Financial Performance - Revenue for the year ended December 31, 2023, was RMB 354,862,000, representing a 24% increase from RMB 286,193,000 in 2022[7] - Gross profit for the same period was RMB 213,110,000, up from RMB 162,235,000, indicating a significant growth in profitability[7] - Operating profit increased to RMB 163,403,000 from RMB 113,939,000, reflecting a 43% year-over-year growth[7] - Profit attributable to owners of the company for the year was RMB 148,032,000, compared to RMB 85,008,000 in the previous year, marking a 74% increase[7] - Basic and diluted earnings per share rose to RMB 0.30 from RMB 0.17, showing improved earnings performance[7] - The company reported a net finance cost of RMB 14,641,000, a reduction from RMB 28,735,000 in the prior year, indicating better financial management[7] - Net profit for the fiscal year was RMB 148.0 million, up from RMB 85.0 million in 2022, reflecting a net profit margin of 41.7%[36] - The group’s profit increased by approximately 74.1% to about RMB 148.0 million for the year, compared to RMB 85.0 million in 2022[84] - The group’s total liabilities decreased by approximately 39.4% to RMB 168.4 million, down from RMB 277.9 million in the previous year[88] - The company’s debt-to-equity ratio as of December 31, 2023, was 15.8%, down from 31.5% in 2022, primarily due to a reduction in total borrowings and an increase in cash and cash equivalents[114] Student Enrollment and Educational Services - The number of enrolled students at Ginkgo Hotel Management College increased to approximately 20,728, an 8.3% rise from 19,148 in the previous academic year[44] - The number of graduates in 2023 was approximately 4,572, a significant increase of 55.5% compared to 2,941 in 2022[44] - The number of students enrolled in diploma programs increased from 2,007 in the 2022/2023 academic year to 2,410 in the 2023/2024 academic year, primarily due to participation in an independent enrollment plan[74] - The company is focused on enhancing its educational services and expanding its market presence in China, particularly through its Ginkgo Hotel Management College[14] - The company plans to actively promote school-enterprise cooperation and integration of industry and education to align professional offerings with market demand[27] - The company plans to expand its international cooperation with overseas educational institutions and enterprises to enhance its educational offerings[51] - The company aims to diversify its revenue sources by further developing training programs under the Ginkgo brand[51] Operating Expenses and Financial Management - The total operating expenses, including selling and administrative expenses, were managed effectively, with administrative expenses slightly decreasing to RMB 52,850,000 from RMB 54,036,000[7] - The company’s administrative expenses for the year were approximately RMB 52.9 million, a decrease from RMB 54.0 million in 2022[107] - The group’s sales costs for the year were approximately RMB 141.8 million, an increase of about 14.4% from RMB 124.0 million in 2022[79] - Other income for the year was approximately RMB 1.4 million, a decrease from RMB 4.7 million in the previous year, mainly due to reduced foreign exchange gains[81] - The group’s financial expenses decreased to approximately RMB 14.6 million from RMB 28.7 million in 2022, attributed to reduced new borrowings and lower interest rates[82] Cash Flow and Investments - The total cash and cash equivalents as of December 31, 2023, were approximately RMB 215.7 million, representing an increase of about 7.9% from RMB 199.9 million in 2022[111] - The net cash generated from operating activities for 2023 was approximately RMB 237.5 million, compared to RMB 212.0 million in 2022[112] - The net cash used in investing activities for 2023 was approximately RMB 141.0 million, a decrease from RMB 153.4 million in 2022[112] - The net cash used in financing activities for 2023 was approximately RMB 81.8 million, compared to RMB 19.7 million in 2022[112] - The company has plans for future investments and capital expenditures, although specific details were not disclosed in the provided content[115] Corporate Governance and Risk Management - The company has established a risk management framework to address operational risks, including expanding school networks and increasing tuition fees[138] - An independent internal control consultant was appointed to evaluate the internal control system, covering all major risks and controls[140] - The board is responsible for overseeing the company's overall risk and approving significant business decisions related to major risk exposures[138] - The company has implemented a risk management and internal control system to assess and manage risks and opportunities, including environmental, social, and governance risks[161] - The company emphasizes the importance of effective corporate governance to better understand and manage risks and opportunities[161] - The company has established a formal and transparent procedure for determining the compensation policy for senior management, ensuring accountability and governance[156] - The company has a diverse board structure, considering various factors such as gender, age, and professional experience in the selection of directors[169] Shareholder Information and Dividends - The board has decided not to recommend a final dividend for the year ending December 31, 2023[134] - The company's reserves available for distribution to shareholders as of December 31, 2023, amount to approximately RMB 428.6 million[175] - The annual general meeting is scheduled for June 14, 2024, with a cutoff for share transfer registration on June 7, 2024[135][136] - The company has suspended the transfer of shares from June 11, 2024, to June 14, 2024, to determine eligibility for voting at the annual general meeting[155] Compliance and Regulatory Matters - The company is registered in the Cayman Islands and its shares are listed on the Hong Kong Stock Exchange, complying with relevant laws and regulations[132] - The company has adopted multiple policies to ensure compliance with listing rules, including risk management and information disclosure[139] - The company is committed to timely disclosure of inside information as per the Securities and Futures Ordinance and Listing Rules[165] - The company has not disclosed any insider information in the current report[141] Social Responsibility - The company is committed to social responsibility and sustainable growth, focusing on employee welfare and environmental protection[179] - The company has not faced any significant fines or penalties related to environmental law violations during the year[179] - The company has identified key risks including operational outlook, ability to maintain or increase tuition fees, and competition for resources[183]
银杏教育(01851) - 2023 - 年度财报