Jianzhi Education Technology Group Company Limited Reports Half Year 2024 Financial Results
Jianzhi Education Technology Group (NASDAQ: JZ) reported its financial results for H1 2024. Revenue decreased by 25.4% to RMB209.3 million (US$28.8 million) compared to H1 2023. Despite the revenue decline, the company achieved a significant turnaround in profitability. Gross profit increased to RMB41.7 million (US$5.7 million), with gross margin rising to 19.9% from 8.5% in H1 2023. The company reported a net income of RMB27.6 million (US$3.8 million), compared to a net loss of RMB93.6 million in the same period last year.
The improved profitability was attributed to cost management initiatives and operational efficiency. The company reduced its cost of revenue by 34.7% and significantly decreased operating expenses. CEO Yong Hu highlighted upcoming initiatives, including a partnership with China's top telecom operator to boost B2B operations and expand into AI applications for the education sector.
Il Jianzhi Education Technology Group (NASDAQ: JZ) ha riportato i risultati finanziari per il primo semestre del 2024. Il fatturato è diminuito del 25,4%, raggiungendo 209,3 milioni di RMB (28,8 milioni di dollari USA) rispetto allo stesso semestre del 2023. Nonostante la contrazione del fatturato, l'azienda ha ottenuto un significativo miglioramento della redditività. L'utile lordo è aumentato a 41,7 milioni di RMB (5,7 milioni di dollari USA), con un margine lordo che è salito al 19,9% rispetto all'8,5% del primo semestre del 2023. L'azienda ha riportato un utile netto di 27,6 milioni di RMB (3,8 milioni di dollari USA), rispetto a una perdita netta di 93,6 milioni di RMB nello stesso periodo dell'anno precedente.
Il miglioramento della redditività è stato attribuito a iniziative di gestione dei costi e alla maggiore efficienza operativa. L'azienda ha ridotto il costo del fatturato del 34,7% e ha notevolmente diminuito le spese operative. Il CEO Yong Hu ha evidenziato le iniziative future, tra cui una partnership con il principale operatore di telecomunicazioni cinese per potenziare le operazioni B2B ed espandere le applicazioni IA nel settore dell'istruzione.
El Grupo Jianzhi Education Technology (NASDAQ: JZ) informó sobre sus resultados financieros para el primer semestre de 2024. Los ingresos disminuyeron un 25,4%, alcanzando los 209,3 millones de RMB (28,8 millones de dólares estadounidenses) en comparación con el primer semestre de 2023. A pesar de la caída en los ingresos, la empresa logró una significativa recuperación en la rentabilidad. La ganancia bruta aumentó a 41,7 millones de RMB (5,7 millones de dólares estadounidenses), con un margen bruto que subió al 19,9% desde el 8,5% en el primer semestre de 2023. La empresa reportó un ingreso neto de 27,6 millones de RMB (3,8 millones de dólares estadounidenses), comparado con una pérdida neta de 93,6 millones de RMB en el mismo periodo del año pasado.
La mejora en la rentabilidad se atribuyó a iniciativas de gestión de costos y eficiencia operativa. La empresa redujo el costo de los ingresos en un 34,7% y disminuyó significativamente los gastos operativos. El CEO Yong Hu destacó las iniciativas futuras, incluyendo una asociación con el principal operador de telecomunicaciones de China para impulsar las operaciones B2B y expandirse en aplicaciones de inteligencia artificial para el sector educativo.
Jianzhi 교육 기술 그룹 (NASDAQ: JZ)은 2024년 상반기 재무 결과를 발표했습니다. 매출은 25.4% 감소하여 2억 930만 RMB (2880만 달러)에 달했습니다. 2023년 상반기와 비교할 때입니다. 매출 감소에도 불구하고, 회사는 상당한 수익성 개선을 달성했습니다. 총 이익은 4170만 RMB (570만 달러)로 증가했으며, 총 마진은 19.9%에서 8.5%로 상승했습니다. 회사는 2760만 RMB (380만 달러)의 순이익을 기록했으며, 이는 지난해 같은 기간의 9360만 RMB의 순손실과 비교됩니다.
수익성 개선은 비용 관리 이니셔티브와 운영 효율성 덕분입니다. 회사는 매출 비용을 34.7% 줄였으며 운영 경비도 크게 감소시켰습니다. CEO Yong Hu는 B2B 작업을 촉진하고 교육 분야의 AI 애플리케이션으로 확장하기 위해 중국의 주요 통신 업체와의 파트너십을 포함한 향후 이니셔티브를 강조했습니다.
Le groupe Jianzhi Education Technology (NASDAQ: JZ) a annoncé ses résultats financiers pour le premier semestre 2024. Le chiffre d'affaires a diminué de 25,4%, atteignant 209,3 millions de RMB (28,8 millions de dollars américains) par rapport au premier semestre 2023. Malgré cette baisse de chiffre d'affaires, l'entreprise a réalisé un retournement significatif en matière de rentabilité. Le bénéfice brut a augmenté à 41,7 millions de RMB (5,7 millions de dollars américains), avec une marge brute passant de 8,5 % à 19,9 % par rapport au premier semestre 2023. L'entreprise a enregistré un bénéfice net de 27,6 millions de RMB (3,8 millions de dollars américains), contre une perte nette de 93,6 millions de RMB pour la même période l'année précédente.
L'amélioration de la rentabilité a été attribuée à des initiatives de gestion des coûts et à l'efficacité opérationnelle. L'entreprise a réduit son coût des revenus de 34,7 % et a considérablement diminué ses frais d'exploitation. Le PDG Yong Hu a mis en avant des initiatives à venir, y compris un partenariat avec le principal opérateur de télécommunications de Chine pour renforcer les opérations B2B et s'étendre aux applications d'intelligence artificielle pour le secteur de l'éducation.
Die Jianzhi Education Technology Group (NASDAQ: JZ) hat ihre Finanzzahlen für das erste Halbjahr 2024 veröffentlicht. Der Umsatz sank um 25,4% auf 209,3 Millionen RMB (28,8 Millionen US-Dollar) im Vergleich zum ersten Halbjahr 2023. Trotz des Umsatzrückgangs erzielte das Unternehmen eine signifikante Wende in der Rentabilität. Der Bruttogewinn stieg auf 41,7 Millionen RMB (5,7 Millionen US-Dollar), wobei die Bruttomarge von 8,5% auf 19,9% im ersten Halbjahr 2023 anstieg. Das Unternehmen meldete einen Nettogewinn von 27,6 Millionen RMB (3,8 Millionen US-Dollar), verglichen mit einem Nettoverlust von 93,6 Millionen RMB im gleichen Zeitraum des Vorjahres.
Die Verbesserung der Rentabilität wurde den Kostenmanagementinitiativen und der operativen Effizienz zugeschrieben. Das Unternehmen reduzierte seine Umsatzkosten um 34,7% und senkte die Betriebsausgaben erheblich. CEO Yong Hu hob zukünftige Initiativen hervor, darunter eine Partnerschaft mit dem größten Telekommunikationsanbieter Chinas, um B2B-Operationen zu stärken und in KI-Anwendungen für den Bildungssektor zu expandieren.
- Turnaround to net income of RMB27.6 million from a net loss of RMB93.6 million in H1 2023
- Gross profit margin increased to 19.9% from 8.5% in H1 2023
- Significant reduction in operating expenses by 86.0%
- Cost of revenue decreased by 34.7%, outpacing revenue decline
- New partnership with top telecom operator to boost B2B operations
- Revenue decreased by 25.4% to RMB209.3 million
- Decline in IT-related solutions and educational content services revenue
- Decreased subscriptions from end customers due to lack of new attractive content
Insights
Jianzhi Education's H1 2024 results present a mixed picture. While revenue declined by
Key points:
- Gross margin improved from
8.5% to19.9% - Operating expenses reduced by
86% - IT-related solutions revenue decreased by
21.2% - Educational content services revenue fell sharply
The company's cost-cutting measures have been effective, but the revenue decline is concerning. The partnership with China's top telecom operator could be a game-changer, potentially driving significant user growth and revenue in the coming years. However, investors should monitor whether Jianzhi can reverse the revenue decline and maintain profitability in the face of reduced demand for its core services.
Jianzhi's pivot towards B2B operations and AI applications in education signals a strategic shift in its business model. The partnership with a major telecom operator is particularly noteworthy, as it could provide access to a vast user base and new revenue streams. However, the
The focus on AI applications for education, research institutions and public libraries aligns with growing trends in EdTech and digital transformation. This diversification could help mitigate risks associated with declining demand in traditional offerings. The challenge lies in executing these initiatives effectively while managing the transition from content-based services to more technology-driven solutions.
Investors should watch for concrete developments in these new partnerships and AI initiatives, as they will be important in determining Jianzhi's future growth trajectory and ability to compete in the evolving digital education landscape.
BEIJING, Sept. 27, 2024 (GLOBE NEWSWIRE) -- Jianzhi Education Technology Group Company Limited (the “Company” or “Jianzhi”) (NASDAQ: JZ), a leading provider of digital educational content in China, today announced its financial results for six months ended June 30, 2024.
- Revenue decreased by
25.4% from RMB280.6 million for the six months ended June 30, 2023 to RMB 209.3 million (US$28.8 million ) for the six months ended June 30, 2024. - Gross profit was RMB 41.7 million (US
$5.7 million ) and RMB 23.9 million for the six months ended June 30, 2024 and 2023.- Gross profit margin rose to
19.9% for the six months ended June 30, 2024 from8.5% for the six months ended June 30, 2023.
- Gross profit margin rose to
- Net income was RMB27.6 million (US
$3.8 million ) for the six months ended June 30, 2024, a turnaround from net loss of RMB93.6 million for the same period in 2023. - The following table sets forth a summary of the consolidated results of operations for the years indicated:
| For the Six Months Ended June 30, | |||||||||||||||
| 2023 | 2024 | ||||||||||||||
| RMB | RMB | % Change | |||||||||||||
| (in million, except for percentages) | |||||||||||||||
| Revenue | 280.6 | 209.3 | (25.4 | %) | |||||||||||
| Gross profit | 23.9 | 41.7 | 74.5 | % | |||||||||||
| Gross margin | 8.5 | % | 19.9 | % | 11.4 percentage points | ||||||||||
| Total operating expenses | （115.3 | ） | (16.1 | ) | (86.0 | %) | |||||||||
| (Loss) income from operations | (91.3 | ) | 25.6 | 128.0 | % | ||||||||||
| (loss) income before income tax | (91.3 | ) | 25.3 | 127.7 | % | ||||||||||
| Net (loss) income | (93.6 | ) | 27.6 | 129.5 | % | ||||||||||
Mr. Yong Hu, CEO of the Company, commented: “In the first half of 2024, we faced a
“Notably, we successfully reduced our cost of revenue by
“Our focus on operational efficiency is reflected in the reduction of operating expenses, which has contributed to our impressive transition from a net loss of RMB93.6 million in first half of 2023 to a net income of RMB27.6 million (US
“Looking ahead, we are rolling out several key initiatives including a partnership with China’s top telecom operator to boost our B2B operations across multiple provinces, as we target to acquire massive paying users within the next three years. The partnership will offer various subscription plans, which we believe projects strong revenue and profit margins. Moreover, we are also expanding the partnership into AI applications that will initially target the education sector before expanding to other applications such as research institutions, public libraries to further enhance user engagement with our services.”
“We remain optimistic about our future strategies and are dedicated to leveraging our strengths to navigate the challenges ahead.”
Half Year 2024 Financial Results:
Net revenues
Revenues decreased by
- Net revenue from the educational content service and other services decreased by RMB17.9 million from RMB28.5 million for the six months ended June 30, 2023 to RMB10.6 million (US
$1.5 million ) for the six months ended June 30, 2024 primarily caused by a decrease of revenue by RMB16.5 million (US$2.3 million ) in Fish Learning. Such decrease in revenues were primarily because we did not provide new and attractive contents on the platform leading to decreased subscriptions from end customers. - Net revenue from IT related solution services decreased by RMB53.4 million (US
$7.3 million ), or21.2% from RMB 252.1 million for the six months ended June 30, 2023 to RMB 198.7 million (US$27.3 million ) for the six months ended June 30, 2024. The decrease was primarily caused by a decrease in customer orders for design and development of customized IT system, and procurement and assembling of equipment.
Cost of Revenues
Cost of revenue decreased by
Compared with the decrease in revenues growth, the higher percentage of decrease in cost of revenues was mainly attributable to the higher gross profit we earned from IT solution services in the first half of 2024 as compared with the same period of 2023.
Gross Profit
Gross profit was RMB 23.9 million and RMB 41.7 million (US
The change was mainly due to an increase in the gross profits margin for IT related solution services for the first half 2024, because the Company was primarily engaged in IT design and development services for customers in the first half of 2024, as compared with procurement and assembling equipment projects in the same period of 2023. The profit margin was higher in IT design and development services than procurement and assembling equipment projects.
Operating expenses
The Company’s total operating expenses changed from RMB115.3 million for the six months ended June 30, 2023 to RMB16.1 million (US
- Sales and marketing expenses decreased from RMB3.9 million for the six months ended June 30, 2023 to RMB2.5 million (US
$0.3 million ) for the six months ended June 30, 2024. - General and administrative expenses increased from RMB9.6 million for the six months ended June 30, 2023 to RMB10.5 million (US
$1.4 million ) for the six months ended June 30, 2024. - Research and development expenses decreased from RMB4.4 million for the six months ended June 30, 2023 to RMB3.1 million (US
$0.4 million ) for the six months ended June 30, 2024. - The Company provided impairment of educational contents of RMB97.3 million for the six months ended June 2023, and nil during the same period in 2024.
Net income (loss)
As a result of the foregoing, the Company reported net loss of RMB93.6 million and net income of RMB27.6 million (US
About Jianzhi Education Technology Group Company Limited
Headquartered in Beijing and established in 2011, Jianzhi is a leading provider of digital educational content in China and has been committed to developing educational content to fulfill the massive demand for high-quality, professional development training resources in China. Jianzhi started operations by providing educational content products and IT services to higher education institutions. Jianzhi also provides products to individual customers. Leveraging its strong capabilities in developing proprietary professional development training content and success in consolidating educational content resources within the industry, Jianzhi has successfully built up a comprehensive, multi-dimensional digital educational content database which offers a wide range of professional development products. Jianzhi embeds proprietary digital education content into the self-developed online learning platforms, which are provided to a wide range of customers through its omni-channel sales system. Jianzhi is also fully committed to the digitalization and informatization of the education sector in China. For more information, please visit: www.jianzhi-jiaoyu.com
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Janice Wang
Wealth Financial Services LLC
Phone: +86 13811768559
+1 628 283 9214
Email: services@wealthfsllc.com
| JIANZHI EDUCATION TECHNOLOGY GROUP COMPANY LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share data) | ||||||||||||
| December 31, 2023 | June 30, 2024 | June 30, 2024 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| (unaudited) | (unaudited) | |||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash | 18,175,959 | 13,115,287 | 1,804,724 | |||||||||
| Accounts receivable, net | 4,912,020 | 76,240,194 | 10,491,000 | |||||||||
| Amount due from related parties | 2,172,565 | 1,115,565 | 153,507 | |||||||||
| Short-term prepayments | 77,950,037 | 1,965,969 | 270,526 | |||||||||
| Short-term investments | 4,223,894 | 7,648,722 | 1,052,499 | |||||||||
| Prepaid expenses and other current assets | 14,914,484 | 10,534,089 | 1,449,538 | |||||||||
| Total current assets | 122,348,959 | 110,619,826 | 15,221,794 | |||||||||
| Non-current assets: | ||||||||||||
| Right-of-use assets, net | 7,604,933 | 5,903,758 | 812,384 | |||||||||
| Deferred tax assets, net | 11,226,164 | 13,518,156 | 1,860,160 | |||||||||
| Property and equipment, net | 213,369 | 183,032 | 25,186 | |||||||||
| Intangible assets, net | 1,257,860 | 1,106,916 | 152,317 | |||||||||
| Other non-current assets | 219,416 | 176,949 | 24,349 | |||||||||
| Long-term prepayments | 8,815,919 | 18,059,668 | 2,485,093 | |||||||||
| Total non-current assets | 29,337,661 | 38,948,479 | 5,359,489 | |||||||||
| Total assets | 151,686,620 | 149,568,305 | 20,581,283 | |||||||||
| Liabilities | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | 11,524,904 | 66,456,088 | 9,144,662 | |||||||||
| Contract liabilities | 86,731,977 | 13,108,638 | 1,803,809 | |||||||||
| Salary and welfare payable | 3,170,255 | 1,962,572 | 270,059 | |||||||||
| Income taxes payable | 4,474,575 | 2,603,097 | 358,198 | |||||||||
| Value added tax (“VAT”) and other tax payable | 2,198,217 | 4,315,792 | 593,873 | |||||||||
| Other payables | 3,506,282 | 1,873,102 | 257,747 | |||||||||
| Lease liabilities, current | 3,482,876 | 3,027,011 | 416,531 | |||||||||
| Amount due to related parties | 47,505,624 | 480,902 | 66,174 | |||||||||
| Total current liabilities | 162,594,710 | 93,827,202 | 12,911,053 | |||||||||
| Non-current liabilities: | ||||||||||||
| Deferred tax liabilities | 2,274,256 | 2,336,341 | 321,491 | |||||||||
| Lease liabilities, non-current | 4,035,598 | 2,790,522 | 383,989 | |||||||||
| Total non-current liabilities | 6,309,854 | 5,126,863 | 705,480 | |||||||||
| Total liabilities | 168,904,564 | 98,954,065 | 13,616,533 | |||||||||
| JIANZHI EDUCATION TECHNOLOGY GROUP COMPANY LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS — (Continued) (Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share data) | ||||||||||||
| December 31, 2023 | June 30, 2024 | June 30, 2024 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| (unaudited) | (unaudited) | |||||||||||
| Commitments and contingencies | ||||||||||||
| Shareholders’ (deficit) equity | ||||||||||||
| Ordinary shares (US | 77,747 | 77,747 | 12,111 | |||||||||
| Additional paid-in capital | 238,567,906 | 278,748,454 | 39,129,453 | |||||||||
| Statutory reserves | 23,557,710 | 23,557,710 | 3,318,034 | |||||||||
| Accumulated deficit | (291,805,140) | (264,741,760) | (37,375,863) | |||||||||
| Accumulated other comprehensive income | 6,096,465 | 6,124,383 | 938,739 | |||||||||
| Total Jianzhi Education Technology Group Company Limited’s shareholders’ (deficit) equity | (23,505,312) | 43,766,534 | 6,022,474 | |||||||||
| Noncontrolling interests | 6,287,368 | 6,847,706 | 942,276 | |||||||||
| Total shareholders’ (deficit) equity | (17,217,944) | 50,614,240 | 6,964,750 | |||||||||
| Total liabilities and shareholders’ (deficit) equity | 151,686,620 | 149,568,305 | 20,581,283 | |||||||||
| JIANZHI EDUCATION TECHNOLOGY GROUP COMPANY LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”) except for number of shares and per share data) | ||||||||||||
| For the Six Months Ended June 30, | ||||||||||||
| 2023 | 2024 | 2024 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| Net revenues | 280,606,379 | 209,303,030 | 28,801,055 | |||||||||
| Cost of revenues | (256,660,584) | (167,646,023) | (23,068,861) | |||||||||
| Gross profit | 23,945,795 | 41,657,007 | 5,732,194 | |||||||||
| Operating expenses: | ||||||||||||
| Sales and marketing expenses | (3,943,550) | (2,459,869) | (338,489) | |||||||||
| General and administrative expenses | (9,581,756) | (10,513,568) | (1,446,722) | |||||||||
| Research and development expenses | (4,412,218) | (3,121,624) | (429,550) | |||||||||
| Impairment of intangible assets | (97,332,087) | — | — | |||||||||
| Total operating expenses | (115,269,611) | (16,095,061) | (2,214,761) | |||||||||
| (Loss) income from operations | (91,323,816) | 25,561,946 | 3,517,433 | |||||||||
| Other income (expenses): | ||||||||||||
| Investment income | 60,649 | 13,739 | 1,891 | |||||||||
| Interest expenses, net | (701,899) | (467,320) | (64,305) | |||||||||
| Other (expenses) income, net | (16,781) | 22,641 | 3,116 | |||||||||
| Government grants | 643,646 | 139,236 | 19,160 | |||||||||
| Total other expenses, net | (14,385) | (291,704) | (40,138) | |||||||||
| (Loss) income before income tax | (91,338,201) | 25,270,242 | 3,477,295 | |||||||||
| Income tax (expense) benefits | (2,238,882) | 2,353,476 | 323,849 | |||||||||
| Net (loss) income | (93,577,083) | 27,623,718 | 3,801,144 | |||||||||
| Net (loss) income attributable to noncontrolling interests | (2,885,241) | 560,338 | 77,105 | |||||||||
| Net (loss) income attributable to the Jianzhi Education Technology Group Company Limited’s shareholders | (90,691,842) | 27,063,380 | 3,724,039 | |||||||||
| Net (loss) income | (93,577,083) | 27,623,718 | 3,801,144 | |||||||||
| Other comprehensive (loss) income: | ||||||||||||
| Foreign currency translation adjustments | 830,133 | 27,918 | 3,842 | |||||||||
| Total comprehensive (loss) income | (92,746,950) | 27,651,636 | 3,804,986 | |||||||||
| Net comprehensive (loss) income attributable to noncontrolling interests | (2,885,241) | 560,338 | 77,105 | |||||||||
| Comprehensive (loss) income attributable to the Jianzhi Education Technology Group Company Limited’s shareholders | (89,861,709) | 27,091,298 | 3,727,881 | |||||||||
| (Loss) earnings per share – Basic and diluted | (0.75) | 0.22 | 0.03 | |||||||||
| Weighted average number of shares - Basic and diluted | 121,100,000 | 121,110,000 | 121,110,000 | |||||||||
| JIANZHI EDUCATION TECHNOLOGY GROUP COMPANY LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”) | ||||||||||||
| For the Six Months Ended June 30, | ||||||||||||
| 2023 | 2024 | 2024 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| Net cash (used in) provided by operating activities | (7,630,383) | 10,944,793 | 1,506,046 | |||||||||
| Cash flows from investing activities: | ||||||||||||
| Purchase of short-term investments | (20,000,000) | (5,800,000) | (798,107) | |||||||||
| Proceeds from redemption of short-term investment | 20,000,000 | 2,375,172 | 326,835 | |||||||||
| Purchase of property and equipment | (319,309) | — | — | |||||||||
| Return of deposits for property and equipment | — | 1,803,140 | 248,120 | |||||||||
| Repayment of loans from a related party | — | — | ||||||||||
| Purchase of educational contents | (19,184,980) | (13,445,345) | (1,493,918) | |||||||||
| Loans made to a third party | (13,851,828) | — | — | |||||||||
| Repayment of loans from a third party | 3,100,833 | — | — | |||||||||
| Repayment of loans from a related party | 137,814 | 200,998 | 27,658 | |||||||||
| Net cash used in investing activities | (30,117,470) | (14,866,035) | (2,045,635) | |||||||||
| Cash flows from financing activities: | ||||||||||||
| Repayment to related parties | (13,257) | (499,842) | (68,781) | |||||||||
| Net cash used in financing activities | (13,257) | (499,842) | (68,781) | |||||||||
| Effect of exchange rate changes on cash held in foreign currencies | 1,332,362 | (639,588) | (88,001) | |||||||||
| Net decrease in cash | (36,428,748) | (5,060,672) | (696,371) | |||||||||
| Cash at beginning of the period | 65,055,278 | 18,175,959 | 2,501,095 | |||||||||
| Cash at end of the period | 28,626,530 | 13,115,287 | 1,804,724 | |||||||||
| Supplemental disclosures of cash flows information: | ||||||||||||
| Cash paid for income taxes | — | 130,244 | 17,922 | |||||||||
| Cash paid for interest expenses | — | — | — | |||||||||
| Non-cash Investing and Financing activities: | ||||||||||||
| Waive of liabilities due by shareholders | — | 40,180,548 | 5,529,027 | |||||||||
| Right-of-use assets obtained in exchange for operating lease liabilities | 8,943,892 | 5,817,299 | 800,487 | |||||||||
FAQ
What was Jianzhi Education's (JZ) revenue for H1 2024?
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