（i美股讯）北京时间11月20日，学大教育周一盘后发布截止2012年9月30日三季度财报。

(I us stocks -)Beijing time on November 20,,Learn big education on Monday after plate issued by September 30, 2012 third quarter earnings.

营收增长得益提价 毛利率大幅下滑 Revenue growth benefit prices fell sharply gross profit margin

　　2012年Q3营收同比增长34.8%至6950万美元，增长1800万美元。增长主要得益于学员数量增加和平均每小时收费提升。三季度学大学员同比增加11335人次，课程单价同比提高2美元，但平均学生课时略有下降。

2012 percentile revenue grew 34.8% to $69.5 million,Rose by $18 million.Growth is benefited from the students of number and average per hour for ascension.The third quarter year-on-year increase students learn big 11335 people,Course unit price year-on-year increase of $2,But the average student class declined slightly.

　　按照平均课时计算增加学员和提价对营收影响，（11335*27.8+51500*2）*40=16724520，即1672万美元。未来学大营收增长仍需依赖于定价及招生能力，从服务差异性看学大目前不具备一对一行业定价权，随着教学中心扩张放缓，未来学大管理重点或将转向通过提高教学中心利用率来增加学时消耗。

According to the average class calculation increase students and to raise revenue impact,(11335 * 27.8 * 2 + 51500)* 40 = 16724520,That is 16.72 million dollars.Futurology camp accept growth still need to rely on pricing and recruit students ability,Learn from the service difference see big at present does not have one to one industry pricing,Along with the teaching center slowing expansion,Futurology management focus will shift to or by improving teaching center utilization to increase school consumption.

　　学大教育Q3毛利润为1330万美元，同比增加7.3%，增速远远落后于营收，毛利率从去年同期的24%下降至19%。由于业务和教师队伍扩大2012年Q3增加了1000万美元教学人员成本、450万美元租金、折旧成本、以及170万美元实验项目成本。截止2012年9月30日，全职教学人员总人数达14028人，其中教师10107，教学顾问2239，辅导员1682。

Learn big education percentile the gross profit was $13.3 million,Increased by 7.3% year-on-year,Growth far behind revenue,Gross profit margin of 24% from the same period last year dropped to 19%.Due to the business and teachers expand the 2012 percentile increased the $10 million cost of the teaching staff/$4.5 million rent/Depreciation cost/And a $1.7 million experimental project cost.By September 30, 2012,Full-time teaching staff with a total staff of 14028 people,The teacher 10107,Teaching consultant 2239,Counselor 1682.

　　学大教育CFO高俊峰表示由于业务季节性和某些不利新闻报道所带来的关注，致使利润率承压。我们减少了每个教学中心平均课时，这使得公司毛利率明显下降，2012年最后一个季度公司将继续把重点放在提高利用率和控制成本上，以提高企业盈利水平。

Learn big education CFO GaoJunFeng said because the business seasonal and some adverse news reports brought about by the attention,The profit margin pressure.We reduce the average class each teaching center,This enables the company gross margin declined obviously,In the last quarter of 2012 the company will continue to focus on improving utilization rate and control cost,In order to improve the level of corporate profits.

上市以来教学中心首次环比减少 For the first time since listing teaching center link to reduce

　　2012年三季度学大教学中心数量为379所，较Q2的383所净减少4所，这是学大上市公布季报以来首次教学中心环比减少。

The third quarter 2012 learn large number of teaching center for 379,A Q2 383 net reduce 4,This is a study published quarterly report for the first time since the teaching center link to reduce.

　　此前学而思、新东方季报后均表示未来将放缓扩张转向提高教学中心利用率，学大一对一模式与其最主要区别在于单个学员消耗学时过程其占用的场地和教师资源是唯一的。即不能通过增加班机学员量的方式来提高利用率，只能依赖于增加班次，即课时。需要注意的是，由于学生多是采用课外时间进行补课，所以在教学中心可供排课的时间需要与学员可接受的授课时间一致。

After learning and thinking/New Oriental is quarterly report says the future will slow expansion to improve teaching center utilization,Learn big one-on-one mode and its the main difference between individual students consumption hours process the occupancy of the site and teacher resources is the only.That is not by increasing the amount of flight trainees way to improve utilization rate,Can only rely on increase divisions,Namely class.Need to pay attention to is,Because the student is the extracurricular time to make up a missed lesson,So in the teaching center for arrangement of time needs and students can accept the teaching time consistent.

　　2012年三季度学大379个教学中心提供250万小时辅导，单一教学中心提供6596小时，日均提供73小时；对着一对一行业传统旺季2012年二季度383个教学中心提供350万小时辅导，单一教学中心提供9138小时，日均提供101小时。教学中心利用上仍有大量可提升空间，但是需要注意提升同时会带来直接人力资本增加。

The third quarter 2012 learn big 379 teaching center with 2.5 million hours counselling,A single teaching center with 6596 hours,Average daily provide 73 hours;To the one-on-one industry traditional peak season in 2012 in the second quarter of 383 teaching center with 3.5 million hours counselling,A single teaching center with 9138 hours,Average daily provide 101 hours.The teaching center of still have a lot of can promote space,But need to pay attention to ascension and will bring direct human capital increase.

运营费用占比下降 推广开支增加3.5% Operating costs than down for promotion expenses increased by 3.5%

　　2012年三季度运营费用总计1890万美元，较去年同期的1900万美元略有下降。运营费用在营收中占比从36.9%下降至27.2%，由于严格的成本控制，管费用下降了3.9%至1000万美元；市场开支增加了3.5%至890万美元，主要是由于广告和品牌推广活动开支增加。

The third quarter 2012 operating expenses totaled $18.9 million,During the same period last year declined slightly $19 million.Operating expenses in the revenue accounted for ratio from 36.9% to 27.2%,Due to the strict cost control,Pipe costs fell 3.9% to $10 million;Market spending increased 3.5% to $8.9 million,Is mainly due to advertising and brand promotion activities increased spending.

　　由于单个教师影响学员总量有限，且一对一模式下比起树立明星教师更强化教学内容的标准化，所以其不易带来自发的口碑效应，上市以来学大一直在加大品牌推广的投入。或许学大希望通过树立品牌和教学内容的标准化降低对教学顾问即销售的依赖，另外本季度学大增加成本投入的170万美元实验项目是否会对现有模式进行补充，拭目以待。

Because individual teachers' influence students co., LTD., the total amount,And one to one mode to set up more than star teachers strengthen the standardization of teaching content,So it is not easy to bring spontaneous reputation effect,Since listing xueda has been stepping up brand promotion input.Perhaps learn big hope that through sets up the brand and the teaching content of the standardization of teaching is to reduce the dependence of sales consultant,In addition, our quarterly learn big increases in the cost of $1.7 million would experiment project of existing model for added,Wait and see.

　　在其他收入部分，2012年Q3学大利息收入为170万美元，同比去年40万美元增加了两倍多。公司在本季度宣布0.5美元每ADS的现金分红，预计动用现金3300万美元。截止2012年9月30日，学大现金和现金等价物共计2.314亿美元。

In other income part,2012 percentile learn big interest income for 1.7 million dollars,Last year compared to the $400000 more than tripled.The company in the quarter announced $0.5 per ADS cash dividends,The use of cash is expected to $33 million.By September 30, 2012,Learn big cash and cash equivalents in the sum of $231.4 million.

预期： expected:

　　学大教育预计，2012财年第四季度净营收为5650万美元到5950万美元，比去年同期增长约18.3%到24.5%；2012财年净营收为2.900亿美元到2.930亿美元，比2011财年增长约30.8%到32.1%，高于公司此前预期的2.830亿美元到2.930亿美元。

Big education is expected to learn,In fiscal year 2012 fourth quarter net revenue for $56.5 million to $59.5 million,Than last year the corresponding period grows about 18.3% to 24.5%;In fiscal year 2012 net revenue for $290 million to $293 million,In fiscal year 2011 growth than about 30.8% to 32.1%,Higher than previously expected the company $283 million to $293 million.