OFFCN EDU(SZ:002607) Sou Hu Cai Jing·2025-10-28 09:02Group 1 - The number of candidates for civil service exams has reached 3.718 million, with a competition ratio of approximately 98:1, indicating intense competition for positions [1] - The number of candidates has increased significantly from just over 1 million in 2021, adding 1.7 million candidates in five years [2] - Despite the growing number of candidates, the performance of leading training companies like Zhonggong Education and Fenbi has declined [4][7] Group 2 - Zhonggong Education reported a revenue of 1.155 billion yuan in the first half of the year, a year-on-year decline of 20%, with net profit down to 61.7843 million yuan, halving compared to the previous year [4] - The civil service recruitment training business accounts for over half of Zhonggong Education's revenue, which fell to 587 million yuan, a 19% decrease year-on-year [5] - Fenbi also faced challenges, with revenue of 1.492 billion yuan, an 8.5% decline, and net profit down 22% to 271 million yuan [7] Group 3 - The intense competition in the civil service training market is attributed to the influx of capital into the vocational education sector, leading to increased competition [8] - New media platforms have enabled the rapid emergence of numerous small regional training institutions that adopt low-price strategies, further intensifying market competition [8] - Zhonggong Education is facing a cash flow crisis, with only 177 million yuan in cash against a refund liability of 482 million yuan, raising concerns about its sustainability [10]