Financial Performance - For the fiscal year ending December 31, 2023, the group recorded a profit before tax of approximately RMB 379.3 million, an increase of about 24.2% from RMB 305.3 million in the previous year[10]. - The company reported a revenue of RMB 929,885,000 for the year ending December 31, 2023, representing a 17.7% increase from RMB 790,114,000 in 2022[86]. - Gross profit for the same period was RMB 574,377,000, up 13.7% from RMB 504,983,000 in the previous year[86]. - Net profit for the year was RMB 283,365,000, reflecting a 26.0% growth from RMB 224,932,000 in the prior year[86]. - The company’s profit attributable to equity holders increased to RMB 283,365,000 in 2023 from RMB 224,932,000 in 2022, representing a growth of approximately 26%[114]. - The total revenue for the year ended December 31, 2023, was RMB 283,365,000, an increase of 25.9% compared to RMB 224,932,000 in 2022[165]. Expenses and Costs - The total salary cost for the group was RMB 338.7 million for the year ending December 31, 2023, compared to RMB 294.3 million for the previous year[26]. - Administrative expenses increased by approximately RMB 1.4 million or 0.8% to about RMB 199.3 million for the year ending December 31, 2023, from approximately RMB 197.9 million in the previous year[8]. - Sales and distribution expenses increased by approximately RMB 0.7 million or 24.1% to about RMB 3.6 million, mainly due to increased advertising expenses for brand building[63]. - The financing cost for the year ended December 31, 2023, is approximately RMB 24.8 million, stable compared to RMB 25.1 million in the previous year[50]. - The company reported a total tax expense of RMB 95,967 thousand in 2023, up from RMB 80,374 thousand in 2022, which is an increase of approximately 19.4%[111]. Profitability Metrics - The group had a gross profit margin of 61.8% for the year ending December 31, 2023, down from 63.9% in the previous year[32]. - The net profit margin improved to 30.5% for the year ending December 31, 2023, compared to 28.5% in the previous year[32]. - Basic and diluted earnings per share increased to RMB 0.72 from RMB 0.56 year-over-year[87]. - The total dividend for 2023 is HKD 0.20 per share, with a dividend payout ratio of 26.4% of the profit attributable to shareholders for the year ended December 31, 2023[60]. Employee and Operational Metrics - As of December 31, 2023, the group had a total of 1,793 full-time employees, an increase from 1,770 employees as of December 31, 2022[26]. - Employee benefits expenses, including salaries and allowances, rose to RMB 338,660 thousand in 2023, compared to RMB 294,343 thousand in 2022, an increase of about 15%[108]. - The number of new students enrolled for the 2023/24 academic year reached 25,013, representing a 17.5% increase from 21,338 in the 2022/23 academic year[152]. - The total number of full-time students for the 2023/24 academic year reached 25,013, an increase of 546 students compared to the previous year[180]. Assets and Liabilities - The company’s total non-current assets reached RMB 2,931,354,000, an increase from RMB 2,719,544,000 in 2022[89]. - Current liabilities totaled RMB 936,893,000, compared to RMB 784,613,000 in the previous year, indicating a rise in financial obligations[89]. - The total liabilities increased to RMB 259,782,000 in 2023 from RMB 176,610,000 in 2022, reflecting a growth of 47%[171]. - Non-current liabilities decreased from RMB 728,987 thousand in 2022 to RMB 695,780 thousand in 2023, a reduction of approximately 4.5%[90]. Cash Flow and Financial Stability - Cash and cash equivalents decreased by approximately RMB 111.4 million or 18.0% to about RMB 506.1 million as of December 31, 2023, mainly due to investments in financial assets[56]. - The company maintains sufficient cash flow from operations and available bank financing to meet its liabilities as they come due, indicating a stable financial position[96]. - The current ratio was 0.9 as of December 31, 2023, compared to 1.0 in the previous year[32]. - The financial leverage ratio as of December 31, 2023, is 0.4, remaining stable compared to December 31, 2022[43]. Strategic Initiatives - The company is focused on expanding its educational services and enhancing operational efficiency through strategic investments in technology and infrastructure[86]. - The company has established an International Course Center to expand international course offerings and facilitate overseas study opportunities[164]. - The company plans to leverage policy opportunities in the Lingang New Area to enhance vocational education and training[194]. - The company has implemented a share incentive plan to retain and attract qualified personnel for its ongoing development[149]. Student and Course Metrics - The total revenue from tuition fees increased to RMB 781,456,000 in 2023, up from RMB 694,810,000 in 2022, marking a growth of approximately 12.5%[128]. - The total revenue from accommodation fees surged to RMB 125,996,000 in 2023, compared to RMB 80,235,000 in 2022, reflecting a growth of approximately 57%[128]. - The average tuition fees for undergraduate programs remained stable at RMB 32,000–39,800 for the 2023/24 academic year, consistent with the previous year[154]. - The total number of undergraduate programs offered by the institution is 39, covering various disciplines[155]. Risk and Compliance - The expected credit loss rate for accounts receivable over 36 months increased to 54.63% in 2023 from 21% in 2022, indicating a rise in credit risk[117]. - The company will continue to monitor relevant legal and regulatory developments and will announce further updates as appropriate[195]. - The company has no significant contingent liabilities or major lawsuits as of December 31, 2023[31].
建桥教育(01525) - 2023 - 年度业绩