Financial Performance - Revenue for the year ended December 31, 2022, was RMB 3,819 million, a decrease of 7.7% from RMB 4,140 million in 2021[2] - Gross profit decreased to RMB 1,891 million, down 10.5% from RMB 2,112 million in 2021[2] - Net profit increased to RMB 367 million, up 21.3% from RMB 302 million in 2021[2] - Adjusted net profit was RMB 266 million, a decrease of 38.4% from RMB 432 million in 2021[2] - Total revenue decreased by 7.7% from RMB 4,140 million in the year ended December 31, 2021, to RMB 3,819 million in the year ended December 31, 2022, due to a 12.9% decline in new student enrollments and new customer registrations[56] - The company reported a basic earnings per share of RMB 16.85, compared to RMB 13.79 in 2021, reflecting an increase of 22.4%[5] - The company reported a net profit for the year of RMB 302,166 thousand, up from RMB 366,572 thousand in the previous year, reflecting a decrease of approximately 17.6%[20] Customer Engagement - New training participants and new customer registrations decreased to 134,347, down 12.9% from 154,259 in 2021[2] - The total number of new training participants for the group decreased by 12.9% to 134,347 in 2022 from 154,259 in 2021[49] - Average customer registrations for the group decreased by 1.1% to 142,765 in 2022 from 144,365 in 2021[49] - New registrations for long-term courses at New Oriental Cooking Education saw a decline of 13.2%, from 31,224 in 2021 to 27,090 in 2022[44] - The number of new registrations for short-term courses at Oumichi Western Pastry and Cuisine Education decreased by 32.3%, from 15,648 in 2021 to 10,592 in 2022[44] - The number of new registrations for short-term courses at Huaxin Zhirun DT Talent Training Base decreased by 25.7%, from 4,073 in 2021 to 3,027 in 2022[44] - New customer registrations for the culinary academy increased to 21 in 2022[46] Operational Metrics - The number of schools and centers increased to 244, up from 231 in 2021, representing a growth of 5.6%[2] - The company operated 244 vocational education institutions across various brands in China, including 77 under New Oriental Cooking Education[41] - Long-term course participants in the group increased by 1.2% to 130,491 in 2022 from 128,996 in 2021[49] - Long-term course participants in the automotive services segment increased by 21.6% to 31,855 in 2022 from 26,186 in 2021[48] - Short-term course participants in the automotive services segment increased by 2.0% to 2,043 in 2022 from 2,002 in 2021[48] - Long-term course participants in the fashion beauty segment increased by 96.1% to 498 in 2022 from 254 in 2021[48] Financial Position - Total assets decreased to RMB 9,473 million, down 1.7% from RMB 9,636 million in 2021[2] - Cash and cash equivalents decreased to RMB 1,435 million, down from RMB 2,212 million in 2021[8] - The company's total liabilities increased to RMB 683,580,000 in 2022 from RMB 676,006,000 in 2021, reflecting a slight increase of about 1.1%[33] - The company reported a decrease in trade payables to RMB 116,354,000 in 2022 from RMB 136,222,000 in 2021, a reduction of approximately 14.6%[33] - The fair value of other financial assets measured at fair value through profit or loss increased to RMB 638,644,000 in 2022 from RMB 612,268,000 in 2021, an increase of about 4.3%[31] - Total cash and bank balances were approximately RMB 3,191 million as of December 31, 2022, down from RMB 4,356 million in 2021, representing 33.7% of total assets[72] Strategic Initiatives - The company plans to continue expanding its educational services and enhancing its technology offerings in the coming year[4] - The company aims to bridge the gap between employers and students in vocational skills education, focusing on high-demand sectors[41] - The company plans to establish five regional centers in major geographical areas of China, including Beijing, Shanghai, Guangzhou, Chengdu, and Xi'an, to enhance teaching and training facilities[81] - The company intends to diversify its course offerings across four industry sectors: culinary arts, information technology, automotive services, and fashion, to align with market trends and demands[83] - The company continues to expand its campus network across most provinces in mainland China and Hong Kong[41] Cost Management - Cost of revenue decreased by 4.9% from approximately RMB 2,028 million in 2021 to approximately RMB 1,928 million in 2022[59] - Sales expenses decreased to approximately RMB 946 million for the year ended December 31, 2022, from approximately RMB 988 million in 2021, mainly due to stricter control over advertising costs[66] - Administrative expenses decreased to approximately RMB 512 million for the year ended December 31, 2022, from approximately RMB 542 million in 2021, primarily due to a reduction in equity-settled share-based payment expenses[67] - Financial costs were approximately RMB 156 million for the year ended December 31, 2022, compared to RMB 161 million in 2021[68] Governance and Compliance - The company has adhered to all principles of the Corporate Governance Code during the year ending December 31, 2022, ensuring compliance with statutory and professional standards[91] - The audit committee consists of three independent non-executive directors, ensuring the integrity and accuracy of the financial statements for the year ending December 31, 2022[94] - The annual general meeting is scheduled for May 25, 2023, with a record date for eligible shareholders set for May 25, 2023[95][96] Future Outlook - The company will continue to monitor the impact of the COVID-19 pandemic and has developed comprehensive online learning plans to mitigate potential disruptions[79] - The management is closely monitoring foreign exchange risks and will consider hedging strategies as necessary[77]
中国东方教育(00667) - 2022 - 年度业绩