[中报]中公教育(002607):2023年半年度报告（英文版）
原标题:中公教育:2023年半年度报告（英文版） 2023Semi-AnnualReport StockCode:002607 StockAbbr.:OFFCNEDU August,2023 Chapter1ImportantNotes,ContentsandDefinitions The Company’s Board of Directors, Supervisory Committee, directors, supervisors, and seniormanagementherebyguaranteethatthecontentsofthesemi-annualreportaretrue,accurate,andcomplete,andthattherearenomisrepresentations,misleadingstatements,ormaterialomissions,andshallassumeindividualandjointlegalliabilities. WangZhendong,theCompany’slegalrepresentative,ShiLei,headinchargeofaccountingandLuoXue,headoftheaccountingdepartment(Accountingsupervisor),declarethattheywarrantthetruthfulness,accuracyandcompletenessofthefinancialreportinthesemi-annualreport. Alldirectorsattendedtheboardmeetingforreviewingthisreport. Theforward-lookingstatementsonfutureplansanddevelopmentstrategiesinvolvedinthisreportdonotconstituteasubstantialcommitmenttoinvestors.ThepossiblerisksandcountermeasureshavebeendetailedinSectionXPossiblerisksandresponsesofChapter3ManagementDiscussionandAnalysisofthisreport.Investorsareadvisedtopayattentiontothepotentialinvestmentrisks.TheCompanyplansnottodistributecashdividends,bonusshares,nortoincreasesharecapitalbyconvertingcapitalreserve. TheCompany’s2023Semi-AnnualReportispreparedandpublishedinChineseversion,andtheEnglishversionisforreferenceonly.ShouldtherebeanyinconsistencybetweentheChineseversionandEnglishversion,theChineseversionshallprevail. Contents Chapter1ImportantNotes,ContentsandDefinitions.............................................................................................................................1 Chapter2CorporateProfile&KeyFinancialIndicators.........................................................................................................................5 Chapter3ManagementDiscussionandAnalysis....................................................................................................................................8 Chapter4CorporateGovernance...........................................................................................................................................................25 Chapter5EnvironmentalandSocialResponsibilities...........................................................................................................................26 Chapter6SignificantEvents..................................................................................................................................................................27 Chapter7ShareChangesandShareholders...........................................................................................................................................39 Chapter8PreferredShares.....................................................................................................................................................................45 Chapter9CorporateBonds....................................................................................................................................................................46 Chapter10FinancialStatements............................................................................................................................................................47 DocumentsAvailableforReference I.Thefulltextof2023Semi-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.Detailscanbefoundin2022AnnualReport.2.Locationofinformationdisclosureandstorage Whetherthelocationofinformationdisclosureandstoragechangedduringthereportingperiod□Applicable ?Notapplicable Thestockexchangewebsite,medianameandwebsitesdesignatedbytheCompanyforinformationdisclosure,andstoragelocationofthissemi-annualreportremainthesameduringthereportingperiod.Detailscanbe
1.DifferencesbetweennetprofitsandnetassetsdisclosedinthefinancialreportsunderChineseaccountingstandardsandinternationalaccountingstandards: □Applicable ?Notapplicable ThereisnodifferencebetweenthenetprofitsandnetassetsdisclosedinthefinancialreportsoftheCompanyunderChineseaccountingstandardsandinternationalaccountingstandardsduringthereportingperiod.2.DifferencesbetweennetprofitsandnetassetsdisclosedinthefinancialreportsunderChineseaccountingstandardsandoverseasaccountingstandards: □Applicable ?Notapplicable
TheCompanyhasnospecificcircumstancesofotherprofitsorlossesitemsthatmeetthedefinitionofnon-recurringprofitsorlosses. Explanationsforclassifyingitemsofnon-recurringprofitsorlossesdefinedorlistedin“theExplanatoryAnnouncementNo.1forPublicCompanyInformationDisclosures–Non-recurringProfitsorLosses”asitemsofrecurringprofitsorlosses. □Applicable ?Notapplicable TheCompanydoesnotclassifyanynon-recurringprofitsorlossesitemsthataredefinedorlistedin“theExplanatoryAnnouncementNo.1forPublicCompanyInformationDisclosures– Non-recurringProfitsorLosses”asitemsofrecurringprofitsorlossesduringthereportingperiod.Chapter3ManagementDiscussionandAnalysis SectionI.TheCompany’smainbusinessduringthereportingperiod 1.Themainbusiness,productsandbusinessmodeloftheCompanyduringthereportingperiodOffcnEduisaleadingproviderofpublicemploymentandre-employmentserviceinChina.TheCompanyfocuses on providing personalized and specialized employment training services for knowledge-basedemploymentgroupssuchascollegestudents,collegegraduatesandvariousprofessionals,andiscommittedtomeetingtheirneedsinemploymentandvocationalskillsimprovement.Servinghundredsofmillionsofknowledge-basedpeopleinChina,theCompany'smainbusinessspansthreemajorsectors:publicservicejobrecruitmentexaminationtraining,trainingforacademicimprovementexamination,andtrainingforvocationalqualificationandprofessionalability.TheCompanyprovidesmorethan100categoriesofcomprehensiveemploymenttrainingservices. Afteralongperiodofexplorationandaccumulation,theCompanynowhasmorethan1,000directoutletsacrossthecountry,coveringmorethan300prefecture-levelcitiesindepth.TheCompanycurrentlyhasabout13,000employees,includingafull-timeR&Dteamofmorethan1,000andalarge-scaleteacherteamofmorethan5,000. Inrecentyears,theCompanyhasactivelyexpandeditsbusinessterritorywithexcellentteamexecutionandverticalintegratedfastresponsecapabilityacrossthecountry.TheCompanyhasenteredthefieldsofintegrationofproductionandeducation,talenttrainingforruralrevitalization,humanresourcesservicesandetc.,aimingtobetterservevariousemploymentgroupsandhelpthemtoachievehigh-qualityfullemployment.2.Overviewoftheindustryandbusinessenvironment (1)“Employment”hasbeenraisedtoanunprecedentedstrategicheight.Employmentisthefoundationofpeople'slivelihood.In2018,theCentralEconomicWorkConferenceproposedthepolicyof“EmploymentFirst”forthefirsttime. Inthe2019governmentworkreport,the“EmploymentFirst”policywasplacedonthemacropolicylevelforthefirsttime,andwaslistedasoneofthethreemacro-controlpoliciesalongwithfiscalpolicyandmonetarypolicy.Thereportalsoproposedthatthepro-employmentpoliciesshouldbefullyimplemented,andmultiplemeasuresshouldbetakentostabilizeandexpandemployment. In2020,theimportanceofemploymentwasevenmoreprominentcharacterizedbythatitwasgiventoppriorityamongothermeasurestoensure “StabilityontheSixFrontsandSecurityintheSixAreas”.Thegovernment work report called for comprehensively strengthening the pro-employment policies, doingeverything possible to stabilize and expand employment, and strengthening employment support for key industriesandkeygroups. In the following two years, the pro-employment policies continued to be strengthened. The 2021governmentworkreportcalledforfacilitatingemploymentofkeygroupssuchascollegegraduates,retiredsoldiers,andmigrantworkers,improvingtheemploymentassistancepoliciesforthedisabled,zero-employmentunemployed,supportingandstandardizingthedevelopmentofnewemploymentforms,etc.InOctober2022,thereportofthe20thNationalCongressofCPCclearlyproposedtoimplementtheemployment first strategy, strengthen the pro-employment policies, improve the employment promotionmechanism,andfacilitatehigh-qualityfullemployment. InJuly2023,themeetingofthePoliticalBureauofCPCCentralCommitteeemphasizedthatthemeasurestoensurepeople'slivelihoodshouldbeenhancedandstabilizingemploymentshouldberegardedasoneofthenationalstrategiesandbeconsideredfromeverypossibleangle. (2)Employmentpromotionpoliciesareintroducedintensivelyinmanyplaces.InApril2023,theGeneralOfficeoftheStateCouncilissuedthe“NoticeonOptimizingandAdjustingEmploymentStabilizationPoliciesandMeasuresandGoingAllouttoPromoteDevelopmentandImprovePeople'sLivelihood”clearlyproposingtoexpandchannelstopromoteemploymentandentrepreneurshipofyoungpeoplesuchascollegegraduates.Themeasuresincludeencouragingenterprisestocreatejobsandencouragingandguidingbasiclevelemployment;supportingstate-ownedenterprisestoexpandrecruitment;stabilizingjobsingovernmentagenciesandpublicinstitutions,etc.TheninJuly,provincialormunicipalpoliciesandmeasurestopromoteemploymentofyoungpeoplewereintroducedinGuangdong,Shanghai,Jiangsu,Anhui,Liaoning,Chongqing,Fujian,Sichuan,Hunan,Yunnan,Hainan,Gansuandotherplaces.Fromtheperspectiveofkeypolicymeasures,manyplaceshavementionedexpandingpolicypostsandputtingmoreemphasisonbasiclevelemploymentandemploymentinstate-ownedenterprises,governmentagenciesandpublicinstitutions.Forexample,ShaanxiProvinceissuedthe“SixMeasurestoSupporttheEmployment andStart-ups ofCollege Graduates”, expandingthe numberofpolicyposts instate-ownedenterprisesandpublicinstitutionsto85,500;HumanResourcesandSocialSecurityDepartmentofJiangsuplanstocompletetherecruitmentof110,000policypostsbytheendofAugust;whileexpandingmarketjobs,Hunanhasmadeeveryefforttodevelopandimplementpolicyjobsandhassortedoutatotalof149,600policyjobs. Atthesametime,manyplacesalsoproposedtoimplementpoliciessuchasvocationaltrainingsubsidies.Forexample,ShanxiProvinceproposedtoenhancesupportforskillstraining,accuratelyimplementorder-basedandproject-basedtraining,andprovidemulti-tieredsubsidiesaccordingtooccupationaltypesbasedontheconstructionoftenmajorplatformsandtheneedofindustrialdevelopment;Guangdongspecifiedthatweshouldgivefullplaytoskillstrainingtopromoteemployment,makefulluseofspecialfundsforvocationalfunds,andetc.,andprovidetrainingsubsidiesandothersupportsinaccordancewithregulations.(3)Flexibleemploymentfostersdiversetrainingneeds. Inlinewiththenewtrendofindustrialrestructuring,newbusinessformsandnewdemandshaveemerged,andnewemploymentformsandnewoccupationshaveflourished.Thisyear's“GovernmentWorkReport”pointedoutthatnewemploymentformsandflexibleemploymenthavebecomeimportantwaysofincreasingemploymentandincome.AccordingtothesurveydataoftheNationalBureauofStatistics,in2021,Chinahadabout200millionpeopleinflexibleemployment.Theemergingnewemploymentformshavebecomeapartofthejobmarketthatcannotbeunderestimated,andhavealsobecomeanimportantemploymentchoiceespeciallyfortheyoungpeople. Thenewemploymentformisrelativelyfreefromthelimitoftimeandspacebutthatalsodeterminesthistypeofoccupationhashigherandwiderdemandforprofessionalknowledgeandskills.Theriseofthisworkstylehasfostereddiversetrainingneedsandbroughtnewopportunitiestotheemploymenttrainingindustry.(4)Trendsoftheindustry’sfuturedevelopment ①The continuous growth ofthe number ofcollege graduates is an important indicator oftheemploymentsituation. Generallyspeaking,afastergrowingeconomycanbringahigheremploymentlevel.Inrecentyears,economicgrowthhassloweddown,butthenumberofcollegegraduateshascontinuedtogrow,reaching11.58millionthisyear,settinganewhistoricalrecord. Collegegraduatesaccountformorethanhalfoftheannualdemandofover15millionnewjobs,andthebonusperiodfortheexportofcheaprurallaborhascometoanend.Theexpansionofuniversityenrollmenthasobviouslyanddirectlyacceleratedthearrivaloftheinflectionpoint.Thelaborshortageoffarmerlaborerscoexists with the difficult employment ofcollege graduates. The demand fortraining forpublic service recruitmentexaminationcontinuestorise. Inaddition,aimingtomaintainsustainedeconomicgrowth,realizetransformationandupgrading,andovercomethe“middle-incometrap”,itisurgentlynecessarytocarryoutindustrialupgradingofmiddleandhigh-endvocationaleducationinordertoimprovethevocationalskillsandprofessionalliteracyofknowledge-basedemployees. ②Theseriousshortageofhigh-qualitysupplyisthemaincontradictionthatrestrictsthedevelopmentofthevocationaleducationindustry. Atpresent,thefoundationofvocationaleducationisstillweak.Duetotheextremelylowconcentrationoftheindustryandthelimitednumberoflargevocationaleducationinstitutesandenterprises,thesupplyofhigh-quality vocational education is seriously insufficient. In the future, with the improvement of industry concentration and the continuous development of leading vocational education enterprises, core business elementssuchasR&D,managementandmarketingofvocationaleducationwillgraduallybreakthroughtheoriginalboundariesoftheindustry,whichwillcreatehigh-qualityandcost-effectivesupplies,drivedemand-sidevolumewithsupply-sideinnovationandpushtheindustryintoanewtrackofrapiddevelopment.③Theurbanizationwavewillpromotethecontinuousimprovementofpublicserviceandthenumberofemployeesofthepublicservicesectorwillcontinuetoexpand.Theprocessofurbanizationisakeydriverofthelong-termimpactonChina’semploymentmarketgrowth.Atpresent,theurbanizationratehasexceeded60%.Urbanizationwillexpandthepublicfinancialexpenditureandthenumberofemployeesinthepublicservicesector.China’surbanizationrateremainsinahigh-speedgrowthrangeof30%to70%.Itislikelytocontinuetodevelopfornearly20yearstoachieveanurbanizationrateofmorethan80%indevelopedcountries.Meanwhile,continuousurbanizationmayalsoleadtomoreseriouslyinadequatepublicservicesupplyincities,whichwillalsoimposehigherrequirementsonthequalityofpublicservices. Comparedwithpublicproductssuchasinfrastructure,publicservicesarelabor-intensiveinputs,especiallythebasicpublicservicesoflocalgovernments.Ithiresahugenumberofemployeeswhileimprovingpublicservicecapabilities.China’slong-termgoalfor2035requirestherealizationofequalizedbasicpublicservices andthemaingoalofeconomicandsocialdevelopmentduringthe“14thFive-YearPlan”periodrequiresasignificantincreaseinthelevelofequalizationofbasicpublicservices.AccordingtotheresearchbytheNational Academy of Governance, the employed population in the public sector in developed countriesaccountsforabout10%to20%oftheworkforce,whichisevenhigherthan20%inCanadaandHongKong.However,theemployedpopulationinthecurrentpublicsectoronlyaccountsfor5%inmainlandChina.Withthedeepeningofurbanization,theproportionofemployedpopulationinChina’spublicsectorwillgraduallyincrease;andthemarketoftrainingforpublicservicerecruitmentexaminationwillalsomaintainalong-termsteadygrowth,whichhasbeenpartiallyprovedbytheastonishingdemandsonthetrainingforteacherrecruitmentexaminationandrecruitmentexaminationinmedicaltreatmentandpublichealth.3.Mainperformancedrivingfactors constraintssuchasinsufficientdemandandstructuralcontradictionsintertwinedwithcyclicalproblems.Thereisstillalotofroomforimprovementinresidents'consumptionpowerandwillingness.Inthefaceofmarketuncertainty,theCompanyrespondedtomarketchangeswithaprudentandsteadystrategy,shiftedfromscaletoefficiency,focusedonprofitcollection,activelyadjustedproductstructure,strengthenedrefinedmanagement, andreshapedtheorganizationalstructuretobringtheCompany’soperationbacktonormaltrack,thusachievingpositiveprofitgrowthinthefirsthalfoftheyear.Duringthereportingperiod,theCompanyrealizedatotaloperatingrevenueofRMB1.728billionandanetprofitattributabletoshareholdersofthelistedcompanyofRMB81.9817million,anincreaseof109.20%overthesameperiodofthepreviousyear.Netprofitattributabletoshareholdersoftheparentcompanyafterdeductingnon-recurringgainsandlosseswasRMB83.1926million,anincreaseof109.21%overthesameperiodofthepreviousyear. (1)Optimizecoststructureandimproveoperationalefficiency.Inthefirsthalfoftheyear,theCompanyactivelyadjustedstaffallocation,optimizedbusinesslayoutandadheredtoleanresourceplanningandcostcontrol, by which it achieved good results. During the reporting period, the Company's operating costs decreasedby52.97%year-on-year,andsalesexpensesdecreasedbynearly50%year-on-year.Thegrossmargininthefirsthalfoftheyearwas56.20%,anincreaseof28.5percentagepointscomparedwiththesameperiodoflastyear.Thegrossmargininthesecondquarterincreasedby7.33percentagepointscomparedwiththefirstquarter. (2)TechnologyempowersbusinessdevelopmentandArtificialIntelligence&EducationResearchInstituteisestablished.Atpresent,artificialintelligencetechnologyhaspenetratedintoallwalksoflifeandverticalfieldssuchasvocationalabilityimprovementandtraininghavealsobecomethemajorfieldswhereAIcanbeapplied.InordertopromotethetransformationandinnovationoftheCompany'sbusiness,duringthereportingperiod,theCompanyestablishedArtificialIntelligence&EducationResearchInstitutetograduallyexploretheapplicationandinnovationoftechnologiessuchasdigitalhumansandgenerativelargelanguagemodelsintheverticalfieldofemploymentservicesandfacilitatetheimprovementofresourceefficiency.In the next stage, with the stabilization and recovery of the domestic economy and the gradualimprovementofconsumptionexpectations,theCompanywillalsoseizetheopportunitytofurtherstrengthentheemploymentservicetrainingofvarioussequences,acceleratethedevelopmentofnewbusinesses,andcontinuetofixtheproblemsinoperationandmanagementinordertomaketheCompany'sperformanceachievegradualrecoveryandstability.
2. Verticalintegrated fastresponse capability supports the Company’s sustainable operationstructurallyandefficiently. Thehighoperationefficiencyfarbeyondthegeneralindustriesisanecessitytorealizescaleeconomyandestablishcompetitivebarrierinthedecentralizedmarket.Therefore,verticalintegratedrapidresponsesystemand capability can best adapt to this kind of market environment. In each exam, “Business outlets — Headquarterscommandcenter—Teachingsites”aregivingresponsesandfeedbackwithhighfrequencyeveryday.Thus,theeffectofmanagementandlearningfaraboveaveragecanberealized.Verticalintegratedcorporatestructurecannotonlyrealizethehighefficiencyofoperation,butalsobeeffectively compatible with the management impact brought by rapid business category expansion. Soinvestmentinandinnovationonthiscorporatestructurehasalwaysbeenacentralpartofthemanagementreform.Atpresent,OffcnEduhasestablishedmorethan1,000businessoutletscovering300prefecture-levelcities.Simultaneously,theheadquarterscommandcentercontinuestoseekthescaleeffectofmanagementwiththehelpofmanagementreformanddigitaloperation.Inrecentyears,OffcnEduhasalsocontinuouslyinvestedintheconstructionoflarge-scaleone-stopbasesforfood,housingandlearningtopromotetherealizationoflarge-scalefactoryoperationontheteachingsites. 3.Digitaloperationformstheenterpriseplatformwith“real-timesituationalawareness”.Theteam’sexplorationfordigitaloperationhaslastedformorethan15years,andinrecentyears,theinvestmentscalefordigitaloperationinfrastructurehasincreasedsignificantly.Onereasonistomeetthemanagementneedsforrapidexpansionofcategories.Theotherreasonliesinthegreatadaptabilityofverticallyintegratedfastresponsesystemtothedigitization.Afterthesystemwasintegratedwiththedigitizationindepth, it generated higher operating efficiency and significantly improved the front and background response frequencyfromunitsofdaystoalevelcloseto“real-timesituationalawareness”,whichenhancedthe Company’scorecompetitivenessbasedonspeedeconomy.4.Thevaluesofkindnessandaltruismareubiquitousandflourishing.As a knowledgeable staff-intensive training institution for employment service, the Company hasestablishedaconciseandeffectivecorporatecultureinthelongjourneyofarduousentrepreneurship,withthecorevalueof“BeKind&DoRight”andadvocatingaltruism.Notonlyhasitbecomeacompanysystem,butalso the founding team has taken the lead to setan example, driven itstep bystep, and unswervinglyimplementeditintheoperation,makingthevaluesofOffcnEduubiquitousandflourishingintheenterprise.ThisdistinctiveandtangiblecorporatecultureallowstheCompanytomaintainstrongorganizationalcohesion.5.OffcnEdustrivestostrengthentheParty'sconstructiontopromotethehealthyandvigorousdevelopmentoftheCompany. FromtheestablishmentofthePartycommitteein2018totheestablishmentofthefirstPartyschoolofnon-public-owned enterprise in 2019, the Party committee of Offcn Edu fully utilizes the Company’sadvantagesofknowledge,theory,andtechnologyandactivelypromotesandimplementstheParty’spolitical
TheCompany’scomponentsororiginofprofitsdidnotchangesignificantlyduringthereportingperiod.Compositionofrevenue
1.Majorchangesinassetcomposition Unit:RMB
□Applicable ?Notapplicable 3.Assetsandliabilitiesmeasuredatfairvalue ?Applicable□Notapplicable Unit:RMB
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