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SEGMENT INFORMATION

6 Months Ended

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

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