学而思F1-行业分析(10)

教育行业研究

increases student loyalty and stickiness and enhances our brand awareness. In addition, our online platform enables us to continue to roll out and expand our online course offerings. As word-of-mouth referrals and our online communities have contributed significantly to student recruitment, we have not incurred significant advertising expenses in the past. Revenues generated from our online course offerings have accounted for less than 1.5% of our total net revenues since we began offering online courses in 2010.

We have experienced significant growth in recent years. Our total net revenues increased from $8.9 million in the fiscal year ended

February 29, 2008 to $69.6 million in the fiscal year ended February 28, 2010, representing a CAGR of 179.9%. Our net income increased from $1.5 million in the fiscal year ended February 29, 2008 to $14.2 million in the fiscal year ended February 28, 2010, representing a CAGR of 206.9%. Our total net revenues for the six months ended August 31, 2010 were $53.0 million, and our net income for the same period was $13.2 million.

Due to PRC legal restrictions on foreign ownership and investment in the education business in China, we operate our after-school tutoring service business primarily through our variable interest entities and their subsidiaries and schools in China. We do not hold equity interests in our variable interest entities; however, through a series of contractual arrangements with these variable interest entities and their respective shareholders, we effectively control, and are able to derive substantially all of the economic benefits from, these variable interest entities. Market Opportunity We believe that the K-12 after-school tutoring market is the most attractive sector in China's private education market given the large addressable market it serves, its rapid growth rate and its highly fragmented nature. According to statistics published by the Ministry of Education of China, there were approximately 180 million students in primary, middle and high schools in China at the end of 2008, presenting a large addressable market for K-12 after-school tutoring services. The growth of the K-12 after-school tutoring market is also compelling. According to iResearch, the K-12 after-school tutoring market in China grew from RMB123.8 billion in 2007 to

RMB189.7 billion ($27.8 billion) in 2009, representing a CAGR of 23.8%, and is projected to grow to RMB447.2 billion ($65.5 billion) in 2014, representing a CAGR of 18.7% from 2009. We believe that rising levels of disposable income, increasing spending on private

education, and intense competition for quality education and job opportunities in China are among the key factors that will contribute to the future growth of the K-12 after-school tutoring market. Moreover, the K-12 after-school tutoring market in China is highly fragmented with no player holding over 1% market share. This fragmented market presents opportunities for private tutoring service providers that offer high-quality services and have a strong track record, brand and reputation to attract and retain more students and increase market share.

We believe that the following competitive strengths have contributed to our success and differentiate us from our competitors:

largest K-12 after-school tutoring service provider in China;

brand strength;

outstanding student performance;

high teaching quality, strong content development and efficient education management system;

largest Internet education platform in China; and

innovative and entrepreneurial management team with a passion for education. We intend to pursue the following key growth strategies:

further penetrate our existing markets;

extend our geographic network into attractive new markets; Our Competitive Strengths and Strategies

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