Financial Performance - The group's revenue for the year was approximately RMB 286.2 million, an increase of about 26.2% compared to the previous fiscal year[39]. - The net profit for the year was RMB 85.0 million, representing a significant increase of 119.8% year-over-year[39]. - The gross profit for the year reached RMB 162.2 million, up from RMB 103.9 million in the previous year, indicating a gross margin of 56.7%[54][58]. - Tuition fees amounted to approximately RMB 246.9 million, representing a 32.2% increase from RMB 186.8 million in the previous year[92]. - Accommodation fees increased by approximately 31.0% to RMB 19.5 million, up from RMB 14.9 million in the previous year[92]. - The group's administrative expenses for the year were approximately RMB 54.0 million, an increase from RMB 51.9 million in the previous year, mainly due to higher employee benefits and office expenses[99]. - Other income for the year was approximately RMB 4.1 million, up from RMB 1.3 million in the previous year, primarily due to government subsidies received[100]. - The group's net financial expenses for the year were approximately RMB 28.7 million, an increase from RMB 9.3 million in the previous year, mainly due to increased borrowings[102]. - The group reported an income tax expense of approximately RMB 0.2 million for the year, down from RMB 0.8 million in the previous year[128]. Student Enrollment and Educational Quality - The number of students enrolled in the diploma program increased from 1,831 in the 2021/2022 academic year to 2,007 in the 2022/2023 academic year, attributed to improved marketing and recruitment strategies[47]. - The number of enrolled students grew to approximately 19,100, a 28.2% increase from 14,900 in the previous academic year[88]. - The number of graduates increased to approximately 2,941, an 11.9% rise from 2,629 in the previous academic year[88]. - The company achieved an employment rate of 89% for its graduates, demonstrating the effectiveness of its curriculum[39]. - The company plans to continue enhancing educational quality and expanding its course offerings to improve business performance[39]. - The company aims to become a leader in hotel education in China, implementing strategies to expand its market presence and enhance educational quality[164]. Capital Management and Financial Position - The company's reserves available for distribution to shareholders as of December 31, 2022, amounted to approximately RMB 431.1 million[1]. - The current ratio decreased to 0.44 in 2022 from 0.52 in 2021, indicating a decline in short-term liquidity[54]. - The debt-to-equity ratio improved to 31.5% in 2022 from 42.1% in 2021, reflecting a stronger capital structure[54]. - Cash and cash equivalents as of December 31 were approximately RMB 199.9 million, an increase of about 27.9% from RMB 156.3 million in the previous year[83]. - The group's debt-to-equity ratio decreased to 31.5% as of December 31, 2022, compared to 42.1% in the previous year, mainly due to an increase in cash and cash equivalents[131]. - The group has maintained a focus on capital management based on the debt-to-equity ratio[131]. Governance and Compliance - The board of directors includes executive directors and independent non-executive directors, ensuring governance and oversight[36]. - The board of directors is subject to rotation, with one-third of directors retiring at each annual general meeting[18]. - The company has appointed three independent non-executive directors to balance the board's composition and protect shareholder interests[198]. - The company has complied with all relevant laws and regulations in the Cayman Islands, China, and Hong Kong throughout the year[149]. - The company must comply with the foreign investment control requirements, ensuring that domestic partners play a leading role in joint educational institutions[192]. Risks and Challenges - The group faces several key risks, including maintaining or increasing student enrollment and tuition fees, as well as managing operational costs[35]. - The group faces foreign exchange risks related to fluctuations in the exchange rates of the US dollar and Hong Kong dollar against the RMB, with no current foreign currency hedging policy in place[109]. - The company is subject to restrictions under China's Foreign Investment Negative List, particularly in the higher education sector[192]. Investments and Expansion - The company has a focus on capital expenditure plans and future funding needs to support growth[35]. - Capital expenditures for upgrading teaching facilities and equipment amounted to RMB 190.6 million, including new dormitories and educational hotels to accommodate an additional 2,000 students[64]. - The group completed the construction of a new campus in the Nanxi District, which is expected to support long-term student enrollment growth[47]. - The Chengdu Ginkgo Academy expansion project has a total construction area of approximately 41,000 square meters, completed and operational for the 2022/2023 academic year[95]. - The company plans to expand its overseas education initiatives and strengthen international cooperation with educational institutions and enterprises[72]. - The company is focused on strategic investments and acquisitions to enhance its educational offerings and operational capabilities[164]. Shareholder Information - The company declared a final dividend of HKD 0.10 per share, to be approved at the upcoming annual general meeting[150]. - The company’s major shareholder, Mr. Fang, holds 73.3% of the shares, indicating a strong control over the company[175]. - Vast Universe holds 366,562,500 shares, representing 73.3% of the equity[178]. - 熊嵐女士, as the spouse of 方先生, also holds 366,562,500 shares, equating to 73.3% of the equity[178]. - GreenTree Hospitality Group Ltd. owns 41,336,000 shares, which is 8.3% of the equity[178].
银杏教育(01851) - 2022 - 年度财报