北京时间9月19日，弘成教育发布二季度财报，营收1810万美元，净利150万美元，净利润同比增加84%。在线学位项目的付费学生数增长21.4%至19.3万人，这家有着近20万学员的公司到底是做什么呢？

Beijing time on September 19,Hong into education issued the second quarter earnings,Revenue of $18.1 million,Net profit of $1.5 million,Year-on-year net profit increased by 84%.Online degree program pay students number increased by 21.4% to 193000 people,The company has nearly 200000 students exactly what to do?

　　从财务数据看，这家企业的营收稳定，毛利率在55%以上，过去一年多净利率呈现下滑趋势，今年一季度趋势获得一定好转。利润率好转主要得益于运营费用控制，2012年Q1、Q2两个财季运营利润率分别为19.6%和19.7%，远高于去年同期的11.9%和15.2%。公司CEO黄波表示，将继续严格成本控制以保证持续盈利能力。

From a financial data to see,The enterprise's income stability,Gross profit rate in more than 55%,In the past more than a year net interest rate tends to decline,In the first quarter of this year trend better access to certain.Profitability improved thanks mainly to operating cost control,In 2012 the 25th/Q2 two quarter in operating profit rate were 19.6% and 19.7% respectively,Far higher than the same period last year of 11.9% and 15.2%.The company CEO yellow said,Will continue to strict cost control to ensure sustained profitability.

　　弘成教育没有使用"弘成"这一品牌来运营旗下业务，公司目前主要有四块业务：网络高等教育、在线中小学课程、私立中小学校和海外留学项目。其中线上业务是公司传统业务，在Q2业绩中网络高等教育和在线中小学课程两部分营收合计近一亿人民币的营收规模。

Hong into education does not use"Hong into"This brand to its business operations,The company mainly has four business:Network higher education/Online middle and primary school/Private schools and overseas study project.The online business is the company's traditional business,In Q2 performance in higher education and network online middle and primary school two split off the total nearly one hundred million RMB revenue scale.

　　1、弘成主要线上业务是其网络高等教育和101网校，弘成是教育部批准可以再全国开展现代远程教育的公司，其网络高等教育是通过合作高校来推广的，而非直接使用弘成品牌。

1/Hong into main online business is the higher education and 101 online network,Hong into is approval of ministry of education to the national modern distance education in the company,Higher education is the network through cooperation of universities to promote,Instead of directly use hong into brand.

　　截止6月30日，弘成通过113个学习中心（其中55个专用，58个简易）为22所大学提供服务。【2012年Q1为105个学习中心（其中55个专用，50个简易）；2011年Q2为100个学习中心（其中57个专用，43个简易）；2011年Q1为96个学习中心（其中53个专用，43个简易）】

As of June 30,,Hong into through the 113 learning centers(The 55 special,58 simple)22 for a university to provide services.[In 2012 the 25th for 105 a learning center(The 55 special,50 simple);Q2 2011 for 100 learning centers(The special 57,43 simple);In 2011 the 25th for 96 a learning center(53 a special,43 simple)]

　　从财务情况看，在线高等教育学位课程在公司整体营收占比一直在76%以上，2012年Q2为77.05%。毛利率稳定在55%左右，是公司主要业务支柱。

From a financial situation to see,Online higher education degree course in the company overall revenue accounted for more than 76% than has been,Q2 2012 is 77.05%.Gross profit rate steady at around 55%,Is the company's main business support.

　　二季度包括课辅业务、私立学校、国际项目在内的非学位教育实现营收360万美元，较去年同期的350万美元增加了了4.5%。

The second quarter includes lesson auxiliary business/Private schools/International projects, the non degree education realize revenue of $3.6 million,During the same period last year $3.5 million increase be able to 4.5%.

　　2、弘成在线课辅业务是通过旗下101远程教育网运营的。

2/Hong into online class auxiliary business is through its 101 distance education network operations.

　　最近两年业务营收基本稳定，毛利率呈现下滑趋势。与去年同期相比，2012年Q2营收和毛利水平均由明显下滑。

In the last two years business revenue basically stable,Gross profit margin tends to decline.Compared with the same period last year,Q2 2012 revenue and gross margin level all by a significant slowdown.

　　3、弘成教育拥有平顶山市韦伦双语学校、安庆市外国语学校、荆州中学三所私立学校，财报披露二季度非学位教育营收同比增长主要取决于安庆外国语学校和平顶山双语学校学生数量增长。

3/Hong into education has the city's wing bilingual school/Anqing city foreign language school/Jingzhou middle school three private schools,The second quarter earnings disclosure not degree education revenue year-on-year growth depends on the anqing foreign language school and pingdingshan bilingual school student population.

　　从财务情况看，弘成私立学校营收大幅增长发生在2011年Q4，最近两个季度保持稳定。私立学校Q2毛利水平同比、环比均出现下滑。

From a financial situation to see,Hong into private schools revenue growth occurred in 2011 Q4 is prevented,Recently two quarters remained stable.Private schools Q2 margin level up/Link are dropped.

　　4、弘成国际教育业务通过FEC（Friendly Experimental Class）和BCIT项目（British Columbia Institute Of Technology）为学生提供留学咨询申请服务及名校夏令营等业务。

4/Hong into international education business through the FEC(Friendly Experimental Class)And BCIT project(British Columbia Institute Of Technology)To provide students with consulting on the study abroad application services and school summer camp, etc.

　　最近一年这部分业务一直处于亏损状态，从成本投入来看，弘成在2011Q2--2011Q4期间对该业务直接成本均在400万人民币以上。国际业务营收在2011年Q3达到408万人民币后处于下滑趋势，但是随着成本投入的降低，最近两个季度该项目毛亏损幅度减少。

A recent years this part of the business has been in a state of loss,From the cost input to see,Hong into in 2011 q2-2011 q4 is prevented during the business direct costs are in more than 4 million yuan.International business revenue in 2011 after the percentile at RMB 4.08 million ($) in a slowdown,But as the cost input reduce,Recently two quarters this project hair loss amplitude decrease.

　　另外弘成旗下还有面向1-6岁幼儿教育产品《优优熊系列》，公司未在财报中列示该项目财务情况。

In addition to hong into its and 1-6 years old preschool education products[Optimal optimal bear series],The company did not listed in the earnings of the project financial situation.

　　总体来看弘成业务主要依赖于与大学合作进行高等学位课程，虽然在学习中心的数量上有所增加，但是最近两年合作大学数目维持在22所没有变化。这种合作方式简单看大学凭借品牌招生，由弘成提供课程服务，院校进行考试后发给证书，但是长期看有没有什么风险呢？

Overall hong into business depends on the cooperation with university of higher degree course,Although in learning center on the amount of increased,But over the past two years the number of university cooperation maintained at 22 did not change.This kind of cooperation mode is simple look at university recruitment of students with the brand,By hong into provide course service,Colleges will issue a certificate after the exam,But the long run what risk?

　　在近两年课辅业务风生水起的背景下，弘成101网校营收基本没有增长，并且"101网校"这个品牌在学生家长心目中有逐渐淡化的趋势。学而思刚刚发布季报其网校课程在营收中占比仅3%，中小学课辅推广网络教育难，个人理解难在学习的主动性和自觉性上，毕竟相对于留学的大学生群体和职业教育的在职人士，中小学生学习的逆反情绪是最强的。

In nearly two years class auxiliary business under the background of flawed,Hong into 101 online revenue basic no growth,and"101 online"This brand in the minds of the parents of the students have the trend of decline.Learn and think just released its quarterly report online course in revenue accounted for only 3% than,Middle and primary school class auxiliary promotion network education difficult,Individual understanding is the learning initiative and self-consciousness on,After all, relative to the study of college students group and vocational education in person,Primary and middle school students learning negative emotions are the strongest.

　　私立学校业务稳定，这个业务的好处在于刚性的需求，毕竟目前教育资源总体讲是不够的。但是学校教育在招生和收费上都受制于监管部门，利润率较低且扩张投资较大，当然如果能获得相关政策倾斜或许也是机会

Private schools business stability,The benefits of this business is rigid demand,After all, current education resources on the whole is not enough.But the school education in the recruitment of students and charges are subject to supervision department,Low profit margins and greater investment expansion,Of course if can obtain relevant policy may also opportunities

　　个人理解弘成做国际业务是基于现有双语私立学校考虑，中国是全球留学比例最高的国家，并且这一趋势还将延续。留学人群逐步低龄化，带来了巨大的潜在市场机会，弘成能不能分一杯羹？

Personal understanding hong into doing international business is based on existing bilingual private school consideration,China is a country with the highest proportion of global study abroad,And this trend will continue.Study abroad the crowd DiLingHua step by step,Bring a huge potential market opportunities,Hong into can points a cup of soup?