Gelonghui, March 27, 丨 Huaxia Audiovisual Education (01981.HK) announced its annual results. For the year ended December 31, 2023, the company achieved revenue of RMB 759 million, an increase of 15.6% over the previous year due to increased revenue from the higher education (media and art) and vocational education, live e-commerce and artist brokerage business segments. The Group continues to maintain a healthy and steady financial position. As of December 31, 2023, the Group did not have any interest-bearing loans, and its balance to liability ratio was zero. The board of directors proposes to pay special interest of HK$0.06 per share.
In 2023, the revenue of the Higher Education (Media and Arts) and Vocational Education business segment increased from RMB 561.7 million or 5.6% to RMB 593 million in 2022, mainly due to increased tuition and accommodation fees for undergraduate courses. During the reporting period, the main reason for the increase in tuition fees and accommodation fees for undergraduate courses at our university was the increase in annual tuition fees for undergraduate students enrolled in the 2023/2024 school year and the increase in the total number of undergraduate students enrolled, while income from entrance examination fees and education management services decreased.
In 2023, the overall revenue of the Entertainment and Live Streaming e-commerce business segment increased from RMB 95.1 million to RMB 166 million in 2022. The increase in revenue was mainly due to the commencement of the live e-commerce business during the reporting period.
According to the announcement, the company will continue to improve the quality of teaching in higher education (media and art) and vocational education services and expand the capacity of students. With the resources of its university's Jiangsu School of Live E-Commerce and Digital Economy Industry, the talent reserves of more than 30,000 students and teachers, and the advantages of the company's business network in the film and television production industry, every effort will be made to further expand the live e-commerce business and increase returns for the company's shareholders.