中公教育：2022年第一季度报告全文（英文版）.PDF

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1、OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2022 Report 1 Stock Code: 002607 Stock Abbr.: OFFCN EDU Announcement No.: 2022-044 OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2022 Report The Company and the Companys Board of Directors hereby guarantee that the contents of this quarterly re

2、port are true, accurate, and complete, and that there are no misrepresentations, misleading statements, or material omissions. The Companys First Quarter 2022 Report is prepared and published in Chinese version, and the English version is for reference only. Should there be any inconsistency between

3、 the Chinese version and English version, the Chinese version shall prevail. Important notes: 1. The Companys Board of Directors, Supervisory Committee, directors, supervisors, and senior management hereby guarantee that the contents of this quarterly report are true, accurate, and complete, and the

4、re are no misrepresentations, misleading statements, or material omissions, and shall assume individual and joint legal liabilities. 2. The Companys legal representative, the head in charge of accounting and the head of the accounting department (Accounting supervisor), hereby declare that the finan

5、cial report in this quarterly report is authentic, accurate and complete. 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 i

6、ts accounting information of previous 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 OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2022 Report 2 Operating income (RMB yuan) 1,212

7、,740,311.93 2,051,691,383.47 -40.89% Net profit attributable to shareholders of the listed Company (RMB yuan) -463,824,594.93 140,729,639.84 -429.59% Net profit after deducting non-recurring profits and losses attributable to shareholders of the listed Company (RMB yuan) -469,727,159.08 92,213,329.4

8、3 -609.39% Net cash flow from operating activities (RMB yuan) 598,889,061.73 -246,724,873.67 342.74% Basic earnings per share (RMB yuan/share) -0.08 0.02 -500.00% Diluted earnings per share (RMB yuan/ share) -0.08 0.02 -500.00% Weighted average return on net assets -27.99% 3.24% -31.23% End of the c

9、urrent 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) 9,200,482,823.27 10,305,183,525.70 -10.72% Owners equity attributable to shareholders of the listed Company (RMB yuan) 1,424,994,159.27 1,

10、888,818,754.20 -24.56% 2. Items and amount of non-recurring profits and losses Applicable Not applicable Unit: RMB yuan Item Amount of current reporting period Description Government subsidies included in the current gains and losses (closely related to the normal business of the enterprise, except

11、for government subsidies enjoyed fixedly, quantitatively and continuously in accordance with national policies and certain standards) 1,220,048.81 Profits or losses from entrusting others to invest or manage assets 2,749,712.23 Profits and losses on changes in fair value arising from the possession

12、of transactional financial assets, transactional financial liabilities, and the investment income from the disposal of transactional financial assets, transactional financial liabilities and available-for- sale financial assets, except the effective hedging business related to the Companys normal bu

13、siness operations. 2,674,975.31 Other non-operating income and expenses except for the items above -152,921.74 Less: Impact on income tax 589,250.46 Total 5,902,564.15 - Other profit or loss items that meet the definition of non-recurring profits and losses Applicable Not applicable The Company does

14、 not have other profit or loss items that meet the definition of non-recurring profits and losses. Explanations for the Companys classifying items of non-recurring profits or losses listed in the Explanatory Announcement No. 1 for Public Company Information Disclosures Non-recurring Profits and Loss

15、es as items of recurring profits or losses. Applicable Not applicable The Company does not classify any non-recurring profits and losses items that are listed in the Explanatory Announcement No. 1 for Public Company Information Disclosures Non-recurring Profits and Losses as items of recurring profi

16、ts and losses. 3. Cases and reasons for fluctuation of key accounting information and financial indicators Applicable Not Applicable OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2022 Report 3 Item of balance sheet Amount at the end of the reporting period (RMB yuan) Amount at the beginning of

17、the reporting period (RMB yuan) Growth Note Monetary funds 1,129,779,804.27 1,970,361,272.64 -42.66% Mainly due to the repayment of short-term loans in the current period Transactional financial assets 118,374,738.18 346,726,621.74 -65.86% Mainly due to the maturity redemption of wealth management p

18、roducts Other current assets 22,946,171.86 36,959,129.80 -37.91% Mainly due to the increase of prepaid expenses Short-term loans 1,651,209,492.99 3,152,945,812.59 -47.63% Mainly due to the repayment of short-term loans in the current period Contract liabilities 4,034,759,242.27 3,063,721,290.28 31.6

19、9% Mainly due to the increase of collecting training fees from civil servant recruitment and post-graduate examinations in the first quarter of 2022 Tax payable 28,432,694.84 12,566,751.84 126.25% Mainly due to accrued VAT and additional tax on the income of first quarter of 2022 Other current liabi

20、lities 121,042,777.27 91,925,853.39 31.67% Mainly due to the increase in the balance of contract liabilities at the end of the first quarter of 2022 Item of income statement Amount of current period (RMB yuan) Amount of previous period (RMB yuan) Growth Note Operating income 1,212,740,311.93 2,051,6

21、91,383.47 -40.89% Mainly due to the pandemic prevention and control, the number of offline classes in the first quarter of 2022 was reduced compared with the same period of the previous year, as well as the postponement of the multi-provincial joint examination of civil servant recruitment Taxes and

22、 surcharges 8,798,438.13 3,125,104.09 181.54% Mainly due to the tax incentives in the same period of the previous year Financial expense 69,571,481.28 108,656,990.19 -35.97% Mainly due to the decrease in interest expense on short-term loans in the current period Other income 8,268,197.61 60,454,036.

23、43 -86.32% Mainly due to the tax incentives included in other income in the same period of the previous year OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2022 Report 4 Investment income 2,755,592.22 32,350,483.88 -91.48% Mainly due to the decrease in income from wealth management products and

24、fixed time deposit redemption Credit impairment loss -1,005,625.25 -239,123.84 320.55% Mainly due to the increase in accounts receivable and the increase in accrued bad debt Income tax expense -81,122,491.94 24,090,187.92 -436.74% Mainly due to the accrual of deferred income tax assets in the curren

25、t period Item of cash flow statement Amount of current period (RMB yuan) Amount of previous period (RMB yuan) Growth Note Other cash received related to operating activities 22,063,195.70 8,365,632.60 163.74% Mainly due to the recovery of deposits in the current period Cash for purchasing goods and

26、labor services 210,528,840.27 389,263,578.68 -45.92% Mainly due to the impact of the pandemic in many provinces and cities, the number of offline classes in the current period was reduced and operational cost and spending decreased Cash paid to and for employees 1,224,818,887.78 1,788,537,241.10 -31

27、.52% Mainly due to the reduction of the Companys personnel and the impact of operating losses on the performance incentives of employees Taxes paid 25,331,722.29 81,728,859.56 -69.01% Mainly due to the loss in the fourth quarter of the previous year and the non-payment of enterprise income tax in th

28、is quarter Cash received from recovery of investments 344,776,858.87 4,234,310,000.00 -91.86% Mainly due to the decrease in short-term wealth management purchases in the current period and the corresponding reduction in wealth management redemptions Cash received from investment income 2,764,585.77

29、11,192,589.09 -75.30% Mainly due to the decrease in short-term wealth management purchases in the current period and the corresponding decrease in redemptions OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2022 Report 5 Cash paid for the purchase and construction of fixed assets, intangible asse

30、ts and other long-term assets 8,768,861.04 2,774,248,578.57 -99.68% Mainly due to the purchase of land use rights in the same period of the previous year Cash paid for investment 116,700,000.00 4,226,550,000.00 -97.24% Mainly due to the decrease in short-term wealth management purchases in the curre

31、nt period Cash received from the loan - 2,670,000,000.00 -100.00% Mainly due to zero new short-term loans in the current period Cash paid for dividends, profits, or interest payments 26,787,416.64 46,324,162.51 -42.17% Mainly due to the decrease in interest expense on short-term loans in the current

32、 period Other cash paid related to financing activities 134,755,697.06 354,129,507.17 -61.95% Mainly due to the decrease of cost on house leasing in the current period Section II. Information of shareholders 1. Table on the total number of common shareholders, preferred shareholders with restored vo

33、ting rights and shares held by the top 10 shareholders Unit: share (s) Total number of common shareholders at the end of the reporting period 153,843 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

34、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 Lu Zhongfang Domestic natural person 41.36% 2,550,549,260 2,550,549,260 Pledged 1,1

35、57,543,359 Li Yongxin Domestic natural person 18.35% 1,131,415,121 1,131,070,121 Pledged 543,150,000 Wang Zhendong Domestic natural person 13.83% 852,885,418 639,664,063 Pledged 328,193,884 Beijing Aerospace Industry Investment Fund (Limited Partnership) Domestic non-state-owned legal person 3.24% 1

36、99,611,483 0 Beijing Offcn Future Information Consulting Domestic non-state-owned legal person 1.30% 80,000,000 0 OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2022 Report 6 Center (Limited Partnership) Zhou Xiayun Domestic natural person 1.28% 78,848,640 0 Pledged 69,000,000 Zhou Hui Domestic

37、natural person 1.17% 72,277,920 0 Pledged 26,490,000 Beijing Kerui Technology Innovation Investment Center (Limited Partnership) Domestic non-state-owned legal person 1.04% 64,100,323 0 Zhou Li Domestic natural person 0.78% 48,185,280 0 Beijing Guangyin Venture Capital Center (Limited Partnership) D

38、omestic non-state-owned legal person 0.71% 43,750,952 0 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 Wang Zhendong 213,221,355 RMB ordinary shar

39、es 213,221,355 Beijing Aerospace Industry Investment Fund (Limited Partnership) 199,611,483 RMB ordinary shares 199,611,483 Beijing Offcn Future Information Consulting Center (Limited Partnership) 80,000,000 RMB ordinary shares 80,000,000 Zhou Xiayun 78,848,640 RMB ordinary shares 78,848,640 Zhou Hu

40、i 72,277,920 RMB ordinary shares 72,277,920 Beijing Kerui Technology Innovation Investment Center (Limited Partnership) 64,100,323 RMB ordinary shares 64,100,323 Zhou Li 48,185,280 RMB ordinary shares 48,185,280 Beijing Guangyin Venture Capital Center (Limited Partnership) 43,750,952 RMB ordinary sh

41、ares 43,750,952 Yang Shaofeng 24,062,680 RMB ordinary shares 24,062,680 Hong Kong Securities Clearing Co., Ltd. 23,977,849 RMB ordinary shares 23,977,849 Description of the relationship or concerted action among the above mentioned shareholders The Companys controlling shareholder and actual control

42、ler 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 rela

43、tionship. 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 Lis

44、ted Companies. Description of the top 10 shareholders participating in the None OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2022 Report 7 margin trading or short selling business (if any) 2. Table on the total number of preferred shareholders and shares held by the top 10 preferred shareholde

45、rs Applicable Not Applicable Section III. Other significant events Applicable Not applicable 1.Overview of the Companys operation in the first quarter of 2022 Since the year of 2022, with the ongoing and repeating Covid-19 pandemic, the strictness of prevention and control measures is being upgraded

46、 continuously in various areas. The Company is facing a harsher external environment with more tough challenges for its operation compared with the year of 2021. Especially since March, which is the traditional peak period for the Companys marketing and trainees enrollment in previous years, the pan

47、demic bursts out in many cities of the country and the situation is far more severe than last two years. Stricter prevention and control measures are applied in many cities and hundreds of direct-operated branches of the Company in various areas suffer from periodic suspension of classes in turns. M

48、eanwhile, the multi-provincial joint examination of civil servant recruitment in first half of the year, the national-level interview examination of civil servant recruitment and the public institution recruitment tests are being deferred one by another. The Companys enrollment and teaching of class

49、es are both affected greatly. The uncertainty of the operating environment has objectively caused a periodical impact on the development of the training business and has a certain impact on the Companys performance. But even so, the Company strived to take strong measures, actively promoted the 2022

50、 business improvement plan, and gained a gradual result in the first quarter. During the reporting period, the Company implemented amoeba operation reform plan internally and put efforts in reducing costs and expenses. Although there is still a considerable improving area for optimization, the total