BEIJING, May 2, 2022 /PRNewswire/ -- Ambow Education
Holding Ltd. ("Ambow" or the "Company") (NYSE American: AMBO), a
leading cross-border career educational and technology service
provider, today announced its
financial and operating results for the third and fourth
quarters of 2021, which have not been
audited or reviewed by the Company's independent registered
accounting firm, as well as its audited financial and
operating results for the full fiscal year, ended December 31, 2021.
"We remained focused on strengthening our core competencies
during the second half of 2021: creating and providing
high-quality, technology-driven educational and career enhancement
products and services," noted Dr. Jin
Huang, Ambow's President and Chief Executive Officer. "Amid
the fast-evolving environment, we skillfully adapted our business
to new PRC regulatory requirements and achieved total revenues of
RMB 496.9 million (US$ 78.0 million) in the full year 2021."
"I firmly believe that our long-standing ability to innovate and
advance technology will continue to drive our sustainable growth.
Our valuable patent portfolio encompassing a wide spectrum of
educational technologies is unparalleled in the industry. Notably,
our cutting-edge multimedia blackboard technology received a new
U.S. patent in September 2021,
underscoring our industry-leading technology capabilities. As both
a pioneer and veteran in the career educational services sector, we
also remain dedicated to the development of
Industry-University collaborative and coordinated education. In
October 2021, the Ministry of Education ("MoE") again added
Ambow to its list of approved enterprises for the
Industry-University Cooperation and Collaborative Education
Project. Furthermore, in December
2021, MoE selected Ambow to its first group of
companies for participation in its Education Program for Connecting
Talent Supply and Demand to Promote Employment, affirming the
exceptional quality of our collaborative projects," Dr. Huang
added.
"Looking ahead, we will continue to deepen our commitment to
addressing the career education sector's critical demands and
harnessing our core capabilities to meet those needs with
innovative services and products. Building on our 20-year proven
track record, resilient business model and strategic efforts, we
believe we are well positioned to deliver sustainable, long-term
growth to our shareholders," concluded Dr. Huang.
Third Quarter 2021 Financial Highlights
- Net revenues in the third quarter of 2021 were
RMB 76.2 million (US$ 11.8 million), compared with RMB 112.7 million (US$
16.6 million) in the same period of 2020. The decrease was
primarily due to the impact of the 2021 Implementing Rules for the
Law for Promoting Private Education (the "2021 Implementing Rules")
on the Company's compulsory education business ("K-9 business")
from September 1, 2021, as well as a
high base effect resulting from the one-month extension of the
spring semester at the Company's K-12 schools in the third quarter
of 2020 and fewer services provided at the Company's tutoring
centers and training offices during the third quarter of 2021.
- Gross profit in the third quarter of 2021 was
RMB 2.8 million (US$ 0.4 million), compared with RMB 6.5 million (US$ 1.0
million) in the same period of 2020. Gross profit margin was
3.7%, compared with 5.8% in the third quarter of 2020. The
decreases in gross profit and gross margin were mainly attributable
to the impact of the 2021 Implementing Rules on the Company's K-12
schools business.
- Operating expenses in the third quarter of 2021
decreased by 29.9% to RMB 66.7
million (US$ 10.4 million)
from RMB 95.1 million (US$ 14.0 million) in the same period of 2020. The
decrease was primarily attributable to reduced impairment loss on
long-lived assets and stringent expense controls to improve
operating efficiency.
- Operating loss in the third quarter of 2021 was
RMB 63.9 million (US$ 9.9 million), compared with RMB 88.6 million (US$ 13.1
million) in the same period of 2020.
- Net income attributable to ordinary shareholders was
RMB 31.9 million (US$ 4.9 million), or RMB
0.68 (US$ 0.11) per basic and
diluted share, compared with a net loss of RMB 84.5 million (US$ 12.5
million), or RMB 1.94
(US$ 0.29) per basic and diluted
share, in the same period of 2020. The income was mainly
attributable to the gain on disposal of the Company's subsidiaries
of RMB 10.8 million (US$ 1.7 million), the gain on the forgiven PPP
loan of RMB 9.3 million (US$ 1.4 million), as well as a reversal of income
tax payable of RMB 62.8 million
(US$ 9.7 million) due to the
expiration of its five-year claw-back period during the third
quarter of 2021.
Fourth Quarter 2021 Financial Highlights
- Net revenues in the fourth quarter of 2021 were
RMB 118.9 million (US$ 18.7 million), compared with RMB 173.5 million (US$
26.6 million) in the same period of 2020. The decrease was
primarily due to the 2021 Implementing Rules to the Company's K-12
schools business from September 2021
being brought into effect, as well as the regulatory changes to our
tutoring business in the second half of 2021.
- Gross profit in the fourth quarter of 2021 was
RMB 33.9 million (US$ 5.3 million), compared with RMB 66.1 million (US$ 10.1
million) in the same period of 2020. Gross profit margin was
28.5%, compared with 38.1% in the third quarter of 2020. The
decreases in gross profit and gross margin were mainly attributable
to the decrease in net revenues.
- Operating expenses in the fourth quarter of 2021
increased by 8.9% to RMB 68.4 million
(US$ 10.7 million) from RMB 62.8 million (US$ 9.6
million) in the same period of 2020. The increase was
primarily due to additional research and development
expenditures.
- Operating loss in the fourth quarter of 2021 was
RMB 34.4 million (US$ 5.4 million), compared with an operating
income of RMB 3.3 million
(US$ 0.5 million) in the same period
of 2020.
- Net loss attributable to ordinary shareholders was
RMB 37.0 million (US$ 5.8 million), or RMB
0.79 (US$ 0.12) per basic and
diluted share, compared with a net income of RMB 11.0 million (US$ 1.7
million), or RMB 0.23
(US$ 0.04) per basic and diluted
share, in the same period of 2020. The net loss was mainly caused
by the decrease in the gross profit stemming from the impact of the
2021 Implementing Rules on the Company's K-12 schools
business.
- As of December 31, 2021, Ambow
maintained strong cash resources of RMB
177.0 million (US$ 27.8
million), comprised of cash and cash equivalents of
RMB 157.4 million (US$ 24.7 million), short-term investments of
RMB 17.8 million (US$ 2.8 million) and restricted cash of
RMB 1.8 million (US$ 0.3 million).
Full Fiscal Year 2021 Financial Highlights
- Net revenues in fiscal year 2021 decreased by 6.6% to
RMB 496.9 million (US$ 78.0 million) from RMB
532.0 million (US$ 81.5
million) in 2020. The decrease was primarily due to the 2021
Implementing Rules to the Company's K-12 schools business coming
into effect, as well as the regulatory changes to our tutoring
business in the second half of 2021.
- Gross profit in fiscal year 2021 increased by 8.9% to
RMB 157.3 million (US$ 24.7 million) from RMB
144.5 million (US$ 22.1
million) in 2020. Gross profit margin was 31.7%, compared
with 27.2% in 2020. The increases in gross profit and gross margin
were mainly attributable to stringent cost controls during
2021.
- Operating expenses in fiscal year 2021 decreased by 6.9%
to RMB 250.5 million (US$ 39.3 million) from RMB
269.0 million (US$ 41.2
million) in 2020. The decrease was primarily attributable to
reduced impairment loss on long-lived assets during 2021.
- Operating loss in fiscal year 2021 was RMB 93.2 million (US$ 14.6
million), compared with RMB 124.6
million (US$ 19.1 million) in
2020.
- Net income attributable to ordinary shareholders was
RMB 3.0 million (US$ 0.5 million), or RMB
0.06 (US$ 0.01) per basic and
diluted share, compared with a net loss of RMB 62.7 million (US$ 9.6
million), or RMB 1.41
(US$ 0.22) per basic and diluted
share, in 2020. The income was mainly attributable to the gain on
the disposal of the Company's subsidiaries of RMB 12.2 million (US$ 1.9
million), the gain on the forgiven PPP loan of RMB 9.3 million (US$ 1.5
million), as well as a reversal of income tax payable of
RMB 62.8 million (US$ 9.7 million) due to the expiration of its
five-year claw-back period during 2021.
Impact of 2021 Implementing Rules for the Law for Promoting
Private Education
On May 14, 2021, the People's Republic of China's State Council
promulgated the 2021 Implementing Rules for the Law for Promoting
Private Education (the "2021 Implementing Rules"), which became
effective on September 1, 2021. The
Implementing Rules prohibit foreign-invested enterprises
established in China and social
organizations whose actual controllers are foreign parties from
controlling private schools that provide compulsory education by
means of mergers, acquisitions, contractual arrangements, etc., and
private schools providing compulsory education are prohibited from
conducting transactions with their related parties.
To comply with the 2021 Implementing
Rules, the Company planned to sell its business providing
compulsory education services at its three
K-12 schools to a third party on September 1, 2021. The Company has found a third
party buyer and signed a definitive sales agreement, which is
currently under registration process and expected to be completed
within one year from December 31,
2021. As the transaction was not closed as of December 31, 2021, and such business did not meet
the definition of a "component" under US GAAP to be presented as a
discontinued operation, the Company recorded the assets and
liabilities of the K-9 business as "Held for Sale" in accordance
with ASC 360. The assets and liabilities of the K-9 business
classified as held for sale were presented separately in the asset
and liability sections, respectively, of the Consolidated Balance
Sheet as of December 31, 2021.
The Company's financial and operating results for the
third quarter and fourth quarters of 2021, as well as the full
fiscal year ended December 31, 2021
can also be found on its Form 6-K and 20-F filed with the U.S.
Securities and Exchange Commission at www.sec.gov.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at a specified rate solely for the convenience of
the reader. Unless otherwise noted, all amounts translated from RMB
to U.S. dollars for the third quarter and first nine months of 2021
are based on the effective exchange rate of 6.4434 as of
September 30, 2021; all amounts
translated from RMB to U.S. dollars for the third quarter and first
nine months of 2020 are based on the effective exchange rate of
6.7896 as of September 30, 2020; all
amounts translated from RMB to U.S. dollars for the fourth quarter
and fiscal year of 2021 are based on the effective exchange rate of
6.3726 as of December 30,
2021; all amounts translated from RMB to U.S. dollars
for the fourth quarter and fiscal year of 2020 are based on the
effective exchange rate of 6.5250 as of December 31, 2020. The exchange rates were
according to the middle rate as set forth in the H.10 statistical
release of the U.S. Federal Reserve Board. Fluctuations in
financial highlights are based on RMB amounts.
About Ambow Education Holding Ltd.
Ambow Education Holding Ltd. is a leading cross-border career
educational and technology service provider, offering high-quality,
individualized services and products. With its extensive network of
regional service hubs complemented by a dynamic proprietary
learning platform and distributors, Ambow provides its services and
products to students in China and
the United States of America.
Follow us on Twitter: @Ambow_Education
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other
things, the outlook and quotations from management in this
announcement, as well as Ambow's strategic and operational plans,
contain forward-looking statements. Ambow may also make written or
oral forward-looking statements in its reports filed or furnished
to the U.S. Securities and Exchange Commission, in its annual
reports to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statements, including but not limited to the
following: the Company's goals and strategies, expansion plans, the
expected growth of the content and application delivery services
market, the Company's expectations regarding keeping and
strengthening its relationships with its customers, the general
economic and business conditions in the regions where the Company
provides its solutions and services, and continued compliance with
governmental regulations regarding education industry in
the People's Republic of China and
any other jurisdiction in which the Company conducts its
operations. Further information regarding these and other risks is
included in the Company's filings with the U.S. Securities and
Exchange Commission. All information provided in this press
release is as of the date of this press release, and Ambow
undertakes no duty to update such information, except as required
under applicable law.
For investor and media inquiries please contact:
Ambow Education Holding Ltd.
Tel: +86-10-6206-8000
The Piacente Group | Investor Relations
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: ambow@tpg-ir.com
AMBOW EDUCATION
HOLDING LTD.
AUDITED CONSOLIDATED
BALANCE SHEETS
(All amounts in
thousands, except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
As of December
31,
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
US$
|
|
RMB
|
|
RMB
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
24,699
|
|
157,399
|
|
118,821
|
|
Restricted
cash
|
|
|
286
|
|
1,823
|
|
824
|
|
Short-term investments,
available for sale
|
|
|
2,474
|
|
15,764
|
|
117,854
|
|
Short-term investments,
held to maturity
|
|
|
314
|
|
2,000
|
|
45,000
|
|
Accounts receivable,
net
|
|
|
4,018
|
|
25,602
|
|
20,972
|
|
Amounts due from
related parties
|
|
|
487
|
|
3,103
|
|
3,024
|
|
Prepaid and other
current assets, net
|
|
|
17,244
|
|
109,890
|
|
117,634
|
|
Assets classified as
held for sale
|
|
|
20,827
|
|
132,724
|
|
-
|
|
Total current
assets
|
|
|
70,349
|
|
448,305
|
|
424,129
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
15,993
|
|
101,915
|
|
144,492
|
|
Land use rights,
net
|
|
|
-
|
|
-
|
|
1,715
|
|
Intangible assets,
net
|
|
|
4,705
|
|
29,986
|
|
54,808
|
|
Goodwill
|
|
|
3,438
|
|
21,907
|
|
25,710
|
|
Deferred tax assets,
net
|
|
|
5
|
|
31
|
|
6,338
|
|
Operating lease
right-of-use asset
|
|
|
34,586
|
|
220,404
|
|
247,608
|
|
Finance lease
right-of-use asset
|
|
|
824
|
|
5,250
|
|
5,850
|
|
Other non-current
assets
|
|
|
22,340
|
|
142,364
|
|
139,067
|
|
Total non-current
assets
|
|
|
81,891
|
|
521,857
|
|
625,588
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
152,240
|
|
970,162
|
|
1,049,717
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term borrowings *
|
|
|
1,585
|
|
10,103
|
|
10,000
|
|
Deferred revenue
*
|
|
|
14,913
|
|
95,036
|
|
163,699
|
|
Accounts payable
*
|
|
|
4,625
|
|
29,466
|
|
19,423
|
|
Accrued and other
liabilities *
|
|
|
33,958
|
|
216,399
|
|
209,590
|
|
Income taxes payable,
current *
|
|
|
18,256
|
|
116,341
|
|
184,638
|
|
Amounts due to related
parties *
|
|
|
595
|
|
3,793
|
|
2,543
|
|
Operating lease
liability, current *
|
|
|
7,677
|
|
48,923
|
|
53,702
|
|
Liabilities classified
as held for sale *
|
|
|
13,050
|
|
83,161
|
|
-
|
|
Total current
liabilities
|
|
|
94,659
|
|
603,222
|
|
643,595
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
Long-term
borrowing
|
|
|
-
|
|
-
|
|
9,594
|
|
Other non-current
liabilities *
|
|
|
15
|
|
96
|
|
292
|
|
Income taxes payable,
non-current *
|
|
|
3,370
|
|
21,475
|
|
34,763
|
|
Operating lease
liability, non-current *
|
|
|
31,178
|
|
198,687
|
|
220,319
|
|
Total non-current
liabilities
|
|
|
34,563
|
|
220,258
|
|
264,968
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
129,222
|
|
823,480
|
|
908,563
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
Preferred
shares
|
|
|
|
|
|
|
|
|
(US$ 0.003 par
value;1,666,667 shares authorized,
nil issued and outstanding as of December 31,
2021 and December 31, 2020)
|
|
|
-
|
|
-
|
|
-
|
|
Class A
Ordinary shares
|
|
|
|
|
|
|
|
|
(US$0.003 par value;
66,666,667 and 66,666,667
shares authorized, 41,973,276 and 41,960,776
shares issued and outstanding as of December
31, 2021 and December 31, 2020, respectively)
|
|
|
125
|
|
795
|
|
794
|
|
Class C
Ordinary shares
|
|
|
|
|
|
|
|
|
(US$0.003 par value;
8,333,333 and 8,333,333
shares authorized, 4,708,415 and 4,708,415
shares issued and outstanding as of December
31, 2021 and December 31, 2020, respectively)
|
|
|
14
|
|
90
|
|
90
|
|
Additional paid-in
capital
|
|
|
556,438
|
|
3,545,955
|
|
3,545,073
|
|
Statutory
reserve
|
|
|
602
|
|
3,837
|
|
4,210
|
|
Accumulated
deficit
|
|
|
(536,009)
|
|
(3,415,771)
|
|
(3,419,146)
|
|
Accumulated other
comprehensive income
|
|
|
1,772
|
|
11,291
|
|
12,101
|
|
Total Ambow
Education Holding Ltd.'s equity
|
|
|
22,942
|
|
146,197
|
|
143,122
|
|
Non-controlling
interests
|
|
|
76
|
|
485
|
|
(1,968)
|
|
Total
equity
|
|
|
23,018
|
|
146,682
|
|
141,154
|
|
Total liabilities
and equity
|
|
|
152,240
|
|
970,162
|
|
1,049,717
|
|
|
|
|
|
|
|
|
|
|
* All of the
VIE's assets can be used to settle obligations of their primary
beneficiary. Liabilities recognized as a result of
consolidating these VIEs do not represent additional claims on the
Company's general assets.
|
|
|
AMBOW EDUCATION
HOLDING LTD.
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in
thousands, except for share and per share data)
|
|
|
For the nine months
ended September 30,
|
|
For the three months
ended September 30,
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
NET
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
Educational programs and
services
|
58,551
|
|
377,268
|
|
358,098
|
|
11,820
|
|
76,164
|
|
112,439
|
Intelligent programs and
services
|
117
|
|
752
|
|
352
|
|
-
|
|
-
|
|
269
|
Total net
revenues
|
58,668
|
|
378,020
|
|
358,450
|
|
11,820
|
|
76,164
|
|
112,708
|
COST OF
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
Educational programs and
services
|
(39,177)
|
|
(252,431)
|
|
(277,683)
|
|
(11,338)
|
|
(73,056)
|
|
(105,359)
|
Intelligent programs and
services
|
(343)
|
|
(2,211)
|
|
(2,340)
|
|
(44)
|
|
(281)
|
|
(882)
|
Total cost of
revenues
|
(39,520)
|
|
(254,642)
|
|
(280,023)
|
|
(11,382)
|
|
(73,337)
|
|
(106,241)
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
19,148
|
|
123,378
|
|
78,427
|
|
438
|
|
2,827
|
|
6,467
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
(5,983)
|
|
(38,554)
|
|
(37,861)
|
|
(2,193)
|
|
(14,132)
|
|
(13,655)
|
General and
administrative
|
(19,115)
|
|
(123,165)
|
|
(127,230)
|
|
(5,868)
|
|
(37,808)
|
|
(42,987)
|
Research and
development
|
(1,531)
|
|
(9,864)
|
|
(4,456)
|
|
(661)
|
|
(4,262)
|
|
(1,758)
|
Impairment
loss
|
(1,633)
|
|
(10,525)
|
|
(36,699)
|
|
(1,633)
|
|
(10,525)
|
|
(36,699)
|
Total operating
expenses
|
(28,262)
|
|
(182,108)
|
|
(206,246)
|
|
(10,355)
|
|
(66,727)
|
|
(95,099)
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
LOSS
|
(9,114)
|
|
(58,730)
|
|
(127,819)
|
|
(9,917)
|
|
(63,900)
|
|
(88,632)
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSES)
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
948
|
|
6,108
|
|
7,150
|
|
326
|
|
2,100
|
|
3,015
|
Foreign exchange gain
(loss),
net
|
32
|
|
206
|
|
31
|
|
-
|
|
3
|
|
(4)
|
Other income (loss),
net
|
257
|
|
1,655
|
|
840
|
|
440
|
|
2,835
|
|
(712)
|
Gain from
deregistration of
subsidiaries
|
206
|
|
1,325
|
|
3,967
|
|
-
|
|
-
|
|
70
|
Gain on disposal of
subsidiaries
|
1,675
|
|
10,792
|
|
752
|
|
1,675
|
|
10,792
|
|
752
|
Gain on the bargain
purchase
|
-
|
|
-
|
|
40,273
|
|
-
|
|
-
|
|
-
|
Gain on forgiven PPP
loan
|
1,444
|
|
9,305
|
|
-
|
|
1,444
|
|
9,305
|
|
-
|
Gain on sale of
investment
available for sale
|
341
|
|
2,196
|
|
2,477
|
|
151
|
|
975
|
|
1,421
|
Total other
income
|
4,903
|
|
31,587
|
|
55,490
|
|
4,036
|
|
26,010
|
|
4,542
|
LOSS BEFORE INCOME
TAX AND NON-
CONTROLLING
INTEREST
|
(4,211)
|
|
(27,143)
|
|
(72,329)
|
|
(5,881)
|
|
(37,890)
|
|
(84,090)
|
Income tax benefit
(expense)
|
10,293
|
|
66,325
|
|
(2,399)
|
|
10,783
|
|
69,480
|
|
(776)
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
6,082
|
|
39,182
|
|
(74,728)
|
|
4,902
|
|
31,590
|
|
(84,866)
|
Less: Net loss
attributable to
non-controlling interest
|
(127)
|
|
(821)
|
|
(1,040)
|
|
(47)
|
|
(302)
|
|
(332)
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
ATTRIBUTABLE TO
ORDINARY
SHAREHOLDERS
|
6,209
|
|
40,003
|
|
(73,688)
|
|
4,949
|
|
31,892
|
|
(84,534)
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
6,082
|
|
39,182
|
|
(74,728)
|
|
4,902
|
|
31,590
|
|
(84,866)
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE
(LOSS) INCOME, NET
OF TAX
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation
adjustments
|
(42)
|
|
(271)
|
|
10,731
|
|
23
|
|
146
|
|
2,403
|
Unrealized gains on
short term
investments
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
holding gains
arising during period
|
217
|
|
1,397
|
|
1,518
|
|
50
|
|
322
|
|
578
|
Less:
reclassification
adjustment for gains
included in net income
|
241
|
|
1,556
|
|
2,161
|
|
109
|
|
704
|
|
1,493
|
Other comprehensive
(loss)
income
|
(66)
|
|
(430)
|
|
10,088
|
|
(36)
|
|
(236)
|
|
1,488
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMPREHENSIVE
INCOME (LOSS)
|
6,016
|
|
38,752
|
|
(64,640)
|
|
4,866
|
|
31,354
|
|
(83,378)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share –
basic and diluted
|
0.13
|
|
0.86
|
|
(1.69)
|
|
0.11
|
|
0.68
|
|
(1.94)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
used
in calculating basic and
diluted net income (loss)
per share
|
43,648,571
|
|
46,648,571
|
|
43,583,448
|
|
46,660,948
|
|
46,660,948
|
|
43,595,871
|
AMBOW EDUCATION
HOLDING LTD.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(All amounts in
thousands, except for share and per share data)
|
|
|
For the years ended
December 31,
|
|
For the three months
ended December 31,
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
Audited
|
|
Audited
|
|
Audited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
NET
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
Educational programs and
services
|
77,202
|
|
491,979
|
|
525,727
|
|
18,001
|
|
114,711
|
|
167,629
|
Intelligent programs and
services
|
769
|
|
4,898
|
|
6,253
|
|
651
|
|
4,146
|
|
5,901
|
Total net
revenues
|
77,971
|
|
496,877
|
|
531,980
|
|
18,652
|
|
118,857
|
|
173,530
|
COST OF
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
Educational programs and
services
|
(52,786)
|
|
(336,381)
|
|
(379,571)
|
|
(13,174)
|
|
(83,950)
|
|
(101,888)
|
Intelligent programs and
services
|
(499)
|
|
(3,177)
|
|
(7,919)
|
|
(152)
|
|
(966)
|
|
(5,579)
|
Total cost of
revenues
|
(53,285)
|
|
(339,558)
|
|
(387,490)
|
|
(13,326)
|
|
(84,916)
|
|
(107,467)
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
24,686
|
|
157,319
|
|
144,490
|
|
5,326
|
|
33,941
|
|
66,063
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
(8,704)
|
|
(55,468)
|
|
(52,355)
|
|
(2,654)
|
|
(16,914)
|
|
(14,494)
|
General and
administrative
|
(26,676)
|
|
(169,994)
|
|
(174,283)
|
|
(7,348)
|
|
(46,829)
|
|
(47,053)
|
Research and
development
|
(2,273)
|
|
(14,487)
|
|
(5,703)
|
|
(725)
|
|
(4,623)
|
|
(1,247)
|
Impairment
loss
|
(1,652)
|
|
(10,525)
|
|
(36,699)
|
|
-
|
|
-
|
|
-
|
Total operating
expenses
|
(39,305)
|
|
(250,474)
|
|
(269,040)
|
|
(10,727)
|
|
(68,366)
|
|
(62,794)
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
(LOSS)
INCOME
|
(14,619)
|
|
(93,155)
|
|
(124,550)
|
|
(5,401)
|
|
(34,425)
|
|
3,269
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSES)
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
1,408
|
|
8,971
|
|
9,501
|
|
449
|
|
2,863
|
|
2,351
|
Foreign exchange gain,
net
|
35
|
|
223
|
|
980
|
|
3
|
|
17
|
|
949
|
Other income (loss),
net
|
260
|
|
1,657
|
|
(1,244)
|
|
-
|
|
2
|
|
(2,084)
|
Gain from derecognition
of
liabilities
|
-
|
|
-
|
|
3,926
|
|
-
|
|
-
|
|
3,926
|
Gain from
deregistration of
subsidiaries
|
208
|
|
1,325
|
|
3,967
|
|
-
|
|
-
|
|
-
|
Gain on disposal of
subsidiaries
|
1,908
|
|
12,158
|
|
752
|
|
214
|
|
1,366
|
|
-
|
Gain on the bargain
purchase
|
-
|
|
-
|
|
40,273
|
|
-
|
|
-
|
|
-
|
Gain on forgiven PPP
loan
|
1,460
|
|
9,305
|
|
-
|
|
-
|
|
-
|
|
-
|
Gain on sale of
investment
available for sale
|
378
|
|
2,412
|
|
3,476
|
|
34
|
|
216
|
|
999
|
Total other
income
|
5,657
|
|
36,051
|
|
61,631
|
|
700
|
|
4,464
|
|
6,141
|
LOSS BEFORE
INCOME
TAX AND NON-
CONTROLLING
INTEREST
|
(8,962)
|
|
(57,104)
|
|
(62,919)
|
|
(4,701)
|
|
(29,961)
|
|
9,410
|
Income tax benefit
(expense)
|
9,275
|
|
59,108
|
|
(1,062)
|
|
(1,133)
|
|
(7,217)
|
|
1,337
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
313
|
|
2,004
|
|
(63,981)
|
|
(5,834)
|
|
(37,178)
|
|
10,747
|
Less: Net loss
attributable to
non-controlling interest
|
(157)
|
|
(998)
|
|
(1,269)
|
|
(28)
|
|
(177)
|
|
(229)
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
ATTRIBUTABLE TO
ORDINARY
SHAREHOLDERS
|
470
|
|
3,002
|
|
(62,712)
|
|
(5,806)
|
|
(37,001)
|
|
10,976
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
313
|
|
2,004
|
|
(63,981)
|
|
(5,834)
|
|
(37,178)
|
|
10,747
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE
INCOME (LOSS), NET
OF TAX
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation
adjustments
|
(112)
|
|
(711)
|
|
6,234
|
|
(69)
|
|
(440)
|
|
(4,497)
|
Unrealized gains on
short term
investments
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
holding gains
arising during period
|
237
|
|
1,513
|
|
2,458
|
|
18
|
|
116
|
|
940
|
Less:
reclassification
adjustment for gains
included in net income
|
253
|
|
1,612
|
|
2,932
|
|
9
|
|
56
|
|
771
|
Other comprehensive
(loss)
income
|
(128)
|
|
(810)
|
|
5,760
|
|
(60)
|
|
(380)
|
|
(4,328)
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMPREHENSIVE
INCOME (LOSS)
|
185
|
|
1,194
|
|
(58,221)
|
|
(5,894)
|
|
(37,558)
|
|
6,419
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share –
basic and diluted
|
0.01
|
|
0.06
|
|
(1.41)
|
|
(0.12)
|
|
(0.79)
|
|
0.23
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
used
in calculating basic and
diluted net income (loss)
per share
|
46,654,853
|
|
46,654,853
|
|
44,372,326
|
|
46,673,494
|
|
46,673,494
|
|
46,721,812
|
AMBOW EDUCATION
HOLDING LTD.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
(All amounts in
thousands, except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to
Ambow Education Holding Ltd.'s Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
Class A
Ordinary
|
|
Class C
Ordinary
|
|
Additional
|
|
|
|
|
|
other
|
|
Non-
|
|
|
|
|
|
shares
|
|
shares
|
|
paid-in
|
|
Statutory
|
|
Accumulated
|
|
comprehensive
|
|
controlling
|
|
Total
|
|
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
capital
|
|
reserves
|
|
deficit
|
|
income
|
|
interest
|
|
Equity
|
|
|
|
|
|
RMB
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
Balance as of
January 1, 2021
|
|
41,923,276
|
|
794
|
|
4,708,415
|
|
90
|
|
3,545,073
|
|
4,210
|
|
(3,419,146)
|
|
12,101
|
|
(1,968)
|
|
141,154
|
|
Share-based
compensation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
219
|
|
-
|
|
-
|
|
-
|
|
-
|
|
219
|
|
Issuance of ordinary
shares for restricted
stock award
|
|
12,500
|
|
0
|
|
-
|
|
-
|
|
(0)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Foreign currency
translation adjustment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
115
|
|
-
|
|
115
|
|
Unrealized gain on
investment, net of
income taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
38
|
|
-
|
|
38
|
|
Net loss
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(14,329)
|
|
-
|
|
(242)
|
|
(14,571)
|
|
Balance as of
March 31, 2021
|
|
41,935,776
|
|
794
|
|
4,708,415
|
|
90
|
|
3,545,292
|
|
4,210
|
|
(3,433,475)
|
|
12,254
|
|
(2,210)
|
|
126,955
|
|
Share-based
compensation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
220
|
|
-
|
|
-
|
|
-
|
|
-
|
|
220
|
|
Issuance of ordinary
shares for restricted
stock award
|
|
12,500
|
|
0
|
|
-
|
|
-
|
|
(0)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Foreign currency
translation adjustment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(532)
|
|
-
|
|
(532)
|
|
Unrealized gain on
investment, net of
income taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
185
|
|
-
|
|
185
|
|
Net
income/(loss)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
22,440
|
|
-
|
|
(277)
|
|
22,163
|
|
Balance as of
June 30, 2021
|
|
41,948,276
|
|
794
|
|
4,708,415
|
|
90
|
|
3,545,512
|
|
4,210
|
|
(3,411,035)
|
|
11,907
|
|
(2,487)
|
|
148,991
|
|
Share-based
compensation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
224
|
|
-
|
|
-
|
|
-
|
|
-
|
|
224
|
|
Issuance of ordinary
shares for restricted
stock award
|
|
12,500
|
|
1
|
|
-
|
|
-
|
|
(1)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Foreign currency
translation adjustment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
146
|
|
-
|
|
146
|
|
Unrealized gain on
investment, net of
income taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(382)
|
|
-
|
|
(382)
|
|
Capital injection from
minority
shareholders
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
100
|
|
100
|
|
Deregistration of
subsidiaries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(373)
|
|
373
|
|
-
|
|
3,351
|
|
3,351
|
|
Net
income/(loss)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
31,892
|
|
-
|
|
(302)
|
|
31,590
|
|
Balance as of
September 30, 2021
|
|
41,960,776
|
|
795
|
|
4,708,415
|
|
90
|
|
3,545,735
|
|
3,837
|
|
(3,378,770)
|
|
11,671
|
|
662
|
|
184,020
|
|
Share-based
compensation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
220
|
|
-
|
|
-
|
|
-
|
|
-
|
|
220
|
|
Issuance of ordinary
shares for restricted
stock award
|
|
12,500
|
|
0
|
|
-
|
|
-
|
|
(0)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Foreign currency
translation adjustment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(440)
|
|
-
|
|
(440)
|
|
Unrealized gain on
investment, net of
income taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
60
|
|
-
|
|
60
|
|
Net loss
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(37,001)
|
|
-
|
|
(177)
|
|
(37,178)
|
|
Balance as of
December 31, 2021
|
|
41,973,276
|
|
795
|
|
4,708,415
|
|
90
|
|
3,545,955
|
|
3,837
|
|
(3,415,771)
|
|
11,291
|
|
485
|
|
146,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to
Ambow Education Holding Ltd.'s Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
Class A
Ordinary
|
|
Class C
Ordinary
|
|
Additional
|
|
|
|
|
|
other
|
|
Non-
|
|
|
|
|
|
shares
|
|
shares
|
|
paid-in
|
|
Statutory
|
|
Accumulated
|
|
comprehensive
|
|
controlling
|
|
Total
|
|
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
capital
|
|
reserves
|
|
deficit
|
|
income
|
|
interest
|
|
Equity
|
|
|
|
|
|
RMB
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
Balance as of
January 1, 2020
|
|
38,858,199
|
|
730
|
|
4,708,415
|
|
90
|
|
3,508,745
|
|
20,185
|
|
(3,371,815)
|
|
6,341
|
|
(680)
|
|
163,596
|
|
Share-based
compensation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
238
|
|
-
|
|
-
|
|
-
|
|
-
|
|
238
|
|
Issuance of ordinary
shares for restricted
stock award
|
|
12,500
|
|
0
|
|
-
|
|
-
|
|
(0)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Foreign currency
translation adjustment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
433
|
|
-
|
|
433
|
|
Unrealized gain on
investment, net of
income taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
154
|
|
-
|
|
154
|
|
Impact on adoption of
ASC 326
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(594)
|
|
-
|
|
-
|
|
(594)
|
|
Net
income/(loss)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,039
|
|
-
|
|
(412)
|
|
5,627
|
|
Balance as of
March 31, 2020
|
|
38,870,699
|
|
730
|
|
4,708,415
|
|
90
|
|
3,508,983
|
|
20,185
|
|
(3,366,370)
|
|
6,928
|
|
(1,092)
|
|
169,454
|
|
Share-based
compensation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
242
|
|
-
|
|
-
|
|
-
|
|
-
|
|
242
|
|
Issuance of ordinary
shares for restricted
stock award
|
|
12,500
|
|
1
|
|
-
|
|
-
|
|
(1)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Foreign currency
translation adjustment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7,895
|
|
-
|
|
7,895
|
|
Unrealized gain on
investment, net of
income taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
118
|
|
-
|
|
118
|
|
Deregistration of
subsidiaries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(15,473)
|
|
15,473
|
|
-
|
|
-
|
|
-
|
|
Net
income/(loss)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,807
|
|
-
|
|
(296)
|
|
4,511
|
|
Balance as of
June 30, 2020
|
|
38,883,199
|
|
731
|
|
4,708,415
|
|
90
|
|
3,509,224
|
|
4,712
|
|
(3,346,090)
|
|
14,941
|
|
(1,388)
|
|
182,220
|
|
Share-based
compensation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
239
|
|
-
|
|
-
|
|
-
|
|
-
|
|
239
|
|
Issuance of ordinary
shares for restricted
stock award
|
|
12,501
|
|
0
|
|
-
|
|
-
|
|
(0)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Foreign currency
translation adjustment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,403
|
|
-
|
|
2,403
|
|
Unrealized gain on
investment, net of
income taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(915)
|
|
-
|
|
(915)
|
|
Deregistration of
subsidiaries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(16)
|
|
(16)
|
|
Disposal of
subsidiaries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(133)
|
|
(502)
|
|
502
|
|
-
|
|
-
|
|
(133)
|
|
Net loss
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(84,534)
|
|
-
|
|
(332)
|
|
(84,866)
|
|
Balance as of
September 30, 2020
|
|
38,895,700
|
|
731
|
|
4,708,415
|
|
90
|
|
3,509,330
|
|
4,210
|
|
(3,430,122)
|
|
16,429
|
|
(1,736)
|
|
98,932
|
|
Share-based
compensation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
228
|
|
-
|
|
-
|
|
-
|
|
-
|
|
228
|
|
Issuance of ordinary
shares for restricted
stock award
|
|
12,500
|
|
0
|
|
-
|
|
-
|
|
(0)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Issuance of ordinary
shares in a
registered direct offering
|
|
3,015,076
|
|
63
|
|
-
|
|
-
|
|
35,515
|
|
-
|
|
-
|
|
-
|
|
-
|
|
35,578
|
|
Foreign currency
translation adjustment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(4,497)
|
|
-
|
|
(4,497)
|
|
Unrealized gain on
investment, net of
income taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
169
|
|
-
|
|
169
|
|
Deregistration of
subsidiaries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3)
|
|
(3)
|
|
Net
income/(loss)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
10,976
|
|
-
|
|
(229)
|
|
10,747
|
|
Balance as of
December 31, 2020
|
|
41,923,276
|
|
794
|
|
4,708,415
|
|
90
|
|
3,545,073
|
|
4,210
|
|
(3,419,146)
|
|
12,101
|
|
(1,968)
|
|
141,154
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discussion of
Segment Operations
(All amounts in
thousands)
|
|
|
For the nine months
ended September 30,
|
|
For the three months
ended September 30,
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
K-12 Schools
|
32,424
|
|
208,922
|
|
185,766
|
|
5,164
|
|
33,272
|
|
58,966
|
CP&CE
Programs
|
26,244
|
|
169,098
|
|
172,684
|
|
6,656
|
|
42,892
|
|
53,742
|
Total net
revenues
|
58,668
|
|
378,020
|
|
358,450
|
|
11,820
|
|
76,164
|
|
112,708
|
COST OF
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
K-12 Schools
|
(20,692)
|
|
(133,330)
|
|
(119,972)
|
|
(5,501)
|
|
(35,444)
|
|
(45,430)
|
CP&CE
Programs
|
(18,828)
|
|
(121,312)
|
|
(160,051)
|
|
(5,881)
|
|
(37,893)
|
|
(60,811)
|
Total cost of
revenues
|
(39,520)
|
|
(254,642)
|
|
(280,023)
|
|
(11,382)
|
|
(73,337)
|
|
(106,241)
|
GROSS
PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
K-12 Schools
|
11,732
|
|
75,592
|
|
65,794
|
|
(337)
|
|
(2,172)
|
|
13,536
|
CP&CE
Programs
|
7,416
|
|
47,786
|
|
12,633
|
|
775
|
|
4,999
|
|
(7,069)
|
Total gross
profit
|
19,148
|
|
123,378
|
|
78,427
|
|
438
|
|
2,827
|
|
6,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the years ended
December 31,
|
|
For the three months
ended December 31,
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
K-12 Schools
|
42,426
|
|
270,362
|
|
291,539
|
|
9,642
|
|
61,440
|
|
105,773
|
CP&CE
Programs
|
35,545
|
|
226,515
|
|
240,441
|
|
9,010
|
|
57,417
|
|
67,757
|
Total net
revenues
|
77,971
|
|
496,877
|
|
531,980
|
|
18,652
|
|
118,857
|
|
173,530
|
COST OF
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
K-12 Schools
|
(27,067)
|
|
(172,489)
|
|
(188,628)
|
|
(6,145)
|
|
(39,159)
|
|
(68,656)
|
CP&CE
Programs
|
(26,218)
|
|
(167,069)
|
|
(198,862)
|
|
(7,181)
|
|
(45,757)
|
|
(38,811)
|
Total cost of
revenues
|
(53,285)
|
|
(339,558)
|
|
(387,490)
|
|
(13,326)
|
|
(84,916)
|
|
(107,467)
|
GROSS
PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
K-12 Schools
|
15,359
|
|
97,873
|
|
102,911
|
|
3,497
|
|
22,281
|
|
37,117
|
CP&CE
Programs
|
9,327
|
|
59,446
|
|
41,579
|
|
1,829
|
|
11,660
|
|
28,946
|
Total gross
profit
|
24,686
|
|
157,319
|
|
144,490
|
|
5,326
|
|
33,941
|
|
66,063
|
|
|
|
|
|
|
|
|
|
|
|
|
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content:https://www.prnewswire.com/news-releases/ambow-education-announces-second-half-and-full-year-2021-financial-results-301537764.html
SOURCE Ambow Education Holding Ltd.