佳发教育(300559) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides important notices, the table of contents, and definitions for the report Company Profile and Key Financial Indicators This section introduces the company and presents its key financial performance metrics Company Profile Chengdu Jiafa Antai Education Technology Co., Ltd. (Jiafa Education, stock code 300559) is a company listed on the Shenzhen Stock Exchange, with Yuan Bin as its legal representative | Stock Abbreviation | Jiafa Education | | :--- | :--- | | Stock Code | 300559 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | Chengdu Jiafa Antai Education Technology Co., Ltd. | | Legal Representative | Yuan Bin | Key Accounting Data and Financial Indicators During the reporting period, the company achieved operating revenue of RMB 273 million, a 5.03% increase, but net profit attributable to shareholders decreased by 4.60% to RMB 40.78 million, while operating cash flow grew by 24.08% | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 273,407,645.57 | 260,324,998.11 | 5.03% | | Net Profit Attributable to Shareholders (RMB) | 40,781,555.35 | 42,747,174.11 | -4.60% | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains and Losses (RMB) | 39,061,222.96 | 41,901,770.05 | -6.78% | | Net Cash Flow from Operating Activities (RMB) | 53,768,188.19 | 43,334,720.12 | 24.08% | | Basic Earnings Per Share (RMB/share) | 0.1021 | 0.1070 | -4.58% | | Weighted Average Return on Net Assets | 3.34% | 3.50% | -0.16% | | Total Assets (RMB) | 1,396,999,241.81 | 1,410,182,898.36 | -0.93% (vs. end of prior year) | | Net Assets Attributable to Shareholders (RMB) | 1,199,863,410.38 | 1,211,120,290.06 | -0.93% (vs. end of prior year) | Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled RMB 1.72 million, primarily from government subsidies and financial asset-related gains, while VAT refunds and personal income tax handling fee rebates totaling RMB 3.06 million were classified as recurring - Total non-recurring gains and losses for the reporting period amounted to RMB 1,720,332.39, primarily comprising government subsidies of RMB 1,088,152.06 and gains/losses from financial assets of RMB 764,368.08[25] - The company classified VAT refunds (RMB 2.9568 million) and personal income tax handling fee rebates (RMB 0.1070 million) as recurring gains and losses, as they are closely related to normal operations and continuously enjoyed[26] Management Discussion and Analysis This section provides management's perspective on the company's operations, financial condition, and future outlook Company's Main Business During the Reporting Period The company is an education digitalization solution provider operating across 31 provinces, leveraging AI and large models to build a "1+4+N" innovation system focused on education examination, English speaking, sports, and STEM experiment businesses, with revenue of RMB 273 million and net profit of RMB 40.78 million in H1 2025 - The company's core business revolves around a '1+4+N' innovation system, with education examination as the foundation (1), collaborative development of four specialized businesses—English speaking and listening, physical education, STEM experiments, and higher education informatization (4)—and expansion into innovative businesses such as data asset value mining (N)[28][32][39][42] - The company launched the 'Linggu Education Large Model' and 'AI+' series products, building AI solutions covering teaching, learning, examination, evaluation, and research scenarios, including AI intelligent invigilation and AI question generation assistants[28] Consolidated Financial Performance (H1 2025) | Financial Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Operating Revenue | RMB 273 million | +5.03% | | Net Profit Attributable to Parent | RMB 40.78 million | -4.60% | (IV) Main Performance Driving Factors Performance is driven by national policy support, government funding, technological iteration, and a rich product and channel portfolio, with education digitalization and AI integration enhancing market demand and company offerings - National education digitalization strategy continues to strengthen, with the 2025 education expenditure budget reaching RMB 4.46 trillion, including approximately RMB 63 billion for education informatization, a 18% year-on-year increase, providing core impetus for industry development[46][47] - The deep integration of AI, cloud computing, and other technologies with education scenarios has raised industry competition barriers, and the company, with data and case accumulation covering over 500,000 classrooms, possesses the advantage of precisely matching technology with customer needs[48] - The company's product lines have expanded into new areas such as English computer-based testing, smart sports, and STEM experiments, with its business model evolving from single product sales to a diversified model integrating products, solutions, operations, and leasing services, extending its customer base from G/B-end to C-end[49] (V) Company's Business Development During the Reporting Period The company provided technical support for the national college entrance examination for the 19th consecutive year, integrated DeepSeek large models into its products, partnered with Huawei Ascend, launched the "Lingyutong" English education sub-brand, and collaborated with universities to apply AI in higher education and sports - The company provided technical assurance for the national college entrance examination in 31 provinces for the nineteenth consecutive year, with its AI intelligent invigilation solution widely adopted in 24 provincial-level administrative regions and tens of thousands of examination venues[56][57] - The company's products are fully integrated with the domestic AI large model DeepSeek, and it jointly released the 'Jiafa Education Industry Intelligent Agent Application Base Solution' with Huawei Ascend, building a vertical education intelligent agent covering examination, teaching, management, evaluation, learning, and research scenarios[59] - The company launched its new English education sub-brand 'Lingyutong' and collaborated with Chongqing Normal University to transform 66 classrooms, creating an innovative practice of AI-empowered higher education[60][62] - The company's 'AI New Sports Exam' solution served over 2 million candidates in 14 provinces during the 2025 national physical education middle school entrance examination, with cumulative test counts reaching hundreds of millions[63] Core Competitiveness Analysis The company's core competitiveness stems from its over 20 years of industry experience, brand recognition, market entry advantages from undertaking national and provincial examination platforms, extensive market coverage across 31 provinces, and strong technological capabilities with nearly 500 software copyrights - Brand Advantage: The company is a comprehensive supplier of national standardized examination center core products, enjoying high industry recognition[78] - Entry Advantage: Undertaking national and multiple provincial-level examination business platforms provides data integration and customer resource advantages for expanding into school-end businesses[78] - Market Advantage: Business covers 31 provinces, autonomous regions, and municipalities directly under the central government, serving tens of thousands of schools, possessing a mature sales system and channel resources[79] - Technological Advantage: Possesses over 40 core patents and nearly 500 software copyrights, with long-term investment in core technological innovations such as AI and big data[79] Main Business Analysis Operating revenue increased by 5.03%, but a 20.94% surge in operating costs led to a 6.83 percentage point decline in gross margin to 48.06%; smart education product revenue grew by 66.55% despite a 15.07 percentage point drop in gross margin, while standardized examination products decreased by 11.93%, with the Southwest region showing 94.71% growth Key Financial Indicators | Financial Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 273,407,645.57 | 260,324,998.11 | 5.03% | - | | Operating Cost | 142,018,440.41 | 117,429,775.92 | 20.94% | - | | Selling Expenses | 27,103,683.66 | 36,791,418.07 | -26.33% | - | | R&D Investment | 14,790,300.55 | 23,255,671.99 | -36.40% | Decrease in R&D expensed items | | Net Cash Flow from Financing Activities | -59,937,697.16 | -43,357,777.58 | -38.24% | Increase in short-term loan repayments | Revenue and Gross Margin by Product/Service | Product/Service | Operating Revenue (RMB) | Revenue YoY | Gross Margin | Gross Margin YoY | | :--- | :--- | :--- | :--- | :--- | | Standardized Examination Center Products | 153,619,069.96 | -11.93% | 59.71% | -0.47% | | Smart Education Products | 94,582,913.27 | 66.55% | 28.80% | -15.07% | - From the regional revenue structure, the Southwest region became the company's largest revenue source and growth engine, with revenue reaching RMB 115 million during the reporting period, a 94.71% year-on-year increase[85] Risks Faced by the Company and Countermeasures The company faces risks including delayed policy implementation, high dependence on the education informatization industry, gross margin fluctuations, management challenges from rapid growth, and the risk of lagging technological innovation, which it addresses through R&D, product diversification, and internal management optimization - Policy Risk: While policy dividends for education informatization are expected to continue, there remains a risk of tightening fiscal budgets in some regions and policy implementation falling short of expectations[105] - Industry Dependence Risk: The company's main business is highly dependent on the development of the education informatization industry; changes in relevant policies could impact customer demand[106] - Gross Margin Fluctuation Risk: The increasing revenue share of smart education business, which may face intense competition, and its product structural fluctuations could lead to overall gross margin volatility[107] - Technological Risk: The industry in which the company operates experiences rapid technological development, posing risks of lagging technological innovation and delayed returns on R&D investment[111] Corporate Governance, Environment, and Society This section details changes in corporate governance, including executive appointments, profit distribution plans, and employee incentive programs Changes in Directors, Supervisors, and Senior Management During the reporting period, the company's Chief Financial Officer changed, with Zhou Junlong resigning due to work reassignment and Zhang Bochao taking over | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhou Junlong | Chief Financial Officer | Resignation | April 19, 2025 | Work Reassignment | | Zhang Bochao | Chief Financial Officer | Appointment | April 19, 2025 | Work Reassignment | Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the first half of 2025 - The company plans no profit distribution or capital reserve conversion to share capital for the half-year period[116] Implementation of Share Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company implemented two employee stock ownership plans in 2023 and 2024, with the 2024 plan seeing a reduction to 88 participants due to one employee's departure, resulting in a RMB 7.89 million expense and a RMB 6.71 million impact on net profit during the reporting period - During the reporting period, the company amortized employee stock ownership plan expenses of RMB 7,888,750.02, impacting net profit by RMB 6,705,437.52[120] Significant Matters This section covers significant events, including the fulfillment of commitments and major related-party transactions Fulfillment of Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period All commitments made by the company and related parties during the initial public offering, such as share lock-ups, avoidance of horizontal competition, and regulation of related-party transactions, were being fulfilled normally as of the end of the reporting period, with no overdue unfulfilled items - All commitments made by the company and related parties during the initial public offering were being fulfilled normally as of the end of the reporting period[129][130][131][132][133][134][135] Major Related-Party Transactions During the reporting period, the company had no major related-party transactions concerning daily operations, asset or equity acquisitions/disposals, or joint external investments - The company had no major related-party transactions during the reporting period[143][144][145] Share Changes and Shareholder Information This section details changes in the company's share capital and provides information on its shareholders Share Change Information As of the end of the reporting period, the company's total share capital was 399,514,567 shares, with no changes during the period; restricted shares accounted for 22.12%, and unrestricted shares for 77.87% Share Capital Structure | Share Type | Quantity (shares) | Proportion | | :--- | :--- | :--- | | Restricted Shares | 88,377,734 | 22.12% | | Unrestricted Shares | 311,136,833 | 77.87% | | Total Share Capital | 399,514,567 | 100.00% | Company Shareholder Numbers and Shareholding Information As of the end of the reporting period, the company had 14,712 common shareholders, with Yuan Bin, Ling Yun, and Tibet Deyuan Tai Information Technology Co., Ltd. being the top three shareholders - As of the end of the reporting period, the company had 14,712 common shareholders[162] Top Shareholders | Shareholder Name | Shareholding Proportion | Number of Shares Held (shares) | | :--- | :--- | :--- | | Yuan Bin | 29.43% | 117,568,630 | | Ling Yun | 8.04% | 32,140,839 | | Tibet Deyuan Tai Information Technology Co., Ltd. | 6.34% | 25,320,591 | | Chen Daqiang | 4.69% | 18,753,080 | Bond-Related Information This section provides details on the company's bond-related activities Bond-Related Information The company had no bond-related matters during the reporting period - The company had no bond-related matters during the current reporting period[170] Financial Report This section presents the company's unaudited financial statements for the reporting period Financial Statements The company's H1 2025 financial report is unaudited, showing total assets of RMB 1.397 billion, total equity attributable to parent company of RMB 1.200 billion, operating revenue of RMB 273 million, net profit attributable to parent company of RMB 40.78 million, and net cash flow from operating activities of RMB 53.77 million - The company's half-year financial report is unaudited[172] Consolidated Balance Sheet Key Items (June 30, 2025) | Item | Period-end Balance (RMB) | | :--- | :--- | | Total Assets | 1,396,999,241.81 | | Total Liabilities | 176,861,026.58 | | Total Equity Attributable to Parent Company Owners | 1,199,863,410.38 | Consolidated Income Statement Key Items (H1 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 273,407,645.57 | | Operating Profit | 47,502,427.23 | | Total Profit | 47,835,137.67 | | Net Profit | 43,038,828.82 | | Net Profit Attributable to Parent Company Shareholders | 40,781,555.35 | Consolidated Cash Flow Statement Key Items (H1 2025) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 53,768,188.19 | | Net Cash Flow from Investing Activities | -41,366,497.63 | | Net Cash Flow from Financing Activities | -59,937,697.16 | | Net Increase in Cash and Cash Equivalents | -47,536,006.60 |