华图三年磨一剑 China map three years rub a sword

　　资料显示，华图教育是国内惟一一家教委批准，民政部门注册，具有独立教研教学和服务体系的公务员培训机构。

Data shows,China is the only a figure education commission approval,Civil affairs department registration,Independent research teaching and service system of the public servants training institutions.

　　十年以前，北漂青年易定宏(现华图教育集团董事长)还只是一名书商，他白天为宣传他的公务员考试辅导图书奔波于各家出版社，晚上则住到北京交通大学旁十几元/天的招待所里，彼时，他可能并未料到华图教育会有今天的辉煌管理3000余名员工；在全国拥有近40家分公司、70多个分部以及200余家学习中心；提起公务员培训，华图教育是绕不开的一扇门……

Ten years ago,North drift youth easy constant macro(Now China map education group chairman of the board of directors)Is only a bookseller,In the daytime he to publicize his civil service examination guidance books in their usual press,Night is living to Beijing jiaotong university side more than ten yuan/day in the hostel,At the,He may not expect China map educational association today's brilliant management of more than 3000 employees;In the national has nearly forty branches/More than 70 division and more than 200 learning centers;Mention of the civil service training,China map education is is not open around the one door……

　　正是靠着卖书赚得了创业生涯里的第一桶金，易定宏把业务拓展到公务员培训领域。赶上了本土教育培训市场快速发展的大好时机，华图教育和其他大型培训机构一样，在近几年快速成长，并逐渐奠定了行业地位；像其他大型培训机构会拿到风险投资一样，华图也在2009年12月29日拿到了深圳达晨创投 2亿元投资。自此，华图教育谋求上市的计划便从未停止。

It is made by selling books business career first bucket of gold,Easy to set the macro to business development of the civil service training field.Catch up with the local education training market fast great opportunity of development,China map education and other large training organization,Rapid growth in recent years,And gradually laid the industry status;Like other large training institutions will be given risk investment,China map also in December 29, 2009 in the morning to get the shenzhen venture capital 200 million yuan investment.Since then,China map education seek listing plan will never stop.

　　在这三年里，关于华图教育何时上市、在哪儿上市、怎样上市等传闻一直断断续续。“肯定会上市的，投资人并不期望只靠分红，我不想上市，他也会逼我上市的。” 在易定宏看来，上市与其说是一个时间问题，不如说是一个无奈之举。 沉淀三年之后，华图教育终于在今年10月底提交了IPO辅导备案，此时，适逢百余万人的公务员报考大潮结束。

In the three years,About China map education when listed/Where the listed/How to launch rumours have been on and off."Must be listed,Investors do not expect rely on dividends,I don't want to listed,He will also make me listed." In the easy set macro looks,Listing is not so much a matter of time,Rather than a trepidation. After three years of precipitation,China map education finally in the end of October this year, submit the IPO guidance for the record,At this time,More than ten thousand people upon the civil servants to enter oneself for an examination spring end.

　　当这一天终于到来之后，华图内外反倒显得异常沉静。记者曾多次致电华图教育相关负责人，但该负责人对上市话题似乎很忌讳，表示“不便多说”。外界不免猜测，华图是否因为已经进入了上市前的缄默期而开始对媒体保持沉默。

When the day is finally coming later,China map inside and outside but appears unusually quiet.Reporter has repeatedly call China map education related person in charge,But the person in charge to the listed topic seems very taboo,said"Inconvenience much say".Outside not guess,China map is it because already entered the premarket silent period and begin to media keep silent.

冲击A股 Impact A shares

融资朝向国内投资者 Financing to domestic investors

　　国内教育培训行业是一块“沃土”已成为不争事实。据德勤发布的一项报告数据显示，2009年中国教育培训市场总值约为6800亿元，到2012年则为9600亿元，年复合增长率达12%。巨大的市场蛋糕催生了新东方、学而思、学大等培训机构的崛起，它们纷纷看准时机赴美上市，教育产业化的时代已然到来。

Domestic education and training industry is a block"Fertile soil"Has become an indisputable fact.According to a report issued deloitte data display,In 2009, China education training market value is about 680 billion yuan,By 2012 is 960 billion yuan,Years at a compound rate of 12%.The huge market cake gave birth to new Oriental/Learn and think/Great learning, such as the rise of training institutions,They have to be certain time listed,Education industrialization era is coming.

　　而对华图教育来说，上市面临着两种选择：效仿新东方、学而思等，寻求海外上市；在国内上市，做教育培训行业冲击A股第一人。很显然，因为有“前辈”经验，选择前者更为容易，但是，华图教育为何选择后者？

And for China education diagram,Listed faced with two choices:Follow the lead of new Oriental/Learning and thinking, etc,Seeking overseas listing;In the domestic market,Do education and training industry impact A share first.obviously,Because there are"predecessors"experience,Choose the former more easily,but,China map education why choose the latter?

　　i美股财经分析师李莹认为，华图教育之所以选择国内上市，是因为不存在身份认同上的尴尬。“新东方的投资方是DCM和DT Capital，环球教育的投资方是软银赛福，学而思的投资方是老虎基金和KTB……许多教育公司的投资方都有外资背景，根据相关规定，外资是不允许介入教育和出版这两个行业的，更遑论在A股上市。而华图教育的投资方是中资机构，则不存在这种顾忌。”

I think the us stock financial analysts LiYing,China map education chose domestic listed,Because does not exist on the identity of the embarrassed."New Oriental investors is DCM and DT Capital,Universal education of investors is softbank "blessing,Learn and think investors is the tiger funds and KTB……Many education company's investors have foreign background,In accordance with the relevant provisions,Foreign capital is not allowed in education and publication of these two industries,Let alone in the a-share listed.And China education diagram of the investor is Chinese institutions,Do not put in this kind of apprehension."

　　除此之外，李莹也表示，华图选择国内上市可能更多是基于利益回报，它希望得到更多的溢价，“公务员热”算得上是我国的一种特殊现象，这种现象并不被国外投资者所理解，可能很难获得投资者关注。而在国内则不一样，它有着良好的生长基因，投资者更容易看清这个市场。华图教育在A股上市，更多是想赚国内投资者的钱。

In addition,LiYing also said,China map choose domestic listed companies may more is based on benefits,It hope to get more premium,"Civil servants hot"Eating is a special phenomenon in China,This phenomenon is not understood by foreign investors,It may be hard to get investors pay close attention to.In China is not the same,It has good growth gene,Investors are more likely to see the market.China map education in the a-share listed,Is to earn more money to domestic investors.

上市之路 Listed road

需突破多重挑战 Need to break through multiple challenges

　　其实，想要在国内教育培训行业的A股市场上市的教育机构，远不止华图一家，此前也有媒体公开报道，洪恩教育、龙文教育都是冲击教育培训A股第一股的有力候选人。而此次华图教育启动IPO辅导备案，部分业内人士则表达出不容乐观的忧虑。

In fact,Want to be in the domestic education and training industry of a-share market of education institutions,Far more than China a diagram,The published reports,Grace education/LongWen education are impact education training A share first strands of strong candidates.The China map education start IPO guidance for the record,Part of the personage inside course of study is express not optimistic worries.

　　一位业内人士告诉记者，华图教育面临的最大困难可能是程序上是否具有合法性。根据《民办教育促进法》规定，“民办教育事业属于公益性事业，是社会主义教育事业的组成部分”，一家合法的教育培训机构须先取得“办学许可证”，这决定了其非盈利属性。很显然，目前大多数教育培训机构都是按照企业的形式来运作的，这预示着教育培训机构很难在“公益性”与“盈利性”之间找到法理上的平衡，华图教育上市首先需要过程序关。

A personage inside course of study tells a reporter,China education diagram of the biggest difficulties may be procedures have legitimacy.According to the[Private education promotion law]provisions,"Private education career belong to public welfare undertakings,Is the cause of socialist education part",A legal education training organization should get"School license",The decision of the non-profit attribute.obviously,Most current education training institutions are in the form of the enterprise to operate,It indicates the education training institutions in difficult to"Public welfare"and"profitability"Find the balance between legal,China map education listed first need to program shut.

　　另一位财经人士则认为，华图教育选择此时启动IPO，还面临着更加激烈的竞争。根据相关数据显示，前10个月国内A股IPO总规模同比骤降六成，IPO甚至经历了近两个月的“空窗期”，截至10月底，共有4家企业上会，成功过会的仅1家，过会率仅为25%。低上会数和低过会率让股市笼罩了一片阴霾，华图教育不仅要接受证监会的检验，还要迎战同期过会者的竞争。

Another is that the financial people,China map education choice now start IPO,Also face more intense competition.According to relevant data shows,Ten months before the domestic a-share IPO total scale fell by sixty percent year-on-year,IPO even experience for nearly two months"Window period",By the end of October,There are four companies will,Success will have only one home,It would rate is only 25%.On low number and low rate of it would let the stock market over a piece of haze,China map education should not only accept the CSRC inspection,And the same period it would play the competition.

　　“没有配套的政策，监管上的主体也存在缺失。”易定宏似乎早就意识到华图教育上市可能面临的问题，不过这个湖南汉子仍对未来充满信心，“但政策是明朗的，大政策的方向已经确定了。有许多事都是国家政府许可的，如果政府限制你的话，你就不能做，因为那是违法的事。只要我们符合国家的法制去办事，都是允许的”。

"No supporting policies,The main body of supervision are also missing."Easy to set a macro seems to have realized that China map education listed may face problems,But the hunan man still confidence in the future,"But policy is clear,Big policy direction has already been determined.There are a lot of things is the national government permission,If the government limit your words,You can't do,Because it was illegal.As long as we comply with the state's legal system to handle affairs,Are allowed".

政策风险 Policy risk

“国考热”背后的市场隐忧 "Countries heat test"Worries behind the market

　　自2009年国家公务员报考人数达到100万人次以后，庞大的公务员培训市场就从来没有停止过角逐。如果加上各地方的省级公务员报考人数，整个市场还要翻两番。公务员培训市场的价值到底有多大？华图教育集团副总裁于洪泽曾算过这么一笔账：加上省考，每年的公务员报考人数有400万；平均有20%的人会报考辅导班，总数则为80万人；如果每人次花费5000元，培训市场规模则为40亿元。

Since 2009, the number of civil servants to enter oneself for an examination after 1 million people,The huge public servants training market has never stopped game.If the local and provincial civil servants number of applicants,The whole market will quadruple.Civil service training market value how much?China map education group vice President YuHongZe have calculate such a bill:Plus provincial exams,Every year 4 million people enter oneself for an examination of civil servants;Have an average of 20% of the people will enter oneself for an examination the remedial class,The total is 800000 people;If each time cost 5000 yuan,Training market scale is 4 billion yuan.

　　没有人能明确的知道，华图教育能抢占多少公培市场份额。记者曾仔细研究过华图教育的产品，它们从数百到数万元的课程市场上基本上都能找到可替代的同类课程。例如华图教育曾推出一款价值16800元的协议班，协议规定笔试不过退费10000元，面试不过退费8000元，但比起其他机构“先报名，考上之后再交费”，华图教育该产品的优势并不明显。

No one can clear know,China map education can take many male culture market share.Reporters have carefully studied China map education products,They from hundreds to thousands of RMB course market has basically been able to find alternative similar course.Such as China map education had introduce a value 16800 yuan agreement class,Written agreement but refund 10000 yuan,Interview but refund 8000 yuan,But compared with other institutions"The first,Admitted to pay later",China map education this product advantage is not obvious.

　　网络上流传有这样一组数据：“美国3%大学生愿考公务员；日本就业中，公务员排在榜单第53位；英国公务员甚至进入20大厌恶职业榜；而中国76.4%的大学生愿意报考公务员。”这多少表明，一个国家的资本市场越开放，则公务员的竞争力越弱。当“公考热”逐渐趋冷的时候，这个培训市场又该走向何方？

The network from a group of such data:"In the United States, 3% college students may take an examination of civil servants;Japan in employment,Civil servants row in the list a 53;British civil servants and even in the twentieth big aversion career list;And 76.4% of China's college students would like to enter oneself for an examination civil servants."How much this shows that,A country's capital market is open,The competitiveness of civil servants is weaker.when"Test and thermal"Gradually became cold,The training market and the direction?

　　“公务员培训主要采取的是大班授课模式，大班模式的利润是可以保证的，但又有很大的可复制性，这就导致一家机构很难成为真正的寡头。”一位教育投资人谈道，华图教育产品的三驾马车培训、图书、网络课，都是针对公务员群体的，这就使得它的盈利模式非常狭窄，抗风险性较差。“新东方当初是做托福和雅思起家的，但它并没选择只做托福和雅思，而是把市场扩到整个英语培训领域甚至中小学培训领域。否则它不可能成为行业老大。华图在上市后，应该需要谋求业务扩充新方向，才能抵抗”公考热“退潮带来的风险。”

"Civil servant training mainly take large is teaching mode,Executive mode profits can be guaranteed,But a lot of replicability,This will lead to a mechanism is difficult to become true oligarchs."An education investors said,China map education product troika training/books/Network class,Are for the civil service group,This makes its profit model is very narrow,The risk resistance is poor."New Oriental it is doing the toefl and ielts scratch,But it didn't choose only do the toefl and the ielts,But the market spread to the whole English training field even middle and primary school training field.Otherwise it may not be the industry.China listed in the chart after,The need for a new direction for business expansion,Can resist"Test and thermal"The risks of ebb tide."