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上市失败、出质股权!老牌在线教育平台沪江困境难解!盈利能力成最大问题!

转载来源:幼教观察 发布日期:2019年07月09日 教育培训

曾是在线教育领域独角兽的沪江,正在迎来它的至暗时刻。它的处境,也折射出整个在线教育的困境。无论是否在早前融资轮次中签有对赌协议,还是当前整体经济环境、港股市场表现、教育行业特性、销售成本高企、内部组织臃肿等问题都不容回避。

据IPO早知道消息,国家企业信用信息公示系统显示,沪江教育科技(上海)股份有限公司(简称“沪江”)在7月4日发生股权出质,出质人为上海成塔企业管理咨询合伙企业(有限合伙),质权人为安徽新华传媒股份有限公司,出质股权数额为890.0005万元。

据天眼查数据显示,质权人安徽新华传媒股份有限公司的投资实体——皖新传媒体,同时也是2015年沪江D轮融资的投资方之一。上海成塔出质股份数量并不高,仅占沪江公司的0.178%。上海成塔共持有沪江3.5%股份。

但值得注意的是,上海成塔为沪江为员工奖励持股平台。此次股权出质,意味着沪江与皖新传媒的对赌协议的某些条款已经被启动。譬如,管理层是否达成某项指标,决定对赌结果。显然,向股东方质押股权,意味着管理层需要为为完成某项指标付出代价。

但在此之前,2019年4月8日,沪江也发生了股权出质,出质人为上?;ソ萃蹲使芾碇行?有限合伙),出质的股权数额为12373.7236万元?;ソ萃蹲食钟谢?1.99%的股权。与此同时沪江法定代表人、董事长兼总经理伏彩瑞也是互捷投资的大股东。

资本寒冬,互联网大裁员的风吹到了在线教育领域。3月6日一则“沪江裁员1000人,比例接近50%”的爆料刷屏。随后接连传出上市对赌失败、降薪裁员、逾期履行对皖新传媒的回购义务这些消息,同时沪江回应网传“裁员”系谣言,此前曾与投资人签上市对赌协议。

与投资人签上市对赌协议?

沪江网校去年7月就向港交所提交了招股说明书,去年底又更新了一次。由于二级市场表现非常惨淡,急于IPO只能落得“流血”上市的结果,沪江上市的进程一再延宕。

据招股书显示,公司成立后经历了9轮融资,融资总金额达到16亿元。在2018年完成的E轮融资中,沪江的估值较上一轮估值增长不止一倍,达到159.5亿元人民币。在网传的爆料中,“上市对赌失败”是这个在线教育独角兽企业裁员的一个原因。

此后沪江上市进程停滞。当时有知情人士称,沪江延缓挂牌时间的原因是当前阶段向机构投资者路演不太顺利,市场反应不如预期。

但据2015年10月皖新传媒发布的协议公告,皖新拟认购沪江新增股份约26.7万股,投资金额约1亿,但是“如果沪江不能按时在2018年底前完成上市发行,沪江需以回购价格对投资者持有的股份进行回购,回购价格为投资价款加上年息10%复利计算之和?!?/p>

毫无疑问,不论其他轮次和股东的条款如何,至少皖新传媒和沪江签署的这个交易条款存在有对赌的意味。

盈利模式未确定

2009年,沪江推出了旗舰产品——沪江网校。依托沪江网校来销售自有品牌课程,这成为后来沪江网盈利的主要来源之一?;恼泄墒橄允?,通过销售、管理自有品牌课程,向学员收取管理费,是公司收入的一项主要来源。2018年前8个月,通过自有品牌课程业务带来的收入占总收入的98%。

沪江招股书

但根据沪江提交的招股书,沪江营收连年增长,从2015年到2017年分别为1.85亿、3.4亿、5.55亿,2018年前8个月的营收为4.36亿,但公司盈利能力堪忧。2015-2017年,沪江三年亏损总额超过12亿,并且亏损持续扩大,2018年截至8月31日的年度亏损为8.63亿元,已超2017年全年5.37亿元的亏损额,并且预计会继续亏损。

沪江的财务信息中另一个值得关注的数据是毛利率。最近四年,销售品牌课程的毛利率都超过了50%,2017年这一数据直逼60%,而在2018年前8个月,毛利率变为61.2%。

有稳定增长的业务营收,毛利率也持续走高,为什么沪江依然连年亏损?招股书显示,沪江网校近年来最大的投入在三个方面:研发、广告和营销。但研发投入在近两年收窄,而销售和广告则投入巨大。其中,沪江在广告推广上的开支,短短两年时间就增长了200%。持续投入的销售费用及分销开支,直接导致最近两年沪江的经营性净现金流为负。

沪江教育另一个或可成为未来主要营收来源的业务是CCtalk平台,这一业务平台成立于2016年。CCtalk平台向各类教育从业人员提供互联网教育技术和平台服务,用户包括教师、企业客户、教育机构和政府机构。但CCtalk的模式存在一些隐患,它与B2C模式在线教育对于课程和教师的全方位包装相比,平台本身对用户的服务保障很有限,课程主要依靠入住机构和教师独立完成,课程质量难以把关,也就难以保证用户留存。而且,虽然在线教育平台也可引进自带流量的明星教师,但明星教师的最终独立发展都已成常态。对于CCtalk来说,最典型的例子便是周思成脱离新东方入驻CCtalk后不久,便撤出平台独立发展。

而CCtalk平台上,教师的收入也较低。

根据招股书数据,截至2016和2017年底,CCtalk的全站交易净额为380万元和2.357亿元,以2017年来看,CCtalk平台付费用户255298人,人均付费923元,平均每个教师年均课程收入不足6000元,这其中还不包括可能被沪江分走的平台费用。这从侧面说明了CCtalk给教师带来的收益吸引力有限,愿意在这个平台上输出优质课程的教师可能并不多。

从中,可以看到,沪江最大的问题是盈利能力弱,虽然沪江在“风险因素”中表示,若未能持续吸引学员报名参加沪江的自有品牌课程,或未能提高自有品牌课程的学员或CCtalk平台上挂网课程的付费用户的开销,将对经营业绩造成不利影响。

2019年年初开始,两年前在上海地铁贴满宣传海报的沪江成人英语业务Hitalk几乎被全线砍掉,其旗下的实时互动教育平台CCtalk同样是裁员的重灾区,其中沪江在CCtalk共投资了3.3亿元,但总收入不足200万,是沪江过去三年最重要的开支业务。

至今,沪江已经裁员超过1000人,去年 8 月的招股书显示,其员工总数近2200人。据悉,日后,这个数字将会控制在千人左右。而大面积裁员的同时,上市失败后的沪江,也面临着骨干力量的全线流失。

近年来,作为热门的创业方向在线教育+,被资本赋予了多种商业期待,但高投入,低回报,“烧钱”维持运营模式一直未能避免。

曾经的在线教育独角兽沪江遭遇“上市失败”和“连续亏损”后,只能通过出质股权来缓解资金压力,可见前期自身盈利模式的不足,靠学费预收和一部分融资来生存不是长久之计。眼下,想要活下来,找到自身盈利模式才是关键。

网友评论

前海沿

  • (游客) 1小时前

回复主题:河南济源市人民医院回应“窗口低孕妇跪着就诊”并发布情况通报 医院已报警并与当事人取得联系

没什么不合理的,这样的窗口如果你常出门就会发现多了去了,银行也这么高,这样的窗口一般你站着或者坐着递进去材料就行了,双方交流的话一般在窗口上方有喇叭扩音器,并且玻璃都是透明的,无障碍交流和里面交流,没必要把头伸到窗口和里面的人交流。

李格瑞德

  • (游客) 1小时前

回复主题:河南济源市人民医院回应“窗口低孕妇跪着就诊”并发布情况通报 医院已报警并与当事人取得联系

有同志说这个窗口不算矮,并且工作人员也提供了凳子,是当事孕妇自己选择了跪着这一姿势。从现场照片看,旁边黑衣男子是低头躬身的姿势。所以,为什么医院要把窗口设计成让人低头弯腰的高度呢?这个高度到底是方便了窗口内坐着的工作人员?还是窗口外来就医的病患?人民医院有没有全心全意为人民服务呢?

代号折腾

  • (游客) 8天前

回复主题:吉林省榆树市人民医院“急诊科和神经外科互相推诿给孩子处理伤口”调查处理通报

现在的医生怕担责任,上次去医院孩子眼皮碰个口子,急诊不接,门诊医生让去做手术,手术室医生说孩子太小手术需要全麻危险太大,让去门诊包扎一下,到了门诊医生又说处理不好必须手术。当时我就想把那医生杀了,最后找了个关系把孩子的伤口处理了。我真是体会到了那些杀医生的心情了。

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