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Name | Symbol | Market | Type |
---|---|---|---|
Jianzhi Education Technology Group Company Ltd | NASDAQ:JZ | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.075 | -7.25% | 0.96 | 1.01 | 1.17 | 1.03 | 0.94 | 1.02 | 24,237 | 21:47:03 |
Yong Hu, CEO of the Company commented: “Our company’s half-year performance demonstrated positive growth in net revenues, primarily driven by the strong performance of our IT-related solution services. We achieved a notable 7.8% increase in net revenues, showcasing our ability to capture market opportunities.”
“We also faced challenges in our educational content services, which led to a decline in net revenues. Recognizing the potential risks of educational content becoming obsolete before generating profitability, we adopted conservative strategies and reduced investment in this area. While this impacted our revenues, we believe it was a prudent decision to mitigate future risks.”
“On a positive note, our acquisition of a cloud-based customer in 2022 significantly contributed to the growth in our IT-related solution services. We saw a remarkable 62.6% increase in revenue from this segment, reflecting our ability to provide value-added services and meet the evolving needs of our customers.”
“We successfully reduced our total operating expenses, demonstrating our commitment to optimizing operational efficiency. Sales and marketing expenses were slightly reduced, and general and administrative expenses also decreased. Furthermore, we achieved a decline in research and development expenses by streamlining outsourcing costs.”
“Looking ahead, we recognize the importance of reassessing our strategies for educational content services to overcome the challenges we faced. Our focus will be on optimizing the gross profit margin in our successful IT-related solution services segment. We remain committed to sustaining profitability by implementing continued cost management measures and capitalizing on market opportunities. We are confident in our ability to navigate the market landscape and drive future success.”
First Six Months of 2023 Financial Results
Net revenues
Net revenues increased by 7.8% from RMB260.4 million for the first half of 2022 to RMB280.6 million (US$38.7) million for the first half of 2023. This increase was primarily due to an increase of RMB97.0 million, or 62.6% in revenue generated from IT related solution services, partially offset by a decrease of RMB76.8 million, or 72.9% in net revenues from the provision of educational content services and other services.
The following table sets forth the Company’s unaudited consolidated revenue by business segments for the six months ended June 30, 2022 and 2023:
For the Six Months Ended June 30, | ||||||||||||
2022 | 2023 | |||||||||||
RMB | RMB | US$ | ||||||||||
(in thousands) | ||||||||||||
Revenues: | ||||||||||||
Educational content service and other services | ||||||||||||
– Educational content service | ||||||||||||
– B2B2C | 30,991 | 23,579 | 3,252 | |||||||||
– B2C | 71,837 | 3,112 | 429 | |||||||||
– Other services | 2,488 | 1,858 | 256 | |||||||||
Subtotal | 105,316 | 28,549 | 3,937 | |||||||||
IT related solution services | ||||||||||||
– Design and development of customized IT system | 28,398 | 54,992 | 7,584 | |||||||||
– Procurement and assembling of equipment | 125,840 | 197,052 | 27,175 | |||||||||
– Technological support and maintenance | 800 | 13 | 2 | |||||||||
Subtotal | 155,038 | 252,057 | 34,761 | |||||||||
Total revenues | 260,354 | 280,606 | 38,698 |
Cost of revenues
Cost of revenue increased by 16.5 % from RMB220.4 million for the first half of 2022 to RMB256.6 million (US$35.4 million) for the first half of 2023. The increase of cost of revenues was primarily attributable to the increase in amortization of educational contents with increased purchase of education contents over the past years, and increase of revenues in IT related solution services. Compared with the revenue growth, the higher percentage of increase in cost of revenues was mainly attributable to the high equipment purchase cost we incurred for IT procurement and assembling projects during the six months ended June 30, 2023.
Gross profit
Gross profit decreased from RMB40.0 million for the first half of 2022 to RMB23.9 million (US$3.3 million) for the first half of 2023. Gross profit margin decreased from 15.4% for the first half of 2022 to 8.5% for the first half of 2023. The decrease was mainly due to the fact that (i) the gross profits margin for IT related solution services decreased for the first half of 2023, which was primarily because we completed more procurement and assembling equipment projects, for which we incurred significant equipment purchasing cost, resulting in relatively lower gross profit margin; and (ii) for the first half of 2023, revenues from educational content services decreased leading to a decrease in gross margin.
Operating expenses
The total operating expenses increased from RMB41.7 million for the first half of 2022 to RMB115.3 million (US$15,894. million) for the first half of 2023.
Income Tax Expenses
The income tax expenses decreased from RMB2.6 million for the first half of 2022 to RMB2.2 million for the same period of 2023. The changes in income tax expenses for the first half of 2023 was primarily due to utilization of net operating losses of certain of our profit-making subsidiaries.
Net loss
As a result of the foregoing, we reported a net loss of RMB2.9 million for the first half of 2022, as compared with a net loss of RMB93.6 million for the first half of 2023.
About Jianzhi Education Technology Group Company Limited
Headquartered in Beijing and established in 2011, Jianzhi is a leading provider of digital educational content in China and has been committed to developing educational content to fulfill the massive demand for high-quality, professional development training resources in China. Jianzhi started operations by providing educational content products and IT services to higher education institutions. Jianzhi also provides products to individual customers. Leveraging its strong capabilities in developing proprietary professional development training content and success in consolidating educational content resources within the industry, Jianzhi has successfully built up a comprehensive, multi-dimensional digital educational content database which offers a wide range of professional development products. Jianzhi embed proprietary digital education content into the self-developed online learning platforms, which are provided to a wide range of customers through its omni-channel sales system. Jianzhi is also fully committed to the digitalization and informatization of the education sector in China. For more information, please visit: www.jianzhi-jiaoyu.com.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Janice WangWealth Financial Services LLCPhone: +86 13811768559+1 628 283 9214Email: services@wealthfsllc.com
JIANZHI EDUCATION TECHNOLOGY GROUP COMPANY LIMITEDCONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”),except for number of shares and per share data) | ||||||||||||
December 31, 2022 | June 30,2023 | June 30,2023 | ||||||||||
RMB | RMB | US$ | ||||||||||
(unaudited) | (unaudited) | |||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | 65,055,278 | 28,626,530 | 3,947,779 | |||||||||
Accounts receivable, net | 17,173,021 | 26,178,493 | 3,610,179 | |||||||||
Inventories | 399,439 | 399,439 | 55,085 | |||||||||
Due from a related party | 1,051,869 | 956,665 | 131,930 | |||||||||
Short-term prepayments | 254,493,399 | 120,257,158 | 16,584,220 | |||||||||
Short-term investments | 4,080,000 | 4,102,744 | 565,794 | |||||||||
Prepaid expenses and other current assets | 9,518,326 | 22,557,289 | 3,110,792 | |||||||||
Total current assets | 351,771,332 | 203,078,318 | 28,005,779 | |||||||||
Non-current assets: | ||||||||||||
Right-of-use assets, net | — | 1,665,864 | 229,733 | |||||||||
Deferred tax assets, net | 9,176,875 | 9,432,316 | 1,300,776 | |||||||||
Property and equipment, net | 153,880 | 432,783 | 59,684 | |||||||||
Educational contents, net | 214,441,814 | 206,258,794 | 28,444,388 | |||||||||
Long-term prepayments | 151,779,105 | 55,145,358 | 7,604,893 | |||||||||
Total non-current assets | 375,551,674 | 272,935,115 | 37,639,474 | |||||||||
Total assets | 727,323,006 | 476,013,433 | 65,645,253 | |||||||||
Liabilities | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | 8,037,004 | 7,282,575 | 1,004,313 | |||||||||
Contract liabilities | 290,028,010 | 127,661,754 | 17,605,361 | |||||||||
Salary and welfare payable | 2,302,646 | 1,165,769 | 160,767 | |||||||||
Income taxes payable | 1,170,795 | 4,041,630 | 557,366 | |||||||||
Value added tax (“VAT”) and other tax payable | 4,063,389 | 2,198,217 | 303,148 | |||||||||
Other payables | 2,658,243 | 3,426,251 | 472,501 | |||||||||
Lease liabilities, current | — | 624,716 | 86,152 | |||||||||
Amount due to related parties | 52,711,457 | 54,861,723 | 7,565,778 | |||||||||
Total current liabilities | 360,971,544 | 201,262,635 | 27,755,386 | |||||||||
Non-current liabilities: | ||||||||||||
Deferred tax liabilities | — | 7,563 | 1,043 | |||||||||
Lease liabilities, non-current | — | 1,138,723 | 157,037 | |||||||||
Total non-current liabilities | — | 1,146,286 | 158,080 | |||||||||
Total liabilities | 360,971,544 | 202,408,921 | 27,913,466 |
JIANZHI EDUCATION TECHNOLOGY GROUP COMPANY LIMITEDCONDENSED CONSOLIDATED BALANCE SHEETS (continued)(Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”),except for number of shares and per share data) | ||||||||||||
December 31, 2022 | June 30,2023 | June 30,2023 | ||||||||||
RMB | RMB | US$ | ||||||||||
(unaudited) | (unaudited) | |||||||||||
Commitments and contingencies | ||||||||||||
Shareholders’ equity | ||||||||||||
Ordinary shares (US$0.0001 par value; 500,000,000 shares authorized, 121,110,000 and 121,110,000 issued and outstanding as of December 31, 2022 and June 30, 2023) | 77,747 | 77,747 | 12,111 | |||||||||
Additional paid-in capital | 242,093,942 | 242,093,942 | 33,384,892 | |||||||||
Statutory reserves | 23,599,304 | 23,599,304 | 3,254,493 | |||||||||
Retained earnings | 81,822,029 | (8,869,813 | ) | (1,223,276 | ) | |||||||
Accumulated other comprehensive income | 2,520,630 | 3,350,763 | 462,164 | |||||||||
Total Jianzhi Education Technology Group Company Limited’s shareholders’ equity | 350,113,652 | 260,251,943 | 35,890,384 | |||||||||
Noncontrolling interests | 16,237,810 | 13,352,569 | 1,841,403 | |||||||||
Total shareholders’ equity | 366,351,462 | 273,604,512 | 37,731,787 | |||||||||
Total liabilities, mezzanine equity and shareholders’ equity | 727,323,006 | 476,013,433 | 65,645,253 |
JIANZHI EDUCATION TECHNOLOGY GROUP COMPANY LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”),except for number of shares and per share data) | ||||||||||||
For the Six Months Ended June 30, | ||||||||||||
2022 | 2023 | 2023 | ||||||||||
RMB | RMB | US$ | ||||||||||
Net revenues | 260,353,542 | 280,606,379 | 38,697,389 | |||||||||
Cost of revenues | (220,373,446 | ) | (256,660,584 | ) | (35,395,113 | ) | ||||||
Gross profit | 39,980,096 | 23,945,795 | 3,302,276 | |||||||||
Operating expenses: | ||||||||||||
Sales and marketing expenses | 4,134,088 | 3,943,550 | 543,840 | |||||||||
General and administrative expenses | 9,093,274 | 9,581,756 | 1,319,808 | |||||||||
Research and development expenses | 8,118,990 | 4,412,218 | 608,473 | |||||||||
Impairment of intangible assets | 12,662,000 | 97,332,087 | 13,422,709 | |||||||||
Impairment of goodwill | 7,712,011 | — | — | |||||||||
Total operating expenses | 41,720,363 | 115,269,611 | 15,894,830 | |||||||||
Loss from operations | (1,740,267 | ) | (91,323,816 | ) | (12,592,554 | ) | ||||||
Other (expenses) income: | ||||||||||||
Investment income | 589,424 | 60,649 | 8,364 | |||||||||
Interest expenses, net | (523,388 | ) | (701,899 | ) | (96,796 | ) | ||||||
Other expenses | (7,997 | ) | (16,781 | ) | (2,312 | ) | ||||||
Government grants | 1,430,551 | 643,646 | 88,763 | |||||||||
Total other income (expenses), net | 1,488,590 | (14,385 | ) | (1,981 | ) | |||||||
Loss before income tax | (251,677 | ) | (91,338,201 | ) | (12,594,535 | ) | ||||||
Income tax expense | 2,644,464 | 2,238,882 | 308,756 | |||||||||
Net loss | (2,896,141 | ) | (93,577,083 | ) | (12,903,291 | ) | ||||||
Net income (loss) attributable to noncontrolling interests | 1,938,601 | (2,885,241 | ) | (397,893 | ) | |||||||
Net loss attributable to the Jianzhi Education Technology Group Company Limited’s shareholders | (4,834,742 | ) | (90,691,842 | ) | (12,505,398 | ) | ||||||
Net loss | (2,896,141 | ) | (93,577,083 | ) | (12,903,291 | ) | ||||||
Other comprehensive income: | ||||||||||||
Foreign currency translation adjustments | 1,047,899 | 830,133 | 114,481 | |||||||||
Total comprehensive loss | (1,848,242 | ) | (92,746,950 | ) | (12,788,810 | ) | ||||||
Net comprehensive income (loss) attributable to noncontrolling interests | 1,938,601 | (2,885,241 | ) | (397,893 | ) | |||||||
Comprehensive loss attributable to the Jianzhi Education Technology Group Company Limited’s shareholders | (3,786,843 | ) | (89,861,709 | ) | (12,390,917 | ) | ||||||
Loss per share | ||||||||||||
Basic and diluted | (0.04 | ) | (0.75 | ) | (0.10 | ) | ||||||
Weighted average number of shares | ||||||||||||
Basic and diluted | 111,110,000 | 121,100,000 | 121,100,000 |
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