On March 15, Ge Longhui | Ginkgo Education (01851.HK) announced that for the year ended December 31, 2023, compared with the net profit due to company owners of about RMB 85 million in 2022, the Group expects to record an increase of no less than 50% in net profit attributable to company owners during the reporting period.

According to the announcement, the above increase was mainly due to (a) the number of students enrolled in the Group; (b) a significant increase in average tuition and accommodation fees; and (c) a reduction in financial expenses due to a decrease in loan balances and a decrease in interest rates on the Group's new loans. As of December 31, 2023, the number of students enrolled in the Group increased by about 8.5% year-on-year. Continued growth reflects the Group's widespread recognition of the quality of education and the growing consolidation of its leading position in the higher education industry.