Stock Code: 002607 StockAbbr.: OFFCN EDU No.: 2022-011
OFFCN EDUCATION TECHNOLOGY CO., LTD.
Performance Estimate for 2021
The Company and all the directors confirm that the information disclosed is true, accurate, complete and with
no false recording, misleading statement or material omission.
The Company’s Performance Estimate for 2021 is prepared and published in Chinese version, and the English
version is for reference only. Should there be any inconsistency between the Chinese version and English
version, the Chinese version shall prevail.
I. Performance Estimate
1. Estimate period:
January 1, 2021 - December 31, 2021
2. Estimated performance: Decrease compared with the last period
Item Current reporting period Same period of last year
Net profit attributable to Losses: RMB 2,000.00 million - RMB Profit: RMB
the shareholders of the 2,400.00 million 2,304.3577million
listed Company
Net profit after deducting Losses: RMB 2,120.00 million - RMB Profit: RMB
non-recurring gains and 2,520.00 million 1,867.2895million
losses
Basic earnings per share Losses: RMB 0.32/ share - RMB 0.39 / Profit: RMB 0.37 / share
(RMB/share) share
II. Pre-audit of the estimated performance
The Company has pre-communicated with the accounting firm on the major matters related to the
estimated performance. There are no significant differences between the Company and the
accounting firm on the estimated performance of this reporting period. The estimated result above is
only preliminary calculation performed by the financial department of the Company. It has not been
pre-audited nor reviewed by certified accountants.
III. Statement for performance variation
During the reporting period, the net profit attributable to the shareholders of the Company in 2021 is
estimated to be a loss of RMB 2 billion to RMB 2.4 billion, a decrease of 186.79% to 204.15%
compared with the profit of RMB 2.30 billion in 2020. The main influencing factors include the
lower-than-expected business receipts, the rapid growth of tuition refunds, the sharp decline of
operating income, and the growth of total operating costs at a high level, etc. Details are specified as
follows:
1. The business receipts are lower than expected. The continuous spread of COVID-19 in 2021
impacted China’s economy and the development of all walks of life including the training industry of
talent recruitment in varying degrees. Under the circumstances of cyclical fluctuations of exams,
shrinking market demand, and students’ weakening willingness to attend training, the Company’s
business receipts in 2021 were far lower than expected. On the one hand, due to the impact of the
economic environment and the pandemic, students tended to reduce their budgets for training, and
their willingness to pay for high-end training products weakened, resulting in a shrinking market as a
whole; on the other hand, compared with the substantial expansion of recruitment in 2020, the
number of candidates recruited in provincial civil servant recruitment, public institution recruitment
and teachers recruitment in 2021, which are the core training sectors of the Company, all decreased
to some degree. Influenced by the pandemic, the recruitment examinations scheduled in some areas
were advanced or canceled, which leading to a shrinking demand for training in the market and a
decrease in the number of long-term training products. The training business income of the Company
in 2021 is estimated to be RMB 19 billion to RMB 21 billion, a decrease of 20.66%-12.31% from
RMB 23.95 billion in 2020.
2. Refund rate grew rapidly. Due to the intensified market competition, to stabilize the market share,
and to facilitate the new channels and outlets expanding their local markets, the Company enhanced
the proportion of the high-tuition-refund agreement courses in its products in 2021. With the
decreased recruitment vacancies and increased number of applicants, the average competitive
pressure in the industry was intensified and the average passing rate dropped sharply, thus causing a
high growth of tuition refunds as a whole for the Company in 2021 compared with 2020. Meanwhile,
with the cross-year tuition refunds for students who signed up the agreement courses in Q4 of 2020,
the tuition refunds across the whole year of 2021 is estimated to be RMB 14 billion to RMB 16
billion, an increase of 39.87%-59.86% from RMB 10.01 billion in 2020.
3. Operating income significantly declined. Due to the negative impact of the decline of business
receipts and the increase of tuition refunds, the Company is expected to achieve operating income of
RMB 6.9 billion to RMB 7.3 billion in 2021, with a decrease of 38.41%-34.84% from RMB 11.20
billion in 2020. The significant decrease in operating income is the mai
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