Financial Performance - The Group recorded revenue of approximately RMB 655,074,000 for the year ended 30 June 2025, representing a decrease of approximately 21% compared to RMB 831,793,000 for the eighteen months ended 30 June 2024[19]. - Revenue from the financial services business segment was approximately RMB 494,771,000, accounting for approximately 76% of total revenue for the Reporting Period[19]. - The loss attributable to owners of the Company for the Reporting Period was approximately RMB 71,152,000, a decrease from RMB 158,347,000 in the previous period[20]. - Gross profit for the Reporting Period was RMB 75,922,000, down from RMB 102,403,000 in the previous period[13]. - The adjusted loss before tax for the Reporting Period was RMB (67,952,000), an improvement from RMB (90,061,000) in the previous period[13]. - The cost of services for the Reporting Period was approximately RMB 579,152,000, a decrease of approximately 21% compared to RMB 729,390,000 in the Corresponding Period[73]. - Gross profit margin slightly dropped to approximately 11.6% from approximately 12.3% in the Corresponding Period, mainly due to the higher proportion of revenue from the lower-margin financial services business[76]. - Selling and marketing expenses decreased by approximately 30% to approximately RMB 47,251,000 from RMB 67,731,000 in the Corresponding Period[77]. - Administrative expenses decreased by approximately 41% to approximately RMB 71,600,000 from RMB 121,078,000 in the Corresponding Period[78]. Asset Management - Non-current assets decreased to RMB 135,871,000 as of 30 June 2025, down from RMB 244,445,000 as of 30 June 2024[16]. - Current assets were RMB 175,565,000 as of 30 June 2025, compared to RMB 222,700,000 as of 30 June 2024[16]. - The Group's net current assets were RMB 33,610,000 as of 30 June 2025, a decrease from RMB 69,947,000 in the previous period[16]. - As of 30 June 2025, the Group had bank balances and cash of approximately RMB 102,230,000, down from approximately RMB 109,509,000 as of 30 June 2024[96]. - The current ratio as of 30 June 2025 was approximately 1.24 times, compared to approximately 1.46 times as of 30 June 2024[96]. - The gearing ratio was approximately 55.6% as of 30 June 2025, slightly up from approximately 54.3% as of 30 June 2024[96]. - The group's total borrowings were approximately RMB 13,348,000, down from RMB 17,677,000 as of June 30, 2024[98]. - The debt-to-asset ratio was approximately 55.6%, an increase from 54.3% as of June 30, 2024[98]. Strategic Initiatives - The Group aims to expand its domestic market presence in various cities, driven by increasing demand for education and financial services in the PRC[33]. - The Group has strategically expanded into vocational education and is leveraging AI-powered platforms to enhance user experience and service models[27]. - The Group plans to deepen the combination of online and offline service solutions in continuing education, aiming to increase market share[57]. - The Group intends to expand vocational skills training for professional staff in response to government policy changes and market demands[58]. - The Group will allocate more resources to develop the business-to-consumer model to enhance consumer loyalty to its training platforms[59]. - The establishment of training centers geographically aims to improve post-sales services and increase average revenue per user[59]. - The Group has executed a series of strategic mergers and acquisitions since 2017 to enhance its financial services portfolio[49][50]. - The Group's vision includes integrating education and financial services to create a dual-track development model[41]. Market Trends - China's online education market grew from approximately RMB 122.5 billion in 2015 to RMB 419.1 billion in 2024, with a compound annual growth rate of over 14.6%[27]. - The total insurance premium revenue in 2023 and 2024 was approximately RMB 5.125 trillion and RMB 5.670 trillion, respectively, representing a growth rate of 10.6%[28]. - The insurance brokerage business has become one of the core businesses of the Group, contributing sustainably to revenue growth[29]. - RuiLian Financial Group manages approximately HK$2 billion in assets across several funds, reflecting its strong position in the financial services sector[52][54]. Contractual Arrangements and Compliance - The Group relies on Contractual Arrangements to conduct its online training and education services in China, which may not be as effective as direct ownership[123]. - The risks associated with the Contractual Arrangements include potential non-compliance with PRC laws and the possibility of adverse tax consequences[123]. - The Group has implemented internal control measures to mitigate risks associated with the Contractual Arrangements, including regular compliance reporting to senior management[125]. - The Company will monitor relevant PRC laws and regulations to ensure compliance and protect its interests in Beijing Chuanglian Education[126]. - The Group's operational agreements include a Business Operation Agreement, Share Disposal Agreement, and Equity Pledge Agreement, all established to control the business of Beijing Chuanglian Education[131]. Shareholder and Capital Structure - The company issued 470,000,000 new shares at a price of HK$0.102 per share, raising net proceeds of approximately HK$47,790,000[106]. - The total principal amount of convertible bonds placed was HK$40,000,000, which was fully converted into 320,000,000 new shares[105]. - The intended use of net proceeds includes potential investments in the education and finance market, with HK$42,000,000 utilized out of an intended HK$60,050,000[108]. - The company has not changed its capital structure, maintaining 6,752,210,578 issued shares as of June 30, 2025[99]. - Mr. Lu abstained from voting on the agreements due to his material interest in the New Contractual Arrangements[146]. Continuing Connected Transactions - The independent non-executive Directors confirmed that all continuing connected transactions were conducted in the ordinary course of business and on normal commercial terms[195]. - The auditor issued an unqualified letter regarding the continuing connected transactions, confirming compliance with the Listing Rules[196]. - The company has obtained waivers for annual cap requirements under Chapter 14A of the Listing Rules for fees payable under the Consultancy and Services Agreement[199]. - The actual amounts of transactions under the New Contractual Arrangements for the year ended June 30, 2025, are detailed in the report[170].
创联控股(02371) - 2025 - 年度财报