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\u53d1\u5c55\u5230\u9ad8\u5c42\u7684\u8d22\u52a1\u7ba1\u7406\u7684\u65f6\u5019\uff0c\u8d22\u52a1\u7ba1\u7406\u8005\u53ef\u80fd\u8981\u5177\u5907\u4e00\u5b9a\u7684\u884c\u4e1a\u89c6\u89d2\u548c\u6218\u7565\u683c\u5c40\uff0c\u80fd\u591f\u53bb\u534f\u52a9\u8463\u4e8b\u4f1a\u5236\u5b9a\u96c6\u56e2\u7684\u53d1\u5c55\u6218\u7565\u3002<\/p>\n\n\n\n
\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\n
Only through front-line and cross-departmental rotation can you accelerate new personal growth.<\/p>\n\n\n\n
When the double reduction lets the k12 track enter the ice period, the private higher education industry that has not been noticeable is ushering in a new round of opportunities. Among them, the development momentum of China’s Spring education is particularly rapid, and its share price has nearly doubled in the past year. Since the beginning of this year, the stock price has increased by more than 20%, and the current total market value exceeds HK $5 billion, ranking among the Top3 higher education stock market value.<\/p>\n\n\n\n
Spring Education Group, which started from Henan, has maintained a high growth rate in recent years. From 2018 to 2022, the compound growth rate is as high as 28%, and the group’s business has also expanded from Henan and Hubei to Jiangsu. At present, the group operates four colleges in Henan and two colleges in Hubei, and participates in the operation of Tianping College of Suzhou University of Science and Technology. Relying on continuous merger and expansion, the adjusted net profit in the fiscal year 2022 was 538 million, an increase of 35.7%, and the adjusted net interest rate was 41%.<\/p>\n\n\n\n
In the rapid development of Spring Education, mergers and acquisitions have rapidly amplified corporate performance and achieved rapid growth in revenue and profit. <\/h4>\n\n\n\n
Among them, the management team of the group has played an important role. How to achieve cash flow safety in the rapid expansion, while controlling the scale of debt, Chun Education Group CFO Sheng believes that debt is only a means rather than the purpose, a good company through debt to enlarge the main business operating leverage, the ultimate purpose is always to achieve a long-term positive cash flow.<\/p>\n\n\n\n
In recent years, Spring Education in the process of rapid development, vigorously expand the scale, although the scale of debt continues to rise, but the overall financing cost has been effectively controlled, last year, the average financing cost of the group has declined by 3% to 4% compared with the listing period. The expansion and use of various financing tools by Sheng Yiming and his team successfully reduced the financing costs of enterprises.<\/p>\n\n\n\n
In the process of rapid expansion of the enterprise, grasp the balance between cash flow safety and debt size, Spring to educate CFO Sheng a show of experience and experience beyond the age. Barron’s China recently caught up with Sheng to find out more about how he’s done it in the asset-heavy private education industry.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
Can you share your experience? From the accounting firm to the role of CFO in the enterprise, how are the perspectives of the two the same and different? How does this background help the CFO’s work?<\/p>\n\n\n\n
Mr. Sheng: I have been working in this field for about 11 years. Before Laichun Education Group, I have been working in the service organization of Party B and worked in the investment bank management headquarters of Everbright Securities for a period of time. However, my main work experience is as the audit project manager of Deloitte Accounting Firm in East China, mainly in the education industry. For example, Shanghai American School (Shanghai American School).<\/p>\n\n\n\n
I always believe that the Big Four accounting firms are a good platform for newcomers to learn and grow, which can help them receive systematic professional training and quickly understand the target industry. The most valuable thing is that they can have the opportunity to contact the best leading enterprises in the industry and the best CFO in the industry, and communicate and learn from them.<\/p>\n\n\n\n
I became CFO of China Chunlai Education Group in 2020. From Party B to Party A, the same things will be viewed from different angles. For example, before coming to Party A, we used to require C-SOX or COSO standards to evaluate enterprises when conducting audit or IPO. However, after coming to Party A, we realized that it was more necessary to combine the internal culture and operation logic of enterprises as well as the external environment of enterprises. Including team composition to tailor.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
A considerable part of Spring’s performance growth comes from acquisitions. How do you judge the value of acquisitions? What are the company’s own considerations in the selection of acquisition targets?<\/p>\n\n\n\n
Sheng Yiming: The characteristics of each industry are not the same, as far as higher education is concerned, mergers and acquisitions have several important dimensions to consider.<\/p>\n\n\n\n
First of all, we must consider the level of the acquisition of the target and its school scale and school region, which is the most important. There is also a need to consider the manner of an acquisition and the potential synergies after the acquisition. Finally, we should consider the integration risk after the merger.<\/p>\n\n\n\n
At present, our group is also paying attention to some overseas high-quality educational resources, and will give priority to some English-speaking countries with good educational resources, such as Singapore, which also meets the foreign supervision whitelist of the Ministry of Education, can realize mutual recognition of academic qualifications, and can produce good synergies with the existing educational resources of our group. These are some of the potential targets we may focus on in the near term.<\/p>\n\n\n\n
Barron’s Chinese version: How to do a good job in the financial balance of the company in the spring expansion period?<\/h3>\n\n\n\n
Mr. Sheng: In fact, our group’s external expansion in recent years will emphasize the following three points:<\/p>\n\n\n\n
At the end of 2022, the Group’s book cash balance is 630 million yuan, and there are still about 2.1 billion unused lines of credit of various financial institutions, which can fully cover about 1.4 times of the Group’s interest-bearing liabilities and fully guarantee the Group’s short-term healthy operation and long-term development.<\/p>\n\n\n\n
Second, in the external expansion of debt, attention should be paid to expanding external cooperation institutions and broadening the partnership of the group. From the perspective of the Group itself, in the initial stage of listing, mainly regional commercial banks, in fact, until last year, the Group has successively expanded some joint-stock banks, the four domestic state-owned banks and even overseas financial institutions, and reached a long-term strategic partnership.<\/p>\n\n\n\n
Third, while stabilizing the scale of debt, continue to optimize the debt structure and reduce the average financing cost. Once there are more cooperation models to choose from, financing costs will actually come down. From the perspective of Chunlai, in the listing stage may be dominated by a single mobile commercial loan, accompanied by a small amount of financial leasing, last year also slowly expanded to fund loans, long-term merger and acquisition loans, cross-border capital pool business, smart campus co-construction cooperation.<\/p>\n\n\n\n
After the variety of products is rich, it can not only achieve the effective allocation of enterprise capital in the short and long term, but also effectively reduce financing costs. Last year, our group’s average financing costs were 3% to 4% lower than when we went public. And we were able to save tens of millions of dollars in interest expenses each year.<\/p>\n\n\n\n
Barron’s Chinese version: How to balance the conflict between cash flow and debt?<\/h3>\n\n\n\n
Sheng Yilong: Debt is only a means rather than an end. A good company through debt to enlarge the main business leverage. The ultimate purpose is always to achieve a long-term positive cash flow.<\/p>\n\n\n\n
In fact, the characteristics of the private (education) industry itself are one of heavy assets. And the other is stable cash flow and stable performance growth. All the liabilities of Chunlai Group are carried out around the main business of higher education. Such as the procurement of teaching facilities, campus infrastructure, campus mergers and acquisitions. With the ultimate purpose of generating a long-term positive cash flow to feed back to investors.<\/p>\n\n\n\n
In addition, we should always pay attention to the management of cash flow. In fact, we have monitoring all the time. Including monitoring the cash balance on the book, internal and external financing means. And financial credit granted to the company by various financial institutions. In this way, all interest-bearing liabilities can be guaranteed at all times. So as to achieve a relatively good level of operation.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
What do you think of the development direction of private colleges and universities in the context of negative population growth? Will you consider expanding into other areas of education in the spring?<\/p>\n\n\n\n
Sheng Yiming: Negative population growth is an unavoidable problem. With the advent of an aging society or a society with fewer children. Various private education groups will have certain differentiation due to different school scales and regions. But in general, I think there is no need to worry too much.<\/p>\n\n\n\n
First of all, although the overall birth rate has shown negative growth. The national policy of promoting the penetration rate of higher education has not wavered. Indicating that the industry still has development prospects.<\/p>\n\n\n\n
Second, in recent years, the country has been advocating to pay attention to the training of applied talents and vigorously develop vocational education. For example, in 22 years, the State issued the “Opinions on Deepening the reform of the construction of modern vocational education System”, and The State Council issued the “Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035)”, which fully reflects the decision of the state to implement stable employment and ensure employment, extend the working population’s education years and enhance the working population’s education level. The scale of higher vocational education will continue to expand in the future.<\/p>\n\n\n\n
Third, the private education industry should refer to its own school-running characteristics, encourage more school-enterprise cooperation according to national policies, integrate production and education, and cultivate application-oriented talents, which is the talent type in short supply in the current social and national development process. I believe that doing these points well, the private (education) industry is still promising.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
From the perspective of financial practitioners. Do you think that financial management positions need to be rotated to the first line? What is the most important experience as a financial manager to continue on your upward path? What qualities do you think a good financial manager should have?<\/p>\n\n\n\n
Sheng Yiyi: I think the experience of first-line rotation is very needed. Whether the financial management post should be rotated to the first-line. I think it is necessary to start from the overall situation and start from a small place. It is not only encouraged to rotate to the first line, but also encouraged to rotate across multiple departments. This helps to stand at the group level, prevent a barrier within the organization. And also helps the financial manager to have an in-depth understanding of the group’s core business and expand his personal vision.<\/p>\n\n\n\n
What is needed for a financial manager to move up the ladder, I think, depends on different stages of development. In the management of financial work at the grassroots level. The most important thing is the quality and execution ability of individuals. Such as whether they can carry out various financial accounting meticulously and comply with the financial rules and regulations of the group.<\/p>\n\n\n\n
When developing into middle-level financial management positions, emphasis is placed on coordination and management ability. Such as cross-departmental coordination of resource allocation, appropriate upward and downward compatibility, etc.<\/p>\n\n\n\n
When it comes to high-level financial management, the financial manager may have a certain industry perspective and strategic structure. And can assist the board of directors in formulating the development strategy of the group.<\/p>\n\n\n\n
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\u53d1\u5c55\u5230\u9ad8\u5c42\u7684\u8d22\u52a1\u7ba1\u7406\u7684\u65f6\u5019\uff0c\u8d22\u52a1\u7ba1\u7406\u8005\u53ef\u80fd\u8981\u5177\u5907\u4e00\u5b9a\u7684\u884c\u4e1a\u89c6\u89d2\u548c\u6218\u7565\u683c\u5c40\uff0c\u80fd\u591f\u53bb\u534f\u52a9\u8463\u4e8b\u4f1a\u5236\u5b9a\u96c6\u56e2\u7684\u53d1\u5c55\u6218\u7565\u3002<\/p>\n\n\n\n
\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\n
Only through front-line and cross-departmental rotation can you accelerate new personal growth.<\/p>\n\n\n\n
When the double reduction lets the k12 track enter the ice period, the private higher education industry that has not been noticeable is ushering in a new round of opportunities. Among them, the development momentum of China’s Spring education is particularly rapid, and its share price has nearly doubled in the past year. Since the beginning of this year, the stock price has increased by more than 20%, and the current total market value exceeds HK $5 billion, ranking among the Top3 higher education stock market value.<\/p>\n\n\n\n
Spring Education Group, which started from Henan, has maintained a high growth rate in recent years. From 2018 to 2022, the compound growth rate is as high as 28%, and the group’s business has also expanded from Henan and Hubei to Jiangsu. At present, the group operates four colleges in Henan and two colleges in Hubei, and participates in the operation of Tianping College of Suzhou University of Science and Technology. Relying on continuous merger and expansion, the adjusted net profit in the fiscal year 2022 was 538 million, an increase of 35.7%, and the adjusted net interest rate was 41%.<\/p>\n\n\n\n
In the rapid development of Spring Education, mergers and acquisitions have rapidly amplified corporate performance and achieved rapid growth in revenue and profit. <\/h4>\n\n\n\n
Among them, the management team of the group has played an important role. How to achieve cash flow safety in the rapid expansion, while controlling the scale of debt, Chun Education Group CFO Sheng believes that debt is only a means rather than the purpose, a good company through debt to enlarge the main business operating leverage, the ultimate purpose is always to achieve a long-term positive cash flow.<\/p>\n\n\n\n
In recent years, Spring Education in the process of rapid development, vigorously expand the scale, although the scale of debt continues to rise, but the overall financing cost has been effectively controlled, last year, the average financing cost of the group has declined by 3% to 4% compared with the listing period. The expansion and use of various financing tools by Sheng Yiming and his team successfully reduced the financing costs of enterprises.<\/p>\n\n\n\n
In the process of rapid expansion of the enterprise, grasp the balance between cash flow safety and debt size, Spring to educate CFO Sheng a show of experience and experience beyond the age. Barron’s China recently caught up with Sheng to find out more about how he’s done it in the asset-heavy private education industry.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
Can you share your experience? From the accounting firm to the role of CFO in the enterprise, how are the perspectives of the two the same and different? How does this background help the CFO’s work?<\/p>\n\n\n\n
Mr. Sheng: I have been working in this field for about 11 years. Before Laichun Education Group, I have been working in the service organization of Party B and worked in the investment bank management headquarters of Everbright Securities for a period of time. However, my main work experience is as the audit project manager of Deloitte Accounting Firm in East China, mainly in the education industry. For example, Shanghai American School (Shanghai American School).<\/p>\n\n\n\n
I always believe that the Big Four accounting firms are a good platform for newcomers to learn and grow, which can help them receive systematic professional training and quickly understand the target industry. The most valuable thing is that they can have the opportunity to contact the best leading enterprises in the industry and the best CFO in the industry, and communicate and learn from them.<\/p>\n\n\n\n
I became CFO of China Chunlai Education Group in 2020. From Party B to Party A, the same things will be viewed from different angles. For example, before coming to Party A, we used to require C-SOX or COSO standards to evaluate enterprises when conducting audit or IPO. However, after coming to Party A, we realized that it was more necessary to combine the internal culture and operation logic of enterprises as well as the external environment of enterprises. Including team composition to tailor.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
A considerable part of Spring’s performance growth comes from acquisitions. How do you judge the value of acquisitions? What are the company’s own considerations in the selection of acquisition targets?<\/p>\n\n\n\n
Sheng Yiming: The characteristics of each industry are not the same, as far as higher education is concerned, mergers and acquisitions have several important dimensions to consider.<\/p>\n\n\n\n
First of all, we must consider the level of the acquisition of the target and its school scale and school region, which is the most important. There is also a need to consider the manner of an acquisition and the potential synergies after the acquisition. Finally, we should consider the integration risk after the merger.<\/p>\n\n\n\n
At present, our group is also paying attention to some overseas high-quality educational resources, and will give priority to some English-speaking countries with good educational resources, such as Singapore, which also meets the foreign supervision whitelist of the Ministry of Education, can realize mutual recognition of academic qualifications, and can produce good synergies with the existing educational resources of our group. These are some of the potential targets we may focus on in the near term.<\/p>\n\n\n\n
Barron’s Chinese version: How to do a good job in the financial balance of the company in the spring expansion period?<\/h3>\n\n\n\n
Mr. Sheng: In fact, our group’s external expansion in recent years will emphasize the following three points:<\/p>\n\n\n\n
At the end of 2022, the Group’s book cash balance is 630 million yuan, and there are still about 2.1 billion unused lines of credit of various financial institutions, which can fully cover about 1.4 times of the Group’s interest-bearing liabilities and fully guarantee the Group’s short-term healthy operation and long-term development.<\/p>\n\n\n\n
Second, in the external expansion of debt, attention should be paid to expanding external cooperation institutions and broadening the partnership of the group. From the perspective of the Group itself, in the initial stage of listing, mainly regional commercial banks, in fact, until last year, the Group has successively expanded some joint-stock banks, the four domestic state-owned banks and even overseas financial institutions, and reached a long-term strategic partnership.<\/p>\n\n\n\n
Third, while stabilizing the scale of debt, continue to optimize the debt structure and reduce the average financing cost. Once there are more cooperation models to choose from, financing costs will actually come down. From the perspective of Chunlai, in the listing stage may be dominated by a single mobile commercial loan, accompanied by a small amount of financial leasing, last year also slowly expanded to fund loans, long-term merger and acquisition loans, cross-border capital pool business, smart campus co-construction cooperation.<\/p>\n\n\n\n
After the variety of products is rich, it can not only achieve the effective allocation of enterprise capital in the short and long term, but also effectively reduce financing costs. Last year, our group’s average financing costs were 3% to 4% lower than when we went public. And we were able to save tens of millions of dollars in interest expenses each year.<\/p>\n\n\n\n
Barron’s Chinese version: How to balance the conflict between cash flow and debt?<\/h3>\n\n\n\n
Sheng Yilong: Debt is only a means rather than an end. A good company through debt to enlarge the main business leverage. The ultimate purpose is always to achieve a long-term positive cash flow.<\/p>\n\n\n\n
In fact, the characteristics of the private (education) industry itself are one of heavy assets. And the other is stable cash flow and stable performance growth. All the liabilities of Chunlai Group are carried out around the main business of higher education. Such as the procurement of teaching facilities, campus infrastructure, campus mergers and acquisitions. With the ultimate purpose of generating a long-term positive cash flow to feed back to investors.<\/p>\n\n\n\n
In addition, we should always pay attention to the management of cash flow. In fact, we have monitoring all the time. Including monitoring the cash balance on the book, internal and external financing means. And financial credit granted to the company by various financial institutions. In this way, all interest-bearing liabilities can be guaranteed at all times. So as to achieve a relatively good level of operation.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
What do you think of the development direction of private colleges and universities in the context of negative population growth? Will you consider expanding into other areas of education in the spring?<\/p>\n\n\n\n
Sheng Yiming: Negative population growth is an unavoidable problem. With the advent of an aging society or a society with fewer children. Various private education groups will have certain differentiation due to different school scales and regions. But in general, I think there is no need to worry too much.<\/p>\n\n\n\n
First of all, although the overall birth rate has shown negative growth. The national policy of promoting the penetration rate of higher education has not wavered. Indicating that the industry still has development prospects.<\/p>\n\n\n\n
Second, in recent years, the country has been advocating to pay attention to the training of applied talents and vigorously develop vocational education. For example, in 22 years, the State issued the “Opinions on Deepening the reform of the construction of modern vocational education System”, and The State Council issued the “Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035)”, which fully reflects the decision of the state to implement stable employment and ensure employment, extend the working population’s education years and enhance the working population’s education level. The scale of higher vocational education will continue to expand in the future.<\/p>\n\n\n\n
Third, the private education industry should refer to its own school-running characteristics, encourage more school-enterprise cooperation according to national policies, integrate production and education, and cultivate application-oriented talents, which is the talent type in short supply in the current social and national development process. I believe that doing these points well, the private (education) industry is still promising.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
From the perspective of financial practitioners. Do you think that financial management positions need to be rotated to the first line? What is the most important experience as a financial manager to continue on your upward path? What qualities do you think a good financial manager should have?<\/p>\n\n\n\n
Sheng Yiyi: I think the experience of first-line rotation is very needed. Whether the financial management post should be rotated to the first-line. I think it is necessary to start from the overall situation and start from a small place. It is not only encouraged to rotate to the first line, but also encouraged to rotate across multiple departments. This helps to stand at the group level, prevent a barrier within the organization. And also helps the financial manager to have an in-depth understanding of the group’s core business and expand his personal vision.<\/p>\n\n\n\n
What is needed for a financial manager to move up the ladder, I think, depends on different stages of development. In the management of financial work at the grassroots level. The most important thing is the quality and execution ability of individuals. Such as whether they can carry out various financial accounting meticulously and comply with the financial rules and regulations of the group.<\/p>\n\n\n\n
When developing into middle-level financial management positions, emphasis is placed on coordination and management ability. Such as cross-departmental coordination of resource allocation, appropriate upward and downward compatibility, etc.<\/p>\n\n\n\n
When it comes to high-level financial management, the financial manager may have a certain industry perspective and strategic structure. And can assist the board of directors in formulating the development strategy of the group.<\/p>\n\n\n\n
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\u53d1\u5c55\u5230\u9ad8\u5c42\u7684\u8d22\u52a1\u7ba1\u7406\u7684\u65f6\u5019\uff0c\u8d22\u52a1\u7ba1\u7406\u8005\u53ef\u80fd\u8981\u5177\u5907\u4e00\u5b9a\u7684\u884c\u4e1a\u89c6\u89d2\u548c\u6218\u7565\u683c\u5c40\uff0c\u80fd\u591f\u53bb\u534f\u52a9\u8463\u4e8b\u4f1a\u5236\u5b9a\u96c6\u56e2\u7684\u53d1\u5c55\u6218\u7565\u3002<\/p>\n\n\n\n
\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\n
Only through front-line and cross-departmental rotation can you accelerate new personal growth.<\/p>\n\n\n\n
When the double reduction lets the k12 track enter the ice period, the private higher education industry that has not been noticeable is ushering in a new round of opportunities. Among them, the development momentum of China’s Spring education is particularly rapid, and its share price has nearly doubled in the past year. Since the beginning of this year, the stock price has increased by more than 20%, and the current total market value exceeds HK $5 billion, ranking among the Top3 higher education stock market value.<\/p>\n\n\n\n
Spring Education Group, which started from Henan, has maintained a high growth rate in recent years. From 2018 to 2022, the compound growth rate is as high as 28%, and the group’s business has also expanded from Henan and Hubei to Jiangsu. At present, the group operates four colleges in Henan and two colleges in Hubei, and participates in the operation of Tianping College of Suzhou University of Science and Technology. Relying on continuous merger and expansion, the adjusted net profit in the fiscal year 2022 was 538 million, an increase of 35.7%, and the adjusted net interest rate was 41%.<\/p>\n\n\n\n
In the rapid development of Spring Education, mergers and acquisitions have rapidly amplified corporate performance and achieved rapid growth in revenue and profit. <\/h4>\n\n\n\n
Among them, the management team of the group has played an important role. How to achieve cash flow safety in the rapid expansion, while controlling the scale of debt, Chun Education Group CFO Sheng believes that debt is only a means rather than the purpose, a good company through debt to enlarge the main business operating leverage, the ultimate purpose is always to achieve a long-term positive cash flow.<\/p>\n\n\n\n
In recent years, Spring Education in the process of rapid development, vigorously expand the scale, although the scale of debt continues to rise, but the overall financing cost has been effectively controlled, last year, the average financing cost of the group has declined by 3% to 4% compared with the listing period. The expansion and use of various financing tools by Sheng Yiming and his team successfully reduced the financing costs of enterprises.<\/p>\n\n\n\n
In the process of rapid expansion of the enterprise, grasp the balance between cash flow safety and debt size, Spring to educate CFO Sheng a show of experience and experience beyond the age. Barron’s China recently caught up with Sheng to find out more about how he’s done it in the asset-heavy private education industry.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
Can you share your experience? From the accounting firm to the role of CFO in the enterprise, how are the perspectives of the two the same and different? How does this background help the CFO’s work?<\/p>\n\n\n\n
Mr. Sheng: I have been working in this field for about 11 years. Before Laichun Education Group, I have been working in the service organization of Party B and worked in the investment bank management headquarters of Everbright Securities for a period of time. However, my main work experience is as the audit project manager of Deloitte Accounting Firm in East China, mainly in the education industry. For example, Shanghai American School (Shanghai American School).<\/p>\n\n\n\n
I always believe that the Big Four accounting firms are a good platform for newcomers to learn and grow, which can help them receive systematic professional training and quickly understand the target industry. The most valuable thing is that they can have the opportunity to contact the best leading enterprises in the industry and the best CFO in the industry, and communicate and learn from them.<\/p>\n\n\n\n
I became CFO of China Chunlai Education Group in 2020. From Party B to Party A, the same things will be viewed from different angles. For example, before coming to Party A, we used to require C-SOX or COSO standards to evaluate enterprises when conducting audit or IPO. However, after coming to Party A, we realized that it was more necessary to combine the internal culture and operation logic of enterprises as well as the external environment of enterprises. Including team composition to tailor.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
A considerable part of Spring’s performance growth comes from acquisitions. How do you judge the value of acquisitions? What are the company’s own considerations in the selection of acquisition targets?<\/p>\n\n\n\n
Sheng Yiming: The characteristics of each industry are not the same, as far as higher education is concerned, mergers and acquisitions have several important dimensions to consider.<\/p>\n\n\n\n
First of all, we must consider the level of the acquisition of the target and its school scale and school region, which is the most important. There is also a need to consider the manner of an acquisition and the potential synergies after the acquisition. Finally, we should consider the integration risk after the merger.<\/p>\n\n\n\n
At present, our group is also paying attention to some overseas high-quality educational resources, and will give priority to some English-speaking countries with good educational resources, such as Singapore, which also meets the foreign supervision whitelist of the Ministry of Education, can realize mutual recognition of academic qualifications, and can produce good synergies with the existing educational resources of our group. These are some of the potential targets we may focus on in the near term.<\/p>\n\n\n\n
Barron’s Chinese version: How to do a good job in the financial balance of the company in the spring expansion period?<\/h3>\n\n\n\n
Mr. Sheng: In fact, our group’s external expansion in recent years will emphasize the following three points:<\/p>\n\n\n\n
At the end of 2022, the Group’s book cash balance is 630 million yuan, and there are still about 2.1 billion unused lines of credit of various financial institutions, which can fully cover about 1.4 times of the Group’s interest-bearing liabilities and fully guarantee the Group’s short-term healthy operation and long-term development.<\/p>\n\n\n\n
Second, in the external expansion of debt, attention should be paid to expanding external cooperation institutions and broadening the partnership of the group. From the perspective of the Group itself, in the initial stage of listing, mainly regional commercial banks, in fact, until last year, the Group has successively expanded some joint-stock banks, the four domestic state-owned banks and even overseas financial institutions, and reached a long-term strategic partnership.<\/p>\n\n\n\n
Third, while stabilizing the scale of debt, continue to optimize the debt structure and reduce the average financing cost. Once there are more cooperation models to choose from, financing costs will actually come down. From the perspective of Chunlai, in the listing stage may be dominated by a single mobile commercial loan, accompanied by a small amount of financial leasing, last year also slowly expanded to fund loans, long-term merger and acquisition loans, cross-border capital pool business, smart campus co-construction cooperation.<\/p>\n\n\n\n
After the variety of products is rich, it can not only achieve the effective allocation of enterprise capital in the short and long term, but also effectively reduce financing costs. Last year, our group’s average financing costs were 3% to 4% lower than when we went public. And we were able to save tens of millions of dollars in interest expenses each year.<\/p>\n\n\n\n
Barron’s Chinese version: How to balance the conflict between cash flow and debt?<\/h3>\n\n\n\n
Sheng Yilong: Debt is only a means rather than an end. A good company through debt to enlarge the main business leverage. The ultimate purpose is always to achieve a long-term positive cash flow.<\/p>\n\n\n\n
In fact, the characteristics of the private (education) industry itself are one of heavy assets. And the other is stable cash flow and stable performance growth. All the liabilities of Chunlai Group are carried out around the main business of higher education. Such as the procurement of teaching facilities, campus infrastructure, campus mergers and acquisitions. With the ultimate purpose of generating a long-term positive cash flow to feed back to investors.<\/p>\n\n\n\n
In addition, we should always pay attention to the management of cash flow. In fact, we have monitoring all the time. Including monitoring the cash balance on the book, internal and external financing means. And financial credit granted to the company by various financial institutions. In this way, all interest-bearing liabilities can be guaranteed at all times. So as to achieve a relatively good level of operation.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
What do you think of the development direction of private colleges and universities in the context of negative population growth? Will you consider expanding into other areas of education in the spring?<\/p>\n\n\n\n
Sheng Yiming: Negative population growth is an unavoidable problem. With the advent of an aging society or a society with fewer children. Various private education groups will have certain differentiation due to different school scales and regions. But in general, I think there is no need to worry too much.<\/p>\n\n\n\n
First of all, although the overall birth rate has shown negative growth. The national policy of promoting the penetration rate of higher education has not wavered. Indicating that the industry still has development prospects.<\/p>\n\n\n\n
Second, in recent years, the country has been advocating to pay attention to the training of applied talents and vigorously develop vocational education. For example, in 22 years, the State issued the “Opinions on Deepening the reform of the construction of modern vocational education System”, and The State Council issued the “Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035)”, which fully reflects the decision of the state to implement stable employment and ensure employment, extend the working population’s education years and enhance the working population’s education level. The scale of higher vocational education will continue to expand in the future.<\/p>\n\n\n\n
Third, the private education industry should refer to its own school-running characteristics, encourage more school-enterprise cooperation according to national policies, integrate production and education, and cultivate application-oriented talents, which is the talent type in short supply in the current social and national development process. I believe that doing these points well, the private (education) industry is still promising.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
From the perspective of financial practitioners. Do you think that financial management positions need to be rotated to the first line? What is the most important experience as a financial manager to continue on your upward path? What qualities do you think a good financial manager should have?<\/p>\n\n\n\n
Sheng Yiyi: I think the experience of first-line rotation is very needed. Whether the financial management post should be rotated to the first-line. I think it is necessary to start from the overall situation and start from a small place. It is not only encouraged to rotate to the first line, but also encouraged to rotate across multiple departments. This helps to stand at the group level, prevent a barrier within the organization. And also helps the financial manager to have an in-depth understanding of the group’s core business and expand his personal vision.<\/p>\n\n\n\n
What is needed for a financial manager to move up the ladder, I think, depends on different stages of development. In the management of financial work at the grassroots level. The most important thing is the quality and execution ability of individuals. Such as whether they can carry out various financial accounting meticulously and comply with the financial rules and regulations of the group.<\/p>\n\n\n\n
When developing into middle-level financial management positions, emphasis is placed on coordination and management ability. Such as cross-departmental coordination of resource allocation, appropriate upward and downward compatibility, etc.<\/p>\n\n\n\n
When it comes to high-level financial management, the financial manager may have a certain industry perspective and strategic structure. And can assist the board of directors in formulating the development strategy of the group.<\/p>\n\n\n\n
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\u53d1\u5c55\u5230\u9ad8\u5c42\u7684\u8d22\u52a1\u7ba1\u7406\u7684\u65f6\u5019\uff0c\u8d22\u52a1\u7ba1\u7406\u8005\u53ef\u80fd\u8981\u5177\u5907\u4e00\u5b9a\u7684\u884c\u4e1a\u89c6\u89d2\u548c\u6218\u7565\u683c\u5c40\uff0c\u80fd\u591f\u53bb\u534f\u52a9\u8463\u4e8b\u4f1a\u5236\u5b9a\u96c6\u56e2\u7684\u53d1\u5c55\u6218\u7565\u3002<\/p>\n\n\n\n
\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\n
Only through front-line and cross-departmental rotation can you accelerate new personal growth.<\/p>\n\n\n\n
When the double reduction lets the k12 track enter the ice period, the private higher education industry that has not been noticeable is ushering in a new round of opportunities. Among them, the development momentum of China’s Spring education is particularly rapid, and its share price has nearly doubled in the past year. Since the beginning of this year, the stock price has increased by more than 20%, and the current total market value exceeds HK $5 billion, ranking among the Top3 higher education stock market value.<\/p>\n\n\n\n
Spring Education Group, which started from Henan, has maintained a high growth rate in recent years. From 2018 to 2022, the compound growth rate is as high as 28%, and the group’s business has also expanded from Henan and Hubei to Jiangsu. At present, the group operates four colleges in Henan and two colleges in Hubei, and participates in the operation of Tianping College of Suzhou University of Science and Technology. Relying on continuous merger and expansion, the adjusted net profit in the fiscal year 2022 was 538 million, an increase of 35.7%, and the adjusted net interest rate was 41%.<\/p>\n\n\n\n
In the rapid development of Spring Education, mergers and acquisitions have rapidly amplified corporate performance and achieved rapid growth in revenue and profit. <\/h4>\n\n\n\n
Among them, the management team of the group has played an important role. How to achieve cash flow safety in the rapid expansion, while controlling the scale of debt, Chun Education Group CFO Sheng believes that debt is only a means rather than the purpose, a good company through debt to enlarge the main business operating leverage, the ultimate purpose is always to achieve a long-term positive cash flow.<\/p>\n\n\n\n
In recent years, Spring Education in the process of rapid development, vigorously expand the scale, although the scale of debt continues to rise, but the overall financing cost has been effectively controlled, last year, the average financing cost of the group has declined by 3% to 4% compared with the listing period. The expansion and use of various financing tools by Sheng Yiming and his team successfully reduced the financing costs of enterprises.<\/p>\n\n\n\n
In the process of rapid expansion of the enterprise, grasp the balance between cash flow safety and debt size, Spring to educate CFO Sheng a show of experience and experience beyond the age. Barron’s China recently caught up with Sheng to find out more about how he’s done it in the asset-heavy private education industry.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
Can you share your experience? From the accounting firm to the role of CFO in the enterprise, how are the perspectives of the two the same and different? How does this background help the CFO’s work?<\/p>\n\n\n\n
Mr. Sheng: I have been working in this field for about 11 years. Before Laichun Education Group, I have been working in the service organization of Party B and worked in the investment bank management headquarters of Everbright Securities for a period of time. However, my main work experience is as the audit project manager of Deloitte Accounting Firm in East China, mainly in the education industry. For example, Shanghai American School (Shanghai American School).<\/p>\n\n\n\n
I always believe that the Big Four accounting firms are a good platform for newcomers to learn and grow, which can help them receive systematic professional training and quickly understand the target industry. The most valuable thing is that they can have the opportunity to contact the best leading enterprises in the industry and the best CFO in the industry, and communicate and learn from them.<\/p>\n\n\n\n
I became CFO of China Chunlai Education Group in 2020. From Party B to Party A, the same things will be viewed from different angles. For example, before coming to Party A, we used to require C-SOX or COSO standards to evaluate enterprises when conducting audit or IPO. However, after coming to Party A, we realized that it was more necessary to combine the internal culture and operation logic of enterprises as well as the external environment of enterprises. Including team composition to tailor.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
A considerable part of Spring’s performance growth comes from acquisitions. How do you judge the value of acquisitions? What are the company’s own considerations in the selection of acquisition targets?<\/p>\n\n\n\n
Sheng Yiming: The characteristics of each industry are not the same, as far as higher education is concerned, mergers and acquisitions have several important dimensions to consider.<\/p>\n\n\n\n
First of all, we must consider the level of the acquisition of the target and its school scale and school region, which is the most important. There is also a need to consider the manner of an acquisition and the potential synergies after the acquisition. Finally, we should consider the integration risk after the merger.<\/p>\n\n\n\n
At present, our group is also paying attention to some overseas high-quality educational resources, and will give priority to some English-speaking countries with good educational resources, such as Singapore, which also meets the foreign supervision whitelist of the Ministry of Education, can realize mutual recognition of academic qualifications, and can produce good synergies with the existing educational resources of our group. These are some of the potential targets we may focus on in the near term.<\/p>\n\n\n\n
Barron’s Chinese version: How to do a good job in the financial balance of the company in the spring expansion period?<\/h3>\n\n\n\n
Mr. Sheng: In fact, our group’s external expansion in recent years will emphasize the following three points:<\/p>\n\n\n\n
At the end of 2022, the Group’s book cash balance is 630 million yuan, and there are still about 2.1 billion unused lines of credit of various financial institutions, which can fully cover about 1.4 times of the Group’s interest-bearing liabilities and fully guarantee the Group’s short-term healthy operation and long-term development.<\/p>\n\n\n\n
Second, in the external expansion of debt, attention should be paid to expanding external cooperation institutions and broadening the partnership of the group. From the perspective of the Group itself, in the initial stage of listing, mainly regional commercial banks, in fact, until last year, the Group has successively expanded some joint-stock banks, the four domestic state-owned banks and even overseas financial institutions, and reached a long-term strategic partnership.<\/p>\n\n\n\n
Third, while stabilizing the scale of debt, continue to optimize the debt structure and reduce the average financing cost. Once there are more cooperation models to choose from, financing costs will actually come down. From the perspective of Chunlai, in the listing stage may be dominated by a single mobile commercial loan, accompanied by a small amount of financial leasing, last year also slowly expanded to fund loans, long-term merger and acquisition loans, cross-border capital pool business, smart campus co-construction cooperation.<\/p>\n\n\n\n
After the variety of products is rich, it can not only achieve the effective allocation of enterprise capital in the short and long term, but also effectively reduce financing costs. Last year, our group’s average financing costs were 3% to 4% lower than when we went public. And we were able to save tens of millions of dollars in interest expenses each year.<\/p>\n\n\n\n
Barron’s Chinese version: How to balance the conflict between cash flow and debt?<\/h3>\n\n\n\n
Sheng Yilong: Debt is only a means rather than an end. A good company through debt to enlarge the main business leverage. The ultimate purpose is always to achieve a long-term positive cash flow.<\/p>\n\n\n\n
In fact, the characteristics of the private (education) industry itself are one of heavy assets. And the other is stable cash flow and stable performance growth. All the liabilities of Chunlai Group are carried out around the main business of higher education. Such as the procurement of teaching facilities, campus infrastructure, campus mergers and acquisitions. With the ultimate purpose of generating a long-term positive cash flow to feed back to investors.<\/p>\n\n\n\n
In addition, we should always pay attention to the management of cash flow. In fact, we have monitoring all the time. Including monitoring the cash balance on the book, internal and external financing means. And financial credit granted to the company by various financial institutions. In this way, all interest-bearing liabilities can be guaranteed at all times. So as to achieve a relatively good level of operation.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
What do you think of the development direction of private colleges and universities in the context of negative population growth? Will you consider expanding into other areas of education in the spring?<\/p>\n\n\n\n
Sheng Yiming: Negative population growth is an unavoidable problem. With the advent of an aging society or a society with fewer children. Various private education groups will have certain differentiation due to different school scales and regions. But in general, I think there is no need to worry too much.<\/p>\n\n\n\n
First of all, although the overall birth rate has shown negative growth. The national policy of promoting the penetration rate of higher education has not wavered. Indicating that the industry still has development prospects.<\/p>\n\n\n\n
Second, in recent years, the country has been advocating to pay attention to the training of applied talents and vigorously develop vocational education. For example, in 22 years, the State issued the “Opinions on Deepening the reform of the construction of modern vocational education System”, and The State Council issued the “Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035)”, which fully reflects the decision of the state to implement stable employment and ensure employment, extend the working population’s education years and enhance the working population’s education level. The scale of higher vocational education will continue to expand in the future.<\/p>\n\n\n\n
Third, the private education industry should refer to its own school-running characteristics, encourage more school-enterprise cooperation according to national policies, integrate production and education, and cultivate application-oriented talents, which is the talent type in short supply in the current social and national development process. I believe that doing these points well, the private (education) industry is still promising.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
From the perspective of financial practitioners. Do you think that financial management positions need to be rotated to the first line? What is the most important experience as a financial manager to continue on your upward path? What qualities do you think a good financial manager should have?<\/p>\n\n\n\n
Sheng Yiyi: I think the experience of first-line rotation is very needed. Whether the financial management post should be rotated to the first-line. I think it is necessary to start from the overall situation and start from a small place. It is not only encouraged to rotate to the first line, but also encouraged to rotate across multiple departments. This helps to stand at the group level, prevent a barrier within the organization. And also helps the financial manager to have an in-depth understanding of the group’s core business and expand his personal vision.<\/p>\n\n\n\n
What is needed for a financial manager to move up the ladder, I think, depends on different stages of development. In the management of financial work at the grassroots level. The most important thing is the quality and execution ability of individuals. Such as whether they can carry out various financial accounting meticulously and comply with the financial rules and regulations of the group.<\/p>\n\n\n\n
When developing into middle-level financial management positions, emphasis is placed on coordination and management ability. Such as cross-departmental coordination of resource allocation, appropriate upward and downward compatibility, etc.<\/p>\n\n\n\n
When it comes to high-level financial management, the financial manager may have a certain industry perspective and strategic structure. And can assist the board of directors in formulating the development strategy of the group.<\/p>\n\n\n\n
\u5176\u5b9e\u6c11\u529e\uff08\u6559\u80b2\uff09\u884c\u4e1a\u672c\u8eab\u7684\u7279\u70b9\u4e00\u4e2a\u5c31\u662f\u91cd\u8d44\u4ea7\uff0c\u53e6\u5916\u5c31\u662f\u73b0\u91d1\u6d41\u7a33\u5b9a\uff0c\u4e1a\u7ee9\u589e\u957f\u7a33\u5b9a\u3002\u6625\u6765\u96c6\u56e2\u6240\u6709\u7684\u8d1f\u503a\uff0c\u90fd\u662f\u56f4\u7ed5\u4e3b\u4e1a\u9ad8\u7b49\u6559\u80b2\u5c55\u5f00\u7684\uff0c\u8b6c\u5982\u6559\u5b66\u8bbe\u65bd\u7684\u91c7\u8d2d\uff0c\u6821\u56ed\u7684\u57fa\u5efa\u3001\u6821\u56ed\u7684\u5e76\u8d2d\uff0c\u6700\u7ec8\u7684\u76ee\u7684\u662f\u4ea7\u751f\u4e00\u4e2a\u957f\u671f\u6b63\u5411\u7684\u73b0\u91d1\u6d41\u6765\u53cd\u9988\u6295\u8d44\u4eba\u3002<\/p>\n\n\n\n
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\u300a\u5df4\u4f26\u5468\u520a\u300b\u4e2d\u6587\u7248\uff1a\u5728\u4eba\u53e3\u5f00\u59cb\u8d1f\u589e\u957f\u7684\u60c5\u51b5\u4e0b\uff0c\u60a8\u662f\u600e\u4e48\u770b\u6c11\u529e\u9662\u6821\u7684\u53d1\u5c55\u65b9\u5411\u7684\uff1f\u672a\u6765\u6625\u6765\u4f1a\u8003\u8651\u6269\u5c55\u5176\u4ed6\u7684\u6559\u80b2\u9886\u57df\u4e48\uff1f<\/strong><\/h2>\n\n\n\n\u76db\u4e00\u540d\uff1a<\/strong>\u4eba\u53e3\u7684\u8d1f\u589e\u957f\u662f\u4e00\u4e2a\u4e0d\u53ef\u56de\u907f\u7684\u95ee\u9898\u3002\u4f34\u968f\u7740\u8001\u9f84\u5316\u6216\u8005\u5c11\u5b50\u5316\u793e\u4f1a\u7684\u5230\u6765\uff0c\u5404\u4e2a\u6c11\u529e\u6559\u80b2\u96c6\u56e2\u4f1a\u56e0\u529e\u5b66\u89c4\u6a21\u4e0e\u6240\u5904\u5730\u57df\u4e0d\u540c\uff0c\u4ea7\u751f\u4e00\u5b9a\u7684\u5206\u5316\uff0c\u4f46\u603b\u4f53\u800c\u8a00\u6211\u8ba4\u4e3a\u4e5f\u4e0d\u9700\u8981\u592a\u8fc7\u62c5\u5fe7\u3002<\/p>\n\n\n\n\u9996\u5148\uff0c\u867d\u7136\u6574\u4f53\u4eba\u53e3\u51fa\u751f\u7387\u51fa\u73b0\u8d1f\u589e\u957f\uff0c\u4f46\u56fd\u5bb6\u63a8\u52a8\u9ad8\u7b49\u6559\u80b2\u666e\u53ca\u7387\u7684\u65b9\u9488\u6ca1\u6709\u52a8\u6447\uff0c\u8bf4\u660e\u884c\u4e1a\u8fd8\u662f\u6709\u53d1\u5c55\u524d\u666f\u7684\u3002<\/p>\n\n\n\n
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\u53d1\u5c55\u5230\u9ad8\u5c42\u7684\u8d22\u52a1\u7ba1\u7406\u7684\u65f6\u5019\uff0c\u8d22\u52a1\u7ba1\u7406\u8005\u53ef\u80fd\u8981\u5177\u5907\u4e00\u5b9a\u7684\u884c\u4e1a\u89c6\u89d2\u548c\u6218\u7565\u683c\u5c40\uff0c\u80fd\u591f\u53bb\u534f\u52a9\u8463\u4e8b\u4f1a\u5236\u5b9a\u96c6\u56e2\u7684\u53d1\u5c55\u6218\u7565\u3002<\/p>\n\n\n\n
\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\n
Only through front-line and cross-departmental rotation can you accelerate new personal growth.<\/p>\n\n\n\n
When the double reduction lets the k12 track enter the ice period, the private higher education industry that has not been noticeable is ushering in a new round of opportunities. Among them, the development momentum of China’s Spring education is particularly rapid, and its share price has nearly doubled in the past year. Since the beginning of this year, the stock price has increased by more than 20%, and the current total market value exceeds HK $5 billion, ranking among the Top3 higher education stock market value.<\/p>\n\n\n\n
Spring Education Group, which started from Henan, has maintained a high growth rate in recent years. From 2018 to 2022, the compound growth rate is as high as 28%, and the group’s business has also expanded from Henan and Hubei to Jiangsu. At present, the group operates four colleges in Henan and two colleges in Hubei, and participates in the operation of Tianping College of Suzhou University of Science and Technology. Relying on continuous merger and expansion, the adjusted net profit in the fiscal year 2022 was 538 million, an increase of 35.7%, and the adjusted net interest rate was 41%.<\/p>\n\n\n\n
In the rapid development of Spring Education, mergers and acquisitions have rapidly amplified corporate performance and achieved rapid growth in revenue and profit. <\/h4>\n\n\n\n
Among them, the management team of the group has played an important role. How to achieve cash flow safety in the rapid expansion, while controlling the scale of debt, Chun Education Group CFO Sheng believes that debt is only a means rather than the purpose, a good company through debt to enlarge the main business operating leverage, the ultimate purpose is always to achieve a long-term positive cash flow.<\/p>\n\n\n\n
In recent years, Spring Education in the process of rapid development, vigorously expand the scale, although the scale of debt continues to rise, but the overall financing cost has been effectively controlled, last year, the average financing cost of the group has declined by 3% to 4% compared with the listing period. The expansion and use of various financing tools by Sheng Yiming and his team successfully reduced the financing costs of enterprises.<\/p>\n\n\n\n
In the process of rapid expansion of the enterprise, grasp the balance between cash flow safety and debt size, Spring to educate CFO Sheng a show of experience and experience beyond the age. Barron’s China recently caught up with Sheng to find out more about how he’s done it in the asset-heavy private education industry.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
Can you share your experience? From the accounting firm to the role of CFO in the enterprise, how are the perspectives of the two the same and different? How does this background help the CFO’s work?<\/p>\n\n\n\n
Mr. Sheng: I have been working in this field for about 11 years. Before Laichun Education Group, I have been working in the service organization of Party B and worked in the investment bank management headquarters of Everbright Securities for a period of time. However, my main work experience is as the audit project manager of Deloitte Accounting Firm in East China, mainly in the education industry. For example, Shanghai American School (Shanghai American School).<\/p>\n\n\n\n
I always believe that the Big Four accounting firms are a good platform for newcomers to learn and grow, which can help them receive systematic professional training and quickly understand the target industry. The most valuable thing is that they can have the opportunity to contact the best leading enterprises in the industry and the best CFO in the industry, and communicate and learn from them.<\/p>\n\n\n\n
I became CFO of China Chunlai Education Group in 2020. From Party B to Party A, the same things will be viewed from different angles. For example, before coming to Party A, we used to require C-SOX or COSO standards to evaluate enterprises when conducting audit or IPO. However, after coming to Party A, we realized that it was more necessary to combine the internal culture and operation logic of enterprises as well as the external environment of enterprises. Including team composition to tailor.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
A considerable part of Spring’s performance growth comes from acquisitions. How do you judge the value of acquisitions? What are the company’s own considerations in the selection of acquisition targets?<\/p>\n\n\n\n
Sheng Yiming: The characteristics of each industry are not the same, as far as higher education is concerned, mergers and acquisitions have several important dimensions to consider.<\/p>\n\n\n\n
First of all, we must consider the level of the acquisition of the target and its school scale and school region, which is the most important. There is also a need to consider the manner of an acquisition and the potential synergies after the acquisition. Finally, we should consider the integration risk after the merger.<\/p>\n\n\n\n
At present, our group is also paying attention to some overseas high-quality educational resources, and will give priority to some English-speaking countries with good educational resources, such as Singapore, which also meets the foreign supervision whitelist of the Ministry of Education, can realize mutual recognition of academic qualifications, and can produce good synergies with the existing educational resources of our group. These are some of the potential targets we may focus on in the near term.<\/p>\n\n\n\n
Barron’s Chinese version: How to do a good job in the financial balance of the company in the spring expansion period?<\/h3>\n\n\n\n
Mr. Sheng: In fact, our group’s external expansion in recent years will emphasize the following three points:<\/p>\n\n\n\n
At the end of 2022, the Group’s book cash balance is 630 million yuan, and there are still about 2.1 billion unused lines of credit of various financial institutions, which can fully cover about 1.4 times of the Group’s interest-bearing liabilities and fully guarantee the Group’s short-term healthy operation and long-term development.<\/p>\n\n\n\n
Second, in the external expansion of debt, attention should be paid to expanding external cooperation institutions and broadening the partnership of the group. From the perspective of the Group itself, in the initial stage of listing, mainly regional commercial banks, in fact, until last year, the Group has successively expanded some joint-stock banks, the four domestic state-owned banks and even overseas financial institutions, and reached a long-term strategic partnership.<\/p>\n\n\n\n
Third, while stabilizing the scale of debt, continue to optimize the debt structure and reduce the average financing cost. Once there are more cooperation models to choose from, financing costs will actually come down. From the perspective of Chunlai, in the listing stage may be dominated by a single mobile commercial loan, accompanied by a small amount of financial leasing, last year also slowly expanded to fund loans, long-term merger and acquisition loans, cross-border capital pool business, smart campus co-construction cooperation.<\/p>\n\n\n\n
After the variety of products is rich, it can not only achieve the effective allocation of enterprise capital in the short and long term, but also effectively reduce financing costs. Last year, our group’s average financing costs were 3% to 4% lower than when we went public. And we were able to save tens of millions of dollars in interest expenses each year.<\/p>\n\n\n\n
Barron’s Chinese version: How to balance the conflict between cash flow and debt?<\/h3>\n\n\n\n
Sheng Yilong: Debt is only a means rather than an end. A good company through debt to enlarge the main business leverage. The ultimate purpose is always to achieve a long-term positive cash flow.<\/p>\n\n\n\n
In fact, the characteristics of the private (education) industry itself are one of heavy assets. And the other is stable cash flow and stable performance growth. All the liabilities of Chunlai Group are carried out around the main business of higher education. Such as the procurement of teaching facilities, campus infrastructure, campus mergers and acquisitions. With the ultimate purpose of generating a long-term positive cash flow to feed back to investors.<\/p>\n\n\n\n
In addition, we should always pay attention to the management of cash flow. In fact, we have monitoring all the time. Including monitoring the cash balance on the book, internal and external financing means. And financial credit granted to the company by various financial institutions. In this way, all interest-bearing liabilities can be guaranteed at all times. So as to achieve a relatively good level of operation.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
What do you think of the development direction of private colleges and universities in the context of negative population growth? Will you consider expanding into other areas of education in the spring?<\/p>\n\n\n\n
Sheng Yiming: Negative population growth is an unavoidable problem. With the advent of an aging society or a society with fewer children. Various private education groups will have certain differentiation due to different school scales and regions. But in general, I think there is no need to worry too much.<\/p>\n\n\n\n
First of all, although the overall birth rate has shown negative growth. The national policy of promoting the penetration rate of higher education has not wavered. Indicating that the industry still has development prospects.<\/p>\n\n\n\n
Second, in recent years, the country has been advocating to pay attention to the training of applied talents and vigorously develop vocational education. For example, in 22 years, the State issued the “Opinions on Deepening the reform of the construction of modern vocational education System”, and The State Council issued the “Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035)”, which fully reflects the decision of the state to implement stable employment and ensure employment, extend the working population’s education years and enhance the working population’s education level. The scale of higher vocational education will continue to expand in the future.<\/p>\n\n\n\n
Third, the private education industry should refer to its own school-running characteristics, encourage more school-enterprise cooperation according to national policies, integrate production and education, and cultivate application-oriented talents, which is the talent type in short supply in the current social and national development process. I believe that doing these points well, the private (education) industry is still promising.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
From the perspective of financial practitioners. Do you think that financial management positions need to be rotated to the first line? What is the most important experience as a financial manager to continue on your upward path? What qualities do you think a good financial manager should have?<\/p>\n\n\n\n
Sheng Yiyi: I think the experience of first-line rotation is very needed. Whether the financial management post should be rotated to the first-line. I think it is necessary to start from the overall situation and start from a small place. It is not only encouraged to rotate to the first line, but also encouraged to rotate across multiple departments. This helps to stand at the group level, prevent a barrier within the organization. And also helps the financial manager to have an in-depth understanding of the group’s core business and expand his personal vision.<\/p>\n\n\n\n
What is needed for a financial manager to move up the ladder, I think, depends on different stages of development. In the management of financial work at the grassroots level. The most important thing is the quality and execution ability of individuals. Such as whether they can carry out various financial accounting meticulously and comply with the financial rules and regulations of the group.<\/p>\n\n\n\n
When developing into middle-level financial management positions, emphasis is placed on coordination and management ability. Such as cross-departmental coordination of resource allocation, appropriate upward and downward compatibility, etc.<\/p>\n\n\n\n
When it comes to high-level financial management, the financial manager may have a certain industry perspective and strategic structure. And can assist the board of directors in formulating the development strategy of the group.<\/p>\n\n\n\n
\u9996\u5148\uff0c\u867d\u7136\u6574\u4f53\u4eba\u53e3\u51fa\u751f\u7387\u51fa\u73b0\u8d1f\u589e\u957f\uff0c\u4f46\u56fd\u5bb6\u63a8\u52a8\u9ad8\u7b49\u6559\u80b2\u666e\u53ca\u7387\u7684\u65b9\u9488\u6ca1\u6709\u52a8\u6447\uff0c\u8bf4\u660e\u884c\u4e1a\u8fd8\u662f\u6709\u53d1\u5c55\u524d\u666f\u7684\u3002<\/p>\n\n\n\n
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\u7b2c\u4e09\uff0c\u6c11\u529e\u6559\u80b2\u884c\u4e1a\u8981\u53c2\u7167\u81ea\u8eab\u7684\u529e\u5b66\u7279\u8272\uff0c\u591a\u6839\u636e\u56fd\u5bb6\u7684\u653f\u7b56\u53bb\u591a\u9f13\u52b1\u6821\u4f01\u5408\u4f5c\uff0c\u505a\u4ea7\u6559\u878d\u5408\uff0c\u57f9\u517b\u5e94\u7528\u578b\u7684\u4eba\u624d\uff0c\u8fd9\u624d\u662f\u76ee\u524d\u793e\u4f1a\u56fd\u5bb6\u53d1\u5c55\u8fc7\u7a0b\u4e2d\u7d27\u7f3a\u7684\u4eba\u624d\u7c7b\u578b\u3002\u76f8\u4fe1\u505a\u597d\u8fd9\u51e0\u70b9\uff0c\u6c11\u529e\uff08\u6559\u80b2\uff09\u884c\u4e1a\u8fd8\u662f\u5927\u6709\u53ef\u4e3a\u7684\u3002<\/p>\n\n\n\n
\u300a\u5df4\u4f26\u5468\u520a\u300b\u4e2d\u6587\u7248\uff1a\u4ece\u8d22\u52a1\u4ece\u4e1a\u8005\u7684\u89d2\u5ea6\uff0c\u60a8\u89c9\u5f97\u8d22\u52a1\u7ba1\u7406\u5c97\u9700\u8981\u5230\u4e00\u7ebf\u8f6e\u5c97\u5417\uff1f\u4f5c\u4e3a\u8d22\u52a1\u7ba1\u7406\u8005\u7ee7\u7eed\u4e0a\u5347\u7684\u8def\u5f84\u4e2d\uff0c\u4ec0\u4e48\u6837\u7684\u7ecf\u9a8c\u662f\u6700\u91cd\u8981\u7684\u5462\uff1f\u60a8\u89c9\u5f97\u4e00\u4e2a\u4f18\u79c0\u7684\u8d22\u52a1\u7ba1\u7406\u8005\u5e94\u8be5\u5177\u5907\u4ec0\u4e48\u6837\u7684\u7279\u8d28\uff1f<\/strong><\/h2>\n\n\n\n\u76db\u4e00\u540d\uff1a<\/strong>\u6211\u89c9\u5f97\u4e00\u7ebf\u8f6e\u5c97\u7684\u7ecf\u9a8c\u975e\u5e38\u9700\u8981\uff0c\u8d22\u52a1\u7ba1\u7406\u5c97\u662f\u5426\u8981\u5230\u4e00\u7ebf\u8f6e\u5c97\uff0c\u6211\u89c9\u5f97\u9700\u8981\u4ece\u5927\u5c40\u51fa\u53d1\uff0c\u4ece\u5c0f\u5904\u5165\u624b\u3002\u4e0d\u4ec5\u9f13\u52b1\u8981\u5230\u4e00\u7ebf\u8f6e\u5c97\uff0c\u66f4\u9f13\u52b1\u8981\u591a\u90e8\u95e8\u8de8\u90e8\u95e8\u8f6e\u5c97\u3002\u8fd9\u6837\u6709\u52a9\u4e8e\u7ad9\u5728\u96c6\u56e2\u5c42\u9762\uff0c\u9632\u6b62\u7ec4\u7ec7\u5185\u90e8\u5b58\u5728\u4e00\u4e2a\u58c1\u5792\uff0c\u540c\u65f6\u4e5f\u6709\u52a9\u8d22\u52a1\u7ba1\u7406\u8005\u4e2a\u4eba\u53bb\u6df1\u5165\u4e86\u89e3\u96c6\u56e2\u7684\u6838\u5fc3\u4e1a\u52a1\uff0c\u62d3\u5c55\u4e2a\u4eba\u7684\u89c6\u91ce\u3002<\/p>\n\n\n\n\u7ad9\u5728\u96c6\u56e2\u7ba1\u7406\u7684\u89d2\u5ea6\uff0c\u8d8a\u5f80\u4e0a\u8d70\uff0c\u8d8a\u9700\u8981\u590d\u5408\u578b\u4eba\u624d\uff0c\u53ea\u6709\u901a\u8fc7\u4e00\u7ebf\u7684\u8f6e\u5c97\u548c\u8de8\u90e8\u95e8\u7684\u8f6e\u5c97\uff0c\u624d\u80fd\u52a0\u901f\u65b0\u77e5\u8bc6\u7684\u5b66\u4e60\uff0c\u52a0\u901f\u4e2a\u4eba\u65b0\u7684\u6210\u957f\u3002<\/p>\n\n\n\n
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\u53d1\u5c55\u5230\u4e2d\u5c42\u8d22\u52a1\u5c97\u7ba1\u7406\u5c97\u4f4d\u7684\u65f6\u5019\uff0c\u5f3a\u8c03\u7684\u662f\u534f\u8c03\u548c\u7ba1\u7406\u80fd\u529b\uff0c\u6bd4\u5982\u8de8\u90e8\u95e8\u534f\u8c03\u8d44\u6e90\u7684\u5206\u914d\uff0c\u9002\u5f53\u7684\u5411\u4e0a\u548c\u5411\u4e0b\u517c\u5bb9\u7b49\u3002<\/p>\n\n\n\n
\u53d1\u5c55\u5230\u9ad8\u5c42\u7684\u8d22\u52a1\u7ba1\u7406\u7684\u65f6\u5019\uff0c\u8d22\u52a1\u7ba1\u7406\u8005\u53ef\u80fd\u8981\u5177\u5907\u4e00\u5b9a\u7684\u884c\u4e1a\u89c6\u89d2\u548c\u6218\u7565\u683c\u5c40\uff0c\u80fd\u591f\u53bb\u534f\u52a9\u8463\u4e8b\u4f1a\u5236\u5b9a\u96c6\u56e2\u7684\u53d1\u5c55\u6218\u7565\u3002<\/p>\n\n\n\n
\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\n
Only through front-line and cross-departmental rotation can you accelerate new personal growth.<\/p>\n\n\n\n
When the double reduction lets the k12 track enter the ice period, the private higher education industry that has not been noticeable is ushering in a new round of opportunities. Among them, the development momentum of China’s Spring education is particularly rapid, and its share price has nearly doubled in the past year. Since the beginning of this year, the stock price has increased by more than 20%, and the current total market value exceeds HK $5 billion, ranking among the Top3 higher education stock market value.<\/p>\n\n\n\n
Spring Education Group, which started from Henan, has maintained a high growth rate in recent years. From 2018 to 2022, the compound growth rate is as high as 28%, and the group’s business has also expanded from Henan and Hubei to Jiangsu. At present, the group operates four colleges in Henan and two colleges in Hubei, and participates in the operation of Tianping College of Suzhou University of Science and Technology. Relying on continuous merger and expansion, the adjusted net profit in the fiscal year 2022 was 538 million, an increase of 35.7%, and the adjusted net interest rate was 41%.<\/p>\n\n\n\n
In the rapid development of Spring Education, mergers and acquisitions have rapidly amplified corporate performance and achieved rapid growth in revenue and profit. <\/h4>\n\n\n\n
Among them, the management team of the group has played an important role. How to achieve cash flow safety in the rapid expansion, while controlling the scale of debt, Chun Education Group CFO Sheng believes that debt is only a means rather than the purpose, a good company through debt to enlarge the main business operating leverage, the ultimate purpose is always to achieve a long-term positive cash flow.<\/p>\n\n\n\n
In recent years, Spring Education in the process of rapid development, vigorously expand the scale, although the scale of debt continues to rise, but the overall financing cost has been effectively controlled, last year, the average financing cost of the group has declined by 3% to 4% compared with the listing period. The expansion and use of various financing tools by Sheng Yiming and his team successfully reduced the financing costs of enterprises.<\/p>\n\n\n\n
In the process of rapid expansion of the enterprise, grasp the balance between cash flow safety and debt size, Spring to educate CFO Sheng a show of experience and experience beyond the age. Barron’s China recently caught up with Sheng to find out more about how he’s done it in the asset-heavy private education industry.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
Can you share your experience? From the accounting firm to the role of CFO in the enterprise, how are the perspectives of the two the same and different? How does this background help the CFO’s work?<\/p>\n\n\n\n
Mr. Sheng: I have been working in this field for about 11 years. Before Laichun Education Group, I have been working in the service organization of Party B and worked in the investment bank management headquarters of Everbright Securities for a period of time. However, my main work experience is as the audit project manager of Deloitte Accounting Firm in East China, mainly in the education industry. For example, Shanghai American School (Shanghai American School).<\/p>\n\n\n\n
I always believe that the Big Four accounting firms are a good platform for newcomers to learn and grow, which can help them receive systematic professional training and quickly understand the target industry. The most valuable thing is that they can have the opportunity to contact the best leading enterprises in the industry and the best CFO in the industry, and communicate and learn from them.<\/p>\n\n\n\n
I became CFO of China Chunlai Education Group in 2020. From Party B to Party A, the same things will be viewed from different angles. For example, before coming to Party A, we used to require C-SOX or COSO standards to evaluate enterprises when conducting audit or IPO. However, after coming to Party A, we realized that it was more necessary to combine the internal culture and operation logic of enterprises as well as the external environment of enterprises. Including team composition to tailor.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
A considerable part of Spring’s performance growth comes from acquisitions. How do you judge the value of acquisitions? What are the company’s own considerations in the selection of acquisition targets?<\/p>\n\n\n\n
Sheng Yiming: The characteristics of each industry are not the same, as far as higher education is concerned, mergers and acquisitions have several important dimensions to consider.<\/p>\n\n\n\n
First of all, we must consider the level of the acquisition of the target and its school scale and school region, which is the most important. There is also a need to consider the manner of an acquisition and the potential synergies after the acquisition. Finally, we should consider the integration risk after the merger.<\/p>\n\n\n\n
At present, our group is also paying attention to some overseas high-quality educational resources, and will give priority to some English-speaking countries with good educational resources, such as Singapore, which also meets the foreign supervision whitelist of the Ministry of Education, can realize mutual recognition of academic qualifications, and can produce good synergies with the existing educational resources of our group. These are some of the potential targets we may focus on in the near term.<\/p>\n\n\n\n
Barron’s Chinese version: How to do a good job in the financial balance of the company in the spring expansion period?<\/h3>\n\n\n\n
Mr. Sheng: In fact, our group’s external expansion in recent years will emphasize the following three points:<\/p>\n\n\n\n
At the end of 2022, the Group’s book cash balance is 630 million yuan, and there are still about 2.1 billion unused lines of credit of various financial institutions, which can fully cover about 1.4 times of the Group’s interest-bearing liabilities and fully guarantee the Group’s short-term healthy operation and long-term development.<\/p>\n\n\n\n
Second, in the external expansion of debt, attention should be paid to expanding external cooperation institutions and broadening the partnership of the group. From the perspective of the Group itself, in the initial stage of listing, mainly regional commercial banks, in fact, until last year, the Group has successively expanded some joint-stock banks, the four domestic state-owned banks and even overseas financial institutions, and reached a long-term strategic partnership.<\/p>\n\n\n\n
Third, while stabilizing the scale of debt, continue to optimize the debt structure and reduce the average financing cost. Once there are more cooperation models to choose from, financing costs will actually come down. From the perspective of Chunlai, in the listing stage may be dominated by a single mobile commercial loan, accompanied by a small amount of financial leasing, last year also slowly expanded to fund loans, long-term merger and acquisition loans, cross-border capital pool business, smart campus co-construction cooperation.<\/p>\n\n\n\n
After the variety of products is rich, it can not only achieve the effective allocation of enterprise capital in the short and long term, but also effectively reduce financing costs. Last year, our group’s average financing costs were 3% to 4% lower than when we went public. And we were able to save tens of millions of dollars in interest expenses each year.<\/p>\n\n\n\n
Barron’s Chinese version: How to balance the conflict between cash flow and debt?<\/h3>\n\n\n\n
Sheng Yilong: Debt is only a means rather than an end. A good company through debt to enlarge the main business leverage. The ultimate purpose is always to achieve a long-term positive cash flow.<\/p>\n\n\n\n
In fact, the characteristics of the private (education) industry itself are one of heavy assets. And the other is stable cash flow and stable performance growth. All the liabilities of Chunlai Group are carried out around the main business of higher education. Such as the procurement of teaching facilities, campus infrastructure, campus mergers and acquisitions. With the ultimate purpose of generating a long-term positive cash flow to feed back to investors.<\/p>\n\n\n\n
In addition, we should always pay attention to the management of cash flow. In fact, we have monitoring all the time. Including monitoring the cash balance on the book, internal and external financing means. And financial credit granted to the company by various financial institutions. In this way, all interest-bearing liabilities can be guaranteed at all times. So as to achieve a relatively good level of operation.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
What do you think of the development direction of private colleges and universities in the context of negative population growth? Will you consider expanding into other areas of education in the spring?<\/p>\n\n\n\n
Sheng Yiming: Negative population growth is an unavoidable problem. With the advent of an aging society or a society with fewer children. Various private education groups will have certain differentiation due to different school scales and regions. But in general, I think there is no need to worry too much.<\/p>\n\n\n\n
First of all, although the overall birth rate has shown negative growth. The national policy of promoting the penetration rate of higher education has not wavered. Indicating that the industry still has development prospects.<\/p>\n\n\n\n
Second, in recent years, the country has been advocating to pay attention to the training of applied talents and vigorously develop vocational education. For example, in 22 years, the State issued the “Opinions on Deepening the reform of the construction of modern vocational education System”, and The State Council issued the “Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035)”, which fully reflects the decision of the state to implement stable employment and ensure employment, extend the working population’s education years and enhance the working population’s education level. The scale of higher vocational education will continue to expand in the future.<\/p>\n\n\n\n
Third, the private education industry should refer to its own school-running characteristics, encourage more school-enterprise cooperation according to national policies, integrate production and education, and cultivate application-oriented talents, which is the talent type in short supply in the current social and national development process. I believe that doing these points well, the private (education) industry is still promising.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
From the perspective of financial practitioners. Do you think that financial management positions need to be rotated to the first line? What is the most important experience as a financial manager to continue on your upward path? What qualities do you think a good financial manager should have?<\/p>\n\n\n\n
Sheng Yiyi: I think the experience of first-line rotation is very needed. Whether the financial management post should be rotated to the first-line. I think it is necessary to start from the overall situation and start from a small place. It is not only encouraged to rotate to the first line, but also encouraged to rotate across multiple departments. This helps to stand at the group level, prevent a barrier within the organization. And also helps the financial manager to have an in-depth understanding of the group’s core business and expand his personal vision.<\/p>\n\n\n\n
What is needed for a financial manager to move up the ladder, I think, depends on different stages of development. In the management of financial work at the grassroots level. The most important thing is the quality and execution ability of individuals. Such as whether they can carry out various financial accounting meticulously and comply with the financial rules and regulations of the group.<\/p>\n\n\n\n
When developing into middle-level financial management positions, emphasis is placed on coordination and management ability. Such as cross-departmental coordination of resource allocation, appropriate upward and downward compatibility, etc.<\/p>\n\n\n\n
When it comes to high-level financial management, the financial manager may have a certain industry perspective and strategic structure. And can assist the board of directors in formulating the development strategy of the group.<\/p>\n\n\n\n
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\u8d22\u52a1\u7ba1\u7406\u8005\u4e0a\u5347\u9014\u5f84\u4e2d\u9700\u8981\u4ec0\u4e48\uff0c\u6211\u89c9\u5f97\u53d6\u51b3\u4e8e\u4e0d\u540c\u7684\u53d1\u5c55\u9636\u6bb5\u3002\u5728\u57fa\u5c42\u8d22\u52a1\u5de5\u4f5c\u7ba1\u7406\u4e2d\uff0c\u6700\u5f3a\u8c03\u7684\u662f\u4e2a\u4eba\u7684\u54c1\u8d28\u548c\u6267\u884c\u80fd\u529b\uff0c\u6bd4\u5982\u80fd\u5426\u4e00\u4e1d\u4e0d\u82df\u7684\u6267\u884c\u5404\u79cd\u8d22\u52a1\u4f1a\u8ba1\u6838\u7b97\uff0c\u9075\u5b88\u96c6\u56e2\u7684\u8d22\u52a1\u89c4\u7ae0\u5236\u5ea6\u3002<\/p>\n\n\n\n
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\u53d1\u5c55\u5230\u9ad8\u5c42\u7684\u8d22\u52a1\u7ba1\u7406\u7684\u65f6\u5019\uff0c\u8d22\u52a1\u7ba1\u7406\u8005\u53ef\u80fd\u8981\u5177\u5907\u4e00\u5b9a\u7684\u884c\u4e1a\u89c6\u89d2\u548c\u6218\u7565\u683c\u5c40\uff0c\u80fd\u591f\u53bb\u534f\u52a9\u8463\u4e8b\u4f1a\u5236\u5b9a\u96c6\u56e2\u7684\u53d1\u5c55\u6218\u7565\u3002<\/p>\n\n\n\n
\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\n
Only through front-line and cross-departmental rotation can you accelerate new personal growth.<\/p>\n\n\n\n
When the double reduction lets the k12 track enter the ice period, the private higher education industry that has not been noticeable is ushering in a new round of opportunities. Among them, the development momentum of China’s Spring education is particularly rapid, and its share price has nearly doubled in the past year. Since the beginning of this year, the stock price has increased by more than 20%, and the current total market value exceeds HK $5 billion, ranking among the Top3 higher education stock market value.<\/p>\n\n\n\n
Spring Education Group, which started from Henan, has maintained a high growth rate in recent years. From 2018 to 2022, the compound growth rate is as high as 28%, and the group’s business has also expanded from Henan and Hubei to Jiangsu. At present, the group operates four colleges in Henan and two colleges in Hubei, and participates in the operation of Tianping College of Suzhou University of Science and Technology. Relying on continuous merger and expansion, the adjusted net profit in the fiscal year 2022 was 538 million, an increase of 35.7%, and the adjusted net interest rate was 41%.<\/p>\n\n\n\n
In the rapid development of Spring Education, mergers and acquisitions have rapidly amplified corporate performance and achieved rapid growth in revenue and profit. <\/h4>\n\n\n\n
Among them, the management team of the group has played an important role. How to achieve cash flow safety in the rapid expansion, while controlling the scale of debt, Chun Education Group CFO Sheng believes that debt is only a means rather than the purpose, a good company through debt to enlarge the main business operating leverage, the ultimate purpose is always to achieve a long-term positive cash flow.<\/p>\n\n\n\n
In recent years, Spring Education in the process of rapid development, vigorously expand the scale, although the scale of debt continues to rise, but the overall financing cost has been effectively controlled, last year, the average financing cost of the group has declined by 3% to 4% compared with the listing period. The expansion and use of various financing tools by Sheng Yiming and his team successfully reduced the financing costs of enterprises.<\/p>\n\n\n\n
In the process of rapid expansion of the enterprise, grasp the balance between cash flow safety and debt size, Spring to educate CFO Sheng a show of experience and experience beyond the age. Barron’s China recently caught up with Sheng to find out more about how he’s done it in the asset-heavy private education industry.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
Can you share your experience? From the accounting firm to the role of CFO in the enterprise, how are the perspectives of the two the same and different? How does this background help the CFO’s work?<\/p>\n\n\n\n
Mr. Sheng: I have been working in this field for about 11 years. Before Laichun Education Group, I have been working in the service organization of Party B and worked in the investment bank management headquarters of Everbright Securities for a period of time. However, my main work experience is as the audit project manager of Deloitte Accounting Firm in East China, mainly in the education industry. For example, Shanghai American School (Shanghai American School).<\/p>\n\n\n\n
I always believe that the Big Four accounting firms are a good platform for newcomers to learn and grow, which can help them receive systematic professional training and quickly understand the target industry. The most valuable thing is that they can have the opportunity to contact the best leading enterprises in the industry and the best CFO in the industry, and communicate and learn from them.<\/p>\n\n\n\n
I became CFO of China Chunlai Education Group in 2020. From Party B to Party A, the same things will be viewed from different angles. For example, before coming to Party A, we used to require C-SOX or COSO standards to evaluate enterprises when conducting audit or IPO. However, after coming to Party A, we realized that it was more necessary to combine the internal culture and operation logic of enterprises as well as the external environment of enterprises. Including team composition to tailor.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
A considerable part of Spring’s performance growth comes from acquisitions. How do you judge the value of acquisitions? What are the company’s own considerations in the selection of acquisition targets?<\/p>\n\n\n\n
Sheng Yiming: The characteristics of each industry are not the same, as far as higher education is concerned, mergers and acquisitions have several important dimensions to consider.<\/p>\n\n\n\n
First of all, we must consider the level of the acquisition of the target and its school scale and school region, which is the most important. There is also a need to consider the manner of an acquisition and the potential synergies after the acquisition. Finally, we should consider the integration risk after the merger.<\/p>\n\n\n\n
At present, our group is also paying attention to some overseas high-quality educational resources, and will give priority to some English-speaking countries with good educational resources, such as Singapore, which also meets the foreign supervision whitelist of the Ministry of Education, can realize mutual recognition of academic qualifications, and can produce good synergies with the existing educational resources of our group. These are some of the potential targets we may focus on in the near term.<\/p>\n\n\n\n
Barron’s Chinese version: How to do a good job in the financial balance of the company in the spring expansion period?<\/h3>\n\n\n\n
Mr. Sheng: In fact, our group’s external expansion in recent years will emphasize the following three points:<\/p>\n\n\n\n
At the end of 2022, the Group’s book cash balance is 630 million yuan, and there are still about 2.1 billion unused lines of credit of various financial institutions, which can fully cover about 1.4 times of the Group’s interest-bearing liabilities and fully guarantee the Group’s short-term healthy operation and long-term development.<\/p>\n\n\n\n
Second, in the external expansion of debt, attention should be paid to expanding external cooperation institutions and broadening the partnership of the group. From the perspective of the Group itself, in the initial stage of listing, mainly regional commercial banks, in fact, until last year, the Group has successively expanded some joint-stock banks, the four domestic state-owned banks and even overseas financial institutions, and reached a long-term strategic partnership.<\/p>\n\n\n\n
Third, while stabilizing the scale of debt, continue to optimize the debt structure and reduce the average financing cost. Once there are more cooperation models to choose from, financing costs will actually come down. From the perspective of Chunlai, in the listing stage may be dominated by a single mobile commercial loan, accompanied by a small amount of financial leasing, last year also slowly expanded to fund loans, long-term merger and acquisition loans, cross-border capital pool business, smart campus co-construction cooperation.<\/p>\n\n\n\n
After the variety of products is rich, it can not only achieve the effective allocation of enterprise capital in the short and long term, but also effectively reduce financing costs. Last year, our group’s average financing costs were 3% to 4% lower than when we went public. And we were able to save tens of millions of dollars in interest expenses each year.<\/p>\n\n\n\n
Barron’s Chinese version: How to balance the conflict between cash flow and debt?<\/h3>\n\n\n\n
Sheng Yilong: Debt is only a means rather than an end. A good company through debt to enlarge the main business leverage. The ultimate purpose is always to achieve a long-term positive cash flow.<\/p>\n\n\n\n
In fact, the characteristics of the private (education) industry itself are one of heavy assets. And the other is stable cash flow and stable performance growth. All the liabilities of Chunlai Group are carried out around the main business of higher education. Such as the procurement of teaching facilities, campus infrastructure, campus mergers and acquisitions. With the ultimate purpose of generating a long-term positive cash flow to feed back to investors.<\/p>\n\n\n\n
In addition, we should always pay attention to the management of cash flow. In fact, we have monitoring all the time. Including monitoring the cash balance on the book, internal and external financing means. And financial credit granted to the company by various financial institutions. In this way, all interest-bearing liabilities can be guaranteed at all times. So as to achieve a relatively good level of operation.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
What do you think of the development direction of private colleges and universities in the context of negative population growth? Will you consider expanding into other areas of education in the spring?<\/p>\n\n\n\n
Sheng Yiming: Negative population growth is an unavoidable problem. With the advent of an aging society or a society with fewer children. Various private education groups will have certain differentiation due to different school scales and regions. But in general, I think there is no need to worry too much.<\/p>\n\n\n\n
First of all, although the overall birth rate has shown negative growth. The national policy of promoting the penetration rate of higher education has not wavered. Indicating that the industry still has development prospects.<\/p>\n\n\n\n
Second, in recent years, the country has been advocating to pay attention to the training of applied talents and vigorously develop vocational education. For example, in 22 years, the State issued the “Opinions on Deepening the reform of the construction of modern vocational education System”, and The State Council issued the “Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035)”, which fully reflects the decision of the state to implement stable employment and ensure employment, extend the working population’s education years and enhance the working population’s education level. The scale of higher vocational education will continue to expand in the future.<\/p>\n\n\n\n
Third, the private education industry should refer to its own school-running characteristics, encourage more school-enterprise cooperation according to national policies, integrate production and education, and cultivate application-oriented talents, which is the talent type in short supply in the current social and national development process. I believe that doing these points well, the private (education) industry is still promising.<\/p>\n\n\n\n
Barron’s Chinese version: <\/h3>\n\n\n\n
From the perspective of financial practitioners. Do you think that financial management positions need to be rotated to the first line? What is the most important experience as a financial manager to continue on your upward path? What qualities do you think a good financial manager should have?<\/p>\n\n\n\n
Sheng Yiyi: I think the experience of first-line rotation is very needed. Whether the financial management post should be rotated to the first-line. I think it is necessary to start from the overall situation and start from a small place. It is not only encouraged to rotate to the first line, but also encouraged to rotate across multiple departments. This helps to stand at the group level, prevent a barrier within the organization. And also helps the financial manager to have an in-depth understanding of the group’s core business and expand his personal vision.<\/p>\n\n\n\n
What is needed for a financial manager to move up the ladder, I think, depends on different stages of development. In the management of financial work at the grassroots level. The most important thing is the quality and execution ability of individuals. Such as whether they can carry out various financial accounting meticulously and comply with the financial rules and regulations of the group.<\/p>\n\n\n\n
When developing into middle-level financial management positions, emphasis is placed on coordination and management ability. Such as cross-departmental coordination of resource allocation, appropriate upward and downward compatibility, etc.<\/p>\n\n\n\n
When it comes to high-level financial management, the financial manager may have a certain industry perspective and strategic structure. And can assist the board of directors in formulating the development strategy of the group.<\/p>\n\n\n\n
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