一、成本高企利润率下滑 a/High cost of sliding profitability

　　本季度新东方的净利润增速仅5.7%，去年同期增速为45%；净利润率由去年同期的34%下降至29%。从成本结构来看，新东方该季度的总开支和成本同比增长36.5%至2.343亿美元，远高于25.8%的营收增长速度，其中销售及营销开支同比增长39.9%至3950万美元，一般及行政开支同比增长42.4%至7660万美元。由于每个财年的Q1是新东方全年的最旺季，所以本季度的利润不理想决定了新东方2013财年的利润增速不佳，大摩预计该公司2013财年的运营利润增速将放缓至7%，远低于前两个财年26%和20%的增速，12.8%的全年运营利润率也是近年的最低。

The new Oriental quarter net profit growth of only 5.7%,During the same period last year growth of 45%;Net profit rate by 34% for the same period last year dropped to 29%.See from the cost structure,New Oriental this quarter of the total expenditure and cost year-on-year growth of 36.5% to $234.3 million,Far higher than 25.8% of the revenue growth rate,The sales and marketing expenses year-on-year growth of 39.9% to $39.5 million,General and administrative expenses year-on-year growth of 42.4% to $76.6 million.Since each fiscal year of the 25th is the new east of the most busy season,So this quarter profit not ideal determines the new Oriental fiscal 2013 poor profit growth,Big "the company is expected to fiscal 2013 operating profit growth will slow to 7%,Far below the first two fiscal year 26% and 20% of the growth,12.8% of the annual operation profit rate is the lowest in recent years.

二、放缓教学中心扩张 提升利用率以改善利润 two/Slow teaching center expansion improve utilization ratio to improve the profit

　　对于利润率的大幅下滑，新东方在公布季报的同事宣布对公司发展策略的调整：由近年的“抢占市场”的扩张策略转为重视利润率提高的“收割策略”。收割策略的核心是放缓教学中心扩张速度，提高教学中心使用率。

For the profit margin of the sharp decline,New Oriental in published quarterly report colleagues announced to the company development strategy adjustment:In recent years by"Seizes the market"Expansion strategy to attach importance to improve profit margins"Harvest strategy".Harvest strategy is the key of the slowdown in teaching center expansion speed,Improve the teaching center utilization rate.

　　近两三年是新东方快速扩张的阶段，教学中心数从2010年5月31日的367家增加至目前的726家，总数翻了一番。由此带来的是成本的高企，尤其是最近一年员工数增长1万达到3.4万，管理人员就有几千人，由此带来的是高昂的管理成本（本季度行政管理费用即达7660万美元）。

Nearly two or three years is a new stage of rapid expansion,Teaching center number from 2010 on May 31, 367 increased to the current 726,Total doubled.This brings the high cost,Especially in last year staff growth up to 34000 10000,Management personnel have thousands of people,Thus bring is high management cost(This quarter administrative cost is $76.6 million).

　　这主要和新东方这两年进军中小学课外辅导机构、在全国猛铺教学网络的策略有关。近年来，中国中小学课外辅导市场需求火爆，各大培训机构在全国跑马圈地猛扩张，不仅有学大、学而思等传统中小学课外辅导机构加大扩张速度，还出现了龙文、精锐等近年兴起的机构，然后随着竞争的加剧，目前不少公司均进入调整，前两年在全国火速铺1000+教学点的龙文2012年对新开教学点开始保持克制和慎重，学而思在2011年猛开138个教学点后近期开始关闭一些不盈利的教学中心（最新一个季度关闭13个教学点）。新东方在2013财年Q1新增89个教学中心的同时也关闭了8个教学中心并表示将控制教学中心扩张。

This is mainly and new Oriental this two years into primary and secondary school extracurricular counselling organization/In the fierce spread teaching network strategy about.In recent years,Chinese primary and middle school extracurricular counselling hot market demand,Each big training institutions in the national horse race enclosure fierce expansion,Has not only learn the big/Learn and think the traditional middle and primary school extracurricular counselling organization increasing expansion speed,There was LongWen/In recent years, such as elite rise of institutions,Then as competition intensifies,At present many company are into the adjustment,Before two years in the national passion of LongWen spread 1000 + teaching school in 2012 to the new open teaching school began to restraint and careful,Learn and think in 2011 fierce open 138 after school recently began to close some profitable teaching center(The latest quarterly close 13 teaching school).New Oriental in fiscal 2013 the 25th 89 new teaching center at the same time also to shut down eight teaching center and says it will control teaching center expansion.

　　在完成全国教学网络的布局以后，新东方将重点转为提高教学中心的利用率，新东方CFO在电话会议中也表示接下来不会在目前的49个城市以外做扩张。同时进行成本控制，

Upon completion of the national teaching network layout later,New Oriental will focus on to improve the utilization rate of teaching center,New Oriental CFO in a conference call with also says the next will not in the present 49 outside city do expansion.At the same time, cost control,

　　亏钱的教学点将砍掉并做相关的裁员，控制员工数量、营销和一般开支。

Losing money at the teaching of cut and do relevant layoffs,Control number of employees/Marketing and general expenses.

三、二三线城市是未来增长点 但影响利润率 three/Two or three line city is the future growth but the impact of profit margin

　　京沪等一线城市的竞争已经非常激烈，许多写字楼、社区均可以看到培训机构的身影，新东方截至2012年5月31日在北京有84个教学点、在上海由60个教学点，学而思截至2012年2月29日在北京有137个教学点，在上海有46个教学点，学大截至2011年12月在北京有30个教学点，在上海有23个教学点，密集的教学点分布对各大机构的教学中心利用率将产生不利影响，新东方表示将在北京关闭不赚钱的教学中心。

Such as beijing-shanghai line city competition is very fierce,Many office buildings/Community all can see the figure of training institutions,The new Oriental school on May 31th, 2012, in Beijing has 84 teaching school/In Shanghai by 60 teaching school,Learn and think by the end of 2012, feb. 29, in Beijing has 137 teaching school,In Shanghai have 46 teaching school,Learn big 2011 as of December in Beijing has 30 teaching school,There are 23 a school in Shanghai,Intensive teaching school distribution on each big institutions teaching center utilization will produce adverse effect,New Oriental said in Beijing will be shut down don't make money teaching center.

　　本季度新东方京沪地区的营收增长只有12%，而其他地区的营收增速则有35%，而且新东方收割策略明确表示未来只在二三线城市增加教学中心。

The new Oriental quarter beijing-shanghai region revenue growth of only 12%,But other parts of the revenue growth is 35%,And new Oriental harvest strategy made it clear that the future only in two or three line city increase teaching center.

　　二三线城市是新东方目前和未来增长的重要推动力，但是二三线营收占比提升对利润率将产生不利影响，新东方CFO谢东萤表示京沪地区的营收约40%但是贡献了60%的利润，可见京沪地区利润率要比二三线城市高不少。而且新东方也表示二三线教学网络的扩张对其京沪地区的寒暑假住宿班（应该是针对留学业务）造成了一定影响，本季度该业务几乎是零增长，主要原因是学生会选择就近到新东方上课，而不再跑到京沪地区读住宿班，住宿班是新东方的高利润业务。

Two or three line city is new Oriental current and future growth important impetus,But two of three line revenue than to improve the profit margins will produce adverse effect,New Oriental CFO XieDong fireflies said the beijing-shanghai region revenue about 40% but contributed 60% of the profits,Visible in the beijing-shanghai margins than two or three line city high many.And new Oriental also said two three line teaching network expansion on the beijing-shanghai areas of the winter and summer vacation accommodation class(Should be to study abroad business)Caused a certain influence,This quarter this business is almost zero growth,The main reason is that students choose to nearby to new Oriental school,And no longer run to the beijing-shanghai area read accommodation class,Accommodation class is the new east's highly profitable business.

四、业务梳理：砍掉不赚钱部门聚焦高利润业务 four/Business card:Don't cut off money department focus highly profitable business

　　新东方在7月份以550万美元的价格剥离精英英语，精英英语2002年开始运作，但是2012财年精英英语营收只有1800万美元，亏损50万美元，精英英语本来是新东方进军高端英语培训的业务，耕耘多年但是没法盈利，这类业务被新东方剥离。

New Oriental in July, with the price of 5.5 million dollar stripping elite English,Elite English 2002 start operation,But in fiscal year 2012 elite English revenue only $18 million,Loss of $500000 m,Elite English was new Oriental march high-end English training business,For many years, but can't profit,This kind of business is new Oriental stripping.

　　此外，新东方该季度还关闭了律师资格考试和注册会计师考试（CPA）学校等不赚钱的业务。此前还剥离了铭师堂、明日科技等。新东方CFO谢东萤表示：我们将审核所有的业务种类，剥离我们认为未来没有利润的业务，以改善利润。

In addition,New Oriental this quarter also shut off the bar examination and CPA exam(CPA)Schools not in business to make a profit.After stripping the inscription division hall/Tomorrow technology.New Oriental CFO XieDong fireflies said:We will review all types of services,Stripping we think the future no profit business,To improve the profit.

　　未来对新业务的扩展时尽量不冒险涉足新种类业务，因为开辟新业务需要巨额的前期投资。

The future for the expansion of the new business as far as possible when not adventure into the new type business,Because open up new business needs huge prophase investment.

五、品牌定位走高端路线提高定价加强盈利能力 five/Brand positioning go high-end course improve pricing strengthening profitability

　　新东方该季度营收增长25.8%至3.358亿美元，总学生人数同比增长11.3%至89.89万，均学员收费（ASP）为373美元，相比上一财年同期的330美元提高13%，新东方通常价格涨幅通常在10%到12%之间，但是随着在二三线城市也采取提价策略（该季度二三线城市同比提价6%到17%），涨价范围可能从10%到12%增加到10%到14%。

New Oriental this quarter revenue growth of 25.8% to $335.8 million,The total number of students year-on-year growth of 11.3% to 898900,All student fees(asp)For 373 dollars,Compared with the same period last fiscal year of $330 increased by 13%,New Oriental is usually price rise is usually between 10% and 12%,But as in the two or three line cities also take the price strategy(The second quarter three line city price year-on-year 6% to 17%),Prices may range from 10% to 12% to 10% to 14%.

　　接下来新东方会通过品牌溢价来提高服务价格，将新东方定位为中高端品牌。对此谢东萤在电话会议里是这么阐述的：“事实上我们已经要积极提高价格，尤其是幼儿英语和其他相关产品。我们必须比竞争对手做的优秀，未来我们将要逐步摆脱国内中低端市场30000多竞争者，进入高利润率的业务。这或许听起来有些讽刺，但却是未来的趋势，我们将要通过提高定价来加强盈利能力，虽然这可能会牺牲入学人数。”

The new Oriental will through the brand premium to improve the service price,Will new Oriental positioning in high-end brand.This XieDong fireflies in telephone meeting is so of the paper:"In fact we have to actively raise prices,Especially preschool English and other related products.We must do good than competitors,In the future, we will gradually get rid of domestic ZhongDiDuan market more than 30000 competitors,Enter the high profit margin of the business.This may sound a little irony,But it is the trend of the future,We will through improving pricing to enhance profitability,Although this may sacrifice enrollment."

　　可见接下来新东方将把通过中高端的品牌定位和提高定价作为改善盈利的方式之一，包括在二三线城市。

Visible the next new Oriental will put through the middle and high-end of the brand positioning and improve the pricing as a profitable way to improve one,Included in the two or three line city.

小结 summary

　　新东方学而思等行业标杆企业对教学点扩张的态度转变，或许是中国中小学课外辅导行业野蛮增长时代结束的标志，过去几年该行业由于现金流极好，而且吸引了大量资本的注入，所以在猛扩张的过程中即使犯了些错误，也能被快速增长的营收和预收款所掩盖。而现在随着市场消费者变得更加理性，媒体等社会监管环境更紧、行业竞争更加激烈，中国教育培训行业已经过了单凭广告狂轰乱战和教学点遍地开花来进行高速扩张的阶段，进入到比拼精细化管理的竞争阶段，对盈利能力提出了高的要求，要求企业有成本管控的能力，企业需要拼品牌影响力、管理能力、服务能力等等。

New Oriental to learn and think industries post enterprise to obtain the expansion of attitude change,Perhaps is the primary and secondary school extracurricular counseling industry growth to signal the end of a brutal era,In the past few years the industry due to the extremely good cash flow,And attracted a large number of capital injection,So in the process of fierce expansion even made some mistakes,Can also be the fast growth the revenue and advances received covered.And now, along with the market consumers become more rational,The media and other social regulatory environment more tight/Industry more competitive,China's education and training industry has been single by advertising crazy boom disorderly warfare and teaching school blossom everywhere for rapid expansion stage,Competition into the fine management competition stage,To profitability put forward higher requirements,Requests the enterprise cost control ability,Enterprises need to spell brand influence/Management ability/Service ability and so on.

　　对于新东方而言，在多年的发展过程中，在中国教育培训业有很好的品牌，教学质量在市场上有一定的口碑，但在过去几年扩张寻求新增长点的过程中也犯了一些错误，目前新东方放缓扩张速度精简业务，专注核心业务，其“收割策略”能否取得成功？3.5万名员工如何管理呢？只有做好精细化管理，新东方利润率才能复苏，才能保持更加健康的成长。

As for the new Oriental,In the years of development process,In the Chinese education training industry has a very good brand,The teaching quality in the market have a certain reputation,But in the past few years to seek the new growth point of expansion in the process of also made some mistakes,At present new Oriental slowing expansion speed lean business,Focus on core business,the"Harvest strategy"Can succeed?35000 staff how to manage?Only do fine management,New Oriental profit margins to recover,To keep more healthy growth.