Financial Performance - The company's revenue for the fiscal year ended December 31, 2024, was approximately RMB 372.7 million, an increase of about 5.0% compared to RMB 354.9 million in 2023[9]. - The gross profit for the same period was RMB 209.96 million, with a gross margin of 56.3%, down from 60.1% in 2023[9]. - The net profit for the year was RMB 153.21 million, resulting in a net profit margin of 41.1%, slightly down from 41.7% in 2023[9]. - Tuition revenue for the year reached RMB 325.2 million, an increase of 7.2% from RMB 303.4 million in the previous year[25]. - The number of graduates increased by 18.0% to approximately 5,397 in June 2024, up from 4,572 in the previous year[20]. - The sales cost for the year was approximately RMB 162.7 million, an increase of 14.7% from RMB 141.8 million in the previous year[27]. - Gross profit for the year was approximately RMB 210.0 million, with a gross margin of 56.3%, down from 60.1% in the previous year[28]. - The administrative expenses for the year amounted to approximately RMB 56.5 million, an increase from RMB 52.9 million in the previous year[30]. - The net profit for the year increased by approximately 3.5% to about RMB 153.2 million, compared to RMB 148.0 million in the previous year[35]. Assets and Liabilities - The total non-current assets increased to RMB 1,303.39 million in 2024 from RMB 1,234.87 million in 2023[10]. - Current assets rose to RMB 283.06 million in 2024, compared to RMB 224.53 million in 2023[10]. - The company's total liabilities decreased, with a debt-to-equity ratio of 4.1% in 2024, down from 15.8% in 2023[10]. - As of December 31, 2024, the group's cash and cash equivalents amounted to RMB 271.7 million, an increase of approximately 26.0% from RMB 215.7 million in 2023[36]. - The total borrowings of the group as of December 31, 2024, were RMB 309.8 million, down from RMB 339.8 million in 2023, indicating a reduction of approximately 8.8%[37]. - The debt-to-equity ratio as of December 31, 2024, was 4.1%, significantly lower than 15.8% in 2023, primarily due to a decrease in total borrowings and an increase in cash and cash equivalents[38]. - The net current liabilities as of December 31, 2024, were approximately RMB 174.5 million, an increase of about 3.6% from RMB 168.4 million in 2023[39]. - The capital commitments not yet provided for as of December 31, 2024, were approximately RMB 17.7 million, down from RMB 43.5 million in 2023[42]. Employment and Workforce - The employment rate for undergraduate graduates reached 89.9% in 2024, reflecting the effectiveness of the company's educational methods[14]. - The total number of enrolled students at Yinxing Academy for the 2024/2025 academic year is 20,745, a slight increase of 0% from 20,728 in the previous year[22]. - The group employed 1,106 staff as of December 31, 2024, an increase from 960 staff in 2023, reflecting a growth in workforce[46]. - As of December 31, 2024, the employee gender ratio is 1.9:1, indicating a commitment to gender diversity in the workforce[194]. Strategic Initiatives - The company plans to focus on training courses in culinary arts, baking skills, bartending, and coffee-making, capitalizing on the growing demand for vocational education in the hotel industry[15]. - The company aims to enhance market penetration and improve teaching quality while establishing itself as a standard setter in China's hotel education sector[26]. - The company is planning market expansion into Southeast Asia, targeting a 10% market share within the next two years[66]. - There are ongoing discussions regarding potential mergers and acquisitions to strengthen the company's market position[66]. - The company has outlined a future outlook with a projected revenue growth of 20% for the next fiscal year[66]. Governance and Compliance - The board consists of seven directors, including four executive directors and three independent non-executive directors, ensuring a diverse governance structure[182]. - The company has adopted a corporate governance code to ensure effective accountability and risk management[177]. - The independent non-executive directors confirmed their independence according to listing rules[161]. - The company has established a whistleblowing mechanism to ensure compliance and accountability within its operations[179]. - The board has established three committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, each with clear written terms of reference[200]. - The company has complied with environmental, social, and governance reporting guidelines as per listing rules[171]. - The company is monitoring updates to the Foreign Investment Law and will seek legal advice to ensure compliance with all relevant regulations[153]. Risks and Challenges - The company faces various operational risks, including maintaining enrollment numbers and managing capital expenditure plans[84]. - The company faces significant risks related to contractual arrangements, including potential penalties from the Chinese government if agreements are deemed non-compliant with local laws[117]. - The ability of consolidated affiliated entities to operate in the private education sector may be subject to regulatory restrictions, impacting overall business performance[117]. - The company may lose access to important assets held by consolidated affiliated entities if any of them undergo liquidation or winding-up procedures, negatively affecting revenue generation[117]. Shareholder Information - The company's reserves available for distribution to shareholders as of December 31, 2024, amount to approximately RMB 432.4 million[73]. - The board has decided not to recommend a final dividend for the fiscal year ending December 31, 2024[67]. - The total number of issued shares as of December 31, 2024, is 500,000,000[95]. - Mr. Fang holds 366,562,500 shares, representing 73.3% of the company's equity[93]. - Mr. Tian holds 8,437,500 shares, representing 1.7% of the company's equity[93]. - GreenTree Hospitality Group holds 41,336,000 shares, representing 8.3% of the total issued shares[97]. Related Party Transactions - The company has established multiple ongoing agreements and arrangements with related parties in its daily operations, which constitute continuing connected transactions under listing rules[111]. - The company has not engaged in any significant transactions with its controlling shareholders during the year[92]. - The company has complied with the disclosure requirements for related party transactions as per the listing rules[147]. - There were no related party transactions that required disclosure under the listing rules for the year[149]. Environmental and Social Responsibility - The company is committed to social responsibility and sustainable growth, with no major environmental law violations reported[77]. - The company adheres to a mission of "achieving students and serving society," focusing on corporate social responsibility and creating value for stakeholders[179].
银杏教育(01851) - 2024 - 年度财报