Financial Performance - The company's profit attributable to owners for the year was approximately RMB 388.2 million, representing a 6% increase compared to the previous year[7] - The company's total profit for the year was approximately RMB 502.8 million, a 6% increase compared to the previous year[16] - The company's financing costs decreased from RMB 0.6 million in the previous year to RMB 18,000 this year, primarily due to the maturity of short-term bank loans[12] - The company had no bank loans or other borrowings as of December 31, 2023, making the debt-to-equity ratio not applicable[161] - The company had no significant investments, acquisitions, or disposals of assets during the year[174] Expansion and Investment Plans - The company plans to acquire or invest in schools in China with relatively low utilization rates and/or significant development potential, focusing on regions such as Central China, East China, and South China[11] - The company is also exploring opportunities to acquire suitable target schools overseas[15] - The company plans to invest additional resources in teacher recruitment and retention to improve the student-to-teacher ratio, which currently does not meet the regulatory requirement of 1:18[175] - The company entered into an agreement in January 2024 to purchase office space and parking spaces in Hangzhou for a total cash consideration of approximately RMB 52.5 million, primarily for self-use[181] Employee and Training Statistics - The company's two main colleges employed a total of 2,219 full-time and part-time employees as of December 31, 2023, with a male-to-female ratio of 0.5:1[44] - The company's employee distribution by region shows 61% in Henan Province, 24% in Zhejiang Province, and 15% in other provinces of China[45] - Employee turnover rate for the company remained stable at 6% in 2023, consistent with the previous year[61] - The company trained 1,017 employees in 2023, representing 54% of total employees, with an average training duration of 33 hours per employee[74] - Female employees accounted for 68% of the total trained employees, while male employees accounted for 32%[65] - Non-management employees received an average of 18 hours of training, mid-level management received 23 hours, and leadership received 39 hours[67] - The company's training programs focused on teaching skills, subject matter, and cultural development, with 85% of trainees being non-management staff[74][78] - The company's training programs included both internal and external courses, with a focus on keeping teachers updated on industry changes and new teaching methods[54] - The company employed 2,313 employees as of December 31, 2023, an increase from 2,240 employees in the previous year, with total employee benefits expenses (excluding director remuneration) amounting to approximately RMB 251.3 million[162] Corporate Governance and Compliance - The company maintained a strong focus on intellectual property protection, complying with relevant Chinese laws and regulations[89] - The company has not received any cases involving violations of labor laws in China during the reporting period[96] - The company has not received any complaints or major cases involving the leakage of personal information of students and parents during the reporting period[117] - The company has not received any complaints related to the quality of school teaching during the reporting period[106] - The company has not received any reports of corruption or other significant misconduct by its employees during the reporting period[111] - The company has a举报政策 (whistleblower policy) in place to encourage employees to report any misconduct without fear of retaliation[104] - The company provided a total of 3 mandatory training courses for directors and staff, with a combined participation of 764 hours, to enhance their understanding of relevant rules and regulations[130] - 847 employees (99.5%) and 4 directors (0.5%) participated in anti-corruption training[132] - 233 staff members (96.3%) and 9 directors (3.7%) participated in anti-corruption training[134] Environmental and Social Responsibility - The company is implementing a paperless office initiative, aiming to reduce paper waste by 20% within one year[22] - The company implemented strict green procurement policies, adhering to national standards for energy-saving and environmentally friendly products[55] - The company's employee volunteer hours accumulated to 2,260 hours during the reporting period, a significant increase from 424 hours in 2022[114] Shareholder and Equity Information - The maximum number of shares that can be issued under the share option plan is 160,000,000 shares, representing approximately 10% of the company's issued share capital as of the report date[100] - The company's directors hold significant equity stakes, with Chen Yuguo holding 378,000,000 shares (23.61%), Chen Shu holding 216,000,000 shares (13.49%), and Chen Lingfeng holding 216,000,000 shares (13.49%)[151] - Chen Yuguo holds a 31.50% equity stake in Jia Hong Holdings Group with a registered capital of RMB 15,750,000[156] - Chen Shu holds an 18.00% equity stake in Jia Hong Holdings Group with a registered capital of RMB 9,000,000[156] - Chen Lingfeng holds an 18.00% equity stake in Jia Hong Holdings Group with a registered capital of RMB 9,000,000[156] - Chen Yuguo holds a 45.00% equity stake in Jingyi Middle School with a registered capital of RMB 450,000[156] - Chen Yuchun holds a 15.00% equity stake in Jingyi Middle School with a registered capital of RMB 150,000[156] - The company's share option plan allows for the issuance of up to 160,000,000 shares, representing approximately 10% of the issued shares as of the report date[172] Educational Programs and Partnerships - The company's graduate employment rate for the 2022/2023 academic year was approximately 98.35%[2] - The company has established partnerships with 375 enterprises, institutions, and associations, including Alibaba and Geely Holding Group, to create off-campus internship and training bases[2] - The company has established eight applied technology majors, including air service, investment, e-commerce, international economics and trade, accounting, and English, through its校企合作计划 (school-enterprise cooperation program)[105] - The company has introduced over 20 applied technology courses through its校企合作计划 (school-enterprise cooperation program), including VBSE financial comprehensive training, ERP financial comprehensive training, and securities trading practice simulation[105] Infrastructure and Regulatory Compliance - The company's student-to-teacher ratio at Changzheng College and Jingmao College did not fully meet the regulatory requirements during the year[175] - The company's per-student teaching and administrative building area at Changzheng College and Jingmao College was 4.7 square meters and 5.1 square meters, respectively, as of December 31, 2023[182] - The company's per-student land area at Changzheng College and Jingmao College was 16.2 square meters and 14.4 square meters, respectively, as of December 31, 2023[182] - The company's Changzheng College and Jingmao College did not fully meet the regulatory requirements for per-student teaching and administrative building area and per-student land area during the year[180] Supply Chain and Procurement - The company collaborated with 146 suppliers in 2023, down from 151 in 2022, with 78% located in Zhejiang Province, China[70][85] - The company's supply chain management emphasized supplier reputation and after-sales service to ensure consistency in materials and services[55] Board and Management Information - Chen Lingfeng, aged 35, joined the group in November 2015 and was appointed as an executive director on November 3, 2018. He is responsible for admissions, recruitment, and school logistics management[191] - Zhang Xuli, aged 57, was appointed as a non-executive director on November 3, 2018. She holds multiple qualifications including a clinical nursing certificate, a law degree, and an MBA[193][194] - Feng Nanshan, aged 47, was appointed as an independent non-executive director on November 3, 2018. He is a certified public accountant in Hong Kong and a practicing accountant in Australia[196][199] Asset and Liability Information - The company has no asset mortgages as of December 31, 2023, and December 31, 2022[160]
嘉宏教育(01935) - 2023 - 年度财报