Stock Code: 002607 Stock Abbr.: OFFCN EDU Announcement No.: 2023-043
OFFCN EDUCATION TECHNOLOGY CO., LTD.
First Quarter 2023 Report
The Company and the Company’s Board of Directors hereby guarantee that the contents of this quarterly report are true,accurate, and complete, and that there are no misrepresentations, misleading statements, or material omissions.The Company’s First Quarter 2022 Report is prepared and published in Chinese version, and the English version is forreference only. Should there be any inconsistency between the Chinese version and English version, the Chinese version shallprevail.
Important notes:
1. The Company’s Board of Directors, Supervisory Committee, directors, supervisors, and senior managementhereby guarantee that the contents of this quarterly report are true, accurate, and complete, and there are nomisrepresentations, misleading statements, or material omissions, and shall assume individual and joint legalliabilities.
2. The Company’s legal representative, the head in charge of accounting and the head of the accounting department(Accounting supervisor), hereby declare that the financial report in this quarterly report is authentic, accurate andcomplete.
3. Whether this first quarter report is audited
□ Yes √ No
Section I. Key financial data
1. Key accounting information and financial indicators
Does the Company need to adjust its financial information retrospectively or restate its accounting information ofprevious year?
□ Yes √ No
| Current reporting period | Same period of the previous year | Increase/ Decrease in the current reporting period over the same period of the previous year | |
| Operating income (RMB yuan) | 888,585,683.99 | 1,212,740,311.93 | -26.73% |
| Net profit attributable to shareholders of the listed Company (RMB yuan) | 24,302,776.67 | -463,824,594.93 | 105.24% |
| Net profit after deducting non-recurring profits and losses attributable to shareholders of the listed Company (RMB yuan) | 22,883,471.70 | -469,727,159.08 | 104.87% |
| Net cash flow from operating activities (RMB yuan) | -494,146,308.74 | 598,889,061.73 | -182.51% |
| Basic earnings per share (RMB yuan/share) | 0 | -0.08 | 100.00% |
| Diluted earnings per share (RMB yuan/ share) | 0 | -0.08 | 100.00% |
| Weighted average return on net assets | 3.07% | -27.99% | 31.06% |
| End of the current reporting period | End of the previous year | Increase/ Decrease at the end of this reporting period over the end of the previous year（%） | |
| Total assets (RMB yuan) | 8,417,639,954.21 | 8,027,414,353.26 | 4.86% |
| Owner's equity attributable to shareholders of the listed Company (RMB yuan) | 804,236,712.44 | 779,933,935.77 | 3.12% |
2. Items and amount of non-recurring profits and losses
√ Applicable □ Not applicable
Unit: RMB yuan
| Item | Amount of current reporting period | Note |
| Disposal gains or losses of non-current assets (including the offset part of the provision for asset impairment) | 234,300.00 | |
| Government subsidies included in the current gains and losses (closely related to the normal business of the enterprise, except for government subsidies enjoyed fixedly, quantitatively and continuously in accordance with national policies and certain standards) | 1,484,718.51 | |
| Gains or losses from entrusting others to invest or manage assets | 2,089.14 | |
| Other non-operating income and expenses except for the items above | -43,636.53 | |
| Less: Impact on income tax | 258,166.15 | |
| Total | 1,419,304.97 | -- |
Other profit or loss items that meet the definition of non-recurring profits and losses
□ Applicable √ Not applicable
The Company does not have other profit or loss items that meet the definition of non-recurring profits and losses.Explanations for the Company’s classifying items of non-recurring profits or losses listed in the ExplanatoryAnnouncement No. 1 for Public Company Information Disclosures – Non-recurring Profits and Losses as items ofrecurring profits or losses.
□ Applicable √ Not applicable
The Company does not classify any non-recurring profits and losses items that are listed in the ExplanatoryAnnouncement No. 1 for Public Company Information Disclosures – Non-recurring Profits and Losses as items ofrecurring profits and losses.
3. Cases and reasons for fluctuation of key accounting information and financial indicators
√ Applicable □ Not Applicable
| Item of balance sheet | Amount at the end of the reporting period (RMB yuan) | Amount at the beginning of the reporting period (RMB yuan) | Growth | Note |
Monetary funds
| Monetary funds | 808,951,270.81 | 385,328,555.74 | 109.94% | Mainly due to the increase in loans from shareholders in the current period. |
| Other current assets | 2,551,033.31 | 4,559,823.18 | -44.05% | Mainly due to the amortization of the prepaid expenses. |
| Payroll payable | 322,270,742.31 | 609,823,739.07 | -47.15% | Mainly due to the payment of unpaid payroll payable and the payment for the delayed fee of social security and housing fund. |
| Tax payable | 22,675,539.38 | 9,593,498.07 | 136.36% | Mainly due to the accrual of value-added tax, additional tax and corporate income tax in Q1 2023. |
| Other payables | 2,095,716,952.52 | 1,096,787,345.65 | 91.08% | Mainly due to the increase in loans from shareholders in the current period. As of March 31, 2023, the Company's controlling shareholders have loaned RMB 1.956 billion yuan to the Company. |
| Item of income statement | Amount of current period (RMB yuan) | Amount of previous period (RMB yuan) | Growth | Note |
Operating cost
| Operating cost | 420,845,859.36 | 749,351,241.84 | -43.84% | Mainly due to the control of operating costs, optimization of personnel and reduction of labor expenses through measures, like overall adjustment of product structure, cost reduction and efficiency increase, and integration of online and offline classes. |
| Sales expense | 189,043,171.59 | 396,015,900.26 | -52.26% | Mainly due to the cost reduction and efficiency increase, which helped reduce its market operating expenses, optimize sales personnel, and reduce labor expenses accordingly. |
| Management expenses | 142,879,884.86 | 320,087,116.49 | -55.36% | Mainly due to the cost reduction and efficiency increase, which helped reduce its operating and management expenses, optimize management personnel, and reduce labor expenses accordingly. |
R&D expenses
| R&D expenses | 79,505,142.80 | 226,404,752.90 | -64.88% | Mainly due to the cost reduction and efficiency increase, which helped reduce its R&D expenses, optimize R&D personnel, and reduce labor expenses accordingly. |
| Financial expenses | 25,281,276.97 | 69,571,481.28 | -63.66% | Mainly due to the absence of bank loan interest and the decrease in service fees of financial institutions in the current period. |
| Other income | 5,263,604.56 | 8,268,197.61 | -36.34% | Mainly due to the decrease in government subsidies in the current period. |
| Investment income | 2,089.14 | 2,755,592.22 | -99.92% | Mainly due to the decrease in redemption of wealth management products. |
| Expected credit loss | -245,000.01 | -1,005,625.25 | 75.64% | Mainly due to the decrease in provision for bad debts in the current period. |
Income tax expenses
| Income tax expenses | 4,059,499.89 | -81,122,491.94 | 105.00% | Mainly due to the realization of profit in the current period and the accrual of corporate income tax. |
| Item of cash flow statement | Amount of current period (RMB yuan) | Amount of previous period (RMB yuan) | Growth | Note |
| Cash received from sales of goods and rendering of services | 541,106,481.37 | 2,249,268,010.73 | -75.94% | Mainly due to the adjustment of product structure, and the transformation of payment collection with sharply decreased proportion of high-refund classes and increased proportion of cash-paid classes. |
| Cash for purchasing goods and accepting labor services | 125,815,201.46 | 210,528,840.27 | -40.24% | Mainly due to the well control of cost and the decrease of class opening expenses and travel expenses through measures like the adjustment of product structure and internal optimization to reduce costs and increase efficiency. |
| Cash paid to and for employees | 776,831,838.60 | 1,224,818,887.78 | -36.58% | Mainly due to the decrease in salary payment because of the decline in the number of employees of the Company. |
Payment of other cashrelated to operatingactivities
| Payment of other cash related to operating activities | 135,193,624.56 | 211,762,694.36 | -36.16% | Mainly due to the remarkable results of cost reduction and efficiency increase so that marketing expenses, and cost in company operation, management and other areas decreased. |
| Cash received from recovery of investments | 20,000,000.00 | 344,776,858.87 | -94.20% | Mainly due to the decrease in short-term wealth management purchases and the corresponding decrease in wealth management redemption in the current period. |
| Cash received from investment income | 2,089.14 | 2,764,585.77 | -99.92% | Mainly due to the decrease in wealth management purchases in the current period and the corresponding decrease in wealth management income. |
| Cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets | 921,010.84 | 8,768,861.04 | -89.50% | Mainly due to the Company's internal optimization and cost control mechanism and the decrease in investment in fixed assets. |
| Cash paid for investments | 20,500,000.00 | 116,700,000.00 | -82.43% | Mainly due to the decrease in the purchase of short-term wealth management products in the current period. |
| Cash paid for debt repayment | 1,500,000,000.00 | -100.00% | The main reason is that the Company's loans from financial institutions had no balance at the beginning of the period, and there were no new additions in the current period. | |
| Cash paid for dividends, profits or interest payments | 26,787,416.64 | -100.00% | The reason is the same as above. |
Other cash paid relatedto financing activities
| Other cash paid related to financing activities | 77,812,054.49 | 134,755,697.06 | -42.26% | Mainly due to the decrease in housing rental fees paid in the current period. |
Section II. Information of shareholders
1. Table on the total number of common shareholders, preferred shareholders with restored voting rightsand shares held by the top 10 shareholders
Unit: share (s)
| Total number of common shareholders at the end of the reporting period | 206,003 | Total number of preferred shareholders with restored voting rights at the end of the reporting period (if any) | 0 | |||||
| Particulars about shares held by the top 10 shareholders | ||||||||
| Name of shareholder | Nature of shareholder | Shareholding percentage(%) | Number of shares held | Number of shares held with sales restrictions | Pledged, marked or frozen | |||
| Status of shares | Number of shares | |||||||
| Li Yongxin | Domestic natural person | 15.31% | 944,407,232.00 | 729,458,502.00 | Pledged | 437,323,282.00 | ||
| Wang Zhendong | Domestic natural person | 9.30% | 573,799,534.00 | 570,581,563.00 | Pledged | 382,850,000.00 | ||
| Hunan Chasing Fund Management Co., Ltd.— Hunan Chasing Changqin No.1 Fund Partnership (Limited Partnership) | Other | 5.51% | 339,820,822.00 | 0.00 | ||||
| Shaanxi International Trust Co., | Other | 5.10% | 314,537,300.00 | 0.00 | ||||
| Ltd.—SIT Yunqi No. 1 Securities Investment Collective Fund Trust Plan | ||||||
| Shanghai Tuopai Private Funds Management Co., Ltd.— Tuopai Xingfeng No. 9 Private Security Investment Fund | Other | 5.00% | 308,369,970.00 | 0.00 | ||
| Guangzhou Kangqi Asset Management Center (Limited Partnership)—Kangqi Asset Chuxin No.1 Private Security Investment Fund | Other | 4.95% | 305,369,970.00 | 0.00 | ||
| Lu Zhongfang | Domestic natural person | 3.78% | 233,270,398.00 | 0.00 | Pledged | 98,500,000.00 |
| Hong Kong Securities Clearing Co., Ltd. | Overseas legal person | 1.62% | 99,773,902.00 | 0.00 | ||
| Zhou Xiayun | Domestic natural person | 0.90% | 55,736,327.00 | 0.00 | ||
| Beijing Kerui Technology Innovation Investment Center (Limited Partnership) | Domestic non-state-owned legal person | 0.89% | 54,887,323.00 | 0.00 | ||
| Particulars about shares held by the top 10 shareholders without sales restrictions | ||||||
| Name of shareholders | Number of shares without sales restrictions held | Type of shares | ||||
| Type of shares | Number of shares | |||||
| Hunan Chasing Fund Management Co., Ltd.— Hunan Chasing Changqin No.1 Fund Partnership (Limited Partnership) | 339,820,822.00 | RMB ordinary shares | 339,820,822.00 | |||
| Shaanxi International Trust Co., | 314,537,300.00 | RMB ordinary | 314,537,300.00 | |||
| Ltd.—SIT Yunqi No. 1 Securities Investment Collective Fund Trust Plan | shares | ||
| Shanghai Tuopai Private Funds Management Co., Ltd.— Tuopai Xingfeng No. 9 Private Security Investment Fund | 308,369,970.00 | RMB ordinary shares | 308,369,970.00 |
| Guangzhou Kangqi Asset Management Center (Limited Partnership)—Kangqi Asset Chuxin No.1 Private Security Investment Fund | 305,369,970.00 | RMB ordinary shares | 305,369,970.00 |
| Lu Zhongfang | 233,270,398.00 | RMB ordinary shares | 233,270,398.00 |
| Li Yongxin | 214,948,730.00 | RMB ordinary shares | 214,948,730.00 |
| Hong Kong Securities Clearing Co., Ltd. | 99,773,902.00 | RMB ordinary shares | 99,773,902.00 |
| Zhou Xiayun | 55,736,327.00 | RMB ordinary shares | 55,736,327.00 |
| Beijing Kerui Technology Innovation Investment Center (Limited Partnership) | 54,887,323.00 | RMB ordinary shares | 54,887,323.00 |
| Huarun SDK Trust Co., Ltd. —CR Trust Shenzhi Assets Xingzhi Collective Fund Trust Plan | 52,854,200.00 | RMB ordinary shares | 52,854,200.00 |
| Description of the relationship or concerted action among the above mentioned shareholders | The Company’s controlling shareholder and actual controller Lu Zhongfang and Li Yongxin are in a mother-son relationship. Lu Zhongfang, Li Yongxin, and Beijing Offcn Future Information Consulting Center (Limited Partnership) are acting in concert. Zhou Xiayun and Zhou Hui have a father-son relationship. Zhou Xiayun and Zhou Li have a father-daughter relationship. It is unknown whether there is an associated relationship among the above-mentioned other shareholders, nor whether the above-mentioned shareholders belong to the parties acting in concert as stipulated in the Administrative Measures on Information Disclosure of Shareholding Changes in Listed Companies. | ||
| Description of the top 10 shareholders participating in the margin trading or short selling business (if any) | The Company's shareholder Guangzhou Kangqi Asset Management Center (Limited Partnership)_— Kangqi Asset Chuxin No.1 Private Security Investment Fund holds 305,369,970.00 shares. The company loaned shares of Offcn Edu to the securities company on February 24, 2023. The accumulated number of shares loaned was 3 million shares during the period. But the ownership of this part of shares has not actually been transferred, and there has been no actual increase or decrease in holdings. The actual total number of shares held by the company is 308,369,970 shares. | ||
2. Table on the total number of preferred shareholders and shares held by the top 10 preferredshareholders
□ Applicable √ Not Applicable
Section III. Other significant events
□ Applicable √ Not applicable
Section IV. Quarterly financial statements
1. Financial statements
(1) Consolidated balance sheet
Company: Offcn Education Technology Co., Ltd.
March 31, 2023
Unit: RMB yuan
| Item | Closing balance | Beginning Balance |
| Current assets: | ||
| Monetary funds | 808,951,270.81 | 385,328,555.74 |
| Settlement reserve | ||
| Lendings | ||
| Transactional financial assets | 500,000.00 | |
| Derivative financial assets | ||
| Notes receivable | ||
| Accounts receivable | 38,193,525.26 | 37,323,682.88 |
| Receivables financing | ||
| Prepayments | 483,270.00 | 556,093.00 |
| Premium receivables | ||
| Accounts receivable reinsurance | ||
| Reserve for reinsurance receivable contracts | ||
| Other receivables | 201,611,257.58 | 193,617,379.76 |
| Inc: Interest receivables | ||
| Dividend receivables | ||
| Buying back the sale of financial assets | ||
| Inventories | ||
| Contract assets | ||
| Assets held-for-sale | ||
| Non-current assets due within one year | ||
| Other current assets | 2,551,033.31 | 4,559,823.18 |
| Total current assets | 1,052,290,356.96 | 621,385,534.56 |
| Non-current assets | ||
| Loans and advances | ||
| Debt investments | ||
| Other debt investments | ||
| Long-term receivables | ||
| Long-term equity investments | 46,835,952.63 | 46,835,952.63 |
| Other equity investments | 121,300,000.00 | 121,300,000.00 |
| Other non-current financial assets | 27,680,000.00 | 27,680,000.00 |
| Investment properties | 447,068.40 | 450,260.54 |
| Fixed assets | 1,943,154,880.10 | 1,970,536,339.75 |
| Construction in progress | 325,065,597.12 | 323,273,645.99 |
| Productive biological assets | ||
| Oil and gas assets | ||
| Right-of-use assets | 1,133,566,052.59 | 1,112,202,447.58 |
| Intangible assetss | 1,152,714,585.84 | 1,162,266,659.34 |
| Development expenditure | ||
| Goodwill | 99,867,720.38 | 99,867,720.38 |
| Long-term prepaid expenses | 262,847,622.31 | 285,134,318.63 |
| Deferred tax assets | 597,669,088.39 | 602,280,444.37 |
| Other non-current assets | 1,654,201,029.49 | 1,654,201,029.49 |
| Total Non-current Assets | 7,365,349,597.25 | 7,406,028,818.70 |
| Total Assets | 8,417,639,954.21 | 8,027,414,353.26 |
| Current liabilities | ||
| Short-term loans | ||
| Borrowings from central bank | ||
| Borrowings from banks and other financial institutions | ||
| Transactional financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | ||
| Accounts payable | 280,605,911.91 | 287,088,393.76 |
| Deposit received | ||
| Contract liabilities | 3,591,241,635.75 | 3,949,800,719.05 |
| Financial assets sold for repurchase | ||
| Absorbing deposits and interbank deposits | ||
| Acting trading securities | ||
| Acting underwriting securities | ||
| Payroll payable | 322,270,742.31 | 609,823,739.07 |
| Taxes payable | 22,675,539.38 | 9,593,498.07 |
| Other payable | 2,095,716,952.52 | 1,096,787,345.65 |
| Inc: Interest payable | ||
| Dividend payables | ||
| Fees and commissions payable | ||
| Reinsurance accounts payable | ||
| Liabilities held-for-sale | ||
| Non-current liabilities due within one year | 548,561,255.14 | 578,821,921.03 |
| Other current liabilities | 107,737,249.07 | 118,494,021.57 |
| Total Current Liabilities | 6,968,809,286.08 | 6,650,409,638.20 |
| Non-current Liabilities: | ||
| Insurance contract reserve | ||
| Long-term loans | ||
| Bonds payable | ||
| Inc: Preferred share | ||
| Perpetual bond | ||
| Lease liabilities | 556,908,058.58 | 508,752,253.77 |
| Long-term payables | ||
| Long-term salary payable |
| Estimated liabilities | ||
| Deferred income | ||
| Deferred tax liabilities | 87,727,532.34 | 88,360,124.03 |
| Other non-current liabilities | ||
| Total non-current liabilities | 644,635,590.92 | 597,112,377.80 |
| Total liabilities | 7,613,444,877.00 | 7,247,522,016.00 |
| Owners' equity: | ||
| Share capital | 103,807,623.00 | 103,807,623.00 |
| Other equity instrument | ||
| Inc: Preferred shares | ||
| Perpetual bond | ||
| Capital reserve | 1,225,481,049.50 | 1,225,481,049.50 |
| Less: Treasury stock | ||
| Other comprehensive income | 6,375,000.00 | 6,375,000.00 |
| Special reserves | ||
| Surplus reserves | 45,000,000.00 | 45,000,000.00 |
| General risk preparation | ||
| Undistributed profits | -576,426,960.06 | -600,729,736.73 |
| Total owners' equity attributable to the parent company | 804,236,712.44 | 779,933,935.77 |
| Minority shareholders' equity | -41,635.23 | -41,598.51 |
| Total owners’ equity | 804,195,077.21 | 779,892,337.26 |
| Liabilities and owner's equity | 8,417,639,954.21 | 8,027,414,353.26 |
Legal representative: Wang Zhendong Person in charge of accounting: Shi Lei Head of the accounting department: Luo Xue
(2) Consolidated income statement
Unit: RMB yuan
| Item | Amount in the current period | Amount in the previous period |
| I. Total operating income | 888,585,683.99 | 1,212,740,311.93 |
| Including: operating income | 888,585,683.99 | 1,212,740,311.93 |
| Interest income | ||
| Premium earned | ||
| Fee and commission income | ||
| II. Total operating costs | 865,434,801.31 | 1,770,228,930.90 |
| Inc:operating costs | 420,845,859.36 | 749,351,241.84 |
| Interest expenses | ||
| Fee and commission expenses | ||
| Surrender money | ||
| Net reimbursement expenditure | ||
| Withdrawal of net insurance liability reserves | ||
| Policyholder dividend expenses | ||
| Reinsurance expenses | ||
| Taxes and surcharges | 7,879,465.73 | 8,798,438.13 |
| Sales expenses | 189,043,171.59 | 396,015,900.26 |
| Management expenses | 142,879,884.86 | 320,087,116.49 |
| R&D expenses | 79,505,142.80 | 226,404,752.90 |
| Financial expenses | 25,281,276.97 | 69,571,481.28 |
| Inc: Interest expenses | 34,754,941.56 | |
| Interest income | 142,546.01 | 2,583,174.80 |
| Add: other income | 5,263,604.56 | 8,268,197.61 |
| Investment income (Loss is listed with “-”) | 2,089.14 | 2,755,592.22 |
| Inc: investment income from associates and joint ventures | ||
| Derecognition income of financial assets measured at amortized cost | ||
| Exchange earnings (Loss is listed with “-”) | ||
| Net exposure hedge income (Loss is listed with “-”) | ||
| Fair value change income (Loss is listed with “-”) | 2,674,975.31 | |
| Credit impairment loss (Loss is listed with “-”) | -245,000.01 | -1,005,625.25 |
| Asset impairment loss (Loss is listed with “-”) | ||
| Asset disposal income (Loss is listed with “-”) | 234,300.00 | |
| III. Operating profit (Loss is listed with “-”) | 28,405,876.37 | -544,795,479.08 |
| Add: non-operating income | ||
| Less: non-operating expenses | 43,636.53 | 152,921.74 |
| IV. Total profit (The total loss is listed with "-") | 28,362,239.84 | -544,948,400.82 |
| Less: income tax expenses | 4,059,499.89 | -81,122,491.94 |
| V. Net profit (Net loss is listed with “-”) | 24,302,739.95 | -463,825,908.88 |
| i. Classified by business continuity | ||
| 1. Net profit from continuing operations (Net loss is listed with “-”) | 24,302,739.95 | -463,825,908.88 |
| 2. Net profit from discontinued operations (Net loss is listed with "-") | ||
| ii. Classification by ownership | ||
| 1. Net profit attributable to the owner of the parent company | 24,302,776.67 | -463,824,594.93 |
| 2. Minority shareholders' profits and losses | -36.72 | -1,313.95 |
| VI. Net other comprehensive income | ||
| Net other comprehensive income attributable to the parent company owner | ||
| i. Other comprehensive income that cannot be reclassified into profit or loss | ||
| 1. Changes from the remeasurement of the defined benefit plan | ||
| 2. Other comprehensive income that cannot be transferred to profit or loss under the equity method | ||
| 3. Changes in fair value of other equity instruments | ||
| 4. Changes in fair value of the Company's own credit risk | ||
| 5. Other | ||
| ii. Other comprehensive income that will be reclassified into profit or loss | ||
| 1. Other comprehensive income of convertible profit and loss under the equity method | ||
| 2. Changes in fair value of other debt investments | ||
| 3. Financial assets reclassified into other comprehensive income |
| 4. Credit impairment provisions of other debt investment | ||
| 5. Cash flow hedge reserve | ||
| 6. Foreign currency financial statement translation difference | ||
| 7. Others | ||
| Net other comprehensive income attributable to minority shareholders | ||
| VII. Total comprehensive income | 24,302,739.95 | -463,825,908.88 |
| Total comprehensive income attributable to owners of the parent company | 24,302,776.67 | -463,824,594.93 |
| Total comprehensive income attributable to minority shareholders | -36.72 | -1,313.95 |
| VIII. Earnings per share: | ||
| i. Basic earnings per share | 0 | -0.08 |
| ii. Diluted earnings per share | 0 | -0.08 |
If a business combination under the same control occurs in this period, the net profit realized by the combined party before thecombination is RMB 0.00. The net profit realized by the combined party in the previous period was: RMB 0.00.Legal representative: Wang Zhendong Person in charge of accounting: Shi Lei Head of the accounting department: Luo Xue
(3) Consolidated cash flow statement
Unit: RMB yuan
| Items | Amount in the current period | Amount in the previous period |
| I. Cash flow from operating activities: | ||
| Cash received from the sale of goods and services | 541,106,481.37 | 2,249,268,010.73 |
| Net increase in customer deposits and interbank deposits | ||
| Net increase in borrowings from central bank | ||
| Net increase in funds borrowed from other financial institutions | ||
| Cash received from the original insurance contract premium | ||
| Net cash received from reinsurance business | ||
| Net increase in policyholders’ deposits and investment funds | ||
| Cash charged with interest, handling fees and commissions | ||
| Net increase in funds borrowed in | ||
| Net increase in repurchase funds | ||
| Net cash received from agent buying and selling of securities | ||
| Tax refund | ||
| Other cash received related to other business activities | 21,843,660.05 | 22,063,195.70 |
| Subtotal of cash inflow from operating activities | 562,950,141.42 | 2,271,331,206.43 |
| Cash paid for the purchase of goods and services | 125,815,201.46 | 210,528,840.27 |
| Net increase in customer loans and advances | ||
| Net increase in deposit of central bank and interbank | ||
| Cash paid for the original insurance contract |
| Net increase in borrowed funds | ||
| Cash paid for interest, handling fees and commissions | ||
| Cash paid for policy dividends | ||
| Cash paid to and for employees | 776,831,838.60 | 1,224,818,887.78 |
| Various taxes paid | 19,255,785.54 | 25,331,722.29 |
| Other cash paid for business activities | 135,193,624.56 | 211,762,694.36 |
| Subtotal of cash outflows from operating activities | 1,057,096,450.16 | 1,672,442,144.70 |
| Net cash flow from operating activities | -494,146,308.74 | 598,889,061.73 |
| II. Cash flows from investing activities | ||
| Cash received from investment recovery | 20,000,000.00 | 344,776,858.87 |
| Cash received from investment income | 2,089.14 | 2,764,585.77 |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | ||
| Net cash received from disposal of subsidiaries and other business units | ||
| Other cash received related to investment activities | ||
| Subtotal of cash inflows from investment activities | 20,002,089.14 | 347,541,444.64 |
| Cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets | 921,010.84 | 8,768,861.04 |
| Cash paid for investment | 20,500,000.00 | 116,700,000.00 |
| Net increase in pledge loans | ||
| Net cash paid for aquiring subsidiaries and other business units | ||
| Other cash paid related to investment activities | ||
| Subtotal of cash outflows from investment activities | 21,421,010.84 | 125,468,861.04 |
| Net cash flows from investment activities | -1,418,921.70 | 222,072,583.60 |
| III. Cash flow from financing activities: | ||
| Cash received from investment absorption | ||
| Inc: Cash received from subsidiaries in absorbing minority shareholders' investment | ||
| Cash received from the loan | ||
| Other cash received related to financing activities | 997,000,000.00 | |
| Subtotal of cash inflows from financing activities | 997,000,000.00 | |
| Cash paid for debt repayment | 1,500,000,000.00 | |
| Cash paid for dividends, profits or interest payments | 26,787,416.64 | |
| Inc: Dividends and profits paid by subsidiaries to minority shareholders | ||
| Other cash paid related to financing activities | 77,812,054.49 | 134,755,697.06 |
| Subtotal of cash outflows from financing activities | 77,812,054.49 | 1,661,543,113.70 |
| Net cash flow from financing activities | 919,187,945.51 | -1,661,543,113.70 |
| IV. Effect of the changes of the exchange rate on cash and the equivalents | ||
| V. Net increase in cash and cash equivalents | 423,622,715.07 | -840,581,468.37 |
| Add: balance of cash and cash equivalents at the beginning of the period | 380,885,899.37 | 1,969,806,009.56 |
| VI. Balance of cash and cash equivalents at the end of the period | 804,508,614.44 | 1,129,224,541.19 |
2. Auditor’s report
Whether this First Quarter 2023 Report has been audited
□ Yes √ No
The Company’s First Quarter 2023 Report has not been audited.
Board of Directors of Offcn Educaton Technology Co. Ltd.
April 27, 2023