刚刚过去的 2023 年，直播电商江湖可谓在喧嚣中前进，头部主播们似乎集体水逆，纷纷陷入了多事之秋。 东方甄选与董宇辉的风波，精彩程度堪比甄嬛传。除此之外，被危机缠身的，还有李佳琦。在售卖花西子眉笔时阴阳消费者，一句“哪里贵了”、“找找自己的原因”彻底引发众怒。 一向以幽默搞怪著称的小杨哥，先是因直播内容低俗受到批评，继而又出现品控问题等争议。 而“快手一哥”辛巴这边也并不太平，一年上了 18 次微博热搜。从夏天的榴莲，到双十一的思慕床垫，差不多都是负面新闻。最近更是在直播中说出了“预制菜最应该给孩子吃”的逆天言论。 * 图片来源刺猬公社 不知不觉，直播电商已经走过了 7 个年头，最引人关注的不再是带货成绩，而是平台、商家和主播之间的闹剧。 水逆之后，不一定是平静，或许是更激烈的厮杀。 01 头部主播频频翻车 如果有时光机的话，李佳琦肯定想穿越回 2023 年 9 月 10日，好在直播中管住自己的嘴巴。 没想到堂堂淘宝带货一哥，却栽在了一支小小的眉笔上。哭也哭了，歉也道了，但口碑已经一去不复返。 这之后，李佳琦谨言慎行，却接二连三的翻车。 京东采销和海氏之间的混战，他可能是被拉出来炒热度的。只不过，真相或 ...

Group 1: Movie Promotion and Reception - The movie "Red Carpet Mr." directed by Ning Hao and starring Andy Lau will be released on February 10, coinciding with the Lunar New Year [1] - During a live stream, 300,000 tickets for the movie were sold out within 10 minutes, indicating strong demand [1] - The film portrays the absurdities of the entertainment industry through the story of a Hong Kong superstar trying to win an award [1] Group 2: Controversy Over Plagiarism - On the same day, a controversy arose regarding the "With Hui Together" live stream being accused of large-scale plagiarism by a popular Douyin influencer [2] - The influencer claimed that the content presented by the live stream host was similar to their own previous work, leading to significant public discussion [2] - The host responded by stating that any similarities were unintentional and invited communication regarding the issue [2] Group 3: Insights on Short Video Impact - During the live stream, discussions included the impact of short videos on public discourse, highlighting issues like misinformation and the overwhelming noise in online discussions [3] - This commentary was perceived as a subtle response to the plagiarism allegations, emphasizing the challenges of maintaining factual integrity in the digital age [3] Group 4: Financial Developments of Oriental Selection - On January 31, Oriental Selection and New Oriental announced a commitment to purchase a total of HKD 700 million worth of shares in Oriental Selection [4] - New Oriental will buy shares worth HKD 660 million, while founder Yu Minhong will purchase HKD 40 million worth of shares, enhancing liquidity for existing shareholders [4] - The board believes that the current share price does not accurately reflect the company's value, especially after a recent sale of its education business for RMB 1.5 billion [4] Group 5: Stock Performance - As of January 31, Oriental Selection's stock closed at HKD 23 per share, marking a 6.24% increase, and opened higher the following day [5] - Despite the recent recovery, the stock has declined nearly two-thirds from its peak of HKD 65 per share a year ago [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 East Buy Holding Limited 東方甄選控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1797） 截至2023年11月30日止六個月 中期業績公告 東方甄選控股有限公司董事會欣然宣佈本集團於報告期間的未經審核綜合中期 業績。該等中期業績已經審核委員會審閱。 於本公告中：(a)「我們」指本公司及（如文義另有所指）本集團；及(b)除非文義 另有所述或另有所指，我們的簡明綜合財務報表以本集團的主要功能貨幣人民 幣呈列，且所呈列數字均為近似值，約整至最接近的整數或小數點後一位（倘合 適）。 主要財務摘要 | | 截至2023年 | 截至2022年 | | | --- | --- | --- | --- | | | 11月30日 | 11月30日 | | | | 止六個月 | 止六個月 | 變幅 | | | 人民幣千元 | 人民幣千元 | % | | | （未經審核） | （未經審 ...

Financial Performance - Total revenue for 2023 fiscal year reached RMB 4,509.8 million, a significant increase from RMB 898.5 million in 2022[4] - Net profit for 2023 fiscal year was RMB 971.3 million, compared to a net loss of RMB 533.9 million in 2022[4] - Adjusted EBITDA for 2023 fiscal year was RMB 1,207.5 million, a substantial improvement from a loss of RMB 322.3 million in 2022[4] - Gross profit for 2023 fiscal year was RMB 1,954.8 million, up from RMB 413.5 million in 2022[5] - Operating profit for 2023 fiscal year was RMB 1,070.8 million, compared to an operating loss of RMB 579.6 million in 2022[5] - Total revenue from continuing operations increased by 651.0% from RMB 600.5 million in FY2022 to RMB 4.5 billion in FY2023, driven by strong growth in self-operated products and live e-commerce business[34] - Self-operated products and live e-commerce business generated total revenue of RMB 3.9 billion in FY2023, with self-operated products contributing over RMB 2.6 billion[35] - University education revenue increased from RMB 517.5 million in FY2022 to RMB 590.8 million in FY2023, with paid student enrollments rising from 546,000 to 581,000[36] - Revenue from institutional clients decreased by 34.7% from RMB 58.4 million in FY2022 to RMB 38.2 million in FY2023[37] - Gross profit from continuing operations increased by 400.1% from RMB 390.9 million in FY2022 to RMB 2.0 billion in FY2023, with gross margin decreasing from 65.1% to 43.3%[38] - Self-operated products and live e-commerce business gross margin improved from 37.8% in FY2022 to 38.2% in FY2023, with gross profit increasing to RMB 1.5 billion[39] - University education gross margin increased from 64.5% in FY2022 to 74.6% in FY2023, driven by strong market demand recovery and adoption of smart learning systems[40] - Net profit from continuing operations turned around from a loss of RMB 71.0 million in FY2022 to a profit of RMB 971.3 million in FY2023[48] - Adjusted profit for the year reached RMB 1,089,333 thousand, compared to RMB 109,997 thousand in the previous year[51] - Adjusted EBITDA for the year was RMB 1,207,454 thousand, up from RMB 55,567 thousand in the previous year[52] Assets and Liabilities - Total assets increased to RMB 3,852.9 million in 2023, up from RMB 2,059.4 million in 2022[8] - Equity attributable to owners of the company rose to RMB 2,803.8 million in 2023, compared to RMB 1,641.0 million in 2022[8] - Non-current assets increased to RMB 416.0 million in 2023, up from RMB 367.9 million in 2022[8] - Current assets grew to RMB 3,436.9 million in 2023, compared to RMB 1,691.5 million in 2022[8] - Total liabilities decreased to RMB 1,049.1 million in 2023, down from RMB 1,276.4 million in 2021[8] - The company's asset-liability ratio increased to 27.2% at the end of 2023, up from 20.3% in 2022[53] - Cash and cash equivalents increased to RMB 1.165 billion as of May 31, 2023, from RMB 547.4 million in the previous year[53] - Net cash generated from operating activities was RMB 1.264 billion, compared to a net cash used of RMB 918.1 million in the previous year[54] - Net cash used in investing activities was RMB 737.5 million, primarily due to the purchase of financial assets at fair value through profit or loss[56] - Net cash generated from financing activities was RMB 55.6 million, mainly from the issuance of shares upon exercise of share options[57] - Capital expenditures for property and equipment were RMB 12.8 million in 2023, down from RMB 20.3 million in 2022[58] Live E-commerce and Self-Operated Products - The company's live e-commerce business achieved a GMV of RMB 10.0 billion in FY2023, compared to RMB 4.8 billion in the six months ending November 30, 2022[13] - The number of followers on Douyin increased to 41.8 million in FY2023, up from 35.2 million in the six months ending November 30, 2022[13] - The number of paid orders on Douyin reached 136.3 million in FY2023, compared to 70.2 million in the six months ending November 30, 2022[13] - The company's total GMV reached RMB 10.0 billion in FY2023, with the majority coming from Douyin[20] - The number of self-operated products exceeded 120 in FY2023, covering categories from food and beverages to standardized daily necessities[20] - The company established a self-operated product R&D platform, the Nutrition Research Institute, to enhance long-term independent R&D capabilities and develop healthier products[26] - The company will launch live-streaming e-commerce activities on Taobao starting from August 29, 2023, aiming to reach more new consumer groups[26] - The company plans to introduce a membership card system to provide more discounts and comprehensive services to customers, enhancing user satisfaction[27] - The company expanded its live e-commerce business in 2021, establishing "Oriental Selection" as a well-known platform for high-quality agricultural products[85] - The company is positioned as a live-streaming platform focused on carefully selecting quality products, with a core focus on self-operated agricultural products under the "Oriental Selection" brand[85] Education Business - The number of paid student enrollments for university education was 581,000 in FY2023, up from 546,000 in FY2022[14] - The average spending per paid student enrollment for university education increased to RMB 1,544 in FY2023, compared to RMB 1,308 in FY2022[15] - The average spending per paying student in the domestic university entrance exam preparation business increased to RMB 1,544 during the reporting period, up from RMB 1,308 in FY2022[21] - The overseas exam preparation business achieved strong results in revenue, enrollment, and profitability, surpassing historical highs and returning to a healthy and rapid development trajectory[21] - The number of paying students in the university education division increased by 6.4% to 581,000 during the reporting period, compared to 546,000 in FY2022[21] - The company will continue to develop a smart learning system for university education, offering personalized learning plans and real-time progress tracking[28] - The company is upgrading its IT infrastructure and exploring the integration of AI with business scenarios to improve student learning experiences and efficiency[21] - The company is collaborating with China Digital Library to establish smart reading spaces and classrooms using virtual reality technology in schools and public libraries[22] - The company plans to continue investing in AI integration, improving intelligent scoring, error correction, and adaptive learning systems, and maintaining exclusive rights to IELTS and TOEFL materials in mainland China[30] Corporate Governance and Shareholder Information - The board of directors consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors[73] - The company monitors currency exchange rate fluctuations and takes necessary measures to mitigate the impact of exchange rate risks[63] - The company's top five customers accounted for approximately 0.8% of total revenue, with the largest customer contributing about 0.6%[89] - The top five suppliers accounted for approximately 2.4% of total procurement, with the largest supplier contributing about 0.9%[89] - No director or their associates, or any shareholder with 5% or more of the company's issued share capital, had any interests in the top five customers or suppliers during the 2023 fiscal year[89] - The company's subsidiaries are listed in Note 39 of the consolidated financial statements[85] - The net proceeds from the global offering amounted to approximately HKD 1.783 billion, with the funds being utilized for sales and marketing, technology infrastructure, teacher and business-related personnel, and working capital[90] - As of the 2023 fiscal year, the company had utilized HKD 145.8 million out of the total HKD 823.6 million net proceeds, leaving a balance of HKD 677.8 million[90] - The company did not repurchase any shares on the Hong Kong Stock Exchange during the 2023 fiscal year, nor did it purchase, sell, or redeem any listed securities[92][93] - No debt instruments were issued by the group during the 2023 fiscal year[94] - The board did not recommend the payment of a final dividend for the 2023 fiscal year[96] - The total revenue from the consolidated affiliated entities was RMB 4,509,849 thousand, accounting for 100% of the group's total revenue during the reporting period[103] - The company's directors and senior management did not receive any discretionary bonuses during the 2023 fiscal year[97] - The company's directors and senior management are eligible to participate in the 2023 plan under the pre-IPO plan and the 2019 plan[97] - The company's directors and senior management did not waive or agree to waive any remuneration during the 2023 fiscal year[97] - The company's directors and senior management did not receive any remuneration as an incentive for joining or leaving the group during the 2023 fiscal year[97] - The company's contractual arrangements involve exclusive management and business cooperation agreements, exclusive subscription option agreements, equity pledge agreements, and irrevocable power of attorney, ensuring control over its operating entities and economic benefits[106][107][108][109] - The company's operating entities, including Beijing Xuncheng and its subsidiaries, are controlled through contractual arrangements with foreign-invested enterprises (FIEs) such as Dexin Dongfang, Zhuhai Chongsheng, Xi'an Ruiying, Hainan Haiyue, and Wuhan Dongfang[105][112] - The company's contractual arrangements are designed to comply with Chinese foreign investment restrictions, which limit foreign ownership in certain sectors, such as value-added telecommunications services and radio/TV program production[114] - The company's contractual arrangements were established to maintain actual control over its operating entities and to receive economic benefits generated by its online education and live e-commerce businesses[114] - The company's contractual arrangements are considered fair, reasonable, and in the best interests of the company and its shareholders, as they were entered into on normal commercial terms or better[114] - The company faces risks related to contractual arrangements in China, including potential penalties from the Chinese government, uncertainties in the interpretation of the Foreign Investment Law, and reliance on contractual arrangements with affiliated entities for business operations[115] - The company's contractual arrangements are subject to regulatory scrutiny by Chinese tax authorities, which could result in additional tax liabilities and significantly reduce the company's consolidated net income[116] - The company's contractual arrangements with affiliated entities are considered continuing connected transactions under the Listing Rules, with a maximum applicable percentage ratio expected to exceed 5% and HKD 10 million, requiring exemptions from strict compliance[117] - The company entered into a 2022 New Oriental Framework Agreement with New Oriental Group, involving non-exempt continuing connected transactions such as advertising, marketing, and promotion services, with annual caps and actual transaction amounts provided[118] - The company's transactions with New Oriental Group in 2023 included advertising and marketing services (RMB 39.39 million cap, RMB 34.92 million actual), TPO exam material licensing (RMB 20 million cap, RMB 8.27 million actual), and procurement of goods (RMB 39.13 million cap, RMB 11.22 million actual)[119] - The company entered into a Tigerstep Framework Agreement in 2019, leasing properties for office, recording studio, and administrative use, with annual caps and actual transaction amounts provided for 2023[121] - The company's 2021 Tigerstep Framework Agreement involved leasing properties and property management services, with annual caps and actual transaction amounts provided for 2023[122] - The company has implemented internal control measures for continuous connected transactions, including regular monitoring of transaction terms and comparison with third-party terms[123] - Independent non-executive directors confirmed that all continuous connected transactions in FY2023 were conducted under normal commercial terms and were fair and reasonable[125] - The external auditor confirmed that the disclosed continuous connected transactions did not exceed the annual limits set by the company[126] - No significant contracts or management agreements were entered into with the controlling shareholder during FY2023[127] - The company's consolidated financial statements were audited by Deloitte Touche Tohmatsu, which will retire at the upcoming annual general meeting[128] - No significant events occurred between the end of the reporting period and the date of the FY2023 annual results announcement[129] - The company is committed to fulfilling social responsibilities, promoting employee welfare, protecting the environment, and achieving sustainable development[130] - The company has complied with all relevant laws and regulations that have a significant impact on the group[131] - The annual general meeting will be held on November 3, 2023, with a suspension of share transfer registration from October 31 to November 3, 2023[133] - As of the end of FY2023, directors and key executives held approximately 1.48% to 2.68% of the company's shares[136] - The total number of shares that may be issued under the Pre-IPO Plan and 2019 Plan for Mr. Sun is 8,639,000 shares, and under the 2023 Plan, 3,000,000 shares were awarded to Mr. Sun[137] - Mr. Yu holds a total of 201,788,600 shares in New Oriental, representing 11.8% of the company's equity, including shares held through Tigerstep and ADS[139] - Mr. Yu has a 100% interest in Beijing Xuncheng, valued at RMB 122,351,229, and a 99% interest in Century Friendly, valued at RMB 9,900,000[140] - New Oriental holds a 54.95% beneficial interest in the company, with 557,160,500 ordinary shares[143] - A total of 30,459,000 new shares, approximately 3.02% of the company's weighted average issued share capital, may be issued under the 2019 Plan (before termination) and the 2023 Plan[145] - The maximum number of shares available for issuance under the Pre-IPO Plan is 47,836,985 shares, with 27,084,385 shares still exercisable as of May 31, 2023[147][148] - The exercise price for the pre-IPO share option plan is HK$8.88 per share (equivalent to US$1.13 per share before listing)[151] - The pre-IPO share option plan has a remaining term of approximately 1 year and 8 months, expiring on March 27, 2025[152] - As of June 1, 2022, 16,695,285 options granted to Mr. Yu under the pre-IPO plan remained unexercised[154] - Under the 2019 plan, a total of 40,462,810 options remained unexercised as of May 31, 2023, representing approximately 3.93% of the total issued share capital[159] - During the reporting period, 4,315,008 options were exercised under the 2019 plan, while 140,000 were canceled and 1,076,275 expired[159] - The maximum number of shares that may be issued under the 2019 plan and other plans cannot exceed 10% of the total issued shares as of the listing date (91,395,910 shares)[159] - The weighted average closing price of shares immediately before the exercise date in FY2023 was HK$52.01[163] - Under the 2019 plan, 6,000,000 options granted to Mr. Yu remained unexercised as of the end of FY2023[163] - The 2019 plan was terminated on March 9, 2023, and no further options will be granted under this plan[161] - Each grantee must pay RMB 1.00 as consideration for the options granted under the 2019 plan[162] - The 2023 plan allows for the issuance of up to 101,351,871 shares, representing 10% of the company's issued shares as of the plan's adoption date[169] - 30,459,000 share rewards were granted under the 2023 plan between March 9, 2023, and May 31, 2023, with 61,000 share rewards canceled and 84,000 share rewards forfeited during the same period[170] - The 2023 plan has a service provider sub-limit of 2,027,037 shares, which is 2% of the total plan authorization[169] - The 2023 plan has a validity period of 10 years, from March 9, 2023, to March 8, 2033[175] - The vesting period for share rewards under the 2023 plan is at least 12 months, with exceptions for certain limited circumstances[174] - The exercise price for share options under the 2023 plan cannot be lower than the higher of the closing price on the grant date or the average closing price over the five trading days preceding the grant date[172] - The 2023 plan allows for the issuance of share rewards or share options, with the total number of shares available for issuance under the plan being 101,290,871 as of May 31, 2023[169] - The 2023 plan includes a performance-based vesting condition, where a portion of the share rewards will vest if the participant meets the performance evaluation criteria in the year preceding the vesting date[177] - The 2023 plan provides flexibility in determining the exercise period for share options, with a maximum exercise period of 10 years from the grant date[173] - The 2023 plan aims to align the interests of eligible participants with those of the company and its shareholders by offering them the opportunity to acquire equity in the company[166] - The company was registered as an exempted company in the Cayman Islands on February 7, 2018, and its shares were listed on the Main Board of the Stock Exchange on March

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 East Buy Holding Limited 東方甄選控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1797） 截至2023年5月31日止年度的年度業績公告 東方甄選控股有限公司董事會欣然宣佈於報告期間（即截至2023年5月31日止財 政年度）的綜合業績。該等年度業績已經本公司外部核數師德勤•關黃陳方會計 師行審核，並經審核委員會審閱。 於本公告中：(a)「我們」指本公司及（如文義所指）本集團；及(b)除非另有所 指，否則我們的綜合財務報表以本集團的主要功能貨幣人民幣呈列。 財務摘要 2023財年 2022財年 持續 已終止 持續 已終止 經營業務 經營業務 合併總計 經營業務 經營業務 合併總計 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 ...

2023 中期報告 目錄 | | | 獨立非執行董事 4 財務摘要 5 業務概覽及展望 13 管理層討論及分析 20 其他資料 29 簡明綜合財務報表審閱報告 30 簡明綜合損益及其他全面收入表 32 簡明綜合財務狀況表 33 簡明綜合權益變動表 34 簡明綜合現金流量表 35 簡明綜合財務報表附註 59 釋義 董瑞豹先生 鄺偉信先生 林哲莹先生 公司資料 董事委員會 董事會 執行董事 孫東旭先生， 行政總裁 尹強先生， 財務總監 非執行董事 俞敏洪先生， 主席 孫暢女士 吳強先生 （於2022 年 8 月26日辭任） 梁育華女士 （於2022 年 8 月26日辭任） 俞敏洪先生， 委員會主席 董瑞豹先生 林哲莹先生 公司秘書 張啟昌先生 (FCPA 、FCCA) 授權代表 尹強先生 張啟昌先生 核數師 審核委員會 董瑞豹先生， 委員會主席 吳強先生 （於2022 年 8 月26日辭任） 鄺偉信先生 林哲莹先生 （於2022 年 8 月26日委任） 薪酬委員會 林哲莹先生， 委員會主席 孫暢女士 董瑞豹先生 提名委員會 二零二三中期報告 2 公司資料（續） 法律顧問 有關香港法律及美國法律 德勤‧關黃陳方會計 ...

Financial Performance - Total revenue for the fiscal year 2021 was RMB 1,418,655,000, representing a 31.3% increase from RMB 1,080,587,000 in fiscal year 2020[7]. - The net loss for the fiscal year 2021 was RMB (1,658,392,000), which is a 118.7% increase compared to RMB (758,239,000) in fiscal year 2020[7]. - Adjusted net loss for the fiscal year 2021, calculated under non-IFRS measures, was RMB (1,322,557,000), up 101.0% from RMB (658,022,000) in fiscal year 2020[9]. - Basic and diluted loss per share for fiscal year 2021 was RMB (1.72), compared to RMB (0.79) in fiscal year 2020, reflecting a 117.7% increase[7]. - The company reported a gross profit of RMB 412,208,000 for fiscal year 2021, down from RMB 493,086,000 in fiscal year 2020[9]. - Total revenue increased by 31.3% from RMB 1,080.6 million in FY2020 to RMB 1,418.7 million in FY2021[22]. - K-12 education segment revenue surged by 166.7% from RMB 295.1 million in FY2020 to RMB 787.2 million in FY2021, with paid student numbers rising from 1.856 million to 3.315 million[23]. - University education segment revenue decreased by 14.5% from RMB 641.7 million in FY2020 to RMB 548.8 million in FY2021, with paid student numbers dropping from 942,000 to 573,000[22]. - Gross profit decreased by 16.4% from RMB 493.1 million in FY2020 to RMB 412.2 million in FY2021, with gross margin declining from 45.6% to 29.1%[26]. - Total cost of revenue increased by 71.3% from RMB 587.5 million in FY2020 to RMB 1 billion in FY2021, primarily due to increased teaching staff and course research personnel costs[26]. Student Enrollment and Segments - Total paid student numbers increased to 3.89 million, a year-on-year growth of 36.5%[16]. - K-12 education segment saw a net total revenue increase of 166.7% and paid student numbers increased by 78.6%[16]. - Average spending per paid student in university education increased from RMB 1,222 in FY2020 to RMB 1,303 in the reporting period[17]. - Paid student numbers in the university segment decreased to 573,000 from 942,000 in the previous fiscal year[17]. - K-12 course paid student numbers increased by 66.8% for New Oriental Online and 102.0% for DFUB courses[18]. - The preschool education segment experienced a decrease in student enrollment due to adjustments in the product line[19]. Strategic Initiatives and Future Plans - The company aims to enhance its core competitiveness in online extracurricular education services and expand its offerings across various educational segments[12]. - Future strategy includes expanding product offerings and enhancing online and offline integrated teaching (OMO) models[20]. - The company aims to provide a "one-stop" service for overseas exam preparation, enhancing collaboration with international exam providers[21]. - Continued investment in advanced educational technology to improve user experience and course engagement[21]. Financial Position and Cash Flow - Total assets as of fiscal year 2021 were RMB 3,285,318,000, an increase from RMB 3,049,244,000 in fiscal year 2020[11]. - The total equity attributable to the owners of the company was RMB 2,008,872,000 in fiscal year 2021, compared to RMB 1,863,700,000 in fiscal year 2020[11]. - Cash and cash equivalents as of May 31, 2021, were RMB 1.5 billion, down from RMB 1.9 billion on November 30, 2020, and RMB 480.3 million on May 31, 2020[44]. - The net cash used in operating activities for fiscal year 2021 was RMB (913.7) million, compared to RMB (521.4) million in fiscal year 2020, indicating increased cash outflow[45]. - The net cash generated from investing activities was RMB 659.1 million in fiscal year 2021, primarily due to the withdrawal of RMB 1.7 billion from time deposits[47]. - The cash flow from financing activities for fiscal year 2021 was RMB 1.4 billion, a significant increase compared to RMB (135.5) million in fiscal year 2020[45]. - The company’s net cash and cash equivalents increased by RMB 1.16 billion during fiscal year 2021, compared to a decrease of RMB 2.09 billion in fiscal year 2020[45]. Governance and Compliance - The board of directors consists of nine members, including two executive directors and three independent non-executive directors, ensuring a diverse governance structure[55]. - The company has received annual independence confirmations from its independent non-executive directors, ensuring compliance with listing rules[65]. - The company has established a dedicated task force to monitor and analyze the legal and regulatory developments in China's online education sector, hiring external compliance consultants to oversee daily operations compliance[170]. - The company has implemented strict internal control measures to enhance transparency and accountability to shareholders[148]. - The audit committee, composed of three non-executive directors, has reviewed the group's financial reporting procedures and internal control systems during the fiscal year 2021[157]. Risks and Challenges - The company is facing significant adverse impacts on its K-12 business due to the new regulations requiring tutoring institutions in China's compulsory education system to register as non-profit organizations[118]. - Foreign investment in subject-based training institutions is prohibited, which may necessitate restructuring existing contractual arrangements and ownership structures, potentially harming overall business operations and financial performance[119]. - The "double reduction" policy may impose strict requirements on licensing and approval for subject-based training institutions, adversely affecting the types and numbers of students served[119]. - The company has identified several significant risks in fiscal year 2021, including market competition and innovation risks, necessitating continuous improvement of online course products and services to maintain competitive advantage[167]. Environmental, Social, and Governance (ESG) - The company has committed to fulfilling social responsibilities and promoting sustainable development, as detailed in its environmental, social, and governance report[120]. - The ESG report indicates that the company has established an ESG management system to assess risks and opportunities related to ESG[190]. - The company focuses on online education and adheres to environmental laws, resulting in no significant violations related to environmental and ecological issues during the reporting period[198]. - The company promotes energy conservation and emission reduction as part of its commitment to green sustainable development[198]. - The company has identified 21 key ESG issues based on stakeholder importance and business relevance, forming a substantial issues matrix for ESG disclosure[194].