QTEDU(SZ:300359)2022-04-22 16:00Financial Performance - The company reported a significant decline in performance, with an increase in credit impairment losses amounting to RMB 19.83 million year-on-year due to poor accounts receivable recovery[6]. - The net profit attributable to shareholders for 2021 was ¥8,400,087.59, a significant decrease of 83.21% from ¥50,015,923.01 in 2020[29]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥7,647,641.84, marking a decline of 122.19% compared to ¥34,464,182.12 in 2020[29]. - The net cash flow from operating activities decreased by 39.46% to ¥123,014,521.26 in 2021 from ¥203,199,849.56 in 2020[29]. - The total assets at the end of 2021 were ¥1,279,456,461.26, down 4.67% from ¥1,342,069,036.57 at the end of 2020[29]. - The net assets attributable to shareholders at the end of 2021 were ¥667,165,424.11, a decrease of 1.27% from ¥675,741,884.34 at the end of 2020[29]. - The company reported a basic earnings per share of ¥0.01 for 2021, down 87.50% from ¥0.08 in 2020[29]. - The weighted average return on equity for 2021 was 1.26%, a decrease of 6.45% from 7.71% in 2020[29]. Goodwill and Impairment - The goodwill impairment for certain subsidiaries totaled RMB 25.82 million, primarily from acquisitions that did not meet profit expectations[6]. - As of the end of the reporting period, the company's goodwill was valued at RMB 97.75 million, representing 14.65% of the net assets attributable to shareholders[9]. - The company is monitoring the operational status of its subsidiaries closely to mitigate the risk of goodwill impairment[133]. Revenue and Business Segments - The company's operating revenue for 2021 was ¥722,165,316.29, representing a 2.36% increase compared to ¥705,501,351.02 in 2020[29]. - The revenue from the continuing education business reached ¥411,388,100.66, accounting for 56.97% of total revenue, with a year-on-year growth of 19.44%[68]. - The revenue from the family-school interaction upgrade business decreased by 23.74% to ¥138,184,221.94, down from ¥161,992,243.80[68]. - The company achieved a revenue of 722.17 million yuan in 2021, an increase of 2.36% year-on-year[57]. - The company’s software and information services segment generated ¥718,026,814.37, accounting for 99.43% of total revenue, with a slight increase of 1.93% year-on-year[68]. Market and Industry Trends - The company faces risks from industry policy changes that could impact business operations, as the education information service sector is influenced by national macroeconomic and policy factors[12]. - The education information service industry is undergoing transformation with the integration of AI, virtual reality, 5G, and cloud computing technologies, which presents both opportunities and challenges for the company[13]. - The demand for educational informationization has increased due to the COVID-19 pandemic and the promotion of digital economy initiatives[42]. - The overall market environment for education informationization is expected to improve due to supportive government policies and technological advancements[122]. Strategic Initiatives - The company is actively expanding its services in response to the "double reduction" policy, focusing on after-school services and teacher training[41]. - Future plans and strategic developments are subject to market conditions and regulatory environments, highlighting the need for careful risk management[8]. - The company plans to leverage advancements in artificial intelligence and big data to enhance educational efficiency and improve management operations[124]. - The company aims to enhance user satisfaction and loyalty by optimizing educational products and services in response to diverse needs from teachers and parents[128]. Research and Development - The company reported a total of ¥34,029,825.41 in R&D expenses for 2021, which is a decrease of 10.52% from ¥38,030,635.56 in 2020[83]. - The company is focusing on the integration of information technology in education, aligning course content with the latest developments in the field[99]. - The company is investing 100 million RMB in R&D for new educational technologies over the next two years[169]. Management and Governance - The company has established a performance evaluation and incentive mechanism for senior management to align with its development status and attract talent[146]. - The company maintains independence from its controlling shareholder in terms of business operations, personnel, assets, and finances, ensuring no conflicts of interest[149]. - The company has a complete governance structure with a board of directors, supervisory board, and general manager, ensuring independence from shareholders[152]. - The board of directors held a total of 7 meetings during the reporting period, with all members attending at least 4 meetings in person[180]. Employee and Compensation - The total number of employees at the end of the reporting period was 1,447, with 1,404 from major subsidiaries and 43 from the parent company[188]. - The total employee compensation during the reporting period was CNY 101.23 million, accounting for 15.25% of the total company costs[190]. - The company has implemented a stock incentive plan since 2019 to attract and retain core talent[189]. Cash Flow and Investments - The net cash flow from investment activities turned negative at CNY -10.99 million, a decline of 112.47% from CNY 88.15 million in 2020[101]. - The company reported an investment income of CNY 11.36 million, accounting for 30.73% of total profit, primarily from the disposal of joint ventures[103]. - The company is focusing on reducing investment losses and enhancing its core business capabilities to ensure sustainable development[116].