But'one(SH:600455)2020-10-30 16:00Financial Performance - Operating income for the first nine months rose by 11.59% to CNY 150,655,338.33 compared to the same period last year[5]. - Net profit attributable to shareholders increased by 21.46% to CNY 22,115,439.90 compared to the same period last year[5]. - Basic earnings per share increased by 21.47% to CNY 0.3541 compared to the same period last year[5]. - The weighted average return on equity increased by 0.8706 percentage points to 13.7931% compared to the same period last year[5]. - The company reported a net profit improvement, with undistributed profits increasing by 22,115,439.90 RMB, resulting in a total of -44,071,184.21 RMB[10]. - The company reported a net loss of RMB 44,071,184.21, an improvement from a loss of RMB 66,186,624.11 in the previous year, indicating a reduction in losses by approximately 33.4%[23]. - The company anticipates continued growth in revenue and profitability for the upcoming quarters, driven by market expansion and new product development initiatives[26]. Assets and Liabilities - Total assets increased by 2.06% to CNY 780,320,835.29 compared to the end of the previous year[5]. - Current assets totaled RMB 314,812,962.04, up from RMB 293,160,701.53, indicating an increase of about 7.2% year-over-year[22]. - The company's cash and cash equivalents reached RMB 296,448,953.60, compared to RMB 274,106,463.77 at the end of 2019, reflecting a growth of approximately 8.2%[21]. - Total liabilities decreased to RMB 530,334,832.04 from RMB 545,724,395.99, a reduction of approximately 2.8%[22]. - The total liabilities to equity ratio improved to approximately 2.12 from 2.49, indicating a strengthening of the company's financial position[22]. - The company’s non-current assets totaled RMB 465,507,873.25, a slight decrease from RMB 471,431,832.36, indicating a decline of approximately 1.6%[22]. Shareholder Information - The total number of shareholders is 12,889[9]. - The largest shareholder, Xi'an Economic Development Group Co., Ltd., holds 20.60% of the shares, totaling 12,868,062 shares[9]. - The total number of shareholders at the end of the reporting period was not specified, but the company maintains a stable shareholder structure[8]. Cash Flow - Net cash flow from operating activities decreased by 76.86% to CNY 28,410,762.62 compared to the same period last year[5]. - The cash flow from tax refunds increased by 178.94% to ¥192,265.85 from ¥68,926.20, primarily due to the increase in VAT refunds related to computer information business[14]. - Cash received from other operating activities decreased by 35.85% to ¥6,430,149.27 from ¥10,023,630.35, attributed to a reduction in cash received by the subsidiary urban college[14]. - The company had a net cash outflow from financing activities of CNY 15,205,892.71, with cash outflows of CNY 15,000,000.00 for debt repayment[33]. - The total cash and cash equivalents at the end of Q3 2020 were CNY 296,448,953.60, slightly up from CNY 296,127,960.57 at the end of Q3 2019[33]. Expenses - Sales expenses decreased by 78.93%, totaling 546,452.86 RMB, due to a reduction in business personnel[11]. - Research and development expenses were eliminated, previously at 1,063,317.54 RMB, reflecting a strategic shift in spending[11]. - Other income decreased by 30.58%, amounting to 398,861.79 RMB, due to reduced government subsidies received[11]. - Research and development expenses for the first three quarters of 2020 were ¥1,063,317.54, compared to ¥349,104.59 in the same period of 2019, indicating a significant increase in investment in R&D[26]. - Sales expenses for Q3 2020 were CNY 101,660.91, a significant decrease from CNY 779,860.29 in Q3 2019[29]. Regulatory and Strategic Changes - The amendment to the Private Education Promotion Law, effective from September 1, 2017, allows private school operators to choose between non-profit and for-profit models, significantly impacting the operational model of the urban college[15]. - The company is closely monitoring the implications of the new classification management policies for private education and will consider the comprehensive impact on the urban college's registration category[18]. - The Ministry of Education's notice on promoting the transformation of independent colleges emphasizes the importance of completing transformation plans by the end of 2020, which the company will collaborate on with Xi'an Jiaotong University and the urban college[19]. - The company implemented the new revenue recognition standard starting January 1, 2020, adjusting the financial statements accordingly[43]. - The cumulative impact of the new revenue standard was reflected in the retained earnings and related financial statement items at the beginning of 2020[43].