Financial Performance - Revenue for the year ended December 31, 2023, was RMB 873,345 thousand, an increase of 7% from RMB 819,358 thousand in 2022[18] - Gross profit for the same period was RMB 567,969 thousand, reflecting a 10% increase from RMB 514,084 thousand in the previous year[18] - Net profit for the year was RMB 502,811 thousand, up 6% from RMB 472,942 thousand in 2022[18] - Core net profit, as defined, was RMB 526,737 thousand, representing a 10% increase from RMB 478,393 thousand in the prior year[18] - The total comprehensive income for the year was RMB 504,505 thousand, compared to RMB 483,794 thousand in 2022[21] - The company reported a basic and diluted earnings per share of RMB 0.2425, compared to RMB 0.2291 in the previous year[34] - The company reported a profit attributable to ordinary shareholders of RMB 388,196,000 for 2023, an increase of 5.1% from RMB 366,727,000 in 2022[99] - The group recorded a profit of approximately RMB 502.8 million for the year, representing a growth of about 6% compared to the year ended December 31, 2022[147] - The pre-tax profit for the year was approximately RMB 504.3 million, an increase of 6% compared to the previous year[169] Assets and Liquidity - Cash and cash equivalents increased to RMB 1,995,904 thousand from RMB 1,500,901 thousand, indicating strong liquidity[23] - Non-current assets totaled RMB 2,029,589 thousand, slightly up from RMB 2,007,606 thousand in the previous year[23] - Current assets rose to RMB 2,134,100 thousand from RMB 1,518,779 thousand, showing significant growth in short-term resources[23] - Total equity increased to RMB 3,403,095 thousand from RMB 2,920,192 thousand, reflecting a significant growth in shareholder value[37] - The company has no bank loans or other borrowings, resulting in an asset-liability ratio not applicable as of December 31, 2023[190] Revenue Sources - Tuition fees contributed RMB 794,061,000 in 2023, up from RMB 736,596,000 in 2022, reflecting a growth of 7.8%[79] - Other income and revenue totaled RMB 83,966,000 in 2023, a significant increase of 47.0% compared to RMB 57,120,000 in 2022[79] - Bank interest income rose to RMB 51,659,000 in 2023, up from RMB 32,623,000 in 2022, marking an increase of 58.5%[79] - The group received government subsidies totaling RMB 13,921,000 in 2023, compared to RMB 11,920,000 in 2022, reflecting a growth of 16.8%[79] Employee and Operational Costs - Employee benefits expenses (excluding directors' remuneration) totaled RMB 251,342,000 in 2023, up 22.7% from RMB 204,683,000 in 2022[5] - Administrative expenses grew from RMB 70.1 million in 2022 to RMB 107.3 million in 2023, an increase of about 53.0%, largely due to rising employee costs[144] - The cost of sales for the year was approximately RMB 305.4 million, similar to RMB 305.3 million in the previous year, with significant increases in employee costs and other expenses[57] Student Enrollment and Employment - Total student enrollment increased from 53,051 in 2022 to 57,654 in 2023, representing a growth of approximately 8.3%[115] - The initial employment rate for graduates from Changzheng College was approximately 98.35% for the 2022/2023 academic year, indicating strong job placement success[63] - The initial employment rate for graduates from the Economic and Trade College was approximately 87.05%, with an employment rate of about 96.33% as of the year-end[156] Strategic Initiatives and Future Plans - The group established partnerships with 375 enterprises and organizations to create off-campus internship training bases, enhancing practical training opportunities for students[43] - The company plans to expand its enrollment in the Zhengzhou Economic and Trade College, which ranked fifth in the private undergraduate college enrollment plan in Henan Province for 2023[111] - The company intends to acquire or invest in underutilized schools in Central, Eastern, and Southern China, targeting profitable private institutions[139] - A new degree-granting institution, California School, is planned to be established in California, focusing on business administration and international business courses[140] - The group plans to establish a new campus for Changzheng College, with an expected total enrollment of no less than 5,000 students[161] Regulatory and Compliance - The company has adopted new and revised International Financial Reporting Standards for the current financial year[10] - The group has implemented a series of favorable policies from the Chinese government to support and encourage vocational education development[52] - The group has not been affected by the implementation of the OECD's Pillar Two legislation, as it does not fall within its scope[75] Dividends and Financing - The group has not recommended the declaration of a final dividend for the year ended December 31, 2023, compared to a dividend of 1.5 HK cents in the previous year[61] - The company's financing costs and dividend analysis are under review, with specific figures not disclosed in the provided content[98] - The company plans to use 50% of the net proceeds from the global offering, amounting to RMB 231 million, for acquiring other schools to expand its school network[200] - 40% of the net proceeds, or RMB 184 million, will be allocated for business expansion, including establishing new campuses for the Economic and Trade Academy and Changzheng Academy[200] - The remaining 10% of the net proceeds, totaling RMB 46 million, is designated for working capital and general corporate purposes[200] Teaching Staff Quality - Approximately 99.2% of the teachers hold a bachelor's degree or above, with about 73.2% holding a master's degree or higher, reflecting the quality of the teaching staff[55]
嘉宏教育(01935) - 2023 - 年度业绩