近日发布的截至2012年8月31日的2013财年第二季度未经审计财报中，学而思当季净营收为6810万美元，同比增长32.3%；净利润为1600万美元，较去年同期的1070万美元增长49.7%。在这份靓丽的成绩单背后，学而思并不避讳北京市教委奥数政策可能对公司造成的影响。

Recently released by August 31, 2012 in the second quarter of fiscal 2013 without the audit results,Learn and think quarter net revenue for 68.1 million dollars,Year-on-year growth of 32.3%;Net profit for 16 million dollars,During the same period last year growth of 49.7% of $10.7 million.In this beautiful behind transcript,Learning without thought is not afraid the Beijing municipal education commission aoshu policy may be the impact of the company.

　　看好小班教学 Valued small-class teaching

　　8月20日，北京市教委针对小升初发布“京四条”，严禁奥数与入学挂钩，并叫停了民办培训机构大量奥数课程。

August twenty days,The Beijing municipal education commission issued for another"Beijing four",It is strictly prohibited to mathematical olympiad and entrance hook,And called for a private training institutions to a large number of Olympic math course.

　　8月26日，学而思组织的超常补录视频被曝光后，这个凭借小学奥数起家的培训机构一时间成为舆论关注的焦点。

On August 26,,Learn and think organization supernormal back tracking video was after exposure,This relies on primary school started aoshu training institution time become the focus of public opinion.

　　对于这一事件的影响，学而思CFO约瑟夫·考夫曼给出的解释是，北京市教委的新政策于8月末出台，对企业的影响于9月开始显现，学而思的第三财季及全年财报预期已反映出来。

The effects of the event for this one,Learn and think CFO, Joseph kaufman explanation is given,The Beijing municipal education commission's new policy introduced in late August,The effect of which on enterprises begin to show in September,Learn and think of the third quarter in the expected results and has been reflected.

　　此外，考夫曼表示，学而思确实在寻求控制1对1业务的增长,1对1课程所处市场竞争比小班授课更加激烈，他们更倾向于小班教学模式。

In addition,Kaufman said,Learn to think really looking for control 1 on 1 business growth,1 to 1 course in market competition more intense than the small class teaching,They tend to be small class teaching mode.

　　“未来学而思将继续对1对1业务进行投资，确保该业务能够与小班授课模式进行互补。我们希望1对1业务能带来30%的利润。不过，要实现这个目标或许还需要花费3至5年时间。”考夫曼强调。

"The future study and think will continue to 1 on 1 business investment,To ensure that the business can and small-class-based lecture model for complementary.We hope to 1 on 1 business can bring 30% profit.but,To achieve this goal may also need to spend three to five years."Kaufman emphasize.

　　同时，学而思下调了截至2013年2月28日的2013财年的财报预期，将公司的预期年营收从之前的2.308亿~2.397亿美元下调至2.272亿~2.326亿美元，全年营收增速从此前的30%~35%下调至28%~31%。

At the same time,Learn and think cut by February 2013, 2013) and the expected results,The company will be in the expected revenue before from $230.8 million to $239.7 million down to $227.2 million to $232.6 million,Annual revenue growth from the previous 30% ~ 35% down to 28% ~ 31%.

　　有业内人士表示，根据学而思下调的营收预期4%的上限来看，小学奥数事件对其营收影响在700万美元左右。

The personage inside course of study says,According to learn and think cut from sales of the upper limit of 4% expected to see,The primary aoshu event revenue impact at about $7 million.

　　对于学而思这一季度的表现，中投顾问研究员沈哲彦告诉 《每日经济新闻》记者，从季度报来看，小学奥数事件对学而思的确造成了一定的影响，一方面，中国概念股一旦出现风吹草动，则会在美股市场引起不小的波澜；另一方面，学而思品牌形象还是受到了一定影响。

To learn and think this quarter performance,An adviser ShenZheYan told researchers [Daily economic news]reporter,From the quarter report to see,Primary school to learn aoshu events but think indeed caused a certain effect,On the one hand,China concept stock once appear happens,In the a-share market will cause a lot of waves;On the other hand,Learn and think the brand image or subject to a certain influence.

　　不过，i美股分析师李莹依然看好学而思的发展，“在教学中心减少的情况下，学而思实现连续三个季度的营收、利润双增长，说明在提高教学中心利用率上，学而思是有显著成效的。”

but,I the us stock analysts LiYing remains optimistic about the development of learning and thinking,"In the teaching center reduced circumstances,Learn and think to achieve continuous and three quarter revenue/Profit ShuangZengChang,Description in improving teaching center on utilization,Learning without thought is a significant success."

　　小学奥数的未来 The future of elementary school mathematical olympiad

　　值得注意的是，有消息人士表示，北京市教委有可能还将出台新规，对小学奥数培训进行规范，而这一新政对于学而思和那些从事小学奥数培训的教育机构而言会有多大的影响？

It is important to note that,A source said,The Beijing municipal education commission may also will produce a new gauge,The elementary school aoshu training specification,And the New Deal, to learn and think and those who engaged in primary school education institutions in the Olympic math training can have how old influence?

　　i美股分析师李莹告诉 《每日经济新闻》记者，目前成功上市的教育培训企业中，除了以小学奥数培训为重要业务的学而思，学大教育和安博的京翰教育也开设了小学奥数课程，大多采用1对1的教学模式。还没有上市的教育培训机构中，高思教育、龙文教育和巨人教育也都有奥数课程，但是由于这些企业目前还没有上市，具体业务占比还不清楚。

I LiYing told the us stock analysts [Daily economic news]reporter,At present the education training successfully listed in the enterprise,In addition to the primary school aoshu training is an important business to learn and think,Learn big education and ember of Beijing John education also opened the primary school curriculum mathematical olympiad,The most 1 on 1 teaching mode.Haven't listed in the education training institutions,High thought education/LongWen education and giant education also have the Olympic math course,But because of the enterprise are not listed,For specific business than is not clear.

　　在中投顾问研究员沈哲彦看来，小学奥数事件对教育培训机构产生的影响主要是使这些教育培训机构的利润减少。由于国家教育部门明文规定，严禁奥数与入学挂钩并叫停了民办培训机构大量奥数课程，教育机构或将另寻有潜力的发展项目。

An adviser in ShenZheYan seems to researchers,Primary school education training institutions to aoshu event is mainly the influence of the education training organization's profits.Due to the national education department expressly provided,It is strictly prohibited to mathematical olympiad and entrance hook and called for a private training institutions to a large number of Olympic math course,Education institutions or will find another potential development project.

　　不过，对于奥数培训的未来，学而思的CFO考夫曼似乎并不担心。

but,For the Olympic math training future,Learn and think of the CFO kaufman don't seem to worry about.

　　“有一件事不会改变，那就是数学，我们认为，较好的数学基础仍将是学生学习阶段中的重要部分。从某种程度上看，在较为稳定的教育系统中，数学将继续成为学校对学习成绩的重要认证。”考夫曼解释道。

"There is one thing won't change,That is mathematics,We think,Good mathematical foundation will still be an important part in students' learning stage.From a certain point,In the relatively stable and education system,Mathematics will continue to be an important school grades authentication."Kaufman explained.

　　作者：赵陈婷

The author:Zhao ChenTing