利用率提升显效果  净利率大幅增长 Utilization ascension show effect  The net interest rate of growth

　　Q2是学而思传统业务旺季，本季度在教学中心同比减少的情况下（268-257）的情况下企业获得营收、利润双增长，可以说明基于现有教学中心提高利用率的战略在执行过程中是有效的。值得注意的是，自2012Q4开始，学而思已经连续三个财季营收增长建立在教学中心零增长或负增长的前提下。

Q2 is to learn and think of traditional business season,This quarter year-on-year in teaching center reduced circumstances(268-257)Under the condition of the enterprise to obtain revenue/Profit ShuangZengChang,Based on the existing teaching center that can improve the utilization ratio of the strategy in the execution process is effective.It is important to note that,Since the start of 2012 q4 is prevented,Learning without thought has been three consecutive a wealth JiYing accept growth based on teaching center zero growth or negative growth of the premise.

　　另外，通过上表我们可以看到，学而思毛利率和净利率情况有了明显改善，这主要得益于成本、费用的控制和扩张的持续放缓。未来扩张方面CFO表示"就今年下半年而言，在明年二月本财年结束之前，我们将再设立20个等值小班授课教学中心，在明年一月前，我们不会再向其他城市进行扩张。"

In addition,Through the above we can see,Learn and think gross profit margin and the net interest rate of the situation has been a marked improvement,This is due to the cost/Cost control and expansion continued slowdown.The future expansion aspect CFO said"Just in the second half of this year,In February this year before the end,We'll set up 20 equivalent small-class-based lecture teaching center,Before January,We won't expand to other cities."

　　暂停城市数量的扩张，但是又有对新兴市场复制模式的信心，学而思未来对于已经进入的城市将会以"渗透"为主。"本季度小班业务来自京沪以外城市的营收贡献占小班总收入的22%，去年同期为11%，一季度为21%。"从京沪外教学中心数量和营收占比情况看，其贡献率仍然偏低。

The expansion of the number of cities in the suspension,But in emerging markets and the confidence of the replication mode,Learn to think for the future have entered the city will be on"penetration"Give priority to."This quarter small class business from outside Shanghai city revenue accounted for 22% of the total revenue contribution to the class,The same period last year to 11%,Quarter was 21%."From the beijing-shanghai external teaching center of quantity and revenue than case,Its contribution rate is still low.

　　此前学而思曾经描述过自己独特的扩张方式：我们的教学中心相对较小，随着时间的推移，我们会对该教学中心进行扩大。因此，当我们关闭一个教学中心时，我们在原有教学中心规模上增加的另一个教学中心。--所以学而思这种关闭一个扩大一个的方式极有可能我们在财报中难以发现变化。

After learning and thinking once described their own unique way of expansion:Our teaching center is relatively small,With the passage of time,We will expand the teaching center.therefore,When we closed a teaching center,We in the original teaching center scale increased another teaching center.- so learn and think this kind of close a expand a way is likely we are difficult to find in earnings change.

　　本季度市场费用的同比增幅仅2.74%，主要是由于控制一对一业务。根据CFO在电话会议的表述"小班广告方面花费较少，去年同期我们在1对1业务上所花费的广告费用是历年最高，而今年并未投入过多的广告费用。"

The cost of this quarter market the year-on-year growth rate is only 2.74%,Is mainly due to control one-on-one business.According to the CFO in the conference call statement"Small class advertising cost less,In the same period last year we 1 on 1 business spent the advertising expenses is the highest,This year has not into too much the advertising expenses."

关闭盈利不佳1对1  未来仍会进行投资 Close earnings not beautiful 1 to 1  The future will still be for investment

　　截至2012年8月31日，教学中心数量为257个，环比2013财年一季度的270个减少13个。张邦鑫表示"关闭了部分业绩不佳的教学中心，主要是一对一教学点，同时我们抓住机会在新的市场开设小班教学中心"--这可以说明学而思在二季度是有扩大新增城市份额的，其关闭教学中心总的数量在13个以上。

By August 31, 2012,Teaching center for the number 257,Link in fiscal year 2013 quarter of 270 to reduce 13.ZhangBangXin said"Shut down part of the poor performance of the teaching center,Mainly is the one to one teaching school,At the same time we seize the opportunity in the new market to open small class teaching center"- this can explain to learn and think in the second quarter, is to expand new share of the city,The closed teaching center total quantity in 13 above.

　　CFO考夫曼在随后电话会议中表示2007年开展一对一业务时将其定义为"防御性举措"，目前公司在寻求控制一对一业务的增长。未来会继续对该业务进行投资，确保其能够与小班进行互补。

CFO kaufman in subsequent telephone conference said in 2007 to carry out one-on-one business will be defined as"Defensive measures",At present the company looking for control one-on-one business growth.The future will continue to invest in this business,To ensure that it can complement with small class.

　　从上市后学习中心的变化可以看出其经营战略调整，上市初期积极扩张--去年年末稳练内功--本季度聚焦小班。学而思将其业务重点更深度到小班领域，包括中心利用率和异地扩张模式的可复制性上，而对于原来的"防御性举措"，学而思更加确保其与核心业务的互补性上。

From listed after the change of learning center can see its business strategic adjustment,The early listing actively expand - late last year steady and prudent internal work - this quarter focusing small class.Learn and think the key business more depth to the small class field,Including center utilization ratio and different expansion mode on the replicability,For the original"Defensive measures",Learn to think more to ensure that its with the core business of the complementarity.

　　学而思不会放弃一对一，也不会做大一对一。作为教育培训机构，其诉求是满足学生全部需求，如果放弃一对一，那么其学生的相关需求就可能转向其他培训机构，而家长出于"时间成本""排课便利"...等考虑就有可能造成客户的流失；一对一模式是"重资本扩张"+"劳动力密集"，其对销售的依赖如果做大会压低整个集团利润率，并且不负责任的销售夸大还会损害整体的品牌形象。所以正如CFO的目标，"希望未来3--5年，一对一业务能带来集团30%的利润"

Learn and think won't give up one-on-one,Also won't do big one-on-one.As the education training institutions,Its appeal is to satisfy the students all needs,If I give up one-on-one,Then the student's dependent demand may turn to other training institutions,And parents from"Time cost""Curriculum arrangement convenient"...And consider it is possible to cause the loss of customers;One-on-one mode is"Heavy capital expansion"+"Labor intensive",Its sales of depend on if congress down the whole group profit margins,And irresponsible sales exaggerated will damage the overall brand image.So as the goal of CFO,"Hope that the future 3 -- 5 years,One-on-one business can bring group 30% profit"

政策调整致下调预期  教学能容将改进 Policy adjustment is expected to cut  Teaching can let will improve

　　北京市教委8月末出台新政策限制与奥数有关教学活动，其对学而思影响应该9月开始显现，即从Q3财季开始，Q3本身是学而思传统业务淡季，去年同期净利润仅144万美元。公司预计2013财年第三财季总收入将在4800万美元--4920万美元之间，同比增长18%--21%。

The Beijing municipal education commission at the end of 8 new policies limit and aoshu relevant teaching activities,The learning and thinking should influence on September began to appear,That is, from percentile wealth season began,Percentile itself is to learn and think of traditional business off-season,The same period last year net profit of $1.44 million only.The company expected the third quarter in fiscal year 2013 total revenue will be between $49.2 million - $48 million,Year-on-year growth of 18% - 21%.

　　考虑到北京教委新政策对公司的影响，公司将2013全年营收区间从（2.308-2.397亿美元，增速为30%-35%）下调至"2.272-2.326亿美元，增速为28%--31%"按照营收预期调整的上限看是4个百分点，去年全年营收1.77亿美元，影响约700万美元。

Considering Beijing education commission new policy on the impact of the company,The company will 2013 annual revenue from interval(2.308 - $239.7 million,Growth was 30% - 35%)Down to"2.272 - $232.6 million,Growth was 28% - 31%"In accordance with the revenue is expected to see the adjustment of upper limit is 4%,Sales last year of 177 million dollars,Influence of about 7 million dollars.

　　另外公司还对课程内容做出调整，从调整内容上学而思主要针对"奥数"事件，努力摆脱"应试教育"带给学生的厌学心理--如：加快多媒体及专业课程内容的变更步伐；继续让教学内容娱乐化，更容易让更多地学生接受；对水平测试系统进行了改进；对知识领域的顺序进行了调整，尝试向学生们教授更多地内容。

In addition the company to the course content to make adjustment,The adjustment of content to go to school but think is aimed at"aoshu"events,Efforts to get rid of"Exam-oriented education"Bring students' school-weary psychology, such as:To speed up the multimedia and professional course content change of pace;Continue to make teaching content more entertaining,Easier to let more students to receive;To level test system is improved;The order of the field of knowledge have been adjusted,Trying to professor students more content.

　　虽然营收下调，但不可否认的应试教育及选拔存在的基础是优秀教育资源稀缺，而数学的基础学科地位不会随着奥数禁止发生改变，并且"在较为稳定的教育系统中，数学将继续成为学校对学习成绩的重要认证。"学而思在这一领域的优势仍然存在。

Although revenue cut,But undeniable exam-oriented education and the selection of existence is based on excellent education resources are scarce,And mathematical basic subject status will not change as aoshu banned,and"In the relatively stable education system,Maths will continue to be an important school grades authentication."Learn and think in this field advantage still exist.

　网站群仍是"宣传员" 改进仍有很大空间 Website group is still"activist" Improve still has great space

　　E度教育网仍主要为学而思提供口碑宣传作用，尤其在进入新市场时，学而思一般采用"网站先行"策略。CFO表现目前已经寻求控制新业务投资，在线课程、移动业务及E度教育平台等总共亏损月700万美元，低于先前预期的800万--900 万美元。

E degree education network is still mainly for learning and thinking to provide public praise publicity function,Especially in into the new market,Learn and think generally USES"Website first"strategy.CFO performance has sought to control new business investment,Online course/Mobile service and E degree education platform, and so on a total of $7 million on losses,Less than previously anticipated 8 million - $9 million.

　　学而思因旗下网站群被誉为"教育行业里最有互联网基因"的公司，但是与其他业务相比，网站建设停滞不前，学而思网校Q1贡献了总营收的3%。相信在其下网站之间进行用户整合以及优化网校体验等方面，公司仍有很大空间。

Learn to think for its web site group known as"Education industry the most Internet gene"company,But compared with other business,Website construction stagnant,Learn and think the 25th online contributed 3% of the total revenue.Believe in the below website user integration and optimization between online experience and so on,The company still has great space.

　　另外在网校成本上，有用户发现上海和北京学校的课程是分别录制的，这实质造成极大的浪费。虽然各省市课程因大纲略有不同，但是绝大部分是相同的，线上本是希望打破地域化实现规模效应，企业就需要控制、减少这类重复浪费。

In the online cost,A user find Shanghai and Beijing school course is recorded respectively,This essence cause great waste.Although provinces course outline for a slightly different,But most are the same,Online this is hope to break regional realize scale effect,Enterprise on the need to control/To reduce this kind of repetition and waste.

分红涉及3800万美元现金  不会增加税收 Share out bonus of $38 million in cash  Doesn't increase tax

　　季报中公司宣布了0.5美元每ADS的分红计划，派息将于2012年12月28日支付，2012年12月7日前登记在册的股东将获得股息。按照学而思7747万ADS的总股本计算，此轮分红将涉及3800万美元现金，

In the quarterly report company announced $0.5 each ADS of bonus plan,Dividend payout will be on December 28, 2012 pay,December 2012 before 7 registered shareholders will receive dividends.According to learn and think 77.47 million ADS of total equity calculation,This round of share out bonus will involve 38 million dollars in cash,

　　在宣布分派股息之前，学而思约拥有1亿美元的人民币海外资金储备，由于资金已离岸从企业角度不会涉及税收增加。

Before the declaration of dividends,Learn and think about had $100 million yuan overseas capital reserve,Because of the money already offshore from the Angle of enterprises involved in taxation will not increase.

 相关阅读： readings:

　　学而思高管解读2013财年第二财季季报

Learn and think executives interpretation in fiscal year 2013 second wealth something bright in newspaper

　　奥数新政造成短期影响 学而思下调全年营收预期

The New Deal aoshu caused by short-term impact to learn and think cut annual revenue is expected