中公教育：2021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 2021 ReportStock Code: 002607Stock Abbr.: OFFCN EDUApril, 2021Offcn Education Technology Co., Ltd. First Quarter 2021 Report2Chapter I. Important InformationThe Company s Board of Directors, Supervisory Committee, directors, supervisors, and senior m

2、anagementhereby guarantee that the contents of the annual report are true, accurate, and complete, and that there are nomisrepresentations, misleading statements, or material omissions, and shall assume individual and joint legalliabilities.This report is prepared and published in Chinese version, a

3、nd the English version is for reference only. Shouldthere be any inconsistency between the Chinese version and English version, the Chinese version shall prevail.All directors attended the board meeting for reviewing this quarterly report.Wang Zhendong, the Companys legal representative, Shi Lei, th

4、e responsible person in charge of accountingwork, and Luo Xue, the person in charge of the accounting department, hereby declare that the financial report inthis quarterly report is authentic, accurate and complete.Offcn Education Technology Co., Ltd. First Quarter 2021 Report3Chapter II. General In

5、formation of the CompanySection I. Key accounting information and financial indicatorsWhether the Company needs to adjust its financial information retrospectively or restate its previous yearaccounting information Yes NoCurrent reportingperiodSame period of theprevious yearIncrease/Decrease in thec

6、urrent reporting period overthe same period of theprevious yearOperating income (RMB)2,051,691,383.471,230,102,270.4866.79%Net profit attributable to shareholdersof the listed Company (RMB)140,729,639.84116,303,799.9121.00%Net profit after deducting non-recurringprofits and losses attributable tosha

7、reholders of the listed Company(RMB)92,213,329.4377,685,654.8218.70%Net cash flow from operatingactivities (RMB)-246,724,873.672,564,218,312.85-109.62%Basic earnings per share (RMB/share)0.020.020.00%Diluted earnings per share(RMB/share)0.020.020.00%Weighted average return on net assets3.24%3.33%-0.

8、09%End of the currentreporting periodEnd of the previousyearIncrease/Decrease at the endof this reporting period overthe end of the previous yearTotal assets (RMB)15,995,461,567.6114,418,850,027.2710.93%Total net assets attributable toshareholders of the listed Company(RMB)4,415,857,433.044,275,127,

9、793.203.29%Items with non-recurring gains or losses and the amounts Applicable Not applicableUnit: RMBItemsAmount from thebeginning of the year to theDescriptionOffcn Education Technology Co., Ltd. First Quarter 2021 Report4end of the reporting periodProfits or losses on disposal of non-current asse

10、ts (includingoffsetting amount for the provision of impairment of assets)56,256.12Government subsidies included in the current profits and losses(except for government subsidies closely related to the business ofthe enterprise that are fixed or quantified in accordance withnational unified standards

11、)1,006,121.68Profits or losses from entrusting others to invest or manage assets10,983,589.09Other non-operating income and expenses except for the itemsabove-69,002.90Other profits or losses items that meet the definition ofnon-recurring profits and losses45,101,048.40Less: Impact on income tax8,56

12、1,701.98Total48,516,310.41-Provide explanations for classifying items of non-recurring profits or losses defined or listed in the ExplanatoryAnnouncement No. 1 for Information Disclosures of the Company Issuing Securities Publicly Non-recurringProfits and Losses as items of recurring profits or loss

13、es. Applicable Not applicableThe Company has not classified non-recurring profits or losses items defined or listed in the ExplanatoryAnnouncement No. 1 for Information Disclosures of the Company Issuing Securities Publicly Non-recurringprofits and losses as recurring profit or loss items in the rep

14、orting period.Section II. Tables on the total number of shareholders and shares held by the top 10shareholders at the end of the reporting period1. Table on the total number of common shareholders, preferred shareholders with restored voting rightsand shares held by the top 10 shareholdersUnit: shar

15、e(s)Total number of common shareholders atthe end of the reporting period57,045Total number of preferredshareholders with restoredvoting rights at the end of thereporting period (if any)0Particulars about shares held by the top 10 shareholdersName ofshareholdersNature ofshareholdersShareholdingratio

16、 (%)Number ofshares heldNumber ofshares heldwith salesrestrictionsPledged or frozenStatus ofsharesNumber ofsharesLu ZhongfangDomesticnatural person41.36%2,550,549,2602,550,549,260Pledged450,000,000Offcn Education Technology Co., Ltd. First Quarter 2021 Report5Li YongxinDomesticnatural person18.35%1,

17、131,415,1211,095,063,560Pledged459,846,561Wang ZhendongDomesticnatural person15.61%962,471,418721,853,563Pledged245,589,966BeijingAerospaceIndustryInvestmentFund (LimitedPartnership)Domesticnon-state-ownedlegal person4.25%261,960,3710Hong KongSecuritiesClearingCo., Ltd.Overseas legalperson2.27%140,1

18、12,3810Beijing KeruiTechnologyInnovationInvestmentCenter(LimitedPartnership)Domesticnon-state-ownedlegal person1.44%89,117,72389,117,723Beijing OffcnFutureInformationConsultingCenter(LimitedPartnership)Domesticnon-state-ownedlegal person1.30%80,000,0000Zhou XiayunDomesticnatural person1.28%78,848,64

19、00Pledged48,500,000Zhun HuiDomesticnatural person1.17%72,277,9200Pledged11,050,000BeijingGuangyinVenture CapitalCenter(LimitedPartnership)Domesticnon-state-ownedlegal person1.12%68,848,2300Offcn Education Technology Co., Ltd. First Quarter 2021 Report6Particulars about shares held by the top 10 shar

20、eholders without sales restrictionsName of shareholdersNumber of shares without sales restrictions heldType of sharesType of sharesNumber ofsharesBeijingAerospace Industry InvestmentFund (Limited Partnership)261,960,371RMB commonshares261,960,371Wang Zhendong240,617,855RMB commonshares240,617,855Hon

21、g Kong Securities Clearing Co., Ltd.140,112,381RMB commonshares140,112,381Beijing Offcn Future InformationConsulting Center(Limited Partnership)80,000,000RMB commonshares80,000,000Zhou Xiayun78,848,640RMB commonshares78,848,640Zhou Hui72,277,920RMB commonshares72,277,920Beijing Guangyin Venture Capi

22、talCenter (Limited Partnership)68,848,230RMB commonshares68,848,230Zhou Li48,185,280RMB commonshares48,185,280Li Yongxin36,351,561RMB commonshares36,351,561China Merchants Bank Co., Ltd. BOCOM Schroders Growth HybridSecurities Investment Fund30,507,767RMB commonshares30,507,767Description of the rel

23、ationship orconcerted action among the abovementioned shareholdersThe Companys controlling shareholder and actual controller Lu Zhongfang and LiYongxin are in a parent-child relationship. Lu Zhongfang, Li Yongxin, and BeijingOffcn Future Information Consulting Center (Limited Partnership) constitute

24、persons acting in concert. Zhou Xiayun and Zhou Hui have a father-son relationship.Zhou Xiayun and Zhou Li have a father-daughter relationship. It is unknownwhether there is an associated relationship among the above-mentioned othershareholders, and whether the above-mentioned shareholders belong to

25、 the partiesacting in concert.Description of the top 10 shareholdersparticipating in the margin trading (ifany)NoneOffcn Education Technology Co., Ltd. First Quarter 2021 Report7Whether the top 10 common shareholders and the top 10 common shareholders without sales conditions of theCompany carry out

26、 the agreed repurchase transaction during the reporting period Yes NoThe Companys top 10 common shareholders and top 10 common shareholders without sales conditions didntconduct agreed repurchase transactions during the reporting period2. Table on the total number of preferred shareholders and share

27、s held by the top 10 preferredshareholders Applicable Not ApplicableOffcn Education Technology Co., Ltd. First Quarter 2021 Report8Chapter III. Significant EventsSection I.Cases and reasons of main financial data and indicators fluctuationduring the reporting period Applicable NotApplicableUnit:RMBB

28、alance SheetAmount at theend of thereporting periodAmount at thebeginning of thereporting periodGrowthStatementsMonetary funds3,127,976,812.415,950,395,089.12 -47.43%Mainlyduetotheincreaseinthepurchaseandconstruction of fixed assets and land use rightsTransactional financialassets340,458,014.46983,2

29、05,858.25-65.37%Mainly due to the structural adjustment of asset allocationin the current periodPrepayments2,984,481.002,204,120.0035.40%Mainly due to the increased prepaymentsfor the employees business travel air tickets tothe travel agency.Other receivables562,009,727.82304,318,966.2084.68%Mainly

30、due to the increase in current accounts andemployee borrowingsOther current assets837,225,325.51175,179,650.61377.92%Mainly due to the increase in time deposits purchased bythe company within one yearRight-of-use assets1,449,126,148.68Mainly due to the implementation of the new leasestandard from Ja

31、nuary 1, 2021, and the increase inright-of-use assetsOther non-currentassets3,827,994,523.921,151,091,703.31 232.55%Mainly due to the purchase and construction of fixedassets and intangible assetsEmployee benefitspayable360,434,166.16637,448,433.99-43.46%Mainly due to the effect of employee salaried

32、 and bonusesof the previous yearTaxes payable76,878,568.77131,111,770.78-41.36%Mainly due to the payment of corporate income tax in Q4of 2020Non-current liabilitiesdue within one year479,787,466.27Mainly due to the implementation of the new leasestandard from January 1, 2021, and the increase innon-

33、current liabilities due within one yearLease liability592,382,877.48Mainly due to the implementation of the new leasestandard from January 1, 2021, and the increase in leaseliabilitiesOffcn Education Technology Co., Ltd. First Quarter 2021 Report9Income StatementCurrent periodPrevious periodGrowthSt

34、atementsTotal operating income 2,051,691,383.471,230,102,270.48 66.79%Mainly due to the gradual end of the pandemic in thesecond half of 2020, the continuous recovery of themarket and the gradual increase in business incomeOperating cost824,615,510.04520,863,204.5858.32%Mainly due to the end of the

35、pandemic and the gradualrecovery of offline trainingSales expense435,647,726.75273,147,797.1659.49%Mainly due to the resumption of marketing activitiesManagement expense340,240,393.35209,704,141.6562.25%Mainly due to the resumption of daily business activitiesR&D expense267,150,553.55105,248,410.141

36、53.83%Mainly due to the Companys expansion of R&D andincreased investmentFinancial expense108,656,990.1955,032,787.5297.44%Mainly due to the increase in short-term borrowinginterest and collection fees and the amortization ofunrecognized financing expenses to financial expensesaccording to the new l

37、ease standardOther income60,454,036.4336,688,536.7264.78%Mainly due to the increase of reduction in value-added taxenjoyed by the companyInvestment income32,350,483.8849,118,685.21-34.14%Mainly due to the structural adjustment of asset allocationin the current period and the decline in the rate of r

38、eturnon property managementCash Flow StatementCurrent periodPrevious periodGrowthStatementsCash receipts from thesale of goods and therendering of services2,257,705,337.114,268,644,542.62 -47.11%Mainly due to the impact of one month in advance of themulti-provincial joint examination, the peak fee p

39、eriodwas reduced by nearly one monthOther cash receivedrelated to operatingactivities8,365,632.603,552,880.40135.46%Mainly due to the increase in interest on bank demanddeposits and the increase in other incomeCash paid to and foremployees1,788,537,241.101,090,339,239.09 64.03%Mainly due to the incr

40、ease in employee salaries paid in thecurrent periodCash receipts fromdisposals and recoveryof investments4,234,310,000.009,555,548,985.25 -55.69%Mainly due to the structural adjustment of asset allocationin the current periodCash received frominvestment income11,192,589.0931,375,210.42-64.33%Mainly

41、due to the structural adjustment of asset allocationin the current periodCash paid for thepurchase andconstruction of fixedassets, intangible2,774,248,578.57812,081,033.98241.62%Mainly due to the purchase and construction of fixedassets and intangible assetsOffcn Education Technology Co., Ltd. First

42、 Quarter 2021 Report10assets and otherlong-term assetsCashpaidforinvestment4,226,550,000.00 13,732,288,090.00 -69.22%Mainly due to the structural adjustment of asset allocationin the current periodCash received from theloan2,670,000,000.001,660,000,000.00 60.84%Mainly due to the increase in borrowin

43、gsCash paid for debtrepayment2,090,000,000.00810,000,000.00158.02%Mainly due to the repayment of short-term loansCash paid fordividends, profits, orinterest payments46,324,162.5132,099,556.2544.31%Mainly due to the increase in interest payments onshort-term loansOther cash paid relatedto financing a

44、ctivities354,129,507.17Mainly due to the implementation of the new leasestandard from January 1, 2021, the rent paid during thereporting period was adjusted from “ payment of othercash related to operating activities” to “payment of othercash related to financing activities”Section II. Progress of s

45、ignificant events, their impact and analysis on the solutions ApplicableNot applicableSignificant events and their progress during the reporting period have been disclosed in the interim announcement. Fordetails, please refer to the disclosure index belowOverview of significant eventsDisclosuredateW

46、ebsite indexfor query ofinterim reportdisclosureThe Company held the fourteenth meeting of the fifth board of directors on November 10,and 26, 2020, and the second extraordinary general meeting of shareholders in 2020.Proposal on wholly-owned subsidiary to participate in the bidding for land use rig

47、ht, wasreviewed and passed, approving Beijing Offcn Future Education Technology Co., Ltd. ,awholly-owned subsidiary to participate in the bidding for land use right of state-ownedland, first-level development project CP00-1804-0002 land, R2 second-class residentialland, CP00-1804-0012 land and F3 fo

48、r other types of multi-functional land at QiliquNanbei Village, Shahe Town, Changping District, BeijingOn December 2, 2020, the wholly-owned subsidiary Beijing Offcn Future EducationTechnology Co., Ltd. obtained Transfer Confirmation Letter for Use Right of BeijingState-owned Construction Land , con

49、firming that the wholly-owned subsidiary successfullybid for the land for RMB 3,005 million. The Company plans to build the Companys onlinetechnology R&D center, online and offline integrated education demonstration center,integrated training center for R&D and teaching personnel, vertical integrati

50、on responsecommand center for national market, and innovative education headquarters on this land.November 11,2020http:/ Education Technology Co., Ltd. First Quarter 2021 Report11The Company held its board of directors, board of supervisors, and the third extraordinarygeneral meeting of shareholders