Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 558,801,000, an increase from RMB 471,353,000 in 2021, representing a growth of approximately 18.5%[22] - The company reported a significant increase in government grants, totaling RMB 22,789,000 in 2022 compared to RMB 3,587,000 in 2021, marking a rise of approximately 535%[13] - The profit before tax for continuing operations decreased to RMB 96,047 thousand in 2022 from RMB 140,258 thousand in 2021, representing a decline of approximately 31.5%[10] - The total salary for directors increased to RMB 4,878 thousand in 2022 from RMB 3,620 thousand in 2021, a rise of about 34.7%[25] - The company reported a total of RMB 32,050,000 in other income for 2022, compared to RMB 17,153,000 in 2021, marking an increase of approximately 86.5%[13] Impairment and Losses - Impairment losses on trade receivables reached RMB 140,638,000 in 2022, a substantial increase from RMB 26,008,000 in 2021, indicating a rise of approximately 440%[15] - The company incurred a total of RMB 145,188,000 in impairment losses for the year 2022, compared to RMB 87,215,000 in 2021, reflecting an increase of approximately 66.5%[15] - The group reported a loss of RMB 172.8 million in the film production and investment segment, compared to a loss of RMB 77.0 million for the year ended December 31, 2021, primarily due to impairment losses on long-term trade receivables of RMB 140.5 million and inventory write-downs of RMB 36.1 million[126] - The loss from discontinued operations for the period from January 1, 2022, to April 12, 2022, was RMB 19,568,000, compared to a loss of RMB 53,674,000 for the previous period[75] Tax and Expenses - The income tax expense for the year 2022 was RMB 17,834,000, a decrease from RMB 14,762,000 in 2021, reflecting a reduction of approximately 20.5%[20] - The company reported a tax impact of RMB 67,398 thousand from non-deductible expenses in 2022, compared to RMB 43,169 thousand in 2021, an increase of approximately 56.3%[10] - Depreciation and amortization expenses totaled RMB 58,147 thousand in 2022, compared to RMB 41,473 thousand in 2021, indicating an increase of around 40.0%[25] Acquisitions and Investments - The company completed the acquisition of all shares of Waterwood from its sole shareholder for a total consideration of RMB 300 million, including a cash payment of RMB 165 million[30] - The identifiable net assets acquired amounted to RMB 118,646 thousand, resulting in goodwill of RMB 119,354 thousand from the acquisition[32] - The company agreed to acquire full control of the Olympic College for a total consideration of RMB 450 million, which may be adjusted to RMB 250 million if certain conditions are not met within 36 months[178] - The company agreed to terminate the acquisition of Waterwood, with a total payment of RMB 165 million made to the founder prior to the termination agreement[139] Shareholder Communication and Governance - The company has established a comprehensive risk management and internal control system to ensure the reliability of financial reporting and compliance with relevant laws and regulations[39] - The company has established multiple channels for ongoing communication with shareholders, including annual general meetings and investor briefings[89] - The company emphasizes the importance of effective communication with shareholders to enhance understanding of business performance and strategy[89] - The company has a policy in place to handle shareholder communications effectively, ensuring that shareholder concerns are addressed[61] Operational Developments - The group has over 28,000 students and faculty, leveraging this talent pool to expand into live-streaming e-commerce, seeking collaborations with artists and influencers[127] - The group plans to enhance teaching quality and expand university capacity, contingent on government approval for tuition fee increases[126] - The group is focused on creating more internship and employment opportunities for students through industry integration[127] - The group acknowledges the impact of regulatory changes on the non-academic training sector, which influenced the decision to divest from Shui Mu Yuan[138] Compliance and Regulations - The company will comply with new Chapter 17 regulations effective from January 1, 2023, regarding existing share plans[104] - The company has applied for and received a waiver from strict compliance with certain listing rules regarding the contract arrangements and related transactions[157] - The company will continue to monitor the developments of the aforementioned laws, regulations, and administrative measures, and will make further announcements as appropriate according to listing rules[199] Employee and Director Compensation - Total employee costs, including salaries and other allowances, amounted to RMB 145,233 thousand in 2022, up from RMB 137,582 thousand in 2021, reflecting a growth of approximately 5.4%[25] - The total remuneration for executive directors for the year ended December 31, 2022, is RMB 4,278,000, compared to RMB 3,620,000 for the previous year[119] - The number of employees earning between zero and 1,000,000 HKD increased from 2 to 3 from 2021 to 2022[120]
华夏控股(01981) - 2022 - 年度财报