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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2021
SEGMENT INFORMATION |
SEGMENT INFORMATION | 13. 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. Management has classified the reportable segments into two parts: 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), (loss) income before income tax and non-controlling interests and total assets as follows. For the six months ended June 30, 2021 (Unaudited) ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | K-12 | ​ | CP&CE | ​ | ​
(RMB in thousands) |  | Schools |  | Programs |  | Consolidated
​ | ​ | RMB | ​ | RMB | ​ | RMB
Net Revenues | ​ | 175,650 | ​ | 126,206 | ​ | 301,856
Cost of revenues |  | (97,886) |  | (83,419) |  | (181,305)
GROSS PROFIT |  | 77,764 |  | 42,787 |  | 120,551
​ |  |  |  |  |  |
OPERATING EXPENSES |  |  |  |  |  |
Selling and marketing |  | (1,163) |  | (22,098) |  | (23,261)
General and administrative |  | (22,371) |  | (38,131) |  | (60,502)
Research and development |  | (424) |  | (2,184) |  | (2,608)
Unallocated corporate expenses |  | — |  | — |  | (29,010)
Total operating expenses |  | (23,958) |  | (62,413) |  | (115,381)
​ |  |  |  |  |  |
OPERATING INCOME (LOSS) |  | 53,806 |  | (19,626) |  | 5,170
​ |  |  |  |  |  |
OTHER INCOME |  |  |  |  |  |
Interest income |  | 725 |  | 602 |  | 1,327
Other (loss), net |  | (36) |  | (1,439) |  | (1,475)
Gain from deregistration of subsidiaries |  | — |  | 1,325 |  | 1,325
Gain on sale of investment available for sale |  | 1,001 |  | — |  | 1,001
Unallocated corporate other income |  | — |  | — |  | 3,399
Total other income |  | 1,690 |  | 488 |  | 5,577
​ |  |  |  |  |  |
INCOME (LOSS) BEFORE INCOME TAX AND NON-CONTROLLING INTERESTS |  | 55,496 |  | (19,138) |  | 10,747
​ |  |  |  |  |  |
Segment assets |  | 402,185 |  | 399,336 |  | 801,521
Unallocated corporate assets |  | — |  | — |  | 207,451
TOTAL ASSETS as of June 30, 2021 |  | 402,185 |  | 399,336 |  | 1,008,972
​ For the six months ended June 30, 2020 (Unaudited) ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | K‑12 | ​ | CP&CE | ​ | ​
(RMB in thousands) |  | Schools |  | Programs |  | Consolidated
​ |  | RMB |  | RMB |  | RMB
Net Revenues |  | 126,800 |  | 118,942 |  | 245,742
Cost of revenues |  | (74,542) |  | (99,240) |  | (173,782)
GROSS PROFIT |  | 52,258 |  | 19,702 |  | 71,960
​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING EXPENSES | ​ | ​ | ​ | ​ | ​ | ​
Selling and marketing |  | (580) |  | (21,492) |  | (22,072)
General and administrative |  | (18,270) |  | (37,963) |  | (56,233)
Research and development |  | — |  | (724) |  | (724)
Unallocated corporate expenses |  | — |  | — |  | (32,118)
Total operating expenses |  | (18,850) |  | (60,179) |  | (111,147)
​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING INCOME (LOSS) |  | 33,408 |  | (40,477) |  | (39,187)
​ | ​ | ​ | ​ | ​ | ​ | ​
OTHER INCOME | ​ | ​ | ​ | ​ | ​ | ​
Interest income |  | 218 |  | 1,412 |  | 1,630
Foreign exchange gain, net |  | — |  | 33 |  | 33
Other (loss) income, net |  | (233) |  | 979 |  | 746
Loss from deregistration of subsidiaries |  | — | ​ | (92) | ​ | (92)
Gain on sale of investment available for sale |  | 827 |  | — |  | 827
Unallocated corporate other income |  | — |  | — |  | 47,804
Total other income |  | 812 |  | 2,332 |  | 50,948
​ |  |  |  |  |  |
INCOME (LOSS) BEFORE INCOME TAX AND NON-CONTROLLING INTERESTS |  | 34,220 | ​ | (38,145) |  | 11,761
​ The following table summarizes the net revenues by geographic areas for the six and three months ended June 30, 2021 and 2020, respectively. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six months ended June 30, | ​ | Three months ended June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | RMB | ​ | RMB | ​ | RMB | ​ | RMB
​ | ​ | Unaudited | ​ | Unaudited | ​ | Unaudited | ​ | Unaudited
Net Revenues |  |  |  |  |  |  | ​ | ​
PRC |  | 234,927 |  | 182,039 |  | 141,066 | ​ | 116,729
U.S. |  | 66,929 |  | 63,703 |  | 31,185 | ​ | 38,734
Total |  | 301,856 |  | 245,742 |  | 172,251 | ​ | 155,463
​ 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. The following table summarizes long-lived assets by geographic areas as of June 30, 2021 and December 31, 2020, respectively. ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ | ​ | June 30, 2021 | ​ | December 31, 2020
​ | ​ | RMB | ​ | RMB
​ | ​ | Unaudited | ​ | ​
Long-Lived Assets | ​ | ​ | ​ | ​
PRC | ​ | 291,180 | ​ | 300,623
U.S. |  | 167,350 |  | 179,560
Total |  | 458,530 |  | 480,183
​ 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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