Demographic Trends - China's kindergarten enrollment has plunged 25% in just four years [1] - This translates to 12 million fewer children in kindergartens since 2020 [1] - Nearly 42,000 preschool facilities have closed [1] - The decline is attributed to a historic crash in births and accelerating population decline since 2021 [1] Industry Impact - Some kindergarten owners are converting classrooms into nursing homes [1] - One school in Jinhua shrank from 270 kids to 42 beds for elderly residents [1] - The education system, once booming, is now overbuilt [2]