东方甄选(01797) - 2023 - 年度业绩

Financial Highlights Financial Highlights FY2023 saw a significant turnaround, with total revenue reaching RMB 4.51 billion and net profit of RMB 0.971 billion, swinging from a prior-year loss Key Financial Data for FY2023 (Consolidated Statements) | Metric | FY2023 (RMB in thousands) | FY2022 (RMB in thousands) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 4,509,849 | 898,535 | +401.9% | | Profit/(Loss) for the Year | 971,286 | (533,964) | Swung to Profit | | Profit/(Loss) Attributable to Owners of the Company | 971,286 | (533,954) | Swung to Profit | | Basic Earnings/(Loss) Per Share (RMB) | 0.97 | (0.53) | Swung to Profit | | Adjusted Profit (Non-IFRS) | 1,089,333 | (363,725) | Swung to Profit | | Adjusted EBITDA (Non-IFRS) | 1,207,454 | (322,279) | Swung to Profit | Financial Performance of Continuing Operations | Metric | FY2023 (RMB in thousands) | FY2022 (RMB in thousands) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 4,509,849 | 600,526 | +651.0% | | Profit/(Loss) for the Year | 971,286 | (70,994) | Swung to Profit | Business Overview and Outlook Business Overview The company transformed into a live e-commerce and self-operated product platform, with "Dongfang Zhenxuan" achieving RMB 10 billion GMV in FY2023 - The company positions itself as a live streaming platform for selecting quality products, a product technology company centered on "Dongfang Zhenxuan" self-operated agricultural products, and a cultural dissemination company providing enjoyable experiences[5] Key Operating Metrics for Live E-commerce Business (FY2023) | Metric | Value | | :--- | :--- | | Gross Merchandise Volume (GMV) | RMB 10 billion | | Followers on Douyin | 41.8 million | | Paid Orders on Douyin | 136.3 million orders | Operating Metrics for University Education Business | Metric | FY2023 | FY2022 | Change | | :--- | :--- | :--- | :--- | | Number of Paying Students (in thousands) | 581 | 546 | +6.4% | | Average Spending Per Paying Student (RMB) | 1,544 | 1,308 | +18.0% | - The company has terminated its pre-school and K-12 education businesses to focus on continuing operations[7] Future Outlook The company plans to deepen self-operated products and live e-commerce through R&D, multi-channel expansion, and a membership system, while university education will integrate AI - Self-operated products and live e-commerce businesses are the Group's long-term primary growth drivers[14] - The company will adopt a multi-channel strategy, having launched live e-commerce activities on Taobao on August 29, 2023, to reach a broader user base[16] - Plans are underway to launch a membership card, offering customers more favorable products and comprehensive member services[16] - The university education business will continue to develop smart learning systems and actively explore the integration of AI with business scenarios to enhance learning efficiency and experience[18][19] Management Discussion and Analysis Financial Performance Analysis FY2023 continuing operations revenue grew 651.0% to RMB 4.5 billion, primarily from self-operated products and live e-commerce, achieving a net profit of RMB 0.971 billion Revenue by Business Segment (Continuing Operations) | Business Segment | FY2023 (RMB in millions) | FY2022 (RMB in millions) | Change | | :--- | :--- | :--- | :--- | | Self-operated Products and Live E-commerce | 3,900 | 24.6 | +15766.5% | | University Education | 590.8 | 517.5 | +14.2% | | Institutional Clients | 38.2 | 58.4 | -34.7% | | Total | 4,500 | 600.5 | +651.0% | Gross Profit and Gross Margin (Continuing Operations) | Metric | FY2023 | FY2022 | Change | | :--- | :--- | :--- | :--- | | Gross Profit (RMB in billions) | 2.0 | 0.391 | +400.1% | | Gross Margin | 43.3% | 65.1% | -21.8pp | - The gross margin for the self-operated products and live e-commerce segment slightly increased from 37.8% to 38.2%, while the university education segment's gross margin significantly improved from 64.5% to 74.6% due to demand recovery and smart learning system adoption[26][27] Key Expense Items (Continuing Operations) | Expense Item | FY2023 (RMB in millions) | FY2022 (RMB in millions) | Change | | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 620.3 | 270.1 | +129.6% | | Research and Development Expenses | 109.5 | 64.4 | +69.9% | | Administrative Expenses | 154.2 | 214.1 | -28.0% | Liquidity, Capital Resources, and Cash Flow As of May 31, 2023, the company maintained a strong financial position with RMB 1.2 billion in cash and equivalents, and operating cash flow swinging to a RMB 1.26 billion net inflow Cash Flow Summary | Item | FY2023 (RMB in thousands) | FY2022 (RMB in thousands) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 1,264,430 | (918,068) | | Net Cash Used in Investing Activities | (737,546) | (26,370) | | Net Cash Generated from Financing Activities | 55,644 | (45,398) | | Cash and Cash Equivalents at End of Period | 1,165,137 | 547,445 | - As of May 31, 2023, cash and cash equivalents totaled RMB 1.2 billion, time deposits were RMB 0.8 billion, and current financial assets at fair value through profit or loss (wealth management products) were RMB 1 billion[39] - The asset-liability ratio increased from 20.3% at the end of FY2022 to 27.2% at the end of FY2023[39] Other Operating Information As of May 31, 2023, the Group's full-time employees increased to 1,479, with total remuneration expenses for continuing operations reaching RMB 0.736 billion - As of May 31, 2023, the Group had 1,479 full-time employees and 486 part-time employees, an increase from the prior year[44] - Total remuneration expenses for continuing operations in FY2023 were RMB 0.736 billion, a 62.4% year-on-year increase[44] - The Board does not recommend a final dividend for FY2023[51] Utilization of Net Proceeds from Share Subscription (FY2023) | Purpose | Unutilized Amount as of June 1, 2022 (HKD in millions) | Utilized in FY2023 (HKD in millions) | Balance (HKD in millions) | | :--- | :--- | :--- | :--- | | Sales and Marketing | 272.1 | 17.3 | 254.8 | | Technology Infrastructure | 76.4 | 72.5 | 3.9 | | Teachers and Other Business-Related Personnel | 225.7 | 9.2 | 216.5 | | Working Capital | 249.4 | 46.8 | 202.6 | | Total | 823.6 | 145.8 | 677.8 | Consolidated Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended May 31, 2023, continuing operations achieved total revenue of RMB 4.51 billion and a profit of RMB 0.971 billion Consolidated Statement of Profit or Loss Summary (Continuing Operations) | Item | 2023 (RMB in thousands) | 2022 (RMB in thousands) | | :--- | :--- | :--- | | Total Revenue | 4,509,849 | 600,526 | | Gross Profit | 1,954,769 | 390,852 | | Profit/(Loss) Before Tax | 1,172,714 | (89,299) | | Profit/(Loss) for the Year | 971,286 | (70,994) | Earnings Per Share (Continuing Operations) | Item | 2023 (RMB) | 2022 (RMB) | | :--- | :--- | :--- | | Basic | 0.97 | (0.07) | | Diluted | 0.91 | (0.07) | Consolidated Statement of Financial Position As of May 31, 2023, total assets were RMB 3.85 billion, total liabilities RMB 1.05 billion, and total equity RMB 2.80 billion Consolidated Statement of Financial Position Summary | Item | May 31, 2023 (RMB in thousands) | May 31, 2022 (RMB in thousands) | | :--- | :--- | :--- | | Total Assets | 3,852,938 | 2,059,393 | | Non-current Assets | 416,022 | 367,912 | | Current Assets | 3,436,916 | 1,691,481 | | Total Liabilities | 1,049,130 | 418,385 | | Current Liabilities | 1,028,829 | 393,327 | | Non-current Liabilities | 20,301 | 25,058 | | Total Equity | 2,803,808 | 1,641,008 | - Inventory significantly increased from RMB 4.63 million in the prior year to RMB 0.141 billion, reflecting the rapid expansion of the self-operated products business[59][81] - Trade payables significantly increased from RMB 23.6 million in the prior year to RMB 0.335 billion, primarily due to the development of self-operated products and live e-commerce businesses[59][86]