[中报]中公教育(002607):2022年半年度报告（英文版）
原标题:中公教育:2022年半年度报告（英文版） 2022Semi-AnnualReport StockCode:002607 StockAbbr.:OFFCNEDU August,2022 OffcnEducationTechnologyCo.,Ltd.2022Semi-AnnualReport Chapter1 ImportantNotes,ContentsandDefinitions TheCompany’sBoardofDirectors,SupervisoryCommittee,directors,supervisors,andseniormanagementherebyguaranteethatthecontentsofthesemi-annualreportaretrue,accurate,andcomplete,andthattherearenomisrepresentations,misleadingstatements,ormaterialomissions,andshallassumeindividualandjointlegalliabilities. WangZhendong,theCompany’slegalrepresentative,ShiLei,headinchargeofaccountingandLuoXue,headoftheaccountingdepartment(Accountingsupervisor),declarethattheywarrantthetruthfulness,accuracyandcompletenessofthefinancialreportinthesemi-annualreport. Alldirectorsattendedtheboardmeetingforreviewingthisreport. Theforward-lookingstatementsonfutureplansanddevelopmentstrategiesinvolvedinthisreportdonotconstituteasubstantialcommitmenttoinvestors.ThepossiblerisksandcountermeasureshavebeendetailedinSection X Possiblerisks andresponses ofChapter3ManagementDiscussion andAnalysis ofthisreport.Investorsareadvisedtopayattentiontothepotentialinvestmentrisks.On December 25, 2021, the Company was filed and investigated by China Securities RegulatoryCommission(CSRC)onsuspicionoffailingtodiscloserelatedpartytransactioninformationandviolatingthelawsandregulationsofinformationdisclosure.OnApril27,2022,theCompanyandrelevantpartiesreceivedtheofficialDecisionofAdministrativePenalty.TheAnhuiSecuritiesRegulatoryBureauoftheCSRCdecidedtogiveawarningtoandimposeafineontheCompanyandtherelevantparties,andordertheCompanyandtherelevantpartiestorectifythesituation.Specificinformationisstatedintheannouncement(No.2022-032)disclosedonCNINFO(www.cninfo.com.cn)andotherdesignatedmedia. TheCompanyplansnottodistributecashdividends,bonusshares,nortoincreasesharecapitalbyconvertingcapitalreserve. TheCompany’s2022Semi-AnnualReportispreparedandpublishedinChineseversion,andtheEnglishversionisforreferenceonly.ShouldtherebeanyinconsistencybetweentheChineseversionandEnglishversion,theChineseversionshallprevail. Contents Chapter1 ImportantNotes,ContentsandDefinitions..............................................................................................1 Chapter2 CorporateProfile&KeyFinancialIndicators.........................................................................................5 Chapter3 ManagementDiscussionandAnalysis.....................................................................................................9 Chapter4 CorporateGovernance............................................................................................................................27 Chapter5 EnvironmentalandSocialResponsibilities............................................................................................29 Chapter6 SignificantEvents...................................................................................................................................30 Chapter7 ShareChangesandShareholders...........................................................................................................56 Chapter8 PreferredShares......................................................................................................................................62 Chapter9 CorporateBonds.....................................................................................................................................63 Chapter10 FinancialStatements.............................................................................................................................64 DocumentsAvailableforReference I.Thefulltextof2022Semi-AnnualReportsignedbyWangZhendong,theCompany’slegalrepresentative.II.ThefinancialstatementsignedandsealedbythelegalrepresentativeoftheCompany,thepersoninchargeofaccountingworkandthepersoninchargeofaccountingdepartment(accountingsupervisor).III.TheoriginalcopiesofallthedocumentsoftheCompanywhichhavebeendisclosedinnewspapersdesignatedbytheChinaSecuritiesRegulatoryCommissionduringthereportingperiod.IV.Otherrelevantdocuments. Theplacewheretheabove-mentioneddocumentsaremaintained:theofficeoftheCompany’sSecretaryoftheBoardofDirectors.
1.Companycontactinformation WhethertheCompany’sregisteredaddress,officeaddressanditspostalcode,websiteand/oremailaddresschangedduringthereportingperiod □Applicable ?Notapplicable TheCompany’sregisteredaddress,officeaddressanditspostalcode,websiteandemailaddressremainthesameduringthisreportingperiod.Detailscanbefoundin2021AnnualReport.2.Locationofinformationdisclosureandstorage Whetherthelocationofinformationdisclosureandstoragechangedduringthereportingperiod□Applicable ?Notapplicable The newspaper designated by the Company for information disclosure, website designated by CSRC forsemi-annualreportpublishing, andstorage location ofthis semi-annualreportremain the same duringthe
□Applicable ?Notapplicable ThereisnodifferencebetweenthenetprofitsandnetassetsdisclosedinthefinancialreportsoftheCompanyunderChineseaccountingstandardsandinternationalaccountingstandardsduringthereportingperiod.
The Company has no specific circumstances of other profits or losses items that meet the definition of OffcnEducationTechnologyCo.,Ltd.2022Semi-AnnualReport non-recurringprofitsorlosses. Explanations for classifying items of non-recurring profits or losses defined or listed in the Explanatory AnnouncementNo.1forPublicCompanyInformationDisclosures – Non-recurringProfitsorLossesasitemsofrecurringprofitsorlosses. □Applicable ?Notapplicable The Companydoesnotclassify anynon-recurringprofits orlosses items thataredefinedorlisted intheExplanatoryAnnouncementNo.1forPublicCompanyInformationDisclosures – Non-recurringProfitsorLossesasitemsofrecurringprofitsorlossesduringthereportingperiod.OffcnEducationTechnologyCo.,Ltd.2022Semi-AnnualReport Chapter3 ManagementDiscussionandAnalysis SectionI.TheCompany’smainbusinessduringthereportingperiod 1.Themainbusiness,productsandbusinessmodeloftheCompanyduringthereportingperiod OffcnEduisalarge-scalemulti-categoryvocationaleducationinstitution.TheCompanybravelyundertakes themissionofthetimes,continuestocreatenewmarkets,andservesthesocietywithkindnessandaltruism. Facingknowledge-basedpeople,OffcnEdu’smainbusinessspansthreemajorsectorsincludingtrainingfor recruitmentexaminations,collegeandhighinstitutionenrollmentexamsandvocationalabilityenhancement,and mainlyservesknowledge-basedemploymentpopulationincludingcollegestudents,universitygraduates,and variousprofessionals,rangingfromage18to45. In2022,theCompanyestablishedtheVocationalEducationDepartment,coordinatingwiththegovernment, enterprises,anduniversitiestosteadilyexploretalenttrainingmodelsinAI,digitaleconomy,mediaconvergence, digitalcultureandcreativity,intelligentmanufacturing,andintelligentaviation. Up to the end of the reporting period, with tens of thousands of staff, Offcn Edu possesses an industry-leadingfull-timeteachingandresearchteam,anditsdirectbranchesscatteralloverthecountry.Relying onitsoutstandingteamexecutionandnationwideverticalintegratedfastresponsecapability,theCompanyhas developedintoaninnovation-drivenenterpriseplatformforvocationaleducation.2.Overviewoftheindustryandbusinessenvironment OffcnEducationTechnologyCo.,Ltd.2022Semi-AnnualReport 2.1The “14thFive-YearPlan” requiresthatthequalityandcapacityofeducation,medicalcare,elderlypeoplecareandotherservicesbesignificantlyimproved. The “14thFive-YearPlan” requireseducationequalityandqualitytobegreatlyimproved,highereducationtobepopularized,andmorethan60millionnewjobstobecreatedincitiesandtowns.Inaddition,20,000kindergartenswillbebuilt,renovatedandexpandedinordertoincreaseenrollmentsbyover4millionforordinaryfamilies.Andmorethan4,000primaryandsecondaryschoolswillbenewlybuilt,renovatedandexpanded.Intermsofmedicalandhealthcare,ontheonehand,itisnecessarytoexpanddiseasepreventionandcontrolbasesandbuildnationalandregionalmedicalcenters.Ontheotherhand,itisnecessarytostrivetoupgrade500county-levelhospitalstomeetthefacilitiesandservicecapabilitiesoftop-tierhospitals.Intermsofelderlypeople careservices,500districtsandcountieswillbesupportedinbuildingmodelcommunity-homeelderlycareservicenetwork,about300trainingandconvalescentinstitutionswillbesupportedintransformationintoinclusiveelderlycareinstitutions,andmorenursingbedswillbeprovidedforabout1,000publicelderlycareinstitutions.In termsofchildcareservices,150citieswillbesupportedtodevelopchildcareserviceswithsocialresource,andmorethan500,000exemplaryinclusivechildcareenrollmentswillbeadded.Theseinvestmentswillcontributetothe continuous growth of the recruitment sector, especially in the teacher, medical and community staff recruitment. 2.2Vocationalskillsimprovementis"accelerated",andpolicysupportisenhanced.Sincethe"14thFive-YearPlan",theneweconomicpatternofpursuinghigh-qualitydevelopmenthasputforwardhigherrequirementsontheupgradingandadjustmentofChina'sindustrialstructure.Industryboundariesarebreakingdown,andknowledgeandskillsindifferentfieldsareincreasinglyoverlappingeachother.Thedemandforcomprehensive,innovativeandhighlyskilledpersonnelinvariousenterprisescontinuestoincrease.Intermsofindustrypolicies,inMay2019,theGeneralOfficeoftheStateCouncilissuedtheActionPlanforVocationalSkillsImprovement(2019-2021),whichclarifiedthatvocationalskillsupgradingshouldberegardedas animportantlivelihoodproject.Sincethen,relevantpolicieshavebeenintroducedatanintensivepace:InMarch2021,the"14thFive-YearPlan"Outlineand2035VisionOutlineissuedbytheCentralCommitteeoftheCPCandtheStateCouncilproposedtoimprovethelifelongskillstrainingsystemandcontinuetocarryoutlarge-scalevocationalskillstraining.TheOutlinealsorequirestocarryouttheactionforvocationalskillsimprovementandspecialtrainingplanforkeygroupsinadeeperlevel,extensivelycarryoutskillstrainingforemployeesfrombusinessofnewformsandnewmodelsandimprovethetrainingqualityeffectively.InOctober2021,theOpinionsonPromotingtheHigh-qualityDevelopmentofModernVocationalEducationissuedbytheGeneralOfficeofCentralCommitteeofCPCandtheGeneralOfficeofStateCouncilsuggestspromotingtheconstructionofaskill-orientedsociety,improvingthesocialstatusoftechnicalandskilledtalents, and enhancing the attractiveness and training quality of vocational education, and makes it clear that the enrollmentofvocationalundergraduateeducationshouldn’tbelessthan10%oftheenrollmentofhigherOffcnEducationTechnologyCo.,Ltd.2022Semi-AnnualReport vocationaleducation.Listedcompaniesandleadingenterprisesintheindustryareencouragedtotaketheleadinprovidingvocationaleducation,andallkindsofenterprisesareencouragedtoparticipateandplayaroleinvocationaleducationlegally. Theyear2022isacrucialyearforvocationaleducationtoimprovethequalityandreforminthedifficultareas.Attheendoflastyear,theMinistryofHumanResourcesandSocialSecurity,theMinistryofEducation,the National Development and Reform Commission, and the Ministry of Finance jointly issued the "14th Five-YearPlan"forVocationalSkillsTraining,whichproposedfourmaingoalsandfivekeytasksforvocationalskillstraining,andencouragedandsupportedleadingenterprisesandsocialresourcestoparticipateinvocational skillstraininglegally,jointlymakecontributiontovocationaleducationandsharethebenefitstogether.InApril 2022,theMinistryofEducationrevisedtheVocationalEducationLawdeterminingthelegalstatusofvocationaleducationandtraining,andprovidingastandardforthehealthydevelopmentofvocationaleducationandtraining.2.3.Mainindustrycharacteristicsandcyclicalcharacteristics Theinstitutionsofvocationaleducationdistributevastlyalloverthecountry.Suchsituationliftsthebarrierstocompetitioninthisfield.Thedemandofvocationaleducationdistributesvastlyineveryprovinceandeverycity,especiallyintheprefecture-levelcitiesandthecounties.Almosteverycountyhasavocationalhighschool,andeveryprefecture-levelcityhasvocationalcolleges.Therecruitmentdemandforcivilservantsalsocomesinlargenumbersfromprefecture-levelcitiesandcounties.Thishasgivenrisetoalargenumberoflocalsmallandmedium-sizedtraininginstitutions,andprovidedlargeinstitutionswithawidespacetoexpandtheirchannelnetworks,whilemakingmanagementdifficultiesandbarrierstocompetitionsuddenlyhigher.Thetrainingforcivilservantrecruitmenttestsisseasonal.Fortrainees,the1-2yearsbeforeoraftertheirgraduationarethekeyperiodtotaketrainingclassesfortherecruitmenttests.Thenationalcivilservanttesttakes placeonceayear,andtheprovincialexaminationsforeachprovincebasicallytakeplaceonceayear,whileafewprovinceswillhaveanotherjointexaminationtorecruitcivilservantsinthesecondhalfyear.Andtherecruitmentofpublicinstitutionemployeesandteachersarecarriedoutaccordingtotheneedsoftheprovincesandcities,whicharedistributedineachmonththroughouttheyearuncertainly.Thedocumentsofrecruitmentplanareofagreatamount. Thisseasonalfluctuationofrecruitmenthascausedmajorgrowthbottlenecksforsmallandmedium-sizedtrainingcompaniesandhasalsoprovidedlargeinstituteswithcontinuousmotivationtoconstantlychallengethescaleboundary.Withtherapidincreaseinexaminationcategoriesandbusinesssectors,largeenterpriseswillincreasinglyenjoytheresultsofscaleeffectsandobtainamoresoundresourceallocationstructure.Inrecentyears,themomentumofrecruitmentexaminationshasswitchedtonewareassuchaspublicinstitutions,teachersandcomprehensiverecruitment,bringingtherapidconcentrationofmarketshareintoleadingenterprises.2.4Trendsoftheindustry’sfuturedevelopment 1)Thestatusofvocationaleducationineducationsystemisenhancing.OffcnEducationTechnologyCo.,Ltd.2022Semi-AnnualReport Foralongtime,China’seducationsystemhasbeendominatedbycurriculaeducationandthefoundationofvocationaleducationisrelativelyweak.Thereisaseriousshortageofhigh-endskilledtalentssupplyandinthefuture,theneedformore“skilledcraftsmen”and“greatbuilders”willremainurgent.Inrecentyears,China’sindustrialstructureisundergoingtransformationandupgrading.Thegovernmenthasclearlyproposedthatgreateffortswillbemadetopromotethedevelopmentofemergingindustrieswithstrategicimportance,andtheproportionofmodernserviceindustrywillbefurtherincreased.Withrapidchangesintheindustrialstructure,therequirementsfromenterprisesfortheprofessionalcompetenceandcomprehensivequality oftechnicalpersonnelhavegraduallyincreased.Newrequirementsfortheirpracticalabilityhavealsobeenputforward.Traditionalacademiceducationcan’tfullymeetthenewrequirements.Besides,thegovernmentcontinuestoenhancetheeffortstodevelopvocationaleducation.Inadditiontothepertinentdocuments,suchasDecisionoftheStateCouncilonMakingGreatEffortstoDevelopVocationalEducationpublishedin2005,andNationalPlanforVocationalEducationReformandChina’sEducationModernizationPlan2035publishedin2019,the"14thFive-YearPlan"forVocationalSkillsTraining,thefirstnationalfive-yearspecialplanforvocationalskillstrainingandthenewlyrevisedVocationalEducationLawwerereleasedin2022,confirmingthesocialandlegalstatusthatvocationaleducationshouldhave.2)Thecontinuousincreaseinthenumberofcollegegraduatesisanimportantindicatoroftheemploymentsituation. Usually,afastergrowingeconomywillbringahigherlevelofemployment.Inrecentyears,economicgrowthhassloweddown,butthenumberofuniversitygraduateshascontinuedtogrow.Ithasreached10.76millionin2022,settinganewhistoricalrecord. Collegegraduatesaccountformorethanhalfoftheannualdemandofover15millionnewjobs,andthebonusperiodfortheexportofcheaprurallaborhascometoanend.Theexpansionofuniversityenrollmenthasobviouslyanddirectlyacceleratedthearrivaloftheinflectionpoint.Thelaborshortageoffarmerlaborerscoexists withthedifficultemploymentofcollegegraduates.Thedemandfortrainingforpublicservicerecruitmentexaminationcontinuestorise. Inaddition,aimingtomaintainsustainedeconomicgrowth,realizetransformationandupgrading, andovercomethe “middle-incometrap”,itisurgentlynecessarytocarryoutindustrialupgradingofmiddleandhigh-end vocational education in order to improve the vocational skills and professional literacy of knowledge-basedemployees. 3)Theseriousshortageofhigh-qualitysupplyisthemaincontradictionthatrestrictsthedevelopmentofthevocationaleducationindustry. Atpresent,thefoundationofvocationaleducationisstillweak.Duetotheextremelylowconcentrationofthe industryandthelimitednumberoflarge vocationaleducationinstitutes andenterprises,thesupplyofhigh-quality vocational education is seriously insufficient. In the future, with the improvement ofindustry OffcnEducationTechnologyCo.,Ltd.2022Semi-AnnualReport suchasR&D,managementandmarketingofvocationaleducationwillgraduallybreakthroughtheoriginalboundariesoftheindustry,whichwillcreatehigh-qualityandcost-effectivesupplies,drivedemand-sidevolumewithsupply-sideinnovationandpushtheindustryintoanewtrackofrapiddevelopment.4)Theurbanizationwavewillpromotethecontinuousimprovementofpublicserviceandthenumberofemployeesofthepublicservicesectorwillcontinuetoexpand. Theprocessofurbanizationisakeydriverofthelong-termimpactonChina’semploymentmarketgrowth.Atpresent,theurbanizationratehasexceeded60%.Urbanizationwillexpandthepublicfinancialexpenditureandthenumberofemployeesinthepublicservicesector.China’surbanizationrateremainsinahigh-speedgrowthrangeof30%to70%.Itislikelytocontinuetodevelopfornearly20yearstoachieveanurbanizationrateofmorethan80%indevelopedcountries.Meanwhile,continuousurbanizationmayalsoleadtomoreseriouslyinadequatepublicservicesupplyincities,whichwillalsoimposehigherrequirementsonthequalityofpublicservices. Comparedwithpublicproductssuchasinfrastructure,publicservicesarelabor-intensiveinputs,especiallythebasicpublicservicesoflocalgovernments.Ithiresahugenumberofemployeeswhileimprovingpublicservicecapabilities.China’slong-termgoalfor2035andthemaingoalofeconomicandsocialdevelopmentduringthe “14thFive-YearPlan” periodrequireasignificantincreaseinthelevelofequalizationofbasicpublic services.AccordingtotheresearchbytheNationalAcademyofGovernance,theemployedpopulationinthepublicsectorindevelopedcountriesaccountsforabout10%to20%oftheworkforce,whichisevenhigherthan20%inCanadaandHongKong.However,theemployedpopulationinthecurrentpublicsectoronlyaccountsfor5%inmainlandChina. Withthedeepeningofurbanization,theproportionofemployedpopulationinChina’spublicsectorwillgraduallyincrease;andthemarketoftrainingforpublicservicerecruitmentexaminationwillalsomaintainalong-termsteadygrowth,whichhasbeenpartiallyprovedbytheastonishingdemandsonthetrainingforteacherrecruitmentexaminationandrecruitmentexaminationinmedicaltreatmentandpublichealth.3.Mainperformancedrivingfactors Sincethebeginningof2022,theCompanyisfacingaharsherexternalenvironmentwithmoretoughchallengesforitsoperationcomparedwiththeyearof2021.SinceMarch,thetraditionalpeakperiodfortheCompany’smarketingandtraineesenrollmentinpreviousyears,Covid-19hasbrokenoutandspreadinmanypartsofthecountry,andthepreventionandcontrolsituationgetstougher.Manycitieshaveadoptedstricterpreventionandcontrolmeasures.Hundredsofdirect-operatedbranchesoftheCompanyinvariousareassufferedfromperiodicsuspensionofclassesinturns.Atthesametime,themulti-provincialjointwrittenexamsforcivilservantswerepostponedtoearlyJuly.TheexamswereoriginallyscheduledtostartinlateMarch.Theinterviewfornationalcivilservantsandexamsforteacherandpublicinstitutionstaffrecruitmentwerealsopostponed.TheCompany's enrollmentandteachinghavebeengreatlydisrupted.Uncertaintyin operatingenvironmenthas
OffcnEducationTechnologyCo.,Ltd.2022Semi-AnnualReport andefficiently. Thehighoperationefficiencyfarbeyondthegeneralindustriesisanecessitytorealizescaleeconomyandestablishcompetitivebarrierinthedecentralizedmarket.Therefore,verticalintegratedrapidresponsesystemand capabilitycanbestadapttothiskindofmarketenvironment.Ineachexam, ‘Businessoutlets — Headquarterscommandcenter— Teachingsites’aregivingresponsesandfeedbackwithhighfrequencyeveryday.Thus,theeffectofmanagementandlearningfaraboveaveragecanberealized. Verticalintegratedcorporatestructurecannotonlyrealizethehighefficiencyofoperation,butalsobeeffectivelycompatiblewiththemanagementimpactbroughtbyrapidbusinesscategoryexpansion.Soinvestmentinandinnovationonthiscorporatestructurehasalwaysbeenacentralpartofthemanagementreform.Atpresent,OffcnEduhasestablishedmorethan1,400businessoutletscovering300prefecture-levelcities.Simultaneously,theheadquarterscommandcentercontinuestoseekthescaleeffectofmanagementwiththehelpofmanagementreformanddigitaloperation.Inrecentyears,OffcnEduhasalsocontinuouslyinvestedintheconstructionoflarge-scale one-stop bases for food, housing and learning to promote the realization oflarge-scale factory operationontheteachingsites. 3.Digitaloperationformstheenterpriseplatformwith“real-timesituationalawareness”.Theteam’sexplorationfordigitaloperationhaslastedformorethan15years,andinrecentyears,theinvestment scale for digital operation infrastructure has increased significantly. One reason is to meet the managementneedsforrapidexpansionofcategories.Theotherreasonliesinthegreatadaptabilityofverticallyintegratedfastresponsesystemtothedigitization.Afterthesystemwasintegratedwiththedigitizationindepth,it generatedhigheroperatingefficiencyandsignificantlyimprovedthefrontandbackgroundresponsefrequencyfromunitsofdaystoalevelcloseto “real-timesituationalawareness”,whichenhancedtheCompany’scorecompetitivenessbasedonspeedeconomy. OffcnEducationTechnologyCo.,Ltd.2022Semi-AnnualReport4.ThevaluesofkindnessandaltruismallowtheCompanytomaintainstrongorganizationalcohesioninhighgrowth. Asaknowledgeablestaff-intensivevocationaleducationinstitution,theCompanyhasestablishedaconciseandeffectivecorporatecultureinthelongjourneyofarduousentrepreneurship,withthecorevalueof “BeKind&DoRight” andadvocatingaltruism.Notonlyhasitbecomeacompanysystem,butalsothefoundingteamhastakentheleadtosetanexample,drivenitstepbystep,andunswervinglyimplementeditintheoperation,makingthevaluesofOffcnEduubiquitousandflourishingintheenterprise.ThisdistinctiveandtangiblecorporatecultureallowstheCompanytomaintainstrongorganizationalcohesion.5. Offcn Edu strives to strengthen the Party's construction to promote the healthy and vigorousdevelopmentoftheCompany. FromtheestablishmentofthePartycommitteein2018totheestablishmentofthefirstPartyschoolofnon-public-ownedenterprisein2019,thePartycommitteeofOffcnEdufullyutilizestheCompany’sadvantagesof knowledge, theory, and technology and actively promotes and implements the Party’s political routes, principles,andpoliciestoemployeesandtrainees.Meanwhile,OffcnEdufocusesontheintegrationofthePartybuildingofnon-public enterpriseswith corporatecultureconstructiontopromote the healthyandvigorousdevelopmentoftheenterprise. AsofJune30,2022,theCompanyhasover5,000Partymembers,accountingforaboutone-fifthofthetotalnumberofemployees.
Unit:RMB
SectionIV.Non-corebusinessanalysis ?Applicable □Notapplicable Unit:RMB
1.Majorchangesinassetcomposition Unit:RMB
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