Financial Performance - Revenue for the year ended December 31, 2023, reached RMB 3,979 million, a 4.2% increase from RMB 3,819 million in 2022[2] - Net profit decreased by 25.8% to RMB 273 million from RMB 368 million in 2022[2] - Adjusted net profit rose by 5.4% to RMB 281 million from RMB 267 million in 2022[2] - The company reported a basic earnings per share of RMB 12.51, down from RMB 16.89 in 2022[5] - The diluted earnings per share for the same period was RMB 12.37, down from RMB 16.73 in the previous year, representing a decrease of approximately 26.0%[17] - The operating profit for the year was RMB 368,009,000, with a net profit of RMB 272,622,000 after tax expenses of RMB 95,387,000[24] - Gross profit for the year ended December 31, 2023, was RMB 1,908 million, compared to RMB 1,891 million in 2022, with a gross margin of 48.0%, down from 49.5% in 2022[70] - Adjusted EBITDA for the year was RMB 1,136 million, a decrease of 4.4% from RMB 1,189 million in 2022[2] Assets and Liabilities - Total assets decreased by 2.1% to RMB 9,291 million from RMB 9,489 million in 2022[2] - The company's net asset value as of December 31, 2023, is RMB 5,607,563 thousand, down from RMB 5,692,058 thousand in 2022, indicating a decline of about 1.5%[8] - The company's total liabilities as of December 31, 2023, were RMB 681,433,000, slightly down from RMB 683,580,000 in 2022[44] - Cash and cash equivalents amounted to RMB 1,515 million, compared to RMB 1,435 million in 2022[6] - The current ratio as of December 31, 2023, was 1.7 times, down from 1.9 times as of December 31, 2022, while the debt-to-asset ratio was 39.6%, slightly improved from 40.0% in the previous year[80] Training and Enrollment - New training participants and new customer registrations increased to 152,881, representing a growth of 13.8% compared to 134,347 in 2022[2] - New training participants for the cooking technology segment increased to 82,914 in 2023, up 14.9% from 72,150 in 2022[53] - The long-term courses in automotive services saw a rise in new training participants to 36,819, reflecting an 18.5% increase from 31,083 in the previous year[54] - The fashion beauty education segment reported a significant growth of 125.7% in new training participants, reaching 3,406 compared to 1,509 in 2022[55] - New customer registrations for the culinary experience courses at 美味學院 totaled 10,086, up 9.8% from 9,189 in 2022[53] Government Grants and Tax Liabilities - The total government grants recognized decreased to RMB 3,924 thousand from RMB 6,006 thousand in the previous year, a decline of approximately 34.5%[8] - The company’s deferred tax liabilities as of December 31, 2023, were RMB 20,527 thousand, down from RMB 22,860 thousand in 2022, indicating a decrease of about 10.2%[8] - Deferred tax liabilities related to lease transactions impacted the financial statements, with an adjustment of RMB 0.13 per share for basic earnings in 2023[17] Operational Highlights - The company operates 245 vocational education institutions across China as of December 31, 2023, maintaining a leading position in vocational skills education[50] - The company plans to continue expanding its vocational education services across various segments, including cooking and IT training[23] - The company aims to bridge the supply-demand gap in vocational skills education, particularly in cooking, IT, and automotive services, addressing unmet demand in these sectors[50] - The company became one of the first third-party evaluation agencies for vocational skill level certification in China, enhancing its reputation and brand influence in vocational training[90] Corporate Governance and Future Plans - The company has adhered to all corporate governance codes and standards as of December 31, 2023, to maintain good governance practices[95] - The company plans to expand its campus network to cover all provincial capitals in China, focusing on cities with unmet demand in culinary technology, IT, automotive services, and fashion beauty industries[88] - The company aims to diversify its course offerings in four key sectors: culinary technology, IT, automotive services, and fashion beauty, in response to industry trends and market demand[89] - The annual general meeting is scheduled for June 7, 2024, with notifications to be sent to shareholders in due course[99]
中国东方教育(00667) - 2023 - 年度业绩