Ambow Training Declares Second Quarter 2021 Monetary Outcomes

BEIJING, Sept. 20, 2021 /PRNewswire/ — Ambow Training Holding Ltd. (“Ambow” or the “Firm”) (NYSE American: AMBO), a number one cross-border profession academic and expertise service supplier, at this time introduced its unaudited monetary and working outcomes for the three-month and six-month intervals ended June 30, 2021.

“Within the second quarter of 2021, we remained centered on technology-driven academic and profession enhancement companies, embracing the nationwide technique of bettering collaborative and coordinated growth throughout schooling, abilities and trade and selling high-quality financial progress,” famous Dr. Jin Huang, Ambow’s President and Chief Govt Officer. “We’re happy to report stable monetary efficiency and additional improved working effectivity within the second quarter, highlighted by a 10.8% year-over-year progress in web revenues and a rise in gross margin of 530 foundation factors year-over-year to 44.1%.”

“Moreover, in the course of the quarter, we made a variety of strides that helped to increase our function as a number one innovator within the Chinese language profession schooling market. Constructing on our 20-year confirmed observe report within the vocational and technical schooling sector, in June we cooperated with Nanchang Vocational College, one of many 15 first batch of undergraduate vocational schooling pilot faculties in China, to co-found the Sensible Manufacturing Trendy Industrial School, underscoring China’s pilot program for the combination between trade and schooling. In the meantime, we shaped a strategic cooperation with the Expertise Change Heart of the Ministry of Trade and Info Expertise to strengthen worldwide communication in numerous info technology-related disciplines. Extra excitingly, in July we launched an open schooling platform, OOOK, which contains our in-house developed applied sciences, enabling lecturers to offer high-quality, cross-device stay and recorded programs with immersive and interactive studying experiences. Notably, with its groundbreaking expertise and options, OOOK received the ‘2021 Greatest Product Expertise Innovation’ award on the 10th Annual China Finance Summit.”

“Transferring into the second half of 2021, we stay dedicated to delivering progressive academic services and products that can be on the forefront of the trade by continuingly capitalizing on expertise tendencies. We’re assured that our strategic efforts will proceed to drive the long-term progress of our total enterprise,” concluded Dr. Huang.  

Second Quarter 2021 Monetary Highlights

• Web revenues for the second quarter of 2021 elevated by 10.8% to RMB 172.Three million (US$ 26.7 million) from RMB 155.5 million (US$ 22.Zero million) in the identical interval of 2020. The rise was primarily because of the full enterprise restoration from the influence of the COVID-19 pandemic.
• Gross revenue for the second quarter of 2021 elevated by 25.7% to RMB 75.9 million (US$ 11.Eight million) from RMB 60.Four million (US$ 8.5 million) in the identical interval of 2020. Gross revenue margin was 44.1%, in contrast with 38.8% for the primary second quarter of 2020. The will increase in gross revenue and margin have been primarily attributable to quicker progress of web revenues within the interval.
• Working bills for the second quarter of 2021 decreased by 7.8% to RMB 55.6 million (US$ 8.6 million) from RMB 60.Three million (US$ 8.5 million) in the identical interval of 2020. The lower was primarily attributable to stringent expense controls to enhance working effectivity.
• Working earnings for the second quarter of 2021 was RMB 20.Three million (US$ 3.1 million), in comparison with working earnings of RMB 0.1 million (US$ 0.02 million) in the identical interval of 2020.
• Web earnings attributable to odd shareholders was RMB 22.Four million (US$ 3.5 million), or RMB 0.48 (US$ 0.07) per fundamental and diluted share, in contrast with a web earnings of RMB 4.Eight million (US$ 0.7 million), or RMB 0.11 (US$ 0.02) per fundamental and diluted share, in the identical interval of 2020.
• As of June 30, 2021, Ambow maintained robust money assets of RMB 257.7 million (US$ 39.9 million), comprised of money and money equivalents of RMB 168.Four million (US$ 26.1 million), short-term investments of RMB 87.6 million (US$ 13.5 million) and restricted money of RMB 1.7 million (US$ 0.Three million).

First Six Months 2021 Monetary Highlights

• Web revenues for the primary six months of 2021 elevated by 22.9% to RMB 301.9 million (US$ 46.Eight million) from RMB 245.7 million (US$ 34.Eight million) in the identical interval of 2020. The rise was primarily because of the full enterprise restoration from the influence of the COVID-19 pandemic and better income contribution from our new U.S. enterprise.
• Gross revenue for the primary six months of 2021 elevated by 67.5% to RMB 120.6 million (US$ 18.7 million) from RMB 72.Zero million (US$ 10.2 million) in the identical interval of 2020. Gross revenue margin was 39.9%, in contrast with 29.3% in the identical interval of 2020. The will increase in gross revenue and margin have been primarily attributable to quicker progress of web revenues within the interval.
• Working bills for the primary six months of 2021 barely elevated by 3.9% to RMB 115.Four million (US$ 17.9 million) from RMB 111.1 million (US$ 15.7 million) in the identical interval of 2020.
• Working earnings for the six months of 2021 was RMB 5.2 million (US$ 0.Eight million), in comparison with working lack of RMB 39.2 million (US$ 5.5 million) in the identical interval of 2020.
• Web earnings attributable to odd shareholders was RMB 8.1 million (US$ 1.Three million), or RMB 0.17 (US$ 0.03) per fundamental and diluted share, in contrast with a web earnings of RMB 10.Eight million (US$ 1.5 million), or RMB 0.25 (US$ 0.04) per fundamental and diluted share, in the identical interval of 2020. Excluding the one-time acquire from discount buy of NewSchool of Structure and Design, LLC of RMB 40.Three million (US$ 5.7 million), web loss for the primary six months of 2020 was RMB 29.5 million (US$ 4.2 million) or RMB 0.68 (US$ 0.10) per fundamental and diluted share.

The Firm’s monetary and working outcomes for the second quarter and first half of 2021 may also be discovered on its Present Report on Type 6-Okay to be furnished with the U.S. Securities and Change Fee at www.sec.gov.

Regulatory Coverage Replace

The Standing Committee of the Nationwide Folks’s Congress promulgated an modification to the Implementation Guidelines of the Legislation for Selling Non-public Training on April 7, 2021, which has been efficient since September 1, 2021 (the “Implementation Guidelines”). The Implementation Guidelines stipulated, amongst different provisions, that (1) sponsors of personal faculties could select to determine faculties as both non-profit or for-profit faculties, however nine-year obligatory schooling faculties can’t be operated as for-profit faculties; (2) foreign-invested enterprises established in China and social organizations whose precise controllers are international events shall not sponsor, take part in or truly management personal faculties that present obligatory schooling; (3) group-based schooling organizations shall not management non-profit personal faculties via mergers and acquisitions, franchise agreements and contractual preparations; and (4) associated celebration transactions entered into by personal faculties shall be open, truthful and simply, and shall not hurt nationwide pursuits, faculty pursuits, or pupil or instructor pursuits. The Firm is assessing the influence of the Implementation Guidelines and formulating totally different situations as compliance measures.

Change Charge Info

This announcement comprises translations of sure RMB quantities into U.S. {dollars} at a specified price solely for the comfort of the reader. Except in any other case famous, all quantities translated from RMB to U.S. {dollars} for the second quarter and first half of 2021 are primarily based on the efficient trade price of 6.4566 as of June 30, 2021; all quantities translated from RMB to U.S. {dollars} for the second quarter and first half of 2020 are primarily based on the efficient trade price of seven.0651 as of June 30, 2020; all quantities translated from RMB to U.S. {dollars} as of December 31, 2020 are primarily based on the efficient trade price of 6.5250 as of December 31, 2020. The trade charges have been in response to the center price as set forth within the H.10 statistical launch of the U.S. Federal Reserve Board. Fluctuations in monetary highlights are primarily based on RMB quantities.

About Ambow Training Holding Ltd.

Ambow Training Holding Ltd. is a number one cross-border profession academic and expertise service supplier, providing high-quality, individualized companies and merchandise. With its intensive community of regional service hubs complemented by a dynamic proprietary studying platform and distributors, Ambow offers its companies and merchandise to college students in China and United States of America.

Comply with us on Twitter: @Ambow_Education

Secure Harbor Assertion

This announcement comprises forward-looking statements. These statements are made underneath the “secure harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. These forward-looking statements could be recognized by terminology comparable to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and related statements.  Amongst different issues, the outlook and quotations from administration on this announcement, in addition to Ambow’s strategic and operational plans, comprise forward-looking statements. Ambow may make written or oral forward-looking statements in its reviews filed or furnished to the U.S. Securities and Change Fee, in its annual reviews to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or staff to 3rd events. Ahead-looking statements contain inherent dangers and uncertainties. Various components might trigger precise outcomes to vary materially from these contained in any forward-looking statements, together with however not restricted to the next: the Firm’s objectives and methods, enlargement plans, the anticipated progress of the content material and utility supply companies market, the Firm’s expectations relating to protecting and strengthening its relationships with its clients, and the final financial and enterprise situations within the areas the place the Firm offers its options and companies. Additional info relating to these and different dangers is included within the Firm’s filings with the U.S. Securities and Change Fee. All info supplied on this press launch is as of the date of this press launch, and Ambow undertakes no obligation to replace such info, besides as required underneath relevant regulation.

For investor and media inquiries please contact:

Ambow Training Holding Ltd.
Tel: +86-10-6206-8000

The Piacente Group | Investor Relations
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: [email protected] 

SOURCE Ambow Training Holding Ltd.

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