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Public company info - China Beststudy Education Group , 03978.HK
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China Beststudy Education Group, 03978.HK - Company Profile
Chairman Junjing Tang
Share Issued (share) 847,000,000
Par Currency U.S. Dollar
Par Value 5.0E-5
Industry Other Support Services
Corporate Profile Business Summary: The Group was engaged in the provision of after-school education services for preparing kindergarten students for their transition into primary schools to Grade 12 (“K-12”), including small group tutoring courses and tutoring courses for individuals, talent education and full-time test preparation courses in Mainland China. Performance for the year: The Group’s profit for the Reporting Period decreased from RMB134.9 million in 2019 to RMB127.8 million for the Reporting Period, representing a decrease of 5.3%. Business Review： During the Reporting Period, as affected by the COVID-19 epidemic, the Group's Group had a revenue of RMB1,687.8 million, representing a decrease of approximately 7.9% compared to 2019. In particular, the Group’s revenue in the first half of the year decreased by 11.3% year-on-year. With COVID-19 epidemic fading away and the joint efforts of all staff, the decline in revenue dramatically narrowed down in the second half of the year in conjunction with gradual recovery of the Group's business. Revenue in the second half of 2020 decreased by 4.7% as compared to the same period in 2019. During the Reporting Period, the student enrollment number was 530,7821 , representing a year-on-year decrease of approximately 3.7% as compared with the year ended 31 December 2019. The total tutoring hours were 12,257,069 hours1 , decreasing by approximately 10.5% as compared with 2019. Despite the COVID-19 epidemic, the Group reported an adjusted profit of RMB143.7 million for the Reporting Period, delivering an overall profit as the Group’s businesses developed. Prospects: Footprint Expansion The construction and development of the Greater Bay Area not only introduces net population inflows to first and second-tier cities within the region, but also generates growing education demands. After the epidemic, some small K-12 tutoring institutions have been forced to withdraw from the market, the landscape of supply side of the industry has changed, and the market will witness continuous consolidation and concentration in the future; tutoring institutions with standardised teaching products, high-quality teaching teams and positive attitudes will outperform from the competition. To meet the increasing demands for K-12 after-school education services, the Group plan to operate more education centres in the GuangdongHong Kong-Macao Greater Bay Area, to improve the Group's market shares in the Greater Bay Area. Guangzhou and Shenzhen are both core engines of the Guangdong-Hong Kong-Macau Greater Bay Area. the Group will continue to consolidate the Group's market position in Guangzhou and increase the Group's share of the existing market through expansion, as well as expanding into the surrounding areas. In the Shenzhen market as a key strategic region for the Group, the Group will accelerate network deployment and market penetration against the COVID-19 epidemic. In the future, the Group will further strengthen inputs and the faculty in key cities outside Guangzhou, such as Shenzhen and Nanning, to construct more education centres. All business divisions will continue to enhance their capabilities of replicating effective model to other locations and accelerate the pace of “dominating southern China and moving nationwide”. Chinese Dominance Recent education and examination reforms have led to a shift in Chinese education from exam-oriented to competencies, and new curriculum, unified textbooks and new college entrance examinations have brought unprecedented opportunities for the development of the Chinese subject. the Group will continue to focus on the “Chinese Dominance” strategy and further increase the influence of Beststudy Chinese in southern China and across the country through improving the product system, developing new courses and enhancing the incentive mechanism. Digital Transformation The outbreak of COVID-19 epidemic has led to changes in consumer demand at the user end, and the Group need to improve the Group's products and services system, improve organisational effectiveness, and develop and optimise the Group's business model in order to capture market opportunities. the Group believe that offline education will last for long, because education is not only about imparting knowledge, but also about leading students to develop holistically, and the mission of education is to awaken, inspire and motivate every heart. In addition, the Group believe that individualised learning is the ultimate model of education. As each individual has different interests, specialties and knowledge structures, the Group need to provide students with the most appropriate teaching methods, services and products in order to realise individualised learning models for different individuals.

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