Financial Performance - For the year ended December 31, 2024, the company reported a revenue of RMB 4,116 million, representing a 3.5% increase from RMB 3,979 million in 2023[5] - The gross profit for the same period was RMB 2,115 million, which is a 10.8% increase compared to RMB 1,908 million in 2023[5] - The net profit surged by 88.0% to RMB 513 million from RMB 273 million in the previous year[5] - Adjusted net profit increased by 86.6% to RMB 525 million from RMB 281 million in 2023[5] - The company reported a basic earnings per share of RMB 23.53, up from RMB 12.51 in 2023[5] - Adjusted net profit for the year ended December 31, 2024, was RMB 524.94 million, compared to RMB 281.34 million in 2023, while adjusted EBITDA was RMB 1,375.65 million, up from RMB 1,136.39 million[71] - The company's gross profit for the fiscal year ending December 31, 2024, was approximately RMB 2,115 million, with a gross margin of 51.4%, up from 48.0% in the previous year[62] - The cost of revenue decreased by 3.3% from approximately RMB 2,070 million for the fiscal year ending December 31, 2023, to about RMB 2,002 million for the fiscal year ending December 31, 2024[58] Operational Changes - The company has restructured its internal reporting segments, merging several educational divisions to enhance operational efficiency[18] - The company has restructured its business segments, integrating the operations of Meishi Academy into the New Oriental Cooking Education division, which now includes 75 schools[42] - The company adjusted its enrollment strategy and optimized course structure to attract more high-value new students, despite a 6.2% decrease in new training participants and new customer registrations[56] Training Participants and Customer Registrations - The number of new training participants and new customer registrations decreased by 6.2% to 143,441 from 152,881 in 2023[3] - New training participants in the cooking technology segment decreased by 7.7% from 68,473 in 2023 to 63,228 in 2024[48] - Long-term courses in information technology and internet technology saw a 15.0% decline, from 22,060 in 2023 to 18,755 in 2024[49] - The number of new customers registered for the cooking technology segment decreased by 6.7% from 28,600 in 2023 to 26,686 in 2024[48] - The fashion beauty education segment experienced a significant increase of 79.6% in new training participants, rising from 3,406 in 2023 to 6,118 in 2024[50] - The overall average training participants for the group remained relatively stable, with a slight decrease of 0.4%, from 146,839 in 2023 to 146,294 in 2024[52] Financial Assets and Liabilities - The company’s total liabilities, including trade and other payables, amounted to RMB 706,794,000 in 2024, compared to RMB 681,433,000 in 2023, reflecting an increase of approximately 3.7%[35] - The company held other financial assets of approximately RMB 550 million as of December 31, 2024, with a focus on investments that do not impact operational or capital expenditure needs[76] - The company has committed capital expenditures of RMB 152,099,000 for property and equipment acquisitions as of December 31, 2024, down from RMB 485,613,000 in 2023, indicating a reduction of approximately 68.7%[38] Dividends and Shareholder Information - The company proposed a final dividend of HKD 0.22 per share for the year ended December 31, 2024, totaling approximately HKD 479 million[30] - The board has approved a dividend policy to distribute at least 60% of the net profit attributable to shareholders for the fiscal years ending December 31, 2025, 2026, and 2027[94] - The company will suspend share transfer registration from May 22, 2025, to May 27, 2025, to determine shareholders eligible to attend the annual general meeting and vote[101] - The company will also suspend share transfer registration from June 3, 2025, to June 5, 2025, to determine shareholders entitled to the proposed final dividend[102] Employee and Staffing - As of December 31, 2024, the company employed a total of 10,346 staff, with full-time teachers and instructors making up 50.5% of the workforce[91] - The company aims to hire more teachers and staff as it expands its business, utilizing various recruitment channels[92] Compliance and Governance - The company has adopted the Corporate Governance Code and has complied with all its provisions for the fiscal year ending December 31, 2024[95] - The audit committee, composed of three independent non-executive directors, reviewed the company's consolidated financial statements for the fiscal year ending December 31, 2024, ensuring their completeness and accuracy[99] Future Plans and Market Position - The group aims to establish vocational education industrial parks to enhance its market position and brand, with ongoing projects in Sichuan, Shandong, Guizhou, and Henan[86] - The group plans to expand its campus network to cover all provincial capitals in China, focusing on cities with unmet demand in culinary arts, IT, automotive services, and fashion[87] - The group intends to diversify its course offerings in response to industry trends and market demand, with a focus on emerging sectors[88] - The company believes it has sufficient funds to meet its operational capital needs for future business expansion and development[75]
中国东方教育(00667) - 2024 - 年度业绩