Recently, the headquarters of Yousheng education, located on the 7th floor of unit 3, unit 22, Guanghua Road, Beijing, is crowded with parents who have come to apply for refund to protect their rights. However, the buildings are empty, the door is locked, and the tables and chairs in the room are in disorder. In the crowd, the amount of refund from parents varies from tens of thousands to hundreds of thousands. Some parents told our reporter that the refund from the beginning of the year has not yet been solved.
Chen Hao, founder of Yousheng education, appeared on the live broadcast platform. In the live broadcast, Chen Hao said, Yousheng will not declare bankruptcy and will not run away. He revealed that during the epidemic, the company was seriously traumatized. In Beijing, the revenue only accounted for a quarter of the past. The senior executives only managed to maintain the situation by smashing the pot and selling iron, and they will try their best not to give up. After a brief live connection with the scene, Chen Hao immediately hung up.
According to relevant data, winner education was established in 1999. It covers personalized education and training programs for 6-18-year-old people: Yousheng 1-1, quality education and training program youshengpai, and family education and training program winners. In 2006, the Education Research Institute was established, with a teaching and research team composed of nearly 1000 front-line teachers and education experts. With personalized education as its foothold in the industry, there are thousands of campuses in major cities in China.
Up to now, Yousheng education has obtained five rounds of financing, including Angel round financing in August 2011, round a financing in January 2012, round B financing in January 2013, round C financing in April 2014, and round D financing completed in April 2016. This is also the last financing of winning education, and the amount of financing parties has not been disclosed.
Since the second half of 2019, the situation of superior education has been frequent in all parts of the country, mainly related to the difficulty of training refund, non-standard school running, arrears of employee wages, etc. In 2020, due to the epidemic situation in the first half of the year, the domestic education and training industry has suffered a general impact, such as Yousheng education, which mainly focuses on offline education, is the hardest hit area.
Since 2012, Yousheng education has launched a direct alliance system. The headquarters will conduct vertical unified management of all campuses, maintain a unified product system, brand system and resource system, set up advanced short-term and long-term trusteeship forms in combination with its own personnel and technical advantages, and fully cover the traditional mode of Education Alliance by using superior education resources, and effectively control the operation style of franchisees Insurance.
However, the teacher of superior education revealed that the principal of the branch school may run away at any time. The teachers salary is not paid for several months in arrears, and the parents of students can not refund the fees. What Yousheng education propagandizes is that if the sub campuses have profits, they will give part of the profits to the headquarters as the conditions for joining in; similarly, if the sub campuses have losses, the headquarters will also give some funds as compensation. But in fact, after the loss, the headquarters did not give funds, leading to the sub campus can not be carried out normally, and finally appeared the situation that the sub campus suspended classes or even ran away.
On October 13, Beijing Haidian District market supervision and Administration Bureau issued a consumption warning. Seven education and training institutions were on the list. Beijing Yousheng brilliant Education Technology Co., Ltd., which is the parent company of Yousheng education, had 193 complaints, with a settlement rate of only 3.63%.
Founder Chen Hao: report the progress of live broadcast every day, try our best to solve the problem and never run away
At 7 oclock on October 21, Chen Hao, founder of superior education, who was caught in the whirlpool of abscond with money, appeared on the live broadcast platform and said, I didnt run away. Ill tell parents, employees and franchisees about the situation today.. And said that it will carry out live broadcasting on the live broadcasting platform every day and try its best to solve the problem. However, Chen Hao only spent a few minutes on the news.
According to public data, Chen Hao is the founder of Yousheng education. He was born in 1978 and has been engaged in personalized education research for 20 years. Chen Hao has been on the job show you are the only one; in 2014, he also participated in the recording of boss deformation gauge. After leaving the circle, Chen Hao has also remained active. He has successively participated in Shanxi satellite TVs reality TV show fantasy, served as the entrepreneurial tutor of Beijing Satellite TVs Creative China, as the entrepreneurial tutor of Crouching Tiger, hidden dragon of Tianjin satellite TV, and the education expert of love defense war of Tianjin satellite TV.
Chen Haos personality and sharp language in the program show his confidence in winning education. In a program in 2017, when Yousheng education was accused of being an offline education enterprise, Chen Hao quickly and forcefully retorted, we are also on the cable. Go and learn about it! However, the dilemma brought about by the epidemic is more convincing than Chen Haos original language.
Where on earth has the money gone? Tuition can be refunded is the focus of the whole live broadcast. As for the problem of cash flow fracture, Chen Hao attributed it to the rapid development of Yousheng education in the first two years. Due to the nonstandard management in the early stage, nearly 50% of the campuses in China were relocated for decoration, resulting in a large amount of capital consumption. In addition, due to the large scale, in order to maintain the reputation of the brand, open a green refund channel, add some of their own decision-making mistakes, and enterprises are not listed, and there is not enough capital reserve, suddenly encounter the huge impact of the epidemic, and finally come to the current situation. This is the third and the most serious crisis I have encountered since I started my business..
In the live broadcast, Chen Hao hopes that parents will be able to give Yousheng education 15 days. Chen Hao explained that the official account of 2-3 days to improve the education of excellence will be opened, and the communication areas such as parents and franchisees will be opened to solve the problems of parents refund, employees wages and franchisees. At the same time, he also urged investors to buy the campus at a low price to restore normal order.
Later, in the live broadcast at 12:00 on October 22, Chen Hao said that some investment institutions were willing to increase investment and some colleagues in the education sector were willing to take over the students and would let them resume classes as soon as possible. However, it is not disclosed which institutions will come to give timely help to the superior education.
Hope to keep warm, but the curve has not been listed successfully
According to relevant data, from 2017 to 2019, the business income of Yousheng education was 308 million yuan, 353 million yuan and 357 million yuan respectively; the net profit was 38.64 million yuan, 59.19 million yuan and 53.39 million yuan. Although it has been profitable, the growth rate of operating revenue has decreased from 14% in 2018 to 1% in 2019, and the net profit has also declined by more than 10%. The net assets of the same period were - 106 million yuan, - 47.03 million yuan and 6.37 million yuan respectively.
Data show that at the end of 2019, the monetary capital of Jinzhou Cihang was only 593 million yuan, of which 328 million yuan was limited, some bank accounts were frozen, and the companys overdue short-term loans were nearly 3 billion yuan. By the end of June this year, the companys asset liability ratio has reached 106.21%, and its financing ability has been lost. In order to solve the current debt problem, shareholders are able to provide loans, according to the company. At this time, Jinzhou Cihang has lost money for two consecutive years, and the companys share price has plummeted, which has been below the face value of 1 yuan.
In this regard, the Shenzhen Stock Exchange issued a letter of concern, asking Jinzhou Cihangs employment performance commitment, the commercial rationality of the transaction, and the rationality of the payment method.
Capital favors online K12 educational institutions epidemic shuffle industry pattern
According to our reporters incomplete statistics, there were 112 investment and financing events in the education industry in the first half of 2020, with the number of transactions falling by 32% month on month and 45% year-on-year; the amount involved was 19.6 billion yuan, with a month on month increase of 10% and a year-on-year increase of 15%. When the total investment events decrease, the total investment amount increases, which indicates that investors are more cautious when choosing investment enterprises, while the head enterprises get more investment amount.
In January, rice online school completed a round of $80 million in financing; in February, uncle Kai completed a $66 million financing round of C +; in March, ape tutoring completed a $1 billion financing round; in June, homework helped complete a $750 million round of e-round financing; in September, the leader education completed a new round of more than $400 million of financing; in October, spark sville completed a $100 million e + round of financing, etc.
Looking at the large amount of financing, it is not difficult to see that the above six companies have already begun to develop online business, or have completed the basic establishment of their own online courses during the epidemic period. It can be said that the epidemic has changed the thinking of k12 education institutions. The epidemic situation has not only brought about reshuffle for the whole industry, but also forced enterprises to transform from inside.
Online k12 education and training combined with Internet technology, which is a more popular form of capital, and is also developing various innovative models. Business models are rapidly gathering traffic in enterprises that have been verified. The traditional offline K12 extracurricular training market is limited by local limited teachers and differentiated teaching content, and most small and medium-sized institutions present regional and localized long tail supply characteristics A small number of powerful regional leading organizations will operate across regions.
This year, k12 education has experienced a cold winter. During the epidemic, Mingxi Chinese, a subsidiary of doushen education, was shut down, Baifu English was closed down, and winkey Yingqi was declared bankrupt. For example, as early as February this year, the company announced the closure of its business. It can be said that the offline education institutions had already begun to experience turbulence even before the epidemic, but the epidemic accelerated the process. K12 education professionals told our reporter that under the traditional concept, face-to-face communication with teachers is undoubtedly a more preferred way for parents. However, for many parents born in the 1980s, it is a matter of saving time and cost to complete the course at home for the convenience brought by the current technology, and they are more willing to accept new things. And for enterprises, the problems of high maintenance cost and high staff mobility of offline teaching have always been a pain point. Traditional educators are bound by inertia thinking, while investors tend to be more open-minded, so they also prefer educational enterprises with the support of science and technology. Editor in charge: Meng Junlian editor in chief: ran Xuedong source: China Times editor in charge: Zhong Qiming_ NF5619
This year, k12 education has experienced a cold winter. During the epidemic, Mingxi Chinese, a subsidiary of doushen education, was shut down, Baifu English was closed down, and winkey Yingqi was declared bankrupt. For example, as early as February this year, the company announced the closure of its business. It can be said that the offline education institutions had already begun to experience turbulence even before the epidemic, but the epidemic accelerated the process.
K12 education professionals told our reporter that under the traditional concept, face-to-face communication with teachers is undoubtedly a more preferred way for parents. However, for many parents born in the 1980s, it is a matter of saving time and cost to complete the course at home for the convenience brought by the current technology, and they are more willing to accept new things. And for enterprises, the problems of high maintenance cost and high staff mobility of offline teaching have always been a pain point. Traditional educators are bound by inertia thinking, while investors tend to be more open-minded, so they also prefer educational enterprises with the support of science and technology.
Editor in charge: Meng Junlian editor in chief: ran Xuedong