Financial Performance - In the fiscal year 2022, the total revenue of the company was approximately RMB 27.7 million, a decrease of about 92.2% compared to RMB 352.9 million in fiscal year 2021[109] - The significant revenue decline was primarily due to the cessation of academic education business, resulting in a loss of approximately RMB 338.7 million from that segment[109] - The cost of sales and services for the company in fiscal year 2022 was approximately RMB 18.7 million, a decrease of about 92.1% from RMB 235.4 million in fiscal year 2021[130] - The group's other income and loss net amount for the fiscal year 2022 was a loss of approximately RMB 2.7 million, a decrease of about 96.2% compared to a loss of approximately RMB 70.3 million in the fiscal year 2021[51] - The group's gross profit for fiscal year 2022 was approximately RMB 9.0 million, down about 92.3% from RMB 117.4 million in fiscal year 2021, with a gross profit margin of approximately 32.5% compared to 33.3% in fiscal year 2021[151] - The group recorded a loss of approximately RMB 31.4 million in fiscal year 2022, a decrease of about 44.7% compared to a loss of approximately RMB 56.8 million in fiscal year 2021, mainly due to reduced costs and expenses after ceasing academic education operations[134] Business Strategy and Operations - The group is actively exploring various business opportunities to broaden and deepen its operations, aiming to generate more returns for shareholders[24] - The group has closed its self-operated teaching centers and fully terminated its academic education business as of March 2022 to comply with imposed restrictions[100] - The group is focused on developing non-academic education services, including extracurricular personal quality courses for children and teenagers[10] - The company has shifted its focus to non-academic education and training services, which partially offset the revenue decrease[109] - The group plans to expand its overseas education consulting services to major cities in mainland China and Hong Kong through mergers, collaborations, and new establishments[93] - The group aims to leverage its network of schools in the UK to promote Chinese students studying or participating in short-term exchanges in the UK[106] - The group is committed to creating a one-stop service for international education for Chinese students[101] Financial Position and Management - The group has no interest-bearing borrowings as of December 31, 2022, consistent with the previous year[33] - The group has no significant contingent liabilities as of December 31, 2022, similar to the previous year[35] - The group's current ratio was approximately 3.1 times, down from approximately 4.1 times as of December 31, 2021[137] - The group's net current assets were approximately RMB 95.4 million, a decrease of about 52.2% from RMB 199.7 million as of December 31, 2021[158] - The group's bank balances and cash as of December 31, 2022, were approximately RMB 95.0 million, a decrease of about 63.4% from RMB 259.8 million as of December 31, 2021, mainly due to the utilization of part of the proceeds from the listing[159] - The group's capital debt ratio as of December 31, 2022, was approximately 4.6%, down from approximately 9.2% as of December 31, 2021[161] - The basic and diluted loss per share for fiscal year 2022 was approximately RMB 3.96, compared to RMB 7.31 for fiscal year 2021[157] Governance and Compliance - The group has initiated an independent investigation into audit matters and is taking appropriate measures to correct issues leading to trading suspension[97] - The group is focused on enhancing its internal controls based on the findings of the independent investigation[97] - The audit committee held three meetings in the fiscal year 2022 to review the group's risk management and internal control systems, as well as the annual performance for the fiscal year 2021[176] - The audit committee agreed with the accounting treatment adopted by the company and ensured that the financial information disclosed complies with applicable accounting standards[177] - The board of directors will recommend a maximum dividend payout of 30% of the distributable net profit attributable to shareholders, subject to the company's actual and expected operating performance and cash flow[187] - The board believes the group has sufficient resources to continue operating in the foreseeable future due to good liquidity and adequate cash reserves[188] - The risk management framework involves the management team identifying, assessing, and prioritizing significant risks, with regular reporting to the board[190] Market Trends and Opportunities - The international education market is expected to grow as more parents invest in their children's education, driven by rising disposable incomes and a focus on quality education[121] - The number of underage students studying abroad from first-tier cities in China is growing at an annual rate of approximately 20%[106] - The company aims to leverage its accumulated teaching experience and resources to provide targeted training for teachers in educational institutions[128] - The company is committed to providing high-quality, diversified services to meet the personalized needs of different customer groups in the international education ecosystem[126] Internal Committees and Board Composition - The remuneration committee held two meetings in the fiscal year 2022 to discuss the group's remuneration policies for directors and senior management[180] - The nomination committee evaluates candidates based on integrity, experience, skills, and ability to fulfill duties, with recommendations submitted to the board for decision[183] - The company emphasizes diversity in the composition of the board, considering various factors such as gender, age, and professional experience[186] - The board is responsible for maintaining an effective risk management and internal control system to support the group's long-term sustainable development[189] - The company has engaged Zhongchao Zhonghuan to conduct a comprehensive internal control review, identifying several key internal control deficiencies[191] - The board of directors emphasizes the importance of acting in the best interests of all shareholders and aims to maximize returns for them[194] - Shareholders holding at least 10% of the paid-up capital can request the board to convene a special general meeting within two months of submission[195] - The identity of shareholders and their requests will be verified by the Hong Kong share transfer registration office[198]
大山教育(09986) - 2024 - 年度业绩