K12产业发展之路 K12 industry development way

许晓书【搜狐教育频道主编】： XuXiaoShu【Sohu education channel editor】：今天非常高兴邀请到雪球的李莹女士。

Today are very glad to invite to snowball LiYing of ms。

李莹【雪球财经i美股内容分析师】： LiYing【Snowball financial I us stocks content analysts】：就我了解最开始教学办企业化，最开始新东方办起来，这是未来空间发展大的产业，大家认为未来会不会有一块业务像K12切到留学一样切K12？是网络，包括也并在K12做中学留学业务。

I know the most start teaching do entrepreneurial，The new Oriental do start up，This is the future of the industry development space，You think the future will not have a business like K12 cut to cut K12 as study abroad？Is network，Also in K12 study in high school and do business。

　　第二产业竞争比起留学这一块，包括职业教育竞争更激烈、蛋糕很大，留学可以占到百分之几，但是K12没有一家说占到全国份额的1%，这一点希望在座的巨头讨论一下这个产业竞争这么激烈，因为蛋糕很大、很好吃，为什么没有人吃多一块？

The second industry competition study in this one than，Vocational education including a fight、Cake large，Study abroad can amount to several per cent，But without a K12 said 1% of the share of to the country，This hope all of giant to discuss the industry so fierce competition，Because a cake、delicious，Why no one to eat many a？

　　比如我们理解留学，留学周期性非常明显，并且一个学生走了以后，留学咨询完了以后不会再留学一遍，或者我再留学流程很清楚，或者考托福考完就没有了，K12可以从学生上小学一直补到高中毕业，学生延续性强包括他课程不会集中一段，虽然高考和中考中间是企业的旺季，但是它是非常均衡的。

For example we understand and study abroad，Study abroad periodic is very apparent，And a student went away，Study after study consulting will not again，Or I'll study process is clear，Or toefl test finish is not，K12 from the elementary school students can fill all to graduate from high school，Students strong continuity including his course won't focus a，Although the university entrance exam and tests the middle is enterprise peak season，But it is a very balanced。

　　还有跟扩张有关，各个机构未来做大都离不开扩张，我们目前总结的几种方式，比如以龙文、学大为代表先把面铺开，然后慢慢开始做。好处是有先入优势，不利点可能内部管理跟不上。还有像新东方一样，利用已有品牌优势，因为新东方牌子推我优能、推我的泡泡，但是这里又有一个问题，不是所有机构不是开始都有响当当牌子可以这样做，还有一种跟学而思为代表，我把北京攻下来，再攻上海。这样的话资本市场认可的时候我们速度有点慢，学而思通过几个季度季报，上个季度学而思总而来看少了几个点，这个季度没增也没减，未来CFO表示提高利用率而不是扩张更大的点，扩张的速度是不是受到影响？

And with the expansion，All institutions can do most of the future expansion，We are summarized several ways，For example LongWen to、Learn to face the representative was spread out，Then slowly began to do。Good is the first advantage，Adverse points may internal management can't keep up。And like new Oriental，Using existing brand advantage，Because the new Oriental brand push me optimal can、Push my bubble，But here again there is a problem，Not all agency is not start have famous brand can do，Still have a kind of learning and thinking with represented，I put the Beijing attack down，Shanghai to attack。So the capital market when we recognized a bit slow speed，Learn to think through several quarter quarterly reports，Last quarter and think and learn to see less total several points，This quarter didn't add also didn't decrease，The future CFO said improve the utilization ratio and not expansion more points，The speed of expansion is affected？

　　最后最近比较热，资本市场对于质疑新东方这一块，他调查一下说咱们K12辅导机构在一线城市毛利润10%，二三线是20%—30%，所以认为新东方毛利润不够真实的。

Finally recently more hot，Capital market for new Oriental this one question，He said let's check K12 counseling agencies in a city 10% gross profit，Two three line is 20%, 30%，So think enough of the real new Oriental gross profit。

许晓书【搜狐教育频道主编】： XuXiaoShu【Sohu education channel editor】：李莹女士对我们产业研究非常深。

Ms LiYing for our industry research is very deep。

杨强【学而思教育战略投资总监】： YangJiang【Learning without thought education strategic investment director】：我也想问点问题，不知道问什么。本来想听一点，结果变成要回答问题。

I also want to ask some questions，Don't know why。Wanted to listen to a little，The result to become to answer questions。

　　先回答你最后一个问题，涉及公司利润率，我们每周都有披露。还有一个问题浑水不是问我们，说到扩张，每个公司有每个公司的模式、每个公司有每个公司的战略，学而思一贯这样做的，我们把品质放在速度前边，因为教育机构核心问题还是给学生、家长提供高水平教育服务，如果你把你立身为本的东西丧失了，你扩张就是虚的，根本不可能持续，甚至有可能砸牌子。所以我们一贯把品质放在速度前边，当然不是不考虑速度，我们更注重品质。

To answer your last question，About company profit margins，Every week we have disclosed。Another question is not ask our muddy water，Said to the expansion，Every company has each company's mode、Every company has each company's strategy，Learn and do the best consistent，We put the quality in front speed，Because education institutions core problems or to the students、Provides the high level education service parents，If you put your things for the foundation lost，You expansion is worthless，May not last，There might even ZaPaiZi。So we always put the quality in front speed，Of course not don't consider speed，We pay more attention to quality。

　　刚才谈到增速与资本市场压力之间的关系，我觉得确确实实是个好问题，因为凡是上市的公司，可能共同都面临这个问题，这里就有怎么平衡好的关系？我还是强调这一点，你要想保持一个增长，因为你做财经的，你看到学而思每个季度的报告，有的时候我们扩充一下，有的时候强调一下扩充一定程度回过头说我们OK，要把每个教学点使用效率提高，实际这个使用效率又回到每个点教师究竟怎么样？稍微有一段时间把速度提一提，回头马上把品质加上去，就是持续的过程，这也是你看到我们无论扩点还是不扩点，实际公司增长来讲保持一贯比较好的速度，最终由于你的品质能够保持，你的增长就是真实的，你也能够对资本市场有很好的回答。

Just talking about growth and capital market of the relationship between the pressure，I think that indeed is a good question，Because all of the listed company，May all common faces this problem，Here is how to balance the good relationship？I still emphasize this point，You want to keep a growth，Because you do the finance and economics，You see the learning and thinking of each quarter report，Sometimes we expand it，Sometimes emphasize the expansion to a certain extent return overdo said we OK，Each school to use efficiency improving，Actual use efficiency and return to the each point what teachers？There is a time to a rate a mention，Look back at once and quality，Is continuous process，This is also you see whether we enlarge point or not to enlarge points，The actual company will keep growth consistent good speed，The quality of the final because you can maintain，You are the real growth，You can also on capital market has a good answer。

　　因此又从平衡关系来讲，如果我们有两类客户，一类是上市投资人，一类是学生家长。不客气地说我们是把学生家长放在首位，当然并不是说不看重投资人，而是学生家长的满意才能带来对投资者的回报。

So and from balance relationship speaking，If we have two types of customers，One kind is listed investors，One kind is the parents of the students。You're welcome to say we are the parents of the students in the first place，Of course is not to say that don't value investors，But the parents of the students satisfaction to bring the return to investors。

许晓书【搜狐教育频道主编】： XuXiaoShu【Sohu education channel editor】：现在K12很火爆的领域，学而思老用户最大化做的很好，让家长对学而思品牌产生强烈的依赖感做的不错，老板本人对互联网有一点兴趣爱好，学前教育和互联网教育是不是考虑更大资源投入呢？

Now K12 hot areas，Learn to think old users maximization is doing well，Let parents to learn and think brand has the intense engendered do good，The boss himself to the Internet is a little interest，Pre-school education and Internet education is considered more resources into it？

杨强【学而思教育战略投资总监】： YangJiang【Learning without thought education strategic investment director】：实际上大家都在关注即K12之后下一个热点是什么？其实李莹问问题的时候，刚才有一句话说的非常好，我们还没有看到替代K12细分市场，没有看到某一个市场体量足够大、延续性这么好，目前来看我们都来看但是没有看到。从学而思来讲随着科技发展、大家对互联网提升路径，有没有更好的方式给孩子带来更便捷、更有效率的等方法我们都在看，我们也利用最新的技术给学生家长提供更好、更快捷的教育，使他们接近享受教育资源，这也是我们一直探索的。

In fact all attention in K12 namely after the next hot??? What??？In fact LiYing to ask questions，Just have a very well，We haven't see alternative K12 segments of the market，Didn't see a big enough market size、Continuity is so good，So far we have come to see but did not see。Some measures for the development of science and technology and think with、Everyone to the Internet the path of ascension，There's no better way to give children bring more convenient、More efficient methods such as we all see，We also use the latest technology to the parents of the students to provide better、The more efficient education，Make them close to enjoy education resources，This also is we've been exploring。

李莹【雪球财经i美股内容分析师】： LiYing【Snowball financial I us stocks content analysts】：我问一个我并不是特别了解的公司，但是我在电视上对他们老总比较了解，陈昊老师你谈一下优胜教育吗？

I asked a I was not particularly understand company，But I'm on TV to their old total understand better，ChenHao teacher to talk to you better education？

陈昊【优胜教育集团董事长】： ChenHao【Better education group chairman】：其实我对这一块没有深入的研究，优胜这两年就干一件事，就是投赚钱的项目，我们代理国外早教品牌，都比我们原来起家赚钱，当然积累一些经验我们打算做的还是在K12领域里，其实所有老板都在想新的商业模式怎么让消费者收益、企业发展？当然也是我们追求的热点，目前我们还是用老的方法，做品质、品牌基于方面的，当然大家谈到名师也在考虑，我特想问北京名师集中的地方，这些名师到底给教育做多少产值？到底支撑这些产品是名师还是什么？我也希望多向大家学习。

In fact I to this one not of further research，Additionally this two years to do one thing，For the project is making money，We agent for overseas development brand，All than we had started to make money，Of course we're going to do some experience accumulated in the field or K12，In fact, all the boss is in want to new business model how to let the consumer income、Enterprise development？Of course is our pursuit of a hot spot，At present we are with old methods，Do quality、Based on the aspects of the brand，Of course everyone talked about teacher is considering，I especially want to ask Beijing teacher centralized place，The teacher education to do exactly how much value？To support the product is what teacher or??????？I also hope to learn a lot from everybody study。

李莹【雪球财经i美股内容分析师】： LiYing【Snowball financial I us stocks content analysts】：咱们优胜幼儿园有幼教还有K12，这块比例多少？

Let's superior kindergarten have preschool education and K12，How much the proportion？

陈昊【优胜教育集团董事长】： ChenHao【Better education group chairman】：这块不太方便说，因为资本追着我们走，K12发展非常快，我们也做品牌的推动。龙文已经做的很成功，优胜在后边跟着奔跑，我们足够支撑开店速度，但是我们在降低开店速度，还是做品质提升。

This is not very convenient said，Because capital chasing the us go，K12 developing very fast，We also do to promote the brand。LongWen has been very successful，Superior in followed by running，We open enough to support the speed，But we set up shop in reducing speed，Or do the quality is promoted。

李莹【雪球财经i美股内容分析师】： LiYing【Snowball financial I us stocks content analysts】：问一下龙文，当初做跑马圈地基于什么考虑？为什么选择这样的扩张路径？以及选择修炼内功，从那方面修炼？预计修炼多长时间才开始跑步圈地？

Ask LongWen，Had horse race circle and based on what do consider？Why do you choose this path of the expansion？And the internal organs of uniting the choice，From the aspects of uniting the？How long until uniting is expected to start running enclosure？

刘映东【龙文教育总裁】： LiuYingDong【LongWen education President】：当时扩张外围战略和前期扩张是不成功的，我是04年在北京，跟着我们董事长杨勇一块打拼，北京做的可以的时候，09年前期做广州、成都、天津，这几个市场都是运营两三年，都是以失败告终。09年我带领一个团队开发上海市场，至少华东让整个龙文团队看到希望，扩张背后人起到绝对性的作用，简单地说因为华东是我亲自操作的，华东江浙一带是藏富的地方，短短开了14家店，并且走的很成功，江浙业绩量占业绩量40%—50%，所以这个基础上才有全国战略的跟进。

At that time and the peripheral expansion strategy of expansion is not successful，I am in Beijing in，Follow us YangYong chairman of a fight，Beijing can do，The guangzhou 09 do、chengdu、tianjin，This few market are operating two or three years，Are failure。The I lead a team to develop the Shanghai market，At least the east China let whole LongWen team see hope，Expansion will absolute role，Say simply because east China is my own operation，East China jiangsu and zhejiang area is CangFu place，Just opened 14 stores，And walk was successful，The jiangsu and zhejiang performance of performance of amount of 40% 50%，So the only national strategy based on the follow up。

　　从2000年开始跟进可能人的能力问题，可能前期董事长决策的时候，这方面考虑不够多，认为我们已经有成功模式，只是复制的问题。所以基于这一点前期走的比较稳，外界看还是神话，但是内部看还是在可控范围之内，因为对于我们企业而言、对于各级高管而言，只有对自己苛求一点。我们也知道品质做差了之后，给一个企业带来思考是什么。每天晚上我们忙晚上两三点，民营企业也不容易。

From 2000 to and may be the ability of people to follow up，The chairman of the decision when possible，It this way are not enough，Think we already have the successful model，Just copy。So based on that the walk of firmer，Outside look still is myth，But internal look still is in the controllable scope，Because for us for the enterprise、Executives at all levels in for，Only a little for their demanding。We also know that quality do sent later，Give a enterprise to bring the thinking is??????。Each night we busy the silent night，The private enterprise is not easy。

李莹【雪球财经i美股内容分析师】： LiYing【Snowball financial I us stocks content analysts】：第二个问题咱们等于把这块叫停扩张，全局练内部，预计在哪几个方面？预计花多长时间？

The second problem is let's stop the expansion，Global practice internal，Where is expected to several aspects？How long is expected to take？

刘映东【龙文教育总裁】： LiuYingDong【LongWen education President】：中国哪一个机构会出现K12占1%的份额，我相信未来两到三年龙文就是一家，这就是奇迹。当然未来我们做的工作最主要是内功，我们对前期老师要求比较高，虽然大学生比较多，我们基地老师不断通过考试作题，每天练四到五到题，通过极其重复的训练，才能让他上岗，让社会接受我们。老师通过招聘之后经过重新的洗礼，未来重要是培训，我们干部培训是军事化培训，包括传承中华民族的文化就是礼仪文化，只要龙文人对客户行90度的鞠躬礼，这个方面可以下狠工夫。只要给我们两到三年时间，我相信让社会、让同行认可的教育龙文教育就可以应运而生。

China which institutions will appear K12 1% share，I believe that the next two to three years LongWen is a company，This is the miracle。Of course the future we do work is the most main is the internal organs，Our teacher to early demand is higher，Although more college students，Our teacher continuously through the test base problem，Practice every day four to five to questions，Through the extremely repetitive training，Can let him work，Let the society to accept us。The teacher through after the baptism of the new recruitment，The future is an important training，We cadres training is military training，Including inheriting Chinese culture is the etiquette culture，As long as the dragon literati 90 degrees to customers do JuGongLi，This can work hard。As long as give us two to three years，I believe that the society、Let in on the education LongWen education by can arises at the historic moment。

侯瑞琦【和君咨询高级分析师】： HouRuiQi【And king consulting senior analyst】：一个VC问题、一个是K12的问题，刚才跟安博贾总也疗聊，这两年全国大大小小的辅导机构，我们每年参加各种各样会，都是全国各地培训学校的校长，小的一年做几十万，大的像新东方一年几十亿，这个市场风气云雨，当时安博买了很多家。新东方这次在美国资本市场大跌，包括现在股价没有回来，现在也就是12块左右，市值11不到一半左右。新东方市值被打下来之后，包括国内大的投资机构中兴证券这些比较关注，实际在美国资本市场我们教育类上市公司，市值如果低于5亿美金，美国很少的券商就不会研究你，美国市场很多教育培训企业上市梦最近这一段时间不太可能，包括有些跃跃欲试。

A VC problem、One is K12 problem，With just now ember jia total also talk therapy，The two years the national greatly small counselling organization，Each year we take part in different kinds，All around the country is training the headmaster of the school，Small a year do hundreds of thousands of，As a year of new Oriental billions，The market ethos cloud，When ember bought a lot of home。New Oriental this in the United States plunged capital market，Including now price does not come back，Now also is about 12 blocks，Less than half the market value and to the left。New Oriental a market value to later，Including domestic big investment institutions zte securities compared these concerns，The actual capital market in the United States we education kind of listed companies，Market value if less than us $500 million，Few American dealers wouldn't you study，The American market many education training enterprise listed dream recently this period of time is unlikely，Including some itch to try。

　　第二个新东方事情之后，很多人打电话问我。我觉得在中国教育类品牌，像新东方、学而思上市的公司非常好的品牌，其实这些品牌非常值钱，在美国市场被低谷或者美国故意做空中国。韩国，韩国互联网、教育在全世界一流的，这有可能是小小突破口，去不了美国可以去韩国，但是韩国比较抱团。

The second new Oriental after things，Many people make a phone call to ask me。I think the Chinese education class brand，Like new Oriental、Learn to think a listed company very good brand，Actually these brand is very valuable，In the U.S. market is low or America deliberately do empty China。South Korea，South Korea Internet、Education in the world first-class，It may be a little breakthrough，Go to America can go to South Korea，But South Korea is BaoTuan。

　　我想重点说一说A股，因为我们和君咨询也是国内最大的管理咨询公司，我们最大特色是管理咨询加投资银行，日常的管理咨询我们都做，我认为A股有很大的机会，可能我角度比较特殊，教育公司能够在A股上市这个在短期内也不可能，因为有很多政策限制。但是A股已经挂出来，它有类别像创业板和主板，创业板数字出版发行、社会服务业、电子信息技术等一共四十多家，不到10%，美国服务业占到70%以上收入，未来服务业一定在A股主流，现在服务业登陆A股哪怕垃圾公司，再过三五年也是很有能力的公司。

I think the key say A shares，Because we and prince is the largest consultation management consulting company，We feature is management consulting and investment bank，The daily management consulting we all do，I think A shares have A good chance，May I Angle is special，Education company in A shares listed the can in the short term is not possible，Because there are a lot of restrictions。But A shares have to hang out，It has a category like gem and the mainboard，Gem digital publication、Social services、Electronic information technology, more than 40 altogether，Less than 10%，The services account for more than 70% income，The future services must be in A shares the mainstream，Now on A shares even trash service company，Another 35 years also is very has the ability of the company。

　　教育类培训机构只是服务业中其中一块，我认为未来像这些公司一旦在A股上市之后，或多或少介入教育培训产业中。前两天有一个做消息通的公司也上市了，这家公司未来几年可能跟华谊兄弟一样，大家不要天天盯美国资本市场，我怎么和A股做服务业的公司合作。有的公司很低调，甚至连网站都没有，像上海炫动频道，未来如果进入教育行业很有前途，因为他有频道，不要老盯现在圈子里边人，我觉得未来教育培训产业是非常大的产业，不可能大家都视而不见。这就是我对这个事情简单的看法，谢谢大家！

Education class training institutions just services in one piece，I think the future like the company once in A shares after the listing，More or less involved in education training industry。Two days before a news of the company also do on the market，The company in the next few years probably with huayi，You don't want U.S. capital markets at every day，How do I and A shares do service firms cooperation。Some company very low-key，Even the web site all have no，Like Shanghai xuan action channel，The future if education industry into a great future，Because he has a channel，Don't stare now inside the circle，I think the future education training industry is very big industry，Can't we all turn a blind eye。This is me to this things simple idea，Thank you！