比茅台还赚钱的生意，“印钞机”转不动了

Core Viewpoint - The article discusses the challenges faced by private universities in China, which were once highly profitable but are now struggling with enrollment and financial stability due to changing market conditions and perceptions of education quality [2][9]. Group 1: Enrollment Challenges - After the 2023 college entrance examination, many private universities in various regions are experiencing significant difficulties in enrollment, with some institutions failing to fill their quotas [3][6]. - In Guangdong, 14 out of 23 private undergraduate institutions did not meet their enrollment targets, while in Yunnan, there were unprecedented multiple calls for additional applications [6][40]. - The trend of declining enrollment is evident across the country, with some institutions reporting zero applicants during the first round of admissions [41]. Group 2: Historical Profitability - Over the past decade, private universities were considered "profit kings" in the capital market, with some institutions reporting net profits exceeding 1.43 billion RMB and gross profit margins as high as 73% [7][22]. - For instance, 中教控股 (Zhongjiao Holdings) has maintained a gross profit margin above 50% for six consecutive years since its listing [8][28]. - The business model of private universities was characterized by stable revenue from tuition fees, low operational costs, and high student retention rates, leading to substantial profitability [15][22]. Group 3: Market Dynamics and Policy Changes - The revision of the "Private Education Promotion Law" in 2016 allowed private universities to operate as legitimate businesses, leading to a surge in the establishment of such institutions [10][14]. - The number of students enrolled in private universities increased from 6.16 million in 2016 to over 10.52 million in 2024, reflecting a growth rate of over 70% [14]. - However, the changing job market and the devaluation of undergraduate degrees have led parents to reconsider the value of high tuition fees for private education [44][45]. Group 4: Financial Struggles and Tuition Increases - Recent reports indicate that some private universities are facing severe financial difficulties, with instances of salary suspensions and debt accumulation [34][36]. - To cope with declining enrollment, many institutions are resorting to raising tuition fees, with increases ranging from 15% to 50% announced for 2025 [50]. - This tuition hike is met with resistance from parents, who are increasingly unwilling to pay high fees for what they perceive as low-quality education [51][52].