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嘉宏教育(01935) - 2022 - 年度业绩
01935JH EDUCATION(01935)2023-03-30 13:21

Financial Performance - The group recorded a profit of approximately RMB 472.9 million for the year, representing a growth of about 16% compared to RMB 409.0 million for the previous year[22]. - The company reported a profit attributable to owners of approximately RMB 366.7 million for the year, representing a growth of about 12% compared to the previous year[49]. - The core net profit for the year was RMB 478.4 million, compared to RMB 415.0 million in the previous year[50]. - The company's revenue for the year ended December 31, 2022, was RMB 819,358,000, representing an increase of RMB 134,762,000 or 20% compared to the previous year[97]. - Gross profit for the same period was RMB 514,084,000, reflecting a growth of RMB 93,407,000 or 22% year-over-year[97]. - Net profit for the year was RMB 472,942,000, which is an increase of RMB 63,972,000 or 16% from the prior year[97]. - Profit attributable to equity holders of the company was RMB 366,727,000, up by RMB 40,691,000 or 12% compared to the previous year[97]. - Core net profit reached RMB 478,393,000, marking an increase of RMB 63,377,000 or 15% year-over-year[97]. - Annual profit before tax increased to RMB 474,824,000, representing a growth of 15.9% compared to RMB 409,734,000 in 2021[118]. - The company reported a net profit of RMB 472,942,000 for 2022, a rise of 15.6% from RMB 408,970,000 in the previous year[118]. Revenue and Tuition Fees - Tuition fees generated RMB 396,549,000, an increase from RMB 343,527,000 in the previous year[110]. - Tuition fees generated RMB 736,596,000 in 2022, a 20.5% increase from RMB 611,000,000 in 2021[131]. - Total revenue for 2022 reached RMB 819,358,000, an increase of 19.7% from RMB 684,596,000 in 2021[118]. - The average tuition fee for Changzheng College in 2022 was RMB 15,398, compared to RMB 14,880 in 2021, reflecting an increase of approximately 3.5%[15]. - The average tuition fee for Jingyi School in 2022 was RMB 19,164, up from RMB 18,649 in 2021, indicating an increase of approximately 2.8%[15]. Assets and Liabilities - As of December 31, 2022, the net current assets amounted to approximately RMB 940.1 million, an increase from RMB 731.1 million the previous year, mainly due to an increase in bank balances by approximately RMB 273.6 million[24]. - As of December 31, 2022, the company's net assets amounted to RMB 2,920,192 thousand, an increase from RMB 2,436,398 thousand in the previous year[80]. - Cash and cash equivalents at the end of 2022 amounted to RMB 1,500,901,000, an increase from RMB 1,227,318,000 in 2021[121]. - Non-current assets totaled RMB 2,007,606,000, up from RMB 1,729,584,000 in 2021, indicating a growth of 16.1%[121]. - Total contract liabilities amounted to RMB 436,078,000, up from RMB 380,290,000 in the prior year[110]. Dividends - The board proposed a final dividend of HKD 0.015 per share for the year ended December 31, 2022, compared to no dividend in the previous year[32]. - The company did not declare any interim dividends for the years ended December 31, 2022, and December 31, 2021[113]. - The company will suspend shareholder registration from May 25, 2023, to May 30, 2023, for determining eligibility for the proposed final dividend[198]. Operational Developments - The group has completed the registration to transform Jingyi School into a for-profit private school, with the conversion process starting on March 13, 2023[13]. - The group plans to acquire or invest in underutilized schools in Central, East, and South China, aiming to expand its operational network[17]. - The company plans to establish a new campus for the Business School in Kaifeng, Henan Province, with an estimated capacity of about 15,000 students[43]. - The company plans to establish a new campus for Changzheng College, with an expected enrollment of no less than 5,000 students[157]. - The company plans to expand the campus of Changzheng College, constructing new training buildings, dormitories, and administrative offices totaling approximately 57,102 square meters, which will increase student capacity by about 5,000 students[183]. Student Enrollment and Employment - The total number of students across all schools increased to 53,051 in 2022, up from 45,506 in 2021, reflecting a growth of approximately 16.7%[41]. - The initial employment rate for graduates from the Economic and Trade College was approximately 90.89% for the 2021/2022 academic year[152]. - The initial employment rate for graduates from Changzheng College was approximately 98.48% for the 2021/2022 academic year[176]. Partnerships and Collaborations - The company has established over 200 high-standard off-campus internship bases in collaboration with various enterprises[12]. - The company has established partnerships with 328 enterprises and institutions to create off-campus internship training bases[74]. - The company has partnered with over 20 enterprises to establish collaborative education programs, enhancing industry integration[179]. Cost and Expenses - Operating expenses increased from RMB 7.9 million to RMB 8.8 million, primarily due to an increase in enrollment capacity[46]. - Other expenses rose significantly from RMB 9.4 million to RMB 16.9 million, mainly due to a net loss of RMB 8.5 million related to fair value adjustments of investment properties[47]. - Employee benefits expenses, excluding director remuneration, rose to RMB 204,683,000 in 2022 from RMB 168,206,000 in 2021, marking an increase of approximately 21.6%[163]. - The company's sales cost increased from RMB 263.9 million to RMB 305.3 million, a rise of approximately RMB 41.4 million, primarily due to an increase in employee costs of RMB 29.3 million and pandemic-related expenses of RMB 17.1 million[186]. Financial Management - The company aims to optimize its pricing strategy to enhance profitability[89]. - The company is positioned to further optimize its pricing strategy without affecting its reputation or ability to attract and retain students[158]. - The company has implemented strict controls over trade receivables to mitigate credit risk, with overdue balances regularly reviewed by senior management[72]. - The number of trade receivables aged within one year increased significantly to RMB 1,612,000 in 2022 from RMB 537,000 in 2021, indicating a growth of approximately 200%[140]. - The impairment of trade receivables increased to RMB 180,000 in 2022 from RMB 134,000 in 2021, reflecting a rise of approximately 34.3%[163]. Compliance and Reporting - The company has adopted revised international financial reporting standards in its financial statements for the current year[81]. - The audit committee and management have reviewed the group's annual consolidated financial performance for the year[199].