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].

Revenue and Profitability - Revenue for Q1 2020 was CNY 81,937,551.77, an increase of 1.80% compared to CNY 80,489,943.53 in the same period last year[7]. - The company reported a basic earnings per share of CNY -0.03, improving by 25.00% from CNY -0.04 in the previous year[7]. - Net profit attributable to shareholders was a loss of CNY 16,965,392.46, improving by 18.70% from a loss of CNY 20,868,802.96 year-on-year[7]. - The company reported a net loss of CNY 67,701,659.58 in retained earnings as of March 31, 2020, compared to a loss of CNY 50,736,267.12 at the end of 2019[32]. - The company reported a comprehensive loss of CNY 17,397,320.09, compared to a comprehensive loss of CNY 21,687,391.33 in the previous period[40]. - The net profit for Q1 2020 was -397,590.45 yuan, compared to -1,335,346.56 yuan in the same period last year, indicating an improvement of approximately 70.2%[44]. Cash Flow and Financing - Net cash flow from operating activities was a negative CNY 78,683,119.04, a decline of 21.06% compared to the previous year[7]. - Operating cash flow for Q1 2020 was -78,683,119.04 yuan, worsening from -64,995,191.29 yuan year-over-year[47]. - Cash inflow from operating activities was 14,842,093.91 yuan, down from 22,115,012.92 yuan in the previous year[46]. - Cash outflow from operating activities totaled 93,525,212.95 yuan, compared to 87,110,204.21 yuan in the same period last year[47]. - The company received 306,000,000.00 yuan from borrowings during Q1 2020, marking a significant cash inflow[48]. - The net cash flow from financing activities was 76,727,048.03 yuan, a recovery from a negative cash flow of -224,903,545.66 yuan in the previous year[48]. - The net cash flow from investment activities was CNY 16,446,556 in Q1 2020, compared to CNY 716,543,340 in the same period of 2019, indicating a significant decrease[51]. - The net cash flow from financing activities was CNY 55,765,356 in Q1 2020, a recovery from a negative cash flow of CNY 201,354,314 in Q1 2019[51]. - The company reported a significant cash outflow of CNY 199,000,000 for debt repayment in Q1 2020[51]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,644,502,889.32, down 1.63% from CNY 3,704,957,545.50 at the end of the previous year[7]. - The company's total assets amounted to CNY 3,644,502,889.32, a decrease from CNY 3,704,957,545.50 as of December 31, 2019[32]. - The company's total liabilities decreased to CNY 1,510,054,048.15 from CNY 1,553,111,384.24, representing a reduction of about 2.8%[31]. - Total liabilities amounted to CNY 104,847,155.41, a significant increase from CNY 2,726,555.57 in the previous period[35]. - The company's equity attributable to shareholders decreased to CNY 2,127,988,032.38 from CNY 2,144,610,881.19, a decline of approximately 0.8%[32]. - The total equity of the company was CNY 2,308,591,613.35, slightly down from CNY 2,308,989,203.80[35]. Operating Costs and Expenses - Total operating costs decreased to CNY 105,745,383.54 from CNY 107,616,776.32, with operating costs specifically at CNY 66,897,003.90, up from CNY 64,769,073.63[38]. - Financial expenses for the quarter were CNY 17,340,619.96, up from CNY 13,808,410.79 in the previous period[38]. - The company paid 48,678,579.66 yuan to employees in Q1 2020, an increase from 42,459,541.25 yuan in the previous year[47]. Other Financial Information - The company did not engage in any securities investment, entrusted financial management, or derivative investments during the reporting period[20][21][22]. - The company held no non-operating fund occupation by controlling shareholders or related parties during the reporting period[24]. - The company has not conducted any research, communication, or interview activities during the reporting period[25]. - The company has not undergone an audit for the Q1 2020 report, which may affect the reliability of the financial data presented[57]. - The company is implementing new revenue and leasing standards starting in 2020, which may impact future financial reporting[52].

Financial Performance - The company's operating revenue for 2019 was approximately ¥794.73 million, representing a 228.68% increase compared to ¥241.79 million in 2018[16]. - The net profit attributable to shareholders for 2019 was approximately ¥37.95 million, a significant recovery from a loss of ¥97.95 million in 2018, marking a 138.75% improvement[16]. - The net cash flow from operating activities reached approximately ¥22.05 million, a dramatic increase of 4,069.45% from ¥0.53 million in 2018[16]. - The basic earnings per share for 2019 was ¥0.08, compared to a loss of ¥0.20 per share in 2018, reflecting a 140.00% increase[16]. - Total assets at the end of 2019 were approximately ¥3.70 billion, a decrease of 2.73% from ¥3.81 billion at the end of 2018[16]. - The net assets attributable to shareholders increased by 1.81% to approximately ¥2.14 billion at the end of 2019, compared to ¥2.11 billion at the end of 2018[16]. - The weighted average return on equity for 2019 was 1.79%, recovering from -4.55% in 2018[16]. - The company has faced significant challenges in achieving positive net profit, with a net profit excluding non-recurring gains and losses of approximately -¥174.62 million in 2019, a 64.97% increase in losses compared to 2018[16]. Revenue Breakdown - The total revenue for 2019 reached RMB 794,733,846.86, representing a 228.68% increase compared to RMB 241,794,253.76 in 2018[57]. - The education sector contributed RMB 305,191,364.95, accounting for 38.40% of total revenue, with a year-on-year growth of 46.20%[57]. - The other sectors generated RMB 489,542,481.91, which is 61.60% of total revenue, showing a significant increase of 1,381.68% compared to RMB 33,039,701.63 in 2018[57]. - The gross profit margin for the education sector was -0.20%, while the other sectors had a gross profit margin of 49.86%[59]. Education Services - The company achieved education service revenue of CNY 282.23 million in 2019, representing a growth of 47.58% compared to the previous year[40]. - The gross margin for education service business turned positive, indicating improved overall operational capability[40]. - The company operates two K12 international schools in Beijing, focusing on quality education and differentiated competitive advantages[25]. - The company aims to expand its international education services by providing course design, teaching management, and operational support[26]. - The company emphasizes small class teaching and dual-class teacher systems to improve teaching quality and management[34]. - The integration of international school operations and quality education services creates a unique competitive advantage for the company[40]. - The company has established a comprehensive education service system, including curriculum design, teacher management, and quality education services[36]. Strategic Initiatives - The company plans to raise up to RMB 1 billion through a private placement to invest in a high-quality youth education platform project[51]. - The company has received approval for a private placement of up to 99,713,397 new shares as of October 12, 2019[52]. - The company aims to enhance its core competitiveness in talent through recruitment and internal training strategies[53]. - The company plans to optimize its organizational structure and resource allocation dynamically as it expands its asset scale in the education sector[105]. - The company aims to integrate quality sports programs with education, establishing a unique position in the youth sports training market[93]. Market Environment - The education industry in China is experiencing growth, driven by increasing family spending on education and a shift towards holistic and quality education approaches[83]. - Recent regulatory changes, such as the revised Private Education Promotion Law, are expected to support the healthy development of the private education sector in China[84]. - The private education sector is expected to grow steadily due to increasing demand for international education and the rising emphasis on quality education among Chinese families[86]. - The Ministry of Education's policies are increasingly supportive of comprehensive quality education, creating a favorable environment for the development of the education sector[90]. Shareholder and Governance - The company did not distribute cash dividends for the fiscal year 2019, 2018, and 2017, with a total cash dividend amount of 0.00[110]. - The company's profit available for distribution to ordinary shareholders was positive, but it did not propose a cash dividend distribution plan due to negative profits in the consolidated financial statements[112]. - The company has committed to not utilizing its control over the listed company to harm the interests of minority shareholders, ensuring compliance with relevant regulations[136]. - The company has established a framework to avoid potential conflicts of interest with Kevin Education, ensuring a cooperative business environment[125]. Operational Challenges - The company has faced challenges in achieving its profit targets due to rising costs and market conditions affecting its business segments[138]. - The company has implemented various effective measures to mitigate risks associated with the ongoing pandemic, including the initiation of online teaching[105]. - The company has acknowledged that its performance did not meet the original profit forecast due to significant investments in teaching quality and campus environment improvements[138]. Related Party Transactions - The company reported a significant related party transaction involving a rental agreement with Tianjin TEDA Construction Group, amounting to CNY 328.97 million, which represents 25.27% of similar transactions[152]. - A related party transaction for property management services was recorded at CNY 1,151.8 million, accounting for 82.02% of similar transactions[153]. - The company has committed to ensuring that related party transactions are conducted at fair market prices, adhering to legal and regulatory requirements[134]. Subsidiaries and Investments - The company has established new subsidiaries, including Tianjin Kevin Hui Education Management Co., Ltd. and Beijing Kevin Camp Education Technology Co., Ltd.[63]. - The company added three new subsidiaries during the reporting period, including Tianjin Kaiwenhui Education Management Co., Ltd., Beijing Kaiwen Camp Education Technology Co., Ltd., and Beijing Kaiwen Psychological Education Technology Co., Ltd.[145]. Investor Relations - The company has engaged in multiple investor relations activities throughout the reporting period to maintain communication with institutional investors[106]. - The company strictly adheres to legal regulations and actively manages investor relations through timely information disclosure[172].

Financial Performance - Operating revenue for the reporting period was CNY 88,368,776.11, an increase of 30.14% year-on-year, while year-to-date revenue reached CNY 241,023,530.12, up 53.24%[7] - Net profit attributable to shareholders was a loss of CNY 21,894,271.22, a decrease of 10.99% compared to the same period last year[7] - The company's operating revenue increased by CNY 83,739,459.35, a growth of 53.24%, primarily due to the expansion of enrollment and increased education service income[16] - The company's operating costs rose by CNY 56,618,249.11, an increase of 33.83%, mainly due to the growth in the number of teachers and direct teaching costs associated with the expanded enrollment[17] - The company's financial expenses increased by CNY 22,991,194.33, a growth of 106.44%, mainly due to increased interest expenses from long-term bank loans obtained in the previous year[17] - The net loss for Q3 2019 was ¥22,034,826.39, compared to a net loss of ¥18,772,706.79 in the previous year, reflecting a deterioration of approximately 17.5%[43] - The net loss for the quarter was ¥77,483,211.42, compared to a net loss of ¥70,060,756.95 in the previous year, reflecting a decline of approximately 10.5%[51] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,658,300,990.40, a decrease of 3.95% compared to the end of the previous year[7] - Total current assets decreased from CNY 688,030,471.65 to CNY 560,640,492.97, a decline of approximately 18.6%[33] - Total liabilities decreased from CNY 1,693,702,448.00 to CNY 1,620,392,270.60, a reduction of about 4.3%[34] - The company's total equity decreased from CNY 2,115,066,099.68 to CNY 2,037,908,719.80, a drop of approximately 3.7%[35] - Long-term borrowings increased from CNY 990,000,000.00 to CNY 1,040,000,000.00, reflecting a growth of approximately 5.1%[34] - The company reported a short-term loan of CNY 199,000,000.00 and a long-term loan of CNY 990,000,000.00[68] Cash Flow - Net cash flow from operating activities was CNY 24,957,121.96, an increase of 117.47% year-on-year[7] - Cash generated from operating activities was ¥389,187,647.38, compared to ¥317,682,734.20 in the previous year, showing an increase of about 22.5%[58] - The net cash flow from investing activities was -¥66,831,072.16, an improvement from -¥414,614,531.64 year-over-year[60] - The net cash flow from financing activities was -¥220,598,140.64, compared to a positive cash flow of ¥936,419,641.49 in the same quarter last year[60] Receivables and Prepayments - Accounts receivable increased by CNY 9,149,140.15, a growth of 195.60%, due to increased revenue from educational services[15] - Prepayments increased by CNY 15,721,881.81, a growth of 212.93%, mainly due to increased prepayments for course development and cooperation fees[15] - The company's prepayments increased by CNY 118,183,290.90, a growth of 68.99%, primarily due to pre-collection of tuition fees for the new academic year[16] Inventory and Deferred Tax - Inventory increased by CNY 253,705.71, a growth of 378.22%, due to increased purchases of raw materials[15] - Deferred tax assets increased by CNY 36,772,532.64, a growth of 58.61%, due to an increase in deductible loss amounts[15] - Deferred tax assets increased from CNY 62,738,017.47 to CNY 99,510,550.11, an increase of about 58.7%[33] Strategic Decisions - The company plans to issue up to 99,713,397 shares in a non-public offering, raising a total of up to CNY 1 billion for the "High-Quality Youth Quality Education Platform Project"[22] - The company terminated the acquisition of WCC three colleges to avoid uncertainties affecting its international education layout and instead focused on cooperation with Rider University[23] Market and Product Development - The company has not reported any new product launches or technological advancements in this quarter[49] - There are no indications of market expansion or mergers and acquisitions mentioned in the report[49] - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[74]

Financial Performance - The company's operating revenue for the reporting period was ¥152,654,754.01, representing a 70.79% increase compared to ¥89,382,042.19 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was -¥55,697,632.40, a decrease of 7.78% from -¥51,679,144.94 in the previous year[18]. - The net cash flow from operating activities was ¥74,819,504.63, up 51.98% from ¥49,228,891.98 in the same period last year[18]. - Revenue for the reporting period reached RMB 152.65 million, a 70.79% increase compared to RMB 89.38 million in the same period last year, primarily due to expanded enrollment[55]. - Operating costs increased by 32.85% to RMB 145.93 million, driven by higher teaching costs and an increase in the number of teachers due to expanded enrollment[55]. - The net loss for the first half of 2019 was CNY 55,448,385.03, compared to a net loss of CNY 51,288,050.16 in the same period of 2018, reflecting a decline of 8.4%[143]. - The company reported a total comprehensive loss of CNY 55,404,705.16 for the first half of 2019, compared to a loss of CNY 51,268,810.87 in the same period of 2018[144]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,703,219,599.61, down 2.77% from ¥3,808,768,547.68 at the end of the previous year[18]. - The total liabilities decreased from CNY 1,693,702,448.00 to CNY 1,643,558,205.09, a reduction of approximately 2.96%[135]. - The company's long-term borrowings increased from CNY 990,000,000.00 to CNY 1,040,000,000.00, reflecting an increase of about 5.06%[135]. - The company's total liabilities at the end of the reporting period were CNY 1,669,000,000, indicating a slight increase[163]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 12,799[117]. - The largest shareholder, Badachu Holdings Group Co., Ltd., held 32.60% of the shares, amounting to 162,547,954 shares[117]. - The total number of shares before the change was 498,566,900, with no new shares issued during the reporting period[114]. - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[119]. Educational Operations - The company operates two K12 international schools in Beijing, which are positioned advantageously in terms of facilities, faculty, and curriculum[26]. - The international education industry is characterized by regional concentration, with a significant presence in economically developed areas such as Guangdong, Shanghai, Jiangsu, and Beijing[28]. - The company has established a comprehensive STEM curriculum and collaborates with various science museums and institutions for experiential learning[26]. - The company achieved a revenue of 153 million yuan during the reporting period, focusing on education services, sports training, and brand output as key profit points[38]. Strategic Initiatives - The company plans to raise up to RMB 1 billion through a private placement, with proceeds aimed at developing a high-quality youth education platform[52]. - The company is actively promoting its brand through open days and standardized school tours, aiming to enhance its enrollment for the 2019-2020 academic year[48]. - The company is closely monitoring industry policy changes to mitigate risks associated with regulatory compliance[73]. Legal and Compliance Matters - The company is involved in a significant lawsuit with an amount of 141.9935 million yuan, but it is not expected to materially impact the company[85]. - Another lawsuit involves an amount of 157.1136 million yuan, which is also not expected to have a substantial effect on the company[86]. - The company did not face any penalties or rectification issues during the reporting period[88]. Financial Management - The company reported no fundraising activities during the reporting period[68]. - The company did not sell any major assets during the reporting period[70]. - The company has not reported any significant guarantees during the reporting period[100]. - The company’s financial report was approved by the board of directors on August 15, 2019, ensuring compliance with regulatory requirements[175].

Financial Performance - The company's revenue for Q1 2019 was ¥80,489,943.53, representing a 98.78% increase compared to ¥40,492,953.37 in the same period last year[7]. - The net profit attributable to shareholders was -¥20,868,802.96, an improvement of 30.68% from -¥30,106,102.85 year-on-year[7]. - The company's operating revenue increased by ¥39,996,990.16, a growth of 98.78%, primarily due to an increase in education service income[15]. - Total operating revenue for the current period reached ¥80,489,943.53, a significant increase from ¥40,492,953.37 in the previous period, representing a growth of 99%[38]. - The net loss for the current period was ¥21,486,694.87, an improvement compared to a net loss of ¥30,053,576.86 in the previous period, reflecting a reduction of approximately 29%[40]. - The basic and diluted earnings per share improved to -0.04 from -0.06, indicating a positive trend in financial performance[41]. - The company reported a total comprehensive loss of ¥21,687,391.33, compared to a loss of ¥30,202,625.85 in the previous period, indicating a decrease of approximately 28%[41]. Cash Flow - The net cash flow from operating activities was -¥64,995,191.29, a decline of 66.77% compared to -¥38,973,473.60 in the previous year[7]. - The company reported a total cash outflow from operating activities of 87,110,204.21 CNY, compared to 61,560,151.53 CNY in the previous year, reflecting increased operational costs[48]. - The cash inflow from operating activities was 22,115,012.92 CNY, slightly down from 22,586,677.93 CNY year-over-year[48]. - The total cash inflow from investment activities was 8,826,989.42 CNY, while cash outflow was 31,226,114.22 CNY, resulting in a net cash flow from investment activities of -22,399,124.80 CNY[49]. - The net cash flow from financing activities was -224,903,545.66 CNY, a significant decrease compared to a net inflow of 121,206,609.94 CNY in the previous year[49]. - The company received 8,000,000.00 CNY from investment recoveries, which was not reported in the previous year[49]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,517,949,424.50, down 7.64% from ¥3,808,768,547.68 at the end of the previous year[7]. - Total liabilities decreased from CNY 1,693,702,448.00 to CNY 1,424,570,716.15, a decrease of approximately 15.87%[31]. - Current liabilities decreased from CNY 703,702,448.00 to CNY 434,570,716.15, a reduction of about 38.29%[31]. - Owner's equity decreased from CNY 2,115,066,099.68 to CNY 2,093,378,708.35, a decline of about 1.03%[32]. - Total current assets decreased from CNY 2,283,684,686.20 to CNY 2,082,529,104.19, a decline of about 8.81%[35]. Expenses - Tax expenses rose by ¥3,015,683.79, a staggering increase of 3,246.99%, mainly due to higher property tax[15]. - Sales expenses decreased by ¥2,115,733.66, down 58.02%, attributed to large advertising fees paid in the previous period[15]. - Management expenses increased by ¥10,137,362.98, a growth of 71.08%, primarily due to an increase in employee numbers[15]. - Financial expenses rose by ¥9,731,120.88, an increase of 238.67%, mainly due to the growth in financing scale[15]. - Cash paid for purchasing goods and services increased by ¥12,739,319.08, a growth of 122.08%, due to the expansion of overall business scale[17]. - Cash paid to employees increased by ¥12,377,177.59, a growth of 41.14%, due to business expansion and an increase in staff[17]. Shareholder Information - The company had a total of 13,717 common shareholders at the end of the reporting period[10]. - The top shareholder, Badachu Holdings Group, held 32.60% of the shares, amounting to 162,547,954 shares[10]. - The company did not engage in any repurchase transactions among the top shareholders during the reporting period[11]. Future Plans - The company plans to issue up to 99,713,397 shares in a non-public offering, raising a total of up to ¥1 billion for a youth education platform project[20]. - The acquisition of Westminster Choir College and related assets was completed for a total price of $40 million[20]. Other Information - The first quarter report was not audited, indicating preliminary financial data[59]. - The company has not applied the new financial instrument and lease standards retrospectively[59].

Business Focus and Structure - The company reported a significant shift in its main business focus from bridge steel structure to education and related industries since November 2017[16]. - The company’s stock was renamed from Zhongtai Bridge to Kaiwen Education on January 24, 2018[13]. - The company’s controlling shareholder is Ba Da Chu Holdings Group Co., Ltd., which took control in July 2016[16]. - The company has a total of 12 wholly-owned subsidiaries and one controlling subsidiary in the education sector[11]. - The company’s registered capital and operational address are located in Beijing, indicating its strategic positioning in the education market[13]. - The company has established new subsidiaries, including Kaiwen Education US, Inc., and Princeton Westminster International, LLC, expanding its operational footprint[67]. - The company has established several new subsidiaries during the reporting period, including Beijing Chaoyang Kaiwen School and Hunan Kaiwen Xingyi Education Technology Co., Ltd., which have not yet commenced actual operations[97]. Financial Performance - The company does not plan to distribute cash dividends or issue bonus shares for the year[6]. - The company’s financial report is audited by Huapu Tianjian Accounting Firm, ensuring the accuracy and completeness of financial data[17]. - The company has not made any adjustments or restatements to previous years' accounting data[18]. - The company's operating revenue for 2018 was ¥241,794,253.76, a decrease of 61.01% compared to ¥620,212,284.80 in 2017[19]. - The net profit attributable to shareholders was -¥97,954,180.65, representing a decline of 521.14% from ¥23,259,140.11 in the previous year[19]. - The total assets at the end of 2018 were ¥3,808,768,547.68, reflecting a growth of 21.10% from ¥3,145,033,562.10 at the end of 2017[19]. - The net assets attributable to shareholders decreased by 4.41% to ¥2,106,414,505.27 from ¥2,203,626,501.33 in 2017[19]. - The basic and diluted earnings per share were both -¥0.20, a decline of 500.00% from ¥0.05 in 2017[19]. - The weighted average return on equity was -4.55%, down from 1.03% in the previous year[19]. - The total revenue for 2018 was approximately ¥241.79 million, a decrease of 61.01% compared to ¥620.21 million in 2017[59]. - The education sector contributed ¥208.75 million, accounting for 86.34% of total revenue, with a year-on-year increase of 127.84%[59]. - The revenue from miscellaneous fees was ¥191.24 million, representing 79.10% of total revenue, with a growth of 139.12% compared to the previous year[59]. Cash Flow and Investments - The net cash flow from operating activities improved to ¥528,848.08, a significant increase of 100.29% from -¥180,032,497.43 in 2017[19]. - Operating cash inflow decreased by 52.62% to ¥358,146,671.64 compared to ¥755,965,441.47 in the previous year[73]. - Operating cash outflow decreased by 61.79% to ¥357,617,823.56 from ¥935,997,938.90 year-on-year[73]. - Investment cash inflow dropped by 98.12% to ¥24,145,734.62 from ¥1,285,285,518.36 year-on-year[75]. - The total investment amount for the reporting period was ¥55,770,000.00, a decrease of 88.89% from ¥501,879,400.00 in the previous year[83]. - The company plans to raise up to ¥1 billion through a private placement of shares, with the funds aimed at developing a high-quality youth education platform[54]. Educational Offerings and Development - The company operates two K12 international schools in Beijing, focusing on high-quality education and various training programs[28]. - The company has established a comprehensive STEM curriculum and collaborates with multiple science museums for experiential learning[28]. - The company is expanding its sports and arts education offerings, collaborating with international institutions to enhance its program diversity[36]. - The company has developed a proprietary sports curriculum, offering specialized courses in baseball, tennis, golf, fencing, football, ice hockey, swimming, and more, tailored for students at Haidian and Chaoyang Kevin Schools[48]. - The company has introduced a comprehensive curriculum that includes IB programs, which are highly recognized by universities in North America and Europe[45]. - The company is focusing on STEM education development, collaborating with top-tier institutions to enhance its curriculum and teaching methods[49]. Market and Industry Trends - The international education sector is characterized by regional concentration, primarily in economically developed areas such as first-tier cities[30]. - The demand for international education is increasing, driven by globalization and rising household income, making it a key growth area for educational institutions[100]. - The number of international schools in China increased by 11.85% in 2018, totaling 821 schools, with private international schools surpassing public schools for the first time[100]. - The Chinese government aims for the K-12 student population to reach 212 million by 2020, indicating a significant market expansion potential[102]. - The youth sports training market in China is approximately ¥230.6 billion and is expected to continue growing[108]. Governance and Compliance - The company has committed to maintaining transparency in its financial disclosures through designated media and official websites[15]. - The company has ensured compliance with the disclosure obligations and approval procedures as mandated by relevant laws and regulations[124]. - The company has not reported any major asset or equity sales during the reporting period[94][95]. - The company has not encountered any issues regarding the management and use of raised funds, ensuring compliance with regulatory requirements[92]. - The company has confirmed that there are no significant differences between transaction prices and market reference prices[143]. Shareholder and Management Changes - The company has reported significant changes in its board and management personnel, with several key positions being filled or vacated during 2018[189]. - The company experienced a change in management, with three senior executives resigning on November 27, 2017, leading to a lock-up period for their shares[173]. - The company has a total of 12,497 common shareholders as of the end of the reporting period[177]. - The company has implemented a share lock-up policy for departing executives, restricting their share transfers for six months[173]. - The company’s governance structure includes a supervisory board with representatives from various educational backgrounds[197]. Social Responsibility and Compliance - The company emphasizes its commitment to social responsibility, focusing on stakeholder interests and educational contributions[162]. - The company maintains compliance with environmental regulations and is not classified as a key pollutant discharge unit[164]. - The company has not initiated any poverty alleviation programs during the reporting year and has no plans for future initiatives[163].

Financial Performance - Operating revenue for the period was ¥67,902,028.58, down 68.82% year-on-year[8] - Net profit attributable to shareholders was -¥19,725,912.80, a decrease of 46.13% compared to the same period last year[8] - The company reported a basic earnings per share of -¥0.0396, a decline of 43.48% year-on-year[8] - Operating revenue for the reporting period decreased by ¥291,790,003.76, a decline of 64.98%, due to the divestment of the bridge steel structure business[18] - Cash received from sales of goods and services decreased by ¥272,482,658.3, a decline of 46.17%, due to the divestment of the bridge steel structure business[19] - Cash paid for purchasing goods and services decreased by ¥304,974,284.87, a decline of 82.51%, due to the divestment of the bridge steel structure business[20] - The company expects a net loss for 2018, estimated between ¥98,000,000 and ¥85,000,000, compared to a net profit of ¥23,259,100 in 2017[27] Assets and Liabilities - Total assets increased to ¥3,786,163,555.36, a growth of 20.39% compared to the previous year[8] - Cash and cash equivalents increased by ¥547,297,906.12, a growth of 331.56% due to a bank loan of ¥1 billion received during the period[16] - Accounts receivable increased by ¥13,002,518.78, a staggering growth of 10,070.46% primarily due to increased rental income[16] - As of the end of the reporting period, accounts payable decreased by ¥376,028,823.59, a decline of 77.72%, mainly due to payments for project settlement[17] - The company’s advance receipts increased by ¥133,532,236.74, a growth of 140.06%, primarily due to the pre-collection of tuition fees for the 2018-2019 academic year[17] - The company’s long-term borrowings increased by ¥1,000,000,000, a growth of 100%, due to obtaining a long-term loan[17] - Other payables increased by ¥14,343,767.4, a growth of 47.58%, mainly due to an increase in rental deposits received[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 11,963[12] - The largest shareholder, Badachu Holdings Group, holds 32.60% of the shares, totaling 162,547,954 shares[12] Government Support and Future Plans - The company received government subsidies amounting to ¥595,900 during the reporting period[9] - The company plans to raise up to ¥1,000,000,000 through a non-public stock issuance to fund a high-quality youth education platform project[25]

Financial Performance - The company's operating revenue for the reporting period was ¥89,382,042.19, a decrease of 61.35% compared to ¥231,266,909.27 in the same period last year[18]. - The net profit attributable to shareholders was -¥51,679,144.94, representing a decline of 104.15% from -¥25,314,001.34 in the previous year[18]. - The basic and diluted earnings per share were both -¥0.10, a 100% decline from -¥0.05 in the same period last year[18]. - The weighted average return on net assets was -2.37%, down from -1.14% in the previous year[18]. - The company reported a significant increase in cash flow from operating activities, amounting to ¥49,228,891.98, which is a 177.66% increase compared to ¥17,729,918.34 in the previous year[53]. - The company reported a net loss of approximately ¥41.12 million for the period, compared to a net loss of ¥31.04 million in the previous period[77]. - The expected net profit for the first nine months of 2018 is projected to be between -¥75 million and -¥65 million, indicating a worsening performance compared to a net profit of -¥36.62 million in the same period of 2017[78]. - The company reported a total revenue of 15,711.36 million CNY for the first half of 2018[92]. - The total comprehensive loss for the period was -¥51,268,810.87, compared to -¥26,759,356.68 in the previous period[150]. Assets and Liabilities - The total assets at the end of the reporting period were ¥3,184,470,613.66, reflecting a 1.25% increase from ¥3,145,033,562.10 at the end of the previous year[18]. - The company's total liabilities reached CNY 1,026,255,473.86, up from CNY 933,979,332.45 at the start of the period, indicating a significant increase in liabilities[141]. - The total equity attributable to the parent company decreased to CNY 2,152,583,456.07 from CNY 2,203,626,501.33, reflecting a decline of about 2.3%[142]. - The cash and cash equivalents at the end of the reporting period were 165,757,917.4 CNY, representing 5.21% of total assets, a decrease of 2.61% from the previous year[60]. - The company's total liabilities decreased from ¥383,169,282.32 to ¥254,892,231.79, a reduction of 33.5%[149]. Investments and Acquisitions - The acquisition of Westminster Choir College and related assets from Rider University marks a strategic expansion into high-end arts education, enhancing the company's international presence[49]. - The company plans to raise up to ¥1 billion through a private placement of shares to invest in a high-quality youth education platform project[50]. - The company aims to expand its market share and brand influence through acquisitions and partnerships with renowned educational institutions, enhancing its comprehensive strength in international education[38]. - The company has established several new subsidiaries, including Kevin Education US LLC and Hunan Kevin Xingyi Education Technology Co., Ltd., although these have not yet commenced actual operations[77]. - The company’s long-term equity investments were valued at 200,861.58 CNY, representing 0.01% of total assets, with no significant changes reported[60]. Education Sector and Market Position - Kevin Education operates two K12 international schools in Beijing, focusing on cultivating students with a sense of national identity and international perspective[26]. - The company has established a comprehensive international education ecosystem, including K12 education, sports and arts training, camp education, and brand output[25]. - The education sector contributed ¥81,882,042.19, accounting for 91.61% of total revenue, with a year-on-year increase of 232.20%[56]. - The company is positioned to benefit from the increasing recognition of private education in society, as parents seek international schooling options for their children[30]. - The company focuses on K12 education, leveraging its strong reputation and quality resources in Beijing's education market, particularly through its Haidian and Chaoyang campuses[42]. Risks and Challenges - The company has detailed the major risks it will face in the future in the report[4]. - The company faces risks related to industry policy changes and market competition, which it plans to mitigate by enhancing teaching quality and monitoring regulatory developments[79][80]. - The company has not declared any cash dividends or stock bonuses for the half-year period[87]. - The half-year financial report has not been audited, indicating a potential area of concern for investors[89]. Cash Flow and Financial Management - The net cash flow from investing activities was -CNY 180,099,309.06, an improvement from -CNY 403,155,182.81 in the previous period[157]. - The net cash flow from financing activities was CNY 166,673,259.13, down 60.3% from CNY 420,561,448.23 in the previous period[157]. - The company's investment activities generated a net cash outflow of ¥180,099,309.06, a 56.97% improvement from the previous year's outflow of ¥403,155,182.81[53]. - The company has implemented a talent acquisition strategy to ensure a strong supply of qualified educators, with over 50% of teachers holding master's or doctoral degrees[51]. Shareholder Information - The total number of shares before the change was 498,566,900, with a slight decrease in restricted shares to 187,572,200[118]. - The largest shareholder, Ba Da Chu Holdings Group Co., Ltd., holds 32.60% of the shares, totaling 162,547,954 shares[125]. - The company has not issued any securities during the reporting period[123]. - The total number of ordinary shareholders at the end of the reporting period is 12,336[125]. Legal and Compliance Issues - The company is involved in a legal dispute related to a project with a claimed amount of ¥141.99 million, which is currently in the pre-trial preparation stage[91]. - The company has signed a settlement agreement with China Communications Construction Company, which limits potential liabilities from ongoing litigation[93]. - The company faced a fine of 200,000 CNY due to unauthorized construction activities related to the Kevin International School project, which has since been corrected[95]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern assumption, with no identified issues affecting the company's ability to continue operations[177]. - The company adheres to the accounting standards, ensuring that financial reports accurately reflect its financial position and performance[179]. - The company follows specific accounting treatments for mergers and acquisitions, including fair value measurement for identifiable assets and liabilities[183].

Revenue and Profit - Revenue for Q1 2018 was CNY 40,492,953.37, a decrease of 54.46% compared to CNY 88,910,556.05 in the same period last year[8] - Net profit attributable to shareholders was CNY -30,106,102.86, representing a decline of 2,637.69% from CNY 1,186,358.58 year-over-year[8] - The company's operating revenue decreased by 48,417,602.68, a decline of 54.46%, primarily due to the divestiture of its bridge steel structure business[16] - The company expects a net loss for the first half of 2018, with an estimated loss between -55,000,000 and -45,000,000, compared to a net loss of -25,314,000 in the same period of 2017[24] Cash Flow and Financial Position - The net cash flow from operating activities was CNY -38,973,473.60, an improvement of 12.32% compared to CNY -44,451,239.74 in the previous year[8] - Cash and cash equivalents decreased by CNY 76,026,528.83, a decline of 46.06% due to significant payments for project costs and bank loan repayments[15] - Cash received from sales of goods and services decreased by 239,435,298.04, a decline of 92.07%, attributed to the divestiture of the bridge steel structure business[18] - Cash paid for purchasing goods and services decreased by 139,024,080.71, a decline of 93.02%, also due to the divestiture of the bridge steel structure business[18] - The company’s cash flow from financing activities saw a significant decrease in cash received from borrowings, down by 594,500,000.00, a decline of 74.87%[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,082,728,242.32, down 1.98% from CNY 3,145,033,562.10 at the end of the previous year[8] - The number of ordinary shareholders at the end of the reporting period was 12,698[11] - Accounts receivable increased by CNY 237,214.70, a growth of 183.72%, primarily due to increased catering service revenue[15] - Prepayments surged by CNY 2,106,145.18, a growth of 4,183.25%, mainly due to advance payments for teaching equipment[15] - Other payables increased by CNY 184,559,692.46, a rise of 629.85%, mainly due to an increase in shareholder loans[15] Expenses and Financial Performance - The weighted average return on net assets was -1.38%, down from 0.05% in the previous year[8] - The company’s financial expenses increased by 1,095,972.80, a growth of 36.76%, due to the capitalization of all borrowing interest this period[16] - The company’s tax expenses decreased by 9,597,553.54, a decline of 2909.11%, due to the recognition of deferred tax expenses based on total profit[17] - Investment income decreased by 2,341,284.43, a decline of 97.73%, mainly due to a reduction in the amount of financial products purchased[16] - Cash received from investment decreased by 492,019,909.56, a decline of 100%, as there were no financial products maturing this period[19] - The company's sales expenses increased by 2,755,705.16, a growth of 309.39%, mainly due to increased marketing efforts for school enrollment[16]