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中公教育:2020年半年度报告摘要(英文版) 下载公告
公告日期:2020-08-31

Stock Code:002607 Stock Abbr.:OFFCN EDU Announcement No.:2020-029

Offcn Education Technology Co., Ltd.2020 Semi-Annual Report SummaryI. Important Notes

This summary is extracted from the full semi-annual report. In order to fully understand the Company's operating results, financialstatus and future development plan, investors should read the full semi-annual report carefully disclosed on the media designated bythe China Securities Regulatory Commission (CSRC). The Company’s 2020 Semi-Annual Report is prepared and published inChinese version, and the English version is for reference only. Should there be any inconsistency between the Chinese version andEnglish version, the Chinese version shall prevail.The board of directors, the supervisor committee, the directors, supervisors, and senior management of the company shall herebyguarantee the authenticity, accuracy and completeness of the annual report also without misrepresentations, misleading statements, ormaterial omissions, and bear individual and joint legal liabilities.All directors of the Company personally attended the board meeting to review this semi-annual report.Notes of non-standard audit opinion

□ Applicable √ Not applicable

The plan for the common stock profit distribution or the plan for converting reserved funds into share capital during the reportingperiod was reviewed by the board meeting

□ Applicable √ Not applicable

There is no plan of cash bonus, dividend distribution and capitalizing of common reserves carried out by the CompanyThe plan for the distribution of preferred stock profits during the reporting period is adopted by the board of directors throughresolution.

□ Applicable √ Not applicable

II. Basic Situation of the Company

1. Company Profile

Stock Abbreviation

Stock AbbreviationOFFCN EDUStock Code002607
Stock Exchange for Stock ListingShenzhen Stock Exchange
Contact Person and Contact InformationSecretary of the BoardRepresentative of Securities Affairs
NameGui HongzhiGu Pan
AddressBlock B, Hanhua Century Mansion, No.23 Xueqing Road, Haidian District, Beijing, ChinaBlock B, Hanhua Century Mansion, No.23 Xueqing Road, Haidian District, Beijing, China
Tel010-83433677010-83433677
E-mailir@offcn.comir@offcn.com

2. Key Accounting Information and Financial Indicators

Does the Company need to adjust its financial information retrospectively or restate its previous year accounting information?

□ Yes √ No

During the Reporting PeriodSame Period of the Previous YearIncrease/Decrease Over Same Period of the Previous Year
Revenue (RMB)2,807,980,480.603,637,419,515.48-22.80%
Net profit attributable to shareholders of the parent company (RMB)-233,026,645.16493,025,465.15-147.26%
Net profit after deducting non-recurring profit or loss attributable to shareholders of the parent company (RMB)-367,542,382.83472,434,917.34-177.80%
Net cash flow from operating activities (RMB)4,063,675,504.194,354,766,798.53-6.68%
Basic earnings per share (RMB/share)-0.040.08-150.00%
Diluted earnings per share (RMB/share)-0.040.08-150.00%
Weighted average return on net assets-9.00%16.56%-25.56%
At the end of this reporting periodAt the end of the previous yearIncrease/Decrease over the end of the previous year
Total assets (RMB)13,263,976,215.439,960,705,427.9433.16%
Total equity attributable to shareholders of the parent company (RMB)1,745,243,405.303,431,545,903.82-49.14%

3. Number of Shares and Shareholders

Unit: share(s)

Total number of common shareholders at the end of reporting period33,231Total number of preferred shareholders with restored voting rights at end of the reporting period (if any)0
Particulars about shares held by the top 10 shareholders
Name of shareholderNature of shareholderShareholding percentage (%)Shares heldNumber of shares held with sales restrictionsPledged or frozen
Status of sharesAmount
Lu ZhongfangDomestic natural person41.36%2,550,549,2602,550,549,260Pledged450,000,000

Li Yongxin

Li YongxinDomestic natural Person18.35%1,131,415,1211,095,063,560Pledged774,495,000
Wang ZhendongDomestic natural person15.61%962,471,418962,471,418Pledged107,100,000
Beijing Aerospace Industry Investment Fund(Limited Partnership)Domestic non-state- owned legal person4.33%267,353,171267,353,171
Beijing Guangyin Venture Investment Center (Limited Partnership)Domestic non-state-owned legal person2.89%178,235,447178,235,447
Beijing Kirui Venture Investment Center(Limited Partnership)Domestic non-state-owned legal person1.44%89,117,72389,117,723
Beijing Offcn Future Information Consulting Center(Limited Partnership)Domestic non-state-owned legal person1.30%80,000,0000
Zhou XiayunDomestic natural person1.28%78,848,6400Pledged37,148,845
Zhou HuiDomestic natural person1.17%72,277,9200Pledged9,450,000
Hong Kong Securities Clearing Co.,Ltd.Overseas legal person0.84%52,098,6110
Explanation on the related relationship and concerted actions among the above-mentioned shareholdersThe controlling shareholders and the actual controllers of the Company Lu Zhongfang and Li Yongxin are mother and son. Lu Zhongfang, Li Yongxin and Beijing Offcn Future Information Consulting Center (Limited Partnership) are acting in concert. Zhou Xiayun and Zhou Hui are father and son. The Company does not know whether the other shareholders are related parties or whether they are acting-in-concert parties.
Explanation on the top 10 shareholders’ participation in margin financing (if any)N/A

4.Changes of controlling shareholders or actual controller

Controlling shareholder changed in the period

□ Applicable √ Not applicable

Controlling shareholders had no change in reporting period.Actual controller changed in the period

□ Applicable √ Not applicable

Actual controller had no change in reporting period

5.The total number of preferred shareholders and the top 10 preferred shareholders' shareholdings of theCompany

□ Applicable √ Not applicable

During the reporting period, the Company did not have preferred stockholders holding shares.

6. Corporate Bond

Whether the Company has bonds publicly issued and listed on the stock exchange that have not expired or expiredbut not paid in full on the date of approval of the annual reportNoIII. Discussion about and Analysis of Business Operation

1. Overview of Business Operation during the Reporting Period

In the first half of this year, the outbreak of the pandemic led to the national suspension from work and classes. Asa result, a large number of recruitment examinations were postponed.These significant changes have had a hugeimpact on the entire education and training industry. With the gradual lifting of the pandemic, the industry hasfully recovered and achieved rapid growth.In response to the new situation after the pandemic, the central government put forward policies to ensure stabilityand security in six areas (Ensure stability in employment, financial operations, foreign trade, foreign investment,domestic investment, and expectations; ensure security in job, basic living needs, operations of market entities,food and energy security, stable industrial and supply chains, and the normal functioning of primary-levelgovernments). These policies make the "employment" a top priority, which is evident in three measures. The firstis to expand employment in public sectors. The number of civil servants, governmental institutions, state-ownedenterprises and other recruitment increased by more than 20% year-on-year. The second is to expand admissionsof postgraduate students, college students applying for university study, students pursuing second bachelor'sdegrees, and students aimed at vocational education, the number of whom has reached 1.7 million. Thesemeasures indicate a clear expansion trend in the mid-term and long-term recruitment sector. In this case, theeducation and training industry will still be developing at a medium and high speed in the next 5 to 10 years.

Faced with the sudden outbreak of the pandemic, which had a huge impact on the operating environment, theCompany responded quickly and effectively to maximize the enterprise’s strengths of digital resources, toconsiderably increase the total number of online classes, and to fully explore the potential of online and offlinecurriculum integration, which not only ensures the continuity of operation and teaching, but also strengthens theenterprise’s leading force of online and offline curriculum integration, an innovative product. Besides, theCompany continues to expand teacher-reserve and branches, focusing on the long-term expansion trend. Due tothe postponement of related examinations, part of the revenue was delayed for nearly 4 months, which made theCompany’s recognized operating revenue decreased during the reporting period, compared with the same periodof last year. With the resumption of all kinds of recruitment examinations, the Company has entered a period ofexplosive growth.The number of college graduates reached 8.74 million in this year of 2020, creating a new record. However, thenationwide pandemic has further increased employment pressures. Two decades after the expansion of universityenrollment, the employment population structure has undergone significant changes, and the number of collegegraduates has reached more than half of the total of new employees.The focus of stabilized employment will alsobe shifted from the general job seekers to college graduates.With the changes of the international situation, the central government put forward a new policy of internalcirculation; and an important support for the development of internal circulation is the new urbanization. The newurbanization is not only the reconfirmation of the trend of mid-term and long-term urbanization, but also therefinement of the urbanization path, which presents diverse patterns of urban clusters with different levels, such asmetropolitan areas, central cities, counties, featured towns ,etc, which can further expand the developmentspace.More importantly, the new urbanization will also be a deepening process and the most important aspect ofwhich is the deepening and upgrading of public services.Therefore, the following expansion of public sector’srecruitment will be strongly guided by the new policy on internal circulation..

(1)The postponement of recruitment examinations result in the delay of income recognition, but thetrend of enrollment expansion is again confirmed.The civil servant provincial joint examination was postponed for nearly 4 months, and other recruitmentexaminations were also postponed to a certain extent in the first half of this year. In the case that the agreementclass accounted for a relatively high proportion, the delay of the examination resulted in a significant discrepancybetween the level of revenue recognition for the reporting period and that of actual operation.During the reportingperiod, the Company achieved a total income of RMB 2,807,980,480.60 , down 22.80% fromRMB3,637,419,515.48 in the same period of last year.Contrary to the decrease in recognized revenue, the number of students increased by 37.08% year-on-year, from1,788,952 to 2,452,252 during the reporting period; the contract liabilities (advanced payment after deducting theVAT ) was RMB 7,222,148,935.39, an increase of 31.50% over the same period of last year.Normally, the first half of the year is an intensive period for civil service examinations. As a result of the

pandemic, the focus of the civil service examinations was delayed by 3-4 months and moved back to the secondhalf of the year. Nevertheless, not only did the examination resume successfully, but the number of recruits alsoachieved a more consistent or even higher growth rate than expected. Compared with civil servants recruitment,there is much more room for recruitment in public services such as teachers, doctors and police. Therefore, thereconfirmation of expansion trend in civil servants recruitment clearly indicates the expansion trend in therecruitment of public service categories.The key operating resources and performance indicators are shown in the table below:

Item

ItemIndicatorsAt the end of the reporting periodAt the end of last yearChange at the end of this reporting period compared with the end of last year
Operating resourcesDirectly operated branches1,3351,10420.92%
Employees41,91135,20919.03%
R&D personnels2,7022,05131.74%
Teaching professionals18,03613,47533.85%
ItemIndicatorsAt the end of the reporting periodSame period last yearYear-on-year change (%)
Business & RevenuesRevenue of face-to-face training (RMB)1,622,095,227.363,167,825,822.38-48.79%
Revenue of online training (RMB)1,166,091,772.30444,519,141.21162.33%
Training Students2,452,2521,788,95237.08%
Revenue (RMB)2,807,980,480.603,637,419,515.48-22.80%
Net profits Attributable to Shareholders of the Company(RMB)-233,026,645.16493,025,465.15-147.26%

(2)The outbreak of Covid-19 is preventable, controllable, and predictable, and the Company hasestablished a comprehensive response system as a countermeasure, which greatly enhanced its leading forcein education and training industry.The outbreak of the pandemic has caused great distress to the whole education industry. With the advantages ofthe enterprise’s platform and its excellent execution, the Company quickly created an effective response system,which not only enabled itself to go through the special period smoothly, but also took the opportunity to expand its

leading force and dominance.In response to the problem that face-to-face teaching could not be carried out smoothly within a certain period oftime, the Company made every effort to explore the digital resources in the enterprise platform. With theadvantageous and standardized teaching and researching ability as a lever, digital penetration is carried out on themain course products, which again strengthens the leading advantage of online and offline integrated curriculum,so that more students can obtain the convenience of online learning and the effectiveness of face-to-face learningat the same time. As a result, the number of students in the reporting period increased significantly.After the second quarter, with the pandemic gradually put into normalized prevention and control, people all overthe country return to work and production. The second round of the epicemic in Beijing, Dalian and other placeshas been controlled rapidly and effectively, which once again reflects the relevant judgment that the pandemic ispreventable, controllable and predictable.

(3)Focusing on the future long-term growth, the Company significantly expands talent reserve andbranches, though moving against general trend.Based on a clearer med-term and long-term trends in recruitment expansion and the expectation that the pandemiccan be prevented and controlled, the company did not reduce the number of staff or eliminate branches butconsiderably expanded talent reserve and the scale of branches.At the end of this reporting period, the total number of employees of the company was 41911, an increase of 6,702compared with 35,209 in 2019, an increase of 19.03%. Among them, there are 18,036 teaching professionals,4,561 more than 13,475 in 2019, an increase of 33.85%. There are 2,702 full-time R&D personnels, 651 morethan 2,051 in 2019, an increase of 31.74%.There are 1,335 outlets, 231 more than 1,104 in 2019, an increase of 20.92%.

(4) The “take-off action” of the new business sector has been fruitful, and the capacity of talent reservehas been gradually released.During the reporting period, new businesses such as postgraduate entrance examinations and medical services stillremained highly active, and new businesses seldom adopted the product model of agreement classes. The revenuerecognition was not affected by examination delays,thus driving the comprehensive sequence in which they werelocated with revenue increased by 26.04% year-over-year increase.At the same time, as delays of recruitmentexaminations led to a decrease in revenue recognition of the relevant sequences,the revenue share of integratedsequence increased to 34.58 percent from 21.18 percent in the same period of last year .Around 2019, the Company completed a round of intensive investments in resources of the active new businesses,especially in key categories such as postgraduate entrance examinations to achieve the leading scale of coreteaching and research resources at one time.In addition, starting from the second half of 2019, the Company hastaken "take-off action" for the new business segments, investing more management resources in the newbusinesses from the top level.

The outbreak of the pandemic strengthened the Company's determination to expand its operations across sectors,which also verified the rationality of strengthening the development of the marketing part for recruitmentexaminations. As a result, the special actions have been further strengthened and deepened.It has also boosted thecurrent performance of related categories,and more importantly, further improved the overall layout advantages,which is conducive to realizing the medium and long-term sector’s rotating growth trend.In terms of the external situation, the academic qualification improvement sector has directly benefited from thestrengthening of the employment stabilization policy since the pandemic. The Ministry of Education has increasedits enrollment for further studies this year. The three expanded enrollments for postgraduates, undergraduates andsecond bachelors will absorb more than 1.7 million people, including about 1.4 million fresh graduates. Accordingto relevant departments, 189,000 more graduate students will be admitted this year. It is estimated that theenrollment expansion will exceed 20%. The enrollment expansion of ordinary junior college students is 322,000.The enrollment expansion will mainly favor college applicants who will apply for majors that are promoted bynational strategy or urgently needed by the society; and the enrollment expansion will take place in colleges anduniversities which are in the central and western regions and northeast China.

2. Matters related to financial statements

(1) Changes in accounting policy, estimation, and methods when compared to the previous financial period

√Applicable □ Not applicable

Content and reasons of changes in accounting policies

Content and reasons of changes in accounting policiesApproval proceduresRemarks
According to the revised Accounting Standards for Business Enterprises No. 14 - Revenue (Accounting [2017] No. 22) (hereinafter referred to as the new revenue standard) issued by the Ministry of Finance on July 5, 2017, the Company will implement the new revenue standard from January 1, 2020.Approved by the 10th Meeting of the 5th Board of Directors and the 9th Meeting of the 5th Board of Supervisors.The Company adjusted the amount of relevant items in the opening financial statements, not adjusting the information in the comparable periods.

(2) Explanation of ratification of major accounting error in the reporting period which needs to be trackedand restated

□Applicable √ Not applicable

No ratification of major accounting error in the reporting period which needs to be tracked and restated.

(3) Explanation of changes in the scope of combined financial statements when compared with financialstatements of the previous year

√Applicable □ Not applicable

The name of the subsidiary

The name of the subsidiaryAcquisition disposal of subsidiaries during the reporting periodImpact on overall production operations and performance
Shaanxi OFFCN Technology Co., Ltd.New establishmentNo major impact
Beijing OFFCN Future Education Technology Co., Ltd.New establishmentNo major impact

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