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ElaineW57

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- ElaineW57ElaineW57
  ·2023-04-06
  So hard to get the disney viucher
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- ElaineW57ElaineW57
  ·2021-06-05
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- ElaineW57ElaineW57
  ·2021-05-21
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- ElaineW57ElaineW57
  ·2021-05-21
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  How does head education open a breakthrough for growth?
  在聚光灯下，我国在线教育2020年以来红得发紫，来自各方的资本源源不断涌入在线教育市场，希望能分享教育数字化转型风口下的市场大蛋糕。疫情之下，教育领域是获得融资最多的行业之一，而在线教育则是资本争相入局的“吸金王”。据艾瑞咨询统计，2020年教育行业累计融资1164亿元，其中在线教育融资金额1034亿元，占比高达89%。享受资本青睐的企业也包括了近日计划于纽交所挂牌上市的掌门教育。5月19
  How does head education open a breakthrough for growth?
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- ElaineW57ElaineW57
  ·2021-05-21
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10:58","market":"us","language":"zh","title":"How does head education open a breakthrough for growth?","url":"https://stock-news.laohu8.com/highlight/detail?id=2137972320","media":"财华社","summary":"在聚光灯下，我国在线教育2020年以来红得发紫，来自各方的资本源源不断涌入在线教育市场，希望能分享教育数字化转型风口下的市场大蛋糕。疫情之下，教育领域是获得融资最多的行业之一，而在线教育则是资本争相入局的“吸金王”。据艾瑞咨询统计，2020年教育行业累计融资1164亿元，其中在线教育融资金额1034亿元，占比高达89%。享受资本青睐的企业也包括了近日计划于纽交所挂牌上市的掌门教育。5月19","content":"<p>Under the spotlight, China's online education has become popular since 2020, and capital from all sides has been pouring into the online education market, hoping to share the big market cake under the digital transformation of education.</p><p>Under the epidemic situation, the education field is one of the industries with the most financing, and online education is the \"gold-absorbing king\" where capital is competing to enter the market. According to statistics from iResearch, in 2020, the education industry raised a total of 116.4 billion yuan, of which online education financing amounted to 103.4 billion yuan, accounting for 89%.</p><p>Enterprises enjoying the favor of capital also include those that plan to list on the New York Stock Exchange recently<a href=\"https://laohu8.com/S/ZME\">Head Education</a>。 On May 19, Zhangmen Education submitted an IPO application to the US Securities and Exchange Commission, planning to land on the New York Stock Exchange with the stock code \"ZME\".</p><p>For capital, online education is still a bottomless pit to absorb capital, especially in the field of one-on-one online after-school tutoring. High marketing expenses and teachers' salaries have led to many related platforms' hungry demand for funds, and so is Zhangmen Education.</p><p><h3><b>Scarce players in the one-on-one tutoring track</b></h3>In 2014, with the rapid development of Internet technology, zhang yi, the founder of Zhangmen Education and only 25 years old, chose to start a business. Among the three entrepreneurial projects of online Q&A, O2O and online one-to-one, he thought that the business models of the former two were not good, so he chose the online one-to-one model.</p><p>The online education mode has three modes: large class, small class and one-on-one. Zhang Yi is more interested in the more challenging and difficult one-on-one mode. The goal is to develop Zhangmen Education into a one-on-one after-school customized tutoring service provider covering all K-12 core disciplines.</p><p>One-to-one mode refers to a teacher tutoring a student, which has the advantages of high personalization, customization and good teaching effect, but the disadvantage is that it needs a large number of teachers and the salary cost of teachers is high.</p><p>The large-class model is the mainstream business model in the field of online education at present. This model is a large-class teaching with lecturers and tutors, and it is considered as the most economical business model of scale. The disadvantages of the large class model are also obvious. The problem of homogeneity is serious. Participants need low-cost classes to attract traffic, and they need huge capital marketing to attract traffic.</p><p>The small class mode is between large class and one-to-one, which balances scale and effect.</p><p>When Zhangmen Education was founded, the one-to-one online education model was still in a blank period in China. At that time, other companies that adopted the one-to-one model included VIPKID,<a href=\"https://laohu8.com/S/COE\">51 Talk</a>(COE), etc., but the latter two take the online one-to-one English teaching mode. Until now, there are not many companies whose main business is one-on-one tutoring in the K12 field. Yuanfudao, Zuoyebang,<a href=\"https://laohu8.com/S/TAL\">TAL</a>(TAL),<a href=\"https://laohu8.com/S/GSX\">Who to learn from</a>Although online education platforms such as (GOTU) are involved in the one-to-one model, the main source of revenue is still the large class or small class model.</p><p>Therefore, there are very scarce players in the segmented track where Zhangmen Education is located. Except for Zhangmen Education, there are not many well-known platforms. The companies that can benchmark Zhangmen Education are listed on the US stock market<a href=\"https://laohu8.com/S/ONE\">Elite education</a>(ONE), so the entire subdivision track does not have as many participants as the large class mode and the small class mode. As a scarce player on the track, Zhangmen Education, which has received investment from many institutions and individuals, has made many online education companies \"jealous\".</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/a92610b9-c3a8-40ac-8cb8-3b81edd01656.png\" tg-width=\"554\" tg-height=\"227\" referrerpolicy=\"no-referrer\"></p><p>According to the company's official website, Zhangmen Education has received a total of 8 rounds of financing since its establishment, with a cumulative financing amount of several billion yuan. In September 2020, it completed the F round of more than 400 million US dollars from Softbank Vision Fund Yuansheng Capital, CMC Capital and other institutions. financing. At present, the largest shareholder of Zhangmen Education is Yuansheng Capital, holding 15.8% of the shares; Zhang Yi holds 14.1% of the shares and is the second largest shareholder; Warburg Pincus is the third largest shareholder, holding 10.5%.</p><p>However, compared with leading online education companies such as Yuanfudao and Zuoyebang, the cumulative amount of financing obtained by Zhangmen Education is not high. Yuanfudao and Zuoyebang have received more than US $3.5 billion and US $2.35 billion in financing so far, respectively. The cumulative financing amount of the two platforms accounts for more than 70% of the total financing amount of the industry in 2020; Spark Thinking, an online small class platform currently planning to go public, announced in January this year that it had received more than US $400 million in Series E financing.</p><p>The industry has received a large amount of capital injection, which is proof that the market is ushering in fierce competition. Zhangmen Education takes the lead position in the field of online K-12 one-on-one after-school tutoring services, with a market share of 31.9%, while Elite Education has a market share of less than 10%. However, the one-to-one model does not lead the way for Zhangmen Education. In the process of crossing the river by feeling the stones, opportunities and risks coexist.</p><p><h3><b>Source of profit problem: marketing expenses and teacher costs</b></h3>As mentioned above, K12 online one-on-one tutoring certainly has many competitive advantages, but customer acquisition costs and teaching costs are the \"tightening spells\" to achieve stable profitability in this field. Especially in the fierce competitive environment, in order to reduce the cost of customer acquisition and teaching, there is a risk that the market share will be seized by other participants.</p><p>Judging from the performance of listed online one-on-one counseling companies, no company can achieve stable profits at present. Among them, Elite Education, the benchmark company of Zhangmen Education, also ended its five-year profit trend due to excessive competition and consumption in the industry, and recorded losses in 2020 and the first quarter of 2021.</p><p>From the first quarter of this year, 51Talk has achieved profitability for five consecutive quarters, but the trend of substantial increase in marketing expenses is difficult to solve for a while, resulting in the strange phenomenon of the company increasing revenue but not increasing profits. In the first quarter of this year, the revenue increased by 23.3%, while the net profit dropped sharply by more than 80%.</p><p>This makes people question: Is 51Talk just a false prosperity? It is actually very contradictory to make money in the online one-on-one tutoring market?</p><p>From the perspective of operating data and operating performance, Zhangmen Education, like 51Talk, has not been able to get out of the quagmire of difficult profitability. According to the prospectus, from 2019 to 2020, the net income of Zhangmen Education will be 2.669 billion yuan (RMB, the same below) and 4.018 billion yuan respectively, and the growth rate in 2020 will be very impressive; The net losses were 1.504 billion yuan and 1.012 billion yuan respectively. The losses decreased, but they still faced the dilemma of huge losses. In the first quarter of 2021, with revenue increasing by 20%, the net loss of Zhangmen Education soared 243 times year-on-year to 497 million yuan.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/588b2db6-a641-46db-8ef2-8fb0616eb4a6.png\" tg-width=\"554\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>It is difficult for Zhangmen Education to achieve profitability mainly because of the huge support on the cost side. In terms of marketing expenses, in order to obtain more paying users, Zhangmen Education spends a lot of money.</p><p>According to the prospectus, in 2019 and 2020, the marketing expenses of Zhangmen's education will be as high as 2.172 billion yuan and 2.578 billion yuan respectively, accounting for 81.38% and 64.14% of revenue respectively, far exceeding the proportion of other online one-on-one counseling listed companies.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/aa2c7d27-f95a-40f5-8aa9-5f41e169589d.png\" tg-width=\"554\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p>Huge marketing expenses have also caused the number of paid students of Zhangmen Education to soar. The number of paid students enrolled in online one-on-one after-school and extracurricular tutoring has increased from 380,500 in 2019 to 544,800 in 2020, an increase of 43.2%. In the first quarter of 2021, there were 87,800 students, an increase of 52.2%.</p><p>Since 2020, the proportion of marketing expenses in revenue of Zhangmen Education has declined significantly. The explanation in the prospectus is that \"with the rapid expansion of our service scale, we have greatly improved sales and marketing efficiency.\"</p><p>In fact, it is an industry trend to continue to increase marketing expenses. The future optimization space mainly depends on the decrease with the easing of market competition and the establishment of company brands. In today's transitional marketing in the online education market, if Zhangmen Education wants to reduce marketing expenses, it will directly affect the growth rate of the number of payers and revenue.<b>Because under the current background of over-marketing in the industry, online education companies that do not burn money will be submerged in the Red Sea.</b></p><p>Teacher salary is also the main component of the head's education income cost. At the end of March 2021, the company had more than 45,000 teachers, including about 20,000 part-time teachers. The number is very large, resulting in the company's expenditure on teacher salary almost reaching the level of marketing expenses. From 2019 to 2020, the teacher salary expenses of Zhangmen Education were 1.545 billion yuan and 2.081 billion yuan respectively, accounting for 57.89% and 51.79% of revenue respectively. From this trend, Zhangmen Education also intends to reduce the cost of teachers' fees.</p><p>In order to ensure the quality of teaching, online education enterprises must have good teachers and a high teacher retention rate. In order to achieve this goal, the teacher recruitment of Zhangmen Education is strict. In 2020, only 3.8% of the candidates were accepted.</p><p>Although Zhangmen Education intends to optimize teachers' salary expenses to enhance profit levels, teachers' salary expenses have been increasing since 2019. The increase in teachers' basic salary and the increase in teachers' class hours are the main reasons. In order to maintain the teaching quality, there is a contradiction in reducing the cost of teachers in head education.</p><p><b>Therefore, in order to maintain market share and achieve scale growth in the future, the marketing expenses and teacher costs of Zhangmen Education are very limited, and it is difficult to work hard from the cost side to achieve profitability.</b></p><p>In order to weaken the impact of uncertainty caused by a single revenue structure, Zhangmen Education has been involved in the small-class teaching business since the third quarter of 2020, with a maximum of 25 students in small-class courses. By copying the one-to-one service model to small class business, Zhangmen Education has achieved good performance. In the first quarter of 2021, the number of paid students enrolled in the company's small-class courses reached 294,400, a substantial increase of 2.3 times compared with the third quarter of 2020, bringing the company revenue of 105 million yuan.</p><p>Over the years of running-in, domestic offline education and training institutions tend to balance standardization and personalization, and eventually the offline small class situation may become the mainstream. The key to expanding the profit scale of online small classes is to expand the class capacity without affecting the teaching effect. The small class business is expected to become the second growth curve of Zhangmen Education in the future.</p><p><h3><b>After all, we have to return to education itself</b></h3>The fierce competition in the industry brings not only the disappearance of user dividends, but also a zero-sum game. Whether it is a money-burning price war or a competition for user share, many enterprises will collapse one after another.</p><p>Therefore, regardless of excessive competition, online education companies must be light if they want to scale up, and the only possibility is to make them more<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Only when it becomes lighter can it be replicated, and it can be better scaled up in the future.</p><p>Zhangmen Education, which intends to reduce marketing expenses, is also looking for this kind of breakthrough. Its founder Zhang Yi once publicly stated: \"Investing funds in the marketing side is called burning money, and investing funds in the back-end is called barriers, and Zhangmen should spare no effort to promote the latter and put funds into back-end modules that are highly related to service quality, such as teaching and research, teaching, and technology.\"</p><p>In addition to the above-mentioned decline in the proportion of \"two fees\" that affect profits, from the perspective of financial data and operating data, Zhangmen Education has also been trying to return to education itself in recent years and seek better competitiveness in terms of products and services.</p><p>In 2020, the company invested a total of 318 million yuan in research and development expenses, accounting for 7.9%, which is at the same level as companies such as 51Talk. The company's technical and product development personnel have increased from 789 in 2019 to 1,029 in 2020. In terms of teaching and research, Zhangmen Education has established a teaching and research team of more than 10,000 people. In recent years, it has launched more than 100 applications and independently developed 2000w + intelligent question bank, 2500w + intelligent courseware, 2800w + intelligent homework.</p><p>Judging from the contribution of R&D investment to user retention rate, Zhangmen Education has achieved good results. In 2020, the company's one-on-one student retention rate exceeded 80%, and more than 50% of the revenue from the number of first-time paying students came from the introduction of old customers. This achievement is also the driving force behind the company's rising number of paying students.</p><p>However, the one-to-one model requires the support of a large number of teachers, and the cost cannot be effectively diluted in the process of scale. To a large extent, the improvement of profit level can only be achieved by increasing course prices. However, the increase in the unit price of courses of Zhangmen Education is relatively limited. In 2020 and the first quarter of 2021, the average course fee of Zhangmen Education's one-to-one business increased by 3.6% and 1.3% year-on-year respectively, a relatively low increase rate. In the fierce competitive environment, increasing the course price will lead to the decline of user retention rate and also affect the turnover rate of teaching staff.</p><p>\"Burning money\" can't burn the future, and the scale effect of the one-to-one model is limited. Perhaps only by returning to the essence of education can head education go further. In the future, building a brand reputation based on teaching and research system, teaching products, and teacher quality will be the key to improving the competitiveness of online educational institutions. It is expected that Zhangmen Education will find a better future in this change.</p>","source":"finet_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How does head education open a breakthrough for growth?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow does head education open a breakthrough for growth?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">财华社</strong><span class=\"h-time small\">2021-05-21 10:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Under the spotlight, China's online education has become popular since 2020, and capital from all sides has been pouring into the online education market, hoping to share the big market cake under the digital transformation of education.</p><p>Under the epidemic situation, the education field is one of the industries with the most financing, and online education is the \"gold-absorbing king\" where capital is competing to enter the market. According to statistics from iResearch, in 2020, the education industry raised a total of 116.4 billion yuan, of which online education financing amounted to 103.4 billion yuan, accounting for 89%.</p><p>Enterprises enjoying the favor of capital also include those that plan to list on the New York Stock Exchange recently<a href=\"https://laohu8.com/S/ZME\">Head Education</a>。 On May 19, Zhangmen Education submitted an IPO application to the US Securities and Exchange Commission, planning to land on the New York Stock Exchange with the stock code \"ZME\".</p><p>For capital, online education is still a bottomless pit to absorb capital, especially in the field of one-on-one online after-school tutoring. High marketing expenses and teachers' salaries have led to many related platforms' hungry demand for funds, and so is Zhangmen Education.</p><p><h3><b>Scarce players in the one-on-one tutoring track</b></h3>In 2014, with the rapid development of Internet technology, zhang yi, the founder of Zhangmen Education and only 25 years old, chose to start a business. Among the three entrepreneurial projects of online Q&A, O2O and online one-to-one, he thought that the business models of the former two were not good, so he chose the online one-to-one model.</p><p>The online education mode has three modes: large class, small class and one-on-one. Zhang Yi is more interested in the more challenging and difficult one-on-one mode. The goal is to develop Zhangmen Education into a one-on-one after-school customized tutoring service provider covering all K-12 core disciplines.</p><p>One-to-one mode refers to a teacher tutoring a student, which has the advantages of high personalization, customization and good teaching effect, but the disadvantage is that it needs a large number of teachers and the salary cost of teachers is high.</p><p>The large-class model is the mainstream business model in the field of online education at present. This model is a large-class teaching with lecturers and tutors, and it is considered as the most economical business model of scale. The disadvantages of the large class model are also obvious. The problem of homogeneity is serious. Participants need low-cost classes to attract traffic, and they need huge capital marketing to attract traffic.</p><p>The small class mode is between large class and one-to-one, which balances scale and effect.</p><p>When Zhangmen Education was founded, the one-to-one online education model was still in a blank period in China. At that time, other companies that adopted the one-to-one model included VIPKID,<a href=\"https://laohu8.com/S/COE\">51 Talk</a>(COE), etc., but the latter two take the online one-to-one English teaching mode. Until now, there are not many companies whose main business is one-on-one tutoring in the K12 field. Yuanfudao, Zuoyebang,<a href=\"https://laohu8.com/S/TAL\">TAL</a>(TAL),<a href=\"https://laohu8.com/S/GSX\">Who to learn from</a>Although online education platforms such as (GOTU) are involved in the one-to-one model, the main source of revenue is still the large class or small class model.</p><p>Therefore, there are very scarce players in the segmented track where Zhangmen Education is located. Except for Zhangmen Education, there are not many well-known platforms. The companies that can benchmark Zhangmen Education are listed on the US stock market<a href=\"https://laohu8.com/S/ONE\">Elite education</a>(ONE), so the entire subdivision track does not have as many participants as the large class mode and the small class mode. As a scarce player on the track, Zhangmen Education, which has received investment from many institutions and individuals, has made many online education companies \"jealous\".</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/a92610b9-c3a8-40ac-8cb8-3b81edd01656.png\" tg-width=\"554\" tg-height=\"227\" referrerpolicy=\"no-referrer\"></p><p>According to the company's official website, Zhangmen Education has received a total of 8 rounds of financing since its establishment, with a cumulative financing amount of several billion yuan. In September 2020, it completed the F round of more than 400 million US dollars from Softbank Vision Fund Yuansheng Capital, CMC Capital and other institutions. financing. At present, the largest shareholder of Zhangmen Education is Yuansheng Capital, holding 15.8% of the shares; Zhang Yi holds 14.1% of the shares and is the second largest shareholder; Warburg Pincus is the third largest shareholder, holding 10.5%.</p><p>However, compared with leading online education companies such as Yuanfudao and Zuoyebang, the cumulative amount of financing obtained by Zhangmen Education is not high. Yuanfudao and Zuoyebang have received more than US $3.5 billion and US $2.35 billion in financing so far, respectively. The cumulative financing amount of the two platforms accounts for more than 70% of the total financing amount of the industry in 2020; Spark Thinking, an online small class platform currently planning to go public, announced in January this year that it had received more than US $400 million in Series E financing.</p><p>The industry has received a large amount of capital injection, which is proof that the market is ushering in fierce competition. Zhangmen Education takes the lead position in the field of online K-12 one-on-one after-school tutoring services, with a market share of 31.9%, while Elite Education has a market share of less than 10%. However, the one-to-one model does not lead the way for Zhangmen Education. In the process of crossing the river by feeling the stones, opportunities and risks coexist.</p><p><h3><b>Source of profit problem: marketing expenses and teacher costs</b></h3>As mentioned above, K12 online one-on-one tutoring certainly has many competitive advantages, but customer acquisition costs and teaching costs are the \"tightening spells\" to achieve stable profitability in this field. Especially in the fierce competitive environment, in order to reduce the cost of customer acquisition and teaching, there is a risk that the market share will be seized by other participants.</p><p>Judging from the performance of listed online one-on-one counseling companies, no company can achieve stable profits at present. Among them, Elite Education, the benchmark company of Zhangmen Education, also ended its five-year profit trend due to excessive competition and consumption in the industry, and recorded losses in 2020 and the first quarter of 2021.</p><p>From the first quarter of this year, 51Talk has achieved profitability for five consecutive quarters, but the trend of substantial increase in marketing expenses is difficult to solve for a while, resulting in the strange phenomenon of the company increasing revenue but not increasing profits. In the first quarter of this year, the revenue increased by 23.3%, while the net profit dropped sharply by more than 80%.</p><p>This makes people question: Is 51Talk just a false prosperity? It is actually very contradictory to make money in the online one-on-one tutoring market?</p><p>From the perspective of operating data and operating performance, Zhangmen Education, like 51Talk, has not been able to get out of the quagmire of difficult profitability. According to the prospectus, from 2019 to 2020, the net income of Zhangmen Education will be 2.669 billion yuan (RMB, the same below) and 4.018 billion yuan respectively, and the growth rate in 2020 will be very impressive; The net losses were 1.504 billion yuan and 1.012 billion yuan respectively. The losses decreased, but they still faced the dilemma of huge losses. In the first quarter of 2021, with revenue increasing by 20%, the net loss of Zhangmen Education soared 243 times year-on-year to 497 million yuan.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/588b2db6-a641-46db-8ef2-8fb0616eb4a6.png\" tg-width=\"554\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>It is difficult for Zhangmen Education to achieve profitability mainly because of the huge support on the cost side. In terms of marketing expenses, in order to obtain more paying users, Zhangmen Education spends a lot of money.</p><p>According to the prospectus, in 2019 and 2020, the marketing expenses of Zhangmen's education will be as high as 2.172 billion yuan and 2.578 billion yuan respectively, accounting for 81.38% and 64.14% of revenue respectively, far exceeding the proportion of other online one-on-one counseling listed companies.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/aa2c7d27-f95a-40f5-8aa9-5f41e169589d.png\" tg-width=\"554\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p>Huge marketing expenses have also caused the number of paid students of Zhangmen Education to soar. The number of paid students enrolled in online one-on-one after-school and extracurricular tutoring has increased from 380,500 in 2019 to 544,800 in 2020, an increase of 43.2%. In the first quarter of 2021, there were 87,800 students, an increase of 52.2%.</p><p>Since 2020, the proportion of marketing expenses in revenue of Zhangmen Education has declined significantly. The explanation in the prospectus is that \"with the rapid expansion of our service scale, we have greatly improved sales and marketing efficiency.\"</p><p>In fact, it is an industry trend to continue to increase marketing expenses. The future optimization space mainly depends on the decrease with the easing of market competition and the establishment of company brands. In today's transitional marketing in the online education market, if Zhangmen Education wants to reduce marketing expenses, it will directly affect the growth rate of the number of payers and revenue.<b>Because under the current background of over-marketing in the industry, online education companies that do not burn money will be submerged in the Red Sea.</b></p><p>Teacher salary is also the main component of the head's education income cost. At the end of March 2021, the company had more than 45,000 teachers, including about 20,000 part-time teachers. The number is very large, resulting in the company's expenditure on teacher salary almost reaching the level of marketing expenses. From 2019 to 2020, the teacher salary expenses of Zhangmen Education were 1.545 billion yuan and 2.081 billion yuan respectively, accounting for 57.89% and 51.79% of revenue respectively. From this trend, Zhangmen Education also intends to reduce the cost of teachers' fees.</p><p>In order to ensure the quality of teaching, online education enterprises must have good teachers and a high teacher retention rate. In order to achieve this goal, the teacher recruitment of Zhangmen Education is strict. In 2020, only 3.8% of the candidates were accepted.</p><p>Although Zhangmen Education intends to optimize teachers' salary expenses to enhance profit levels, teachers' salary expenses have been increasing since 2019. The increase in teachers' basic salary and the increase in teachers' class hours are the main reasons. In order to maintain the teaching quality, there is a contradiction in reducing the cost of teachers in head education.</p><p><b>Therefore, in order to maintain market share and achieve scale growth in the future, the marketing expenses and teacher costs of Zhangmen Education are very limited, and it is difficult to work hard from the cost side to achieve profitability.</b></p><p>In order to weaken the impact of uncertainty caused by a single revenue structure, Zhangmen Education has been involved in the small-class teaching business since the third quarter of 2020, with a maximum of 25 students in small-class courses. By copying the one-to-one service model to small class business, Zhangmen Education has achieved good performance. In the first quarter of 2021, the number of paid students enrolled in the company's small-class courses reached 294,400, a substantial increase of 2.3 times compared with the third quarter of 2020, bringing the company revenue of 105 million yuan.</p><p>Over the years of running-in, domestic offline education and training institutions tend to balance standardization and personalization, and eventually the offline small class situation may become the mainstream. The key to expanding the profit scale of online small classes is to expand the class capacity without affecting the teaching effect. The small class business is expected to become the second growth curve of Zhangmen Education in the future.</p><p><h3><b>After all, we have to return to education itself</b></h3>The fierce competition in the industry brings not only the disappearance of user dividends, but also a zero-sum game. Whether it is a money-burning price war or a competition for user share, many enterprises will collapse one after another.</p><p>Therefore, regardless of excessive competition, online education companies must be light if they want to scale up, and the only possibility is to make them more<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Only when it becomes lighter can it be replicated, and it can be better scaled up in the future.</p><p>Zhangmen Education, which intends to reduce marketing expenses, is also looking for this kind of breakthrough. Its founder Zhang Yi once publicly stated: \"Investing funds in the marketing side is called burning money, and investing funds in the back-end is called barriers, and Zhangmen should spare no effort to promote the latter and put funds into back-end modules that are highly related to service quality, such as teaching and research, teaching, and technology.\"</p><p>In addition to the above-mentioned decline in the proportion of \"two fees\" that affect profits, from the perspective of financial data and operating data, Zhangmen Education has also been trying to return to education itself in recent years and seek better competitiveness in terms of products and services.</p><p>In 2020, the company invested a total of 318 million yuan in research and development expenses, accounting for 7.9%, which is at the same level as companies such as 51Talk. The company's technical and product development personnel have increased from 789 in 2019 to 1,029 in 2020. In terms of teaching and research, Zhangmen Education has established a teaching and research team of more than 10,000 people. In recent years, it has launched more than 100 applications and independently developed 2000w + intelligent question bank, 2500w + intelligent courseware, 2800w + intelligent homework.</p><p>Judging from the contribution of R&D investment to user retention rate, Zhangmen Education has achieved good results. In 2020, the company's one-on-one student retention rate exceeded 80%, and more than 50% of the revenue from the number of first-time paying students came from the introduction of old customers. This achievement is also the driving force behind the company's rising number of paying students.</p><p>However, the one-to-one model requires the support of a large number of teachers, and the cost cannot be effectively diluted in the process of scale. To a large extent, the improvement of profit level can only be achieved by increasing course prices. However, the increase in the unit price of courses of Zhangmen Education is relatively limited. In 2020 and the first quarter of 2021, the average course fee of Zhangmen Education's one-to-one business increased by 3.6% and 1.3% year-on-year respectively, a relatively low increase rate. In the fierce competitive environment, increasing the course price will lead to the decline of user retention rate and also affect the turnover rate of teaching staff.</p><p>\"Burning money\" can't burn the future, and the scale effect of the one-to-one model is limited. Perhaps only by returning to the essence of education can head education go further. In the future, building a brand reputation based on teaching and research system, teaching products, and teacher quality will be the key to improving the competitiveness of online educational institutions. It is expected that Zhangmen Education will find a better future in this change.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.finet.hk/newscenter/news_content/60a721dc53243c536f411b5b\">财华社</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://images.finet.hk/photoLib/title/202105_1/126b6782-b17f-4edf-a04a-0fa77c41a529.jpg","relate_stocks":{"TTTN":"老虎中美互联网巨头ETF","ZME":"掌门教育","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://www.finet.hk/newscenter/news_content/60a721dc53243c536f411b5b","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137972320","content_text":"在聚光灯下，我国在线教育2020年以来红得发紫，来自各方的资本源源不断涌入在线教育市场，希望能分享教育数字化转型风口下的市场大蛋糕。疫情之下，教育领域是获得融资最多的行业之一，而在线教育则是资本争相入局的“吸金王”。据艾瑞咨询统计，2020年教育行业累计融资1164亿元，其中在线教育融资金额1034亿元，占比高达89%。享受资本青睐的企业也包括了近日计划于纽交所挂牌上市的掌门教育。5月19日，掌门教育向美国证监会递交了IPO申请，计划登陆纽约证券交易所，证券代码“ZME”。对资本来说，在线教育目前仍是吸收资本的无底洞，特别是在一对一在线课后辅导领域，高昂的营销费用和教师薪酬，导致众多相关平台对资金的需求如饥似渴，掌门教育亦是如此。一对一辅导赛道的稀缺玩家在互联网技术快速发展的2014年，掌门教育创始人、年仅25岁的张翼选择了创业，在在线答疑、O2O和在线一对一三个创业项目中，他认为前两者商业模式不好，于是选择了在线一对一模式。而在线教育模式有大班、小班和一对一这三种模式，张翼对更具挑战难度的一对一模式更为感兴趣，目标是将掌门教育发展成涵盖所有K-12核心学科的一对一课后定制辅导服务提供商。一对一模式，指的是一名教师对一名学生进行辅导，具有高度个性化、定制化、教学效果好的优点，但缺点是需要大量的教师，教师薪酬成本高。而大班模式是目前在线教育领域主流的业务模式，该模式是由主讲老师和辅导老师相搭配的大班教学，被认为是最具规模效益的商业模式。大班模式的劣势也很明显，同质化问题严重，参与者们需要低价课引流，且需要巨额资金营销进行导流。小班模式则介于大班和一对一之间，得以平衡规模和效果。在掌门教育成立当年，一对一的在线教育模式在国内还处于空白期，当时走一对一模式的其他企业有VIPKID、51Talk(COE)等，不过后两者走的是在线英语一对一教学模式。直到目前，在K12领域以一对一辅导为主营业务的企业不多，猿辅导、作业帮、好未来(TAL)、跟谁学(GOTU)等在线教育平台虽然都有涉足一对一模式，但主要营收来源还是大班或小班模式。所以，掌门教育所处的细分赛道玩家非常稀缺，除了掌门教育，比较有名的平台不多，可对标掌门教育的企业是在美股上市的精锐教育(ONE)，所以整个细分赛道不如大班模式和小班模式的参与者多。作为赛道上的稀缺玩家，获得众多机构和个人投资的掌门教育让不少在线教育企业“眼红”。根据公司官网，掌门教育成立以来共获得8轮融资，累计融资额度达数十亿元，其中2020年9月完成了由软银愿景基金元生资本、CMC资本等机构超过4亿美元的F轮融资。目前，掌门教育第一大股东为元生资本，持股15.8%；张翼持股14.1%，为第二大股东；华平投资为第三大股东，持有10.5%。不过与猿辅导、作业帮等头部在线教育企业相比，掌门教育累计获得的融资额并不算高。猿辅导、作业帮至今累计获得融资分别超过35亿美元和23.5亿美元，两家平台累计融资额占2020年全年行业总融资额的70%以上；目前正计划上市的在线小班课平台火花思维在今年1月宣布获得超过4亿美元的E轮融资。行业获得大量的资本注入，正是市场迎来白热化竞争格局的证明。掌门教育在在线K-12一对一课后辅导服务领域坐上头把椅的位置，市场份额高达31.9%，精锐教育的市场份额则不到10%。但一对一的模式对掌门教育来说并无先人引路，摸著石头过河的过程中机遇和风险并存。盈利难题来源：营销费用与教师成本上文提到，K12在线一对一辅导固然有不少竞争优势，但获客成本和教学成本是该领域实现稳定盈利的“紧箍咒”。特别是在激烈的竞争环境下，要降低获客成本和教学成本，那市场份额就存在被其他参与者抢占的风险。从已上市的在线一对一辅导企业业绩表现看，目前没有企业能实现稳定盈利。其中掌门教育的对标企业精锐教育在行业过度的竞争消耗下也结束了5年盈利趋势，2020年和2021年一季度录得亏损。51Talk今年从一季度算，已经连续5个季度实现了盈利，但营销费用大幅增长的趋势一时难以解决，导致公司出现了增收不增利的怪象，今年一季度营收大增23.3%的情况下，净利润则大幅下滑超过80%。这不禁让人产生疑问：51Talk只是虚假的繁荣？在线一对一辅导市场要挣钱其实是非常矛盾的？从运营数据和经营业绩看，掌门教育与51Talk一样，也未能走出盈利难的泥潭。根据招股书，2019年-2020年，掌门教育的净收益分别为26.69亿元(人民币，下同)和40.18亿元，2020年增速非常可观；净亏损则分别为15.04亿元和10.12亿元，亏损减少，但仍面临巨亏的困境。2021年一季度，在营收增长20%的情况下，掌门教育净亏损则同比大幅飙升243倍至4.97亿元。掌门教育难以实现盈利主要是因为成本端支持巨大，在营销费用方面，为了获得更多的付费用户，掌门教育出手阔绰。根据招股书，2019年及2020年，掌门教育营销费用分别高达21.72亿元和25.78亿元，占营收比重分别达81.38%及64.14%，远超其他在线一对一辅导上市企业的比重。巨额的营销开支也让掌门教育付费学生人数出现飙升，在线一对一课后课外辅导的付费学生入学人数从2019年的38.05万名增至2020年的54.48万名，增幅为43.2%，2021年一季度则为8.78万名，增幅为52.2%。掌门教育2020年起营销费用占营收比重有较大幅度下滑，在招股书中的解释是“随着我们的服务规模迅速扩大，我们大大提高了销售和营销效率”。而实际上，持续加码营销费用是行业趋势，未来优化空间主要看随着市场竞争缓和和公司品牌的建立而减少，而在在线教育市场过渡营销的今天，掌门教育若要降低营销费用将直接影响到付费人数和营收的增速。因为在当下行业过度营销背景下，不烧钱的在线教育企业，将会被淹没在红海之中。教师薪酬也是掌门教育收入成本的主要组成部分，2021年3月末，公司有超过4.5万教师，包括约2万名兼职教师，数量十分庞大，导致公司在教师薪酬的支出方面差不多达到营销费用的水平。2019年-2020年，掌门教育的教师薪酬费用分别为15.45亿元和20.81亿元，占营收比重分别为57.89%及51.79%。从这个趋势看，掌门教育也有意降低教师费用成本。为保证教学质量，在线教育企业必须要拥有良好的师资和较高的教师留存率，为了达到这个目的，掌门教育的教师招聘严格，2020年招聘中只接收了3.8%的应聘候选人。掌门教育虽然有意优化教师薪酬费用，以增强利润水平，但2019年以来教师薪酬费用却是不断增长的，教师基本薪资上调和教师课时增加是其中的主要原因。为保持教学质量，掌门教育在压缩教师成本方面是存在矛盾的。所以，未来要保持市场份额的同时实现规模的增长，掌门教育的营销费用和教师成本下降空间是十分有限的，要实现盈利很难从成本端下功夫。为减弱单一营收结构带来的不确定性影响，掌门教育从2020年三季度开始涉足小班教学业务，小班课程最多25名学生。通过将一对一服务的模式复制到小班业务，掌门教育取得了良好的表现。在2021年第一季度，公司的小班课程付费学生入学人数达到29.44万名，较2020年三季度大幅增长2.3倍，为公司带来1.05亿元的营收。国内线下教培机构在多年来的磨合中，在标准化和个性化中趋于平衡，最终线下小班形势或会成为主流。在线小班扩大盈利规模的关键是在不影响教学效果的前提下扩大班容，小班课业务未来有望成为掌门教育的第二增长曲线。终究还是要回归教育本身行业激烈竞争带来的不仅是用户红利的消失，也是一场零和博弈，不论是烧钱价格战，还是用户份额争夺，都会造成众多企业纷纷倒塌。所以抛开过度竞争来看，在线教育企业想要规模化必须要做轻，唯一的可能是将其変得更智能，变轻才可以复制，未来才能够更好地规模化。有意缩减营销开支的掌门教育也寻找著这种突破口，其创始人张翼曾公开表示：“资金投入营销端叫做烧钱，资金投入后端叫做壁垒，而掌门应该不遗余力地推进后者，把资金投入到教研、教学、技术等与服务质量高度相关的后端模块中。”除了以上影响利润的“两费”比重下降，从财务数据和经营数据看，掌门教育近年来也在试图回归教育本身，从产品和服务方面寻求更优的竞争力。2020年公司累计投入研发费用3.18亿元，研发费用占比为7.9%，与51Talk等企业处于一个水平。公司的技术和产品开发人员从2019年的789人增至2020年的1029人，在教研教学上，掌门教育组建了超过万人的教研团队，近几年里推出百余项应用，并自主研发2000w+智能题库、2500w+智能课件、2800w+智能作业。从研发投入对用户留存率的贡献来看，掌门教育取得了较好的成绩。2020年，公司一对一的学生留存率超过80%，首次付费学生人数收入中超过50%来自老客户的介绍。这一成绩，也是公司付费学生人数不断攀升的推动力。不过，一对一模式需要大量的教师做支撑，成本无法在规模化的过程中有效摊薄，利润水平的提升在很大程度上只能依靠提高课程价格来实现。而掌门教育的课程单价提升相对有限，在2020年以及2021年一季度，掌门教育一对一业务的课时平均课程费用分别同比增加3.6%和1.3%，增幅较低。在激烈的竞争环境中，提高课程价格会引发用户留存率下降的问题，也影响到教学人员的流失率。“烧钱”烧不出未来，一对一模式规模化效应有限，掌门教育或许只有回归教育本质才能走得更远。在未来，基于教研体系、教学产品、师资质量的品牌口碑打造，才是成为在线教育机构竞争力提升的关键，期望掌门教育在此变革中找到更好的未来。","news_type":1,"symbols_score_info":{"ZME":0.9,"QNETCN":0.9,"TTTN":0.9}},"isVote":1,"tweetType":1,"viewCount":2405,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130552372,"gmtCreate":1621558295596,"gmtModify":1704359556588,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897172775936"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