盛通股份(002599) - 2018年3月1日投资者关系活动记录表

Group 1: Company Overview - Sheng Tong Printing Co., Ltd. is involved in the education sector through its investment in the brand "Mai Ge Sen," which targets youth aged 3-18 with a customer price of approximately 20,000 yuan [2] - Mai Ge Sen has established 23 direct-operated locations across major cities including Beijing, Tianjin, and Guangzhou, with around 7,000 students currently enrolled [3] Group 2: Business Performance - Mai Ge Sen boasts a renewal rate exceeding 85%, indicating strong customer retention [3] - The company sees significant growth potential in second and third-tier cities, suggesting that the profitability ceiling is still far off [3] Group 3: Product and Market Positioning - The pricing for Lego-based training services ranges from 10,000 to 13,000 yuan, while the company's product "Le Bo" is priced between 6,000 and 7,500 yuan, positioning it as a mid-range offering [4] - Le Bo's sales expense ratio is around 7%-8%, with marketing efforts primarily focused on referrals and offline promotions, indicating a low reliance on internet marketing [4] Group 4: Operational Insights - Direct-operated stores incur costs mainly from teacher salaries, rent, and teaching materials, while franchise stores focus on franchise fees and equipment [4] - Each store typically employs 6 teachers, 2 administrative staff, 2 sales personnel, and 1 principal, with average teacher salaries ranging from 5,000 to 6,000 yuan [4] Group 5: Future Strategies - Post-acquisition, Le Bo's management has been integrated into Sheng Tong's financial system, with plans to expand its B2B business and implement equity incentives for key personnel [5] - The company currently holds over 200 million yuan in cash and may consider issuing shares for larger investment opportunities [5] Group 6: Industry Trends - The publishing market is experiencing diversification with a trend towards smaller print runs, leading to a more fragmented industry, while the printing sector is moving towards consolidation and scale [5] - Sheng Tong aims to enhance its main business profits by providing comprehensive supply chain services and solutions based on capacity management and raw materials [5]