Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 1,806,073,000, representing a 16.6% increase from RMB 1,548,382,000 in 2022[12]. - Gross profit for the same period was RMB 865,076,000, up 29.7% from RMB 666,739,000 in the previous year[12]. - Net profit for the year was RMB 429,641,000, an increase of 11.5% compared to RMB 385,416,000 in 2022[12]. - Adjusted net profit was RMB 428,713,000, reflecting a 12.6% increase from RMB 380,608,000 in the prior year[12]. - The gross margin improved to 47.9%, up from 43.1% in 2022, indicating enhanced operational efficiency[12]. - Basic earnings per share increased to RMB 0.66, a rise of 11.9% from RMB 0.59 in the previous year[12]. - The company declared a final dividend of 36.6 HKD cents per share, significantly up by 121.8% from 16.5 HKD cents in 2022[12]. - The company reported a total comprehensive income of RMB 426,817 for the year, compared to RMB 388,330 in 2022, reflecting an increase of approximately 9.9%[35]. - The company reported a profit attributable to owners of RMB 429,540,000 for the year ended December 31, 2023, compared to RMB 385,393,000 in 2022, reflecting a growth in profitability[115]. - Basic earnings per share rose to RMB 0.66 in 2023 from RMB 0.59 in 2022, indicating improved earnings performance[115]. - The company declared dividends of RMB 97,721,000 for the year ended December 31, 2023, up from RMB 81,085,000 in 2022[113]. Assets and Liabilities - The total assets of the company as of December 31, 2023, amounted to RMB 6,691,232,000, compared to RMB 5,993,620,000 in 2022[20]. - Total non-current assets as of December 31, 2023, reached RMB 4,625,741, an increase from RMB 4,211,383 in 2022[37]. - Total current assets increased to RMB 2,065,491 in 2023 from RMB 1,782,237 in 2022, reflecting a growth of approximately 15.9%[38]. - Total equity attributable to owners was RMB 2,066,209, up from RMB 1,735,752 in 2022, indicating a growth of about 19.1%[40]. - Total liabilities amounted to RMB 4,625,023, compared to RMB 4,257,868 in the previous year, representing an increase of approximately 8.6%[41]. - The total liabilities to equity ratio as of December 31, 2023, was approximately 0.69, indicating a stable financial structure[41]. - The total amount of borrowings increased to RMB 2,724,904,000 in 2023 from RMB 2,386,255,000 in 2022, reflecting an increase of about 14.2%[124]. Revenue Streams - Revenue from full-time higher education services for the year was RMB 1,453,347, up from RMB 1,175,294 in 2022, marking a growth of about 23.6%[49]. - Full-time higher education services generated RMB 1,453,347,000, accounting for 80.5% of total revenue, with a year-on-year growth of 23.7%[103]. - Continuing education services revenue increased by 8.3% to RMB 158,603,000, contributing 8.8% to total revenue[103]. - Total revenue for the year ended December 31, 2023, was RMB 1,806,073,000, representing a 16.6% increase from RMB 1,548,382,000 in 2022[103]. - Total revenue for 2023 was RMB 1,241,240 thousand, an increase from RMB 1,110,291 thousand in 2022, representing a growth of approximately 11.8%[76]. - Property rental income for 2023 was RMB 64,323 thousand, up from RMB 56,470 thousand in 2022, indicating a growth of about 13.0%[73]. Expenses and Costs - Employee benefit expenses rose to RMB 703,804 thousand in 2023, compared to RMB 630,241 thousand in 2022, reflecting an increase of around 11.6%[76]. - The company reported a net financial expense of RMB (86,891) thousand in 2023, compared to RMB (80,253) thousand in 2022, indicating an increase in financial costs[77]. - The total cost of goods sold for 2023 was RMB 21,219 thousand, down from RMB 40,682 thousand in 2022, showing a significant reduction[76]. - Software system technology development expenses increased to RMB 12,435 thousand in 2023 from RMB 8,126 thousand in 2022, marking a rise of approximately 53.0%[74]. Taxation - The effective corporate income tax rate for the company in China is 25%[56]. - The company maintained a corporate income tax rate of 15% for the year ended December 31, 2023, as it is recognized as a high-tech enterprise[107]. - The company’s subsidiary, Dalian YunGuan Information Technology Co., Ltd., has a reduced corporate income tax rate of 15% for the fiscal years ending December 31, 2023, and December 31, 2022[58]. - The company has subsidiaries eligible for a preferential tax rate of 20% for small and micro enterprises, applicable for the years ending December 31, 2023, and 2022[81][82][84]. Strategic Initiatives - The company plans to innovate and enhance its 4S service model products and services to optimize educational resource content and improve delivery quality and efficiency[5]. - The company is focused on expanding its higher education services and continuing education offerings to drive future growth[104]. - The company plans to retain profits in mainland China for business expansion, with no current plans to distribute retained earnings[57]. - The company launched a series of digital education products based on the 4S service model, including cloud services, educational software services, teaching resource services, and data analysis services[174]. - The company is actively exploring new collaborative opportunities across interdisciplinary fields and regions in response to the digital transformation trend in China[198]. Enrollment and Student Performance - The number of new students enrolled in the 2023/2024 academic year exceeded 18,000, marking a growth of approximately 3.0% compared to the previous year[129]. - The total number of enrolled students reached nearly 57,000, an increase of about 7.5% year-on-year, achieving a historical high[129]. - Dalian University had a total enrollment of 21,287 students as of December 31, 2023, representing a 14.3% increase from 18,623 in 2022[148]. - Chengdu University reported an enrollment of 21,941 students, a 5.9% increase from 20,711 in 2022[149]. - Guangdong University had a total of 13,612 students enrolled, showing a 0.5% increase from 13,548 in 2022[149]. - The employment placement rate for the 2023 graduates of Dalian University and Chengdu University reached approximately 95%, while Guangdong University achieved a placement rate of about 90%[182]. Collaborations and Partnerships - The company engaged in extensive collaboration with 144 companies in areas such as customized classes, course development, and research projects[137]. - Dalian University collaborated with Shenyang Medical College to establish a Medical Health Technology Industry College, and with Hebei Finance College to create a Digital Finance Industry College, enhancing cross-disciplinary cooperation[176]. - The company established a total of 231 industry-education integration projects, including 85 Ministry of Education collaborative education projects, with Dalian University ranking first among private universities in the province for the number of provincial-level projects approved[181]. Recognition and Achievements - The company ranked 67th in the world among innovative universities in the 2023 WURI Ranking, improving by 24 places from 2022[132]. - The company received recognition as a "High-Quality Employment, Best Innovation and Practice University" by China Education Online and Employment Bridge[134]. - The company achieved significant results in various academic competitions, with students winning over 5,500 provincial-level awards in 2023, showcasing their strong practical abilities[135]. - Dalian University won the first prize in the National Level Teaching Achievement Award in vocational education, the only award of its kind in Liaoning Province[150]. - The three universities collectively received multiple honors, including the "2023 National Excellent Award for Digital Broadcasting" and "Most Loved Undergraduate University in Sichuan Province"[153]. Campus Development - The company constructed a new campus area, Dongsoft Health Park, which combines digital technology, smart healthcare, and creative arts[188]. - The Chengdu University dormitory expansion added approximately 3,200 new beds, contributing to a total increase of about 20,000 beds over three years[140]. - As of December 31, 2023, the total campus capacity of the three universities exceeded 60,000 beds, with a full-time higher education business utilization rate of approximately 94%[160]. - Campus capacity as of December 31, 2023, is 60,585, with an overall utilization rate of 93.8%, up from 91.1% in 2022[185]. - Chengdu College's utilization rate reached 103.7% in 2023, compared to 115.8% in 2022, with 773 graduates living off-campus[186].
东软教育(09616) - 2023 - 年度业绩