Shareholding Structure - As of June 30, 2023, the total number of issued shares of the company is 646,203,535[6] - 康睿道 and 康睿道第一 collectively hold 23.77% of the company's shares, amounting to 153,613,800 shares[1] - 東軟國際 and 東軟控股 together own 39.29% of the company's shares, totaling 253,897,000 shares[1] - The shareholding of Century Bliss and its controlled entities is 10.06%, equivalent to 65,010,000 shares[1] - FIL Limited and its controlled entities hold 6.00% of the company's shares, which is 38,782,627 shares[1] Share Incentive Plans - The company has a pre-IPO share incentive plan that granted options for 50,000,000 shares, representing approximately 7.74% of the total issued shares as of June 30, 2023[9] - As of June 30, 2023, 1,780,980 options have been canceled, 4,465,116 options have expired, and 3,372,335 options have been exercised under the pre-IPO share incentive plan[9] - The post-IPO share incentive plan allows for a maximum of 66,666,720 shares to be granted, which is 10% of the total issued shares at the time of listing[10] - No options have been granted, exercised, canceled, or expired under the post-IPO share incentive plan as of June 30, 2023[11] IPO Proceeds Utilization - The net proceeds from the initial public offering (IPO) amounted to approximately HKD 924.2 million (approximately RMB 777.5 million) as of September 29, 2020[13] - As of June 30, 2023, the utilization of IPO proceeds included 51.4% (RMB 399.6 million) for upgrading existing school facilities and campus expansion[14] - 12.9% (RMB 100 million) of the IPO proceeds was allocated for the acquisition of other schools, with RMB 50 million remaining to be utilized by the end of 2023[14] - 25.4% (RMB 198 million) of the IPO proceeds was used for repaying commercial loans, with the full amount already utilized[14] Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 918,430 thousand, representing a 23.5% increase from RMB 743,699 thousand in the same period of 2022[37] - Gross profit for the same period was RMB 459,320 thousand, up 31.4% from RMB 349,504 thousand year-over-year[37] - Operating profit increased to RMB 395,895 thousand, a rise of 14.5% compared to RMB 345,747 thousand in the previous year[37] - Net profit for the period was RMB 273,733 thousand, reflecting an increase of 17.5% from RMB 232,982 thousand in 2022[39] - Basic earnings per share rose to RMB 0.42, compared to RMB 0.35 in the same period last year, marking a 20% increase[37] Assets and Liabilities - Total assets as of June 30, 2023, were RMB 5,443,076 thousand, down from RMB 5,993,620 thousand at the end of 2022[41] - Current assets decreased to RMB 1,151,431 thousand from RMB 1,782,237 thousand at the end of 2022, indicating a significant reduction in liquidity[41] - Non-current assets increased to RMB 4,291,645 thousand from RMB 4,211,383 thousand, showing a slight growth in long-term investments[41] - Total liabilities decreased to RMB 3,531,951 thousand from RMB 4,257,868 thousand, indicating improved financial stability[44] - The company reported a net financial asset impairment loss of RMB 2,826 thousand, compared to RMB 85 thousand in the previous year, highlighting increased financial risks[37] Cash Flow and Financial Position - The net cash used in operating activities for the six months ended June 30, 2023, was RMB 414,142,000, compared to RMB 293,075,000 for the same period in 2022, representing a 41.3% increase[64] - The company reported a total comprehensive income of RMB 271,834,000 for the period, down from RMB 273,733,000 in the previous period[57] - The cash and cash equivalents at the end of the period were RMB 855,703,000, a decrease from RMB 882,806,000 at the beginning of the period[64] - The company incurred a net cash outflow from investing activities of RMB 36,728,000, a significant improvement compared to a net outflow of RMB 273,677,000 in the previous year[64] Corporate Governance and Compliance - The company confirmed compliance with the corporate governance code during the reporting period[24] - The board of directors does not recommend the payment of an interim dividend for the reporting period[29] - The company has maintained the minimum public float as required by the listing rules throughout the reporting period[28] - The audit committee reviewed the unaudited interim financial information for the six months ended June 30, 2023, ensuring compliance with applicable accounting principles[20] Taxation and Financial Efficiency - Several subsidiaries are eligible for a preferential corporate income tax rate of 15% to 20%, contributing to the overall tax efficiency of the company[145] - The company has recognized that certain tax losses may not be utilized against future profits, leading to no deferred tax asset recognition for these losses[152] - The company continues to focus on maintaining its status as a high-tech enterprise, which allows for reduced tax rates and potential growth in profitability[144] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies and products[66] - The company’s revenue from educational services is expected to grow in the upcoming quarters due to increased demand for higher education in China[76] Investment Properties and Leases - The company entered into a lease agreement for the management and operation of a cardiovascular hospital, enhancing its healthcare technology education resources[173] - A new lease agreement was established for smart imaging collaborative research, further supporting scientific research and practical training for students[173] - The company continues to utilize the income approach for the valuation of investment properties, based on total rental income during the lease term[174]
东软教育(09616) - 2023 - 中期财报