But'one(SH:600455)2024-03-22 16:00Financial Performance - The net profit attributable to the parent company for 2023 was CNY 28,373,441.14, while the consolidated undistributed profits amounted to CNY 53,500,811.44[6]. - The parent company's undistributed profits were negative at CNY -161,036,281.72, primarily due to a decrease in the scale of the computer business[6]. - The company will not distribute profits for 2023, including cash dividends and stock dividends, due to the negative undistributed profits of the parent company[7]. - The company aims to enhance the profitability of the parent company to meet the conditions for cash dividends in the future[7]. - The company's operating revenue for 2023 was CNY 262,891,691.15, representing a year-on-year increase of 10.71% compared to CNY 237,467,362.87 in 2022[27]. - Net profit attributable to shareholders for 2023 was CNY 28,373,441.14, up 5.69% from CNY 26,846,030.10 in 2022[27]. - The basic earnings per share for 2023 was CNY 0.4543, reflecting a 5.70% increase from CNY 0.4298 in 2022[28]. - The company's total assets at the end of 2023 reached CNY 991,096,097.89, a 6.44% increase from CNY 931,107,328.49 at the end of 2022[27]. - The cash flow from operating activities for 2023 was CNY 104,163,822.40, showing a significant increase of 23.22% compared to CNY 84,537,003.22 in 2022[27]. - The weighted average return on equity for 2023 was 11.1364%, a decrease of 0.68 percentage points from 11.8176% in 2022[28]. Business Operations - The company holds a 70% stake in Xi'an Jiaotong University City College, which has been profitable and contributes to the consolidated profits[6]. - The company is facing challenges with the City College's transition to an independent institution and other operational issues, impacting profit distribution[7]. - The company plans to actively explore strategies to deepen development and improve profitability[7]. - The main business revenue from higher education reached ¥260,392,888.28, accounting for 99.9994% of the company's main business revenue, with a year-on-year increase of 11.06%[44]. - The main business cost for higher education was ¥123,628,632.87, which increased by 8.28% compared to the previous year[44]. - The net profit from the subsidiary, the City College, was ¥41,586,184.53, reflecting a 5.64% increase year-on-year[37]. - The City College has over 11,400 undergraduate students and offers 33 undergraduate programs across various disciplines[44]. - The company’s main business remains focused on higher education, with no significant changes in business type or profit structure compared to the previous year[37]. Investments and Acquisitions - The company planned to acquire 55% of Shaanxi Yuteng Energy Environmental Technology Co., Ltd. through a share issuance and cash payment, but the restructuring was terminated due to changes in the external securities market environment[38]. - The company initiated the second phase of campus construction for the City College, involving an investment of ¥71,582.95 million, funded by the college's own resources and loans[45]. - The company is considering the registration of Xi'an Jiaotong University City College as either a non-profit or for-profit institution[152]. - The company holds a 70% stake in the city college, while 30% of the funding rights have been transferred to the Xi'an Municipal Government[154]. Compliance and Governance - The audit report for 2023 was issued by Sigma Accounting Firm with a standard unqualified opinion[5]. - The board of directors and management have confirmed the accuracy and completeness of the annual report[3]. - The company has described potential risks in its annual report, which investors should be aware of[10]. - The company has strengthened its internal control mechanisms and governance structure, ensuring compliance with relevant regulations and enhancing operational transparency[87]. - The company has not reported any insider trading incidents during the reporting period, maintaining strict control over sensitive information[87]. - The company is in compliance with the regulations regarding major asset restructuring and related party transactions[96]. - The company has committed to enhancing training on compliance with securities laws and regulations to prevent similar issues in the future[109]. Shareholder Meetings and Proposals - The company held its first temporary shareholders' meeting on January 16, 2023, with 18 shareholders representing 14,048,462 shares, accounting for 22.49% of the total share capital[92]. - The first proposal regarding the appointment of the 2022 annual accounting firm was approved with more than half of the voting rights[93]. - The second proposal to amend the company's articles of association was approved with more than two-thirds of the voting rights[93]. - The company held its annual shareholders' meeting on April 18, 2023, with 6 shareholders representing 12,950,862 shares, accounting for 20.74% of the total share capital[94]. - All 6 proposals at the annual meeting were approved with more than half of the voting rights[94]. - The company held a total of 16 proposals at the shareholder meeting, all of which were approved by over two-thirds of the voting rights represented[96]. Risk Management - The company has implemented a comprehensive risk management system to enhance the effectiveness of internal control and management of its subsidiary[137]. - The company is closely monitoring policies regarding the registration of private schools as either non-profit or for-profit entities, which could significantly impact its operations[82]. - The company has faced risks related to the dynamic policies in the private education sector, which could affect enrollment and investment strategies[82]. - There is a significant risk of talent loss, particularly in management and technical roles, which could adversely affect operational management[84]. - The company is actively monitoring macroeconomic trends and adjusting its business plans to mitigate potential negative impacts on performance due to economic fluctuations[84]. Employee and Management - The total number of employees at the parent company and major subsidiaries is 703, with 405 technical personnel and 470 employees holding a master's degree or above[124]. - The company emphasizes a performance-based compensation system for senior management to enhance motivation and align with the company's development stage[126]. - Employee training programs are in place to improve overall quality and competitiveness, including onboarding training for new hires and ongoing in-service training[127]. Environmental and Social Responsibility - The company has not established an environmental protection mechanism and did not invest any funds in environmental protection during the reporting period[141]. - The company did not take any measures to reduce carbon emissions during the reporting period[142]. - The company has not disclosed a separate social responsibility report or ESG report[142].