Financial Performance - For the six months ended June 30, 2023, total revenue reached RMB 1,209,022 thousand, with campus education contributing RMB 741,142 thousand and online education contributing RMB 467,880 thousand[6]. - Total revenue for the six months ended June 30, 2023, was approximately RMB 1,209.0 million, a decrease of about 5.1% compared to RMB 1,274.0 million for the same period in 2022[46]. - Gross profit for the six months ended June 30, 2023, was approximately RMB 725.1 million, a slight decrease of about 1.2% from RMB 734.2 million for the same period in 2022, with gross margin increasing from approximately 57.6% to 60.0%[49]. - Net profit for the six months ended June 30, 2023, decreased by approximately 12.2% to about RMB 306.5 million from RMB 349.1 million for the same period in 2022[55]. - Adjusted net profit for the six months ended June 30, 2023, decreased by approximately RMB 57.9 million or about 13.7%, with the adjusted net profit margin declining from approximately 33.2% to 30.2%[56]. - Profit before tax was RMB 336,722 thousand, down from RMB 366,255 thousand in the previous year, reflecting a decline of about 8.0%[97]. - The total comprehensive income for the period was RMB 269,412 thousand, compared to RMB 312,298 thousand in 2022, representing a decrease of approximately 13.7%[103]. - Basic and diluted earnings per share for the period were RMB 0.0694, compared to RMB 0.0805 in the same period last year, reflecting a decrease of approximately 13.8%[124]. Assets and Liabilities - The total equity as of June 30, 2023, was RMB 5,140,460 thousand, an increase from RMB 5,037,116 thousand as of June 30, 2022, reflecting a growth of approximately 2.04%[2]. - As of June 30, 2023, the company had a net current asset value of approximately RMB 432.3 million, with current assets decreasing from approximately RMB 4,915.1 million as of December 31, 2022, to about RMB 4,567.4 million[57]. - The company reported a total asset value of RMB 7,390,473,000, slightly down from RMB 7,447,375,000[126]. - Total non-current assets decreased to RMB 6,958,129 thousand from RMB 7,041,509 thousand, a decline of about 1.2%[107]. - Total liabilities as of June 30, 2023, were RMB 6,454,605,000, down from RMB 7,194,867,000 as of December 31, 2022[160]. - The company’s non-current liabilities, including deferred income, totaled RMB 232,479 thousand as of June 30, 2023, compared to RMB 242,395 thousand in the previous period[1]. - The company’s interest-bearing bank and other borrowings amounted to RMB 1,623,707 thousand, a decrease from RMB 1,759,483 thousand year-on-year[1]. - As of June 30, 2023, the company's interest-bearing loans and borrowings amounted to approximately RMB 2,350.9 million, with actual annual interest rates ranging from 2.2% to 7.4%[58]. - The capital-to-debt ratio slightly decreased from approximately 46.8% as of December 31, 2022, to about 45.7% as of June 30, 2023, indicating a stable financial position[78]. Operational Highlights - The group has established around 1,000 off-campus internship training bases and has collaborated with enterprises to build industry colleges, significantly enhancing the quality of applied talent training[25]. - The group provided over 40 vocational qualification training courses, with approximately 5,900 participants trained during the reporting period[28]. - The group’s subsidiary, Aopeng Education, has completed over 15,000 training projects, training approximately 8.8 million teachers, and has developed a course resource library exceeding 30TB[26]. - The company has established partnerships with over 180 domestic and international business schools through its subsidiary, Duxue Network[36]. - The company continues to serve over 500,000 enrolled students in online education despite the suspension of new enrollments due to regulatory changes[186]. - The company has diversified its online education offerings despite the cessation of online education enrollment, expanding into open education, adult education, and vocational training[48]. - The company plans to enhance its digital education services and build a comprehensive talent service internet platform for learning, employment, and entrepreneurship[184]. - The company is focusing on the integration of education and industry, providing digital services to various educational institutions and human resource service companies[184]. Employee and Governance - As of June 30, 2023, the company employed approximately 7,500 employees, an increase from 7,456 employees as of June 30, 2022[68]. - The company has committed to providing comprehensive training for existing and new employees, supporting outstanding teachers for further studies and academic exchanges[69]. - The company has adopted good corporate governance practices to ensure transparency and accountability to shareholders[69]. Financial Management - The financing cost increased by approximately 38.2% from about RMB 72.7 million for the six months ended June 30, 2022, to about RMB 100.5 million for the six months ended June 30, 2023, primarily due to rising financing rates and additional bank loans[72]. - The company has not implemented any foreign exchange hedging policies and is monitoring foreign exchange risks[199]. - The majority of the company's revenue and expenses are denominated in RMB, with some bank balances held in USD and HKD[199]. - The company has short-term loans for working capital and long-term loans for ongoing school construction projects[197]. Dividend and Securities - The group has no declared interim dividends for the six months ended June 30, 2023, consistent with the previous year[13]. - The company did not declare any interim dividends for the six months ended June 30, 2023, similar to the previous period[88]. - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended June 30, 2023[89].
民生教育(01569) - 2023 - 中期业绩