ElaineW57 personal page - To The Moon

ElaineW57

ElaineW57

No personal profile

95Follow

2Followers

0Topic

0Badge

2023-04-06

So hard to get the disney viucher

2021-06-05

???

Sorry, the original content has been removed

2021-05-21

?

Commodity rally presses the pause button, but the positive behind it is still there?

2021-05-21

????

How does Head Education open a breakthrough for growth?

2021-05-21

????

Sorry, the original content has been removed

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3581897172775936","uuid":"3581897172775936","gmtCreate":1618823017819,"gmtModify":1621389790763,"name":"ElaineW57","pinyin":"elainew57","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":2,"headSize":95,"tweetSize":50,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":2,"name":"无畏虎","nameTw":"無畏虎","represent":"初生牛犊","factor":"发布3条非转发主帖,1条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.05.29","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":2,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":9948759285,"gmtCreate":1680796748548,"gmtModify":1680796752042,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897172775936","authorIdStr":"3581897172775936"},"themes":[],"title":"","htmlText":"So hard to get the disney viucher","listText":"So hard to get the disney viucher","text":"So hard to get the disney viucher","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9948759285","isVote":1,"tweetType":1,"viewCount":3503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112357520,"gmtCreate":1622853006760,"gmtModify":1704192366214,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897172775936","authorIdStr":"3581897172775936"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/112357520","repostId":"1191145923","repostType":4,"isVote":1,"tweetType":1,"viewCount":3906,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139697825,"gmtCreate":1621611372067,"gmtModify":1704360586003,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897172775936","authorIdStr":"3581897172775936"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/139697825","repostId":"1146484174","repostType":4,"repost":{"id":"1146484174","kind":"news","pubTimestamp":1621610345,"share":"https://ttm.financial/m/news/1146484174?lang=en_US&edition=fundamental","pubTime":"2021-05-21 23:19","market":"us","language":"zh","title":"Commodity rally presses the pause button, but the positive behind it is still there?","url":"https://stock-news.laohu8.com/highlight/detail?id=1146484174","media":"金十数据","summary":"分析指出，大宗商品的牛市肯定还没有结束。在此前大涨后，本周农作物、石油和金属等大宗商品都出现下跌。通胀担忧、美联储可能收紧宽松政策的预期以及国内监管层的警告，都让投资者深深捏了把汗。不过分析指出，今年大宗商品价格飙升背后的许多原因，以及有关新超级周期的争论，仍然没有改变。“我坚定地认为，目前只是大宗商品的暂歇期。任何令人失望的数据或不利因素总会引起获利了结的抛售，我认为整个行业仍有上行空间。”","content":"<p>The analysis pointed out that the bull market for commodities is certainly not over yet. Commodities such as crops, oil and metals all fell this week after the previous surge. Inflation fears, expectations that the Federal Reserve may tighten its easing policy, and warnings from domestic regulators have all made investors sweat deeply.</p><p>However, many of the reasons behind this year's surge in commodity prices, as well as the debate over the new supercycle, remain unchanged, the analysis points out.</p><p>Eric Liu, head of trading at ASK Resources Ltd., a Chinese copper trader, said:</p><p>\"The bull market for commodities is certainly not over. Every country is struggling with rising inflation, but as long as they don't tighten monetary and fiscal policy, the commodity price rally will be hard to cool.\" Major economies around the world have rebounded with the rollout of Covid vaccines. With supplies still tight, demand for metals, food and energy continues to rise, and markets for a range of commodities, including petroleum lumber, are tightening.</p><p>The trend of supply crunch is likely to intensify in the U.S. and Europe in the coming months as more people go out, drive, fly, attend summer barbecue parties, and more. China is also increasing imports of soybeans and corn, indicating increasing demand.</p><p><img src=\"https://static.tigerbbs.com/018880b9d089ce4fbfbd13aac3210bb8\" tg-width=\"589\" tg-height=\"331\" referrerpolicy=\"no-referrer\">The grim long-term outlook for infrastructure spending and a faster transition to electric vehicles, batteries have likewise driven up commodity prices.</p><p>On Thursday, the market was more stable than before. Copper futures rebounded from the previous day's slump as markets predicted that copper demand would remain resilient even if the Federal Reserve scaled back its asset purchases or China stepped up its efforts to keep prices down. Corn futures also rose in Chicago, fueled by an ongoing buying spree.</p><p>In contrast,<b>Out of expectations of the end of Iranian export sanctions and an increase in Iranian crude oil supply, the decline of crude oil futures widened. Covid continues to dampen demand in India.</b></p><p>Bob Yawger, head of the futures division at Mizuho Securities, said the Bloomberg commodities index could still surpass its record high in 2011 in the coming months as the U.S. economy opens up further, although inflationary pressures could limit its upside.</p><p>The supervisor said in an interview:</p><p>\"People want to go out, which will bring huge buying opportunities to the market. In addition, a weaker US dollar may also be a catalyst for rising commodity prices, because most raw materials are denominated in US dollars. WTI crude oil may climb to $70 per barrel in the coming months due to the upcoming peak season of driving and aviation.\" Separately, crops in the U.S., as well as in Brazil and Argentina, need almost perfect weather to meet global demand this summer, so any bad weather could send prices skyrocketing.</p><p><img src=\"https://static.tigerbbs.com/4cee9704758312cba55b03c02098909e\" tg-width=\"620\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Metals benefited from rapid replenishment in the manufacturing supply chain and the outlook for green consumption in the coming years, driving the economic bellwether — copper crossed $10,700 a tonne earlier this month. Whether its price will continue to move higher depends in part on how well the market is aware of infrastructure spending and how long easy monetary policy will last.</p><p>Wall Street is already showing optimism about the outlook,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Copper prices are expected to break above $12,000 in the coming months. In addition, major copper traders<a href=\"https://laohu8.com/S/GLEN.UK\">Glencore</a>(Glencore Plc) and Trafigura said copper prices could rise sharply to stimulate enough supply to meet future demand for renewables and electric vehicles.</p><p>ANZ strategist Daniel Hines said:</p><p>\"I firmly believe that it is just a pause period for commodities at this time. Any disappointing data or headwinds will always cause a profit-taking sell-off, and I think there is still upside for the whole industry.\"</p>","source":"jssj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Commodity rally presses the pause button, but the positive behind it is still there?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCommodity rally presses the pause button, but the positive behind it is still there?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金十数据</strong><span class=\"h-time small\">2021-05-21 23:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The analysis pointed out that the bull market for commodities is certainly not over yet. Commodities such as crops, oil and metals all fell this week after the previous surge. Inflation fears, expectations that the Federal Reserve may tighten its easing policy, and warnings from domestic regulators have all made investors sweat deeply.</p><p>However, many of the reasons behind this year's surge in commodity prices, as well as the debate over the new supercycle, remain unchanged, the analysis points out.</p><p>Eric Liu, head of trading at ASK Resources Ltd., a Chinese copper trader, said:</p><p>\"The bull market for commodities is certainly not over. Every country is struggling with rising inflation, but as long as they don't tighten monetary and fiscal policy, the commodity price rally will be hard to cool.\" Major economies around the world have rebounded with the rollout of Covid vaccines. With supplies still tight, demand for metals, food and energy continues to rise, and markets for a range of commodities, including petroleum lumber, are tightening.</p><p>The trend of supply crunch is likely to intensify in the U.S. and Europe in the coming months as more people go out, drive, fly, attend summer barbecue parties, and more. China is also increasing imports of soybeans and corn, indicating increasing demand.</p><p><img src=\"https://static.tigerbbs.com/018880b9d089ce4fbfbd13aac3210bb8\" tg-width=\"589\" tg-height=\"331\" referrerpolicy=\"no-referrer\">The grim long-term outlook for infrastructure spending and a faster transition to electric vehicles, batteries have likewise driven up commodity prices.</p><p>On Thursday, the market was more stable than before. Copper futures rebounded from the previous day's slump as markets predicted that copper demand would remain resilient even if the Federal Reserve scaled back its asset purchases or China stepped up its efforts to keep prices down. Corn futures also rose in Chicago, fueled by an ongoing buying spree.</p><p>In contrast,<b>Out of expectations of the end of Iranian export sanctions and an increase in Iranian crude oil supply, the decline of crude oil futures widened. Covid continues to dampen demand in India.</b></p><p>Bob Yawger, head of the futures division at Mizuho Securities, said the Bloomberg commodities index could still surpass its record high in 2011 in the coming months as the U.S. economy opens up further, although inflationary pressures could limit its upside.</p><p>The supervisor said in an interview:</p><p>\"People want to go out, which will bring huge buying opportunities to the market. In addition, a weaker US dollar may also be a catalyst for rising commodity prices, because most raw materials are denominated in US dollars. WTI crude oil may climb to $70 per barrel in the coming months due to the upcoming peak season of driving and aviation.\" Separately, crops in the U.S., as well as in Brazil and Argentina, need almost perfect weather to meet global demand this summer, so any bad weather could send prices skyrocketing.</p><p><img src=\"https://static.tigerbbs.com/4cee9704758312cba55b03c02098909e\" tg-width=\"620\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Metals benefited from rapid replenishment in the manufacturing supply chain and the outlook for green consumption in the coming years, driving the economic bellwether — copper crossed $10,700 a tonne earlier this month. Whether its price will continue to move higher depends in part on how well the market is aware of infrastructure spending and how long easy monetary policy will last.</p><p>Wall Street is already showing optimism about the outlook,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Copper prices are expected to break above $12,000 in the coming months. In addition, major copper traders<a href=\"https://laohu8.com/S/GLEN.UK\">Glencore</a>(Glencore Plc) and Trafigura said copper prices could rise sharply to stimulate enough supply to meet future demand for renewables and electric vehicles.</p><p>ANZ strategist Daniel Hines said:</p><p>\"I firmly believe that it is just a pause period for commodities at this time. Any disappointing data or headwinds will always cause a profit-taking sell-off, and I think there is still upside for the whole industry.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://xnews.jin10.com/details/74903\">金十数据</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c318bcd91a109139b7d70c76c30bb154","relate_stocks":{"161715":"大宗商品","000979.SH":"大宗商品"},"source_url":"https://xnews.jin10.com/details/74903","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146484174","content_text":"分析指出，大宗商品的牛市肯定还没有结束。\n\n在此前大涨后，本周农作物、石油和金属等大宗商品都出现下跌。通胀担忧、美联储可能收紧宽松政策的预期以及国内监管层的警告，都让投资者深深捏了把汗。\n不过分析指出，今年大宗商品价格飙升背后的许多原因，以及有关新超级周期的争论，仍然没有改变。\n中国铜交易商ASK Resources Ltd.交易主管Eric Liu说：\n\n “大宗商品的牛市肯定还没有结束。每个国家都在与通胀上升作斗争，但只要他们不收紧货币和财政政策，大宗商品价格涨势很难降温。”\n\n随着新冠疫苗推出，全球重要经济体出现反弹。在供应仍然紧张的情况下，金属、食品和能源的需求不断增加，包括石油木材在内的一系列商品市场出现紧缩。\n未来几个月，随着更多人外出、自驾游、坐飞机、参加夏季烧烤聚会等等，供应紧缩的趋势在美国和欧洲可能会加剧。另外中国也在增加大豆和玉米的进口，说明其需求在增加。\n基础设施支出严峻的长期前景以及向电动汽车、电池的更快过渡同样推高了大宗商品价格。\n周四，市场行情较之前更加稳定。铜期货从前一天的暴跌中反弹，因为市场预测，即使美联储缩减购买资产规模，亦或是中国加大力度压低价格，铜需求仍将保持弹性。在持续不断的购买热潮推动下，芝加哥的玉米期货也上涨。\n相比之下，出于对伊朗出口制裁结束、伊朗原油供应增加的预期，原油期货跌幅扩大。新冠疫情继续抑制印度的需求。\n瑞穗证券期货部门主管Bob Yawger表示，随着美国经济进一步开放，彭博大宗商品指数在未来几个月仍可能超过2011年的纪录高位，尽管通胀压力可能会限制其上行幅度。\n这位主管在接受采访时称：\n\n “人们都想外出，这将给市场带来巨大的买机。此外，美元走软可能也是大宗商品价格上涨的催化剂，因为多数原材料都是以美元计价的。由于驾车出行和航空旺季即将到来，WTI原油可能在未来几个月攀升至每桶70美元。”\n\n另外，今年夏天，美国以及巴西和阿根廷的农作物需要几乎完美的天气才能满足全球需求，因此任何恶劣天气都可能导致价格飙升。\n金属受益于制造业供应链的快速补给以及未来几年的绿色消费前景，推动了经济风向标——铜本月稍早突破每吨1.07万美元。其价格是否会继续走高，在一定程度上取决于市场对基础设施支出的认识程度，以及宽松的货币政策将持续多久。\n华尔街已经对该前景表现出乐观情绪，花旗预计铜价将在未来几个月突破1.2万美元。此外，铜主要交易商嘉能可（Glencore Plc）和托克（Trafigura）表示，铜价可能大幅上涨，以刺激足够的供应，从而满足未来可再生能源和电动汽车的需求。\n澳新银行策略师丹尼尔·海因斯表示：\n\n “我坚定地认为，目前只是大宗商品的暂歇期。任何令人失望的数据或不利因素总会引起获利了结的抛售，我认为整个行业仍有上行空间。”","news_type":1,"symbols_score_info":{"161715":0.9,"000979.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":4129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139608825,"gmtCreate":1621609984567,"gmtModify":1704360565349,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897172775936","authorIdStr":"3581897172775936"},"themes":[],"title":"","htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/139608825","repostId":"2137972320","repostType":4,"repost":{"id":"2137972320","kind":"highlight","pubTimestamp":1621565916,"share":"https://ttm.financial/m/news/2137972320?lang=en_US&edition=fundamental","pubTime":"2021-05-21 10:58","market":"us","language":"zh","title":"How does Head Education open a breakthrough for growth?","url":"https://stock-news.laohu8.com/highlight/detail?id=2137972320","media":"财华社","summary":"在聚光灯下，我国在线教育2020年以来红得发紫，来自各方的资本源源不断涌入在线教育市场，希望能分享教育数字化转型风口下的市场大蛋糕。疫情之下，教育领域是获得融资最多的行业之一，而在线教育则是资本争相入局的“吸金王”。据艾瑞咨询统计，2020年教育行业累计融资1164亿元，其中在线教育融资金额1034亿元，占比高达89%。享受资本青睐的企业也包括了近日计划于纽交所挂牌上市的掌门教育。5月19","content":"<p>Under the spotlight, China's online education has been very popular since 2020, and capital from all sides has been pouring into the online education market, hoping to share the big market cake under the trend of digital transformation of education.</p><p>Under the epidemic situation, the education field is one of the industries with the most financing, while online education is the \"gold-absorbing king\" where capital is competing to enter the game. According to the statistics of iResearch, in 2020, the education industry raised a total of 116.4 billion yuan, of which online education financing amounted to 103.4 billion yuan, accounting for 89%.</p><p>Companies enjoying capital favor also include those that plan to be listed on the NYSE in the near future<a href=\"https://laohu8.com/S/ZME\">Leader Education</a>。 On May 19th, Zhangmen Education submitted an IPO application to the U.S. Securities and Exchange Commission, and planned to land on the New York Stock Exchange with the stock code \"ZME\".</p><p>For capital, online education is still a bottomless pit to absorb capital, especially in the field of one-on-one online after-school tutoring. High marketing expenses and teachers' salaries have led to many related platforms being hungry for funds, and the same is true of head education.</p><p><h3><b>Coaching scarce players on the track one-on-one</b></h3>In 2014, with the rapid development of Internet technology, Zhang Yi, the founder of Zhangmen Education and only 25 years old, chose to start a business. Among the three entrepreneurial projects of online Q&A, O2O and online one-on-one, he thought that the business models of the first two were not good, so he chose the online one-on-one mode.</p><p>There are three online education modes: large class, small class and one-on-one. Zhang Yi is more interested in the more challenging one-on-one mode, with the goal of developing Head Education into a one-on-one after-school customized tutoring service provider covering all K-12 core disciplines.</p><p>One-to-one mode, which refers to a teacher tutoring a student, has the advantages of highly personalized, customized and good teaching effect, but the disadvantage is that it needs a large number of teachers and the teachers' salary cost is high.</p><p>At present, the large-class model is the mainstream business model in the field of online education. This model is a large-class teaching matched by the lecturer and tutor, and is considered as the most economy of scale business model. The disadvantages of the big class model are also obvious, and the homogenization problem is serious. Participants need low-priced courses to divert, and they need huge amount of money for marketing to divert.</p><p>The small class model is somewhere between large class and one-on-one, which balances scale and effect.</p><p>When Zhangmen Education was established, the one-on-one online education model was still in a blank period in China. At that time, other enterprises that took the one-on-one model included VIPKID,<a href=\"https://laohu8.com/S/COE\">51Talk</a>(COE), etc., but the latter two follow an online English one-to-one teaching model. Until now, there are not many enterprises with one-on-one tutoring as their main business in the K12 field, such as ape tutoring, homework help,<a href=\"https://laohu8.com/S/TAL\">TAL</a>(TAL),<a href=\"https://laohu8.com/S/GSX\">Who to learn from</a>Although online education platforms such as (GOTU) are involved in one-on-one mode, the main source of revenue is large or small class mode.</p><p>Therefore, the players in the subdivision track where Zhangmen Education is located are very scarce. Apart from Zhangmen Education, there are not many famous platforms, and the companies that can benchmark Zhangmen Education are listed in the US stock market<a href=\"https://laohu8.com/S/ONE\">Elite education</a>(ONE), so the entire subdivision track does not have as many participants as the large class mode and the small class mode. As a scarce player on the track, the head education, which has received investment from many institutions and individuals, has made many online education enterprises \"jealous\".</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/a92610b9-c3a8-40ac-8cb8-3b81edd01656.png\" tg-width=\"554\" tg-height=\"227\" referrerpolicy=\"no-referrer\"></p><p>According to the company's official website, Zhangmen Education has received 8 rounds of financing since its establishment, with a cumulative financing amount of billions of yuan. In September 2020, it completed the F round of financing of more than 400 million USD by SoftBank Vision Fund Yuansheng Capital, CMC Capital and other institutions. At present, the largest shareholder of Zhangmen Education is Yuansheng Capital, holding 15.8% of the shares; Zhang Yi holds 14.1% of the shares and is the second largest shareholder; Warburg Pincus is the third largest shareholder with 10.5%.</p><p>However, compared with the head online education enterprises such as Ape Counseling and Homework Help, the accumulated financing amount obtained by Head Education is not high. So far, the accumulated financing of Ape Guidance and Homework Help has exceeded US$3.5 billion and US$2.35 billion respectively, and the accumulated financing of the two platforms accounts for more than 70% of the total financing of the industry in 2020; Spark Thinking, an online small class platform that is currently planning to go public, announced in January this year that it had received more than $400 million in Series E financing.</p><p>The industry has received a large amount of capital injection, which is the proof that the market is ushering in a fierce competition pattern. Leader Education takes the lead in the field of online K-12 one-on-one after-school tutoring services, with a market share of 31.9% and Elite Education's market share of less than 10%. However, the one-on-one model does not lead the way for Leader Education, and opportunities and risks coexist in the process of crossing the river by feeling the stones.</p><p><h3><b>Source of Profit Conundrum: Marketing Expenses vs. Teacher Costs</b></h3>As mentioned above, although K12 online one-on-one tutoring has many competitive advantages, the customer acquisition cost and teaching cost are the \"tightening curse\" to achieve stable profitability in this field. Especially in the fierce competition environment, to reduce the customer acquisition cost and teaching cost, there is a risk that the market share will be seized by other participants.</p><p>Judging from the performance of listed online one-on-one counseling enterprises, no enterprise can achieve stable profits at present. Among them, Elite Education, the benchmark enterprise of Zhangmen Education, also ended its five-year profit trend under the excessive competition consumption of the industry, and recorded losses in 2020 and the first quarter of 2021.</p><p>From the first quarter of this year, 51Talk has achieved profitability for five consecutive quarters, but the trend of substantial increase in marketing expenses is difficult to solve for a while, which leads to the strange phenomenon of increasing revenue but not increasing profits. In the first quarter of this year, when the revenue increased by 23.3%, the net profit dropped sharply by more than 80%.</p><p>Which raises the question: Is 51Talk just a fake boom? Online one-on-one tutoring market to earn money is actually very contradictory?</p><p>From the perspective of operating data and operating performance, Head Education, like 51Talk, has failed to get out of the quagmire of difficult profit. According to the prospectus, from 2019 to 2020, the net income of Zhangmen Education was 2.669 billion yuan (RMB, the same below) and 4.018 billion yuan, respectively, and the growth rate in 2020 was very impressive; The net losses were 1.504 billion yuan and 1.012 billion yuan respectively. The losses decreased, but they still faced the dilemma of huge losses. In the first quarter of 2021, with revenue increasing by 20%, the net loss of Zhangmen Education soared by 243 times year-on-year to 497 million yuan.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/588b2db6-a641-46db-8ef2-8fb0616eb4a6.png\" tg-width=\"554\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>It is difficult for Leader Education to achieve profitability mainly because of the huge cost-side support. In terms of marketing expenses, in order to obtain more paying users, Leader Education spends generously.</p><p>According to the prospectus, in 2019 and 2020, the marketing expenses of Zhangmen's education reached 2.172 billion yuan and 2.578 billion yuan, respectively, accounting for 81.38% and 64.14% of revenue, respectively, far exceeding the proportion of other online one-on-one tutoring listed companies.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/aa2c7d27-f95a-40f5-8aa9-5f41e169589d.png\" tg-width=\"554\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p>Huge marketing expenses have also caused the number of paid students in Zhangmen Education to soar. The number of paid students enrolled in online one-on-one after-school extracurricular tutoring increased from 380,500 in 2019 to 544,800 in 2020, an increase of 43.2%, and 87,800 in the first quarter of 2021, an increase of 52.2%.</p><p>Since 2020, the proportion of marketing expenses in revenue of Zhangmen Education has dropped significantly. The explanation in the prospectus is that \"with the rapid expansion of our service scale, we have greatly improved sales and marketing efficiency\".</p><p>In fact, it is an industry trend to continuously increase marketing expenses, and the future optimization space will mainly decrease with the easing of market competition and the establishment of company brand. Today, in the transition marketing of online education market, if the head education wants to reduce marketing expenses, it will directly affect the growth rate of the number of payers and revenue.<b>Because under the current background of excessive marketing in the industry, online education enterprises that don't burn money will be submerged in the Red Sea.</b></p><p>Teachers' remuneration is also a major component of the revenue cost of Zhangmen Education. At the end of March 2021, the Company had more than 45,000 teachers, including about 20,000 part-time teachers, which was a huge number, resulting in the Company's expenditure on teachers' remuneration almost reaching the level of marketing expenses. From 2019 to 2020, the teacher remuneration expenses of Zhangmen Education were RMB1.545 billion and RMB2.081 billion, respectively, accounting for 57.89% and 51.79% of the revenue, respectively. Judging from this trend, Zhangmen Education also intends to reduce the cost of teachers' fees.</p><p>In order to ensure the quality of teaching, online education enterprises must have good teachers and a high teacher retention rate. In order to achieve this goal, the teacher recruitment of Head Education is strict, and only 3.8% of candidates were accepted in the recruitment in 2020.</p><p>Although Zhangmen Education intends to optimize teacher salary expenses to enhance the profit level, teacher salary expenses have been increasing since 2019, with the increase of teacher basic salary and the increase of teacher class hours being the main reasons. In order to maintain the quality of teaching, there are contradictions in reducing the cost of teachers.</p><p><b>Therefore, in the future, to maintain market share while achieving scale growth, the room for the reduction of marketing expenses and teacher costs of head education is very limited, and it is difficult to work hard from the cost side to achieve profitability.</b></p><p>In order to reduce the impact of uncertainty brought by a single revenue structure, Zhangmen Education began to engage in small class teaching business in the third quarter of 2020, with a maximum of 25 students in small class courses. By replicating the model of one-to-one service to small class business, Zhangmen Education has achieved good performance. In the first quarter of 2021, the number of paid students enrolled in small class courses of the Company reached 294,400, representing a significant increase of 2.3 times compared with the third quarter of 2020, and brought revenue of 105 million yuan to the Company.</p><p>Over the years of running-in, domestic offline education and training institutions tend to balance standardization and personalization, and eventually the offline small class situation may become the mainstream. The key to expanding the profit scale of online small classes is to expand the class capacity without affecting the teaching effect. The small class business is expected to become the second growth curve of Zhangmen Education in the future.</p><p><h3><b>We have to return to education itself after all</b></h3>The fierce competition in the industry brings not only the disappearance of user dividends, but also a zero-sum game. Whether it is a burning price war or a competition for user share, it will cause many enterprises to collapse.</p><p>Therefore, putting aside excessive competition, online education enterprises must be light if they want to scale up. The only possibility is to make it more<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Only when it becomes lighter can it be replicated, and only when it becomes lighter can it be better scaled in the future.</p><p>Zhang Yi, its founder, once publicly said: \"The investment of funds in marketing is called burning money, and the investment of funds in the back end is called barriers, and the head should spare no effort to promote the latter and invest funds in the back-end modules highly related to service quality, such as teaching and research, teaching and technology.\"</p><p>In addition to the decrease in the proportion of the above \"two fees\" that affect profits, from the perspective of financial data and operating data, Zhangmen Education has also tried to return to education itself in recent years, seeking better competitiveness in terms of products and services.</p><p>In 2020, the company invested a total of 318 million yuan in R&D expenses, accounting for 7.9%, which is at the same level as 51Talk and other enterprises. The number of technical and product developers in the company increased from 789 in 2019 to 1,029 in 2020. In teaching and research, Zhangmen Education has set up a teaching and research team of more than 10,000 people. In recent years, more than 100 applications have been launched, and 2000w + intelligent question bank, 2500w + intelligent courseware and 2800w + intelligent homework have been independently developed.</p><p>From the perspective of the contribution of R&D investment to user retention rate, Zhangmen Education has achieved good results. In 2020, the company's one-on-one student retention rate exceeded 80%, and more than 50% of the first-time student number revenue came from referrals from regular customers. This achievement is also the driving force for the company's rising number of paying students.</p><p>However, the one-to-one model needs a large number of teachers to support it, and the cost cannot be effectively diluted in the process of scale-up. To a large extent, the improvement of profit level can only be achieved by raising course prices. However, the increase in the unit price of courses of Zhangmen Education is relatively limited. In 2020 and the first quarter of 2021, the average course fee of one-to-one business of Zhangmen Education increased by 3.6% and 1.3% year-on-year, respectively, representing a relatively low growth rate. In the fierce competition environment, raising the course price will cause the problem of user retention rate decline, and also affect the turnover rate of teaching staff.</p><p>\"Burning money\" can't burn the future, and the scale effect of one-on-one model is limited. Perhaps the head education can only go further by returning to the essence of education. In the future, building brand reputation based on teaching and research system, teaching products and teacher quality is the key to enhancing the competitiveness of online educational institutions. It is hoped that Zhangmen Education will find a better future in this reform.</p>","source":"finet_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How does Head Education open a breakthrough for growth?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow does Head Education open a breakthrough for growth?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">财华社</strong><span class=\"h-time small\">2021-05-21 10:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Under the spotlight, China's online education has been very popular since 2020, and capital from all sides has been pouring into the online education market, hoping to share the big market cake under the trend of digital transformation of education.</p><p>Under the epidemic situation, the education field is one of the industries with the most financing, while online education is the \"gold-absorbing king\" where capital is competing to enter the game. According to the statistics of iResearch, in 2020, the education industry raised a total of 116.4 billion yuan, of which online education financing amounted to 103.4 billion yuan, accounting for 89%.</p><p>Companies enjoying capital favor also include those that plan to be listed on the NYSE in the near future<a href=\"https://laohu8.com/S/ZME\">Leader Education</a>。 On May 19th, Zhangmen Education submitted an IPO application to the U.S. Securities and Exchange Commission, and planned to land on the New York Stock Exchange with the stock code \"ZME\".</p><p>For capital, online education is still a bottomless pit to absorb capital, especially in the field of one-on-one online after-school tutoring. High marketing expenses and teachers' salaries have led to many related platforms being hungry for funds, and the same is true of head education.</p><p><h3><b>Coaching scarce players on the track one-on-one</b></h3>In 2014, with the rapid development of Internet technology, Zhang Yi, the founder of Zhangmen Education and only 25 years old, chose to start a business. Among the three entrepreneurial projects of online Q&A, O2O and online one-on-one, he thought that the business models of the first two were not good, so he chose the online one-on-one mode.</p><p>There are three online education modes: large class, small class and one-on-one. Zhang Yi is more interested in the more challenging one-on-one mode, with the goal of developing Head Education into a one-on-one after-school customized tutoring service provider covering all K-12 core disciplines.</p><p>One-to-one mode, which refers to a teacher tutoring a student, has the advantages of highly personalized, customized and good teaching effect, but the disadvantage is that it needs a large number of teachers and the teachers' salary cost is high.</p><p>At present, the large-class model is the mainstream business model in the field of online education. This model is a large-class teaching matched by the lecturer and tutor, and is considered as the most economy of scale business model. The disadvantages of the big class model are also obvious, and the homogenization problem is serious. Participants need low-priced courses to divert, and they need huge amount of money for marketing to divert.</p><p>The small class model is somewhere between large class and one-on-one, which balances scale and effect.</p><p>When Zhangmen Education was established, the one-on-one online education model was still in a blank period in China. At that time, other enterprises that took the one-on-one model included VIPKID,<a href=\"https://laohu8.com/S/COE\">51Talk</a>(COE), etc., but the latter two follow an online English one-to-one teaching model. Until now, there are not many enterprises with one-on-one tutoring as their main business in the K12 field, such as ape tutoring, homework help,<a href=\"https://laohu8.com/S/TAL\">TAL</a>(TAL),<a href=\"https://laohu8.com/S/GSX\">Who to learn from</a>Although online education platforms such as (GOTU) are involved in one-on-one mode, the main source of revenue is large or small class mode.</p><p>Therefore, the players in the subdivision track where Zhangmen Education is located are very scarce. Apart from Zhangmen Education, there are not many famous platforms, and the companies that can benchmark Zhangmen Education are listed in the US stock market<a href=\"https://laohu8.com/S/ONE\">Elite education</a>(ONE), so the entire subdivision track does not have as many participants as the large class mode and the small class mode. As a scarce player on the track, the head education, which has received investment from many institutions and individuals, has made many online education enterprises \"jealous\".</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/a92610b9-c3a8-40ac-8cb8-3b81edd01656.png\" tg-width=\"554\" tg-height=\"227\" referrerpolicy=\"no-referrer\"></p><p>According to the company's official website, Zhangmen Education has received 8 rounds of financing since its establishment, with a cumulative financing amount of billions of yuan. In September 2020, it completed the F round of financing of more than 400 million USD by SoftBank Vision Fund Yuansheng Capital, CMC Capital and other institutions. At present, the largest shareholder of Zhangmen Education is Yuansheng Capital, holding 15.8% of the shares; Zhang Yi holds 14.1% of the shares and is the second largest shareholder; Warburg Pincus is the third largest shareholder with 10.5%.</p><p>However, compared with the head online education enterprises such as Ape Counseling and Homework Help, the accumulated financing amount obtained by Head Education is not high. So far, the accumulated financing of Ape Guidance and Homework Help has exceeded US$3.5 billion and US$2.35 billion respectively, and the accumulated financing of the two platforms accounts for more than 70% of the total financing of the industry in 2020; Spark Thinking, an online small class platform that is currently planning to go public, announced in January this year that it had received more than $400 million in Series E financing.</p><p>The industry has received a large amount of capital injection, which is the proof that the market is ushering in a fierce competition pattern. Leader Education takes the lead in the field of online K-12 one-on-one after-school tutoring services, with a market share of 31.9% and Elite Education's market share of less than 10%. However, the one-on-one model does not lead the way for Leader Education, and opportunities and risks coexist in the process of crossing the river by feeling the stones.</p><p><h3><b>Source of Profit Conundrum: Marketing Expenses vs. Teacher Costs</b></h3>As mentioned above, although K12 online one-on-one tutoring has many competitive advantages, the customer acquisition cost and teaching cost are the \"tightening curse\" to achieve stable profitability in this field. Especially in the fierce competition environment, to reduce the customer acquisition cost and teaching cost, there is a risk that the market share will be seized by other participants.</p><p>Judging from the performance of listed online one-on-one counseling enterprises, no enterprise can achieve stable profits at present. Among them, Elite Education, the benchmark enterprise of Zhangmen Education, also ended its five-year profit trend under the excessive competition consumption of the industry, and recorded losses in 2020 and the first quarter of 2021.</p><p>From the first quarter of this year, 51Talk has achieved profitability for five consecutive quarters, but the trend of substantial increase in marketing expenses is difficult to solve for a while, which leads to the strange phenomenon of increasing revenue but not increasing profits. In the first quarter of this year, when the revenue increased by 23.3%, the net profit dropped sharply by more than 80%.</p><p>Which raises the question: Is 51Talk just a fake boom? Online one-on-one tutoring market to earn money is actually very contradictory?</p><p>From the perspective of operating data and operating performance, Head Education, like 51Talk, has failed to get out of the quagmire of difficult profit. According to the prospectus, from 2019 to 2020, the net income of Zhangmen Education was 2.669 billion yuan (RMB, the same below) and 4.018 billion yuan, respectively, and the growth rate in 2020 was very impressive; The net losses were 1.504 billion yuan and 1.012 billion yuan respectively. The losses decreased, but they still faced the dilemma of huge losses. In the first quarter of 2021, with revenue increasing by 20%, the net loss of Zhangmen Education soared by 243 times year-on-year to 497 million yuan.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/588b2db6-a641-46db-8ef2-8fb0616eb4a6.png\" tg-width=\"554\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>It is difficult for Leader Education to achieve profitability mainly because of the huge cost-side support. In terms of marketing expenses, in order to obtain more paying users, Leader Education spends generously.</p><p>According to the prospectus, in 2019 and 2020, the marketing expenses of Zhangmen's education reached 2.172 billion yuan and 2.578 billion yuan, respectively, accounting for 81.38% and 64.14% of revenue, respectively, far exceeding the proportion of other online one-on-one tutoring listed companies.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/aa2c7d27-f95a-40f5-8aa9-5f41e169589d.png\" tg-width=\"554\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p>Huge marketing expenses have also caused the number of paid students in Zhangmen Education to soar. The number of paid students enrolled in online one-on-one after-school extracurricular tutoring increased from 380,500 in 2019 to 544,800 in 2020, an increase of 43.2%, and 87,800 in the first quarter of 2021, an increase of 52.2%.</p><p>Since 2020, the proportion of marketing expenses in revenue of Zhangmen Education has dropped significantly. The explanation in the prospectus is that \"with the rapid expansion of our service scale, we have greatly improved sales and marketing efficiency\".</p><p>In fact, it is an industry trend to continuously increase marketing expenses, and the future optimization space will mainly decrease with the easing of market competition and the establishment of company brand. Today, in the transition marketing of online education market, if the head education wants to reduce marketing expenses, it will directly affect the growth rate of the number of payers and revenue.<b>Because under the current background of excessive marketing in the industry, online education enterprises that don't burn money will be submerged in the Red Sea.</b></p><p>Teachers' remuneration is also a major component of the revenue cost of Zhangmen Education. At the end of March 2021, the Company had more than 45,000 teachers, including about 20,000 part-time teachers, which was a huge number, resulting in the Company's expenditure on teachers' remuneration almost reaching the level of marketing expenses. From 2019 to 2020, the teacher remuneration expenses of Zhangmen Education were RMB1.545 billion and RMB2.081 billion, respectively, accounting for 57.89% and 51.79% of the revenue, respectively. Judging from this trend, Zhangmen Education also intends to reduce the cost of teachers' fees.</p><p>In order to ensure the quality of teaching, online education enterprises must have good teachers and a high teacher retention rate. In order to achieve this goal, the teacher recruitment of Head Education is strict, and only 3.8% of candidates were accepted in the recruitment in 2020.</p><p>Although Zhangmen Education intends to optimize teacher salary expenses to enhance the profit level, teacher salary expenses have been increasing since 2019, with the increase of teacher basic salary and the increase of teacher class hours being the main reasons. In order to maintain the quality of teaching, there are contradictions in reducing the cost of teachers.</p><p><b>Therefore, in the future, to maintain market share while achieving scale growth, the room for the reduction of marketing expenses and teacher costs of head education is very limited, and it is difficult to work hard from the cost side to achieve profitability.</b></p><p>In order to reduce the impact of uncertainty brought by a single revenue structure, Zhangmen Education began to engage in small class teaching business in the third quarter of 2020, with a maximum of 25 students in small class courses. By replicating the model of one-to-one service to small class business, Zhangmen Education has achieved good performance. In the first quarter of 2021, the number of paid students enrolled in small class courses of the Company reached 294,400, representing a significant increase of 2.3 times compared with the third quarter of 2020, and brought revenue of 105 million yuan to the Company.</p><p>Over the years of running-in, domestic offline education and training institutions tend to balance standardization and personalization, and eventually the offline small class situation may become the mainstream. The key to expanding the profit scale of online small classes is to expand the class capacity without affecting the teaching effect. The small class business is expected to become the second growth curve of Zhangmen Education in the future.</p><p><h3><b>We have to return to education itself after all</b></h3>The fierce competition in the industry brings not only the disappearance of user dividends, but also a zero-sum game. Whether it is a burning price war or a competition for user share, it will cause many enterprises to collapse.</p><p>Therefore, putting aside excessive competition, online education enterprises must be light if they want to scale up. The only possibility is to make it more<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Only when it becomes lighter can it be replicated, and only when it becomes lighter can it be better scaled in the future.</p><p>Zhang Yi, its founder, once publicly said: \"The investment of funds in marketing is called burning money, and the investment of funds in the back end is called barriers, and the head should spare no effort to promote the latter and invest funds in the back-end modules highly related to service quality, such as teaching and research, teaching and technology.\"</p><p>In addition to the decrease in the proportion of the above \"two fees\" that affect profits, from the perspective of financial data and operating data, Zhangmen Education has also tried to return to education itself in recent years, seeking better competitiveness in terms of products and services.</p><p>In 2020, the company invested a total of 318 million yuan in R&D expenses, accounting for 7.9%, which is at the same level as 51Talk and other enterprises. The number of technical and product developers in the company increased from 789 in 2019 to 1,029 in 2020. In teaching and research, Zhangmen Education has set up a teaching and research team of more than 10,000 people. In recent years, more than 100 applications have been launched, and 2000w + intelligent question bank, 2500w + intelligent courseware and 2800w + intelligent homework have been independently developed.</p><p>From the perspective of the contribution of R&D investment to user retention rate, Zhangmen Education has achieved good results. In 2020, the company's one-on-one student retention rate exceeded 80%, and more than 50% of the first-time student number revenue came from referrals from regular customers. This achievement is also the driving force for the company's rising number of paying students.</p><p>However, the one-to-one model needs a large number of teachers to support it, and the cost cannot be effectively diluted in the process of scale-up. To a large extent, the improvement of profit level can only be achieved by raising course prices. However, the increase in the unit price of courses of Zhangmen Education is relatively limited. In 2020 and the first quarter of 2021, the average course fee of one-to-one business of Zhangmen Education increased by 3.6% and 1.3% year-on-year, respectively, representing a relatively low growth rate. In the fierce competition environment, raising the course price will cause the problem of user retention rate decline, and also affect the turnover rate of teaching staff.</p><p>\"Burning money\" can't burn the future, and the scale effect of one-on-one model is limited. Perhaps the head education can only go further by returning to the essence of education. In the future, building brand reputation based on teaching and research system, teaching products and teacher quality is the key to enhancing the competitiveness of online educational institutions. It is hoped that Zhangmen Education will find a better future in this reform.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.finet.hk/newscenter/news_content/60a721dc53243c536f411b5b\">财华社</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://images.finet.hk/photoLib/title/202105_1/126b6782-b17f-4edf-a04a-0fa77c41a529.jpg","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","TTTN":"老虎中美互联网巨头ETF","ZME":"掌门教育"},"source_url":"https://www.finet.hk/newscenter/news_content/60a721dc53243c536f411b5b","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137972320","content_text":"在聚光灯下，我国在线教育2020年以来红得发紫，来自各方的资本源源不断涌入在线教育市场，希望能分享教育数字化转型风口下的市场大蛋糕。疫情之下，教育领域是获得融资最多的行业之一，而在线教育则是资本争相入局的“吸金王”。据艾瑞咨询统计，2020年教育行业累计融资1164亿元，其中在线教育融资金额1034亿元，占比高达89%。享受资本青睐的企业也包括了近日计划于纽交所挂牌上市的掌门教育。5月19日，掌门教育向美国证监会递交了IPO申请，计划登陆纽约证券交易所，证券代码“ZME”。对资本来说，在线教育目前仍是吸收资本的无底洞，特别是在一对一在线课后辅导领域，高昂的营销费用和教师薪酬，导致众多相关平台对资金的需求如饥似渴，掌门教育亦是如此。一对一辅导赛道的稀缺玩家在互联网技术快速发展的2014年，掌门教育创始人、年仅25岁的张翼选择了创业，在在线答疑、O2O和在线一对一三个创业项目中，他认为前两者商业模式不好，于是选择了在线一对一模式。而在线教育模式有大班、小班和一对一这三种模式，张翼对更具挑战难度的一对一模式更为感兴趣，目标是将掌门教育发展成涵盖所有K-12核心学科的一对一课后定制辅导服务提供商。一对一模式，指的是一名教师对一名学生进行辅导，具有高度个性化、定制化、教学效果好的优点，但缺点是需要大量的教师，教师薪酬成本高。而大班模式是目前在线教育领域主流的业务模式，该模式是由主讲老师和辅导老师相搭配的大班教学，被认为是最具规模效益的商业模式。大班模式的劣势也很明显，同质化问题严重，参与者们需要低价课引流，且需要巨额资金营销进行导流。小班模式则介于大班和一对一之间，得以平衡规模和效果。在掌门教育成立当年，一对一的在线教育模式在国内还处于空白期，当时走一对一模式的其他企业有VIPKID、51Talk(COE)等，不过后两者走的是在线英语一对一教学模式。直到目前，在K12领域以一对一辅导为主营业务的企业不多，猿辅导、作业帮、好未来(TAL)、跟谁学(GOTU)等在线教育平台虽然都有涉足一对一模式，但主要营收来源还是大班或小班模式。所以，掌门教育所处的细分赛道玩家非常稀缺，除了掌门教育，比较有名的平台不多，可对标掌门教育的企业是在美股上市的精锐教育(ONE)，所以整个细分赛道不如大班模式和小班模式的参与者多。作为赛道上的稀缺玩家，获得众多机构和个人投资的掌门教育让不少在线教育企业“眼红”。根据公司官网，掌门教育成立以来共获得8轮融资，累计融资额度达数十亿元，其中2020年9月完成了由软银愿景基金元生资本、CMC资本等机构超过4亿美元的F轮融资。目前，掌门教育第一大股东为元生资本，持股15.8%；张翼持股14.1%，为第二大股东；华平投资为第三大股东，持有10.5%。不过与猿辅导、作业帮等头部在线教育企业相比，掌门教育累计获得的融资额并不算高。猿辅导、作业帮至今累计获得融资分别超过35亿美元和23.5亿美元，两家平台累计融资额占2020年全年行业总融资额的70%以上；目前正计划上市的在线小班课平台火花思维在今年1月宣布获得超过4亿美元的E轮融资。行业获得大量的资本注入，正是市场迎来白热化竞争格局的证明。掌门教育在在线K-12一对一课后辅导服务领域坐上头把椅的位置，市场份额高达31.9%，精锐教育的市场份额则不到10%。但一对一的模式对掌门教育来说并无先人引路，摸著石头过河的过程中机遇和风险并存。盈利难题来源：营销费用与教师成本上文提到，K12在线一对一辅导固然有不少竞争优势，但获客成本和教学成本是该领域实现稳定盈利的“紧箍咒”。特别是在激烈的竞争环境下，要降低获客成本和教学成本，那市场份额就存在被其他参与者抢占的风险。从已上市的在线一对一辅导企业业绩表现看，目前没有企业能实现稳定盈利。其中掌门教育的对标企业精锐教育在行业过度的竞争消耗下也结束了5年盈利趋势，2020年和2021年一季度录得亏损。51Talk今年从一季度算，已经连续5个季度实现了盈利，但营销费用大幅增长的趋势一时难以解决，导致公司出现了增收不增利的怪象，今年一季度营收大增23.3%的情况下，净利润则大幅下滑超过80%。这不禁让人产生疑问：51Talk只是虚假的繁荣？在线一对一辅导市场要挣钱其实是非常矛盾的？从运营数据和经营业绩看，掌门教育与51Talk一样，也未能走出盈利难的泥潭。根据招股书，2019年-2020年，掌门教育的净收益分别为26.69亿元(人民币，下同)和40.18亿元，2020年增速非常可观；净亏损则分别为15.04亿元和10.12亿元，亏损减少，但仍面临巨亏的困境。2021年一季度，在营收增长20%的情况下，掌门教育净亏损则同比大幅飙升243倍至4.97亿元。掌门教育难以实现盈利主要是因为成本端支持巨大，在营销费用方面，为了获得更多的付费用户，掌门教育出手阔绰。根据招股书，2019年及2020年，掌门教育营销费用分别高达21.72亿元和25.78亿元，占营收比重分别达81.38%及64.14%，远超其他在线一对一辅导上市企业的比重。巨额的营销开支也让掌门教育付费学生人数出现飙升，在线一对一课后课外辅导的付费学生入学人数从2019年的38.05万名增至2020年的54.48万名，增幅为43.2%，2021年一季度则为8.78万名，增幅为52.2%。掌门教育2020年起营销费用占营收比重有较大幅度下滑，在招股书中的解释是“随着我们的服务规模迅速扩大，我们大大提高了销售和营销效率”。而实际上，持续加码营销费用是行业趋势，未来优化空间主要看随着市场竞争缓和和公司品牌的建立而减少，而在在线教育市场过渡营销的今天，掌门教育若要降低营销费用将直接影响到付费人数和营收的增速。因为在当下行业过度营销背景下，不烧钱的在线教育企业，将会被淹没在红海之中。教师薪酬也是掌门教育收入成本的主要组成部分，2021年3月末，公司有超过4.5万教师，包括约2万名兼职教师，数量十分庞大，导致公司在教师薪酬的支出方面差不多达到营销费用的水平。2019年-2020年，掌门教育的教师薪酬费用分别为15.45亿元和20.81亿元，占营收比重分别为57.89%及51.79%。从这个趋势看，掌门教育也有意降低教师费用成本。为保证教学质量，在线教育企业必须要拥有良好的师资和较高的教师留存率，为了达到这个目的，掌门教育的教师招聘严格，2020年招聘中只接收了3.8%的应聘候选人。掌门教育虽然有意优化教师薪酬费用，以增强利润水平，但2019年以来教师薪酬费用却是不断增长的，教师基本薪资上调和教师课时增加是其中的主要原因。为保持教学质量，掌门教育在压缩教师成本方面是存在矛盾的。所以，未来要保持市场份额的同时实现规模的增长，掌门教育的营销费用和教师成本下降空间是十分有限的，要实现盈利很难从成本端下功夫。为减弱单一营收结构带来的不确定性影响，掌门教育从2020年三季度开始涉足小班教学业务，小班课程最多25名学生。通过将一对一服务的模式复制到小班业务，掌门教育取得了良好的表现。在2021年第一季度，公司的小班课程付费学生入学人数达到29.44万名，较2020年三季度大幅增长2.3倍，为公司带来1.05亿元的营收。国内线下教培机构在多年来的磨合中，在标准化和个性化中趋于平衡，最终线下小班形势或会成为主流。在线小班扩大盈利规模的关键是在不影响教学效果的前提下扩大班容，小班课业务未来有望成为掌门教育的第二增长曲线。终究还是要回归教育本身行业激烈竞争带来的不仅是用户红利的消失，也是一场零和博弈，不论是烧钱价格战，还是用户份额争夺，都会造成众多企业纷纷倒塌。所以抛开过度竞争来看，在线教育企业想要规模化必须要做轻，唯一的可能是将其変得更智能，变轻才可以复制，未来才能够更好地规模化。有意缩减营销开支的掌门教育也寻找著这种突破口，其创始人张翼曾公开表示：“资金投入营销端叫做烧钱，资金投入后端叫做壁垒，而掌门应该不遗余力地推进后者，把资金投入到教研、教学、技术等与服务质量高度相关的后端模块中。”除了以上影响利润的“两费”比重下降，从财务数据和经营数据看，掌门教育近年来也在试图回归教育本身，从产品和服务方面寻求更优的竞争力。2020年公司累计投入研发费用3.18亿元，研发费用占比为7.9%，与51Talk等企业处于一个水平。公司的技术和产品开发人员从2019年的789人增至2020年的1029人，在教研教学上，掌门教育组建了超过万人的教研团队，近几年里推出百余项应用，并自主研发2000w+智能题库、2500w+智能课件、2800w+智能作业。从研发投入对用户留存率的贡献来看，掌门教育取得了较好的成绩。2020年，公司一对一的学生留存率超过80%，首次付费学生人数收入中超过50%来自老客户的介绍。这一成绩，也是公司付费学生人数不断攀升的推动力。不过，一对一模式需要大量的教师做支撑，成本无法在规模化的过程中有效摊薄，利润水平的提升在很大程度上只能依靠提高课程价格来实现。而掌门教育的课程单价提升相对有限，在2020年以及2021年一季度，掌门教育一对一业务的课时平均课程费用分别同比增加3.6%和1.3%，增幅较低。在激烈的竞争环境中，提高课程价格会引发用户留存率下降的问题，也影响到教学人员的流失率。“烧钱”烧不出未来，一对一模式规模化效应有限，掌门教育或许只有回归教育本质才能走得更远。在未来，基于教研体系、教学产品、师资质量的品牌口碑打造，才是成为在线教育机构竞争力提升的关键，期望掌门教育在此变革中找到更好的未来。","news_type":1,"symbols_score_info":{"TTTN":0.9,"QNETCN":0.9,"ZME":0.9}},"isVote":1,"tweetType":1,"viewCount":3743,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130552372,"gmtCreate":1621558295596,"gmtModify":1704359556588,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897172775936","authorIdStr":"3581897172775936"},"themes":[],"title":"","htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130552372","repostId":"2137382971","repostType":2,"isVote":1,"tweetType":1,"viewCount":4160,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":139697825,"gmtCreate":1621611372067,"gmtModify":1704360586003,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581897172775936","idStr":"3581897172775936"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/139697825","repostId":"1146484174","repostType":4,"repost":{"id":"1146484174","kind":"news","pubTimestamp":1621610345,"share":"https://ttm.financial/m/news/1146484174?lang=en_US&edition=fundamental","pubTime":"2021-05-21 23:19","market":"us","language":"zh","title":"Commodity rally presses the pause button, but the positive behind it is still there?","url":"https://stock-news.laohu8.com/highlight/detail?id=1146484174","media":"金十数据","summary":"分析指出，大宗商品的牛市肯定还没有结束。在此前大涨后，本周农作物、石油和金属等大宗商品都出现下跌。通胀担忧、美联储可能收紧宽松政策的预期以及国内监管层的警告，都让投资者深深捏了把汗。不过分析指出，今年大宗商品价格飙升背后的许多原因，以及有关新超级周期的争论，仍然没有改变。“我坚定地认为，目前只是大宗商品的暂歇期。任何令人失望的数据或不利因素总会引起获利了结的抛售，我认为整个行业仍有上行空间。”","content":"<p>The analysis pointed out that the bull market for commodities is certainly not over yet. Commodities such as crops, oil and metals all fell this week after the previous surge. Inflation fears, expectations that the Federal Reserve may tighten its easing policy, and warnings from domestic regulators have all made investors sweat deeply.</p><p>However, many of the reasons behind this year's surge in commodity prices, as well as the debate over the new supercycle, remain unchanged, the analysis points out.</p><p>Eric Liu, head of trading at ASK Resources Ltd., a Chinese copper trader, said:</p><p>\"The bull market for commodities is certainly not over. Every country is struggling with rising inflation, but as long as they don't tighten monetary and fiscal policy, the commodity price rally will be hard to cool.\" Major economies around the world have rebounded with the rollout of Covid vaccines. With supplies still tight, demand for metals, food and energy continues to rise, and markets for a range of commodities, including petroleum lumber, are tightening.</p><p>The trend of supply crunch is likely to intensify in the U.S. and Europe in the coming months as more people go out, drive, fly, attend summer barbecue parties, and more. China is also increasing imports of soybeans and corn, indicating increasing demand.</p><p><img src=\"https://static.tigerbbs.com/018880b9d089ce4fbfbd13aac3210bb8\" tg-width=\"589\" tg-height=\"331\" referrerpolicy=\"no-referrer\">The grim long-term outlook for infrastructure spending and a faster transition to electric vehicles, batteries have likewise driven up commodity prices.</p><p>On Thursday, the market was more stable than before. Copper futures rebounded from the previous day's slump as markets predicted that copper demand would remain resilient even if the Federal Reserve scaled back its asset purchases or China stepped up its efforts to keep prices down. Corn futures also rose in Chicago, fueled by an ongoing buying spree.</p><p>In contrast,<b>Out of expectations of the end of Iranian export sanctions and an increase in Iranian crude oil supply, the decline of crude oil futures widened. Covid continues to dampen demand in India.</b></p><p>Bob Yawger, head of the futures division at Mizuho Securities, said the Bloomberg commodities index could still surpass its record high in 2011 in the coming months as the U.S. economy opens up further, although inflationary pressures could limit its upside.</p><p>The supervisor said in an interview:</p><p>\"People want to go out, which will bring huge buying opportunities to the market. In addition, a weaker US dollar may also be a catalyst for rising commodity prices, because most raw materials are denominated in US dollars. WTI crude oil may climb to $70 per barrel in the coming months due to the upcoming peak season of driving and aviation.\" Separately, crops in the U.S., as well as in Brazil and Argentina, need almost perfect weather to meet global demand this summer, so any bad weather could send prices skyrocketing.</p><p><img src=\"https://static.tigerbbs.com/4cee9704758312cba55b03c02098909e\" tg-width=\"620\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Metals benefited from rapid replenishment in the manufacturing supply chain and the outlook for green consumption in the coming years, driving the economic bellwether — copper crossed $10,700 a tonne earlier this month. Whether its price will continue to move higher depends in part on how well the market is aware of infrastructure spending and how long easy monetary policy will last.</p><p>Wall Street is already showing optimism about the outlook,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Copper prices are expected to break above $12,000 in the coming months. In addition, major copper traders<a href=\"https://laohu8.com/S/GLEN.UK\">Glencore</a>(Glencore Plc) and Trafigura said copper prices could rise sharply to stimulate enough supply to meet future demand for renewables and electric vehicles.</p><p>ANZ strategist Daniel Hines said:</p><p>\"I firmly believe that it is just a pause period for commodities at this time. Any disappointing data or headwinds will always cause a profit-taking sell-off, and I think there is still upside for the whole industry.\"</p>","source":"jssj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Commodity rally presses the pause button, but the positive behind it is still there?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCommodity rally presses the pause button, but the positive behind it is still there?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金十数据</strong><span class=\"h-time small\">2021-05-21 23:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The analysis pointed out that the bull market for commodities is certainly not over yet. Commodities such as crops, oil and metals all fell this week after the previous surge. Inflation fears, expectations that the Federal Reserve may tighten its easing policy, and warnings from domestic regulators have all made investors sweat deeply.</p><p>However, many of the reasons behind this year's surge in commodity prices, as well as the debate over the new supercycle, remain unchanged, the analysis points out.</p><p>Eric Liu, head of trading at ASK Resources Ltd., a Chinese copper trader, said:</p><p>\"The bull market for commodities is certainly not over. Every country is struggling with rising inflation, but as long as they don't tighten monetary and fiscal policy, the commodity price rally will be hard to cool.\" Major economies around the world have rebounded with the rollout of Covid vaccines. With supplies still tight, demand for metals, food and energy continues to rise, and markets for a range of commodities, including petroleum lumber, are tightening.</p><p>The trend of supply crunch is likely to intensify in the U.S. and Europe in the coming months as more people go out, drive, fly, attend summer barbecue parties, and more. China is also increasing imports of soybeans and corn, indicating increasing demand.</p><p><img src=\"https://static.tigerbbs.com/018880b9d089ce4fbfbd13aac3210bb8\" tg-width=\"589\" tg-height=\"331\" referrerpolicy=\"no-referrer\">The grim long-term outlook for infrastructure spending and a faster transition to electric vehicles, batteries have likewise driven up commodity prices.</p><p>On Thursday, the market was more stable than before. Copper futures rebounded from the previous day's slump as markets predicted that copper demand would remain resilient even if the Federal Reserve scaled back its asset purchases or China stepped up its efforts to keep prices down. Corn futures also rose in Chicago, fueled by an ongoing buying spree.</p><p>In contrast,<b>Out of expectations of the end of Iranian export sanctions and an increase in Iranian crude oil supply, the decline of crude oil futures widened. Covid continues to dampen demand in India.</b></p><p>Bob Yawger, head of the futures division at Mizuho Securities, said the Bloomberg commodities index could still surpass its record high in 2011 in the coming months as the U.S. economy opens up further, although inflationary pressures could limit its upside.</p><p>The supervisor said in an interview:</p><p>\"People want to go out, which will bring huge buying opportunities to the market. In addition, a weaker US dollar may also be a catalyst for rising commodity prices, because most raw materials are denominated in US dollars. WTI crude oil may climb to $70 per barrel in the coming months due to the upcoming peak season of driving and aviation.\" Separately, crops in the U.S., as well as in Brazil and Argentina, need almost perfect weather to meet global demand this summer, so any bad weather could send prices skyrocketing.</p><p><img src=\"https://static.tigerbbs.com/4cee9704758312cba55b03c02098909e\" tg-width=\"620\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Metals benefited from rapid replenishment in the manufacturing supply chain and the outlook for green consumption in the coming years, driving the economic bellwether — copper crossed $10,700 a tonne earlier this month. Whether its price will continue to move higher depends in part on how well the market is aware of infrastructure spending and how long easy monetary policy will last.</p><p>Wall Street is already showing optimism about the outlook,<a href=\"https://laohu8.com/S/C\">Citigroup</a>Copper prices are expected to break above $12,000 in the coming months. In addition, major copper traders<a href=\"https://laohu8.com/S/GLEN.UK\">Glencore</a>(Glencore Plc) and Trafigura said copper prices could rise sharply to stimulate enough supply to meet future demand for renewables and electric vehicles.</p><p>ANZ strategist Daniel Hines said:</p><p>\"I firmly believe that it is just a pause period for commodities at this time. Any disappointing data or headwinds will always cause a profit-taking sell-off, and I think there is still upside for the whole industry.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://xnews.jin10.com/details/74903\">金十数据</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c318bcd91a109139b7d70c76c30bb154","relate_stocks":{"161715":"大宗商品","000979.SH":"大宗商品"},"source_url":"https://xnews.jin10.com/details/74903","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146484174","content_text":"分析指出，大宗商品的牛市肯定还没有结束。\n\n在此前大涨后，本周农作物、石油和金属等大宗商品都出现下跌。通胀担忧、美联储可能收紧宽松政策的预期以及国内监管层的警告，都让投资者深深捏了把汗。\n不过分析指出，今年大宗商品价格飙升背后的许多原因，以及有关新超级周期的争论，仍然没有改变。\n中国铜交易商ASK Resources Ltd.交易主管Eric Liu说：\n\n “大宗商品的牛市肯定还没有结束。每个国家都在与通胀上升作斗争，但只要他们不收紧货币和财政政策，大宗商品价格涨势很难降温。”\n\n随着新冠疫苗推出，全球重要经济体出现反弹。在供应仍然紧张的情况下，金属、食品和能源的需求不断增加，包括石油木材在内的一系列商品市场出现紧缩。\n未来几个月，随着更多人外出、自驾游、坐飞机、参加夏季烧烤聚会等等，供应紧缩的趋势在美国和欧洲可能会加剧。另外中国也在增加大豆和玉米的进口，说明其需求在增加。\n基础设施支出严峻的长期前景以及向电动汽车、电池的更快过渡同样推高了大宗商品价格。\n周四，市场行情较之前更加稳定。铜期货从前一天的暴跌中反弹，因为市场预测，即使美联储缩减购买资产规模，亦或是中国加大力度压低价格，铜需求仍将保持弹性。在持续不断的购买热潮推动下，芝加哥的玉米期货也上涨。\n相比之下，出于对伊朗出口制裁结束、伊朗原油供应增加的预期，原油期货跌幅扩大。新冠疫情继续抑制印度的需求。\n瑞穗证券期货部门主管Bob Yawger表示，随着美国经济进一步开放，彭博大宗商品指数在未来几个月仍可能超过2011年的纪录高位，尽管通胀压力可能会限制其上行幅度。\n这位主管在接受采访时称：\n\n “人们都想外出，这将给市场带来巨大的买机。此外，美元走软可能也是大宗商品价格上涨的催化剂，因为多数原材料都是以美元计价的。由于驾车出行和航空旺季即将到来，WTI原油可能在未来几个月攀升至每桶70美元。”\n\n另外，今年夏天，美国以及巴西和阿根廷的农作物需要几乎完美的天气才能满足全球需求，因此任何恶劣天气都可能导致价格飙升。\n金属受益于制造业供应链的快速补给以及未来几年的绿色消费前景，推动了经济风向标——铜本月稍早突破每吨1.07万美元。其价格是否会继续走高，在一定程度上取决于市场对基础设施支出的认识程度，以及宽松的货币政策将持续多久。\n华尔街已经对该前景表现出乐观情绪，花旗预计铜价将在未来几个月突破1.2万美元。此外，铜主要交易商嘉能可（Glencore Plc）和托克（Trafigura）表示，铜价可能大幅上涨，以刺激足够的供应，从而满足未来可再生能源和电动汽车的需求。\n澳新银行策略师丹尼尔·海因斯表示：\n\n “我坚定地认为，目前只是大宗商品的暂歇期。任何令人失望的数据或不利因素总会引起获利了结的抛售，我认为整个行业仍有上行空间。”","news_type":1,"symbols_score_info":{"161715":0.9,"000979.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":4129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9948759285,"gmtCreate":1680796748548,"gmtModify":1680796752042,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581897172775936","idStr":"3581897172775936"},"themes":[],"title":"","htmlText":"So hard to get the disney viucher","listText":"So hard to get the disney viucher","text":"So hard to get the disney viucher","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9948759285","isVote":1,"tweetType":1,"viewCount":3503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112357520,"gmtCreate":1622853006760,"gmtModify":1704192366214,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581897172775936","idStr":"3581897172775936"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/112357520","repostId":"1191145923","repostType":4,"isVote":1,"tweetType":1,"viewCount":3906,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139608825,"gmtCreate":1621609984567,"gmtModify":1704360565349,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581897172775936","idStr":"3581897172775936"},"themes":[],"title":"","htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/139608825","repostId":"2137972320","repostType":4,"repost":{"id":"2137972320","kind":"highlight","pubTimestamp":1621565916,"share":"https://ttm.financial/m/news/2137972320?lang=en_US&edition=fundamental","pubTime":"2021-05-21 10:58","market":"us","language":"zh","title":"How does Head Education open a breakthrough for growth?","url":"https://stock-news.laohu8.com/highlight/detail?id=2137972320","media":"财华社","summary":"在聚光灯下，我国在线教育2020年以来红得发紫，来自各方的资本源源不断涌入在线教育市场，希望能分享教育数字化转型风口下的市场大蛋糕。疫情之下，教育领域是获得融资最多的行业之一，而在线教育则是资本争相入局的“吸金王”。据艾瑞咨询统计，2020年教育行业累计融资1164亿元，其中在线教育融资金额1034亿元，占比高达89%。享受资本青睐的企业也包括了近日计划于纽交所挂牌上市的掌门教育。5月19","content":"<p>Under the spotlight, China's online education has been very popular since 2020, and capital from all sides has been pouring into the online education market, hoping to share the big market cake under the trend of digital transformation of education.</p><p>Under the epidemic situation, the education field is one of the industries with the most financing, while online education is the \"gold-absorbing king\" where capital is competing to enter the game. According to the statistics of iResearch, in 2020, the education industry raised a total of 116.4 billion yuan, of which online education financing amounted to 103.4 billion yuan, accounting for 89%.</p><p>Companies enjoying capital favor also include those that plan to be listed on the NYSE in the near future<a href=\"https://laohu8.com/S/ZME\">Leader Education</a>。 On May 19th, Zhangmen Education submitted an IPO application to the U.S. Securities and Exchange Commission, and planned to land on the New York Stock Exchange with the stock code \"ZME\".</p><p>For capital, online education is still a bottomless pit to absorb capital, especially in the field of one-on-one online after-school tutoring. High marketing expenses and teachers' salaries have led to many related platforms being hungry for funds, and the same is true of head education.</p><p><h3><b>Coaching scarce players on the track one-on-one</b></h3>In 2014, with the rapid development of Internet technology, Zhang Yi, the founder of Zhangmen Education and only 25 years old, chose to start a business. Among the three entrepreneurial projects of online Q&A, O2O and online one-on-one, he thought that the business models of the first two were not good, so he chose the online one-on-one mode.</p><p>There are three online education modes: large class, small class and one-on-one. Zhang Yi is more interested in the more challenging one-on-one mode, with the goal of developing Head Education into a one-on-one after-school customized tutoring service provider covering all K-12 core disciplines.</p><p>One-to-one mode, which refers to a teacher tutoring a student, has the advantages of highly personalized, customized and good teaching effect, but the disadvantage is that it needs a large number of teachers and the teachers' salary cost is high.</p><p>At present, the large-class model is the mainstream business model in the field of online education. This model is a large-class teaching matched by the lecturer and tutor, and is considered as the most economy of scale business model. The disadvantages of the big class model are also obvious, and the homogenization problem is serious. Participants need low-priced courses to divert, and they need huge amount of money for marketing to divert.</p><p>The small class model is somewhere between large class and one-on-one, which balances scale and effect.</p><p>When Zhangmen Education was established, the one-on-one online education model was still in a blank period in China. At that time, other enterprises that took the one-on-one model included VIPKID,<a href=\"https://laohu8.com/S/COE\">51Talk</a>(COE), etc., but the latter two follow an online English one-to-one teaching model. Until now, there are not many enterprises with one-on-one tutoring as their main business in the K12 field, such as ape tutoring, homework help,<a href=\"https://laohu8.com/S/TAL\">TAL</a>(TAL),<a href=\"https://laohu8.com/S/GSX\">Who to learn from</a>Although online education platforms such as (GOTU) are involved in one-on-one mode, the main source of revenue is large or small class mode.</p><p>Therefore, the players in the subdivision track where Zhangmen Education is located are very scarce. Apart from Zhangmen Education, there are not many famous platforms, and the companies that can benchmark Zhangmen Education are listed in the US stock market<a href=\"https://laohu8.com/S/ONE\">Elite education</a>(ONE), so the entire subdivision track does not have as many participants as the large class mode and the small class mode. As a scarce player on the track, the head education, which has received investment from many institutions and individuals, has made many online education enterprises \"jealous\".</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/a92610b9-c3a8-40ac-8cb8-3b81edd01656.png\" tg-width=\"554\" tg-height=\"227\" referrerpolicy=\"no-referrer\"></p><p>According to the company's official website, Zhangmen Education has received 8 rounds of financing since its establishment, with a cumulative financing amount of billions of yuan. In September 2020, it completed the F round of financing of more than 400 million USD by SoftBank Vision Fund Yuansheng Capital, CMC Capital and other institutions. At present, the largest shareholder of Zhangmen Education is Yuansheng Capital, holding 15.8% of the shares; Zhang Yi holds 14.1% of the shares and is the second largest shareholder; Warburg Pincus is the third largest shareholder with 10.5%.</p><p>However, compared with the head online education enterprises such as Ape Counseling and Homework Help, the accumulated financing amount obtained by Head Education is not high. So far, the accumulated financing of Ape Guidance and Homework Help has exceeded US$3.5 billion and US$2.35 billion respectively, and the accumulated financing of the two platforms accounts for more than 70% of the total financing of the industry in 2020; Spark Thinking, an online small class platform that is currently planning to go public, announced in January this year that it had received more than $400 million in Series E financing.</p><p>The industry has received a large amount of capital injection, which is the proof that the market is ushering in a fierce competition pattern. Leader Education takes the lead in the field of online K-12 one-on-one after-school tutoring services, with a market share of 31.9% and Elite Education's market share of less than 10%. However, the one-on-one model does not lead the way for Leader Education, and opportunities and risks coexist in the process of crossing the river by feeling the stones.</p><p><h3><b>Source of Profit Conundrum: Marketing Expenses vs. Teacher Costs</b></h3>As mentioned above, although K12 online one-on-one tutoring has many competitive advantages, the customer acquisition cost and teaching cost are the \"tightening curse\" to achieve stable profitability in this field. Especially in the fierce competition environment, to reduce the customer acquisition cost and teaching cost, there is a risk that the market share will be seized by other participants.</p><p>Judging from the performance of listed online one-on-one counseling enterprises, no enterprise can achieve stable profits at present. Among them, Elite Education, the benchmark enterprise of Zhangmen Education, also ended its five-year profit trend under the excessive competition consumption of the industry, and recorded losses in 2020 and the first quarter of 2021.</p><p>From the first quarter of this year, 51Talk has achieved profitability for five consecutive quarters, but the trend of substantial increase in marketing expenses is difficult to solve for a while, which leads to the strange phenomenon of increasing revenue but not increasing profits. In the first quarter of this year, when the revenue increased by 23.3%, the net profit dropped sharply by more than 80%.</p><p>Which raises the question: Is 51Talk just a fake boom? Online one-on-one tutoring market to earn money is actually very contradictory?</p><p>From the perspective of operating data and operating performance, Head Education, like 51Talk, has failed to get out of the quagmire of difficult profit. According to the prospectus, from 2019 to 2020, the net income of Zhangmen Education was 2.669 billion yuan (RMB, the same below) and 4.018 billion yuan, respectively, and the growth rate in 2020 was very impressive; The net losses were 1.504 billion yuan and 1.012 billion yuan respectively. The losses decreased, but they still faced the dilemma of huge losses. In the first quarter of 2021, with revenue increasing by 20%, the net loss of Zhangmen Education soared by 243 times year-on-year to 497 million yuan.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/588b2db6-a641-46db-8ef2-8fb0616eb4a6.png\" tg-width=\"554\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>It is difficult for Leader Education to achieve profitability mainly because of the huge cost-side support. In terms of marketing expenses, in order to obtain more paying users, Leader Education spends generously.</p><p>According to the prospectus, in 2019 and 2020, the marketing expenses of Zhangmen's education reached 2.172 billion yuan and 2.578 billion yuan, respectively, accounting for 81.38% and 64.14% of revenue, respectively, far exceeding the proportion of other online one-on-one tutoring listed companies.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/aa2c7d27-f95a-40f5-8aa9-5f41e169589d.png\" tg-width=\"554\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p>Huge marketing expenses have also caused the number of paid students in Zhangmen Education to soar. The number of paid students enrolled in online one-on-one after-school extracurricular tutoring increased from 380,500 in 2019 to 544,800 in 2020, an increase of 43.2%, and 87,800 in the first quarter of 2021, an increase of 52.2%.</p><p>Since 2020, the proportion of marketing expenses in revenue of Zhangmen Education has dropped significantly. The explanation in the prospectus is that \"with the rapid expansion of our service scale, we have greatly improved sales and marketing efficiency\".</p><p>In fact, it is an industry trend to continuously increase marketing expenses, and the future optimization space will mainly decrease with the easing of market competition and the establishment of company brand. Today, in the transition marketing of online education market, if the head education wants to reduce marketing expenses, it will directly affect the growth rate of the number of payers and revenue.<b>Because under the current background of excessive marketing in the industry, online education enterprises that don't burn money will be submerged in the Red Sea.</b></p><p>Teachers' remuneration is also a major component of the revenue cost of Zhangmen Education. At the end of March 2021, the Company had more than 45,000 teachers, including about 20,000 part-time teachers, which was a huge number, resulting in the Company's expenditure on teachers' remuneration almost reaching the level of marketing expenses. From 2019 to 2020, the teacher remuneration expenses of Zhangmen Education were RMB1.545 billion and RMB2.081 billion, respectively, accounting for 57.89% and 51.79% of the revenue, respectively. Judging from this trend, Zhangmen Education also intends to reduce the cost of teachers' fees.</p><p>In order to ensure the quality of teaching, online education enterprises must have good teachers and a high teacher retention rate. In order to achieve this goal, the teacher recruitment of Head Education is strict, and only 3.8% of candidates were accepted in the recruitment in 2020.</p><p>Although Zhangmen Education intends to optimize teacher salary expenses to enhance the profit level, teacher salary expenses have been increasing since 2019, with the increase of teacher basic salary and the increase of teacher class hours being the main reasons. In order to maintain the quality of teaching, there are contradictions in reducing the cost of teachers.</p><p><b>Therefore, in the future, to maintain market share while achieving scale growth, the room for the reduction of marketing expenses and teacher costs of head education is very limited, and it is difficult to work hard from the cost side to achieve profitability.</b></p><p>In order to reduce the impact of uncertainty brought by a single revenue structure, Zhangmen Education began to engage in small class teaching business in the third quarter of 2020, with a maximum of 25 students in small class courses. By replicating the model of one-to-one service to small class business, Zhangmen Education has achieved good performance. In the first quarter of 2021, the number of paid students enrolled in small class courses of the Company reached 294,400, representing a significant increase of 2.3 times compared with the third quarter of 2020, and brought revenue of 105 million yuan to the Company.</p><p>Over the years of running-in, domestic offline education and training institutions tend to balance standardization and personalization, and eventually the offline small class situation may become the mainstream. The key to expanding the profit scale of online small classes is to expand the class capacity without affecting the teaching effect. The small class business is expected to become the second growth curve of Zhangmen Education in the future.</p><p><h3><b>We have to return to education itself after all</b></h3>The fierce competition in the industry brings not only the disappearance of user dividends, but also a zero-sum game. Whether it is a burning price war or a competition for user share, it will cause many enterprises to collapse.</p><p>Therefore, putting aside excessive competition, online education enterprises must be light if they want to scale up. The only possibility is to make it more<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Only when it becomes lighter can it be replicated, and only when it becomes lighter can it be better scaled in the future.</p><p>Zhang Yi, its founder, once publicly said: \"The investment of funds in marketing is called burning money, and the investment of funds in the back end is called barriers, and the head should spare no effort to promote the latter and invest funds in the back-end modules highly related to service quality, such as teaching and research, teaching and technology.\"</p><p>In addition to the decrease in the proportion of the above \"two fees\" that affect profits, from the perspective of financial data and operating data, Zhangmen Education has also tried to return to education itself in recent years, seeking better competitiveness in terms of products and services.</p><p>In 2020, the company invested a total of 318 million yuan in R&D expenses, accounting for 7.9%, which is at the same level as 51Talk and other enterprises. The number of technical and product developers in the company increased from 789 in 2019 to 1,029 in 2020. In teaching and research, Zhangmen Education has set up a teaching and research team of more than 10,000 people. In recent years, more than 100 applications have been launched, and 2000w + intelligent question bank, 2500w + intelligent courseware and 2800w + intelligent homework have been independently developed.</p><p>From the perspective of the contribution of R&D investment to user retention rate, Zhangmen Education has achieved good results. In 2020, the company's one-on-one student retention rate exceeded 80%, and more than 50% of the first-time student number revenue came from referrals from regular customers. This achievement is also the driving force for the company's rising number of paying students.</p><p>However, the one-to-one model needs a large number of teachers to support it, and the cost cannot be effectively diluted in the process of scale-up. To a large extent, the improvement of profit level can only be achieved by raising course prices. However, the increase in the unit price of courses of Zhangmen Education is relatively limited. In 2020 and the first quarter of 2021, the average course fee of one-to-one business of Zhangmen Education increased by 3.6% and 1.3% year-on-year, respectively, representing a relatively low growth rate. In the fierce competition environment, raising the course price will cause the problem of user retention rate decline, and also affect the turnover rate of teaching staff.</p><p>\"Burning money\" can't burn the future, and the scale effect of one-on-one model is limited. Perhaps the head education can only go further by returning to the essence of education. In the future, building brand reputation based on teaching and research system, teaching products and teacher quality is the key to enhancing the competitiveness of online educational institutions. It is hoped that Zhangmen Education will find a better future in this reform.</p>","source":"finet_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How does Head Education open a breakthrough for growth?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow does Head Education open a breakthrough for growth?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">财华社</strong><span class=\"h-time small\">2021-05-21 10:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Under the spotlight, China's online education has been very popular since 2020, and capital from all sides has been pouring into the online education market, hoping to share the big market cake under the trend of digital transformation of education.</p><p>Under the epidemic situation, the education field is one of the industries with the most financing, while online education is the \"gold-absorbing king\" where capital is competing to enter the game. According to the statistics of iResearch, in 2020, the education industry raised a total of 116.4 billion yuan, of which online education financing amounted to 103.4 billion yuan, accounting for 89%.</p><p>Companies enjoying capital favor also include those that plan to be listed on the NYSE in the near future<a href=\"https://laohu8.com/S/ZME\">Leader Education</a>。 On May 19th, Zhangmen Education submitted an IPO application to the U.S. Securities and Exchange Commission, and planned to land on the New York Stock Exchange with the stock code \"ZME\".</p><p>For capital, online education is still a bottomless pit to absorb capital, especially in the field of one-on-one online after-school tutoring. High marketing expenses and teachers' salaries have led to many related platforms being hungry for funds, and the same is true of head education.</p><p><h3><b>Coaching scarce players on the track one-on-one</b></h3>In 2014, with the rapid development of Internet technology, Zhang Yi, the founder of Zhangmen Education and only 25 years old, chose to start a business. Among the three entrepreneurial projects of online Q&A, O2O and online one-on-one, he thought that the business models of the first two were not good, so he chose the online one-on-one mode.</p><p>There are three online education modes: large class, small class and one-on-one. Zhang Yi is more interested in the more challenging one-on-one mode, with the goal of developing Head Education into a one-on-one after-school customized tutoring service provider covering all K-12 core disciplines.</p><p>One-to-one mode, which refers to a teacher tutoring a student, has the advantages of highly personalized, customized and good teaching effect, but the disadvantage is that it needs a large number of teachers and the teachers' salary cost is high.</p><p>At present, the large-class model is the mainstream business model in the field of online education. This model is a large-class teaching matched by the lecturer and tutor, and is considered as the most economy of scale business model. The disadvantages of the big class model are also obvious, and the homogenization problem is serious. Participants need low-priced courses to divert, and they need huge amount of money for marketing to divert.</p><p>The small class model is somewhere between large class and one-on-one, which balances scale and effect.</p><p>When Zhangmen Education was established, the one-on-one online education model was still in a blank period in China. At that time, other enterprises that took the one-on-one model included VIPKID,<a href=\"https://laohu8.com/S/COE\">51Talk</a>(COE), etc., but the latter two follow an online English one-to-one teaching model. Until now, there are not many enterprises with one-on-one tutoring as their main business in the K12 field, such as ape tutoring, homework help,<a href=\"https://laohu8.com/S/TAL\">TAL</a>(TAL),<a href=\"https://laohu8.com/S/GSX\">Who to learn from</a>Although online education platforms such as (GOTU) are involved in one-on-one mode, the main source of revenue is large or small class mode.</p><p>Therefore, the players in the subdivision track where Zhangmen Education is located are very scarce. Apart from Zhangmen Education, there are not many famous platforms, and the companies that can benchmark Zhangmen Education are listed in the US stock market<a href=\"https://laohu8.com/S/ONE\">Elite education</a>(ONE), so the entire subdivision track does not have as many participants as the large class mode and the small class mode. As a scarce player on the track, the head education, which has received investment from many institutions and individuals, has made many online education enterprises \"jealous\".</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/a92610b9-c3a8-40ac-8cb8-3b81edd01656.png\" tg-width=\"554\" tg-height=\"227\" referrerpolicy=\"no-referrer\"></p><p>According to the company's official website, Zhangmen Education has received 8 rounds of financing since its establishment, with a cumulative financing amount of billions of yuan. In September 2020, it completed the F round of financing of more than 400 million USD by SoftBank Vision Fund Yuansheng Capital, CMC Capital and other institutions. At present, the largest shareholder of Zhangmen Education is Yuansheng Capital, holding 15.8% of the shares; Zhang Yi holds 14.1% of the shares and is the second largest shareholder; Warburg Pincus is the third largest shareholder with 10.5%.</p><p>However, compared with the head online education enterprises such as Ape Counseling and Homework Help, the accumulated financing amount obtained by Head Education is not high. So far, the accumulated financing of Ape Guidance and Homework Help has exceeded US$3.5 billion and US$2.35 billion respectively, and the accumulated financing of the two platforms accounts for more than 70% of the total financing of the industry in 2020; Spark Thinking, an online small class platform that is currently planning to go public, announced in January this year that it had received more than $400 million in Series E financing.</p><p>The industry has received a large amount of capital injection, which is the proof that the market is ushering in a fierce competition pattern. Leader Education takes the lead in the field of online K-12 one-on-one after-school tutoring services, with a market share of 31.9% and Elite Education's market share of less than 10%. However, the one-on-one model does not lead the way for Leader Education, and opportunities and risks coexist in the process of crossing the river by feeling the stones.</p><p><h3><b>Source of Profit Conundrum: Marketing Expenses vs. Teacher Costs</b></h3>As mentioned above, although K12 online one-on-one tutoring has many competitive advantages, the customer acquisition cost and teaching cost are the \"tightening curse\" to achieve stable profitability in this field. Especially in the fierce competition environment, to reduce the customer acquisition cost and teaching cost, there is a risk that the market share will be seized by other participants.</p><p>Judging from the performance of listed online one-on-one counseling enterprises, no enterprise can achieve stable profits at present. Among them, Elite Education, the benchmark enterprise of Zhangmen Education, also ended its five-year profit trend under the excessive competition consumption of the industry, and recorded losses in 2020 and the first quarter of 2021.</p><p>From the first quarter of this year, 51Talk has achieved profitability for five consecutive quarters, but the trend of substantial increase in marketing expenses is difficult to solve for a while, which leads to the strange phenomenon of increasing revenue but not increasing profits. In the first quarter of this year, when the revenue increased by 23.3%, the net profit dropped sharply by more than 80%.</p><p>Which raises the question: Is 51Talk just a fake boom? Online one-on-one tutoring market to earn money is actually very contradictory?</p><p>From the perspective of operating data and operating performance, Head Education, like 51Talk, has failed to get out of the quagmire of difficult profit. According to the prospectus, from 2019 to 2020, the net income of Zhangmen Education was 2.669 billion yuan (RMB, the same below) and 4.018 billion yuan, respectively, and the growth rate in 2020 was very impressive; The net losses were 1.504 billion yuan and 1.012 billion yuan respectively. The losses decreased, but they still faced the dilemma of huge losses. In the first quarter of 2021, with revenue increasing by 20%, the net loss of Zhangmen Education soared by 243 times year-on-year to 497 million yuan.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/588b2db6-a641-46db-8ef2-8fb0616eb4a6.png\" tg-width=\"554\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>It is difficult for Leader Education to achieve profitability mainly because of the huge cost-side support. In terms of marketing expenses, in order to obtain more paying users, Leader Education spends generously.</p><p>According to the prospectus, in 2019 and 2020, the marketing expenses of Zhangmen's education reached 2.172 billion yuan and 2.578 billion yuan, respectively, accounting for 81.38% and 64.14% of revenue, respectively, far exceeding the proportion of other online one-on-one tutoring listed companies.</p><p><img src=\"https://images.finet.hk/photoLib/content/202105_1/aa2c7d27-f95a-40f5-8aa9-5f41e169589d.png\" tg-width=\"554\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p>Huge marketing expenses have also caused the number of paid students in Zhangmen Education to soar. The number of paid students enrolled in online one-on-one after-school extracurricular tutoring increased from 380,500 in 2019 to 544,800 in 2020, an increase of 43.2%, and 87,800 in the first quarter of 2021, an increase of 52.2%.</p><p>Since 2020, the proportion of marketing expenses in revenue of Zhangmen Education has dropped significantly. The explanation in the prospectus is that \"with the rapid expansion of our service scale, we have greatly improved sales and marketing efficiency\".</p><p>In fact, it is an industry trend to continuously increase marketing expenses, and the future optimization space will mainly decrease with the easing of market competition and the establishment of company brand. Today, in the transition marketing of online education market, if the head education wants to reduce marketing expenses, it will directly affect the growth rate of the number of payers and revenue.<b>Because under the current background of excessive marketing in the industry, online education enterprises that don't burn money will be submerged in the Red Sea.</b></p><p>Teachers' remuneration is also a major component of the revenue cost of Zhangmen Education. At the end of March 2021, the Company had more than 45,000 teachers, including about 20,000 part-time teachers, which was a huge number, resulting in the Company's expenditure on teachers' remuneration almost reaching the level of marketing expenses. From 2019 to 2020, the teacher remuneration expenses of Zhangmen Education were RMB1.545 billion and RMB2.081 billion, respectively, accounting for 57.89% and 51.79% of the revenue, respectively. Judging from this trend, Zhangmen Education also intends to reduce the cost of teachers' fees.</p><p>In order to ensure the quality of teaching, online education enterprises must have good teachers and a high teacher retention rate. In order to achieve this goal, the teacher recruitment of Head Education is strict, and only 3.8% of candidates were accepted in the recruitment in 2020.</p><p>Although Zhangmen Education intends to optimize teacher salary expenses to enhance the profit level, teacher salary expenses have been increasing since 2019, with the increase of teacher basic salary and the increase of teacher class hours being the main reasons. In order to maintain the quality of teaching, there are contradictions in reducing the cost of teachers.</p><p><b>Therefore, in the future, to maintain market share while achieving scale growth, the room for the reduction of marketing expenses and teacher costs of head education is very limited, and it is difficult to work hard from the cost side to achieve profitability.</b></p><p>In order to reduce the impact of uncertainty brought by a single revenue structure, Zhangmen Education began to engage in small class teaching business in the third quarter of 2020, with a maximum of 25 students in small class courses. By replicating the model of one-to-one service to small class business, Zhangmen Education has achieved good performance. In the first quarter of 2021, the number of paid students enrolled in small class courses of the Company reached 294,400, representing a significant increase of 2.3 times compared with the third quarter of 2020, and brought revenue of 105 million yuan to the Company.</p><p>Over the years of running-in, domestic offline education and training institutions tend to balance standardization and personalization, and eventually the offline small class situation may become the mainstream. The key to expanding the profit scale of online small classes is to expand the class capacity without affecting the teaching effect. The small class business is expected to become the second growth curve of Zhangmen Education in the future.</p><p><h3><b>We have to return to education itself after all</b></h3>The fierce competition in the industry brings not only the disappearance of user dividends, but also a zero-sum game. Whether it is a burning price war or a competition for user share, it will cause many enterprises to collapse.</p><p>Therefore, putting aside excessive competition, online education enterprises must be light if they want to scale up. The only possibility is to make it more<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Only when it becomes lighter can it be replicated, and only when it becomes lighter can it be better scaled in the future.</p><p>Zhang Yi, its founder, once publicly said: \"The investment of funds in marketing is called burning money, and the investment of funds in the back end is called barriers, and the head should spare no effort to promote the latter and invest funds in the back-end modules highly related to service quality, such as teaching and research, teaching and technology.\"</p><p>In addition to the decrease in the proportion of the above \"two fees\" that affect profits, from the perspective of financial data and operating data, Zhangmen Education has also tried to return to education itself in recent years, seeking better competitiveness in terms of products and services.</p><p>In 2020, the company invested a total of 318 million yuan in R&D expenses, accounting for 7.9%, which is at the same level as 51Talk and other enterprises. The number of technical and product developers in the company increased from 789 in 2019 to 1,029 in 2020. In teaching and research, Zhangmen Education has set up a teaching and research team of more than 10,000 people. In recent years, more than 100 applications have been launched, and 2000w + intelligent question bank, 2500w + intelligent courseware and 2800w + intelligent homework have been independently developed.</p><p>From the perspective of the contribution of R&D investment to user retention rate, Zhangmen Education has achieved good results. In 2020, the company's one-on-one student retention rate exceeded 80%, and more than 50% of the first-time student number revenue came from referrals from regular customers. This achievement is also the driving force for the company's rising number of paying students.</p><p>However, the one-to-one model needs a large number of teachers to support it, and the cost cannot be effectively diluted in the process of scale-up. To a large extent, the improvement of profit level can only be achieved by raising course prices. However, the increase in the unit price of courses of Zhangmen Education is relatively limited. In 2020 and the first quarter of 2021, the average course fee of one-to-one business of Zhangmen Education increased by 3.6% and 1.3% year-on-year, respectively, representing a relatively low growth rate. In the fierce competition environment, raising the course price will cause the problem of user retention rate decline, and also affect the turnover rate of teaching staff.</p><p>\"Burning money\" can't burn the future, and the scale effect of one-on-one model is limited. Perhaps the head education can only go further by returning to the essence of education. In the future, building brand reputation based on teaching and research system, teaching products and teacher quality is the key to enhancing the competitiveness of online educational institutions. It is hoped that Zhangmen Education will find a better future in this reform.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.finet.hk/newscenter/news_content/60a721dc53243c536f411b5b\">财华社</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://images.finet.hk/photoLib/title/202105_1/126b6782-b17f-4edf-a04a-0fa77c41a529.jpg","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","TTTN":"老虎中美互联网巨头ETF","ZME":"掌门教育"},"source_url":"https://www.finet.hk/newscenter/news_content/60a721dc53243c536f411b5b","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137972320","content_text":"在聚光灯下，我国在线教育2020年以来红得发紫，来自各方的资本源源不断涌入在线教育市场，希望能分享教育数字化转型风口下的市场大蛋糕。疫情之下，教育领域是获得融资最多的行业之一，而在线教育则是资本争相入局的“吸金王”。据艾瑞咨询统计，2020年教育行业累计融资1164亿元，其中在线教育融资金额1034亿元，占比高达89%。享受资本青睐的企业也包括了近日计划于纽交所挂牌上市的掌门教育。5月19日，掌门教育向美国证监会递交了IPO申请，计划登陆纽约证券交易所，证券代码“ZME”。对资本来说，在线教育目前仍是吸收资本的无底洞，特别是在一对一在线课后辅导领域，高昂的营销费用和教师薪酬，导致众多相关平台对资金的需求如饥似渴，掌门教育亦是如此。一对一辅导赛道的稀缺玩家在互联网技术快速发展的2014年，掌门教育创始人、年仅25岁的张翼选择了创业，在在线答疑、O2O和在线一对一三个创业项目中，他认为前两者商业模式不好，于是选择了在线一对一模式。而在线教育模式有大班、小班和一对一这三种模式，张翼对更具挑战难度的一对一模式更为感兴趣，目标是将掌门教育发展成涵盖所有K-12核心学科的一对一课后定制辅导服务提供商。一对一模式，指的是一名教师对一名学生进行辅导，具有高度个性化、定制化、教学效果好的优点，但缺点是需要大量的教师，教师薪酬成本高。而大班模式是目前在线教育领域主流的业务模式，该模式是由主讲老师和辅导老师相搭配的大班教学，被认为是最具规模效益的商业模式。大班模式的劣势也很明显，同质化问题严重，参与者们需要低价课引流，且需要巨额资金营销进行导流。小班模式则介于大班和一对一之间，得以平衡规模和效果。在掌门教育成立当年，一对一的在线教育模式在国内还处于空白期，当时走一对一模式的其他企业有VIPKID、51Talk(COE)等，不过后两者走的是在线英语一对一教学模式。直到目前，在K12领域以一对一辅导为主营业务的企业不多，猿辅导、作业帮、好未来(TAL)、跟谁学(GOTU)等在线教育平台虽然都有涉足一对一模式，但主要营收来源还是大班或小班模式。所以，掌门教育所处的细分赛道玩家非常稀缺，除了掌门教育，比较有名的平台不多，可对标掌门教育的企业是在美股上市的精锐教育(ONE)，所以整个细分赛道不如大班模式和小班模式的参与者多。作为赛道上的稀缺玩家，获得众多机构和个人投资的掌门教育让不少在线教育企业“眼红”。根据公司官网，掌门教育成立以来共获得8轮融资，累计融资额度达数十亿元，其中2020年9月完成了由软银愿景基金元生资本、CMC资本等机构超过4亿美元的F轮融资。目前，掌门教育第一大股东为元生资本，持股15.8%；张翼持股14.1%，为第二大股东；华平投资为第三大股东，持有10.5%。不过与猿辅导、作业帮等头部在线教育企业相比，掌门教育累计获得的融资额并不算高。猿辅导、作业帮至今累计获得融资分别超过35亿美元和23.5亿美元，两家平台累计融资额占2020年全年行业总融资额的70%以上；目前正计划上市的在线小班课平台火花思维在今年1月宣布获得超过4亿美元的E轮融资。行业获得大量的资本注入，正是市场迎来白热化竞争格局的证明。掌门教育在在线K-12一对一课后辅导服务领域坐上头把椅的位置，市场份额高达31.9%，精锐教育的市场份额则不到10%。但一对一的模式对掌门教育来说并无先人引路，摸著石头过河的过程中机遇和风险并存。盈利难题来源：营销费用与教师成本上文提到，K12在线一对一辅导固然有不少竞争优势，但获客成本和教学成本是该领域实现稳定盈利的“紧箍咒”。特别是在激烈的竞争环境下，要降低获客成本和教学成本，那市场份额就存在被其他参与者抢占的风险。从已上市的在线一对一辅导企业业绩表现看，目前没有企业能实现稳定盈利。其中掌门教育的对标企业精锐教育在行业过度的竞争消耗下也结束了5年盈利趋势，2020年和2021年一季度录得亏损。51Talk今年从一季度算，已经连续5个季度实现了盈利，但营销费用大幅增长的趋势一时难以解决，导致公司出现了增收不增利的怪象，今年一季度营收大增23.3%的情况下，净利润则大幅下滑超过80%。这不禁让人产生疑问：51Talk只是虚假的繁荣？在线一对一辅导市场要挣钱其实是非常矛盾的？从运营数据和经营业绩看，掌门教育与51Talk一样，也未能走出盈利难的泥潭。根据招股书，2019年-2020年，掌门教育的净收益分别为26.69亿元(人民币，下同)和40.18亿元，2020年增速非常可观；净亏损则分别为15.04亿元和10.12亿元，亏损减少，但仍面临巨亏的困境。2021年一季度，在营收增长20%的情况下，掌门教育净亏损则同比大幅飙升243倍至4.97亿元。掌门教育难以实现盈利主要是因为成本端支持巨大，在营销费用方面，为了获得更多的付费用户，掌门教育出手阔绰。根据招股书，2019年及2020年，掌门教育营销费用分别高达21.72亿元和25.78亿元，占营收比重分别达81.38%及64.14%，远超其他在线一对一辅导上市企业的比重。巨额的营销开支也让掌门教育付费学生人数出现飙升，在线一对一课后课外辅导的付费学生入学人数从2019年的38.05万名增至2020年的54.48万名，增幅为43.2%，2021年一季度则为8.78万名，增幅为52.2%。掌门教育2020年起营销费用占营收比重有较大幅度下滑，在招股书中的解释是“随着我们的服务规模迅速扩大，我们大大提高了销售和营销效率”。而实际上，持续加码营销费用是行业趋势，未来优化空间主要看随着市场竞争缓和和公司品牌的建立而减少，而在在线教育市场过渡营销的今天，掌门教育若要降低营销费用将直接影响到付费人数和营收的增速。因为在当下行业过度营销背景下，不烧钱的在线教育企业，将会被淹没在红海之中。教师薪酬也是掌门教育收入成本的主要组成部分，2021年3月末，公司有超过4.5万教师，包括约2万名兼职教师，数量十分庞大，导致公司在教师薪酬的支出方面差不多达到营销费用的水平。2019年-2020年，掌门教育的教师薪酬费用分别为15.45亿元和20.81亿元，占营收比重分别为57.89%及51.79%。从这个趋势看，掌门教育也有意降低教师费用成本。为保证教学质量，在线教育企业必须要拥有良好的师资和较高的教师留存率，为了达到这个目的，掌门教育的教师招聘严格，2020年招聘中只接收了3.8%的应聘候选人。掌门教育虽然有意优化教师薪酬费用，以增强利润水平，但2019年以来教师薪酬费用却是不断增长的，教师基本薪资上调和教师课时增加是其中的主要原因。为保持教学质量，掌门教育在压缩教师成本方面是存在矛盾的。所以，未来要保持市场份额的同时实现规模的增长，掌门教育的营销费用和教师成本下降空间是十分有限的，要实现盈利很难从成本端下功夫。为减弱单一营收结构带来的不确定性影响，掌门教育从2020年三季度开始涉足小班教学业务，小班课程最多25名学生。通过将一对一服务的模式复制到小班业务，掌门教育取得了良好的表现。在2021年第一季度，公司的小班课程付费学生入学人数达到29.44万名，较2020年三季度大幅增长2.3倍，为公司带来1.05亿元的营收。国内线下教培机构在多年来的磨合中，在标准化和个性化中趋于平衡，最终线下小班形势或会成为主流。在线小班扩大盈利规模的关键是在不影响教学效果的前提下扩大班容，小班课业务未来有望成为掌门教育的第二增长曲线。终究还是要回归教育本身行业激烈竞争带来的不仅是用户红利的消失，也是一场零和博弈，不论是烧钱价格战，还是用户份额争夺，都会造成众多企业纷纷倒塌。所以抛开过度竞争来看，在线教育企业想要规模化必须要做轻，唯一的可能是将其変得更智能，变轻才可以复制，未来才能够更好地规模化。有意缩减营销开支的掌门教育也寻找著这种突破口，其创始人张翼曾公开表示：“资金投入营销端叫做烧钱，资金投入后端叫做壁垒，而掌门应该不遗余力地推进后者，把资金投入到教研、教学、技术等与服务质量高度相关的后端模块中。”除了以上影响利润的“两费”比重下降，从财务数据和经营数据看，掌门教育近年来也在试图回归教育本身，从产品和服务方面寻求更优的竞争力。2020年公司累计投入研发费用3.18亿元，研发费用占比为7.9%，与51Talk等企业处于一个水平。公司的技术和产品开发人员从2019年的789人增至2020年的1029人，在教研教学上，掌门教育组建了超过万人的教研团队，近几年里推出百余项应用，并自主研发2000w+智能题库、2500w+智能课件、2800w+智能作业。从研发投入对用户留存率的贡献来看，掌门教育取得了较好的成绩。2020年，公司一对一的学生留存率超过80%，首次付费学生人数收入中超过50%来自老客户的介绍。这一成绩，也是公司付费学生人数不断攀升的推动力。不过，一对一模式需要大量的教师做支撑，成本无法在规模化的过程中有效摊薄，利润水平的提升在很大程度上只能依靠提高课程价格来实现。而掌门教育的课程单价提升相对有限，在2020年以及2021年一季度，掌门教育一对一业务的课时平均课程费用分别同比增加3.6%和1.3%，增幅较低。在激烈的竞争环境中，提高课程价格会引发用户留存率下降的问题，也影响到教学人员的流失率。“烧钱”烧不出未来，一对一模式规模化效应有限，掌门教育或许只有回归教育本质才能走得更远。在未来，基于教研体系、教学产品、师资质量的品牌口碑打造，才是成为在线教育机构竞争力提升的关键，期望掌门教育在此变革中找到更好的未来。","news_type":1,"symbols_score_info":{"TTTN":0.9,"QNETCN":0.9,"ZME":0.9}},"isVote":1,"tweetType":1,"viewCount":3743,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130552372,"gmtCreate":1621558295596,"gmtModify":1704359556588,"author":{"id":"3581897172775936","authorId":"3581897172775936","name":"ElaineW57","avatar":"https://static.tigerbbs.com/a23ab5e4ca399b3917e3784b418ba1da","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581897172775936","idStr":"3581897172775936"},"themes":[],"title":"","htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130552372","repostId":"2137382971","repostType":2,"isVote":1,"tweetType":1,"viewCount":4160,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}