OFFCN EDU(SZ:002607)2021-04-28 16:00Financial Performance - The net profit attributable to the parent company for 2020 was 1,902.68 million RMB, achieving a performance commitment rate of 122.28% over three years[5]. - The company reported a non-recurring net profit of 1,902.68 million RMB for 2020, compared to 1,719.20 million RMB in 2019, reflecting a year-over-year growth of approximately 10.6%[5]. - The company has achieved net profits of 1,122.78 million RMB in 2018, 1,719.20 million RMB in 2019, and 1,902.68 million RMB in 2020, meeting the performance commitments set during the major asset restructuring[5]. - The company's operating revenue for 2020 was ¥11,202,494,295.04, representing a 22.08% increase compared to ¥9,176,129,995.89 in 2019[18]. - The net profit attributable to shareholders for 2020 was ¥2,304,357,742.74, a 27.70% increase from ¥1,804,548,688.01 in 2019[18]. - The basic earnings per share for 2020 was ¥0.37, up 27.59% from ¥0.29 in 2019[18]. - The company achieved total revenue of ¥11,202,494,295.04, representing a year-on-year growth of 22.08%[50]. - Net profit attributable to shareholders reached ¥2,304,357,742.74, an increase of 27.70% compared to the previous year[50]. Market Expansion and Strategy - The company is focused on expanding its market presence and enhancing its product offerings in the education technology sector[5]. - The company operates over 1,600 direct outlets and is expanding rapidly into thousands of counties and universities across China[28]. - The company plans to continue channel innovation and expansion, focusing on lower-tier cities and universities[109]. - The company is positioned to benefit from increased public service investments in education and healthcare as outlined in the "14th Five-Year Plan"[32]. - The company plans to expand its market presence in tier-2 and tier-3 cities, targeting a 30% increase in user acquisition in these regions[135]. - The company aims to minimize and regulate related party transactions with its subsidiaries after the completion of the transaction[140]. Research and Development - The company has a dedicated R&D team of over 3,000 and a teaching staff of more than 18,000, totaling over 45,000 employees[29]. - The company has established a dedicated research and development team of over 3,000 professionals, enhancing innovation and efficiency in product development[40]. - The company maintains a heavy investment in R&D to strengthen its leading position in the vocational education innovation platform[105]. - The company emphasized the importance of technology innovation, allocating 10% of its revenue towards R&D in 2021[135]. Operational Efficiency - The digital transformation efforts have significantly improved operational efficiency, enabling near real-time responsiveness to market changes[43]. - The vertical integration and rapid response capabilities of the company support sustained high growth and operational efficiency, with over 1,600 operational outlets covering 300 prefecture-level cities[41]. - The company has integrated online and offline product offerings to effectively respond to challenges posed by the pandemic[119]. - The company is committed to management innovation to enhance digital operational potential and integrate online and offline business models[114]. Employee and Corporate Governance - The company has maintained a focus on employee rights and performance evaluation to foster a supportive work environment[118]. - The company commits to independent bank account management, avoiding shared accounts with related parties[137]. - The company guarantees independent financial decision-making and tax compliance after the transaction[137]. - The company has outlined a commitment to uphold the independence of its labor, personnel, and compensation systems post-transaction[136]. Future Outlook - The company provided a positive outlook for 2021, projecting a revenue growth of 15% to 20% based on expanding user base and new product launches[135]. - The company plans to issue A-shares through a non-public offering, with the proposal approved by the board and submitted to the China Securities Regulatory Commission[174]. - The company anticipates intensified market competition due to the influx of capital and the proliferation of training institutions[117]. Compliance and Regulatory Matters - The company is focused on maintaining compliance with regulatory requirements to avoid any legal repercussions[134]. - The company reported no violations of environmental protection laws during the reporting period, emphasizing its commitment to sustainability and green initiatives[172]. - The company has committed to avoiding competitive business engagements with related parties during the transition period[137]. Subsidiaries and Acquisitions - The company established several new subsidiaries, enhancing its operational capacity and market reach[61]. - The company has established 14 new subsidiaries during the reporting period, all with a 100% ownership stake[148]. - The company is considering strategic acquisitions to enhance its market position, with potential targets identified in the education sector[138]. Financial Liabilities and Investments - The company’s total financial liabilities remained at ¥0.00, indicating no outstanding debts[79]. - The company made significant equity investments totaling ¥561,283,300.00 during the reporting period[83]. - The company has ongoing non-equity investments with a total actual investment of ¥741,287,691.52[85].