OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2023 Report
Stock Code: 002607 Stock Abbr.: OFFCN EDU Announcement No.: 2023-043
OFFCN EDUCATION TECHNOLOGY CO., LTD.
First Quarter 2023 Report
The Company and the Company’s Board of Directors hereby guarantee that the contents of this quarterly report are true,
accurate, and complete, and that there are no misrepresentations, misleading statements, or material omissions.
The Company’s First Quarter 2022 Report is prepared and published in Chinese version, and the English version is for
reference only. Should there be any inconsistency between the Chinese version and English version, the Chinese version shall
prevail.
Important notes:
1. The Company’s Board of Directors, Supervisory Committee, directors, supervisors, and senior management
hereby guarantee that the contents of this quarterly report are true, accurate, and complete, and there are no
misrepresentations, misleading statements, or material omissions, and shall assume individual and joint legal
liabilities.
2. The Company’s legal representative, the head in charge of accounting and the head of the accounting department
(Accounting supervisor), hereby declare that the financial report in this quarterly report is authentic, accurate and
complete.
3. Whether this first quarter report is audited
□ Yes √ No
Section I. Key financial data
1. Key accounting information and financial indicators
Does the Company need to adjust its financial information retrospectively or restate its accounting information of
previous year?
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OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2023 Report
□ Yes √ No
Increase/ Decrease in the
Same period of the current reporting period
Current reporting period
previous year over the same period of
the previous year
Operating income (RMB yuan) 888,585,683.99 1,212,740,311.93 -26.73%
Net profit attributable to shareholders
24,302,776.67 -463,824,594.93 105.24%
of the listed Company (RMB yuan)
Net profit after deducting non-recurring
profits and losses attributable to shareholders 22,883,471.70 -469,727,159.08 104.87%
of the listed Company (RMB yuan)
Net cash flow from operating
-494,146,308.74 598,889,061.73 -182.51%
activities (RMB yuan)
Basic earnings per share (RMB yuan/share) 0 -0.08 100.00%
Diluted earnings per share
0 -0.08 100.00%
(RMB yuan/ share)
Weighted average return on net assets 3.07% -27.99% 31.06%
Increase/ Decrease at the
End of the current end of this reporting
End of the previous year period over the end of the
reporting period
previous year（%）
Total assets (RMB yuan) 8,417,639,954.21 8,027,414,353.26 4.86%
Owner's equity attributable to shareholders of
804,236,712.44 779,933,935.77 3.12%
the listed Company (RMB yuan)
2. Items and amount of non-recurring profits and losses
√ Applicable □ Not applicable
Unit: RMB yuan
Amount of current
Item Note
reporting period
Disposal gains or losses of non-current assets (including the
234,300.00
offset part of the provision for asset impairment)
Government subsidies included in the current gains and losses
(closely related to the normal business of the enterprise, except
for government subsidies enjoyed fixedly, quantitatively and 1,484,718.51
continuously in accordance with national policies and certain
standards)
Gains or losses from entrusting others to invest or manage
2,089.14
assets
Other non-operating income and expenses except for the items
-43,636.53
above
Less: Impact on income tax 258,166.15
Total 1,419,304.97 --
Other profit or loss items that meet the definition of non-recurring profits and losses
2
OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2023 Report
□ Applicable √ Not applicable
The Company does not have other profit or loss items that meet the definition of non-recurring profits and losses.
Explanations for the Company’s classifying items of non-recurring profits or losses listed in the Explanatory
Announcement No. 1 for Public Company Information Disclosures – Non-recurring Profits and Losses as items of
recurring profits or losses.
□ Applicable √ Not applicable
The Company does not classify any non-recurring profits and losses items that are listed in the Explanatory
Announcement No. 1 for Public Company Information Disclosures – Non-recurring Profits and Losses as items of
recurring profits and losses.
3. Cases and reasons for fluctuation of key accounting information and financial indicators
√ Applicable □ Not Applicable
Amount at the
Amount at the end of
beginning of the
Item of balance sheet the reporting period Growth Note
reporting period
(RMB yuan)
(RMB yuan)
Mainly due to the increase in loans from
Monetary funds 808,951,270.81 385,328,555.74 109.94%
shareholders in the current period.
Mainly due to the amortization of the
Other current assets 2,551,033.31 4,559,823.18 -44.05%
prepaid expenses.
Mainly due to the payment of unpaid
payroll payable and the payment for the
Payroll payable 322,270,742.31 609,823,739.07 -47.15%
delayed fee of social security and housing
fund.
Mainly due to the accrual of value-added
Tax payable 22,675,539.38 9,593,498.07 136.36% tax, additional tax and corporate income
tax in Q1 2023.
Mainly due to the increase in loans from
shareholders in the current period. As of
Other payables 2,095,716,952.52 1,096,787,345.65 91.08% March 31, 2023, the Company's
controlling shareholders have loaned RMB
1.956 billion yuan to the Company.
Item of income Amount of current Amount of previous
Growth Note
statement period (RMB yuan) period (RMB yuan)
Mainly due to the control of operating
costs, optimization of personnel and
reduction of labor expenses through
Operating cost 420,845,859.36 749,351,241.84 -43.84% measures, like overall adjustment of
product structure, cost reduction and
efficiency increase, and integration of
online and offline classes.
Mainly due to the cost reduction and
efficiency increase, which helped reduce
Sales expense 189,043,171.59 396,015,900.26 -52.26% its market operating expenses, optimize
sales personnel, and reduce labor expenses
accordingly.
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OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2023 Report
Mainly due to the cost reduction and
efficiency increase, which helped reduce
Management expenses 142,879,884.86 320,087,116.49 -55.36% its operating and management expenses,
optimize management personnel, and
reduce labortoexpenses accordingly.and
Mainly due the cost reduction
efficiency increase, which helped reduce
R&D expenses 79,505,142.80 226,404,752.90 -64.88% its R&D expenses, optimize R&D
personnel, and reduce labor expenses
accordingly.
Mainly due to the absence of bank loan
Financial expenses 25,281,276.97 69,571,481.28 -63.66% interest and the decrease in service fees of
financial institutions in the current period.
Mainly due to the decrease in government
Other income 5,263,604.56 8,268,197.61 -36.34%
subsidies in the current period.
Mainly due to the decrease in redemption
Investment income 2,089.14 2,755,592.22 -99.92%
of wealth management products.
Mainly due to the decrease in provision for
Expected credit loss -245,000.01 -1,005,625.25 75.64%
bad debts in the current period.
Mainly due to the realization of profit in
Income tax expenses 4,059,499.89 -81,122,491.94 105.00% the current period and the accrual of
corporate income tax.
Item of cash flow Amount of current Amount of previous
Growth Note
statement period (RMB yuan) period (RMB yuan)
Mainly due to the adjustment of product
Cash received from structure, and the transformation of
sales of goods and 541,106,481.37 2,249,268,010.73 -75.94% payment collection with sharply decreased
rendering of services proportion of high-refund classes and
increased proportion of cash-paid classes.
Mainly due to the well control of cost and
Cash for purchasing the decrease of class opening expenses and
goods and accepting 125,815,201.46 210,528,840.27 -40.24% travel expenses through measures like the
labor services adjustment of product structure and
internal optimization to reduce costs and
increase efficiency.
Mainly due to the decrease in salary
Cash paid to and for
776,831,838.60 1,224,818,887.78 -36.58% payment because of the decline in the
employees
number of employees of the Company.
Mainly due to the remarkable results of
Payment of other cash cost reduction and efficiency increase so
related to operating 135,193,624.56 211,762,694.36 -36.16% that marketing expenses, and cost in
activities company operation, management and other
areas decreased.
Mainly due to the decrease in short-term
Cash received from wealth management purchases and the
recovery of 20,000,000.00 344,776,858.87 -94.20% corresponding decrease in wealth
investments management redemption in the current
period.
Mainly due to the decrease in wealth
Cash received from management purchases in the current
2,089.14 2,764,585.77 -99.92%
investment income period and the corresponding decrease in
wealth management income.
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OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2023 Report
Cash paid for the Mainly due to the Company's internal
purchase and optimization and cost control mechanism
921,010.84 8,768,861.04 -89.50%
construction of fixed and the decrease in investment in fixed
assets, intangible assets.
assets and other
long-term assets Mainly due to the decrease in the purchase
20,500,000.00 116,700,000.00 -82.43% of short-term wealth management products
investments
in the current period.
The main reason is that the Company's
Cash paid for debt loans from financial institutions had no
1,500,000,000.00 -100.00%
repayment balance at the beginning of the period, and
there were no new additions in the current
period.
Cash paid for
dividends, profits or 26,787,416.64 -100.00% The reason is the same as above.
interest payments
Other cash paid related Mainly due to the decrease in housing
77,812,054.49 134,755,697.06 -42.26%
to financing activities rental fees paid in the current period.
Section II. Information of shareholders
1. Table on the total number of common shareholders, preferred shareholders with restored voting rights
and shares held by the top 10 shareholders
Unit: share (s)
Total number of preferred
Total number of common
shareholders at the end of the 206,003 shareholders with restored 0
reporting period voting rights at the end of
the reporting period (if any)
Particulars about shares held by the top 10 shareholders
Number of Pledged, marked or frozen
Shareholding
Name of Nature of Number of shares held
percentage(% shares held Status of Number of
shareholder shareholder with sales
) shares shares
restrictions
Domestic natural 729,458,502.
Li Yongxin 15.31% 944,407,232.00 Pledged 437,323,282.00
person 00
Wang Domestic natural 570,581,563.
9.30% 573,799,534.00 Pledged 382,850,000.00
Zhendong person 00
Hunan Chasing
Fund
Management
Co., Ltd.—
Hunan Chasing
Other 5.51% 339,820,822.00 0.00
Changqin No.1
Fund
Partnership
(Limited
Partnership)
Shaanxi
International Other 5.10% 314,537,300.00 0.00
Trust Co.,
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OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2023 Report
Ltd.—SIT
Yunqi No. 1
Securities
Investment
Collective
Fund Trust
Plan
Shanghai
Tuopai Private
Funds
Management
Co., Ltd.—
Tuopai Other 5.00% 308,369,970.00 0.00
Xingfeng No. 9
Private
Security
Investment
Fund
Guangzhou
Kangqi Asset
Management
Center
(Limited
Partnership)—
Other 4.95% 305,369,970.00 0.00
Kangqi Asset
Chuxin No.1
Private
Security
Investment
Fund
Domestic natural
Lu Zhongfang 3.78% 233,270,398.00 0.00 Pledged 98,500,000.00
person
Hong Kong
Securities Overseas legal
1.62% 99,773,902.00 0.00
Clearing Co., person
Ltd.
Domestic natural
Zhou Xiayun 0.90% 55,736,327.00 0.00
person
Beijing Kerui
Technology
Innovation Domestic
Investment non-state-owned 0.89% 54,887,323.00 0.00
Center legal person
(Limited
Partnership)
Particulars about shares held by the top 10 shareholders without sales restrictions
Type of shares
Name of shareholders Number of shares without sales restrictions held Number of
Type of shares
shares
Hunan Chasing Fund Management
Co., Ltd.— Hunan Chasing RMB ordinary
339,820,822.00 339,820,822.00
Changqin No.1 Fund Partnership shares
(Limited Partnership)
Shaanxi International Trust Co., 314,537,300.00 RMB ordinary 314,537,300.00
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OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2023 Report
Ltd.—SIT Yunqi No. 1 Securities shares
Investment Collective Fund Trust
Plan
Shanghai Tuopai Private Funds
Management Co., Ltd.— Tuopai RMB ordinary
308,369,970.00 308,369,970.00
Xingfeng No. 9 Private Security shares
Investment Fund
Guangzhou Kangqi Asset
Management Center (Limited
RMB ordinary
Partnership)—Kangqi Asset Chuxin 305,369,970.00 305,369,970.00
shares
No.1 Private Security Investment
Fund
RMB ordinary
Lu Zhongfang 233,270,398.00 233,270,398.00
shares
RMB ordinary
Li Yongxin 214,948,730.00 214,948,730.00
shares
Hong Kong Securities Clearing Co., RMB ordinary
99,773,902.00 99,773,902.00
Ltd. shares
RMB ordinary
Zhou Xiayun 55,736,327.00 55,736,327.00
shares
Beijing Kerui Technology
RMB ordinary
Innovation Investment Center 54,887,323.00 54,887,323.00
shares
(Limited Partnership)
Huarun SDK Trust Co., Ltd. —CR
RMB ordinary
Trust Shenzhi Assets Xingzhi 52,854,200.00 52,854,200.00
shares
Collective Fund Trust Plan
The Company’s controlling shareholder and actual controller Lu Zhongfang and Li
Yongxin are in a mother-son relationship. Lu Zhongfang, Li Yongxin, and Beijing Offcn
Description of the relationship or Future Information Consulting Center (Limited Partnership) are acting in concert. Zhou
Xiayun and Zhou Hui have a father-son relationship. Zhou Xiayun and Zhou Li have a
concerted action among the above
father-daughter relationship. It is unknown whether there is an associated relationship
mentioned shareholders among the above-mentioned other shareholders, nor whether the above-mentioned
shareholders belong to the parties acting in concert as stipulated in the Administrative
Measures on Information Disclosure of Shareholding Changes in Listed Companies.
The Company's shareholder Guangzhou Kangqi Asset Management Center (Limited
Description of the top 10 Partnership)_— Kangqi Asset Chuxin No.1 Private Security Investment Fund holds
shareholders participating in the 305,369,970.00 shares. The company loaned shares of Offcn Edu to the securities
company on February 24, 2023. The accumulated number of shares loaned was 3 million
margin trading or short selling
shares during the period. But the ownership of this part of shares has not actually been
business (if any) transferred, and there has been no actual increase or decrease in holdings. The actual total
number of shares held by the company is 308,369,970 shares.
2. Table on the total number of preferred shareholders and shares held by the top 10 preferred
shareholders
□ Applicable √ Not Applicable
Section III. Other significant events
□ Applicable √ Not applicable
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OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2023 Report
Section IV. Quarterly financial statements
1. Financial statements
(1) Consolidated balance sheet
Company: Offcn Education Technology Co., Ltd.
March 31, 2023
Unit: RMB yuan
Item Closing balance Beginning Balance
Current assets:
Monetary funds 808,951,270.81 385,328,555.74
Settlement reserve
Lendings
Transactional financial assets 500,000.00
Derivative financial assets
Notes receivable
Accounts receivable 38,193,525.26 37,323,682.88
Receivables financing
Prepayments 483,270.00 556,093.00
Premium receivables
Accounts receivable reinsurance
Reserve for reinsurance receivable contracts
Other receivables 201,611,257.58 193,617,379.76
Inc: Interest receivables
Dividend receivables
Buying back the sale of financial assets
Inventories
Contract assets
Assets held-for-sale
Non-current assets due within
one year
Other current assets 2,551,033.31 4,559,823.18
Total current assets 1,052,290,356.96 621,385,534.56
Non-current assets
Loans and advances
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 46,835,952.63 46,835,952.63
Other equity investments 121,300,000.00 121,300,000.00
Other non-current financial assets 27,680,000.00 27,680,000.00
Investment properties 447,068.40 450,260.54
Fixed assets 1,943,154,880.10 1,970,536,339.75
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OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2023 Report
Construction in progress 325,065,597.12 323,273,645.99
Productive biological assets
Oil and gas assets
Right-of-use assets 1,133,566,052.59 1,112,202,447.58
Intangible assetss 1,152,714,585.84 1,162,266,659.34
Development expenditure
Goodwill 99,867,720.38 99,867,720.38
Long-term prepaid expenses 262,847,622.31 285,134,318.63
Deferred tax assets 597,669,088.39 602,280,444.37
Other non-current assets 1,654,201,029.49 1,654,201,029.49
Total Non-current Assets 7,365,349,597.25 7,406,028,818.70
Total Assets 8,417,639,954.21 8,027,414,353.26
Current liabilities
Short-term loans
Borrowings from central bank
Borrowings from banks and other financial institutions
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 280,605,911.91 287,088,393.76
Deposit received
Contract liabilities 3,591,241,635.75 3,949,800,719.05
Financial assets sold for repurchase
Absorbing deposits and interbank deposits
Acting trading securities
Acting underwriting securities
Payroll payable 322,270,742.31 609,823,739.07
Taxes payable 22,675,539.38 9,593,498.07
Other payable 2,095,716,952.52 1,096,787,345.65
Inc: Interest payable
Dividend payables
Fees and commissions payable
Reinsurance accounts payable
Liabilities held-for-sale
Non-current liabilities due within one year 548,561,255.14 578,821,921.03
Other current liabilities 107,737,249.07 118,494,021.57
Total Current Liabilities 6,968,809,286.08 6,650,409,638.20
Non-current Liabilities:
Insurance contract reserve
Long-term loans
Bonds payable
Inc: Preferred share
Perpetual bond
Lease liabilities 556,908,058.58 508,752,253.77
Long-term payables
Long-term salary payable
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OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2023 Report
Estimated liabilities
Deferred income
Deferred tax liabilities 87,727,532.34 88,360,124.03
Other non-current liabilities
Total non-current liabilities 644,635,590.92 597,112,377.80
Total liabilities 7,613,444,877.00 7,247,522,016.00
Owners' equity:
Share capital 103,807,623.00 103,807,623.00
Other equity instrument
Inc: Preferred shares
Perpetual bond
Capital reserve 1,225,481,049.50 1,225,481,049.50
Less: Treasury stock
Other comprehensive income 6,375,000.00 6,375,000.00
Special reserves
Surplus reserves 45,000,000.00 45,000,000.00
General risk preparation
Undistributed profits -576,426,960.06 -600,729,736.73
Total owners' equity attributable to the parent company 804,236,712.44 779,933,935.77
Minority shareholders' equity -41,635.23 -41,598.51
Total owners’ equity 804,195,077.21 779,892,337.26
Liabilities and owner's equity 8,417,639,954.21 8,027,414,353.26
Legal representative: Wang Zhendong Person in charge of accounting: Shi Lei Head of the accounting department: Luo Xue
(2) Consolidated income statement
Unit: RMB yuan
Item Amount in the current period Amount in the previous period
I. Total operating income 888,585,683.99 1,212,740,311.93
Including: operating income 888,585,683.99 1,212,740,311.93
Interest income
Premium earned
Fee and commission income
II. Total operating costs 865,434,801.31 1,770,228,930.90
Inc:operating costs 420,845,859.36 749,351,241.84
Interest expenses
Fee and commission expenses
Surrender money
Net reimbursement expenditure
Withdrawal of net insurance liability reserves
Policyholder dividend expenses
Reinsurance expenses
Taxes and surcharges 7,879,465.73 8,798,438.13
Sales expenses 189,043,171.59 396,015,900.26
Management expenses 142,879,884.86 320,087,116.49
R&D expenses 79,505,142.80 226,404,752.90
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OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2023 Report
Financial expenses 25,281,276.97 69,571,481.28
Inc: Interest expenses 34,754,941.56
Interest income 142,546.01 2,583,174.80
Add: other income 5,263,604.56 8,268,197.61
Investment income (Loss is listed with “-”) 2,089.14 2,755,592.22
Inc: investment income from associates and joint
ventures
Derecognition income of financial assets
measured at amortized cost
Exchange earnings (Loss is listed with “-”)
Net exposure hedge income (Loss is listed with “-”)
Fair value change income (Loss is listed with “-”) 2,674,975.31
Credit impairment loss (Loss is listed with “-”) -245,000.01 -1,005,625.25
Asset impairment loss (Loss is listed with “-”)
Asset disposal income (Loss is listed with “-”) 234,300.00
III. Operating profit (Loss is listed with “-”) 28,405,876.37 -544,795,479.08
Add: non-operating income
Less: non-operating expenses 43,636.53 152,921.74
IV. Total profit (The total loss is listed with "-") 28,362,239.84 -544,948,400.82
Less: income tax expenses 4,059,499.89 -81,122,491.94
V. Net profit (Net loss is listed with “-”) 24,302,739.95 -463,825,908.88
i. Classified by business continuity
1. Net profit from continuing operations (Net loss is listed with
24,302,739.95 -463,825,908.88
“-”)
2. Net profit from discontinued operations (Net loss is listed
with "-")
ii. Classification by ownership
1. Net profit attributable to the owner of the parent
24,302,776.67 -463,824,594.93
company
2. Minority shareholders' profits and losses -36.72 -1,313.95
VI. Net other comprehensive income
Net other comprehensive income attributable to the parent
company owner
i. Other comprehensive income that cannot be reclassified
into profit or loss
1. Changes from the remeasurement of the defined
benefit plan
2. Other comprehensive income that cannot be
transferred to profit or loss under the equity method
3. Changes in fair value of other equity instruments
4. Changes in fair value of the Company's own credit
risk
5. Other
ii. Other comprehensive income that will be reclassified into
profit or loss
1. Other comprehensive income of convertible profit
and loss under the equity method
2. Changes in fair value of other debt investments
3. Financial assets reclassified into other comprehensive
income
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OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2023 Report
4. Credit impairment provisions of other debt
investment
5. Cash flow hedge reserve
6. Foreign currency financial statement translation
difference
7. Others
Net other comprehensive income attributable to minority
shareholders
VII. Total comprehensive income 24,302,739.95 -463,825,908.88
Total comprehensive income attributable to owners of the
24,302,776.67 -463,824,594.93
parent company
Total comprehensive income attributable to minority
-36.72 -1,313.95
shareholders
VIII. Earnings per share:
i. Basic earnings per share 0 -0.08
ii. Diluted earnings per share 0 -0.08
If a business combination under the same control occurs in this period, the net profit realized by the combined party before the
combination is RMB 0.00. The net profit realized by the combined party in the previous period was: RMB 0.00.
Legal representative: Wang Zhendong Person in charge of accounting: Shi Lei Head of the accounting department: Luo Xue
(3) Consolidated cash flow statement
Unit: RMB yuan
Items Amount in the current period Amount in the previous period
I. Cash flow from operating activities:
Cash received from the sale of goods and services 541,106,481.37 2,249,268,010.73
Net increase in customer deposits and interbank deposits
Net increase in borrowings from central bank
Net increase in funds borrowed from other financial
institutions
Cash received from the original insurance contract
premium
Net cash received from reinsurance business
Net increase in policyholders’ deposits and investment
funds
Cash charged with interest, handling fees and
commissions
Net increase in funds borrowed in
Net increase in repurchase funds
Net cash received from agent buying and selling of
securities
Tax refund
Other cash received related to other business activities 21,843,660.05 22,063,195.70
Subtotal of cash inflow from operating activities 562,950,141.42 2,271,331,206.43
Cash paid for the purchase of goods and services 125,815,201.46 210,528,840.27
Net increase in customer loans and advances
Net increase in deposit of central bank and interbank
Cash paid for the original insurance contract
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OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2023 Report
Net increase in borrowed funds
Cash paid for interest, handling fees and commissions
Cash paid for policy dividends
Cash paid to and for employees 776,831,838.60 1,224,818,887.78
Various taxes paid 19,255,785.54 25,331,722.29
Other cash paid for business activities 135,193,624.56 211,762,694.36
Subtotal of cash outflows from operating activities 1,057,096,450.16 1,672,442,144.70
Net cash flow from operating activities -494,146,308.74 598,889,061.73
II. Cash flows from investing activities
Cash received from investment recovery 20,000,000.00 344,776,858.87
Cash received from investment income 2,089.14 2,764,585.77
Net cash received from disposal of fixed assets, intangible
assets and other long-term assets
Net cash received from disposal of subsidiaries and other
business units
Other cash received related to investment activities
Subtotal of cash inflows from investment activities 20,002,089.14 347,541,444.64
Cash paid for the purchase and construction of fixed
921,010.84 8,768,861.04
assets, intangible assets and other long-term assets
Cash paid for investment 20,500,000.00 116,700,000.00
Net increase in pledge loans
Net cash paid for aquiring subsidiaries and other business
units
Other cash paid related to investment activities
Subtotal of cash outflows from investment activities 21,421,010.84 125,468,861.04
Net cash flows from investment activities -1,418,921.70 222,072,583.60
III. Cash flow from financing activities:
Cash received from investment absorption
Inc: Cash received from subsidiaries in absorbing
minority shareholders' investment
Cash received from the loan
Other cash received related to financing activities 997,000,000.00
Subtotal of cash inflows from financing activities 997,000,000.00
Cash paid for debt repayment 1,500,000,000.00
Cash paid for dividends, profits or interest payments 26,787,416.64
Inc: Dividends and profits paid by subsidiaries to minority
shareholders
Other cash paid related to financing activities 77,812,054.49 134,755,697.06
Subtotal of cash outflows from financing activities 77,812,054.49 1,661,543,113.70
Net cash flow from financing activities 919,187,945.51 -1,661,543,113.70
IV. Effect of the changes of the exchange rate on cash and the
equivalents
V. Net increase in cash and cash equivalents 423,622,715.07 -840,581,468.37
Add: balance of cash and cash equivalents at the
380,885,899.37 1,969,806,009.56
beginning of the period
VI. Balance of cash and cash equivalents at the end of the
804,508,614.44 1,129,224,541.19
period
13
OFFCN EDUCATION TECHNOLOGY CO., LTD. First Quarter 2023 Report
2. Auditor’s report
Whether this First Quarter 2023 Report has been audited
□ Yes √ No
The Company’s First Quarter 2023 Report has not been audited.
Board of Directors of Offcn Educaton Technology Co. Ltd.
April 27, 2023
14
