OFFCN Education Technology Co., Ltd. (hereinafter referred to as the “Company”) and all members of the Board of Directors hereby guarantee that the contents of this announcement shall be true, accurate and complete without any false records, misleading statements or material omissions therefrom. The paper was prepared and published in Chinese and the English version is for reference only. Should there be inconsistency between the Chinese version and the English version, the Chinese version shall prevail.
Important: The 2019 annual financial data provided in this announcement are only preliminary accounting data and have been audited by internal audit department of the Company, but have not been audited by the certified public accountants. There may be discrepancies between the financial data published in this announcement and the final data disclosed in the 2019 annual report.
Investors are advised to take note of the investment risks.
I. KEY ACCOUNTING DATA AND FINANCIAL INDICATORS FOR FISCAL YEAR 2019
II. INFORMATION ABOUT OPERATING RESULTS AND FINANCIAL POSITION
1. During the reporting period, the Company achieved operating revenue of RMB 9,176,129,995.89, representing an increase of 47.12% as compared to the corresponding period of last year. Accordingly, operating profit amounted to RMB 2,090,668,843.03, representing an increase of 56.02%, and total profit amounted to RMB 2,089,327,430.78, increased by 55.97%, and net profits attributable to shareholders of the Company amounted to RMB 1,804,548,688.01, increased by 56.52% as compared to the corresponding period of last year respectively.
2. The rapid growth attributes to the enhancement of the company's leading position in the market and the advantage in the economies of scale. We have been promoting our management effectiveness and capability of research. Besides, we have been taking advantage of super execution power of the team. As more and more technology is implemented in our product and services, our overall competitiveness both in brand and platform becomes much nominating, accelerating the market shares to concentrate towards the leading player. Given the overall cold recruitment climate during the reporting period, the company's high growth rate definitely proves our victory against the headwind. The achievement from the period will lay a solid foundation for the business growth resulted from the state policies for stabling employment in 2020.
3. We have been undertaking innovations heavily in technology. By establishing intellectual teaching platform based on AI and big data, version 3.0 interactive livestream teaching platform, private-cloud computing teaching platform, and learning analytics engine of new generation, our online education business achieved a growth rate of more than 100%. Obviously, our leading research and overall service capabilities is playing key roles to make the high-speed growth happen.
4. During the reporting period, the company deepened and accelerated our multi-categories arrangements in China's vocational education industry. The new plates of degrees improvement and professional abilities training have been growing on a particularly strong basis, consolidating the company's economies of scale and competitiveness in growth.
5. At the end of reporting period, the Company’s total assets increased by 38.30% to RMB 9,960,705,427.94, mainly because of the currency cash adding from the business growth and the newly fixed asset investment projects, net assets increased by 16.17% to RMB 3,431,545,903.82, mainly due to the growth of net profit.
III. EXPLANATION FOR DISCREPANCIES FROM PREVIOUS OPERATING RESULTS EXPECTATION
The business performance disclosed in this announcement is in line with the 2019 operating results expectation disclosed.
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