Revenue and Profitability - The total revenue for the six months ended June 30, 2022, was RMB 134.1 million, an increase of 23.5% compared to RMB 108.6 million for the same period in 2021[14]. - Tuition fees contributed RMB 116.8 million, representing a 26.1% increase from RMB 92.6 million in the previous year[14]. - The company's revenue for the reporting period was approximately RMB 134.1 million, an increase of about RMB 25.5 million or approximately 23.5% compared to the previous period's RMB 108.6 million[20]. - Tuition fees during the reporting period amounted to approximately RMB 116.8 million, representing an increase of about RMB 24.2 million or approximately 26.1% from RMB 92.6 million in the previous period[20]. - Gross profit for the reporting period was RMB 79.6 million, an increase of approximately RMB 26.3 million or about 49.3% compared to RMB 53.3 million in the previous period, with a gross margin of approximately 59.4%[23]. - The company's net profit for the reporting period increased by approximately 127.4% to about RMB 51.8 million, up from approximately RMB 22.8 million in the previous period[30]. - The net profit for the period was RMB 51,780,000, which is a substantial increase from RMB 22,774,000 in the same period last year, marking a growth of 127.5%[72]. - Basic and diluted earnings per share for the period were RMB 0.10, up from RMB 0.05 in the previous year, indicating a 100% increase[72]. - The company reported a total comprehensive income of RMB 51,780 thousand for the six months ended June 30, 2022, compared to RMB 22,774 thousand for the same period in 2021, reflecting a growth of approximately 127.5%[90]. Student Enrollment and Education Expansion - The number of students enrolled at Ginkgo Hotel Management College increased by 21.1% to approximately 14,900 in the 2021/2022 academic year, up from about 12,300 in the 2020/2021 academic year[11]. - The group graduated 2,941 students in June 2022, an increase of 11.9% compared to the previous academic year[9]. - The group plans to enhance market penetration and improve teaching quality to solidify its position in the Chinese hotel management industry[15]. - The group aims to actively develop overseas education and strengthen international cooperation with foreign educational institutions and enterprises[15]. - The group continues to focus on expanding its higher education services and hotel management operations in China[120]. Financial Position and Cash Flow - The company's cash and cash equivalents as of June 30, 2022, were RMB 90.1 million, a decrease of approximately RMB 66.2 million from RMB 156.3 million in the previous year[33]. - The company's debt as of June 30, 2022, was approximately RMB 462.1 million, an increase from RMB 388.3 million as of December 31, 2021[34]. - The company's capital commitments as of June 30, 2022, were approximately RMB 102.8 million, primarily related to the expansion of the Ginkgo Academy[39]. - The group’s total liabilities as of December 31, 2021, were RMB 571,807,000, indicating a significant increase in liabilities by June 30, 2022[116]. - The group’s total borrowings (principal and interest) as of June 30, 2022, were RMB 534,474,000[116]. - The group’s liquidity risk is expected to be managed through internally generated operating cash flows and continued support from banks[114]. - Operating cash flow for the six months ended June 30, 2022, was negative at RMB (53,625) thousand, an improvement from RMB (72,302) thousand for the same period in 2021[94]. - Net cash used in investing activities was RMB (72,484) thousand for the six months ended June 30, 2022, compared to RMB (22,367) thousand for the same period in 2021, indicating increased investment activity[94]. - Financing activities generated net cash of RMB 57,830 thousand for the six months ended June 30, 2022, compared to RMB 23,264 thousand for the same period in 2021, showing a significant increase in financing[94]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to RMB 1,190,962 thousand, a decrease from RMB 1,201,590 thousand as of December 31, 2021[77]. - Total liabilities decreased to RMB 587,520 thousand as of June 30, 2022, compared to RMB 649,928 thousand as of December 31, 2021, reflecting a reduction of approximately 9.6%[77]. - Total equity increased to RMB 603,442 thousand as of June 30, 2022, up from RMB 551,662 thousand as of December 31, 2021, representing a growth of about 9.4%[77]. - The group had 858 employees as of June 30, 2022, a decrease from 881 employees as of December 31, 2021[43]. - The group reported a decrease in accrued expenses and other payables to RMB 103,476,000 as of June 30, 2022, from RMB 111,768,000 as of December 31, 2021[170]. Risk Management and Governance - The group faces foreign exchange risks primarily related to fluctuations in the exchange rates of RMB against USD and HKD, with no current hedging policies in place[40]. - The group has no foreign currency hedging policies and will continue to monitor the impact of exchange rate fluctuations on its performance[40]. - The board believes that the group maintains good relationships with its employees, with no significant labor disputes reported during the reporting period[43]. - The company has adhered to the corporate governance code and maintained high standards of corporate governance throughout the reporting period[60]. - The group has not made any changes to its risk management policies since the end of the year[110]. Capital Expenditures and Investments - Capital expenditures for the six months ended June 30, 2022, totaled RMB 73,060 thousand, consistent with the previous year's expenditure[124]. - The group obtained bank loans amounting to RMB 294,400,000 secured by construction in progress valued at approximately RMB 196,244,000 as of June 30, 2022[173]. - The total value of right-of-use assets related to land use rights and buildings was approximately RMB 3,686,000,000 as of June 30, 2022, down from RMB 3,736,000,000 as of December 31, 2021[153]. - The carrying amount of property, plant, and equipment as of June 30, 2022, was RMB 1,021,804,000, reflecting an increase from RMB 961,342,000 as of January 1, 2022[159]. Employee and Management Information - Employee benefit expenses for the six months ended June 30, 2022, were RMB 43,547,000, up from RMB 38,835,000 in the same period of 2021, reflecting a growth of 17.5%[136]. - The total remuneration for key management personnel decreased to RMB 1,431 thousand for the six months ended June 30, 2022, from RMB 1,515 thousand for the same period in 2021[184].
银杏教育(01851) - 2022 - 中期财报