Competition is so intense, calculate deficient fund, this beautiful money still also gets a flower.

? Deep noise achieves Ma Xiaojun of · author ｜ formerly

In new first half of the year east online, learn successful IPO with me, below the line on front of summer vacation time large-scale after putting in battle, be about to pass as summer vacation time half, the war of K12 education field becomes white more thermalization.

Of the market fervent it is good to also caused the market to earth up a tycoon to another family education tomorrow is new one season money signs up for expect.

Before the money newspaper this first quarter is released, the share price of good future had risen since this year 44.3% , had walked out of it seems that from the point of share price expression was done by muddy water last year empty shadow. Held tall Ling sth used to one's own advantage once was decreased to also be in considerably after muddy water incident this year add first quarter hold good future 4.55 million -- it seems that orgnaization investor is right also good future restored confidence.

However newest quarterly reports gives heat, the exam paper that good future hands over appears a little awkward however:

● battalion receives 702.8 million dollar, grow 27.6 ％ compared to the same period, anticipate under the market;

The net loss of company of ● vest in is 7.3 million dollar, profit of net of the corresponding period was 66.8 million dollar last year, by be filled with turn deficient;

Profit of net of standard of accounting of ● blame United States (take no account of equity drive cost) 18.8 million dollar, fall panel height is amounted to 77.0% .

This is good future is recorded first in last few years deficit, market reaction is very quick also: Face newspaper of such a money, good future dish before drop for a time more than 9% , by yesterday the 37 dollars of closing quotation, lowest drops to 34.1 dollars.

Such achievement can'ts help wanting to let a person ask, good future how?

" battalion closes add fast glide, investment is big plan decrease "

This second money signs up for good future above all of bring to sb's attention is not as good as the battalion that the market anticipates collects data.

From the point of net income, good future battalion receives 702.8 million dollar, grow 27.6 ％ compared to the same period; Annulus compares a photograph relatively drop at the 727 million dollar of last quarters 3.3% . This data slightly under the market beforehand the 714.8 million dollar of appraise, at the same time also within an inch of fails to achieve good future going up the grows 27%-29% outstanding achievement that gives out in money newspaper and annals first quarter anticipates.

Fail to achieve the market to anticipate beyond, the battalion of good future closes add fast itself to also put delay somewhat. Although 2020 money year the time limits first quarter arrives to end 3 months before May 31, did not include to be worth data of expectant class of summer vacation time, but add fast curve to be down all the way compared to the same period, it is good to also let a person must be opposite future next growth ability makes a question mark.

Battalion closes besides the gain ability of good future also is one of core problems in newspaper of this quarter money. Above all, the wool interest rate that good future rose all the way in a year in the past turns around in this quarter downward, by 57.9% of last quarters, dropped 54.9% , drop returned 19 money year the level of the 3rd quarter. Fall than dropping circumstance in annulus of this quarter income, operating costs rose instead 3.3% , eroded the space of gain.

Nevertheless, compared with the expense that increases continuously, the wool interest rate that drops somewhat is already unchallenged.

From the point of money newspaper data, the administrative expenses of good future takes a few quarters that go than be in mediumly in income, 18 money year 22.3% of the fourth quarter, rose 25% of this quarter; Sale and sale charge are occupied mediumly in income than criterion all the way from 15.5% rose 22.1% . These two charge hold compared growth, affected the gain ability of good future further.

Good future expresses in money newspaper, because the amount of administrator of the corresponding period grows,the growth of administrative expenses basically is, the welfare that reachs pair of administrator rises -- this is afraid is not a good trend.

This year the beginning of the year, another teachs earth up tycoon new east to once was opposite because of in-house personnel manage redundant assail and went up to heat up search. And the 2019 money that just announce in new east year in data of the fourth quarter, administration expenses is 243 million dollar, occupy battalion to accept scale for 34.79% , although relatively the beginning of the year has dropped somewhat this year, but still reside do not fall high.

This problem drove new east on certain level the human affairs this year is fluctuant reach in-house reform, in the industry that in education a such heavy manpower throw, also be worth to bring think ancient bronze mirror.

Will see good future climb the sale that promote to throw successively again. Teach with what K12 gives priority to before this earthed up the market to had spread out to put in big fight in the channel below the line on many lines, even media reports online education " 3 big King Kong " learn and think of, simian coach, exercise helps daily advertisement put in amount to all be worth had achieved 10 million yuan. Below such market whole circumstance, the sale of good future and nature of market sale charge also are as trade when the river rises the boat goes up-particular things improve with the improvement of the general situation.

In what had gone 18, 19 money year, the sale of good future and sale expenses once rose with the speed of twice for a time even, and be in taller add fast went up to had kept period of time. From in the past the change of a few quarters looks, consider the impact that sale of next quarter summer vacation time closes to greatly integratedly, imagine good future not hard 2020 money year the sale defray of the 2nd quarter is afraid what can go to new is exalted.

Sale and sale charge high speed grow, battalion closes add fast did not catch up with however anticipate, also make a person must raise a few question to the effect of market activity. And as it happens lets what the market effect have no way this first quarter judges the person is right is, good future is in newest in the money newspaper of one season, the total student person-time that announces before, adjust for " with long-term person-time of total student of valence course calculative " , this data by go up about 1.718 million of year of the corresponding period, grow 40.6% compared to the same period.

Going up in the data first quarter, the total student person-time that good future place announces is 4.479 million person-time, grow 71.2% compared to the same period. The adjustment of data caliber makes person have no way comparative whether be added compared to the same period fast have relatively apparent fall, but two compared to the same period the difference of amplitude is already enough also the attention that causes investor.

What still be worth to be carried additionally is, good future is in this second in money newspaper, still have a relatively outstanding long-term investment plan decrease. Announce in money newspaper, in 2020 money year first quarter, because be in of many investment mark go up the value loss of generation, bring about good future to invest the loss that reduce a cost for a long time 50.6 million dollar, this amount was the corresponding period only last year 9.7 million dollar.

Integrated above circumstance, collect data considering the battalion that anticipates not as good as, the market that increases considerably puts in a budget, recombine invests the value loss of on 50.6 million U.S. dollor for a long time, this quarter is good net gain of future by turning negative it seems that no wonder also.

2020 money year first quarter, the net loss of vest in good future is 7.3 million dollar, profit of net of the corresponding period was 66.8 million dollar last year. That is to say, even if takes no account of the deficit of value of 50.6 million dollar on long-term investment, the net profit photograph of good future relatively last year the corresponding period still drops somewhat, intense market competition environment still is the biggest influencing factor.

Teach the heat that cultivates the market considering nearly two years, and teach since 2018 appear on the market the influence after tide, so intense market competition environment is afraid still can comparative for some time continuously. Accordingly, to good future, the challenge still still is continueing.

" market competition aggravate, money is not beautiful also must spend "

Religion earth up market competition aggravate, besides the capital upsurge influence that teachs the market nearly two years, still have the factor of market itself character. As a relatively traditional industry, educational market of home still is relatively dispersive actually at present.

De Qin reports China of Ceng Tong plan taught market dimensions 2018 for 2.68 trillion, forecast the overall dimensions that run by the local people taught 2020 to will be achieved 3.36 trillion, among them the market that K12+Steam teachs is occupied arrive than should be being occupied 24% , that is to say only market dimensions achieves 800 billion above.

And at present good future up to the 2019 money Feburary 28, 2019 year, gross income is 2.56 billion dollar only (17.6 billion RMB) , although also was included among them,teach early, the individual grooms, the income of the business of the part such as online education, relatively compare at be being occupied for integral education market relatively inferior still -- the forestall degree to whole market returns player of the head before this means order very low, educational market itself remains the state that blossoms everywhere.

Face so a scale is large and the market that having better growth capacity, include good future, new east inside religion earth up a tycoon to still be in busy move opens border monarch land. Will look at present, earth up a tycoon to teaching and character, through offerring new site, with small line city educational orgnaization cooperates, remain an efficient market to extend a shift -- especially cultivated to actor market is being cultivated in high end time is longer, the good future that gives priority to position with city of line of just a little is more such.

Money newspaper data shows in a year in the past, amount of the site below the line of good future already from last year 630 growth of the corresponding period went to 725 of this quarter, add a site newly 95.

But this and go up in urban line more the new Oriental look that sink is compared, there still is certain difference on speed. The 2019 money that release in new Oriental near future sign up for year after year in, also announced up to 2019 money year period end, the school that opens in the whole nation and education center also are in period inside added 152 newly, and in 6 new city offers a clue next grooming center, in 2 small line city opens center of Shuang Shipei example.

Only 2019 money year the fourth quarter, new east entered 3 towns newly, it is Baotou, Changshu, Yu respectively second, classroom gross area grows 24% compared to the same period, annulus compares growth + 9% . And in a quarter in the past, good future only new entered a town -- sinking on the feed rate of the market, good future still needs quicken.

Besides choose market of race to control through increasing a line to cast the net, investment also is there still is surplus grain in the home religion earth up tycoons one of important steps of ground of horse race circle. According to the statistic that blackboard has an insight into, in 167 investment that teach a domain first half of the year, participate in investment the most active is new Oriental war is cast with good future, participated in 6 cases respectively invest with 4.

Actually, in the past good future had not stopped to buy all the time in a few years buy bought pace. From 2012 up to now, disclose the data that can study publicly on IT orange only, good future had participated in investment 116 cases, have taletelling of triumphant father's younger brother already such knowledge pays cost category eye, also darling cultivates such perpendicular community, still have like Minerva Project such innovation teachs a project, can the head that the antenna that future of come to an agreement or understanding invests had covered domestic smaller part teachs domain project.

The product matrix of good future also is in such buying to buy just about in buying gradually compose is built rise -- from good future " student lifecycle " in light of product matrix, the investment of good future buys mark also amid is enacting the position that hold the balance, include the darling tree that the strategy invests 14 years among them, the encourage pace English that buys to 15 years again, and add 17 years after holding, accuse suitable suitable study abroad, also be this " lifecycle " go all out went up to spell a plan together.

In addition, besides augment category layout, raise the price of the commodities to lasting through investment good future oneself technical capability, also be must devoted. Solve educational field not to live the administration cost below high through technical measure, and the confine of relatively serious persons qualified to teach in outspread process, also be the target that at present business of most head education hopes to come true agog.

Because this also can see, good future opens platform besides the AI that released his in the near future beyond, also also pitched a few such as are small science and technology in a year of in the past (case of original work trade) , the project that sciuroid AI is main way with AI education so. " deep noise " the group still understands, good future invests a group before this also had had a contact with a few groups that give priority to business Wu with teaching SaaS.

Say so, construct oneself moat for compose, even if " investment has a risk, value accountant is decreased " good future is bought it is very difficult also to buy bought pace be afraid stop.

Also accordingly, it is under current and intense market competition environment, considering outspread demand, market investment, investment is afraid meet partly temporarily cannot reduce, so how " synergism charging fee " will be the question that focal point of quarter of good future the next should answer.