由于增长放缓和下调全年营收预期，学而思在季报发布后股价大幅下跌，盘中最大跌幅7.3%至8.61美元/ADS；截止收盘跌4.95%至8.83美元/ADS。

Due to the growth and reduce the annual revenue is expected,Learn to think in the quarterly report issued after a sharp drop in the share price,Pan biggest fall 7.3% to us $8.61 / ADS;By closing fell 4.95% to $8.83 / ADS.

一、净利同比大增主要基于去年同期扩张影响利润 a/Net profit year-on-year mainly based on the same period last year increased expansion influence profit

　　仅从业绩数据上看学而思这个季度的增幅是不错的，尤其净利润同比增长288.3%，non-GAAP下净利润同比增长172%。但是为何不被看好呢，下图说明了原因所在：

Only on the data from performance to learn and think this quarter growth is good,Especially net profit year-on-year growth of 288.3%,Under will GAAP net profit year-on-year growth of 172%.But why not be valued,Below illustrates the reason:

　　1、2012财年第三财季是学而思上市后扩张巅峰时期，教学中心数量达到275家，由于教育培训行业不同于互联网，扩张就会带来房租、人员等成本增加，这大大拖累了利润。从2012财年第四财季开始，学而思从扩张转为收缩，依赖提高教学中心利用率增加营收，这种精细化虽然带来利用率提高，利润率增长，但是也使得营收增速放缓。

1/In fiscal year 2012 third quarter in is to learn and think listed after peak expansion,Teaching center number to 275,Due to the education and training industry is different from the Internet,Expansion will bring the rent/Staff costs,This greatly to drag down the profit.From the fourth quarter in fiscal year 2012 began,Learn to think from the expansion to contraction,Rely on improving teaching center utilization rate increase revenue,This fine although bring to improve utilization rate,Margins up,But also makes revenue growth is slowing.

　　另外从利润率情况看，由于教育培训行业存在明显的季节性（暑假Q2、寒假Q4为业务旺季）差异，所以仅比较2012Q3净利率11.44%（5598/48904），2012Q3净利率3.54%（1441/40651）,2011Q3净利率9.76%（2349/24060），这个季度净利翻倍并不是本身增长迅猛，而是由于去年同期扩张拖累基数较低导致。

In addition from the margins,Due to the education and training industry obvious seasonal(Summer vacation Q2/Winter vacation Q4 is prevented for business season)differences,So is only 2012 percentile net interest rate 11.44%(5598/48904),2012 percentile net interest rate 3.54%(1441/40651),2011 percentile net interest rate 9.76%(2349/24060),This quarter net profit doubled and not itself is growing rapidly,But because of the same period last year to expand drag a lower base.

　　2、另外一个值得注意的是本季度营收同比增长20.3%，较此前季度大幅回落，并且管理层预计2013财年第四财季营收介于5800万美元——6000万美元之间，同比增长11%——15%。最近一年学而思营收增长主要依赖于提高教学中心利用率，但是增长水平持续下滑也反映了竞争的加剧和瓶颈的显现，CFO表示

2/Another noteworthy is the quarterly revenue growth of 20.3% year-on-year,A previous quarter dropped sharply,And the management is expected to receive money JiYing fourth fiscal 2013 between $58 million - $60 million between,Year-on-year growth of 11% - 15%.A recent years study and think revenue growth is dependent on improving teaching center utilization,But growth level continue to decline, it also reflects the increasing competition and the manifestation of the bottleneck,CFO said

　　3、考虑到北京奥数政策的持续影响以及公司管理一对一业务增长。学而思在2012年10月23日公布数据基础上调降2013全年指导预期，预计2013财年营收2.24亿美元——2.26亿美元，同比增长26%——27%。

3/Considering Beijing Olympic math policy of continuous influence and company management one-on-one business growth.Learn to think in on October 23, 2012 published data base increase drop 2013 annual guidance expected,Expected in fiscal year 2013 revenue of $224 million - $226 million,Year-on-year growth of 26% - 27%.

二、管理一对一增长流失10%北京学员 two/Management one-on-one growth loss 10% students in Beijing

　　学而思在做出Q4预期及调降全年预期给出的原因除了北京数学政策影响外还有很重要一点就是管理一对一增长。CFO在电话会议中表示由于一对一收缩，北京约10%学生流失是导致三季度增速下降和四季度指导增长较低的原因，那么学而思到底有多少个一对一，这种影响会持续多久呢？

Learn and think making Q4 is prevented expectations and a reduction in the expected given reasons besides Beijing mathematical policy influence, but also very important thing is that the management one-on-one growth.CFO in a conference call that the one-on-one contraction,Beijing about 10% students loss is the third quarter growth to drop and four quarter guidance the reason of low growth,So learn and think how many a one to one,This kind of influence? How long it will last?

　　公司在Q2季度关闭13个一对一中心，新增1个一对一中心，净减少12个。结合公司2012年报中披露"截止2012财年年末，学而思共有270个教学中心，其中159个为小班中心，111个为1对1中心。"可以估计：目前学而思剩余一对一中心数量约在90个左右。

Company in Q2 quarterly close 13 one-on-one center,Add a one-on-one center,Net reduce 12.According to the 2012 annual report of the disclosure"By the end of fiscal year 2012,Learn and think 270 teaching center,Of which 159 for small class center,111 to 1 to 1 center."Can estimate:At present study and think residual one-on-one center number about 90 or so.

　　从上图我们可以明显的看出学而思本季度学员数量增长明显下滑，此前学而思CFO在接受i美股采访表示：30%的营收占比是公司给一对一业务的上限，对于一年以上没有盈利及无法跟小班形成互补的一对一中心公司会考虑将其关闭。由此看来，学而思对一对一中心的管理还将持续下去。

From the above we can see obviously learn and SiBen quarter increase students clearly weakening,After learning and thinking CFO in accepting the us stock I interview said:30% of the revenue of the company is the upper limit for one-on-one business,For more than one year without profit and unable with the small class formed complementary one-on-one center company will consider its close.So it,Learn to think for one-on-one center management will also continue.

三、北京奥数政策影响或待4月规定出台 three/Beijing Olympic math policy influence or stay on April provisions

　　第三季度由于北京教委政策影响的持续，学而思在Q2把全年营收增速从30%——35%调降至28%——31%以后，本季度再度调降至26%——27%。

The third quarter as Beijing education commission policy influence of continuous,Learn to think in the annual revenue growth Q2 from 30% - 35% to 28% - 31% reduction in later,This quarter again come down to 26% - 27%.

　　学而思在2012财年，北京市小班业务约有一半收入与数学相关。由于小班业务占学而思营收比例一直在70%以上，本季度来自京沪以外地区营收占比为28%，所以北京数学市场受影响对公司业绩压力是明显的。

Learn to think in fiscal 2012,About half of the small class business income and mathematics related.Because of small business to learn and think revenue ratio has been more than 70%,This quarter from outside Shanghai revenue accounted for more than 28%,So Beijing mathematical market affected on the corporate performance pressure is obvious.

　　由于北京市教委明"坚决禁止直接或变相采取考试，特别是将奥数等各种竞赛成绩作为入学依据的招生行为；坚决禁止单独或联合、委托举办奥数竞赛等以选拔生源为目的的各类培训班等"，且表示相关政策会在2013年4月份出台，这就使得部分家长基于观望态度。

Due to the Beijing municipal education commission Ming"Resolutely banned directly or in disguised form to take the exam,Especially will aoshu, etc. Various kinds of competition scores as entrance according to admissions behavior;Resolutely banned alone or with/Entrust held Olympic math competition to select students for the purpose of all kinds of training, etc",Relevant policy and said in April 2013 issued,This makes some parents based on on the fence.

　　根据京翰教育总经理黄森磊关于北京小升初情况介绍：目前北京市小升初电脑派位48%——50%；推优占17%左右；其他比例则归属特长班、共建。而对于部分名校，电脑派位的比例更低，推优稍许提高，学生通过奥数考试来争夺的就是这17%左右的推优比例。虽然目前我们无法预测四月份北京市教委将会出台的政策，但是电脑派位相关的是户籍即住宅片区，共建相关的是父母供职单位，这些都与教辅机构业务无关。

According to the general manager of Beijing HuangSenLei John education about another orientation:The present Beijing another computer 1 school places allocation 48% - 50%;About 17% directing;Other ratio is belong to specialty training classes/build.For part of the school,The proportion of computer 1 school places allocation more low,Slightly improve the directing,Students through the Olympic math test to compete for this is the 17% of the proportion of directing.Although at present, we can't predict the Beijing municipal education commission in April will be the policy,But computer 1 school places allocation is related to the household that residential area,Build related parents worked unit,All of these and teaching institution has nothing to do business.

四、租金人力成本增加明显 管理行政开支增36.8% four/Rent labor costs increase obviously administrative spending increased by 36.8%

　　在目前地产价格飞升，劳动力成本增加的环境下，作为主要覆盖一线城市的学而思成本费用压力明显增加。

In the current real estate prices skyrocketing,Rising labor costs environment,As the main cover a line city to learn and think the cost pressure increased significantly.

　　虽然Q3学而思教学中心量同比减少（259&275），但是一般及行政开支增加36.8％至1280万美元，增长主要原因是支持新扩展的城市以及一般及行政人员的薪金及福利增加；企业总的成本费用增加13.0％至2670万美元，增加原因主要是由于随着学习中心容量的扩大，租金成本、教师报酬和其他工作人员费用增加；另外销售及市场推广开支也增加了6.5％至690万美元，增长主要原因是销售和市场营销人员薪金及福利的增加。学而思Q3股份补偿期权费用总计230万美元 ，较2012财年同期的140万美元增加55.9％。

Although the percentile learn and think teaching center quantity reduce year-on-year(259&275),But general and administrative costs increased by 36.8% to $12.8 million,The main reason is the increase in favor of the new extended city and general and administrative staff salary and welfare increase;Enterprise total cost increased by 13.0% to $26.7 million,Increase the main reason is because as centers of learning capacity expansion,Rental cost/The teacher pay and other staff cost increase;Additional sales and marketing costs also increased 6.5% to $6.9 million,The main reason is the increase of sales and marketing staff salary and welfare increase.Learn and think percentile stock compensation premium totaled $2.3 million ,A fiscal year 2012 $1.4 million in the same period in increased by 55.9%.

　　五、现金充沛 未来新市场或有适度扩张

five/Full of cash in the future new markets or moderate expansion

　　截至2012年11月30日，公司现金和现金等价物2.344亿美元，定期存款1450万美元。（其中预收账款1.073亿美元，较2011年11月30日的7740万美元同比增长38.6%）从现金情况看，学而思现金充沛且本季度资本性支出130万美元，去年同期因购买办公楼支出4130万美元，短期看没有大的资本支出项目。

By November 30, 2012,The company $234.4 million cash and cash equivalents,Deposit of $14.5 million.(The deferred payment of $107.3 million,A 30 November 2011, $77.4 million year-on-year growth of 38.6%)See from the cash,Learn and think cash energetic and this quarter capital spending $1.3 million,For the same period last year to buy office spending $41.3 million,Short-term see no big capital expenditure project.

　　本季度学而思教学点数量259家环比二季度的257家净增加2家，CFO表示"在新的城市我们小班业务发展势头强劲，仍然有相当大的开发空间值得我们重启扩张，未来我们将会保持教学中心的温和增长。"本季度学而思小班业务来自京沪以外城市的营收贡献占小班总收入的28%，Q2该比例为22%。

This quarter to learn and think teaching school number 259 link the second quarter of 257 net increase two,CFO said"In the new city we small class business development momentum strong,There are still quite a large development space is worth us restart expansion,In the future, we will keep the teaching center of moderate growth."This quarter to learn and think small class business from outside Shanghai city revenue accounted for 28% of the total revenue contribution to the class,Q2 the proportion is 22%.

　　此前CFO接受专访时曾表示"2013财年学而思进入一个新的城市——沈阳，今年不会再进入新的城市。未来一段时间，我们会在现有城市继续扩点，主要是因为这些城市还有很大的潜力，K12市场也足够大，很多去年进入的城市目前都只有一个教学点。"基于充沛的现金流和2013财年的准备，进入2014开始预计学而思或将在京沪以外城市展开一轮温和扩张。

Previously CFO accept interview said"In fiscal year 2013 to learn and think into a new city, shenyang,This year will not be into the new city.The future for a period of time,We will continue to enlarge the existing city point,Mainly because of these cities have a lot of potential,K12 market is large enough,Many last year into the city are currently only a teaching school."Based on abundant cash flow and fiscal 2013 preparation,In the beginning of 2014 is expected to learn and think or will be in Beijing city outside on a moderate expansion.