Financial Performance - For the fiscal year ending December 31, 2023, the total revenue was RMB 556,204,000, representing a 7.7% increase from RMB 516,276,000 in 2022[4] - The cost of sales increased by 18.9% to RMB 379,704,000, up from RMB 319,436,000 in the previous year[4] - Gross profit decreased by 10.3% to RMB 176,500,000, compared to RMB 196,840,000 in 2022[4] - Profit before tax fell by 25.7% to RMB 110,146,000, down from RMB 148,267,000 in the prior year[4] - Net profit for the year was RMB 112,529,000, a decrease of 21.1% from RMB 142,652,000 in 2022[4] - Revenue increased by approximately 7.7% from about RMB 516.3 million to approximately RMB 556.2 million due to an increase in full-time student enrollment[55] - Net profit decreased by approximately 21.2% from about RMB 142.7 million to approximately RMB 112.5 million due to the aforementioned factors[64] Assets and Liabilities - Non-current assets increased to RMB 1,968,597,000 from RMB 1,808,876,000 in 2022, reflecting a growth of 8.8%[7] - Current assets decreased to RMB 497,085,000 from RMB 528,899,000 in the previous year, a decline of 6.0%[7] - Total liabilities increased to RMB 567,248,000 from RMB 482,641,000 in 2022, representing an increase of 17.6%[7] - The company's total equity rose to RMB 1,651,153,000 from RMB 1,539,190,000 in the previous year, an increase of 7.3%[8] - The group recorded a net current liability of RMB 70,163,000 as of December 31, 2023, including contract liabilities of RMB 234,117,000 related to educational services[11] - As of December 31, 2023, the company's net current liabilities amounted to approximately RMB 70.2 million, a decrease of about 251.6% compared to RMB 46.3 million on December 31, 2022[65] - Current assets decreased from approximately RMB 528.9 million on December 31, 2022, to about RMB 497.1 million on December 31, 2023, primarily due to increased prepayments for teaching and administrative facilities[65] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.048 per share for the fiscal year ending December 31, 2023[5] - The proposed final dividend for 2023 is HKD 0.048 per share, amounting to RMB 58,076,000, compared to no dividend in 2022[30] - The board has proposed a final dividend of HKD 0.048 per share for the year ending December 31, 2023, compared to zero for the previous year[81] - The annual general meeting is scheduled for May 28, 2024, where the proposed final dividend will be subject to shareholder approval[90] Operational Highlights - Tuition fees contributed RMB 502,749,000, up from RMB 468,257,000, reflecting a growth of 7.4%[21] - The total number of full-time students in the 2023/2024 academic year reached 28,907, with average tuition fees of RMB 17,310 and accommodation fees of RMB 1,900 for Lingnan Vocational Technical College[42] - The company has established a good integration with leading enterprises in vocational education, indicating potential for future growth[46] - The company plans to expand its campus network and vocational education market in the Greater Bay Area, focusing on both academic and non-academic vocational training[47] Expenses and Costs - Employee benefits expenses totaled RMB 216,306,000, an increase of 11% from RMB 194,684,000 in the previous year[26] - Selling and distribution expenses increased by approximately 28.3% from about RMB 21.2 million to approximately RMB 27.2 million, driven by higher marketing staff bonuses[60] - Administrative expenses rose by approximately 6.9% from about RMB 75.9 million to approximately RMB 81.1 million, attributed to increased office and consulting expenses[61] - Other expenses increased by approximately 7.7% from about RMB 23.5 million to approximately RMB 25.3 million, mainly due to higher employee costs[62] Taxation and Deferred Tax - The income tax expense for the year ended December 31, 2023, decreased by RMB 128,000 compared to RMB 269,000 in 2022[17] - Deferred tax assets increased by RMB 1,044,000 as of December 31, 2023, compared to RMB 1,172,000 in 2022[16] Governance and Compliance - The company has adhered to all principles and code provisions of the Corporate Governance Code during the reporting period[85] - The audit committee, along with management, reviewed the accounting principles and policies adopted by the group, discussing financial reporting matters[87] Future Outlook and Strategy - The company plans to extend the expected timeline for utilizing the net proceeds from 2022-2023 to 2022-2025 due to ongoing strategic acquisition opportunities[78] - The group aims to expand its network through acquisitions of quality vocational schools in the Greater Bay Area, enhancing scale and synergy[50] - The company will continue to explore various acquisition opportunities that bring value, using net proceeds and its own funds for acquisitions, unaffected by the extended timeline for utilizing net proceeds[79]
华南职业教育(06913) - 2023 - 年度业绩