Securities code: 002607 securities abbreviation: Offcn Education Technology Co.Ltd(002607) Announcement No.: 2022-011 Offcn Education Technology Co.Ltd(002607)
2021 annual performance forecast
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions. This text is provided in English at the same time. In case of any ambiguity between the two versions, the Chinese version shall prevail.
1、 Expected performance of the current period
1. Performance forecast period: January 1, 2021 to December 31, 2021
2. Expected performance: loss
The current reporting period of the project is the same period of last year
Loss attributable to listed companies: 2.0 million yuan - 240 million yuan profit: 2304.3577 million yuan net profit of shareholders
Net profit after deducting non recurring loss: 2120 million yuan - 2520 million yuan profit: 1867289500 yuan profit
Basic earnings per share loss: 0.32 yuan / share - 0.39 yuan / share profit: 0.37 yuan / share
2、 Communication with accounting firms
The company has made pre communication with the accounting firm on the performance forecast, and there is no significant difference with the accounting firm. This performance forecast was preliminarily estimated by the company's financial department and has not been pre audited by certified public accountants.
3、 Explanation of performance change reasons
During the reporting period, the company expects the net profit attributable to the shareholders of the listed company in 2021 to be a loss of RMB 2 million-240 million, a decrease of 186.79% - 204.15% compared with the profit of RMB 2304357700 in 2020. The main influencing factors are that the business collection is less than expected, the rapid growth of student refund, the sharp decline of business income and the high growth of total operating cost. The details are as follows:
1. Business receipts were less than expected. The continuous spread of covid-19 pneumonia in 2021 has had an impact on China's economic development, and all walks of life have been affected to varying degrees. The talent recruitment and training industry also has periodic fluctuations in examinations, shrinking demand and weakening students' willingness to participate in training, resulting in the company's collection in 2021 far less than expected. On the one hand, due to the impact of the economic environment and the epidemic, the trainees' training consumption tendency is conservative, the willingness to pay for high-end training is reduced, and the industry market shrinks as a whole; On the other hand, due to the significant enrollment expansion in 2020, the number of recruits for the core training programs of provincial examination, public institutions, teachers and other companies decreased to a certain extent in 2021, and due to the epidemic, the examination recruitment time in some areas was advanced or cancelled, resulting in the decline of market training demand and the reduction of long-term training course products; The company expects to receive 19-21 billion yuan in training business in 2021, down 20.66% - 12.31% from 23.947 billion yuan in 2020.
2. The refund rate increased rapidly. Affected by the intensified market competition, in order to stabilize the market share and take into account the influence of the market expansion strategy during the cultivation period of new channel outlets, the proportion of high refund classes launched in 2021 has increased. Under the condition of the decline in the number of recruits, the number of applicants has increased, the average competition difficulty of the industry has increased, and the average passing rate of the industry has decreased greatly, As a result, the overall refund of the company in 2021 increased significantly compared with that in 2020. At the same time, superimposed on the impact of cross annual cycle of partial examination refund in the fourth quarter of 2020, it is expected that the student refund will be 14-16 billion yuan in 2021, an increase of 39.87% - 59.86% over 10.009 billion yuan in 2020. 3. Operating income fell sharply. Due to the double negative impact of the decline in business receipts and the increase in refund, the company is expected to achieve an operating revenue of 690 million yuan to 730 million yuan in 2021, down 38.41% - 34.84% from 11202.4943 million yuan in 2020. The significant decrease in revenue is the main reason for the company's loss in 2021. 4. The total operating cost increased at a high level. With the sharp decline in total operating income, the total operating cost is still at a high level and growing slightly. In the first half of 2021, the competition in the vocational education industry intensified. In order to avoid brain drain, the company made continuous strategic investment. During the reporting period, the number of personnel and the scale of outlets reached a historically high level, which objectively increased the operating cost of the company. In the second half of the year, although the cost side of the company was continuously optimized, the contribution of the optimization degree to the profit was limited, and the pressure of fixed costs such as the salary of the company's personnel was still not small, resulting in a slight increase in the total operating cost of 2021 compared with 2020. It is estimated that the total operating cost of the company in 2021 will be 930000-970000 yuan, an increase of 1.61% - 5.98% over 9152.971 million yuan in 2020.
During the reporting period, the company's operation suffered significant losses, mainly due to the rapid growth of the company's number of personnel and outlets under the background of continuous high growth in the past few years, resulting in the increase of fixed cost expenditure, while the company's management team did not predict the continuous impact of the epidemic, the contraction of demand and the intensification of market competition, and the business plan was not adjusted in time, As well as underestimation of the sharp decrease in the average passing rate of the industry and the sharp increase in refund caused by high refund products. The emergence of these problems exposed the company's lack of strategic judgment and rapid response ability in the face of market changes in the post epidemic era, as well as the shortcomings of internal management and organizational structure. In this regard, the company's management team conducted a comprehensive and profound review and reflection.
For the future, the company's management team will actively rectify the problems in the business development process in the past year, make up for the deficiencies in the management process, improve the weak links in the budget work, comprehensively launch the business boost plan in 2022, and accelerate the integration of online and offline through comprehensive adjustment of product structure, internal optimization, cost reduction and efficiency increase, amoeba business reform, online and offline Five measures including the rapid layout of new business of vocational education will enable the company to return to the development track as soon as possible.
4、 Other relevant instructions
The performance forecast is preliminarily estimated by the company's financial department, and the specific financial data are subject to the data disclosed in the 2021 annual report. Please invest rationally and pay attention to investment risks.
It is hereby announced
Offcn Education Technology Co.Ltd(002607) board of directors January 28, 2002
