Another education leader!15.3 billion refund fees are hot search, and the market value evaporates exceeding 230 billion

Study and excellent!

From ancient times to the present, the competition of the public examination is undoubtedly the most intense. On the turbulent Qingyun Road, how many adults are liver and brain, and after death!

According to statistics, the number of national civil servants examinations exceeded 2 million, an increase of more than 500,000 compared with the same period last year.

Recently, many celebrities have also been exploded. In short, the examinations are very big, and the institutions of civil servants training are also lying one by one. Among them, the most regrettable is Zhonggong Education.

As the "one brother" of the public training industry, Zhonggong Education not only achieved the "first share of the public examination", but also the stock price was still like breaking. The market value of more than 268 billion yuan was as high as 268 billion, and the scenery was not two!

In March 2021, Li Yongxin, the founder of Zhonggong Education, donated 1 billion yuan to his alma mater Peking University, and set the largest solo donation since the establishment of Peking University.

There are fame and fortune, and the most beautiful scenery is this. However, happy time is always short!

Since March 2021, Zhonggong Education's stock price has fallen exceeding 80 %, and its market value has evaporated more than 200 billion yuan. The middle school education in the center of the storm is experiencing a adverse survival journey:

The performance was thunderous, the regulatory storm continued, and he repeatedly received warning letters, attention letters, and even being filed for investigation ... Just late yesterday, Zhonggong Education also appeared on the hot search due to the refund problem.

In just one year, how did Zhonggong Education (002607.SZ) fall straight?

one

In the middle of the night on the 9th, Zhonggong Education appeared on the hot search, which caused a major discussion of the problem of refunds in China Public Education.

In fact, the problem of the difficulty of returning from Zhonggong Education has always existed, and there are many complaints from netizens on the Internet, but the previous Zhonggong Education still cares about it. Now I am deeply trapped in the quagmire. What happened, I just hope that the Thunder can come later!

According to statistics, the number of national examinations in 2021 exceeded 1.5 million, an increase of more than 110,000 compared with the same period last year; the number of applicants for the 2022 National Examination exceeded 2 million, an increase of more than 500,000 compared with the same period last year, and this is already this is already this. The number of applicants for the national examination has exceeded one million in 13 consecutive years.

It can be seen that how big the cakes are for civil servants and how strong the temptation is!

As the "civil servants" in recent years have intensified, the stock price of Zhonggong Education, which focuses on the training of civil servants' examinations as the key project, has also risen. The market value once reached 268.7 billion yuan, surpassing the best results in New Oriental and the future history.

In order to talk about the industry, there is no doubt that Yu Minhong of New Oriental is the level of "Big Brother", and it is a "giant" existence.

It is a difficult thing to rise from the beginning of the new Oriental eyelids to snatch the "richest man in the education industry" from Yu Minhong's hands!

However, Li Yongxin, a elementary school brother who graduated from Yu Minhong in a 15 -year -old Yu Minhong, did not only achieve the value of 142 billion "most richest" teachers in history, but also ascended to the hot search because of the donation of 1 billion yuan in his alma mater.

"This is the first 1 billion yuan donated to my alma mater. In the future, my first 10 billion yuan will be donated to Peking University!"

On March 3, 2021, at the podium of the Beijing University of Peking University Education Foundation, Li Yongxin, chairman of Zhonggong Education, solemnly promised.

two

Rich and wealth will not return to "schools", such as Jinyi Night Walk!

In 1995, Li Yongxin was admitted to Peking University from Jilin. Due to family life, the free soup provided by the Peking University Canteen for poor students, plus a piece of shrimp fried cabbage with three cents, became Li Yongxin's unforgettable "delicious", and also made him I have always felt the kindness of Peking University.

In March 2021, Li Yongxin donated 1 billion yuan to his alma mater Peking University. The donation was donated through the Beijing Central Public Welfare Foundation established by Li Yongxin. This is the largest solo donation since the establishment of Peking University. Before that, he had donated more than 100 million to Peking University.

It is also this worker child who used to rely on Peking University to help the funds. Through his own efforts, Zhonggong Education has made Zhonggong Education into a public examination leader with a market value of over 260 billion! (Li Yongxin and Zhonggong Education's fame, "The richest teacher in history! Earn 9.2 billion annual earnings, the market value of 21 years of starting a business exceeds 200 billion" has been described, so I won't say much here)

The world is impermanent, the change is unpredictable, and the scenery is less than a year, and the situation of Zhonggong Education has turned sharply.

Under the background of the "double reduction" policy, a number of K12 unicorn and other K12 unicorn fell down in New Oriental and Good Future.

Zhonggong Education's stock price plummeted after reaching the apex area in March 2021. As of the close of today, it fell 2.26%to 5.62 yuan/share, with a market value of only 34.661 billion yuan. Compared with the historical high more than a year ago More than 100 million yuan.

In fact, since the end of last year, Zhonggong Education has been in the center of the storm. The performance is thunderous and the regulatory storms have continued to receive warning letters, attention letters, and even being filed for investigation. The capital market is even more news.

Three

There are also performance with the stock price. Although the civil servants' examinations continued to be hot this year, the performance of Zhonggong Education became a bit terrible.

On the evening of April 28, Zhonggong Education released the 2021 annual report and the first quarter of the 2022. During the reporting period, in 2021, Zhonggong Education achieved revenue of 6.91 billion yuan in 2021, a decrease of 38.3%year-on-year, and a net profit of -2.37 billion yuan, a decrease of 202.8%year-on-year. Zhonggong Education achieved revenue of 1.213 billion yuan in Q1 in 2022, a year-on-year decrease of 40.89%; net profit was -464 million yuan, a decrease of 429.59%year-on-year, and the net profit of the same period last year was 141 million yuan.

The house leak was in the rain, and the performance of Zhonggong Education dropped steeply. On the evening of June 8, the Shenzhen Stock Exchange issued an inquiry letter to the Zhonggong Education annual report, requiring it to make a written explanation of the 2021 performance fluctuations.

In response, Zhonggong Education responded to the letter that the total receipts of Zhonggong Education in 2021 were 20.43 billion yuan, with a total refund of 15.3 billion yuan; the trainers in 2021 were 3.849 million, and the return was 1.621 million. The refund in 2021 increased by 52.88%compared with the same period in 2020, an increase of 106.13%over the same period in 2019.

Why is the company's revenue and profits so huge fluctuations?

The main factor is the agreement class that was proud of.

The agreement class, that is, the students did not pass the exam, and the institution refunded the training fee. Simply put, it was "not refunded." For the public examination of high -end and low pass, the emergence of the agreement model has greatly reduced the cost of the candidate. For the potential candidates who are hesitant, they are like peace of mind.

While the agreement model has greatly expanded the public examination training market, it also brought a lot of cash flow to Zhonggong Education. This interest -free loan -like fund allows Zhonggong Education to seize the market step by step, and the newly opened market can bring new funds to it and open up new markets again. After the profit is profitable, the development of the protocol class is formed.

Unrestrained

However, the agreement class is both a "killer" and a "double -edged sword"!

The key to the closed loop is that under the promise of "but retreat", whether it can cover operating costs and achieve profitability.

Obviously, Zhonggong failed to do it, and finally fell into the cycle of death, resulting in huge losses!

To put it bluntly, the core reason for the predicament of Zhonggong Education is that the "agreement class -high cash reserves -investment real estate" model has a crack, the sudden increase in refund rate, the stagnation of real estate projects, and the disadvantages of the student loan project. Concentrated outbreak.

It is worth mentioning that on April 26, Zhonggong Education issued an announcement saying that due to the failure to disclose the affiliated transaction information in accordance with the regulations, Zhonggong Education and executives were fined 10 million!

In addition, in various social media, candidates have reported difficulties in the return of China Public Education.

During the 3.15 this year, Zhonggong Education, the leader of the industry, appeared on the top of the black cat consumer service platform education and training enterprise. Earlier, in the consumer warning issued by the Market Supervision and Administration Bureau of Beijing Haidian District, the number of disputes in the education refund of China Public Education was also renamed.

The decline of Zhonggong Education is from the freezing of the environment of the education industry. The inside comes from the company that touched the red line of information disclosure in front of the company's performance pressure and market value temptation, and lost respect for public investors.

Zhonggong is like an aircraft carrier based on air rotation funds. A small change in any link can lead to its driving to the abyss. In the market of waves and clouds, storms may come at any time.

Reference materials:

"The mystery of the Donation of Peking University 1 billion to being regulated, the mystery of Zhonggong Education falls", leopard changes

"15.3 billion refund! The market value evaporates more than 200 billion yuan! Zhonggong Education spent the winter in the "Public Examination Hot" ", Jiupai News

"China Public Education Performance Trailer Release: 2021 performance pre -losses actively adjusted to return to track", economic observation report

"Soaring hot search! The first richest man in the A -share industry is going on? 15.3 billion refunds, the total market value has evaporated by 200 billion! It has been announced to donate 10 billion to Peking University ", China Fund News

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