2022 Q4 Form 20-F Financial Statement

#000121390023034123 Filed on May 01, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue 342.5M cnies $168.4M
YoY Change -14.42% 2.92%
Cost Of Revenue 213.6M cnies $81.64M
YoY Change -14.96% -15.23%
Gross Profit 128.9M cnies $86.74M
YoY Change -13.52% 29.08%
Gross Profit Margin 37.63% 51.52%
Selling, General & Admin 135.0K cnies $18.06M
YoY Change -99.82% 59.8%
% of Gross Profit 0.1% 20.82%
Research & Development 7.625M cnies
YoY Change 1050.08%
% of Gross Profit 5.92%
Depreciation & Amortization 12.07M cnies
YoY Change -30.87%
% of Gross Profit 9.36%
Operating Expenses 55.66M cnies $20.77M
YoY Change -29.52% 205.47%
Operating Profit 73.22M cnies $65.97M
YoY Change 4.53% 9.22%
Interest Expense 9.546M cnies -$785.0K
YoY Change -202.22% -79.87%
% of Operating Profit 13.04% -1.19%
Other Income/Expense, Net 1.069M cnies $2.435M
YoY Change -70.11% 170.56%
Pretax Income 66.11M cnies $67.62M
YoY Change 2.84% 17.6%
Income Tax 20.02M cnies $1.118M
% Of Pretax Income 30.28% 1.65%
Net Earnings 37.33M cnies $56.48M
YoY Change -29.17% 20.42%
Net Earnings / Revenue 10.9% 33.54%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.09 $574.5K
COMMON SHARES
Basic Shares Outstanding 86.84M shares
Diluted Shares Outstanding 88.69M shares

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $144.4M
YoY Change -5.49%
Cash & Equivalents 105.3M cnies 114.2M cnies
Short-Term Investments
Other Short-Term Assets $172.8M
YoY Change 59.08%
Inventory
Prepaid Expenses 1.558M cnies 1.385M cnies
Receivables 87.25M cnies $39.98M
Other Receivables $24.17M
Total Short-Term Assets 476.5M cnies $381.3M
YoY Change 24.96% 2.17%
LONG-TERM ASSETS
Property, Plant & Equipment 128.2M cnies $140.7M
YoY Change -8.89% -1.21%
Goodwill 30.35M cnies 30.35M cnies
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets 47.18M cnies $100.2M
YoY Change -52.9% 261.61%
Total Long-Term Assets 236.0M cnies $439.4M
YoY Change -46.28% 67.12%
TOTAL ASSETS
Total Short-Term Assets 476.5M cnies $381.3M
Total Long-Term Assets 236.0M cnies $439.4M
Total Assets 712.5M cnies $820.7M
YoY Change -13.18% 29.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable 13.81M cnies $3.538M
YoY Change 290.31% -56.32%
Accrued Expenses $110.3M
YoY Change 20.84%
Deferred Revenue 141.6M cnies
YoY Change
Short-Term Debt $43.22M
YoY Change -7.26%
Long-Term Debt Due 20.54M cnies $40.08M
YoY Change -48.75% -37.48%
Total Short-Term Liabilities 450.0M cnies $512.0M
YoY Change -12.11% -22.62%
LONG-TERM LIABILITIES
Long-Term Debt 24.99M cnies $44.18M
YoY Change -43.44% 54.47%
Other Long-Term Liabilities 1.645M cnies $21.51M
YoY Change -92.35% -26.6%
Total Long-Term Liabilities 31.79M cnies $65.68M
YoY Change -51.61% 13.44%
TOTAL LIABILITIES
Total Short-Term Liabilities 450.0M cnies $512.0M
Total Long-Term Liabilities 31.79M cnies $65.68M
Total Liabilities 481.8M cnies $589.7M
YoY Change -18.29% -19.41%
SHAREHOLDERS EQUITY
Retained Earnings -184.3M cnies -207.7M cnies
YoY Change -11.29%
Common Stock 357.7M cnies 389.2M cnies
YoY Change -8.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity 230.2M cnies $231.0M
YoY Change
Total Liabilities & Shareholders Equity 712.5M cnies $820.7M
YoY Change -13.18% 29.02%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income 37.33M cnies $56.48M
YoY Change -29.17% 20.42%
Depreciation, Depletion And Amortization 12.07M cnies
YoY Change -30.87%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures 17.85M cnies
YoY Change -161.53%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid 6.432M cnies
YoY Change -96.14%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -83.32M cnies
YoY Change -167.42%
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities -83.32M cnies
Net Change In Cash 52.91M cnies
YoY Change 21.07%
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures 17.85M cnies
Free Cash Flow
YoY Change

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>1</b></td><td><b>ORGANIZATION AND PRINCIPAL ACTIVITIES</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0.25in">First High-School Education Group Co., Ltd. (the “Company”) was incorporated as an exempted company with limited liability in the Cayman Islands on September 19, 2018. The Company, its subsidiaries and its consolidated variable interest entity and its subsidiaries (“VIEs”) (collectively as the “Group”) are principally engaged in the provision of full spectrum private fundamental education and complementary education services, including middle and high school and tutorial school in the People’s Republic of China (the “PRC”). The Company completed its initial public offering (“IPO”) on the New York Stock Exchange on March 11, 2021. Prior to January 12, 2021, the Company was wholly-owned by Long-Spring Education Group (the “Parent”). Upon completion of the corporate restructuring on January 12, 2021, Long-Spring Education Group ceased to be the parent company of the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0.25in"><span style="font-size: 6pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0.25in">On November 22, 2022, the Company was delisted from the NYSE when the staff of the New York Stock Exchange LLC filed a Form 25 Notification of Delisting. The ADSs have been quoted on the OTC Pink Limited Information initially under the symbol “FHSEY.”</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">As of December 31, 2022, the Company’s subsidiaries and consolidated VIEs are as follows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><b> </b></td><td style="text-align: center"><b> </b></td> <td style="text-align: center"><b> </b></td><td style="text-align: center"><b> </b></td> <td style="text-align: center"><b> </b></td><td style="text-align: center"><b> </b></td> <td colspan="2" style="text-align: center"><b>Equity interest</b></td><td style="text-align: center"><b> </b></td><td style="text-align: center"><b> </b></td> <td style="text-align: center"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><b>Name</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><b>Place of<br/> establishment</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><b>Date of<br/> establishment</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>attributable<br/> to the <br/> Group</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b> </b></td><td style="padding-bottom: 1.5pt; text-align: center"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><b>Principal<br/> activities</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: bottom">Wholly owned subsidiaries</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; text-indent: -0.125in; padding-left: 0.125in; width: 46%; text-align: left">First High-School Education Group (BVI) Limited <br/> (“First High-School BVI”)</td><td style="text-align: center; width: 1%; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center; width: 9%">BVI</td><td style="text-align: center; width: 1%; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center; width: 15%">September 20, 2018</td><td style="text-align: center; width: 1%; vertical-align: top"> </td> <td style="vertical-align: top; width: 1%; text-align: center"> </td><td style="vertical-align: top; width: 9%; text-align: right">100</td><td style="vertical-align: top; width: 1%; text-align: center">%</td><td style="text-align: center; width: 1%; vertical-align: top"> </td> <td style="vertical-align: top; width: 15%; text-align: center">Investment holding</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"> </td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: center"> </td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">First High-School Group Hong Kong Limited<br/> (“First High-School HK”)</td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center">Hong Kong</td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center">September 28, 2016</td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: right">100</td><td style="vertical-align: top; text-align: center">%</td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Investment</p> <p style="margin-top: 0; margin-bottom: 0">holding</p></td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: bottom; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Yunnan Century Long-Spring Education Technology Co., Ltd.<br/> (“Yunnan WFOE”)</td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center">The PRC</td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center">October 31, 2016</td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: right">100</td><td style="vertical-align: top; text-align: center">%</td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center">Management consulting service</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Yunnan Long-Spring Logistics Service Co., Ltd</td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center">The PRC</td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center">September 16, 2015</td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: right">100</td><td style="vertical-align: top; text-align: center">%</td><td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center">Education and management service</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top"><b> </b></td><td><b> </b></td> <td style="vertical-align: top; text-align: center"><b> </b></td><td><b> </b></td> <td style="vertical-align: top; text-align: center"><b> </b></td><td><b> </b></td> <td colspan="2" style="vertical-align: top; text-align: center"><b>Percentage of</b></td><td style="text-align: left; vertical-align: bottom"><b> </b></td><td><b> </b></td> <td style="vertical-align: top; text-align: center"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top"><b> </b></td><td><b> </b></td> <td style="vertical-align: top; text-align: center"><b> </b></td><td><b> </b></td> <td style="vertical-align: top; text-align: center"><b> </b></td><td><b> </b></td> <td colspan="2" style="vertical-align: top; text-align: center"><b>direct and</b></td><td style="text-align: left; vertical-align: bottom"><b> </b></td><td><b> </b></td> <td style="vertical-align: top; text-align: center"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top"><b> </b></td><td><b> </b></td> <td style="vertical-align: top; text-align: center"><b> </b></td><td><b> </b></td> <td style="vertical-align: top; text-align: center"><b> </b></td><td><b> </b></td> <td colspan="2" style="vertical-align: top; text-align: center"><b>indirect</b></td><td style="text-align: left; vertical-align: bottom"><b> </b></td><td><b> </b></td> <td style="vertical-align: top; text-align: center"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top"><b> </b></td><td><b> </b></td> <td style="vertical-align: top; text-align: center"><b>Place of</b></td><td><b> </b></td> <td style="vertical-align: top; text-align: center"><b>Date of</b></td><td><b> </b></td> <td colspan="2" style="vertical-align: top; text-align: center"><b>economic</b></td><td style="text-align: left; vertical-align: bottom"><b> </b></td><td><b> </b></td> <td style="vertical-align: top; text-align: center"><b>Principal</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top"><b>Name</b></td><td style="padding-bottom: 1.5pt"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; vertical-align: top; text-align: center"><b>establishment</b></td><td style="padding-bottom: 1.5pt"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; vertical-align: top; text-align: center"><b>establishment</b></td><td style="padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: top; text-align: center"><b>interest</b></td><td style="text-align: left; padding-bottom: 1.5pt; vertical-align: bottom"><b> </b></td><td style="padding-bottom: 1.5pt"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; vertical-align: top; text-align: center"><b>activities</b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; font-weight: bold; vertical-align: top">VIE:</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center; vertical-align: top"> </td><td style="text-align: right; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; width: 46%; text-align: left">Long-Spring Education Holding Group Limited</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 9%; text-align: center">The PRC</td><td style="width: 1%"> </td> <td style="vertical-align: top; text-align: center; width: 15%">September 20, 2011</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 1%; text-align: center"> </td><td style="vertical-align: top; width: 9%; text-align: right">100</td><td style="vertical-align: top; width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 15%; text-align: center">Investment holding</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; font-weight: bold; text-align: left">Subsidiaries/schools held by the VIE:</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: right"> </td><td style="vertical-align: top; text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Beijing Hualing International Human Resources Co., Ltd</td><td> </td> <td style="vertical-align: top; text-align: center">The PRC</td><td> </td> <td style="vertical-align: top; text-align: center">December 5, 2016</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: right">100</td><td style="vertical-align: top; text-align: left">%</td><td> </td> <td style="vertical-align: top; text-align: center">Management service</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Yunnan Zhongchuang Education Tutorial School</td><td> </td> <td style="vertical-align: top; text-align: center">The PRC</td><td> </td> <td style="vertical-align: top; text-align: center">August 28, 2012</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: right">100</td><td style="vertical-align: top; text-align: left">%</td><td> </td> <td style="vertical-align: top; text-align: center">Tutorial services</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top">Kunming Xishan Long-Spring Experimental Secondary School</td><td> </td> <td style="vertical-align: top; text-align: center">The PRC</td><td> </td> <td style="vertical-align: top; text-align: center">April 4, 2014</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: right">100</td><td style="vertical-align: top; text-align: left">%</td><td> </td> <td style="vertical-align: top; text-align: center">Formal education services*</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Kunming Chenggong Long-Spring Experimental Secondary School</td><td> </td> <td style="vertical-align: top; text-align: center">The PRC</td><td> </td> <td style="vertical-align: top; text-align: center">July 23, 2015</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: right">100</td><td style="vertical-align: top; text-align: left">%</td><td> </td> <td style="vertical-align: top; text-align: center">Formal education services*</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Yunnan Hengshui Experimental Secondary School— Xishan School</td><td> </td> <td style="vertical-align: top; text-align: center">The PRC</td><td> </td> <td style="vertical-align: top; text-align: center">July 1, 2016</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: right">100</td><td style="vertical-align: top; text-align: left">%</td><td> </td> <td style="vertical-align: top; text-align: center">Formal education services*</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top">Yiliang Long-Spring Experimental Secondary SchoolYunnan</td><td> </td> <td style="vertical-align: top; text-align: center">The PRC</td><td> </td> <td style="vertical-align: top; text-align: center">July 11, 2016</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: right">100</td><td style="vertical-align: top; text-align: left">%</td><td> </td> <td style="vertical-align: top; text-align: center">Formal education services*</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Yunnan Long-Spring Foreign Language Secondary School Dianchi Resort District School</td><td> </td> <td style="vertical-align: top; text-align: center">The PRC</td><td> </td> <td style="vertical-align: top; text-align: center">April 18, 2017</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: right">100</td><td style="vertical-align: top; text-align: left">%</td><td> </td> <td style="vertical-align: top; text-align: center">Formal education services*</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage of</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>direct and</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>indirect</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place of</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date of</b></span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>economic</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal</b></span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; border-bottom: black 1.5pt solid; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>establishment</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>establishment</b></span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>interest</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>activities</b></span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VIEs:</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qujing Hengshui Experimental Secondary School</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: top; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: top; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 18, 2017</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: top; width: 1%; text-align: right"> </td> <td style="vertical-align: top; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; width: 1%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: top; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formal education services*</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yunnan Yuxi Hengshui Experimental High School</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 3, 2017</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formal education services*</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kunming Guandu Hengshizhong Education Tutorial School Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 10, 2019</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tutorial services</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xinping Long-Spring Advanced Secondary School Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 5, 2019</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formal education services*</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanxi Long-Spring Enterprise Management Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 20, 2019</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Datong Hengshi Gaokao Tutorial School</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 20, 2019</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tutorial services</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xishuangbanna Long-Spring Experimental Secondary School Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 20, 2020</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formal education services*</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guizhou Long-Spring Century Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 17, 2020</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management consulting service</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guizhou Hengshizhong Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 1, 2020</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management consulting service</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yunnan Lihua Education Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 11, 2020</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhenxiong Bainian Long-Spring Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 2, 2020</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management consulting service</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhenxiong Long-Spring Advanced Secondary School</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 1, 2020</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formal education services*</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qiubei Long-Spring Experimental Secondary School</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 21, 2020</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formal education services*</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wenshan Long-Spring Experimental Secondary School</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 3, 2020</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formal education services*</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mengla Long-Spring Experimental Secondary School</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 4, 2020</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formal education services*</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kunming Chenggong Times Giant Tutorial School Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 24, 2018</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tutorial services</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing First High-Education Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 18, 2021</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management consulting service</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhengzhou Hengshi Hengzhong Education Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 10, 2021</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenyang Century Long-Spring Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 12, 2021</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xiamen Hengshi Education Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 07, 2021</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen Hengshi Education Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 27, 2021</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chongqing Hengshi Education Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 26, 2021</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mengzi Bainian Long-Spring Education Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 8, 2022</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Panzhihua Bainian Long-Spring Education Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 11, 2022</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yunnan Hengshun Property Service Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 18, 2018</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management consulting service</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zunyi Hengshi Education Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 19, 2021</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management consulting service</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yunnan Long-Spring Education Holding Group Hengshui Experimental Middle School Management Co., Ltd</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 24, 2020</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management consulting service</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shaanxi Century Long-Spring Education Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 11, 2021</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shaanxi Hengshi Hengzhong Education Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 08, 2021</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management consulting service</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guizhou New Vocational Education Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 17, 2022</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management consulting service</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Vocational Education (Hebei) Education Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 9, 2022</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management consulting service</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Vocational Education (Henan) Education Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 13, 2022</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management consulting service</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Vocational Education (Chengdu) Cultural Development Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 20, 2022</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management consulting service</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Vocational Education (Shandong) Cultural Development Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The PRC</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 1, 2022</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management consulting service</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt"> </span> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Formal education services include middle, high and international school services. F-1</td> </tr></table>
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><b><i>(c)</i></b></td><td style="text-align: justify"><b><i>Use of estimates</i></b></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, estimate of standalone selling prices of each unit of accounting in multiple performance obligations, estimate of the contract period of the government cooperative agreements, the useful lives of long-lived assets, the fair values of assets acquired and liabilities assumed and the consideration transferred in a business combination, the fair value of the reporting unit for the goodwill impairment test, the allowance for doubtful accounts receivable and other current assets, the realization of deferred income tax assets, the fair value of share-based compensation awards and the recoverability of long-lived assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
114197000 cny
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
105258000 cny
CY2022 fhs Lease Term As A Percentage Of Properties Remaining Estimated Economic Useful Lives
LeaseTermAsAPercentageOfPropertiesRemainingEstimatedEconomicUsefulLives
0.75 pure
CY2022 fhs Minimum Lease Payments Percentage
MinimumLeasePaymentsPercentage
0.90 pure
CY2020 us-gaap Advertising Expense
AdvertisingExpense
3737000 cny
CY2021 us-gaap Advertising Expense
AdvertisingExpense
2986000 cny
CY2022 us-gaap Advertising Expense
AdvertisingExpense
1299000 cny
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.50 pure
CY2021Q4 us-gaap Investments And Cash
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114197000 cny
CY2022Q4 us-gaap Investments And Cash
InvestmentsAndCash
105258000 cny
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><b><i>(v)</i></b></td><td style="text-align: justify"><b><i>Concentration of credit risk</i></b></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29pt 0pt 0.25in">The Group’s credit risk arises from cash, other current assets and other non-current assets and accounts receivable. The carrying amounts of these financial instruments represent the maximum amount of loss due to credit risk.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0.25in; text-align: justify">The Group expects that there is no significant credit risk associated with the cash which are held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries and VIEs are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Group has no significant concentration of credit risk with respect to its other receivables and prepayments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.25in">The Group conducts credit evaluations on its customers prior to delivery of goods or services. The assessment of customer creditworthiness is primarily based on historical collection records, research of publicly available information and customer on-site visits. Based on this analysis, the Group determines what credit terms, if any, to offer to each customer individually. If the assessment indicates a likelihood of collection risk, the Group will not deliver the services or sell the products to the customer or require the customer to pay cash or to make significant down payments. Historically, credit losses on accounts receivable have been insignificant.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
CY2021Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
28346000 cny
CY2022Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
87256000 cny
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
9000 cny
CY2021Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
28346000 cny
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
87247000 cny
CY2022Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
9000 cny
CY2021 us-gaap Incentive Fee Expense
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120653000 cny
CY2022 us-gaap Incentive Fee Expense
IncentiveFeeExpense
116407000 cny
CY2021Q4 us-gaap Financing Receivable Unamortized Loan Fee Cost
FinancingReceivableUnamortizedLoanFeeCost
12339000 cny
CY2022Q4 us-gaap Financing Receivable Unamortized Loan Fee Cost
FinancingReceivableUnamortizedLoanFeeCost
9581000 cny
CY2021Q4 us-gaap Deposit Liability Current
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32000 cny
CY2022Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
1389000 cny
CY2021 us-gaap Interest And Fee Income Loans And Leases Held In Portfolio
InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio
3112000 cny
CY2022 us-gaap Interest And Fee Income Loans And Leases Held In Portfolio
InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio
1060000 cny
CY2021Q4 us-gaap Accrued Professional Fees Current
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CY2022Q4 us-gaap Accrued Professional Fees Current
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5512000 cny
CY2021 us-gaap Research And Development In Process
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663000 cny
CY2022 us-gaap Research And Development In Process
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7625000 cny
CY2021Q4 fhs Contract Liabilities
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CY2022Q4 fhs Contract Liabilities
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141574000 cny
CY2021Q4 fhs Loans To Third Parties Current
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55913000 cny
CY2022Q4 fhs Loans To Third Parties Current
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58552000 cny
CY2021 us-gaap Payments To Employees
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13089000 cny
CY2022 us-gaap Payments To Employees
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8577000 cny
CY2022Q4 fhs Receivables From Selling Subsidiaries
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45450000 cny
CY2021Q4 us-gaap Prepaid Rent
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3762000 cny
CY2022Q4 us-gaap Prepaid Rent
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1103000 cny
CY2021Q4 us-gaap Deposits Assets Current
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CY2022Q4 us-gaap Deposits Assets Current
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21038000 cny
CY2021Q4 fhs Allowance For Doubtful Accounts Current
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3250000 cny
CY2022Q4 fhs Allowance For Doubtful Accounts Current
AllowanceForDoubtfulAccountsCurrent
6700000 cny
CY2021Q4 fhs Low Value Consumables Current
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1625000 cny
CY2022Q4 fhs Low Value Consumables Current
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1730000 cny
CY2021Q4 us-gaap Prepaid Expense Current
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1385000 cny
CY2022Q4 us-gaap Prepaid Expense Current
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1558000 cny
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
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92300000 cny
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
144708000 cny
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
181992000 cny
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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48118000 cny
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
54190000 cny
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
133874000 cny
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
128163000 cny
CY2021 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
22383000 cny
CY2022 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
19604000 cny
CY2020Q4 us-gaap Property Plant And Equipment Owned Accumulated Depreciation
PropertyPlantAndEquipmentOwnedAccumulatedDepreciation
11329000 cny
CY2021Q4 us-gaap Property Plant And Equipment Owned Accumulated Depreciation
PropertyPlantAndEquipmentOwnedAccumulatedDepreciation
13650000 cny
CY2022Q4 us-gaap Property Plant And Equipment Owned Accumulated Depreciation
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12068000 cny
CY2020 us-gaap Depreciation
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CY2022 us-gaap Depreciation
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1847000 cny
CY2021Q4 us-gaap Other Assets Noncurrent
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CY2022Q4 us-gaap Other Assets Noncurrent
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CY2021 fhs Current Portion
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CY2022Q4 us-gaap Employee Related Liabilities Current And Noncurrent
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CY2022Q4 us-gaap Other Liabilities
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CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
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165000 cny
CY2021Q4 us-gaap Contract With Customer Refund Liability
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212000 cny
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CY2022Q4 us-gaap Accrued Professional Fees Current And Noncurrent
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CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due
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LeaseAndRentalExpense
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CY2022 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
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CY2022 fhs Purchase Price Value
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CY2022 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
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CY2020 us-gaap Selling General And Administrative Expense
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CY2022 us-gaap Selling General And Administrative Expense
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CY2022 us-gaap Other General And Administrative Expense
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CY2020 us-gaap Investment Income Interest
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CY2022 us-gaap Investment Income Interest
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CY2020 us-gaap Disposal Group Including Discontinued Operation Interest Income
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CY2021 us-gaap Other Noncash Income Expense
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CY2022 us-gaap Other Noncash Income Expense
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CY2020 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
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CY2020 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax Attributable To Noncontrolling Interest
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CY2021 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax Attributable To Noncontrolling Interest
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CY2022 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax Attributable To Noncontrolling Interest
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CY2022 us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
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CY2020 fhs Discontinued Operation Lossfrom Discontinued Operation
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CY2021 fhs Discontinued Operation Lossfrom Discontinued Operation
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CY2022 fhs Discontinued Operation Lossfrom Discontinued Operation
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022 fhs Profit Before Tax
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CY2022 fhs Gross Margin Percentage
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 fhs Effective Of Corporate Income Tax Rate Percentage
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CY2022 fhs Preferential Income Tax Rate Percentage
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CY2022 fhs Income Tax Witholding Rate
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2020 us-gaap Current Income Tax Expense Benefit
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CY2020 fhs Income Tax Reconciliation Withholding Income Tax Accrued For Declared Dividends
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CY2020 fhs Deferred Tax Assets Losses Not Recognized
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CY2021 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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CY2021Q4 fhs Deferred Tax Assets Deductible Donation Expenses Carried Forwards
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CY2022Q4 us-gaap Deferred Tax Assets Other Loss Carryforwards
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CY2021Q4 us-gaap Deferred Tax Assets Gross
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PaymentsOfDividends
42300000 cny
CY2020Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
10434000 cny
CY2020Q4 us-gaap Dividends
Dividends
24163000 usd
CY2020Q4 us-gaap Dividends
Dividends
157663000 cny
CY2021Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
24163000 usd
CY2020Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
13713000 usd
CY2021Q1 fhs Offset Historical Aggregated Amounts Due From The Parent
OffsetHistoricalAggregatedAmountsDueFromTheParent
18424000 cny
CY2021Q2 fhs Net Income
NetIncome
32989000 cny
CY2021 fhs Foreign Invested Enterprise Minimum Required Percent Of Annual After Tax Profit General Reserve
ForeignInvestedEnterpriseMinimumRequiredPercentOfAnnualAfterTaxProfitGeneralReserve
0.10 pure
CY2021 fhs Required Reserve Percent Of Respective Registered Capital
RequiredReservePercentOfRespectiveRegisteredCapital
0.50 pure
CY2021Q4 fhs General Reserve
GeneralReserve
5095000 cny
CY2022Q4 fhs General Reserve
GeneralReserve
5491000 cny
CY2022 fhs Foreign Financial Institutions Mandated Reserve Percent Of Annual After Tax Profit Minimum
ForeignFinancialInstitutionsMandatedReservePercentOfAnnualAfterTaxProfitMinimum
0.25 pure
CY2021Q4 fhs Education Development Reserve
EducationDevelopmentReserve
43965000 cny
CY2022Q4 fhs Education Development Reserve
EducationDevelopmentReserve
48875000 cny
CY2022 us-gaap Payments Of Dividends
PaymentsOfDividends
6432000 cny
CY2020 fhs Net Income From Continuing Operation
NetIncomeFromContinuingOperation
78799000 cny
CY2021 fhs Net Income From Continuing Operation
NetIncomeFromContinuingOperation
57781000 cny
CY2022 fhs Net Income From Continuing Operation
NetIncomeFromContinuingOperation
45016000 cny
CY2020 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
2019000 cny
CY2021 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-5088000 cny
CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-7691000 cny
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70488700 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83925002 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86838700 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70488700 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
85775002 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
88688700 shares
CY2020 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.12
CY2021 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.69
CY2022 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.52
CY2020 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.03
CY2021 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.06
CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.09
CY2020 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.12
CY2021 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.67
CY2022 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.51
CY2020 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.03
CY2021 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.06
CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.09
CY2021Q4 us-gaap Contractual Obligation
ContractualObligation
21044000 cny
CY2022Q4 us-gaap Contractual Obligation
ContractualObligation
26707000 cny
CY2020 us-gaap Payments Of Dividends
PaymentsOfDividends
42300000 cny
CY2021Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
10434000 cny
CY2020Q4 us-gaap Dividends Cash
DividendsCash
24163000 usd
CY2020Q4 us-gaap Dividends Cash
DividendsCash
156254000 cny
CY2022Q3 us-gaap Dividends Cash
DividendsCash
1240000 usd
CY2022Q3 us-gaap Dividends Cash
DividendsCash
8564000 cny
CY2022 us-gaap Payments Of Dividends
PaymentsOfDividends
6432000 cny
CY2022 dei Security Exchange Name
SecurityExchangeName
NONE
CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
cny
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
cny
CY2020 fhs Donation
Donation
cny
CY2020 fhs Gain On Disposal Of Discontinued Operations
GainOnDisposalOfDiscontinuedOperations
cny
CY2021 fhs Gain On Disposal Of Discontinued Operations
GainOnDisposalOfDiscontinuedOperations
cny
CY2021 fhs Net Income Attributable To Noncontrolling Interests
NetIncomeAttributableToNoncontrollingInterests
cny
CY2020 fhs Transfer To Statutory Reserve
TransferToStatutoryReserve
cny
CY2021 fhs Transfer To Statutory Reserve
TransferToStatutoryReserve
cny
CY2022 fhs Transfer To Statutory Reserve
TransferToStatutoryReserve
cny
CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
cny
CY2020 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
cny
CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
cny
CY2020 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
cny
CY2020 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
cny
CY2021 fhs Payable For Declared Dividends
PayableForDeclaredDividends
cny
CY2020 fhs Consideration Payable For The Acquisition Of Subsidiaries
ConsiderationPayableForTheAcquisitionOfSubsidiaries
cny
CY2022 fhs Consideration Payable For The Acquisition Of Subsidiaries
ConsiderationPayableForTheAcquisitionOfSubsidiaries
cny
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
cny
CY2021Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
cny
CY2020Q4 us-gaap Goodwill
Goodwill
cny
CY2022 us-gaap Valuation Allowance For Impairment Of Recognized Servicing Assets Provisions
ValuationAllowanceForImpairmentOfRecognizedServicingAssetsProvisions
cny
CY2022Q4 fhs Loans To Employees Current
LoansToEmployeesCurrent
cny
CY2022Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
cny
CY2021 us-gaap Disposal Group Including Discontinued Operation Interest Income
DisposalGroupIncludingDiscontinuedOperationInterestIncome
cny
CY2022 us-gaap Disposal Group Including Discontinued Operation Interest Income
DisposalGroupIncludingDiscontinuedOperationInterestIncome
cny
CY2022 us-gaap Discontinued Operation Tax Effect Of Income Loss From Disposal Of Discontinued Operation
DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation
cny
CY2020 us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
GainLossOnDispositionOfRealEstateDiscontinuedOperations
cny
CY2021 us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
GainLossOnDispositionOfRealEstateDiscontinuedOperations
cny
CY2020 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax Attributable To Parent
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTaxAttributableToParent
cny
CY2021 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax Attributable To Parent
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTaxAttributableToParent
cny
CY2022 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax Attributable To Parent
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTaxAttributableToParent
cny
CY2022Q4 us-gaap Amount Of Restricted Net Assets For Consolidated And Unconsolidated Subsidiaries
AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries
118970000 cny
CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001786182

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