二季度SAC考量较预期下降10万次 The second quarter is expected to decline SAC considerations 100000 times

　　i美股：二季度公司总营收4,675万人民币，不及Q1季报5,000—6,000万的预期，原因是什么？

I us stocks:In the second quarter of the company's total revenue 4,6.75 million yuan,Less than the 25th quarterly report 5,000-6,0 million expected,Reason is what?

　　Benson： 原因主要分两个方面，一是证券从业资格考试（SAC）考量较预估减少了10万次，共减少营收约450万元人民币；二是Q1财报给出的预期中包含一个已经签署的合同，但是企业最后决定将考试推迟到Q4进行，这部分影响了750万元的营收。这两部分合计影响约1,200万元人民币的营收。

Benson: Reason mainly includes two aspects,One is the securities practice qualification examination(SAC)Consideration is estimated to reduce 100000 times,Common reduce revenue of about 4.5 million yuan RMB;The second is the 25th earnings are expected to contain a have signed the contract,But the enterprise the final decision will be postponed to the exam for Q4 is prevented,This part of the affecting 7.5 million yuan revenue.This two part of the total influence about 1,2 million yuan ($) revenue.

　　延期考试的合同属于选才项目，因为这部分业务ATA是与企业客户签订合约的，所以我们一直面临类似的挑战：由于企业客户业务规模较小以及决策变更容易，所以客户会按自身需要随时调整考试日期。过去的两年这种情况时有发生，但由此带来的影响也仅仅是考试延期。这与政府类的大型考试例如证券、银行、海关...年初就定好年度考试计划不同，政府类考试的时间一旦确定就不会再发生变化。

Delay test contract belongs to choose to project,Because this part of the business ATA is and enterprise clients to sign a contract,So we have faced a similar challenge:Because enterprise customer business smaller and decision to change,So the customer will be according to their own needs adjust exam date.The past two years this kind of situation happen from time to tome,But the impact of the exam is only delay.This and the type of large test such as securities/The bank/Customs...The beginning of fixed good annual examination plan is different,The government exams time once sure won't change.

不计CPA影响 毛利率仍在50%以上 Regardless of the CPA influence gross profit margin is still in more than 50%

　　i美股：Q2毛利率下滑至46.1%，去年同期56.9%，毛利率下滑的原因是什么？

I us stocks:Q2 gross profit rate down to 46.1%,The same period last year 56.9%,Gross profit margin decline reason is what?

　　Benson：主要是两个原因：一部分是来自证券从业资格考试（SAC）方面，这项考试对公司毛利率影响大致在6%。一方面这个季度SAC考量下滑对营收造成一定影响；另外，SAC的继续教育业务也给ATA造成一定影响。2012年证券业协会对这部分业务进行评估以决定是否可以自己做，这就造成来自继续教育业务分成下降。

Benson:Mainly is two reasons:Part of it is from the securities practice qualification examination(SAC)aspects,The test on the company gross profit margin influence in roughly 6%.On the one hand this quarter SAC considerations for revenue decline caused by certain influence;In addition,SAC continued education business also give ATA cause certain influence.The securities industry association in 2012 to this part of the business evaluation to determine whether can do it by myself,This caused from continue education business into decline.

　　另外一部分原因是公司为准备注册会计师考试（CPA）在二季度开始增加200个考站的工作，由此增加约250万元人民币的费用。需要注意的是这些新增考点的开发成本是一次性的，未来不会再发生。但是CPA成本都计入Q2，收益将计入Q3。

Another part of the reason is the preparation for the CPA exam(CPA)In the second quarter began to increase 200 test station work,This increases the cost of about 2.5 million yuan.Note that these new examination site development cost is one-off,The future won't happen again.But the cost of CPA are included in Q2,Income will be included in the percentile.

　　【注：ATA的直接考试服务成本 (costof services) 包含固定成本与浮动成本两部分：浮动成本是与考试直接相关的考场租金、监考人工费等；公司有一个为考试服务、考点跟进的营运团队，与其相关的费用会计入固定成本】

[note:ATA direct testing service cost (Costof services) Contains fixed cost and floating cost two parts:Floating cost is directly related with the examination of the examination room rent/Invigilation labor, etc;Company has a service for the exam/The examination site follow-up operations team,The relevant expenses accounting into fixed cost]

CPA预计给公司增加5,000万元人民币营收 CPA to the company is expected to increase 5,0 million yuan RMB revenue

　　i美股：ATA下调了2013财年全年营收预期，修订是由于证券业协会相关考试考量减少，注册会计师考试（CPA）相关成本支出，部分托业和选才客户合同延迟执行等，这些影响的具体数字分别是多少？

I us stocks:ATA cut in fiscal year 2013 annual revenue is expected,Revised securities industry association is due to the relevant examination considerations to reduce,Certified public accountant examination(CPA)Related costs,Part holds industry and choose to customer contract delayed execution, etc,The influence of the number of how much is respectively?

　　Benson：证券从业考试的考量下降对全年营收影响预计约4,500万元人民币；注册会计师考试大约能给公司增加5,000万元的营收；最初预算中包含广东省保安合同，原本预计能给公司增加2,000万元营收，但从目前来看保安考试合同的谈判非常艰苦，短期很难实现集中考试。综合以上三部分的影响，公司下调预期1,500万人民币。另外下调的1,500万元与银行继续教育及企业服务相关。公司之前的2013财年营收预期是4.2—4.4亿人民币，目前调降至3.9—4.1亿人民币。

Benson:Securities from the exam considerations drop in annual revenue is expected to influence about 4,5 million yuan RMB;Certified public accountant examination about can give the company increased 5,0 million yuan revenue;Initial budget contained in the security contract of guangdong province,Originally expected can give the company + 2,000 WanYuanYing accept,In the immediate term security test contract talks very hard,It is difficult to accomplish short-term intensive exam.Integrated above the influence of three parts,The company cut as 1,5 million yuan.Cut another 1,5 million yuan and bank to continue education and enterprise service related.The company before the fiscal year 2013 revenue expectations is 4.2-440 million RMB,Now come down to 3.9-410 million RMB.

　　今年年初公司原计划与银行开展一个新的继续教育合作，但是与保安合同情况相似，银行方面进展较慢，所以这个项目营收下调500万元；最后，企业最初预计选才和托业项目可以达到40%的增长，但是实际情况显示这些业务最后确认的考试时间经常变化，所以从稳健的角度再调低1,000万人民币。

Earlier this year the company the original plan and bank to carry out a new continue education cooperation,But with the security contract similar,The bank is relatively slow progress,So the project revenue cut 5 million yuan;finally,Enterprise first is expected to choose just and holds industry project can achieve 40% growth,But the actual situation shows that these business finally confirmed the test time often changes,So from the point of view of steady down to 1,0 million yuan.

　　2013财年净利润从7,000—8,000万人民币下调至4,000—5,000万人民币，大约调低了50%。主要原因是SAC的考量下降。虽然CPA对公司营收做出了贡献，但它所有的投入都在本财年发生，再加上选才和托业项目上的投入，这些都导致公司下调了本财年的净利润预期。

In fiscal year 2013 net profit from 7,000-8,0 million yuan down to four,000-5,0 million yuan,About down by 50%.The main reason is the SAC considerations decline.Although the CPA to company revenue has made the contribution,But all of its input in this fiscal year happen,Plus talent selection and holds industry project investment,All these lead to the company cut this fiscal year net profit expectations.

未来希望SAC考量保持180万次的水平 The future hope SAC considerations maintain 1.8 million times the level

　　i美股：对ATA营收贡献最大的证券从业考试的考量持续下滑，管理层如何应对？本季度证券从业资格考试的考量有多少，去年同期是多少？

I us stocks:The largest contribution to ATA revenue securities from exam concerns continue to decline,The management how to deal with?This quarter securities practice qualification exam concerns how many,How much is the same period last year?

　　Benson：公司此前给出预期的时候已经考虑了SAC考量下滑的可能性，2012财年Q2证券从业资格（SAC）考试的考量有70多万次，今年Q2只有40万次左右。

Benson:Company had given the expected time has considered the SAC consider the possibility of falling,In fiscal year 2012 Q2 securities practice qualification(SAC)The exam considerations have more than 70 times,Q2 this year only 400000 times or so.

　　目前ATA业绩受SAC考试影响较大，2012财年SAC考量共计在280万次左右，是迄今为止考量最高的年度。2013财年考量已经调低至180万次，上半财年已经结束的两次考试的考量合计为100万次左右。

At present ATA performance is greatly influenced SAC examination,In fiscal year 2012 SAC considerations in a total of 2.8 million times or so,Is by far the highest annual consideration.In fiscal year 2013 considerations have turn down to 1.8 million times,The end of the fiscal year first half has twice exam concerns add up to 1 million times or so.

　　目前对于证券从业考试公司希望2013财年能够保住180万次考量的水平。我们的调查显示这个考试与金融证券市场整体环境的关联度较高，很多证券公司在Q2已经不再招聘大学生甚至已经开始裁员。报名情况显示证券从业资格考试的考生最主要是三类人群—学生、证券公司从业人员、考虑进入证券行业的其他行业人员。由于股市环境遇冷，证券相关企业在福利待遇和招聘规模上都大打折扣，这使得其他行业报考人员大幅下滑，学生和证券公司从业人员的报考人数也有所下降。

At present for securities from test the company hope in fiscal year 2013 to keep 1.8 million times the level of consideration.Our investigation shows that the exam and financial securities market overall environment of high correlation,A lot of securities companies in Q2 is no longer recruit students even begun to layoffs.In consideration of the enrollment situation shows that the securities practice qualification exam examinee is the most main among three - students/A securities company employees/Considering the securities industry into other industry personnel.Because of the stock market in cold environment,Securities related enterprises in the benefits and recruitment scale sell at a discount greatly,This makes the other industry to enter oneself for an examination personnel fell sharply,Students and securities companies enter oneself for an examination personnel number also declined.

　　i美股：二季度ATA共提供付费考试140万次，其中有40万次来自证券从业人员资格考试，那其他100万是来自哪里呢？

I us stocks:The second quarter ATA common provide paid exam 1.4 million times,There are 400000 times from the examination for the qualifications of securities practitioners,The other 1 million is from where?

　　Benson：他们的来源就非常多了，比如AFP以及其他考试项目。每年ATA会进行400多种不同的考试。某些考试每天都会进行，也有一年一次、一个月一次的考试。2013财年2季度公司还承办了中国银行2012年优秀派遣员工选聘考试，中国银行负责选择目标员工参加考试。

Benson:Their source is very much,Such as AFP and other test item.Every year ATA will carry on the more than 400 kinds of different examination.Some test on every day,Also have once a year/Once a month test.In fiscal year 2013 2 quarter the company also undertake the bank of China in 2012 outstanding leasing employees hiring examination,The bank of China is responsible for choose target employees to participate in the exam.

金融市场疲软 银行从业人员资格考试考量增长 Financial market is weakening bank employees concerns the examination for the qualifications of growth

　　i美股：Q1您提到已经完成与包括上海在内的6个省、市的国家保安考试谈判，这个季度有进展吗？能否请您详细介绍一下保安考试和银行从业资格考试的进展和增长潜力所在，公司有具体目标、步骤吗？

I us stocks:The 25th you mentioned that has been completed and include Shanghai, the six provinces/City national security examination negotiations,This quarter are you making progress?Would you please elaborate security examination and bank employed the qualifications test progress and growth potential in,Company has a specific target/Steps??

　　Benson：保安考试并不是一次性的，因为这个考试本身考生存量较大，也不停地会有新保安进入这个行业，所以Q1提到的6个城市目前仍在继续提供服务。由于需要与城市逐个谈判，时间点又恰逢国内的领导班子换届，相关人员希望在这些都完成后再确定合同，所以Q2公司没有新的合同签进来。Q2公司在广西南宁、内蒙古赤峰两个城市进行了试考，大部分试考过的城市都是在考后才会与公司签订合同。我们认为这两个城市在Q3签合同的机会是非常高的。

Benson:Security test is not a one-off,Because the test itself the examinee large stock,Also kept there will be XinBaoAn into this industry,So the 25th mentioned six cities are still continue to provide services.Due to the need for and one city negotiations,Time point and attention of domestic of leadership,Relevant personnel hope that in all of these after the completion of the contract to determine,So Q2 company no new contract come in.Q2 company in guangxi nanning/Inner Mongolia chifeng two cities on the test,Most of the test is a city in the exam will only and sign the contract.We think that the two cities in the percentile sign a contract chance is very high.

　　与证券考试业绩下滑的情况相反，在目前金融市场疲软的情况下，银行从业考试却增长迅速。过去每年只有约100万次的考量，今年预计可以达到150万次。原因可能是目前共有约300万的银行从业人员，其中只有40%—50%通过了银行从业资格考试。当总体经济环境不好的时候，很多银行从业人员希望尽快通过考试来提高自身的从业资格。公司希望这项业务未来两年会增长5%—10%。

And securities exam performance declining situation instead,In the current financial market under the condition of the weak,Bank from the exam is growing rapidly.Every year in the past only about 1 million times considerations,This year it is forecast to can reach 1.5 million times.Reason may be that there are about 3 million bank employees,Of which only 40% - 50% through the bank employed the qualifications test.When the overall economic environment bad time,Many Banks employees hope to pass the exam as soon as possible to improve their qualifications.The company hopes the business next two annual growth of 5% - 10%.

　　去年保安考试的营收约200万元人民币，今年预计可以翻一番达到400万。预期未来每年会增长25%。完成这个增长预期难度不是很大，因为公司每个季度都会进行一些试考，试考完成就基本代表下个季度可以签订新的合同。比较乐观的情况是如果试考在季度初举行，一般当季就可以签下合同。

Last year the security examination of revenue of about 2 million yuan RMB,This year is expected to double can reach 4 million.Expected future increase of 25% a year.Finish the growth expected difficulty is not great,Because the company each quarter will make some test,Test is completed basic representative next quarter can sign a new contract.The quite optimistic situation is if test held earlier in the quarter,General season can sign a contract.

　　另外从去年开始公司与政府部门商谈，希望每年能有一个常规笔考转化为机考。去年我们承办了海关报关员考试，今年中标注册会计师全国统一考试。目前其他一些项目也在洽谈中，预计下一财年也会有新的项目签订，当然不是所有项目都能带来像注册会计师考试5,000万营收的这种规模。

In addition from last year companies and government departments to discuss,Hope every year to have a normal pen examination into machine tests.Last year we played host to the customs declarants examination,This year the unified national examination certified public accountants.At present some other projects are also in the coming negotiation,Under the expected fiscal year will have new project sign,Of course not all items can bring like registered accountant exam 5,0 million the topline of the scale.

　积极拓展选才和托业业务 Actively expand choose just and holds industry business

　　i美股：目前托业项目的发展如何？

I us stocks:Currently holds industry project development?

　　Benson：托业在Q1、Q2的表现与公司预期接近，本财年前半年的情况与去年同期持平。目前公司已经确定和正在洽谈的合同是比较多的，关键是可以在什么时间最终签署和履行合同。

Benson:Holds industry in the 25th/Q2 performance and the company is expected to close,The first half of the year and the same from the same period last year.At present, the company has been identified and are negotiate contract is more,The key is in what time can finally signed and the performance of the contract.

　　ATA第三季度营收预估是1.7—2亿人民币。3,000万元的空间是因为有大量合同还没有最终确定，它们能否可以签回以及ATA是否有足够时间做完都会对这3,000万元的空间产生影响。目前Q3已经确定的合同预计能带来1.45亿人民币营收，其中像CPA考试我们已经完成。

ATA third quarter revenue estimate is 1.7-200 million RMB.3,0 million yuan of space is because there are a lot of contract has not yet been finalized,They can sign and return and ATA if there is enough time to finish will be three,0 million yuan space effect.At present already determined un-drained is expected to contract can bring 145 million yuan revenue,Among them like CPA exam we have completed.

　　i美股：Q2市场费用同比增加至1,400万人民币，具体增加了哪些项目的投入呢？这种投入会持续多久？

I us stocks:Q2 market cost increase year-on-year to 1,4 million yuan,Specific increased which projects in it?This kind of investment how long it will last?

　　Benson：市场费用大部分都用在在选才和托业项目上。由于大部分校园招聘会在每年的12月以前进行，只有一小部分会延迟至1月，所以Q3对这2个项目是至关重要的，公司投入会在Q2及Q3发生。公司对这2个业务施行"重要顾客" 的销售理念，即销售团队会有专人负责固定的顾客，从Q1的拜访沟通到Q2谈判协商直至Q3、Q4迎来收获季。

Benson:Market cost mostly used in choosing to and holds industry project.Since most campus recruitment in every 12 months ago for,Only a small fraction of these will delay to 1 month,So the percentile for these two projects is very important,Companies invest in Q2 and percentile happen.Company for these two and business"Important customer" Sales idea,Namely sales team will have specialist is responsible fixed customers,From the 25th visit communication to Q2 consultation talks until the percentile/Harvest season in Q4 is prevented.

　　年初公司决定在选才和托业项目上加大投入，也就是说2013财年是一个"激进"尝试，具体结果要等到Q3结束后才能更清晰地显现。由于投入较大，2013财年这部分业务预计会增长40%。但是如果希望每年都保持40%的增长确实压力较大，公司会根据今年的情况进行调整，保守估计未来两年营业额15%的增速是相对合理的。

The company decided to choose just and holds industry project increasing investment,That is in fiscal year 2013 is a"radical"Try to,The results have to wait until after the percentile can appear more clearly.Due to invest more,In fiscal year 2013 this part of the business is expected to increase 40%.But if you want to keep every year 40% growth really great pressure,The company will adjust according to the circumstance this year,Conservative estimate that over the next two years the 15% increase in turnover is relatively reasonable.