Financial Performance - Total revenue for the fiscal year increased by 28.2% year-on-year to RMB 226.7 million[19] - Net profit for the fiscal year grew by 128.5% year-on-year to RMB 38.7 million[19] - Gross profit for the fiscal year reached RMB 103.9 million, compared to RMB 76.1 million in the previous year[10] - Gross margin improved to 45.8% from 43.0% in the previous year[11] - The company reported a basic earnings per share of RMB 0.08, up from RMB 0.03 in the previous year[10] - Profit before tax increased by 123.2% from approximately RMB 177 million to approximately RMB 395 million due to the combined effects of revenue, costs, and expenses[53] - Net profit increased by approximately 128.5% from approximately RMB 169 million to approximately RMB 387 million, reflecting the impact of the aforementioned revenue, costs, and expenses[55] Assets and Liabilities - Current assets amounted to RMB 165.9 million, while current liabilities were RMB 318.7 million, resulting in a current ratio of 0.52[15] - Non-current assets increased to RMB 1,035.7 million from RMB 1,008.2 million in the previous year[14] - Total assets less current liabilities stood at RMB 882.9 million, slightly down from RMB 893.1 million in the previous year[14] - The debt-to-equity ratio improved to 42.1% from 47.9% in the previous year[15] - Cash and cash equivalents were RMB 156.3 million, compared to RMB 152.5 million in the previous year[14] - Current liabilities increased by 32.8% from RMB 1,151 million to RMB 1,528 million, primarily due to borrowings due within one year and an increase in contract liabilities from students[63] Student Enrollment and Education Quality - In the 2021/2022 academic year, the number of enrolled students increased to approximately 14,900, a growth of 21.1% compared to about 12,300 in the 2020/2021 academic year[27] - The number of students enrolled in undergraduate programs rose to 13,114, reflecting a 23.8% increase from 10,597 in the previous year[29] - The total number of students across all programs reached 14,945, marking a 21.3% increase from 12,324 in the previous academic year[29] - Approximately 2,629 students graduated in June 2021, with a first-time employment rate of about 91%, a slight decrease of 2% from the 2019/2020 academic year[27] - The new campus in Yibin City, Nanshan District, has started operations, enhancing teaching space and improving education quality[21] - The group aims to become a major player in vocational training for the hotel industry, focusing on skills such as Western and Chinese cooking, baking, bartending, and coffee making[23] Revenue Sources and Growth - Total revenue for the year increased by 28.2% to approximately RMB 226.7 million from RMB 176.9 million in the previous year, driven mainly by an increase in tuition fees[41] - Tuition fees rose by 23.7% to RMB 186.8 million, while accommodation fees increased by 69.0% to RMB 14.9 million, and catering service fees surged by 72.9% to RMB 13.5 million[31] - The group aims to diversify its revenue sources by developing training programs under the Ginkgo Academy brand[36] Operational Developments - The construction of the new campus in Nanchong is largely completed, including a teaching hotel and various facilities[37] - Sales expenses rose by 22.1% to approximately RMB 3.4 million, attributed to recruitment activities related to the new campus in Nanchong[46] - The group continues to expand its new campuses to increase utilization rates and diversify course offerings[23] - The impact of COVID-19 was managed effectively, with no significant adverse effects on the financial status, despite temporary suspensions of operations[38] Governance and Compliance - The company has appointed three independent non-executive directors to balance the number of directors with vested interests and independent directors, aiming to promote the overall interests of the company and its shareholders[1] - The company has established a mechanism to avoid conflicts of interest among directors, requiring them to report any significant conflicts at the earliest board meeting[1] - The company is committed to maintaining transparency and providing relevant financial information to stakeholders as part of its governance practices[189] Risks and Regulatory Environment - The group faces significant foreign exchange risk related to the fluctuation of the RMB against the USD and HKD, with no current hedging policy in place[68] - The group faces significant risks if the Chinese government deems its agreements for establishing business operations in China non-compliant with applicable laws[169] - The proposed Foreign Investment Law may bring substantial changes to the legal framework governing foreign investment in China, potentially impacting the group's business[169] Shareholder Information - The company reported a reserve of approximately RMB 427.2 million available for distribution to shareholders as of December 31, 2021[108] - The company did not recommend the payment of a final dividend for the year ended December 31, 2021[101] - The total number of issued shares as of December 31, 2021, is 500,000,000[135]
银杏教育(01851) - 2021 - 年度财报