Announcement time of this financial report: 2023-10-25 19:00:57

Kaiyuan Education Technology Group Co., Ltd. (stock code: 300338) is an enterprise specializing in vocational education. On the basis of adhering to the main business of vocational education, the company has steadily carried out related business operations in the new energy industry, forming a dual-main business mode of operation. Vocational education business is the core business of the company, which provides professional education and training services for working people, college students and other multi-level job seekers and learners.

In terms of assets and liabilities, the company's total assets at the end of the third quarter of 2023 were 781 million yuan, down 9.55% from 864 million yuan at the end of the previous year. Liabilities totaled 668 million yuan, down 14.47 percent from 781 million yuan at the end of last year. The net asset was 114 million yuan, an increase of 37.15% compared with 82.436 million yuan at the end of last year. The asset-liability ratio was 85.46%, down 5 percentage points from 90.46% at the end of last year. These changes are mainly due to the net cash outflow from the company's daily operations, investment activities and fund-raising activities, as well as the increase in the share of receivables from franchisees, the increase in exchanges between the company and franchisees, the sale of goods in stock, and the addition of cooperative customers. after joining the campus to reduce the installment receivables, dispose of the investment share of Le Shang fund held by the company, add rental venues, repay loans, and after the company's self-operated campus has been restructured to join mode. The new increase in contract liabilities is less than the consumption, and the decline in income leads to the reduction of taxes and fees payable, and the increase of shareholders' borrowing and repurchase obligations.

In terms of profit, the company's operating income in the third quarter of 2023 was 293 million yuan, down 36.96% from 464 million yuan in the same period last year. These changes are mainly due to the change of revenue model, the decrease of operating costs, the significant reduction of sales staff labor costs and promotion expenses, and the reduction of R & D personnel and outsourced research and development after the restructuring of the company's self-operated campus to join mode. reduced interest on financial leases and student loans, reduced income such as government subsidies related to daily activities, disposal of Leshan fund investment, and asset liquidation decreased. The reduction of income related to non-daily activities and other factors.

In terms of cash flow, the net cash flow generated by the company's operating activities in the third quarter of 2023 was-99.962 million yuan, down 307.07% from-24.5562 million yuan in the same period last year. Cash inflows from operating activities totaled 247 million yuan, down 39.90 percent from 411 million yuan in the same period last year. Cash outflow from operating activities totaled 347 million yuan, down 20.41 percent from 436 million yuan in the same period last year. These changes are mainly due to the reduction of performance rebate after the restructuring of the company's self-operated campus to the joining model, while the company has to pay historical liabilities and recover the cash impact of disposing of the investment share of the Leshan fund.

To sum up, the operating situation of Kaiyuan Education in the third quarter of 2023 showed some pressure. Although the company's asset-liability ratio declined and gross profit margin increased, net profit was at a loss and net cash flow decreased. This is mainly due to the change of revenue model, the reduction of operating costs, the significant reduction of sales staff labor costs and promotion expenses, the reduction of R & D personnel and outsourcing R & D personnel, the reduction of financial lease interest and student loan discount, the reduction of government subsidies related to daily activities, the disposal of Leshan fund investment, and the reduction of assets clean-up. The reduction of income related to non-daily activities and other factors.

For investors, although Kaiyuan Education shows certain advantages in asset-liability ratio and gross profit margin, its performance in net profit and cash flow needs to be concerned. Therefore, when making investment decisions, investors need to comprehensively consider the operating indicators of the company, as well as the development trend and market environment of the industry in which the company is located.

This article only represents the judgment made by the analyst himself or the analyst on the basis of AI analysis, and can not be used as any investment index, nor does it constitute any investment advice. The original intention of this paper is to help investors analyze and judge the capital market data in the most intuitive and fast way and from the most professional perspective.