Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 648,078,000, representing a 0.8% increase from RMB 642,660,000 in 2023[4] - Gross profit increased by 3.8% to RMB 392,261,000 in 2024, compared to RMB 377,956,000 in 2023[4] - Annual profit rose by 7.5% to RMB 330,219,000 in 2024, up from RMB 307,099,000 in 2023[4] - Adjusted net profit for the year was RMB 359,406,000, reflecting a 9.0% increase from RMB 329,692,000 in 2023[4] - The company reported a basic and diluted earnings per share of RMB 20.53 for 2024, compared to RMB 19.09 in 2023[5] - The group reported a pre-tax profit of RMB 330,219,000 for 2024, compared to RMB 307,099,000 in 2023, reflecting an increase of 7.5%[24] - Profit before tax rose by 7.8% from RMB 313.2 million to RMB 337.5 million, mainly due to increased taxable profits in China[65] - Net profit for the period was RMB 330.2 million, a 7.5% increase from RMB 307.1 million in the previous year[67] - Adjusted net profit increased from RMB 329.7 million to RMB 359.4 million, reflecting adjustments for foreign exchange losses and share-based payment expenses[68] Revenue Sources - The revenue from tuition fees was RMB 596,626,000 in 2024, up from RMB 588,144,000 in 2023[14] - Rental and property management revenue for 2024 reached RMB 26,124,000, an increase of 6.7% from RMB 24,476,000 in 2023[17] - Service revenue decreased to RMB 23,512,000 in 2024, down 12.5% from RMB 26,838,000 in 2023[17] - Other income rose by 45.5% from RMB 33.6 million to RMB 48.9 million, mainly due to improved operations at Jiangsu School[59] Assets and Liabilities - Cash and bank balances increased to RMB 689,882,000 in 2024 from RMB 524,639,000 in 2023, indicating improved liquidity[8] - Total assets less current liabilities amounted to RMB 4,272,165,000 in 2024, up from RMB 3,960,157,000 in 2023[8] - The company’s total equity increased to RMB 3,720,336,000 in 2024, compared to RMB 3,463,926,000 in 2023[8] - The total amount of loans and borrowings increased to RMB 601,849,000 in 2024 from RMB 546,251,000 in 2023, reflecting a rise of 10.2%[30] - As of December 31, 2024, the total liabilities amounted to RMB 1,128,410 thousand, while total assets were RMB 4,848,746 thousand, resulting in a debt-to-asset ratio of 23%[43] - The debt-to-asset ratio as of December 31, 2024, was 23.3%, up from 22.6% as of December 31, 2023, due to a greater increase in total liabilities compared to total assets[75] Student Enrollment and Educational Quality - The number of full-time students for the 2024/25 academic year was approximately 42,553, representing a year-on-year decrease of about 2.94%, while continuing education enrollment increased by approximately 32.15% to 20,183 students[46] - The company has been granted 4 national-level first-class undergraduate programs and 14 provincial-level first-class undergraduate programs, enhancing its educational quality[47] - The number of awards won by students in provincial and above competitions increased by 21.7% year-on-year, with national-level awards increasing by 1.7 times[48] Operational Efficiency - Employee costs rose to RMB 181,285,000 in 2024, up from RMB 176,146,000 in 2023, marking a 2.0% increase[18] - Depreciation of property, plant, and equipment decreased to RMB 49,378,000 in 2024 from RMB 60,070,000 in 2023, a reduction of 17.7%[20] - Operating costs decreased by 3.4% from RMB 264.7 million to RMB 255.8 million, attributed to reduced depreciation expenses[60] - The group’s cash flow from operating activities improved, with a significant increase in cash reserves compared to the previous year[29] Dividends and Shareholder Returns - The company did not propose any final dividend for the year ending December 31, 2024, compared to a final dividend of 6.32 HKD cents per share in 2023[38] - The company approved and paid a final dividend of RMB 92,609 thousand for the previous fiscal year, down from RMB 96,216 thousand in 2023[39] - The board of directors does not recommend the payment of a final dividend for the reporting period, compared to 6.32 HK cents in 2023[85] Future Plans and Developments - The company plans to strengthen international cooperation and expand its educational offerings, including establishing overseas campuses and language training[57] - The company aims to expand its educational offerings in the Yangtze River Delta region, which includes Jiangsu, Zhejiang, Anhui, and Shanghai[96] Governance and Compliance - The company emphasizes compliance with the Listing Rules and Corporate Governance Code[95] - The board of directors includes a mix of executive and independent non-executive members, ensuring diverse governance[96] Miscellaneous - The company organized 837 training sessions covering 30,000 participants, with a 67.5% increase in provincial-level research projects[3] - The company constructed 34 laboratory projects and 35 smart classrooms, enhancing educational resources[50] - The group had no significant investments or capital asset plans as of December 31, 2024[76] - There were no significant acquisitions or disposals of subsidiaries and associates during the reporting period[77] - The group did not have any off-balance-sheet transactions as of December 31, 2024[82] - The company operates several independent colleges, including Anhui Xinhua College and Jiangsu School, which are not part of the consolidated entities[96] - The company is associated with Anhui Xinhua Group, which was established in 1999 and is a key entity in the education sector[95] - The company is registered in the Cayman Islands and its shares are listed on the Hong Kong Stock Exchange[94] - The company’s shares have a nominal value of HKD 0.01 each[95]
中国新华教育(02779) - 2024 - 年度业绩