Speed educational giants: Shivo's revenue has decreased by nearly a quarter, do you need "re -classes"?

21st Century Business Herald reporter Wang Feng Beijing report

Guanyuan (002841) recently released the 2022 semi -annual report. During the reporting period, the company achieved operating income of 8.98 billion yuan, an increase of 12.78%year -on -year, and the net profit attributable to shareholders of listed companies was 677 million yuan, an increase of 57.38%year -on -year.

However, Xivo, an educational informatization brand, as an important section of the source shares, has a negative growth. During the reporting period, the operating income of Guanyuan Co., Ltd. was 1.698 billion yuan, a year -on -year decrease of 24.46%.

The semi -annual report quoted third -party data that the brand share of Hivo's education market accounted for 40.0%of the total sales volume of the IFPD education market in mainland China. Although it is still the absolute head of the market, it decreased by 4.7 percentage points from the same period last year.

The main products of Hivo are interactive smart tablets in the classroom, and software that are used in teaching and management relying on tablets. For more than ten consecutive years, Hivo is the first place in this market.

It can be said that the current educational information enterprise that provides smart education services has developed in the beginning of Hyovo's market, and they cannot shake Hivo's market position.

However, Hivo's growth strategy is to expand from primary and secondary schools to higher education, preschool education, and overseas markets. The product side has always adhered to software development of hardware and teacher support. In contrast, the emerging smart education companies rely on big data and artificial intelligence technology to enter the education informatization market that has entered and greater learning analysis.

Keep 40 % of the market

Watching source shares are smart electronic products and solutions providers with the core of display, interactive control and connection technology. They mainly carry out five major businesses: LCD TV's main control board card and other component business, the education business of Xivo as the brand, to use it MaxHub is an emerging business such as brand service business, overseas business and LED.

In the first half of this year, the operating income of Shimotome shares was 8.98 billion yuan, an increase of 12.78%year -on -year. From the perspective of the product, the LCD display main control board card revenue was 3.314 billion yuan, an increase of 30.85%year -on -year; interactive intelligent tablet revenue was 3.655 billion yuan, a decrease of 5.82%year -on -year; other revenue of 2.011 billion yuan, an increase of 29.81%year -on -year.

It can be seen that in addition to the interactive intelligent tablet system where education is located, other products have increased significantly.

In the country, Hivo has created an educational interaction intelligent tablet category. The annual report of Guanyuan Co., Ltd. showed that Hivo won the industry's market share for 10 consecutive years in 2012-2021 for 10 consecutive years.

In recent years, the semi-annual report shows that Hivo's revenue has maintained a growth rate. In the first half of 2018 to 2021, revenue growth rates were 46.96%, 14.15%, 5.63%, and 47.44%. But in the first half of this year, Hivo's revenue was 1.698 billion yuan, a year -on -year decrease of 24.46%.

The semi -annual report did not disclose the reasons for the growth of Howo's revenue, but only pointed out that the domestic education market has fallen to a certain extent. The semi -annual report quoted the statistics of the "Global IFPD Market Research Report 2022 Q2 Discien" that the Chinese education market shipments were about 307,900 units, a decrease of 30%year -on -year.

However, it is worth noting that it is not only this year's domestic market decline. In the past, when Hivo grew at high speed, the domestic market also declined.

For example, the 2019 semi -annual report shows that according to Ovi Cloud's "2019 Q2 China Education IWB Market Research Report", in the first half of 2019, sales of mainland China fell 12.70%year -on -year, but Hivo's revenue increased by 14.15%. According to the 2020 annual report, according to the same series of reports of Aowei Cloud, in the first half of 2020, sales of mainland China decreased by 23%year -on -year, but Hivo's revenue increased by 5.63%.

At the same time as negative growth, Hivo's market share also declined suddenly. According to the 2020 annual report, according to the report statistics from Dixian Consultation, the company's market share in 2018, 2019, and 2020 in the company's education market interactive intelligent tablet products was 44%, 44%, and 48.2%, respectively. However, according to the same series of reports, in the first half of 2021, the market share of Hivo fell to 44.7%, and in the first half of 2022 continued to decrease to 40%, and the 40%market was in danger.

Hivo's growth strategy

The blackboard is the most important teaching equipment. The interactive intelligent tablet after the information technology upgrades of the blackboard is naturally the most important educational informatization equipment.

With the first advantage, Hivo is far ahead in the interactive smart tablet market. Wei Zhenshui, Vice President of Hero, said at the opening ceremony of the 8th "Internet+Education" Innovation Week on August 13 that Hivo's products entered 116,000 primary and secondary schools across the country, accounting for more than half of the market.

However, some reports pointed out that interactive intelligent tablets have been shipped by more than 1 million units per year for many years. After more than ten years of penetration, as the level of informationization in high school and compulsory education continues to increase, market demand has declined in 2019.

In recent years, the interactive intelligent tablet market has been boosted by two factors: one is the pace of educational informatization construction that has been accelerated by "stopping class", and the other is the need for renewal of stock products. But at the same time, the smart blackboard that combines the handwritten blackboard and interactive intelligent tablet has been launched as a third -generation product to swallow the old product market.

Hivo's growth strategy is to expand to other markets, one is the domestic higher education and preschool education market, and the other is the overseas market. In the semi -annual report of Shiyuan Shares in 2022, facing higher education, through school -enterprise cooperation, building an industry -university -research platform, and successfully signed a million -level platform project; for vocational education, continued to cultivate channels and users, and launched a new generation of VR training integration Products such as machines.

The semi -annual report also said that during the reporting period, Hivo realized the operating income of interactive smart tablets and other products in overseas markets 2.106 billion yuan, an increase of 43.87%year -on -year. According to investor exchange activities on April 29, according to third -party data, as of the end of 2020, the penetration rate of the educational market interactive smart tablet in China was 59%, while the penetration rate in the world was only 14%. This shows that the overseas market has a broad prospect.

In addition, Hivo is constantly enriching the product. For example, two smart blackboards were launched in the first half of this year. In addition, Hivo also launched products such as smart podiums, recording and broadcasting systems, but most of these products have mature markets.

Different solutions market

In fact, in addition to the large screen, there is a lot of space in the education informatization market. "As soon as everyone heard Hero think it was a big screen, it was not the case." Wei Zhenshui said at the opening ceremony of the 8th "Internet+Education" Innovation Week on August 13.

Some insiders told the 21st Century Business Herald that Hivo has established a software team since 2013 and has been updating products. At present, Hivo's product strategy is from hardware to teaching tools to teaching resources, and continuously enrich the matrix.

In terms of software research and development and application, Howo succeeded. Relying on the super penetration rate of interactive intelligent tablets, Hivo covered teaching software with a wide range of teachers.

According to the semi -annual report, as of June 30, 2022, the number of active teachers in the Hyoval White Board of Elementary and Middle Schools exceeded 4.7 million, and the number of active teachers in the kindergarten of the Kuyvo Benci was more than 200,000. The total number of EN5 courseware on the launch reached 390 million, and 180 million courseware was added in the first half of 2022.

It can be said that Hivo has established a powerful and perfect tool support system for teacher teaching and the development community of teachers. However, in terms of business models, these software products do not directly contribute too much revenue. Instead, they play a role in enhancing user stickiness, enriching product functions, and promoting interactive smart tablet sales.

It is important that in terms of product concept, Herwo adheres to the "three religions", that is, help teachers solve teaching problems in the classroom. On the one hand, it builds a solid moat, and on the other hand, it is easy to let Havo ignore the emerging smart education market.

In the smart education market, enterprises provide a complete set of solutions. By collecting education in the process of education, especially students' academic conditions, it is used to improve teaching efficiency. Typical products include smart operating systems, after -school services, etc.

In the first half of this year, HKUST Xunfei Smart Education's revenue was 2.205 billion yuan, an increase of 27.38%year -on -year. The overall solution of the overall solution of the single project is very large. For example, the business scale of Bengbu is about 1.6 billion yuan.

In contrast, Hivo proposed the "small data" concept for the emerging smart education business and continued to cultivate teachers' teaching services.

Siwo also tried to develop student -side services, and the strategy is still the first of hardware. First, the personal terminal products of the students who entered the school, but the coverage rate is not high. A lot of reason is that the individual purchase of the terminal can easily lead to educational charges and increase the economic burden of students. Hivo also sells the C -side user sales network learning machine, but has not disclosed specific revenue data.

When the smart education solution provider has a large amount of data and forms an ecosystem, it can enter the hardware market from the software market. For example, HKUST Xunfei launched a smart window at the end of 2021; in the second quarter of this year, Lenovo's large -screen shipments increased by three times year -on -year. According to a third -party report, market share has entered the top three in the industry.

In the face of the emerging smart education market, the old -fashioned education information company Xivo has to consider whether to "make up lessons".

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