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中公教育(002607) - 2021 Q3 - 季度财报
OFFCN EDUOFFCN EDU(SZ:002607)2021-10-29 16:00

Report Overview This section provides an overview of the report, including important disclaimers and assurances regarding information accuracy Important Notice This unaudited quarterly report includes assurances from the board, supervisory board, and management regarding the truthfulness and completeness of disclosed financial information - This quarterly report is unaudited2 - The board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of information disclosure2 - The company's responsible person, chief accountant, and head of the accounting department declare the financial information is true, accurate, and complete2 Key Financial Data This section presents the company's key financial performance indicators and their changes during the reporting period Key Accounting Data and Financial Indicators The company experienced significant declines in key financial indicators for Q3 and year-to-date 2021, with net profit attributable to shareholders turning into a loss Key Financial Data for Q3 2021 and Year-to-Date (Unit: Yuan) | Indicator | Current Period (Q3) | YoY Change (Q3) | Year-to-Date (YTD) | YoY Change (YTD) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,445,195,855.92 | -68.79% | 6,301,194,119.42 | -15.29% | | Net Profit Attributable to Shareholders | -793,735,635.02 | -151.08% | -890,898,144.05 | -167.45% | | Net Cash Flow from Operating Activities | —— | —— | -3,645,820,183.72 | -154.27% | | Basic Earnings Per Share (Yuan/share) | -0.12 | -148.00% | -0.14 | -166.67% | | Weighted Average ROE | -20.96% | -72.31% | -23.26% | -65.61% | | Total Assets | 12,213,130,982.14 | -15.30% (vs. prior year-end) | | | | Owners' Equity Attributable to Shareholders | 3,384,229,649.15 | -20.84% (vs. prior year-end) | | | Non-Recurring Gains and Losses Non-recurring gains and losses totaled 4.37 million Yuan for the quarter and 77.12 million Yuan year-to-date, mainly from government subsidies and investment income Non-Recurring Gains and Losses (Unit: Yuan) | Item | Amount for Current Period | Amount Year-to-Date | | :--- | :--- | :--- | | Government subsidies recognized in current profit/loss | 1,985,280.70 | 3,415,309.40 | | Gains/losses from entrusted investments or asset management | 1,463,134.23 | 30,374,103.00 | | Gains/losses from fair value changes of trading financial assets and investment income | 1,973,101.86 | 11,041,967.01 | | Other gains/losses meeting the definition of non-recurring | | 45,101,048.40 | | Total | 4,372,727.07 | 77,115,241.82 | Changes and Reasons for Key Accounting Data and Financial Indicators Significant changes occurred across the balance sheet, income statement, and cash flow statement, driven by shifts in assets, liabilities, revenues, expenses, and operational cash flows Changes in Balance Sheet Items Cash, trading financial assets, and non-current assets due within one year decreased, while other current assets, right-of-use assets, and other non-current assets increased due to various operational and accounting adjustments - Cash decreased by 66.81%, primarily due to increased intangible asset purchases, reduced peak collection periods from earlier multi-province joint exams, and changes in recruitment and training participant numbers5 - Trading financial assets decreased by 63.65%, mainly due to structural adjustments in asset allocation during the period5 - Non-current assets due within one year decreased by 98.99%, primarily due to the maturity of the company's time deposits5 - Other current assets increased by 302.65%, mainly due to an increase in the company's purchase of time deposits within one year5 - Right-of-use assets increased by 100.00%, primarily due to the adoption of new lease standards effective January 1, 20215 - Contract liabilities decreased by 53.05%, mainly due to reduced peak collection periods from earlier multi-province joint exams, and impacts from changes in teacher and comprehensive segment recruitment and exam postponements6 Changes in Income Statement Items Taxes and surcharges, credit impairment losses, and financial expenses increased, while other income, investment income, and income tax expenses decreased, with fair value change gains newly recognized - Taxes and surcharges increased by 134.41%, primarily due to a reduction in tax incentives enjoyed by the company6 - Other income decreased by 69.36%, primarily due to a reduction in tax incentives enjoyed by the company6 - Investment income decreased by 60.19%, primarily due to structural adjustments in asset allocation and a decline in wealth management product yields during the period6 - Gains from fair value changes increased by 100.00%, primarily due to the recognition of fair value change gains from wealth management products in the current reporting period6 - Income tax expense decreased by 100.10%, primarily due to the company's periodic losses in the current reporting period, with major subsidiaries not accruing corporate income tax6 Changes in Cash Flow Statement Items Cash inflows from operations and investments decreased significantly, while cash outflows for employee compensation, asset acquisition, and debt repayment increased substantially - Cash received from sales of goods and services decreased by 70.20%, primarily due to reduced peak collection periods from earlier multi-province joint exams, and the combined impact of changes in teacher, public institution, and comprehensive recruitment, fewer training participants, and exam postponements6 - Cash paid to and for employees increased by 30.40%, primarily due to increased employee compensation paid during the period6 - Cash received from investment recovery decreased by 64.79%, primarily due to structural adjustments in asset allocation during the period6 - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets increased by 214.92%, primarily due to the acquisition of fixed and intangible assets6 - Cash received from borrowings increased by 45.54%, primarily due to an increase in bank borrowings during the period6 - Other cash paid related to financing activities increased by 167,587.80%, primarily due to the adoption of new lease standards effective January 1, 2021, reclassifying rent payments to this item6 Shareholder Information This section details the company's shareholder structure, including major common shareholders and their equity holdings Total Number of Common Shareholders and Top Ten Shareholders' Holdings The company has 132,029 common shareholders, with key individuals and entities holding significant stakes, and several major shareholders' shares are pledged - Total number of common shareholders at period-end: 132,0297 - Lu Zhongfang holds 41.36% of shares, with 620 million shares pledged7 - Li Yongxin holds 18.35% of shares, with 387.15 million shares pledged7 - Lu Zhongfang and Li Yongxin are mother and son, and together with Beijing Zhonggong Future Information Consulting Center (Limited Partnership), they constitute persons acting in concert7 - Among the top ten shareholders, shares held by Lu Zhongfang, Li Yongxin, Wang Zhendong, Zhou Xiayun, and Zhou Hui are pledged7 Total Number of Preferred Shareholders and Top Ten Preferred Shareholders' Holdings The company does not have any preferred shareholders - The company has no preferred shareholders8 Other Significant Matters This section covers other material events and developments impacting the company, including financing activities and strategic partnerships Progress of Non-Public Issuance The non-public issuance of A-shares was approved by the CSRC but subsequently suspended due to an investigation into the hired law firm - The non-public issuance of A-shares was approved by the CSRC Issuance Examination Committee on June 16, 20219 - The non-public issuance application was suspended on August 24, 2021, due to an investigation into the hired law firm10 Transfer of Partial Equity in Wholly-Owned Subsidiary and Cooperative Development The company transferred 51% equity of a subsidiary for 51 million Yuan to Longfor Party, which also provided 1.379 billion Yuan in shareholder loans for debt repayment and will develop an innovative education headquarters - The company transferred 51% equity of its wholly-owned subsidiary, Beijing Zhonggong Future Education Technology Co., Ltd., to Longfor Party for 51 million Yuan11 - Longfor Party injected 1.379 billion Yuan in shareholder loans into the target company to repay its debt to the company11 - The target company will construct an online technology R&D center and integrated online-offline education demonstration centers as innovative education headquarters11 - The target company has repaid all its debts to the company11 Quarterly Financial Statements This section provides detailed quarterly financial statements, including the consolidated balance sheet, income statement, and cash flow statement Consolidated Balance Sheet As of September 30, 2021, total assets decreased by 15.30% to 12.21 billion Yuan, with total liabilities at 8.83 billion Yuan and owners' equity at 3.38 billion Yuan Key Consolidated Balance Sheet Data (Unit: Yuan) | Item | Sep 30, 2021 | Dec 31, 2020 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 12,213,130,982.14 | 14,418,850,027.27 | -15.30% | | Total Current Assets | 3,474,191,035.48 | 9,422,670,784.59 | -63.14% | | Total Non-Current Assets | 8,738,939,946.66 | 4,996,179,242.68 | 74.92% | | Total Liabilities | 8,828,937,271.71 | 10,143,754,230.46 | -12.96% | | Total Owners' Equity | 3,384,193,710.43 | 4,275,095,796.81 | -20.84% | Consolidated Income Statement Year-to-Date Year-to-date total operating revenue decreased by 15.29% to 6.30 billion Yuan, with operating profit and net profit attributable to the parent company turning into a loss of 891 million Yuan Key Consolidated Income Statement Data Year-to-Date (Unit: Yuan) | Item | Amount for Current Period (Jan-Sep 2021) | Amount for Prior Period (Jan-Sep 2020) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 6,301,194,119.42 | 7,438,969,829.81 | -15.29% | | Total Operating Costs | 7,342,893,996.86 | 6,264,315,976.76 | 17.22% | | Operating Profit | -890,306,904.53 | 1,582,444,807.62 | -156.26% | | Total Profit | -891,151,814.37 | 1,582,007,607.04 | -156.33% | | Net Profit | -890,902,086.38 | 1,320,886,289.98 | -167.45% | | Net Profit Attributable to Owners of Parent Company | -890,898,144.05 | 1,320,893,510.33 | -167.45% | | Basic Earnings Per Share (Yuan/share) | -0.14 | 0.21 | -166.67% | Consolidated Cash Flow Statement Year-to-Date Year-to-date net cash flow from operating activities was -3.65 billion Yuan, a 154.27% decrease, with net cash flow from investing activities at -488 million Yuan and financing activities at 158 million Yuan Key Consolidated Cash Flow Statement Data Year-to-Date (Unit: Yuan) | Item | Amount for Current Period (Jan-Sep 2021) | Amount for Prior Period (Jan-Sep 2020) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -3,645,820,183.72 | 6,717,830,100.05 | -154.27% | | Net Cash Flow from Investing Activities | -487,867,448.94 | -3,134,801,926.83 | 84.44% | | Net Cash Flow from Financing Activities | 158,471,707.74 | -1,237,939,444.31 | 112.80% | | Net Increase in Cash and Cash Equivalents | -3,975,215,924.92 | 2,345,088,728.91 | -269.52% | | Cash and Cash Equivalents at Period-End | 1,974,820,564.20 | 5,069,423,730.49 | -61.04% | Explanation of Financial Statement Adjustments The company adopted new lease standards on January 1, 2021, leading to adjustments in opening balance sheet items, including increases in right-of-use assets and lease liabilities, with no impact on owners' equity Adjustments for First-Time Adoption of New Lease Standards First-time adoption of new lease standards on January 1, 2021, significantly altered opening balance sheet items such as right-of-use assets and lease liabilities - New lease standards were first adopted effective January 1, 202123 - Other current assets decreased by 130.32 million Yuan24 - Right-of-use assets increased by 1.491 billion Yuan24 - Non-current liabilities due within one year increased by 699.37 million Yuan25 - Lease liabilities increased by 632.87 million Yuan25 - Total assets and total liabilities both increased by 1.332 billion Yuan, with no change to owners' equity26 Audit Report This section confirms the audit status of the quarterly financial statements Audit Report This quarterly report has not been audited - The company's third-quarter report is unaudited26