Student Enrollment and Employment - The total number of full-time students increased to 24,467 in the 2022/23 academic year, up by 2,013 from the previous year, making the institution the largest applied technology university in Shanghai [8]. - The employment rate for the 2022 graduating class reached 98.9%, with 66.0% of graduates remaining employed in the Shanghai area [11]. - The institution's employment rate for graduates has remained stable at 98% or above, with the 2022 cohort achieving a 98.9% employment rate despite the impact of COVID-19 [66]. - The number of adult continuing education students reached 6,166 as of June 30, 2022, representing a 37.8% increase year-on-year [74]. Academic Programs and Quality - Approximately 2/3 of undergraduate programs ranked in the top 10 nationally according to the 2022 China University Alumni Association rankings, with 40.5% of provincial first-class undergraduate programs established [9]. - The institution's comprehensive ranking improved to 4th in Shanghai and 34th nationally, including public universities [19]. - The institution's undergraduate programs offer 68 majors, while the associate degree programs provide 12 majors, covering various disciplines [59]. - The institution's practical teaching component accounted for an average of 44.2% of total credits in undergraduate courses for the 2022/23 academic year [11]. - The institution's full-time faculty with doctoral degrees accounted for 27.1%, ensuring high-quality education standards [42]. - The institution aims to enhance its educational quality and gradually optimize tuition and accommodation fees [46]. Financial Performance - The company achieved revenue of approximately RMB 790.1 million in 2022, representing a year-on-year growth of 15.6% [29]. - Gross profit for the year was approximately RMB 505.0 million, reflecting a year-on-year increase of 19.8% [29]. - Net profit reached approximately RMB 224.9 million, marking a year-on-year growth of 25.7% [29]. - The gross margin improved to 63.9% in 2022, up from 61.7% in 2021 [27]. - The return on equity (ROE) for 2022 was 11.5%, compared to 9.8% in 2021 [27]. - The company's current assets amounted to RMB 754.9 million, while current liabilities were RMB 784.6 million, resulting in a net current liability of RMB 29.7 million [27]. - The group's revenue increased from approximately RMB 421.7 million in the year ended December 31, 2021, to approximately RMB 505.0 million in the year ended December 31, 2022, representing a growth of about 19.8% [104]. - Other income and gains rose from RMB 15.2 million in 2021 to RMB 27.6 million in 2022, an increase of 82.0%, primarily due to government subsidies and bank interest income [106]. Campus Development and Investments - A new undergraduate program in Intelligent Manufacturing Engineering was approved in March 2022 to align with industry upgrade demands [19]. - The third phase of the campus was put into use in September 2022, featuring higher levels of intelligence compared to previous facilities [20]. - Capital expenditure related to the construction of the third phase of the campus is estimated at approximately RMB 340 million (equivalent to about HKD 377.4 million) [47]. - The group plans to invest approximately RMB 345.6 million in the fourth phase of campus construction, expected to be operational by the 2024/25 academic year [73]. - The institution invested approximately RMB 40 million in a demonstration base for integrated circuit packaging and testing, with an additional RMB 20 million invested in 2022 to enhance facilities [20]. - The institution's new campus facilities cover a total construction area of approximately 60,950 square meters, including a multifunctional teaching building and dormitory buildings [47]. Employee and Governance - The total employee compensation cost for the year ended December 31, 2022, was RMB 294.3 million, an increase from RMB 241.7 million for the year ended December 31, 2021 [150]. - As of December 31, 2022, the group had 1,770 full-time employees, up from 1,596 employees as of December 31, 2021 [150]. - The company regularly reviews its employee compensation policies and benefits based on industry practices and performance [150]. - The company has been recognized for its governance practices, as evidenced by the awards received by its board members [197]. - The independent non-executive directors bring significant academic and professional experience to the company, potentially improving decision-making [197]. Strategic Initiatives and Future Outlook - The company is committed to expanding its vocational education offerings in response to supportive government policies [39]. - The company provided guidance for 2023, projecting a revenue increase of 25% to 1.875 billion [188]. - New product launches are expected to contribute an additional 300 million in revenue in 2023 [188]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2023 [188]. - Research and development investments increased by 30% in 2022, focusing on innovative educational technologies [188]. - The company aims to enhance its online platform, expecting a 40% increase in user engagement by the end of 2023 [188].
建桥教育(01525) - 2022 - 年度财报