43%, moving from -¥166,130,850.11 to -¥117,245,696.92[47]. - The net cash flow from financing activities increased significantly by 318.72%, from -¥20,000,000.00 to ¥43,744,520.75[47]. - The total cash outflow from investment activities decreased by 29.44% to ¥117,297,139.30, indicating reduced capital expenditures[61]. - The company incurred financial expenses of CNY -245,883.51 in 2024, reduced from CNY -380,963.70 in 2023[197]. - Cash flow from operating activities for 2024 was CNY 97,738,040.94, down from CNY 104,163,822.40 in 2023[200]. - Investment activities resulted in a net cash flow of CNY -117,245,696.92 for 2024, an improvement from CNY -166,130,850.11 in 2023[200]. Risks and Challenges - The company faces risks from macroeconomic fluctuations that could adversely affect its business performance[84]. - The company is closely monitoring the policy regarding private schools' registration as either non-profit or for-profit entities, which could significantly impact its future development[149]. - The company is actively researching enrollment policies to expand student numbers and improve educational quality[83]. - The company is implementing measures to enhance talent retention and management to mitigate the risk of talent loss[84]. - The company has not reported any violations of its remuneration system during the reporting period[100]. - The company received a warning letter from the Shaanxi Securities Regulatory Bureau on November 30, 2023, due to failure to timely disclose information regarding the bidding and signing of the EPC contract for the second phase of the campus construction of its subsidiary, City College[103]. - On December 19, 2023, the company was criticized by the Shanghai Stock Exchange for the same issues, affecting the company and its executives[104].