Educational middle school entrance examination: Jinyu Qiqi, hidden worry among it

(Picture source: Oriental IC)

One year after the announcement of the dribbling K12 business, the education was released in the first half of 2022.

In the second quarter, the revenue was 134 million yuan, and the upper limit of the excess revenue was 11.2%; the Non-GAAP caliber was achieved in the three consecutive quarters. The performance was bright during the period.

Together, the giant wheel has successfully turned?

The scale of rapid shrinkage

The most eye -catching in this issue is a significant narrowing loss.

In the second quarter of 2022, a net loss of 26.4 million yuan was educated together, which was a significant narrowing of 90.26%significantly from the net loss of 267 million yuan in the same period last year. In the first half of the year, a net loss of 51.2 million yuan was recorded together, which narrowed by 94.47%from the net loss of 926 million yuan in the first half of 2021.

Under Non-GAAP, it has announced that it has achieved positive profitability for the third quarter in a row. In the second quarter, the equity incentive expenses of 30.1 million yuan were not included. The net profit after adjustment under Non-GAAP caliber was 3.6 million yuan. The net loss in the same period last year was 218 million yuan, a year-on-year loss. In the first half of the year, the cost of incentives for equity was RMB 64.7 million, and the adjustment of net profit after adjustment was 13.5 million yuan, which was higher than the net loss of 807 million yuan after the adjustment of the same period last year.

Regarding the performance during the reporting period, the work reported in the financial report: SaaS business's revenue contribution in the second quarter of 2022 has steadily increased, and the growth engine has switched to a more benign and sustainable new business model. "

However, what is the development of the new business model? Perhaps in terms of revenue changes, you can glimpse the clue.

In the second quarter, the educational revenue was 134 million yuan, a year -on -year decrease of 80.1%from 671 million yuan in the same period last year; a total of 367 million yuan in revenue in the first half of the year, a decrease of 68%from 1.145 billion yuan in the same period last year.

It can be found in the past years that it can be found that since the announcement of stopping the K12 disciplinary counseling service, the revenue of educational education has declined significantly for three consecutive quarters.

Since the "double reduction" policy in July 2021, the educational revenue has not increased in the past, but has gradually fallen to 61.77%in the third quarter of 2021, and then 11.45%in the fourth quarter of 2021. Until 2022, its revenue has increased significantly.

In the first and second quarters of 2022, the scores of education revenue rings decreased by 57.09%and 42.49%, respectively. It can be seen that although the SaaS business of transforming the informatization of the school has progressed for half a year, the performance contribution effect brought about is still minimal.

Although the teaching software in the school is the service (SaaS) business, as the education says that "contribute to the net growth of the second quarter revenue", at the current speed and scale of development, if you want to fill the blank brought by the divestick K12 business, I am afraid that it is still still It's hard to do.

Still fatigue future

If the new business has not yet blossomed, how can education together achieve a significant decrease in losses?

As we all know, the online K12 disciplinary counseling always has a profit problem. Cascutive customers burned money and horse race. After the online K12 marketing war, there was a wolf borrowing. Almost all in K12's education is hard to escape from losing money.

Financial data shows that the education technology has lost 656 million yuan, 964 million, and 1.340 billion yuan in the first three years (2018, 2019, and 2020). During the three and a half years, a total of 3.886 billion yuan had been lost.

Today, aside from the long -lasting K12 business, the profit pressure of education together has been significantly relieved.

The reason is that since the above -mentioned business is peeled, there is no need to join the "advertising war", no more "burning money to get customers", and the expenses of various education together have been significantly reduced.

In the second quarter of 2022, the total operating cost of the education was reduced by 85.2%year -on -year. Among them, sales and marketing costs were 11.65 million yuan, a year -on -year decrease of 96.2%; R & D expenses were 35.709 million yuan, a year -on -year decrease of 84.4%; general and administrative expenses were 56.441 million yuan, a year -on -year decrease of 48.5%.

Judging from the data of the entire first half of the year, the cost of educational income decreased by 64.29%year -on -year, and the total operating costs decreased by 83.42%year -on -year. Among them, sales and marketing costs were 33.647 million yuan, a year -on -year decrease of 96.34%; R & D expenses were 133 million yuan, a year -on -year decrease of 69.69%; general and administrative expenditure totaling 108 million yuan, a year -on -year decrease of 54.96%.

However, the loss of losses narrowing dependence costs instead of the new business "open source" is not a long -term plan after all. It is necessary to invest in major business businesses, but there are not many rest food in the hands of education.

As of June 30, 2022, 894 million yuan in cash and cash equivalents were educated together, and on June 30, 2021, the cash and cash equivalents held in the hands of education were 2.16 billion yuan. The year -on -year decreased by nearly 1.3 billion yuan, and this is still a huge impact on the educational operation after the various expenses have been reduced significantly year -on -year.

At present, the school teaching software (SaaS) business that is developed together is the development technology, which also relies on R & D technology. It is also because of cooperative school partners. Low gross profit and slow repayment have become the industry consensus. In the second quarter, the profit margin educated together was 697 million yuan, a year -on -year decrease of 83.5%; the gross profit margin was 52.2%, while the same period in 2021 was 63%.

If it is said that the cash in the hands of education is still abundant for the already contracted business scale. Then the further decline of delayed income seems to reflect more obvious difficulties that will face the future of the future.

As of June 30, 2022, the deferred income of education together was 142 million yuan, a year -on -year decrease of 80.18%from 716 million yuan from June 30, 2021; compared with the 244 million yuan at the end of 2021, it also decreased. 41.85%.

Behind the seemingly dazzling financial report, the hidden concerns of education together are still very heavy.

Successful transformation? Early assertion

The performance of this quarter also brought an assertion of "successful transformation" together.

Some people pointed out that the loss of losses has narrowed significantly after the education of the K12 business together. The revenue contribution of the new business in the second quarter of this year has steadily increased, which can indicate that the education has been successfully transformed together.

In the financial report, education together also stated that in the second quarter of this year, the education technology successfully delivered "Minhang District's precise teaching and adaptive learning system project based on intelligent operations" in Shanghai; The "Min Zhi Work" and "Min Xiao" wisdom pen developed by Municipal Minhang District were also officially released in Shanghai. With the good demonstration effect formed by SaaS business in the Minhang District of Shanghai Minhang District, the National Education Highlands, the education technology is steadily promoting digital teaching business in more regions across the country to help digital transformation and upgrading of local education.

In addition, on the occasion of school on September 1st, Minister of Education Huai Jinpeng advocated at the Minister of Education of the G20 Group (G20) of the Ministry of Education to jointly promote the sharing and co -construction of high -quality digital education resources, and promote the digital transformation of education and green transformation of education. Essence This also made the education seemed to see the dawn.

However, from the tide of transformation after "double reduction", the "blue ocean" track of education informatization has long been windy. Former NetEase Youdao's "Youdao Excellent Class" began to explore AI smart education, Lenovo released a large screen of smart education interactive, HKUST Xunfei Wuhan Wisdom Education Project, Squirrel AI and Lenovo to create smart education classrooms, etc. It has become more and more intense.

The education that has been dragged down in the years will not only face fierce competition in the future, but also undergo huge investment pressure.

Today, the new business has not achieved the rapid expansion of revenue and profitability. Conversely, under the circumstances of a significant decrease in costs, gross profit margins, decreased gross margin, cash flow, deferred income, ... successfully educated the transformation together, and asserted that it was early.

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