Financial Performance - The company's revenue for the first half of 2022 was ¥59,766,382.52, a decrease of 69.76% compared to ¥197,608,734.69 in the same period last year[20]. - The net loss attributable to shareholders was ¥54,287,855.45, representing a 56.56% increase in loss from ¥34,674,437.62 in the previous year[20]. - The basic and diluted earnings per share were both -¥0.091, a decline of 56.90% from -¥0.058 in the same period last year[20]. - The weighted average return on equity was -2.34%, a decrease of 0.93% compared to -1.41% in the previous year[20]. - The company's revenue for the reporting period was ¥59,766,382.52, a decrease of 69.76% compared to ¥197,608,734.69 in the same period last year, primarily due to the impact of the new regulations from the "民促法" which resulted in the exclusion of two schools from the consolidated financial statements[52]. - Operating costs decreased by 60.77% to ¥66,912,733.34 from ¥170,560,369.97, also influenced by the same regulatory changes[52]. - The company reported a gross margin of -11.00% for the education sector, down 25.72% year-on-year[56]. - The company reported a significant decrease in other receivables, dropping to RMB 2,166,860.09 from RMB 43,285,755.48, a decline of approximately 95%[132]. - The company reported a decrease in comprehensive income, with other comprehensive income at -CNY 419,746.50 compared to -CNY 942,158.09 in the previous period[137]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to ¥58,707,500.69, compared to a negative cash flow of ¥39,430,167.47 in the same period last year, marking a 248.89% increase[20]. - Cash and cash equivalents at the end of the reporting period were ¥336,195,159.71, a decrease of 4.08% from ¥507,076,854.32 at the end of the previous year[58]. - The cash flow from investment activities decreased by 64.57% to ¥27,049,836.42, primarily due to reduced payments for construction projects compared to the previous year[54]. - The company reported a significant increase in cash received from operating activities, totaling CNY 126,605,278.53, compared to CNY 183,363,824.84 in the first half of 2021[148]. - The net cash flow from financing activities was -217,161,443.31 CNY for the first half of 2022, compared to -215,463,465.25 CNY in the same period of 2021, indicating a slight increase in cash outflow[149]. - The total cash and cash equivalents at the end of the period decreased to 335,669,209.74 CNY from 647,017,304.49 CNY year-over-year[149]. Assets and Liabilities - The total assets at the end of the reporting period were ¥3,204,289,439.18, down 7.92% from ¥3,479,905,186.49 at the end of the previous year[20]. - The net assets attributable to shareholders decreased by 2.29% to ¥2,292,236,688.49 from ¥2,346,002,132.35 at the end of the previous year[20]. - Long-term borrowings decreased to ¥765,000,000.00, down 4.58% from ¥990,000,000.00 at the end of the previous year[58]. - Total current liabilities decreased to RMB 110,000,000.00 from RMB 130,000,000.00, showing a reduction of approximately 15.4%[132]. - The company's total equity as of June 30, 2022, was CNY 2,773,509,988.46, an increase from CNY 2,768,918,332.17 at the beginning of the year[138]. Business Strategy and Development - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company has acknowledged the risks it faces and has detailed its risk management strategies in the report[4]. - The report includes a forward-looking statement regarding future plans, emphasizing the need for investors to recognize associated risks[4]. - The company is actively expanding K12 education light asset service output projects and various vocational education integration projects, aiming to become a key player in the vocational education sector[28]. - The company has established a high-standard operational and management capability for its schools, which is recognized for its teaching quality as the number of graduates increases[36]. - The company is leveraging its partnerships with various universities to create tailored training programs that meet industry needs, enhancing its educational offerings[35]. - The company plans to expand its quality education services beyond schools to include community-based training for suitable age students[39]. - The company aims to integrate vocational education with industry needs through partnerships, including a five-year integrated training model with Aohanqi Vocational School[51]. Partnerships and Collaborations - The company has established long-term partnerships with top institutions such as Berklee College of Music and MLB, enhancing its competitive advantage in arts and sports education[43]. - A strategic cooperation framework agreement was signed with Tencent Cloud and Keceng Data to enhance digital economy talent training in Henan Province, focusing on innovative education and skills development[48]. - The company signed service agreements with two Kevin schools, providing services such as campus asset operation leasing and quality education courses, which began generating market-based income from April 2022[39]. Regulatory and Compliance - The company has not faced any significant environmental penalties or issues during the reporting period[79]. - The company has maintained compliance with legal regulations and actively engages in investor relations management[80]. - The company has not experienced any major litigation or arbitration matters during the reporting period[88]. - The company has not reported any significant changes in its financial reporting practices or accounting estimates[177]. Shareholder Information - The company’s controlling shareholder increased its stake by acquiring 6,964,800 shares, raising its total ownership to 30% of the company[39]. - The largest shareholder, Badachu Holding Group, holds 28.84% of the company's shares, totaling 172,519,294 shares[118]. - The company has 23,176 common stock shareholders at the end of the reporting period[118].

Financial Performance - The company's revenue for Q1 2022 was ¥10,482,554.95, a decrease of 88.91% compared to ¥94,498,838.25 in the same period last year[3] - The net profit attributable to shareholders was -¥38,204,306.46, representing a decline of 145.79% from -¥15,543,715.92 year-over-year[3] - The company's operating income decreased by ¥84,016,283.30, a drop of 88.91%, primarily due to the impact of the new regulations on private education[7] - The company reported a decrease in other income of ¥783,212.09, down 89.19%, mainly due to reduced government subsidies[8] - The company’s investment income decreased by ¥2,134,187.18, a decline of 83.65%, due to a reduction in the amount invested in bank wealth management products[8] - Net loss for Q1 2022 was CNY 38,476,770.30, compared to a net loss of CNY 16,352,452.27 in Q1 2021, representing an increase in loss of 135.00%[20] - The company incurred credit impairment losses of CNY 1,763,410.79 in Q1 2022, compared to a gain of CNY 23,919.80 in the same period last year[19] - Other comprehensive income after tax for Q1 2022 was negative CNY 45,828.60, contrasting with a positive CNY 78,684.97 in Q1 2021[20] Cash Flow - The net cash flow from operating activities was -¥23,082,650.92, an improvement of 73.31% compared to -¥86,480,438.82 in the previous year[3] - The net cash flow from operating activities for Q1 2022 was negative CNY 23,082,650.92, an improvement from negative CNY 86,480,438.82 in the previous year[22] - Cash received from investment recoveries in Q1 2022 was CNY 300,000,000.00, a significant decrease from CNY 1,185,000,000.00 in the same period last year[22] - The net cash flow from investing activities was -¥23,050,136.13 for Q1 2022, compared to -¥16,214,143.34 in Q1 2021[23] - The net cash flow from financing activities was -¥3,460,331.82 in Q1 2022, compared to -¥137,126,854.14 in Q1 2021[23] - Cash inflow from financing activities included ¥36,000,000.00 received from other financing activities[23] - Cash outflow for repayment of debts was ¥25,000,000.00 in Q1 2022, compared to ¥85,000,000.00 in Q1 2021[23] - The total cash outflow from investing activities was ¥323,544,105.79 in Q1 2022, compared to ¥1,203,369,677.57 in Q1 2021[23] - The company reported a decrease in cash and cash equivalents by ¥49,638,947.47 in Q1 2022[23] - The company’s cash inflow from investment activities was ¥300,493,969.66 in Q1 2022, compared to ¥1,187,155,534.23 in Q1 2021[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,401,846,043.84, down 2.24% from ¥3,479,905,186.49 at the end of the previous year[3] - Current assets totaled CNY 685.62 million, down from CNY 753.73 million at the beginning of the year[17] - Cash and cash equivalents were CNY 457.44 million, a decrease from CNY 507.08 million at the beginning of the year[16] - Accounts receivable increased to CNY 89,522.75 from CNY 39,678.76, indicating a rise in outstanding payments[16] - The company reported a decrease in total liabilities, with accounts payable dropping to CNY 31.49 million from CNY 42.13 million[17] - Total liabilities decreased to CNY 1,096,041,899.68 in Q1 2022 from CNY 1,135,578,443.43 in the previous year, a reduction of 3.47%[19] - The total equity attributable to shareholders of the parent company was CNY 2,307,751,997.29, down from CNY 2,346,002,132.35 year-over-year, a decrease of 1.63%[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 22,266[9] - The controlling shareholder, Beijing Haidian State-owned Assets Investment and Operation Co., Ltd., increased its shareholding by 6,964,800 shares, accounting for 1.16% of the total share capital from January 13 to March 15, 2022[13] - After the increase, the total shares held by Haidian State-owned Assets reached 179,484,094 shares, representing 30% of the total share capital[13] Regulatory Compliance - The company has initiated a change in the sponsors of two Kevin schools to comply with educational policy regulations, with the new sponsors being Beijing Haiguo Education Investment Consulting Co., Ltd.[13] - The service agreements for the two schools have commenced, allowing the company to generate market-based revenue from services provided[14] Miscellaneous - The company's basic and diluted earnings per share were both -¥0.06, a 100% decrease from -¥0.03 in the same period last year[3] - The first quarter report was not audited[24]

Financial Performance - The company reported a significant increase in revenue, with total revenue reaching RMB 1.5 billion, representing a year-over-year growth of 25%[12]. - Future guidance suggests an expected revenue growth of 30% for the upcoming year, projecting total revenue to reach RMB 1.95 billion[12]. - The company reported a basic earnings per share of -¥0.20 for 2021, an improvement of 16.67% from -¥0.24 in 2020[20]. - The net profit attributable to shareholders for 2021 was -¥120,620,659.28, showing an improvement of 6.92% from -¥129,582,345.53 in 2020[20]. - The company reported a total provincial financial investment of 8.99 billion yuan in vocational education since the implementation of the "Higher Vocational Education Innovation Development Action Plan (2015-2018)"[104]. - The company reported a net profit of -28,561,199 for Wenhua Xuexin and -59,232,448 for Wenkai Xing, indicating significant losses in the investment management and education consulting sectors[95]. User Engagement and Enrollment - User data indicates that the total number of enrolled students increased to 150,000, up from 120,000 in the previous year, marking a growth of 25%[12]. - User data showed an increase in active users by 15% year-over-year, reaching a total of 2 million active users[168]. - The company reported a significant increase in user engagement, with a year-over-year growth of 25% in active users[177]. - User retention rates improved to 85%, up from 80% in the previous year, reflecting enhanced customer satisfaction[185]. Strategic Expansion and Development - The company plans to expand its market presence by opening 20 new campuses in the next fiscal year, aiming to increase its geographical footprint[12]. - The company is actively pursuing strategic acquisitions to enhance its educational offerings and diversify its service portfolio[12]. - The company plans to strengthen its school operation services and expand into vocational education, aiming to become a key player in the K12 education sector[29]. - The company is focusing on vocational education as a key development area, emphasizing industry-education integration and school-enterprise cooperation[41]. - The company plans to expand its market presence by entering three new provinces in the upcoming year, targeting a 20% increase in market share[179]. Research and Development - The company has allocated RMB 200 million for research and development of new educational technologies, focusing on online learning platforms[12]. - The company is investing 100 million RMB in R&D for new educational technologies over the next two years[167]. - The company is investing heavily in technology development, allocating 10% of its revenue towards R&D initiatives[181]. Governance and Management - The company has established a governance structure that complies with relevant laws and regulations, ensuring equal rights for all shareholders[110]. - The company maintains independence from its controlling shareholder in terms of business, personnel, assets, and finance, ensuring autonomous operational capabilities[113]. - The company has a complete educational business system and does not rely on its major shareholder for operational activities[113]. - The company has been actively restructuring its management team to adapt to market changes and improve operational efficiency[125]. Financial Stability and Investments - The company will not distribute cash dividends or issue bonus shares, opting to reinvest profits into business expansion[5]. - A commitment to maintain a debt-to-equity ratio below 0.5 was reiterated, ensuring financial stability during expansion[167]. - The company has pledged to provide priority rights to Kevin Education for any competitive business opportunities identified in the future[175]. Market Trends and Opportunities - The vocational education sector is experiencing significant growth, with the number of students in vocational schools reaching approximately 13.12 million in 2021, highlighting the market's potential[36]. - The investment in vocational education funding has increased from 240.9 billion RMB in 2010 to 563 billion RMB in 2020, with a compound annual growth rate of about 8.9%[36]. - The government aims for vocational undergraduate education enrollment to be no less than 10% of higher vocational education enrollment by 2025, indicating a strategic focus on expanding vocational education[37]. Compliance and Regulatory Environment - The management highlighted potential risks related to regulatory changes in the education sector, which could impact future growth[4]. - The company is focusing on complying with new regulations in the private education sector to enhance the quality of its educational services[30]. - The company has adjusted its operational model for the two Kevin schools to ensure compliance with national education policies, maintaining the quality and characteristics of the schools[39]. Employee and Management Structure - The total number of employees at the end of the reporting period was 290, with 287 from major subsidiaries[141]. - The company emphasizes a salary policy that combines fixed and performance-based compensation, aligning with company profitability and market conditions[142]. - The company conducts various training programs for employees, including onboarding, business training, and leadership development[145]. Legal and Litigation Matters - The company is involved in a lawsuit with Guangxi Wuzhou Xijiang Bridge Project Investment Management Co., Ltd., with a disputed amount of CNY 141.9935 million[198]. - The court ruling requires the project company to pay CNY 400,000 for land use fees within ten days of the judgment's effectiveness[199]. - The project company's shareholders are responsible for supplementary compensation within the scope of CNY 113 million for the company's debts[199].

Financial Performance - The company's revenue for Q3 2021 was ¥68,782,314.58, a decrease of 19.28% compared to the same period last year[3] - The net profit attributable to shareholders was -¥38,031,691.64, down 25.41% year-on-year[3] - Total operating revenue for Q3 2021 was CNY 266,391,049.27, an increase of 19.5% compared to CNY 222,873,197.85 in Q3 2020[19] - Net loss for Q3 2021 was CNY 73,137,472.53, an improvement from a net loss of CNY 97,588,322.73 in Q3 2020, indicating a reduction of approximately 25%[20] - Total comprehensive income attributable to the parent company was -¥72,869,342.63, compared to -¥96,515,038.86 in the same period last year[24] Cash Flow - The cash flow from operating activities for the year-to-date was ¥98,137,845.49, an increase of 73.15%[3] - Net cash flow from operating activities was ¥98,137,845.49, up 73.5% from ¥56,677,594.24 in the same period last year[24] - Cash flow from investment activities showed a net outflow of ¥462,844,687.58, worsening from a net outflow of ¥218,905,516.42 in the previous year[24] - Cash inflow from investment activities totaled ¥3,658,215,326.56, significantly higher than ¥148,284,810.90 in the previous year[24] - Cash outflow from financing activities was ¥277,953,372.10, slightly lower than ¥296,411,958.05 in the previous period[25] - The company received tax refunds amounting to ¥1,067,622.46 during the reporting period[24] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,865,097,416.72, a decrease of 6.06% from the previous year[3] - Total assets decreased to CNY 3,865,097,416.72 as of September 30, 2021, down from CNY 4,114,438,418.81 at the end of 2020, representing a decline of about 6%[16] - Total liabilities decreased to CNY 1,473,472,658.66 from CNY 1,634,675,595.25, marking a reduction of approximately 10%[17] - Total liabilities amounted to CNY 1,634,675,595.25, with current liabilities at CNY 582,175,595.25 and non-current liabilities at CNY 1,052,500,000.00[29] - The total equity attributable to shareholders decreased to CNY 2,394,048,663.49 from CNY 2,475,435,882.39, reflecting a decline of approximately 3.3%[17] Investment and Income - The company reported a significant increase in investment income of ¥8,957,333.54, up 1,240.92% year-on-year, due to expanded investment in bank financial products[9] - The company reported an investment income of CNY 9,679,162.31 for Q3 2021, compared to CNY 721,828.77 in Q3 2020, showing a substantial increase[20] Shareholder Information - The company’s basic and diluted earnings per share were both -¥0.06, a decrease of 20.00% compared to the previous year[3] - Basic and diluted earnings per share were both -¥0.12, an improvement from -¥0.17 in the previous period[24] - The weighted average return on equity was -1.56%, a decrease of 0.36% year-on-year[3] - The company reported a negative retained earnings of CNY -180,318,612.65, indicating accumulated losses[29] Operational Changes - The company’s short-term borrowings decreased by ¥135,172,368.79, a 100% decline, as a result of repaying bank loans[7] - The accounts payable decreased by ¥93,310,446.68, down 77.28%, primarily due to the payment of due project funds[7] - The company’s contract liabilities decreased by ¥214,760,525.64, a decline of 88.90%, due to the exclusion of two schools from the consolidated financial statements[7] Future Plans - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[20] - Research and development expenses were not explicitly reported, but the company continues to focus on innovation and technology development[20] Audit Status - The company has not undergone an audit for the third quarter report, which may affect the reliability of the financial data presented[30]

Financial Performance - The company's operating revenue for Q3 2021 was ¥104,855,230.05, representing a 23.05% increase year-over-year[3] - The net profit attributable to shareholders was -¥18,664,080.71, a 38.45% increase in losses compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥21,674,932.43, reflecting a 30.45% increase in losses year-over-year[3] - Total operating revenue for Q3 2021 was CNY 302,463,964.74, an increase of 35.7% compared to CNY 222,873,197.85 in Q3 2020[18] - Net loss for Q3 2021 was CNY 53,769,861.60, an improvement from a net loss of CNY 97,588,322.73 in Q3 2020[19] - The total comprehensive income attributable to the parent company was -CNY 53.50 million, compared to -CNY 96.52 million in the previous period[23] - Basic and diluted earnings per share were both -CNY 0.09, an improvement from -CNY 0.17 in the same period last year[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,933,426,652.19, a decrease of 4.40% from the end of the previous year[3] - Total assets decreased to CNY 3,933,426,652.19 as of September 30, 2021, down from CNY 4,114,438,418.81 at the end of 2020[15] - Total liabilities decreased to CNY 1,522,434,283.20 from CNY 1,634,675,595.25 at the end of 2020, a reduction of 6.8%[16] - The company’s total equity decreased to CNY 2,410,992,368.99 from CNY 2,479,762,823.56, a decline of 2.8%[16] - Total liabilities amounted to ¥1,634,675,595.25, with current liabilities at ¥582,175,595.25 and non-current liabilities at ¥1,052,500,000.00[28] - Total equity attributable to shareholders of the parent company reached ¥2,475,435,882.39, while total equity was ¥2,479,762,823.56[29] Cash Flow - The company’s cash flow from operating activities was ¥141,175,543.89, showing a significant increase of 149.09% year-to-date[3] - The net cash flow from operating activities was CNY 141.18 million, compared to CNY 56.68 million in the same period last year, representing a significant increase[24] - The net cash flow from investing activities was -CNY 431.09 million, worsening from -CNY 218.91 million in the previous year[24] - The net cash flow from financing activities was -CNY 243.51 million, a decrease from a positive CNY 589.04 million in the same period last year[24] - Cash and cash equivalents dropped to CNY 292,164,151.18 from CNY 877,135,193.76, a decline of 66.7%[14] - The cash and cash equivalents at the end of the period were CNY 292.13 million, down from CNY 925.94 million at the end of the previous period[24] Investments and Income - The company reported a significant increase in trading financial assets, which rose to CNY 608,310,068.94 from CNY 230,304,111.11, marking a 164.5% increase[14] - The company’s investment income increased by 1,194.04% year-over-year, amounting to an increase of ¥8,618,899.76, due to the expansion of bank wealth management products[8] - The company reported an investment income of CNY 9,340,728.53 for Q3 2021, compared to CNY 721,828.77 in Q3 2020, indicating a substantial increase[19] - The company received CNY 3.65 billion from investment recoveries, a significant increase from CNY 80 million in the previous period[23] Operational Changes - The number of students increased, contributing to a 35.71% year-over-year growth in operating revenue, amounting to an increase of ¥79,590,766.89[8] - The company reported a 64.50% increase in contract liabilities, amounting to an increase of ¥155,820,948.14, primarily due to pre-collection of tuition fees for the new academic year[8] - The company experienced a 100% increase in right-of-use assets, amounting to ¥22,617,311.08, due to the new leasing standards[8] - The company’s short-term borrowings decreased by 100%, amounting to a reduction of ¥135,172,368.79, as a result of repaying bank loans[8] Financial Position and Challenges - The company reported an accumulated deficit of ¥180,318,612.65 in retained earnings, reflecting ongoing financial challenges[28] - The company has a long-term loan of ¥1,040,000,000.00, which constitutes a significant portion of its non-current liabilities[28] - The capital reserve stands at ¥2,030,542,022.77, indicating a strong capital position[28] - The company has a total of ¥17,780,874.33 in payable employee compensation, reflecting its obligations to staff[28] - The company has a total of ¥7,267,005.54 in taxes payable, indicating its tax obligations for the period[28] Audit and Reporting - The company has not undergone an audit for the third quarter report, which may affect the reliability of the financial data presented[29] - The company has not applied the new leasing standards retroactively, which may impact future financial reporting[29]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥197,608,734.69, representing a 43.55% increase compared to ¥137,659,037.68 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was -¥34,674,437.62, an improvement of 47.45% from -¥65,979,506.71 in the previous year[20]. - The net cash flow from operating activities was -¥39,430,167.47, showing a significant improvement of 73.08% compared to -¥146,464,929.98 in the same period last year[20]. - The basic earnings per share improved to -¥0.058, a 55.38% increase from -¥0.130 in the previous year[20]. - The company's revenue for the current period reached ¥197,608,734.69, representing a year-on-year increase of 43.55% compared to ¥137,659,037.68 in the same period last year[46]. - The operating cost increased to ¥170,560,369.97, which is an 11.10% rise from ¥153,521,621.76 in the previous year[46]. - The education service business generated ¥186,526,382.20, accounting for 94.39% of total revenue, with a growth of 38.22% year-on-year[50]. - The company reported a net loss of approximately 13.56 million for Wenhua Xuexin and 52.05 million for Wenkai Xing, indicating significant financial challenges in the investment management and education consulting sectors[63]. - The company reported a net loss of CNY 34,629,455.83 for the first half of 2021, compared to a net loss of CNY 67,179,554.43 in the same period of 2020, indicating an improvement of approximately 48.3% year-over-year[148]. - The total comprehensive income for the first half of 2021 was CNY -34,799,976.05, compared to CNY -66,962,113.57 in the same period of 2020[149]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,804,444,807.20, a decrease of 7.53% from ¥4,114,438,418.81 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company were ¥2,432,073,048.28, down 1.75% from ¥2,475,435,882.39 at the end of the previous year[20]. - The company's total liabilities included short-term borrowings of ¥135,172,368.79, which were fully repaid during the reporting period[55]. - The company's total liabilities decreased to CNY 1.37 billion as of June 30, 2021, from CNY 1.63 billion at the end of 2020, a reduction of 15.7%[141]. - The company's total assets were CNY 2.90 billion as of June 30, 2021, down from CNY 3.03 billion at the end of 2020, reflecting a decrease of 4.4%[144]. - The total liabilities at the end of the current period are 2,539 million, indicating a slight increase from the previous period[165]. Educational Initiatives and Growth - The number of students enrolled in the company's schools increased by 8% year-on-year, reflecting the growing recognition of the school's educational quality[30]. - The company plans to introduce IGCSE and A-level courses in the 2021-2022 academic year to meet diverse international education needs[31]. - The international art class at Chaoyang Kevin School achieved a 100% acceptance rate into top 50 art schools, with students receiving a total of 4.35 million yuan in scholarships[33]. - The company became the exclusive partner of Berklee College of Music for K12 modern music education in China, enhancing its music curriculum[34]. - The company is developing an ice hockey dual excellence project in collaboration with the Beijing Ice Hockey Association, aiming to integrate academic learning with professional training[35]. - The training business revenue reached 10.84 million yuan, a year-on-year increase of 460.5%[37]. - The company has received multiple certifications, including from Oxford AQA, Cambridge CIE, and Cognia, enhancing its educational offerings[36]. - The company plans to expand its high school curriculum services in line with national policy directions, leveraging local educational resources[41]. - The summer camp project for quality education was launched, focusing on non-academic training in sports, performing arts, and arts[38]. - The company aims to integrate quality educational resources to enhance the marginal benefits of existing resources[39]. Compliance and Governance - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans[4]. - The company is actively responding to the new regulations in the private education sector, focusing on compliance and governance improvements to mitigate risks associated with policy changes[64]. - The company strictly adheres to laws and regulations, ensuring compliance in corporate governance and actively fulfilling information disclosure obligations[79]. - There were no non-operating fund occupations by controlling shareholders or other related parties during the reporting period[84]. - The company did not have any violations regarding external guarantees during the reporting period[85]. - The company has not disclosed any major litigation or arbitration matters during the reporting period[88]. Shareholder and Capital Management - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company held several shareholder meetings with participation rates around 29%, reflecting active engagement with investors[71]. - There were no stock incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period[75]. - The company had a total of 598,280,384 shares outstanding, with 83.33% being unrestricted shares and 16.67% being restricted shares[117]. - The number of restricted shares decreased by 89,763,657, resulting in 9,988,965 restricted shares remaining[117]. - The company issued 89,742,057 shares through a private placement, which were released from restrictions on January 15, 2021[117]. Future Outlook and Strategy - The company plans to enhance its educational services by leveraging its management experience and resources accumulated through its subsidiaries, aiming to reduce revenue concentration and improve profitability[66]. - The company plans to continue its market expansion efforts, focusing on enhancing user engagement and retention strategies[162]. - Future performance guidance indicates a cautious outlook, with expectations of gradual recovery in user growth and revenue generation[162]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its service offerings[162]. - The company is focusing on enhancing its technological capabilities to support future growth and market expansion[165]. Risk Management - The company has implemented effective measures to mitigate risks related to the COVID-19 pandemic, ensuring the continuity of educational activities through online teaching[68]. - The company acknowledges the long investment return periods associated with building schools, which has contributed to ongoing financial losses, and is working to optimize its asset structure[68]. - The company has allocated 361.29 million for general risk reserves, reflecting a proactive approach to financial management[165].

Financial Performance - The company's operating revenue for 2020 was ¥321,022,306.40, a decrease of 59.61% compared to ¥794,733,846.86 in 2019[19]. - The net profit attributable to shareholders was -¥129,582,345.53, representing a decline of 441.42% from a profit of ¥37,954,335.04 in 2019[19]. - The net cash flow from operating activities was ¥3,496,978.26, down 84.14% from ¥22,050,077.55 in the previous year[19]. - The total revenue for 2020 was ¥321,022,306.40, a decrease of 59.61% compared to ¥794,733,846.86 in 2019[58]. - The education service revenue reached ¥305,702,643.78, an increase of 8.32% compared to the previous year[46]. - The training service revenue was ¥14,261,380.74, representing a decline of 37.89% from ¥22,962,436.20 in the previous year[58]. - The gross profit margin for the education sector was 2.95%, with a slight increase of 3.15% compared to the previous year[60]. - The company reported a total of ¥4,927,875.44 in non-recurring gains and losses for 2020, compared to ¥212,578,172.12 in 2019[23]. Business Focus and Strategy - The company has shifted its main business focus to education and related industries since November 2017, moving away from its previous dual focus on bridge steel structures and education[16]. - The company aims to expand its educational services by providing course design, teaching management, and operational support to enhance brand output and collaboration[27]. - The company is focusing on expanding its operations in economically developed regions, particularly in Guangdong, Shanghai, Beijing, and Jiangsu, where international school demand is highest[30]. - The company is committed to enhancing its competitive edge by refining operational management processes and establishing standardized practices for international school operations[114]. - The company aims to create a core leading product in the international quality education segment, enhancing its market competitiveness and increasing the ratio of external student enrollment[114]. Impact of COVID-19 - The company faced significant impacts on its education and training services due to the COVID-19 pandemic, with online services implemented from February to September 2020[27]. - The training business was significantly affected by the pandemic, with offline training suspended for an extended period, but some services were transitioned online[28]. - The company implemented various measures during the pandemic, including online classes and health management protocols, ensuring a smooth transition back to in-person learning[47]. - The company has implemented various effective measures to mitigate risks associated with the COVID-19 pandemic, including online teaching and enhanced health protocols, as the education industry gradually recovers[121]. Investments and Financial Management - The company successfully completed a private placement of 99,713,397 shares at a price of ¥4.73 per share, raising a total of ¥471,644,367.81[55]. - The company raised a total of ¥471,644,367.81 through a non-public offering, with a net amount of ¥461,006,964.46 after deducting issuance costs[86]. - The company has committed to invest ¥46,100.7 million in a high-quality youth education platform project, with no funds utilized to date[89]. - The company has a total external guarantee amount of RMB 226.52 million, with an actual guarantee balance of RMB 189.55 million, representing 76.57% of the company's net assets[183]. - The company has entrusted financial management with a total amount of 37,800 million yuan, including 23,000 million yuan from raised funds and 14,800 million yuan from self-owned funds[188]. Educational Services and Offerings - The company operates two K12 international schools in Beijing, which have been recognized in the top 100 international schools in China for four consecutive years[27]. - The company developed a bilingual curriculum system (THIC) for grades 1-12, meeting both Chinese national and U.S. core curriculum standards[39]. - The company’s international schools received multiple accreditations, including IBDP authorization and BTEC certification, enhancing their educational offerings[39]. - The company has established a comprehensive education service system, integrating teaching management, curriculum design, and quality education services[40]. - The company has launched its own brand events, such as the "Suo Yu He Open" for ice hockey and fencing, to promote youth sports training and competitions[108]. Shareholder and Corporate Governance - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves[5]. - The company has made a long-term commitment to avoid competition with its controlling shareholder, ensuring no direct or indirect engagement in competing businesses[131]. - The company has committed to prioritize transactions with its controlling shareholder and its controlled enterprises over market third parties[132]. - The company has fulfilled its commitment not to reduce its holdings in Kevin Education within six months following the completion of the issuance, with the commitment ending on January 18, 2021[132]. Market Trends and Future Outlook - The company anticipates that the education market will continue to grow due to increasing family spending on education and a shift towards holistic education approaches[96]. - The demand for international education continues to grow, with no significant change in the desire for overseas study despite the COVID-19 pandemic[103]. - The company is focused on adapting to the evolving educational landscape shaped by regulatory changes and societal demands for international education[96]. - The company plans to expand its market presence by entering three new provinces in the upcoming year, targeting a 20% increase in market share[142]. - Future guidance indicates an expected revenue growth of 20% for the next fiscal year, driven by new product offerings and market expansion[154].

Financial Performance - The company's revenue for Q1 2021 was ¥94,498,838.25, representing a 15.33% increase compared to ¥81,937,551.77 in the same period last year[7] - The net profit attributable to shareholders was -¥15,543,715.92, an improvement of 8.38% from -¥16,965,392.46 year-on-year[7] - The company reported a net loss of CNY 195,862,328.57 in retained earnings, compared to a loss of CNY 180,318,612.65 in the previous period[34] - Operating profit improved to -¥20,747,273.75 compared to -¥22,888,406.59 in the previous year, showing a reduction in losses[41] - Net profit for the quarter was -¥16,352,452.27, slightly better than -¥17,739,863.74 from the same period last year, indicating a year-over-year improvement of about 7.8%[41] - Basic and diluted earnings per share remained at -¥0.03, consistent with the previous year[42] Cash Flow - The net cash flow from operating activities was -¥86,480,438.82, which is a decline of 9.91% compared to -¥78,683,119.04 in the previous year[7] - Cash received from sales of goods and services increased by 31.12% compared to the previous period, mainly due to an increase in tuition fees received[15] - Cash received from tax refunds increased by 100.00% compared to the previous period, mainly due to the refund of VAT credits[15] - Cash received from other operating activities increased by 304.15% compared to the previous period, mainly due to increased interest income[15] - The company reported a cash inflow of 186,365,325.18 CNY from operating activities, down from 419,500,000.00 CNY in the previous year[51] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,861,744,337.96, down 6.14% from ¥4,114,438,418.81 at the end of the previous year[7] - Total liabilities decreased from CNY 1,634,675,595.25 to CNY 1,398,255,281.70, a decrease of about 14.43%[33] - Current liabilities decreased from CNY 582,175,595.25 to CNY 358,255,281.70, a reduction of approximately 38.59%[33] - The company maintained long-term borrowings at CNY 1,040,000,000.00, unchanged from the previous period[33] - Total equity attributable to shareholders decreased from CNY 2,475,435,882.39 to CNY 2,459,970,851.44, a decline of approximately 0.62%[34] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,215[10] - The largest shareholder, Ba Da Chu Holdings Group, holds 28.84% of the shares, totaling 172,519,294 shares[10] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[11] Operational Metrics - Total operating costs increased to ¥118,651,588.20 from ¥105,745,383.54, representing a growth of approximately 12.5% year-over-year[40] - Other income for the quarter was ¥878,099.51, down from ¥915,039.40 year-over-year, indicating a decline of about 4.0%[40] - Financial expenses decreased to ¥15,773,011.38 from ¥17,340,619.96, a reduction of approximately 9.0%[40] - Tax expenses decreased to -¥4,394,821.48 from -¥5,148,542.85, showing a reduction of about 14.6%[41] Investment Activities - The company received 1,185,000,000.00 CNY from investment recoveries, reflecting a strong investment recovery strategy[51] - The total cash outflow from investment activities was 1,203,369,677.57 CNY, a significant increase from 40,617,836.82 CNY in the previous year[49] - The net cash flow from investment activities was -16,214,143.34 CNY, an improvement from -39,966,914.14 CNY year-over-year[49] Financial Reporting - The first quarter report was not audited, indicating preliminary financial data[60] - The company has not made any significant announcements regarding new products or market expansion in this report[60] - There were no adjustments made to the previous financial data under the new leasing standards[60] - The company is adjusting its financial statements in accordance with new leasing standards, which may affect future financial reporting[54]

Financial Performance - Operating revenue decreased by 3.57% to CNY 85,214,160.17 for the current period, and decreased by 7.53% to CNY 222,873,197.85 year-to-date[7] - Net profit attributable to shareholders was a loss of CNY 30,325,711.27, down 38.51% year-on-year, and a loss of CNY 96,305,217.98 year-to-date, down 24.12%[7] - Total revenue for Q3 2020 was CNY 85,214,160.17, a decrease from CNY 88,368,776.11 in the previous period[43] - The company reported a net loss of CNY 147,041,485.10, compared to a loss of CNY 50,736,267.12 in the same period last year[38] - The net profit for Q3 2020 was -97,588,322.73 CNY, compared to -77,483,211.42 CNY in Q3 2019, representing a 25.9% increase in net loss year-over-year[52] - The total operating profit for Q3 2020 was -128,062,825.37 CNY, an increase in loss from -101,594,007.37 CNY in the same period last year, indicating a 25.9% increase in operating loss[52] - The company reported a basic and diluted earnings per share of CNY -0.050, compared to CNY -0.040 in the same quarter last year[46] - The company’s total comprehensive loss for the quarter was CNY -30,836,030.04, compared to CNY -21,752,674.72 in the same period last year[46] Assets and Liabilities - Total assets increased by 14.32% to CNY 4,235,353,540.92 compared to the end of the previous year[7] - Total liabilities rose to CNY 1,720,298,558.81, up from CNY 1,553,111,384.24, indicating an increase of about 10.8%[37] - Owner's equity increased to CNY 2,515,054,982.11 from CNY 2,151,846,161.26, reflecting a growth of approximately 16.9%[38] - The company’s cash and cash equivalents increased by 77.41% to CNY 426,441,694.27 compared to the beginning of the year[15] - Total current liabilities reached CNY 623,808,308.15, up from CNY 525,766,090.11, indicating an increase of about 18.6%[37] - The company has a total of CNY 1,221,433,864.58 in fixed assets[66] Cash Flow - Net cash flow from operating activities increased significantly by 713.97% to CNY 203,142,524.22 for the current period[7] - The net cash flow from operating activities for Q3 2020 was ¥56,677,594.24, a decrease of 43.2% compared to ¥99,776,626.59 in Q3 2019[59] - The net cash flow from financing activities reached ¥589,040,423.08, compared to a negative cash flow of -¥220,598,140.64 in Q3 2019, indicating a strong improvement[60] - The total cash and cash equivalents at the end of Q3 2020 amounted to ¥925,940,617.90, up from ¥257,693,836.23 at the end of Q3 2019[60] - The cash flow from operating activities showed a total inflow of ¥331,861,236.62, down from ¥413,946,970.39 in Q3 2019[59] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,808[11] - The largest shareholder, Badachu Holdings Group, holds 28.84% of the shares, amounting to 172,519,294 shares[11] Investment Activities - The company's cash received from investment increased by CNY 58,000,000.00, a growth of 263.64%, mainly due to the maturity of wealth management products[18] - The company raised CNY 471,644,367.81 through a non-public offering of 99,713,397 shares, with a net amount of CNY 461,006,964.46 after deducting issuance costs[24] - Cash outflow for investment activities was ¥367,190,327.32, compared to ¥91,204,466.85 in the same period last year, reflecting increased investment efforts[60] Other Financial Metrics - The company's other income increased by CNY 2,465,617.66, a growth of 582.33%, mainly due to an increase in government subsidies received[17] - The company's investment income increased by CNY 461,793.92, a growth of 177.59%, primarily due to the expansion of bank wealth management product purchases[17] - The company incurred financial expenses of CNY 17,075,245.88, an increase from CNY 14,578,049.69 year-over-year[44] - Financial expenses for Q3 2020 amounted to 50,177,868.05 CNY, up from 44,591,442.66 CNY in Q3 2019, reflecting a 12% increase[52]

Financial Performance - The company's operating revenue for the reporting period was ¥137,659,037.68, a decrease of 9.82% compared to ¥152,654,754.01 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was -¥65,979,506.71, representing an increase in loss of 18.46% from -¥55,697,632.40 in the previous year[16]. - The net cash flow from operating activities was -¥146,464,929.98, a significant decline of 295.76% compared to ¥74,819,504.63 in the same period last year[16]. - The company's revenue for the reporting period was approximately ¥137.66 million, a decrease of ¥14.99 million compared to the same period last year, primarily due to declines in training and leasing business revenues[42]. - The net profit attributable to shareholders was approximately -¥65.98 million, a decrease of ¥10.28 million year-on-year, mainly due to the impact of the pandemic on training and leasing revenues, which fell by ¥8.72 million and ¥12.69 million respectively[42]. - The company reported a net loss of CNY 116,715,773.83 for the period, compared to a loss of CNY 50,736,267.12 in the previous year[145]. - The net cash flow from operating activities for the first half of 2020 was -CNY 146,464,929.98, compared to a positive CNY 74,819,504.63 in the first half of 2019, indicating a deterioration in operational performance[160]. - The company reported a total comprehensive loss of CNY 5,908,445.14 for the first half of 2020, compared to a loss of CNY 1,511,516.64 in the same period of 2019[160]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥4,081,912,043.80, reflecting a growth of 10.17% from ¥3,704,957,545.50 at the end of the previous year[16]. - The total liabilities amounted to CNY 160,565,396.54, significantly higher than CNY 2,726,555.57 in the previous year[150]. - The company's total assets at the end of the reporting period amounted to CNY 2,764,087,000, an increase from the previous period[174]. - The total liabilities at the end of the reporting period were 8,900.8 million yuan, indicating a leverage position that may require monitoring[170]. - The company's total liabilities at the end of the reporting period were CNY 2,083,470,000, showing a slight increase from the previous period[174]. Equity and Shareholder Information - The net assets attributable to shareholders of the listed company increased by 18.43% to ¥2,539,855,779.80 from ¥2,144,610,881.19 at the end of the previous year[16]. - The total equity attributable to shareholders increased to CNY 2,539,855,779.80 from CNY 2,144,610,881.19, marking an increase of about 18.4%[145]. - The total equity attributable to the parent company at the end of the previous year was 2,151 million yuan, with a decrease of 66.96 million yuan in the current period[166]. - The total equity at the end of the current period is reported at 2,545 million yuan, reflecting an increase from the previous period[167]. - The total number of ordinary shareholders at the end of the reporting period is 16,206[124]. - The largest shareholder, Ba Da Chu Holdings Group Co., Ltd., holds 32.60% of the shares, totaling 162,547,954 ordinary shares[124]. Cash Flow and Financing Activities - The net cash flow from financing activities increased by 435.81% to ¥617,140,663.60, mainly due to funds raised from a private placement[54]. - The company successfully completed a private placement of 99,713,397 shares at a price of ¥4.73 per share, raising a total of ¥471,644,367.81[50]. - The company reported cash and cash equivalents of ¥1.04 billion, which is 25.37% of total assets, an increase of 15.95% from the previous year[60]. - The company raised CNY 461,006,964.46 from investment activities in the first half of 2020, compared to no such inflow in the same period of 2019[164]. Educational Services and Market Position - The company operates two K12 international education schools in Beijing, which are positioned as high-end institutions with significant competitive advantages in hardware facilities, teaching staff, and curriculum[26]. - The company has expanded its quality education services beyond its schools to include sports, arts, technology, and language training, promoting its "Kevin特色" brand[26]. - The company aims to leverage its unique resources and high standards to capture the growing demand for international education, particularly in economically developed regions of China[27]. - The company has developed a bilingual curriculum system (THIC) for grades 1-12, meeting both Chinese national curriculum standards and U.S. core curriculum standards[36]. - The company has received multiple international accreditations for its educational programs, reflecting its strong capabilities in international education services[44]. Operational Challenges and Strategic Focus - The company has faced continuous operating losses due to significant fixed asset investments in its self-built school model, which cannot be covered by the growth in education business in the short term[80]. - The company plans to focus on a light asset operation model for future business expansion to mitigate the adverse impact of large depreciation expenses on performance[80]. - The company has implemented various effective measures to prevent risks associated with the pandemic, including online teaching and enhanced sanitation protocols[80]. - The company plans to enhance its educational services and profitability under the leadership of the newly elected board of directors[52]. - The company plans to focus on expanding its market presence and developing new educational technologies in the upcoming quarters[170]. Regulatory and Compliance Matters - The company is closely monitoring changes in K12 education industry policies to mitigate risks associated with regulatory changes[78]. - The company has not experienced any bankruptcy reorganization or significant litigation matters during the reporting period[87][88]. - The company has not engaged in entrusted financial management during the reporting period[111]. - The financial statements comply with the requirements of the enterprise accounting standards, reflecting the company's financial position and operating results accurately[188].