In the first half of the year, it lost 554 million in the first half of the year!Kevin Education wants to extend the tutoring track?

In the first half of this year, Kevin Education fell into a trend of dual revenue. Among them, operating income decreased by 69.76%year-on-year to 60 million yuan, and net profit attributable to mothers decreased by 56.56%year-on-year to -054 million yuan.

"Investment Times" researcher Lu Gong

Beijing Kevindexin Education Technology Co., Ltd. (hereinafter referred to as Kevin Education, 002659.SZ) The trend of net profit in the first quarter of this year continued to the first half of the year.

A few days ago, Kevin Education released semi -annual results. Data show that the company achieved operating income of 0.60 million yuan in the first half of this year, a decrease of 69.76%from the same period last year; the net profit attributable to shareholders of listed companies (hereinafter referred to as returned to the mother) decreased by 56.56%year-on-year to -054 million yuan. After deducting non-recurring profit or loss, it decreased by 40.14%year-on-year to -055 million yuan.

In response to the decline in revenue, Kevin Education stated in the financial report that it is mainly due to the impact of the implementation of the regulations and policies of the Civil Affairs Law. Since September 2021, the two schools will not be included in the scope of the combined statement.

In the first half of the year, the net profit was doubled

"Investment Times" researcher noticed that due to the "Implementation Regulations Policies", since September 2021, private schools that implement compulsory education cannot be traded with the hosted by private schools, actual controllers and other interests. Therefore, Kevin Education launched the change of the organizers of Beijing Haidian Kevin School and the Kevin School of Chaoyang District, Beijing (hereinafter referred to as two Kevin Schools). Since then, Kevin Education no longer incorporates two Kevin schools into the scope of the merger statement.

It is reported that the changing organizers are Beijing Haiguo Education Investment Consulting Service Co., Ltd. (hereinafter referred to as Haiguo Education Investment), which are mainly engaged in economic and trade, corporate management, and education consulting business.

Affected by the above situation, the tuition and income of the two Kevin schools after September 2021 cannot be included in the revenue of Kevin Education. Therefore, the revenue of Kevin Education declined by 11.44%year -on -year revenue in 2021, but The company's losses at the same time narrowed from 130 million yuan in 2020 to 121 million yuan.

In the first half of this year, Kevin Education completed the change of the two Kevin schools. Since then, the company no longer has a related partner of the two schools, but signed a service agreement with them to provide services such as campus asset operation leasing, brand permits, and quality education courses for the two schools. From April this year, Kevin Education and its subsidiaries can obtain market -oriented revenue by providing services to two Kevin schools.

However, as far as the business data disclosed in the first half of this year, Kevin Education's performance has not returned to growth as scheduled, and the revenue and net profit of returned mother decreased by 69.76%and 56.56%year -on -year, and a loss of 54 million yuan occurred.

At present, Kevin Education has completed the change, which means that the impact of the changes of the two Kevin school organizers on the company's operation has gradually eliminated, and the company's operation capacity has basically returned to normal. So why is the company's performance still declined?

In response to the aforementioned situation, the researcher of the "Investment Times" emailing the communication outline to the relevant department of Kevin Education, as of the press time, has not received the company's response to specific issues.

From 2017 to 2021, the changes in Kevin's education revenue and net profit attributable to mother

Data source: company financial report

Education services to go downhill road expansion vocational education

In addition to the profit and loss status, the revenue achieved by Kevin Education in recent years is also in the fluctuation trend of increasing or decrease. Data disclosed that the company's revenue growth rates from 2017 to 2019 were 91.58%, -61.01%and 228.68%, respectively. After entering 2020 until the first half of this year, the company's revenue continued to decrease year-on-year, with a year-on-year growth rate of -59.61%, -11.44%and -69.76%, respectively.

Regarding Kevin Education's decline in revenue growth in recent years and continued losses, the researcher of the Investment Times further split the company's industry and product conditions.

In 2020, 2021 and the first half of this year, more than 90%of Kevin Education's revenue was derived from the education industry, and the industry's revenue accounted for 99.67%, 99.44%, and 97.28%. At the same time, the income growth rate of the industry is declining year-on-year or even from increased to decrease. From 46.20%in 2019 to 4.84%in 2020, in 2021 and the first half of this year are -11.64%and- 70.54%.

From the perspective of the product, during the above years (2020, 2021, and the first half of this year), Kevin Education's education service business contributed most of the income, and its revenue accounted for 95.23%, 88.63%, and 78.75%, respectively. The revenue contributed in this business at the same time has also shown a slowdown in growth and increased to decrease. From 47.58%in 2019 to 8.32%in 2020, in 2021 and the first half of this year are -17.57%and-- 74.77%.

In addition, the above-mentioned industries and products have the same trend of gross profit margin in the same period. By the first year of this year, the gross profit margins of Kevin's education and education service business were -11.00%and -11.67%, respectively. Compared with the value of 2020, it has shrunk by about 13 percentage points.

Or out of consideration of the company's profitability in recent years, and poor education service business performance, the researcher of the Investment Times noticed that in the 2021 report, the company mainly engaged in the business increased "vocational education".It stated that "actively responds to the national policy layout of vocational education tracks, take vocational education as the focus of future development", "the company has the advantages of transforming industrial resources into teaching capabilities and the advantages of educational resources."After entering 2022, Kevin Education also renamed the atomic company "Beijing Kelvin Psychological Education Technology Co., Ltd." to "Haike Vocational Education (Beijing) Technology Co., Ltd.".On the education side, the company and vocational colleges have a second -level industrial college; on the industrial side, the company cooperates with a number of well -known mathematical economic enterprises to jointly build an internship training base.

In the future, whether the layout of the vocational education track can become the second growth curve of Kevin's education, which helps the company to turn losses into profit and revive performance growth. It remains to be verified.

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