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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2020
SEGMENT INFORMATION |
SEGMENT INFORMATION | 21. SEGMENT INFORMATION The Group offers a wide range of educational and career enhancement services and products focusing on improving educational opportunities for primary and advanced degree school students and employment opportunities for university graduates. The Group’s chief operating decision maker (“CODM”) has been identified as the CEO who reviews the financial information of separate operating segments when making decisions about allocating resources and assessing performance of the Group. The Group has two reportable segments: 1) K-12 schools, 2) CP&CE Programs. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The CODM evaluates performance based on each reporting segment’s revenues, cost of revenues, gross profit, operating expenses, other income (expense), income (loss) before income tax and non-controlling interests and total assets as follows. For the year ended December 31, 2018
(RMB in thousands) |  |  |  |  |  |
|  | K‑12 |  | CP&CE |  |
|  | Schools |  | Programs |  | Consolidated
|  | RMB |  | RMB |  | RMB
Net Revenues |  | 277,790 |  | 253,718 |  | 531,508
Cost of revenues |  | (178,645) |  | (159,498) |  | (338,143)
GROSS PROFIT |  | 99,145 |  | 94,220 |  | 193,365
OPERATING EXPENSES |  |  |  |  |  |
Selling and marketing |  | (1,286) |  | (36,951) |  | (38,237)
General and administrative |  | (46,041) |  | (48,444) |  | (94,485)
Research and development |  | — |  | (487) |  | (487)
Unallocated corporate expenses |  | — |  | — |  | (44,773)
Total operating expenses |  | (47,327) |  | (85,882) |  | (177,982)
OPERATING INCOME |  | 51,818 |  | 8,338 |  | 15,383
OTHER INCOME |  |  |  |  |  |
Interest income |  | 3,859 |  | 266 |  | 4,125
Foreign exchange gain, net |  | — |  | 38 |  | 38
Other income, net |  | 3,404 |  | 5,076 |  | 8,480
Gain from derecognition of liabilities |  | — |  | 4,254 |  | 4,254
Gain from deregistration of subsidiaries |  | — |  | 2,858 |  | 2,858
Gain on sale of investment available for sale |  | 512 |  | — |  | 512
Unallocated corporate other income |  | — |  | — |  | 12,788
Total other income |  | 7,775 |  | 12,492 |  | 33,055
INCOME BEFORE INCOME TAX AND NON-CONTROLLING INTERESTS |  | 59,593 |  | 20,830 |  | 48,438
Segment assets |  | 373,671 |  | 352,009 |  | 725,680
Unallocated corporate assets |  | — |  | — |  | 184,539
TOTAL ASSETS |  | 373,671 |  | 352,009 |  | 910,219
For the year ended December 31, 2019
|  | K‑12 |  | CP&CE |  |
(RMB in thousands) |  | Schools |  | Programs |  | Consolidated
|  | RMB |  | RMB |  | RMB
Net Revenues |  | 313,747 |  | 270,162 |  | 583,909
Cost of revenues |  | (197,064) |  | (191,830) |  | (388,894)
GROSS PROFIT |  | 116,683 |  | 78,332 |  | 195,015
OPERATING EXPENSES |  |  |  |  |  |
Selling and marketing |  | (1,361) |  | (47,763) |  | (49,124)
General and administrative |  | (44,271) |  | (87,220) |  | (131,491)
Research and development |  | — |  | (245) |  | (245)
Impairment loss |  | — |  | (38,754) |  | (38,754)
Unallocated corporate expenses |  | — |  | — |  | (73,071)
Total operating expenses |  | (45,632) |  | (173,982) |  | (292,685)
OPERATING INCOME (LOSS) |  | 71,051 |  | (95,650) |  | (97,670)
OTHER INCOME |  |  |  |  |  |
Interest income |  | 1,412 |  | 1,150 |  | 2,562
Foreign exchange gain, net |  | — |  | 25 |  | 25
Other (loss) income, net |  | (82) |  | 2,950 |  | 2,868
Gain from deregistration of subsidiaries |  | — |  | 562 |  | 562
Gain on sale of investment available for sale |  | 1,043 |  | — |  | 1,043
Unallocated corporate other income |  | — |  | — |  | 3,101
Total other income |  | 2,373 |  | 4,687 |  | 10,161
INCOME (LOSS) BEFORE INCOME TAX AND NON-CONTROLLING INTERESTS |  | 73,424 |  | (90,963) |  | (87,509)
Segment assets |  | 345,427 |  | 466,162 |  | 811,589
Unallocated corporate assets |  | — |  | — |  | 209,210
TOTAL ASSETS |  | 345,427 |  | 466,162 |  | 1,020,799
For the year ended December 31, 2020
|  | K‑12 |  | CP&CE |  |
(RMB in thousands) |  | Schools |  | Programs |  | Consolidated
|  | RMB |  | RMB |  | RMB
Net Revenues |  | 291,539 |  | 240,441 |  | 531,980
Cost of revenues |  | (188,628) |  | (198,862) |  | (387,490)
GROSS PROFIT |  | 102,911 |  | 41,579 |  | 144,490
OPERATING EXPENSES |  |  |  |  |  |
Selling and marketing |  | (1,471) |  | (46,533) |  | (48,004)
General and administrative |  | (44,288) |  | (78,995) |  | (123,283)
Research and development |  | (41) |  | (1,245) |  | (1,286)
Impairment loss |  | — |  | (36,699) |  | (36,699)
Unallocated corporate expenses |  | — |  | — |  | (59,768)
Total operating expenses |  | (45,800) |  | (163,472) |  | (269,040)
OPERATING INCOME (LOSS) |  | 57,111 |  | (121,893) |  | (124,550)
OTHER INCOME |  |  |  |  |  |
Interest income |  | 660 |  | 2,987 |  | 3,647
Foreign exchange gain, net |  | — |  | 33 |  | 33
Other (loss) income, net |  | (105) |  | (3,440) |  | (3,545)
Gain from derecognition of liabilities |  | — |  | 4,073 |  | 4,073
Loss from deregistration of subsidiaries |  | — |  | (22) |  | (22)
Gain on disposal of subsidiaries |  | — |  | 752 |  | 752
Gain on the bargain purchase |  | — |  | 40,273 |  | 40,273
Gain on sale of investment available for sale |  | 2,988 |  | — |  | 2,988
Unallocated corporate other income |  | — |  | — |  | 13,432
Total other income |  | 3,543 |  | 44,656 |  | 61,631
INCOME (LOSS) BEFORE INCOME TAX AND NON-CONTROLLING INTERESTS |  | 60,654 |  | (77,237) |  | (62,919)
Segment assets |  | 407,157 |  | 448,256 |  | 855,413
Unallocated corporate assets |  | — |  | — |  | 194,304
TOTAL ASSETS |  | 407,157 |  | 448,256 |  | 1,049,717
The following table summarizes the net revenues and long-lived assets for the years ended and as of December 31, 2018, 2019 and 2020 by geographic areas.
|  | Years ended December 31,
|  | 2018 |  | 2019 |  | 2020
|  | RMB |  | RMB |  | RMB
Net Revenues |  |  |  |  |  |
PRC |  | 447,809 |  | 503,180 |  | 411,805
U.S. |  | 83,699 |  | 80,729 |  | 120,175
Total |  | 531,508 |  | 583,909 |  | 531,980
Long-lived Assets |  |  |  |  |  |
PRC |  | 315,539 |  | 371,847 |  | 300,623
U.S. |  | 17,776 |  | 168,146 |  | 179,560
Total |  | 333,315 |  | 539,993 |  | 480,183
Net revenues are attributed to areas based on the location where the service is performed to the customers. Other than in PRC and the United States, the Group does not conduct business in any other individual country. Long-lived assets represent property and equipment, land use rights, intangible assets, goodwill, operating and finance lease right-of-use assets for each geographic area.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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