On January 28, Offcn Education Technology Co.Ltd(002607) released the performance forecast for 2021. The announcement shows that in 2021, the company is expected to realize an operating revenue of 6.9 billion yuan to 7.3 billion yuan in 2021, down 38.41% – 34.84% from 11.203 billion yuan in 2020; The net loss attributable to shareholders of listed companies was 2-2.4 billion yuan, down 186.79% – 204.15% from the profit of 2.304 billion yuan in 2020.
According to the announcement, Offcn Education Technology Co.Ltd(002607) the loss in 2021 was mainly due to the lower than expected business collection, the rapid growth of student refund, the sharp decline of business income and the high growth of total operating cost. Among them, the sharp decrease in revenue is the direct cause of the company’s loss. In terms of collection, the company expects that the collection of training business in 2021 will be 19-21 billion yuan, down 20.66% – 12.31% from 23.947 billion yuan in 2020.
In addition, the increase of refund rate and the high growth of total operating cost are also the main reasons for its loss in advance. Superimposed on the increasing average competition difficulty of the industry and the impact of some examination fee refunds in the fourth quarter of 2020 across the annual cycle, the company expects that student fee refunds of 14-16 billion yuan will occur in 2021, an increase of 39.87% – 59.86% over 10.009 billion yuan in 2020. Meanwhile, Offcn Education Technology Co.Ltd(002607) it is estimated that the total operating cost of the company in 2021 will be 9.3-9.7 billion yuan, an increase of 1.61% – 5.98% over 9.153 billion yuan in 2020.
