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Wendu Education had a revenue growth of 210% and total assets growth of 18% in the first half of 2016

News from New OTC Market Wendu Education released 2016 semi-annual report on September 2. The report showed that Wendu Education had 110 million Yuan in operating revenue in the first half, with a year-on-year growth of 210.34%; the current gross margin was 48.31%, increasing by 5.01% over the same period last year. At the end of this period, the balance of prepaid services provided by Wendu Education was RMB150 million, increasing by 102.25% over the beginning balance. As of June 30, 2016, the total assets of the Company amounted to 408.8914 million Yuan, increasing by 18.06% over the previous year-end. This shows that Wendu Education has sound business development, and the Company is growing well.
 
 
 
Current period
Last year cycle
Increase or decrease in proportion
Growth rate of total assets (%)
18.06%
105.70%
Decrease by 87.64%
Growth rate of operating revenue (%)
210.34%
111.26%
Increase by 99.08%

The report revealed the major accounting data and key indicators of Wendu Education in the
first half: Wendu Education had 110 million Yuan in operating revenue, with a year-on-year growth of 210.34%; the current gross margin was 48.31%, increasing by 5.01% over the same period last year. The net loss attributable to the owners of the parent company was 19.5949 million Yuan, decreasing by 5235.53% year on year; the total operating cost was 132 million Yuan, with a year-on-year growth of 266.12%.

Unit: Yuan
 
Current period
Last year cycle
Increase or decrease in proportion
Operating revenue
110,147,084.46
35,491,918.62
210.34%
Gross margin (%)
48.31%
43.30%
Increase by5.01%
Net profit attributable to shareholders of the listed company
-19,594,906.19
-367,252.99
-5,235.53%
Net profit attributable to shareholders of the listed company after deducting non-recurring profit and loss
-19,650,362.26
930,494.61
-2,211.82%
Weighted average return on equity (%) (calculated on the basis of net profit attributable to shareholders of the listed company)
-10.89%
-0.19%
Decrease by 11.32%
Weighted average return on equity (%) (net profit attributable to shareholders of the listed company after deducting non-recurring profit and loss)
-10.92%
0.49%
Decrease by 12.04%
Basic earnings per share
-0.23
0.04
-475.00%

During the reporting period, operating revenue increased significantly while profits decreased over the same period last year, which was mainly due to the fact that some operating revenue of Wendu Education was recognized at a later stage, and the operating cost, selling expenses and management expenses in the current period increased significantly over the same period last year.

It is noteworthy that after the share reform and listing, the Company had a further increase in the asset size, capital structure was more stable, operating revenue achieved steady growth, and the balance of advance receipts to be recognized was 150.0212 million Yuan, increasing by 102.25% over the beginning balance, providing a strong guarantee for the performance of the second half. With the rapid development of business, the Company will continue to increase the amount of advance receipts. Although the Company’s net profits and the net cash flow from operating activities were affected by the increase of necessary investment in the reporting period, the Company has good overall development momentum and the business of all subsidiaries is steadily pushed forward, laying a good foundation for the future great-leap-forward development of the Company.

During the reporting period, the total operating cost of the Company was 132.3087 million Yuan, a 266.12 percent increase year on year, which was mainly due to the significant year-on-year increase in operating costs, selling expenses and management expenses in the current period. The operating costs were 56.9350 million Yuan, a 182.95 percent increase year on year, which was mainly because the Company increased investment in face-to-face training and network training to ensure the competitiveness of products, and enriched product design and recording in the postgraduate entrance exam, physicians, architects and other training programs, so that the Company’s operating costs of face-to-face training and network training business increased significantly. Selling expenses were 34.3832 million Yuan, increasing by 398.28% Yuan, in which employees' remuneration, social security, welfare and service charges increased significantly with the increase of 16.2129 million Yuan, increasing by 429.12%.


The report shows that the main operating revenue of Wendu Education is as follows:
 
 
 
Product name
January-June in 2016
January-June in 2015
Main operating revenue
Main operating cost
Main operating revenue
Main operating cost
Face-to-face training
79,533,824.37
35,809,435.21
401,619.72
497,440.36
Network training
9,232,494.29
7,940,400.42
7,098,669.83
4,576,087.09
Concession revenue
4,253,574.40
2,909,608.90
5,294,409.80
3,029,990.73
Book sales
17,127,191.40
7,111,441.06
22,697,219.27
12,018,765.29
International education
3,164,112.15
Total
110,147,084.46
56,934,997.74
35,491,918.62
20,122,283.47

In terms of products, the main operating business of Wendu Education includes face-to-face training, network training, book sales, international education and so on, in which the revenue and cost of face-to-face education are 79.5338 million Yuan and 35.8094 million Yuan respectively, an increase of 79.1322 million Yuan and 35.312 million Yuan respectively year on year; the revenue and cost of book sales are 17.1272 million Yuan and 7.1114 million Yuan respectively, a decrease of 5.57 million Yuan and 4.9073 million Yuan year on year; and the cost of international education is 3.1641million Yuan.

 
Data shows that the full name of Wendu Education is Century Wendu Education & Technology GroupInc., formerly known as Beijing Century Wendu Educational and Technology Development Co., Ltd., which was established on November 3, 2005. It was approved the listing of New OTC Market on July 28, 2016, with stock code of 838380. Wendu Education is a comprehensive wisdom education industry group engaged in the whole industry chain and internationalization. Its main business is to provide users with examination training, education counseling, publication and distribution of related books and other business and services through the "combination of online and offline", "combination of training and books" and "combination of direct sales and franchise". In addition to development in the field of postgraduate entrance examination program counseling, primary and secondary education, vocational education and international education, based on the construction and promotion of Wendu intelligent learning system and Wendu educational ecology, centered on people's learning needs, Wendu widely uses large data and new technologies in the field of education, continuously expands the scope of the development and develop more learning products, to build a more efficient and sustainable lifelong learning system. (Zhi Ang)
 
Wendu Sub-brand: Postgraduate Entrance Examination| K12| International Education| Medical Examination| Constructor’s Training| Civil Service Examination Training| Teacher’s Qualification Training| Agencies and Franchisees| Wendu Books| Wendu Online school|

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