学而思教育 Learn and think education

　　学而思业务由五大事业部组成，分别是学而思培优（即小班）、智康一对一、学而思网校、魔比思维馆馆和E度教育网，其中E度教育网定位交流和树立品牌，不贡献营收。

Learning without thought is made up of five business department composition,Respectively is learn and think the pew(Namely small class)/ZhiKang one-on-one/Online learning and thinking/Magic than thinking hall hall and E degree education network,The E degree education network positioning exchanges and establish a brand,Don't contribution revenue.

　　整体来看学而思营收增长稳健，即使在放缓教学中心扩张速度后，营收仍获得良好增长。Q2所在的6、7、8三个月是公司利润最高的季度，本轮奥数叫停发生在8月底，或许在一定程度上不会对旺季利润造成太大影响。而普遍停课基本是在9月份开始，Q3又是公司传统利润淡季，结合过去两个财年Q3的净利水平，今年Q3学而思会不会出现亏损尚难以定论。

The whole learning but think revenue growth robust,Even if the slowdown is teaching center after expansion speed,Revenue is still get a good growth.In Q2 six/7/8 three months is the company profit the highest quarterly,This aoshu called occurred in late August,Perhaps in a certain extent to season won't profit cause too big effect.And the common basic is closed in September start,Percentile and company profits traditional off-season,Combining the past fiscal year two percentile of the net profit level,This year, learn and percentile think there will be still can not conclude that the losses.

　　停课对营收的影响：根据最近一个季度季报，学而思营收4930万美元，其中小班（含摩比思维）营收占比66%，智康占比31%，学而思网校占比3%。北京市政府对奥数的调整主要集中在小班培优业务，学而思一季度小班收入中21%来自京沪以外地区（这是截至目前京沪外城市最高的贡献比例），推算来自京沪小班收入为2570万美元。在财报中没有对此项业务给予公开披露，从教学中心数量来看，截至2013财年Q1，学而思北京教学中心136所，上海教学中心46所，按中心量估算即北京小班业务营收占公司总营收或在52%*74%（136/182）=38%左右，即使传统优势业务可以做到小班业务三分之一，奥数业务比例不超过13%。

The influence of closed to revenue:According to a recent quarter quarterly report,Learn and think revenue of $49.3 million,The small class(Than thinking with the)Revenue accounted for more than 66%,ZhiKang accounted for more than 31%,Learn to think for online than 3%.The Beijing municipal government for mathematical olympiad adjustment mainly concentrated in small class the pew business,Learn and think quarter small class income 21% from outside Beijing(This is so far the beijing-shanghai outside the city the highest proportion of contribution),Inferred from the beijing-shanghai small class income for 25.7 million dollars.In this item in earnings no business to give public disclosure,From the teaching center to see the number,By the 25th in fiscal year 2013,Learn and think Beijing teaching center 136,Shanghai teaching center which 46,According to the center quantity estimation that is Beijing small class business revenue account for the company total revenue or in 52% 74% *(136/182)= 38%,Even if the traditional advantage business can do business a third class,Aoshu business proportion is not more than 13%.