Mygym owns the early education business represented by Tianjin mygym and the study abroad business of Beijing Kaide. According to my Gym's semi-annual report in 2020, Tianjin mygym and Beijing Kaide achieved net profit of 6,543.8+07.34 million yuan and 3.99 million yuan respectively in the first half of the year, which decreased by 865.438+0. 17% and 44.89% respectively compared with the same period of last year.
Among them, during the epidemic, mygym center could not cancel classes normally, resulting in a 7% increase in refund rate in 2020 compared with 20 19, and a 36% decrease in store traffic. In the fourth quarter of 2020, Beijing Kaide's operating income decreased by 56.64% year-on-year.
Mygym predicts that in the short and medium term, the operation of Tianjin mygym is uncertain and there are signs of impairment; The uncertainty of overseas epidemic also led to the impairment of Beijing Kaide in the fourth quarter of 2020.
According to the 2020 annual performance forecast issued by 654381October 29th, it is estimated that the net loss of mygym will be 420-490 million yuan in 2020. The company needs to make provision for impairment of goodwill of 440-530 million yuan. Among them, Kaide Education has an impairment of 230 million yuan to 250 million yuan, and Tianjin mygym has an impairment of 265.438 billion yuan to 280 million yuan.
However, as of June 30, 2020, mygym has not made any provision for impairment of goodwill.
Based on Accounting Supervision Risk Warning No.8-Impairment of Goodwill, short-term performance fluctuation is difficult to constitute an obvious sign of impairment of Goodwill.
Mygym believes that although the epidemic situation in COVID-19 was serious from June 5438 to April 202010, which adversely affected the operation and performance of Tianjin mygym, with the relief of the epidemic situation and the active measures taken by the management of the company, the recovery of the turnover of mygym stores and the number of newly opened stores in the first half of 2020 still reflected the good development trend of Tianjin mygym.
The main business income of Tianjin mygym mainly includes the franchise fee, rights fee, promotion fee and product sales income collected from MyGym stores, and the scale of operating income depends on the number of stores.
As of the disclosure date of the semi-annual report in 2020, mygym said that "the monthly turnover of most stores has recovered to about 90% of the normal operation of stores in 20 19." In addition, the number of newly opened stores is 20, and it is estimated that the total number of newly opened stores will be no less than 60 in 2020, which is no less than 73. 17% of the historical average.
Therefore, mygym believes that "Tianjin mygym still has high growth expectations in the future."
Mygym also hired an asset appraisal agency to conduct the appraisal. As of June 30, 2020, the appraisal result of the company's goodwill asset group was RMB 36,543.8+0.4 billion, and the book value was about RMB 3,035.6 million. After the appraisal by the asset appraisal agency, there was no impairment of goodwill.
Mygym's second largest business, Beijing Kaide's youth study abroad business, mainly provides SAT, ACT, SAT and TOEFL training services for students studying in the United States. The announcement also revealed that the operating income of Beijing Kaide in the fourth quarter of 2020 decreased by 56.64% year-on-year.
Mygym analysis shows that there are three main reasons for the decline of Beijing Kaide's annual performance in 2020. First, due to social problems such as the COVID-19 epidemic abroad, Sino-US international relations, racial discrimination and riots caused by the presidential election, the overall demand for studying in the United States has declined.
Second, some students gradually began to study abroad from middle school to higher education, which had a certain impact on the existing business structure of Beijing Kaide.
Third, institutions such as New Oriental and Learning and Thinking have intensified the competition in the youth study abroad training market.
It is uncertain whether the epidemic situation of 202 1 USA can be effectively controlled and whether the demand for language training abroad can be restored. At the same time, starting from the fourth quarter of 2020, more and more schools in the United States will take the SAT as one of the non-essential enrollment reference standards.
Mygym said in the announcement that the Beijing Kaide business line will be gradually adjusted in the fourth quarter, and the future business focus will be adjusted to SSAT and TOEFL training.
In addition to the adjustment and recovery of business lines, mygym also faced frequent personnel changes at the top in the past year.
In August last year, Chen Xin, chairman of mygym, resigned and Liu Junjun, founder, took over. On February 8th last year, 65438, and this year1October 3rd, 65438, Chen Jiufei, deputy general manager and secretary of the board of directors of mygym, and Xu, director and deputy general manager of the company, resigned successively.
On February 17, Deputy General Manager Yao Ye resigned. At the beginning of this year, Yao Ye also reduced his holdings of 36,000 shares of the company by centralized bidding on the same day due to illegal operation of the stock account, with an average transaction price of 5.48 yuan/share and a transaction amount of 6,543,800+097,300 yuan.
As of noon on February 19, the intraday share price of mygym was 5.25 yuan/share, up by 4. 17%, with a total market value of 4.34 billion yuan.