On April 28, Offcn Education Technology Co.Ltd(002607) released the first quarter report of 2022. During the reporting period, the company achieved an operating income of 1.213 billion yuan and a net loss of 464 million yuan, which narrowed significantly month on month, and the net operating cash flow also turned positive month on month. The annual operation boost plan has gradually achieved results.
For the year-on-year fluctuations in the first quarter results, Offcn Education Technology Co.Ltd(002607) announced that since 2022, the company's external business environment has faced more severe challenges than that in 2021. The uncertainty of the business environment objectively impacts the development of training business and has a certain impact on the company's performance.
The report shows that the company's business boosting plan in 2022 is gradually effective, especially in cost optimization and product structure adjustment. In terms of cost side optimization, the company implemented the amoeba business reform plan internally, and the total operating cost continued to be optimized during the reporting period, falling from 1.979 billion yuan to 1.77 billion yuan, a year-on-year decrease of 10.57%; During this period, the sales expense was 396 million yuan, a year-on-year decrease of 9.1%; The management fee was 320 million yuan, a year-on-year decrease of 5.92%; The financial cost was 70 million yuan, a year-on-year decrease of 35.97%, and there is still room for follow-up optimization; In terms of product structure adjustment, the company actively adjusted the product structure, continuously reduced the high refund proportion of products, and shifted from the expansion product strategy to stability.
According to the report, in the first quarter of 2022, the cash received by the company from selling goods and providing labor services was basically the same as that in the same period last year, and the net cash flow from operating activities was 597 million yuan, which was - 247 million yuan compared with the same period last year. It not only turned negative compared with the fourth quarter of last year, but also achieved an increase of 341.87%.
Offcn Education Technology Co.Ltd(002607) said that optimizing the cost and adjusting the product structure are the layout made by Zhonggong in order to return to the right track of development. In the future, we will continue to maintain a prudent and prudent business strategy, timely judge and respond to market risks, continue to promote the operation boost plan in 2022 and improve the company's operation efficiency through internal optimization, cost reduction and efficiency enhancement, structural product adjustment and accelerating the development of new business. At the same time, we will continue to expand the layout of relevant businesses in the field of vocational education and seize the strategic opportunity in the period of rapid development of vocational education.
