昂立教育(600661) - 2025 Q2 - 季度财报

Glossary This section defines key terms, company names, related parties, and policies for clear report understanding - Common terms defined include the Company/Onlly Education (Shanghai Xinnanyang Onlly Education Technology Co., Ltd.), Onlly Technology (Shanghai Onlly Education Technology Group Co., Ltd.), and the Double Reduction Policy (Opinions on Further Reducing the Burden of Homework and Off-Campus Training for Students in Compulsory Education)[15] Company Profile and Key Financial Indicators This section presents the company's basic information, history, contact details, stock overview, and key financial indicators, showing significant operational improvement and a return to profitability Company Information Established in 1992 and listed in 1993, the company was renamed Shanghai Xinnanyang Onlly Education Technology Co., Ltd. in 2018, focusing on education businesses - The company was listed on the Shanghai Stock Exchange on June 14, 1993[14] - In 2018, the company was renamed Shanghai Xinnanyang Onlly Education Technology Co., Ltd., with its stock abbreviation changing from "Xinnanyang" to "Onlly Education," operating in the education sector[14] Contact Persons and Information This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Xu Jingyun, and the Securities Affairs Representative is Yang Xiaoling, with the contact address for both being 51st Floor, No. 175 Longyao Road, Xuhui District, Shanghai[17] Brief Introduction to Changes in Basic Information The company's office address changed during the reporting period, with an announcement disclosed on February 18, 2025 - The company's office address changed to 51st Floor, No. 175 Longyao Road, Xuhui District, Shanghai[18] - Details of the change can be found in the "Announcement on Change of Office Address" (Announcement No.: Lin 2025-003) disclosed by the company on February 18, 2025[18] Brief Introduction to Changes in Information Disclosure and Document Custody Locations The company designates specific newspapers for information disclosure and publishes its semi-annual report on the Shanghai Stock Exchange website - The information disclosure newspapers selected by the company are Shanghai Securities News, China Securities Journal, and Securities Times[19] - The website address for publishing the semi-annual report is www.sse.com.cn[19](index=19&type=chunk) Brief Introduction to Company Stock The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "Onlly Education" and stock code 600661 - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[20] - The stock abbreviation is "Onlly Education," stock code 600661, with the previous stock abbreviation being "Xinnanyang"[20] Company's Key Accounting Data and Financial Indicators In H1 2025, operating revenue grew 11.84% to 632 million CNY, and net profit attributable to shareholders turned profitable at 2.8883 million CNY, driven by business expansion and efficiency gains Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 632,342,417.79 | 565,422,864.70 | 11.84 | | Total Profit (CNY) | 9,178,378.93 | -7,675,543.74 | N/A | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 2,888,288.46 | -17,124,106.97 | N/A | | Net Cash Flow from Operating Activities (CNY) | 118,010,128.12 | 143,479,761.11 | -17.75 | | Basic Earnings Per Share (CNY/share) | 0.0104 | -0.0638 | N/A | | Weighted Average Return on Net Assets (%) | 5.28 | -20.29 | Increased by 25.57 percentage points | - The company's operating performance significantly improved, mainly due to further business expansion, enhanced product and teaching quality, strengthened organizational capabilities and talent development, optimized campus operations, and increased intelligent construction and technological empowerment, leading to continuous improvements in operational and management efficiency and strict cost control[22] Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses amounted to 4,110,570.27 CNY, primarily from non-current asset disposals and government subsidies Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Disposal Gains/Losses on Non-Current Assets | 1,647,754.44 | | Government Subsidies Included in Current Profit/Loss | 2,666,307.11 | | Other Non-Operating Income and Expenses Apart from the Above | 100,429.29 | | Less: Income Tax Impact | 268,877.66 | | Minority Interest Impact (After Tax) | 35,042.91 | | Total | 4,110,570.27 | Net Profit After Deducting Share-Based Payment Impact After deducting share-based payment impact, H1 2025 net profit was 24,788,948.19 CNY, a significant improvement year-on-year Net Profit After Deducting Share-Based Payment Impact | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact (CNY) | 24,788,948.19 | -1,351,737.57 | N/A | Management Discussion and Analysis This section discusses the company's industry, business development, operations, core competencies, risks, and actions to enhance value and shareholder returns Explanation of the Company's Industry and Main Business During the Reporting Period The company shifted its focus to quality, vocational, international, and adult education, achieving initial success with 30,500 and 37,000 enrolled students in key segments - Quality Education: Relying on "Onlly Children's Growth Center" and "Onlly Zhilifang Personalized Growth Center," focusing on practical creative camps and after-school care services primarily in "humanities, science, and language," with approximately 30,500 enrolled students in early childhood/primary and 37,000 in secondary school[29] - Vocational and Basic Education: Reorganized business and organizational structure, clarifying the "custody + consulting planning + implementation services" development path, adding consulting services for the establishment of 1 vocational college and custody operation services for 1 school during the reporting period[30] - International Education: Continuously strengthened cooperation with high schools and international schools in Shanghai, successfully expanding into Japanese high school cooperative education, with the international education segment having opened 9 teaching service centers in Shanghai[31] - Adult Education: Incubated "Happy Commune," an entertainment brand focusing on middle-aged and elderly consumers, creating entertainment activities and cultural tourism routes to enrich the spiritual and cultural life of the elderly consumer group[31][32] Discussion and Analysis of Operating Conditions In H1 2025, the company focused on high-quality development, aiming for sustained profit growth through strategic adjustments, improved product quality, talent development, and technology empowerment Accelerating Strategic Adjustment and Transformation, Forming a Dual-Curve Strategic Framework The company integrated basic education businesses into four segments and established a dual-curve strategy with K12 quality education as the first curve and B2B2C as the second - The company integrated its existing basic education businesses, forming four major segments: quality education, vocational and basic education, international education, and adult education[34] - Established a dual-curve strategic framework, focusing on the first-curve business primarily centered on K12 quality education, while precisely expanding the second-curve business with "B2B2C" as the leverage[34] Continuously Enhancing Product Power and Teaching Quality, Strengthening Campus Operations Management The company enhanced product power and market reputation through localized teaching systems, differentiated instruction, and improved teacher development and campus operational management - The company continuously improved its localized product teaching system, implementing precise differentiated instruction and the "Soaring" strategy, effectively meeting diverse student learning needs and enhancing product power and market reputation[36] - Systematically advanced teacher recruitment, training, and evaluation, building a high-quality teaching force and master teacher system, and implementing a "mentor-throughout" and systematic coaching system[37] - Implemented the "Campus Operations Value Management System" and "Campus Operations Management Manual," standardizing service processes and enhancing student experience and teaching quality[37] Continuously Enhancing Organizational Capabilities, Strengthening Talent Team Building The company optimized its organizational structure, implemented flat management, and energized core talent through talent inventories and an improved value management system - The company continuously promoted organizational structure optimization, implementing flat management to improve organizational decision-making and execution efficiency[38] - Steadily advanced human resource system development and personnel structure optimization, building a proactive recruitment and training system through full-position talent inventories[38] - Improved relevant value management system policies, formulated performance implementation management methods, optimized business value management solutions, and continuously motivated core talent[38] Strengthening Technology Empowerment, Continuously Advancing Intelligent Construction The company established a smart construction working group, researched "AI+Education" system solutions, and implemented five key technology empowerment initiatives to enhance operational management efficiency and innovate education service models - In the first half of 2025, the company established a smart construction working group to comprehensively research "AI+Education" system solutions and continuously advance intelligent construction[39] - Effectively implemented five key technology empowerment initiatives: lean management for efficiency, campus scheduling and smart attendance, upgrade and re-engineering of new curriculum online education service system, knowledge base construction, and CRM system improvement and deepened application[39] Analysis of Core Competencies During the Reporting Period The company's core competencies include strong brand, diverse resources, integrated operations, continuous innovation, robust talent, and agile adaptability - The company has cultivated education in Shanghai and national markets for four decades, holding multiple honors such as "China's Top Ten Brand Education Groups" and "Shanghai Brand," with a strong brand image and reputation[40] - Built a C-end education service product system covering all age groups from early childhood to adult, and provides high-quality teaching courses, talent, and operational services to B-end schools and institutions[41] - Possesses a network of learning centers across core areas of Shanghai, continuously expanding and integrating campuses, and strengthening intelligent construction and environmental upgrade and renovation[42] - Throughout its forty-year development, the company continuously tracked market changes, iteratively upgraded its business and product systems, accelerated innovation and R&D of non-academic products, and focused on the application of AI technology in education[43] - Established a bulk talent recruitment pipeline, implemented standardized recruitment processes, appointed experienced mentors, and built a four-tier talent development system[44] - Possesses the ability to rapidly build and design teaching products and operating models, capable of timely tracking policy requirements and market demand changes, forming a quick response mechanism, and successfully coping with the impact of the "Double Reduction Policy"[45] Key Operating Conditions During the Reporting Period Operating revenue grew 11.84%, total profit turned positive, but operating cash flow decreased, with non-core items significantly impacting profit Main Business Analysis Main business revenue and costs grew due to expansion, financial expenses increased from leases, R&D expenses decreased due to capitalization, and investment income saw equity losses Analysis Table of Changes in Financial Statement Items | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Ratio (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 632,342,417.79 | 565,422,864.70 | 11.84 | Mainly due to the expansion of the company's business scale during the reporting period | | Operating Cost | 333,135,292.23 | 305,236,906.99 | 9.14 | Mainly due to the expansion of the company's business scale during the reporting period | | Financial Expenses | 12,265,940.35 | 9,205,451.28 | 33.25 | Mainly due to increased lease liabilities interest resulting from an increase in campuses during the reporting period | | R&D Expenses | 1,823,160.07 | 6,286,906.70 | -71.00 | Mainly due to the capitalization of R&D projects during the reporting period | | Investment Income | -7,308,296.70 | 1,878,428.11 | -489.06 | Mainly due to increased equity losses caused by fluctuations in the share price of an associate company during the reporting period | | Credit Impairment Losses | 2,190,958.87 | -378,671.73 | 678.59 | Mainly due to the reversal of credit impairment losses from the recovery of receivables during the reporting period | Explanation of Significant Profit Changes Caused by Non-Core Businesses Share-based payment amortization and equity investment losses significantly impacted H1 2025 profit, totaling 18.6848 million CNY and 6.5872 million CNY respectively - In the first half of 2025, non-core businesses such as the amortization of share-based payment expenses for employee stock ownership plans and equity investment losses significantly impacted the company's profit[49] - The associate company, NetEase Cloud Music (NTCL.US), incurred a loss of approximately 6.5872 million CNY to the company's profit due to share price fluctuations in the first half of the year[49] - The total amortization of share-based payment expenses for the company's 2022 and 2024 employee stock ownership plans in the first half of 2025 was approximately 18.6848 million CNY[49] Analysis of Assets and Liabilities Total assets slightly increased, with significant rises in financial assets held for trading and receivables financing, while employee compensation and lease liabilities decreased Assets and Liabilities Status for H1 2025 | Item Name | Current Period End Amount (CNY) | Proportion of Total Assets at Period End (%) | Prior Year End Amount (CNY) | Proportion of Total Assets at Prior Year End (%) | Change Ratio of Current Period End Amount vs. Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 59,020,000.00 | 3.46 | 5,029,026.71 | 0.30 | 1,073.59 | Mainly due to an increase in bank wealth management products during the reporting period | | Receivables Financing | 2,970,801.20 | 0.17 | 494,556.78 | 0.03 | 500.70 | Mainly due to an increase in bank acceptance bill settlements during the reporting period | | Contract Liabilities | 689,424,640.78 | 40.47 | 622,097,460.02 | 36.73 | 10.82 | | | Employee Compensation Payable | 60,133,833.95 | 3.53 | 89,751,987.53 | 5.30 | -33.00 | Mainly due to bonus payments during the reporting period | | Deferred Income Tax Liabilities | 931,504.13 | 0.05 | 303,108.50 | 0.02 | 207.32 | Mainly due to an increase in taxable temporary differences during the reporting period | | Overseas Assets | 76,102,859.50 | 4.47 | | | | | Investment Status Analysis The company established two new subsidiaries and deregistered two others, reflecting adjustments to its investment portfolio during the reporting period - Newly established subsidiaries: Shanghai Xuhui Xinnanyang Vocational Technology College Co., Ltd. (100% owned), Shanghai Onlly Xiaoyao Culture Tourism Co., Ltd. (100% owned)[53] - Deregistered subsidiaries: Ningbo Bonded Area Juefeng Investment Management Co., Ltd. (20% owned), Shanghai Yingfei Decoration Engineering Co., Ltd. (18% owned)[53] - Equity transfer: Shanghai Langen Management Consulting Co., Ltd. (100% owned)[53] Analysis of Major Holding and Associate Companies This section lists financial data for major holding and associate companies, highlighting key subsidiaries' significant impact on net profit Major Subsidiary Financial Data (Unit: 10,000 CNY) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Onlly Education Technology Group Co., Ltd. | Subsidiary | Quality education, adult education, etc. | 12,180 | 92,979.63 | -13,425.26 | 45,537.92 | 4,125.84 | 3,803.93 | | Shanghai Nanyang Onlly Education Training Co., Ltd. | Subsidiary | Quality education, etc. | 20,000 | 50,739.08 | 35,609.37 | 5,822.65 | 788.30 | 713.24 | | Shanghai Xinnanyang Education Technology Co., Ltd. | Subsidiary | Vocational education, international education | 15,000 | 32,040.83 | 17,400.18 | 6,641.42 | 644.44 | 484.51 | | Shanghai Jiading Onlly Zhilifang Education Training Co., Ltd. | Subsidiary | Quality education, etc. | 300 | 4,814.73 | 805.16 | 1,433.40 | 82.65 | 82.65 | | Shanghai Sumitomo Property Co., Ltd. | Subsidiary | Education services, etc. | 600 | 17,582.33 | 14,853.73 | 727.47 | 112.01 | 126.42 | Other Disclosure Matters The company faces policy, market, operational, and AI risks, actively responding with "quality improvement, efficiency enhancement, and return focus" actions to drive growth and enhance value Potential Risks Faced The company faces strict non-academic training regulations, intensified market competition, operational risks from business transformation, and AI technology opportunities and challenges - Policy and Regulatory Risk: The non-academic training sector is strictly regulated, requiring the company to continuously monitor policy dynamics to ensure compliant operations[56] - Market Environment Risk: Business transformation leads to intensified market competition, and changes in the education evaluation system place higher demands on the company's R&D and innovation capabilities[57] - Operational Management Risk: Business adjustments and organizational changes may lead to operational management risks due to insufficient understanding or inadequate risk assessment[58] - AI Technology Risk: AI technology profoundly impacts the education industry, requiring the company to continuously explore and adapt to new technologies to enhance business vitality and health[59][60] Other Disclosure Matters The company achieved 632 million CNY revenue and 2.8883 million CNY net profit in H1, established an AI working group, enhanced investor communication, and strengthened governance - Quality Improvement and Efficiency Enhancement to Drive High-Quality Business Development: In the first half of 2025, operating revenue reached 632 million CNY, a 11.84% year-on-year increase; net profit attributable to shareholders of the listed company was 2.8883 million CNY, turning profitable[61] - Technology Empowerment to Strengthen Intelligent Construction: Established a smart construction working group, proposed "AI+Education" research topics, and utilized AI technology to empower products and businesses[61] - Expanded Communication Channels and Strengthened Investor Communication: Actively responded to investor inquiries through earnings calls, investor hotlines, emails, and the SSE e-interaction platform[62] - Strengthened Responsibilities of "Key Minorities" and Enhanced Performance Capabilities: Strengthened learning and training on the latest regulatory policies for directors, supervisors, and senior management to improve compliance awareness and performance capabilities[62] Corporate Governance, Environment, and Society This section reports on changes in the company's directors, supervisors, and senior management, the semi-annual profit distribution plan, equity incentive progress, and rural revitalization public welfare activities Changes in Company Directors, Supervisors, and Senior Management Independent directors Mr. Feng Lun and Mr. Lu Jianzhong resigned due to term expiration, and Mr. Zou Rong and Mr. Jin Yuchao were elected as new independent directors - Independent directors Mr. Feng Lun and Mr. Lu Jianzhong resigned after serving six consecutive years as independent directors of the company[65] - Following nominations by the company's fifteenth meeting of the eleventh board of directors and election at the first extraordinary general meeting of shareholders in 2025, Mr. Zou Rong and Mr. Jin Yuchao were elected as independent directors of the company's eleventh board of directors[65] Profit Distribution or Capital Reserve Conversion Plan The company's proposed semi-annual profit distribution or capital reserve to share capital conversion plan is "No," meaning no distribution or conversion will be made - The company's proposed semi-annual profit distribution or capital reserve to share capital conversion plan is "No"[66] Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The 2022 employee stock ownership plan's third unlocking period performance was met, and the 2024 employee stock ownership plan completed non-trading share transfers - The company-level performance assessment for the third unlocking period of the company's 2022 employee stock ownership plan has been met, and corresponding shares will be unlocked after the lock-up period expires, based on individual performance assessments and personal changes of holders[67] - The company's 2024 employee stock ownership plan has passed relevant proposals and completed non-trading transfer of shares[67][68] Specifics of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work Controlled subsidiary Shanghai Jiao Tong University Education (Group) Co., Ltd. sponsored and organized the "Children's Voices of Mountains and Seas" public welfare project, supporting rural education revitalization through study tours, teaching support, and performance models - In July 2025, the company's controlled subsidiary, Shanghai Jiao Tong University Education (Group) Co., Ltd., sponsored and organized the "Children's Voices of Mountains and Seas" public welfare project[69] - This project provided the Dabie Mountains Red Azalea Rural Youth Choir with study tour and joint performance opportunities in Shanghai, and established a long-term "Monthly Art Teaching Support Program" to aid rural education revitalization[69] Significant Matters This section covers the company's fulfillment of commitments, significant litigation and arbitration matters, and the integrity status of the company, its controlling shareholder, and actual controller during the reporting period, confirming that all commitments have been strictly fulfilled and integrity status is good Fulfillment of Commitments All commitments by the actual controller, shareholders, and related parties, including resolving competition and related-party transactions, have been strictly fulfilled - Shanghai Jiao Tong University, Jiao Tong University Industrial Group, and Jiao Tong University Enterprise Management Center all committed to resolving horizontal competition and related-party transactions, and ensuring the company's independent operation; all commitments have been strictly fulfilled[71][72][73] - The original top five shareholders of the injected assets (Onlly Technology) committed to fully compensate for any losses incurred due to non-compliant actions before the acquisition; this commitment has been strictly fulfilled[74] Significant Litigation and Arbitration Matters The company's controlled subsidiary, Shanghai Jiao Tong University Education (Group) Co., Ltd., was involved in a loan contract dispute case and received the first-instance civil judgment in August 2024 - The company's controlled subsidiary, Shanghai Jiao Tong University Education (Group) Co., Ltd., received the first-instance Civil Judgment from the Shanghai Xuhui District People's Court in August 2024 regarding a loan contract dispute with Shanghai Xuhua Education Development Co., Ltd. (now renamed: Shanghai Jiaomei Management Consulting Co., Ltd.) and Shanghai Shunyi International Logistics Co., Ltd.[76] Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or overdue large debts - During the reporting period, the integrity status of the company, its controlling shareholder, and actual controller was good[78] - There were no unfulfilled effective court judgments or overdue large debts[78] Share Changes and Shareholder Information This section details that the company's share capital structure remained unchanged during the reporting period, and lists the total number of shareholders, the top ten shareholders' holdings, and their related-party relationships, including pledged share information, as of the end of the reporting period Share Capital Change Status The company's total share capital and share capital structure remained unchanged during the reporting period - During the reporting period, the company's total share capital and share capital structure remained unchanged[82] Shareholder Information As of period-end, the company had 23,088 common shareholders. Among the top ten shareholders, Zhongjin Investment and its concerted parties held 23.79%, and Changjia Investment and its concerted parties held 15.83% - As of the end of the reporting period, the total number of common shareholders was 23,088[84] Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period End (shares) | Proportion (%) | Pledged, Marked, or Frozen Status (Number) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Zhongjin Investment (Group) Co., Ltd. | 23,988,074 | 8.37 | None: 0 | Domestic Non-State-Owned Legal Person | | Ningbo Meishan Bonded Port Area Changjia Hongtai Investment Center (Limited Partnership) | 20,175,185 | 7.04 | None: 0 | Other | | Shanghai Changjia Investment Co., Ltd. | 20,153,815 | 7.03 | None: 0 | Domestic Non-State-Owned Legal Person | | Shanghai Zhongjin Capital Investment Co., Ltd. | 15,749,077 | 5.50 | Pledged: 1,100,000 | Domestic Non-State-Owned Legal Person | | Shanghai Xinnanyang Onlly Education Technology Co., Ltd.－2024 Employee Stock Ownership Plan | 13,053,500 | 4.56 | None: 0 | Other | | Shanghai Oriental Infrastructure Development Co., Ltd. | 11,411,971 | 3.98 | Pledged: 11,411,971 | Domestic Non-State-Owned Legal Person | | Shanghai Hengshi Investment Management Co., Ltd. | 7,567,997 | 2.64 | None: 0 | Domestic Non-State-Owned Legal Person | | CITIC Securities Asset Management－SPD Bank－CITIC Securities Asset Management Xinghe No. 42 Collective Asset Management Plan | 5,730,800 | 2.00 | None: 0 | Other | | Shanghai Jiao Tong University Industrial Investment Management (Group) Co., Ltd. | 5,559,800 | 1.94 | None: 0 | State-Owned Legal Person | | Xinjiang Huizhong Yifu Investment Co., Ltd. | 5,335,961 | 1.86 | None: 0 | Domestic Non-State-Owned Legal Person | - As of June 30, 2025, Zhongjin Group and its concerted parties collectively held 68,156,380 shares, accounting for 23.79% of the company's total share capital[88] - As of June 30, 2025, Changjia Investment and its concerted parties collectively held 45,368,004 shares, accounting for 15.83% of the company's total share capital[89] Bond-Related Information This section states that the company had no corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - Corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments: N/A[92] - Convertible corporate bonds: N/A[92] Financial Report This section provides the company's unaudited H1 2025 financial report, including consolidated and parent company statements and detailed notes on accounting policies and estimates Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[4] Financial Statements This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025 Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 1.704 billion CNY, liabilities 1.558 billion CNY, and parent company owners' equity 58 million CNY Key Consolidated Balance Sheet Data (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 1,703,523,809.50 | 1,693,707,991.79 | | Total Liabilities | 1,558,279,660.77 | 1,564,860,048.79 | | Total Owners' Equity Attributable to Parent Company | 57,978,829.28 | 44,798,462.10 | Parent Company Balance Sheet As of June 30, 2025, parent company total assets were 1.563 billion CNY, liabilities 1.070 billion CNY, and total owners' equity 493 million CNY Key Parent Company Balance Sheet Data (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 1,563,076,965.95 | 1,426,062,276.35 | | Total Liabilities | 1,069,681,013.77 | 897,844,987.65 | | Total Owners' Equity | 493,395,952.18 | 528,217,288.70 | Consolidated Income Statement In H1 2025, consolidated total operating revenue was 632 million CNY (up 11.84%), net profit 6.1041 million CNY, and parent company net profit 2.8883 million CNY, turning profitable Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 632,342,417.79 | 565,422,864.70 | | Total Profit | 9,178,378.93 | -7,675,543.74 | | Net Profit | 6,104,127.01 | -10,742,112.87 | | Net Profit Attributable to Parent Company Shareholders | 2,888,288.46 | -17,124,106.97 | | Basic Earnings Per Share (CNY/share) | 0.0104 | -0.0638 | Parent Company Income Statement In H1 2025, parent company operating revenue was 339,300 CNY, and net profit was -49.0482 million CNY, with the loss expanding compared to the prior period Key Parent Company Income Statement Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 339,297.93 | 189,205.43 | | Total Profit | -49,048,215.94 | -39,486,307.95 | | Net Profit | -49,048,215.94 | -39,486,307.95 | Consolidated Cash Flow Statement In H1 2025, consolidated net cash flow from operating activities was 118 million CNY, while investing and financing activities both resulted in net cash outflows, leading to a net increase in cash and cash equivalents of -38.3370 million CNY Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 118,010,128.12 | 143,479,761.11 | | Net Cash Flow from Investing Activities | -92,137,525.50 | -156,463,291.58 | | Net Cash Flow from Financing Activities | -64,209,600.97 | -134,186,865.86 | | Net Increase in Cash and Cash Equivalents | -38,336,998.35 | -147,170,396.33 | Parent Company Cash Flow Statement In H1 2025, parent company operating and investing cash flows were both net outflows, but financing activities generated a net cash inflow of 187 million CNY, resulting in a net increase in cash and cash equivalents of 103 million CNY Key Parent Company Cash Flow Statement Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -29,674,460.12 | -38,545,136.43 | | Net Cash Flow from Investing Activities | -54,704,337.10 | -28,006,659.51 | | Net Cash Flow from Financing Activities | 187,208,689.20 | 124,938,473.96 | | Net Increase in Cash and Cash Equivalents | 102,829,891.98 | 58,386,678.02 | Consolidated Statement of Changes in Owners' Equity In H1 2025, consolidated total owners' equity increased to 145 million CNY, primarily influenced by the increase in net profit attributable to parent company shareholders and the amount of share-based payments recognized in owners' equity Key Consolidated Statement of Changes in Owners' Equity Data (Jan-Jun 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 286,548,830.00 | 286,548,830.00 | | Capital Reserve | 343,879,309.36 | 325,194,488.18 | | Total Owners' Equity Attributable to Parent Company | 57,978,829.28 | 44,798,462.10 | | Total Owners' Equity | 145,244,148.73 | 128,847,943.00 | Parent Company Statement of Changes in Owners' Equity In H1 2025, parent company total owners' equity decreased to 493 million CNY, primarily influenced by net profit losses and share-based payments recognized in equity Key Parent Company Statement of Changes in Owners' Equity Data (Jan-Jun 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 286,548,830.00 | 286,548,830.00 | | Capital Reserve | 607,909,572.45 | 589,224,751.27 | | Retained Earnings | -298,226,501.31 | -249,178,285.37 | | Total Owners' Equity | 493,395,952.18 | 528,217,288.70 | Company Basic Information Established in 1992 and listed in 1993, the company focuses on education technology, with Zhongjin Group as controlling shareholder and Mr. Zhou Chuanyou as actual controller - The company was established in July 1992 and listed on the Shanghai Stock Exchange in June 1993[129] - The company's business scope includes technology development, transfer, consulting, and services in the education technology sector, production and sales of high-tech products, and education industry investment[130] - Zhongjin Group and its concerted parties are the company's controlling shareholder, and Mr. Zhou Chuanyou is the company's actual controller[130] Basis of Financial Statement Preparation Financial statements are prepared on a going concern basis, adhering to accounting standards and regulations, confirming the company's ability to continue for at least 12 months - The company's financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and the "No. 15 Rules for Information Disclosure by Companies Issuing Securities to the Public - General Provisions on Financial Reports" issued by the China Securities Regulatory Commission[131] - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant matters affecting its going concern ability[132] Significant Accounting Policies and Accounting Estimates This section details accounting policies and estimates for financial instruments, revenue, leases, and other items, ensuring accurate financial statement reflection - The company's financial statements comply with the requirements of Accounting Standards for Business Enterprises, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[134] - Financial instruments are classified at initial recognition as: financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial assets measured at fair value through profit or loss[149] - The company recognizes revenue when it satisfies a performance obligation in a contract, i.e., when the customer obtains control of the related goods or services[204] - As a lessee, the company recognizes right-of-use assets and lease liabilities for leases other than low-value asset leases; as a lessor, leases are classified as finance leases and operating leases[214][217] Taxation This section lists main tax categories and rates, including VAT, urban maintenance tax, and corporate income tax, detailing applicable rates and preferential policies - Main tax categories include VAT (rates 1%, 3%, 5%, 6%, 9%, 13%), Urban Maintenance and Construction Tax (rate 7%), and Corporate Income Tax (rates 16.5%, 19%, 20%, 25%)[223] - Several of the company's subsidiaries are subject to corporate income tax rates of 20% or 25%[224][225][226][227] - For small low-profit enterprises, the portion of annual taxable income exceeding 1 million CNY but not exceeding 3 million CNY is included in taxable income at 25% and subject to corporate income tax at a rate of 20%, resulting in an effective tax rate of 5%[228] - Hong Kong registered company Yulun Overseas Study Co., Ltd. applies a two-tiered profits tax system, with assessable profits not exceeding 2 million HKD taxed at 8.25%, and the excess taxed at 16.5%[229] Notes to Consolidated Financial Statement Items This section provides detailed notes for each item in the consolidated financial statements, including cash and cash equivalents, financial assets held for trading, accounts receivable, inventories, long-term equity investments, fixed assets, right-of-use assets, goodwill, contract liabilities, employee compensation payable, operating revenue and costs, R&D expenses, investment income, credit impairment losses, income tax expenses, etc., explaining their composition, changes, and accounting treatment Cash and Cash Equivalents At period-end, the company's total cash and cash equivalents amounted to 566 million CNY, with bank deposits accounting for the vast majority, and 25.7854 million CNY held overseas Composition of Cash and Cash Equivalents | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 4,383.32 | | | Bank Deposits | 565,203,112.51 | 604,152,304.84 | | Other Cash and Cash Equivalents | 744,741.08 | 853,525.56 | | Total | 565,947,853.59 | 605,010,213.72 | | Of which: Total Amount Held Overseas | 25,785,352.43 | 20,693,942.16 | Financial Assets Held for Trading At period-end, the company's financial assets held for trading significantly increased to 59.02 million CNY, primarily due to an increase in bank wealth management products Composition of Financial Assets Held for Trading | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Financial Assets Measured at Fair Value Through Profit or Loss | 59,020,000.00 | 5,029,026.71 | | Of which: Bank Wealth Management Products | 59,020,000.00 | 5,029,026.71 | | Total | 59,020,000.00 | 5,029,026.71 | Accounts Receivable At period-end, the company's accounts receivable book balance was 51.7503 million CNY, with the highest proportion being within 1 year. Bad debt provisions of 11.5523 million CNY have been made for accounts receivable, of which 997,400 CNY was individually provided for and fully recognized due to "preparation for deregistration" Aging Analysis of Accounts Receivable | Aging | Period-End Book Balance (CNY) | Period-Beginning Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 34,578,952.94 | 35,525,126.16 | | 1 to 2 years | 7,985,120.00 | 8,023,961.45 | | 2 to 3 years | 1,919,888.53 | 1,436,751.29 | | Over 3 years | 7,266,369.48 | 7,215,157.24 | | Total | 51,750,330.95 | 52,200,996.14 | - Of accounts receivable, 997,415.99 CNY was individually provided for bad debts at a 100% provision rate, due to "preparation for deregistration"[244] Inventories At period-end, the company's inventory book value was 11.8451 million CNY, primarily consisting of raw materials, work-in-progress, finished goods, contract costs, and goods issued, with inventory impairment provisions of 10.9911 million CNY already made Inventory Classification and Impairment Provisions | Item | Period-End Book Balance (CNY) | Inventory Impairment Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Raw Materials | 546,219.92 | 40,206.02 | 506,013.90 | | Work-in-Progress | 3,547,021.54 | 434,750.33 | 3,112,271.21 | | Finished Goods | 15,499,412.69 | 10,516,136.79 | 4,983,275.90 | | Contract Costs | 3,243,503.60 | 0 | 3,243,503.60 | | Goods Issued | 787,395.40 | 0 | 787,395.40 | | Total | 22,836,157.75 | 10,991,093.14 | 11,845,064.61 | Long-Term Equity Investments At period-end, the company's long-term equity investments had a book value of 34.6411 million CNY, primarily comprising investments in associates. During the reporting period, investment income from associates was -8.1365 million CNY, mainly impacted by investment losses from Jiaxing Hongli Equity Investment Partnership (Limited Partnership) Changes in Long-Term Equity Investments in Associates | Investee | Period-Beginning Balance (CNY) | Investment Gains/Losses Recognized Under Equity Method (CNY) | Period-End Balance (CNY) | | :--- | :--- | :--- | :--- | | Shanghai Jiao Tong University Science Park (Jiaxing) Co., Ltd. | 26,291,494.68 | 14,090.97 | 26,305,585.65 | | Jiaxing Hongli Equity Investment Partnership (Limited Partnership) | 11,309,183.85 | -6,587,163.68 | 4,722,020.17 | | Shanghai Angyitong Education Technology Co., Ltd. | 2,038,536.74 | 124,314.67 | 2,412,851.41 | | Shanghai Chenjia Huaqi Education Technology Co., Ltd. | 863,176.52 | -764,004.23 | 99,172.29 | | Shanghai Aili Education Technology Co., Ltd. | 1,384,229.93 | -763,972.76 | 620,257.17 | | Subtotal | 45,664,633.12 | -8,136,524.34 | 37,418,936.49 | Fixed Assets At period-end, the company's fixed assets had a book value of 59.9189 million CNY, primarily comprising buildings, general equipment, specialized equipment, and other equipment, with 4.3946 million CNY in new fixed assets added during the current period Composition and Book Value of Fixed Assets | Item | Buildings (CNY) | Transportation Vehicles (CNY) | General Equipment (CNY) | Specialized Equipment (CNY) | Other Equipment (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Period-End Book Original Cost | 68,426,763.06 | 1,902,853.63 | 20,807,333.24 | 7,036,842.01 | 35,061,514.74 | 133,235,306.68 | | Period-End Accumulated Depreciation | 26,952,719.62 | 1,807,774.13 | 15,178,845.54 | 5,029,193.35 | 23,902,533.20 | 72,871,065.84 | | Period-End Impairment Provision | 0 | 0 | 9,768.88 | 53,098.40 | 382,440.03 | 445,307.31 | | Period-End Book Value | 41,474,043.44 | 95,079.50 | 5,618,718.82 | 1,954,550.26 | 10,776,541.51 | 59,918,933.53 | Right-of-Use Assets At period-end, the company's right-of-use assets had a book value of 468 million CNY, primarily consisting of buildings, with 64.4943 million CNY in new leases added during the current period Right-of-Use Assets Status | Item | Buildings (CNY) | Total (CNY) | | :--- | :--- | :--- | | Period-End Book Original Cost | 637,513,666.00 | 637,513,666.00 | | Period-End Accumulated Depreciation | 168,315,694.70 | 168,315,694.70 | | Period-End Impairment Provision | 1,220,807.23 | 1,220,807.23 | | Period-End Book Value | 467,977,164.07 | 467,977,164.07 | Goodwill At period-end, the company's goodwill original cost was 248 million CNY, primarily from the acquisitions of Shanghai Yulun Education Technology Development Co., Ltd., Shanghai Kaidun Information Technology Co., Ltd., and STAR EDUCATION INVESTMENT LIMITED. Impairment provisions of 176 million CNY have been made for a portion of goodwill Goodwill Book Original Cost | Name of Investee or Event Forming Goodwill | Period-End Balance (CNY) | | :--- | :--- | | Shanghai Yulun Education Technology Development Co., Ltd. | 72,091,936.99 | | Shanghai Kaidun Information Technology Co., Ltd. | 154,059,467.67 | | STAR EDUCATION INVESTMENT LIMITED | 21,722,408.95 | | Total | 247,873,813.61 | - The period-end balance of goodwill impairment provision was 175,781,876.62 CNY, mainly for Shanghai Kaidun Information Technology Co., Ltd. and STAR EDUCATION INVESTMENT LIMITED[302] - Recoverable amounts are determined based on the present value of estimated future cash flows[304] Contract Liabilities At period-end, the company's contract liabilities amounted to 689 million CNY, primarily consisting of advance receipts for education and training fees, accounting for over 99% Composition of Contract Liabilities | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Advance Receipts for Education and Training Fees | 685,305,691.06 | 618,695,183.58 | | Advance Receipts for Goods Sales | 2,492,048.69 | 1,581,959.29 | | Advance Receipts for Property Management Fees | 1,626,901.03 | 1,820,317.15 | | Total | 689,424,640.78 | 622,097,460.02 | Employee Compensation Payable At period-end, the company's employee compensation payable was 60.1338 million CNY, a 33% decrease from the beginning of the period, mainly due to bonus payments during the current period. Short-term compensation accounts for the vast majority of employee compensation payable Composition of Employee Compensation Payable | Item | Period-Beginning Balance (CNY) | Increase During Current Period (CNY) | Decrease During Current Period (CNY) | Period-End Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | I. Short-Term Compensation | 78,727,637.65 | 342,104,887.00 | 366,501,103.46 | 54,331,421.19 | | II. Post-Employment Benefits - Defined Contribution Plans | 5,035,542.40 | 29,589,898.93 | 29,742,014.46 | 4,883,426.87 | | III. Termination Benefits | 5,988,807.48 | 3,419,095.97 | 8,488,917.56 | 918,985.89 | | Total | 89,751,987.53 | 375,113,881.90 | 404,732,035.48 | 60,133,833.95 | Operating Revenue and Operating Cost In H1 2025, operating revenue was 632 million CNY and operating cost was 333 million CNY, mainly from education and services, with most revenue recognized over time Composition of Operating Revenue and Operating Cost | Item | Revenue (CNY) | Cost (CNY) | | :--- | :--- | :--- | | Main Business | 632,342,417.79 | 333,135,292.23 | | Education and Services | 624,638,879.14 | 328,223,005.86 | | Product Manufacturing | 7,703,538.65 | 4,912,286.37 | | Total | 632,342,417.79 | 333,135,292.23 | - Classified by the timing of goods transfer, revenue recognized over a period of time was 595,673,728.21 CNY, accounting for 94.2% of total revenue[352] R&D Expenses In H1 2025, R&D expenses were 1.8232 million CNY, a 71% significant decrease from the prior period, mainly due to the capitalization of R&D projects Composition of R&D Expenses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation, Experimental Materials, etc. | 1,823,160.07 | 6,286,906.70 | | Total | 1,823,160.07 | 6,286,906.70 | Investment Income In H1 2025, investment income was -7.3083 million CNY, a significant decrease from the prior period, mainly due to negative investment income from long-term equity investments accounted for under the equity method, partially offset by investment income from bank wealth management products Composition of Investment Income | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Investment Income from Long-Term Equity Investments Accounted for Under Equity Method | -8,136,524.34 | 1,101,681.28 | | Investment Income from Bank Wealth Management Products | 828,227.64 | 776,746.83 | | Total | -7,308,296.70 | 1,878,428.11 | Credit Impairment Losses In H1 2025, credit impairment losses were 2.1910 million CNY, turning from a loss to a gain compared to the prior period, mainly due to the reversal of bad debt losses on other receivables Composition of Credit Impairment Losses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Bad Debt Losses on Notes Receivable | 6,704.12 | 139,460.00 | | Bad Debt Losses on Accounts Receivable | -162,703.74 | -251,873.26 | | Bad Debt Losses on Other Receivables | 2,346,958.49 | -266,258.47 | | Total | 2,190,958.87 | -378,671.73 | Income Tax Expenses In H1 2025, income tax expenses were 3.0743 million CNY, primarily consisting of current income tax expenses. During the adjustment process between accounting profit and income tax expenses, the application of different tax rates by subsidiaries and deductible temporary differences for which deferred income tax assets were not recognized had a significant impact Income Tax Expense Table | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Current Income Tax Expense | 3,074,251.92 | 3,389,454.96 | | Deferred Income Tax Expense | 0 | -322,885.83 | | Total | 3,074,251.92 | 3,066,569.13 | Reconciliation of Accounting Profit to Income Tax Expense | Item | Current Period Amount (CNY) | | :--- | :--- | | Total Profit | 9,178,378.93 | | Income Tax Expense Calculated at Statutory/Applicable Tax Rate | 2,294,594.73 | | Impact of Different Tax Rates Applicable to Subsidiaries | -1,051,173.38 | | Impact of Utilizing Deductible Losses for Which Deferred Income Tax Assets Were Not Recognized in Prior Periods | -285,252.72 | | Impact of Deductible Temporary Differences or Deductible Losses for Which Deferred Income Tax Assets Were Not Recognized in Current Period | 2,116,083.29 | | Income Tax Expense | 3,074,251.92 | R&D Expenditures In H1 2025, the company's total R&D expenditures were 8.4140 million CNY, of which 6.5908 million CNY was capitalized, mainly for the "Onlly R&D Project," with expensed R&D expenditures of 1.8232 million CNY R&D Expenditures by Nature of Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation, Experimental Materials, etc. | 7,884,443.07 | 5,735,677.66 | | Depreciation Expense | 433,326.65 | 484,604.82 | | Other | 96,217.23 | 64,584.22 | | Total | 8,413,986.95 | 6,284,866.70 | | Of which: Expensed R&D Expenditures | 1,823,160.07 | 6,284,866.70 | | Capitalized R&D Expenditures | 6,590,826.88 | 0 | - The "Onlly R&D Project" saw an increase in internal development expenditures of 6,590,826.88 CNY in the current period, with a period-end balance of 6,590,826.88 CNY[389] Changes in Consolidation Scope During the reporting period, there were no changes in the company's consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries - There were no changes in the consolidation scope in the current period due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries[390] Interests in Other Entities This section details the composition of the company's enterprise group, including numerous subsidiaries and their shareholding percentages, and discloses important non-wholly-owned subsidiaries and their key financial information, as well as significant joint operations Composition of the Enterprise Group The company's enterprise group comprises numerous subsidiaries, covering various business natures such as education services, property management, and technology, with most shareholding percentages at 100%, and some being controlled subsidiaries List of Major Subsidiaries | Subsidiary Name | Main Operating Location | Registered Capital (10,000 CNY) | Shareholding Percentage (%) (Direct) | | :--- | :--- | :--- | :--- | | Shanghai Jiao Tong University Education (Group) Co., Ltd. | Shanghai | 15,000 | 63.50 | | Shanghai Onlly Education Technology Group Co., Ltd. | Shanghai | 12,180 | 100.00 | | Shanghai Nanyang Onlly Education Training Co., Ltd. | Shanghai | 20,000 | 100.00 | | Shanghai Xinnanyang Education Technology Co., Ltd. | Shanghai | 15,000 | 100.00 | | Shanghai Sumitomo Property Co., Ltd. | Shanghai | 600 | 100.00 | | Star Education Investment Limited | UK | (GBP) | 100.00 | | KENSINGTON PARK SCHOOL LIMITED | UK | (GBP) | 100.00 | Significant Non-Wholly-Owned Subsidiaries The company's significant non-wholly-owned subsidiaries include Shanghai Jiao Tong University Education (Group) Co., Ltd., Shanghai Onlly Education Investment Consulting Co., Ltd., and Shanghai Yulun Education Technology Development Co., Ltd., with minority shareholder percentages of 36.50%, 41.73%, and 20.00%, respectively Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage (%) | | :--- | :--- | | Shanghai Jiao Tong University Education (Group) Co., Ltd. | 36.50 | | Shanghai Onlly Education Investment Consulting Co., Ltd. | 41.73 | | Shanghai Yulun Education Technology Development Co., Ltd. | 20.00 | Key Financial Information of Significant Non-Wholly-Owned Subsidiaries This section lists the key financial data, including assets, liabilities, operating revenue, net profit, and net cash flow from operating activities, for significant non-wholly-owned subsidiaries such as Shanghai Jiao Tong University Education (Group) Co., Ltd., Shanghai Onlly Education Investment Consulting Co., Ltd., and Shanghai Yulun Education Technology Development Co., Ltd. Key Financial Information of Significant Non-Wholly-Owned Subsidiaries (Unit: 10,000 CNY) | Subsidiary Name | Operating Revenue (Current Period) | Net Profit (Current Period) | Total Comprehensive Income (Current Period) | Net Cash Flow from Operating Activities (Current Period) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Jiao Tong University Education (Group) Co., Ltd. | 3,063.47 | 54.86 | 54.86 | -370.46 | | Shanghai Onlly Education Investment Consulting Co., Ltd. | 2,621.75 | 452.66 | 452.66 | 374.23 | | Shanghai Yulun Education Technology Development Co., Ltd. | 1,335.24 | 365.54 | 365.54 | 208.89 | Significant Joint Operations The company's significant joint operation is Shanghai Jiao Tong University Science Park (Jiaxing) Co., Ltd., with a shareholding percentage of 30.00% - The company's significant joint operation is Shanghai Jiao Tong University Science Park (Jiaxing) Co., Ltd., with its main operating location and registered address both in Jiaxing City, Zhejiang, and its business nature being services, with the company's direct shareholding percentage at 30.00%[400] Government Grants During the reporting period, the company's total government grants recognized in current profit or loss amounted to 2.6663 million CNY, all of which were income-related government grants Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Income-Related | 2,666,307.11 | 821,439.59 | | Total | 2,666,307.11 | 821,439.59 | Risks Related to Financial Instruments This section does not disclose detailed information on risks related to financial instruments, hedging activities, or transfers of financial assets - The company did not disclose detailed information on financial instrument risks, hedging activities, or transfers of financial assets[401][403] Disclosure of Fair Value The company disclosed the period-end fair values of assets and liabilities measured at fair value, primarily including financial assets held for trading, other equity instrument investments, and receivables financing, with fair values determined based on market observable prices or cost valuations Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | (I) Financial Assets Held for Trading | 0 | 59,020,000.00 | 0 | 59,020,000.00 | | (III) Other Equity Instrument Investments | 0 | 0 | 20,743,191.00 | 20,743,191.00 | | (VI) Receivables Financing | 2,970,801.20 | 0 | 0 | 2,970,801.20 | | Total Assets Continuously Measured at Fair Value | 2,970,801.20 | 59,020,000.00 | 20,743,191.00 | 82,733,992.20 | - Market prices for Level 1 fair value measurement items are determined based on market observable prices[406] - Level 2 fair value measurement items are determined using market observable prices after considering liquidity risk[408] - Level 3 fair value measurement items are reported at relevant cost as fair value due to insufficient recent information[409] Related Parties and Related-Party Transactions This section discloses the company's other related parties, including minority shareholders of subsidiaries, controlling shareholders, etc., and details related-party transactions such as purchases and sales of goods, provision of services, related-party leases, and key management personnel compensation, also explaining outstanding receivables and payables with related parties Other Related Parties The company's other related parties include Jiaxing Nanyang Vo