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| Statement |
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| Moreover, the standout performance of interest-based education courses remained in foremost highlights of this sector, accounting for 63% of our total revenue and experiencing a significant 54.9% year-over-year revenue growth |
| We continued our impressive level of profitability with a net profit margin of 28.6%, up 3.5 percentage points quarter over quarter |
| This demonstrated the effectiveness of our operational strategies and highlights our ability to adapt to changing market conditions |
| The sector encompassing professional certifications, skills and interest programs continue to serve as our key growth engine, showcasing a year-over-year revenue increase of 13.3% and contributing to 77.1% of our total revenue |
| It is also important to highlight that our net cash inflows from operating activities for the year exceeded $135 million, providing a solid financial foundation for the sustainable development of our business |
| Additionally, we observed a significant 15.4% increase in enrollment year-over-year, highlighting the growing demand for our offerings |
| Our prudent financial management resulted in a net cash inflow from operating activities of over RMB135 million, being a solid financial foundation for our future growth initiatives |
| This success is a direct reflection of our commitment to strengthening our core competence, allowing us to quickly adjust our strategy in response to changing market conditions and customer demands |
| Notably, since the fourth quarter of 2021, our net profit margin has remained above 20%, which is a testament to the strength and resilience of our business model |
| The sector has emerged as the important growth catalyst for the company, further solidifying our leading position in the adult education landscape |
| It is with great pride that we unveiled the successful conclusion of the fourth quarter, characterized by a noteworthy net profit of RMB155.2 million and an impressive net profit margin of 28.6% |
| In 2023, the user search volume for adult interest training has surged, ranking first among the new business segments in the education sector |
| Notably, our senior brand the prestigious [Crofts Brand Service Award] (ph) from People's Daily Online, a testament to our unwavering pursuit of excellence |
| In the meanwhile, our revenue stands at RMB542 million, marking a 3.3% increase from the previous quarter and surpassing our earlier forecast despite the year-over-year revenue decrease of 6.4% |
| These metrics underscore our firm financial foundation and a steadfast dedication to the operational excellence |
| A pivotal driver has been the dynamic expansion of our interest-based courses, which experienced a 54.9% year-over-year growth |
| Throughout the year, we remained agile in responding to market dynamics and evolving user preferences, driving continuous innovation across our product and service portfolio |
| Our products are well received by this Golden Age Group and we will continue to see the demands of this demographic to expand this go power services in the future |
| Reflecting on the entire fiscal year, we successfully recorded an annual revenue of RMB2.16 billion and a net income of RMB614.8 million |
| Over the past year, we have been committed to achieving sustainable growth, placing a high priority on improving operational efficiency and optimizing our cost structure |
| These ongoing and innovative initiatives afford us a swifter and more profound insight into our user base, including our imagination for future possibilities |
| Looking to the future, we'll continue to focus on refined operations and efficient office financial management to ensure the company sustains healthy and stable development |
| In 2023, we observed a 21.1% rise in new student enrollments within the sector compared to 2022 |
| Secondly, the last preference and demand is exhibited by elderly cohorts across various age brackets underscore the complexity of this demographic, indicating significant untapped potential |
| While we continue to optimize the sectors investment, we believe in its promising future, and current employment landscape, individuals navigating academic pursuits of professional trajectories find themselves confronted with intricate challenges |
| We aim to maximize our lifetime values through diversified offerings and high-value populations rooted in effective senior interest education services |
| I'm pleased to present our fourth quarter results |
| As we progress into 2024, we remain committed to constantly exploring and refining our product mix, targeting different age groups, while developing our operational efficiency improvement efforts to support our long-term sustainable growth |
| In addition, we'll strictly follow the instructions of the board and implement strategic share repurchases to enhance shareholder value |
| This in turn has precipitated a surge in the productivity of individual towards pursuing further education |
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| Growth profit decreased by 7% to RMB468 million in the fourth quarter of 2023 from RMB503.3 million in the fourth quarter of 2022 |
| For the fourth quarter of 2023, net revenues decreased by 6.4% to RMB541.7 million from RMB578.6 million in the fourth quarter of 2022 |
| This marks the first negative growth since the 1916s, signifying the onset of a period of population decline |
| Now for our outlook, for the first quarter of 2024 we currently expect net revenues to be between RMB500 million and RMB520 million, a year-over-year decrease of 8.3% to 11.8% |
| The decrease was primarily due to a year-over-year decline in gross buildings from post-secondary courses in 2023 |
| As of 2022, China confronted a rare phenomenon of net population decrease |
| Additionally, the impending retirement phase of China's second baby boom generation, expanding births from 1962 to 1975, introduces a cohort of wildly significant socioeconomic influence |
| Cost of revenues decreased by 2% to RMB73.8 million in the fourth quarter of 2023 from RMB75.3 million in the fourth quarter of 2022 |
| A number of important factors will cause actual results to differ materially from those contained in any forward-looking statements |
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