On July 13, the information disclosed by the Shenzhen Stock Exchange showed that Jiangsu Jinzhi Education Information Co., Ltd. (hereinafter referred to as "Jinzhi Education") was approved by the listing committee meeting. According to Bedo Finance, Jinzhi Education submitted the listing application materials on June 30, 2022, and submitted 6 versions of the prospectus (declaration draft) successively, preparing to be listed on the GEM.
In this sprint for listing on the GEM, Jinzhi Education plans to raise 577 million yuan, of which 159 million yuan will be used for the hybrid cloud-based smart campus hyper-converged platform construction project, 161 million yuan will be used for the integrated intelligent teaching cloud platform construction project, 76.32 million yuan will be used for the marketing service network and business center construction project, and 180 million yuan will be used for product research and development and technology upgrade funds.
According to the prospectus, Jinzhi Education is an information service provider for colleges and universities. Based on the self-developed smart campus operation support platform products and application system products based on private cloud and public cloud architecture, it provides software development, SaaS services, operation and maintenance services, system integration and other information services for colleges and universities and vocational schools.
Tianyancha information shows that Jinzhi Education was established in January 2008 and is located in Nanjing, Jiangsu Province. At present, the company's registered capital is 60 million yuan, the legal representative is Guo Chao, and the main shareholders include Jiangsu Jinzhi Group Co., Ltd., Guo Chao, Shi Mingjie, Wang Tianshou, etc.
Jinzhi Education stated in the prospectus that the company’s profits mainly come from providing customers with information services such as software development, SaaS services, operation and maintenance services, and system integration. Among them, software development and system integration mainly deliver to customers the informatization construction content agreed in the contract between the two parties and obtain income after the customer's acceptance.
For SaaS services and operation and maintenance services, the corresponding service fees are mainly charged to customers according to the service content, service method, and service period agreed in the contract. Jinzhi Education stated in the prospectus that the company’s income mainly comes from universities, the source of profit is relatively stable, and the profit model will not change significantly in the future for a long time.
In 2020, 2021 and 2022, the revenue of Jinzhi Education will be 475 million yuan, 492 million yuan and 455 million yuan respectively, and the net profits will be 73.3205 million yuan, 78.9255 million yuan and 77.5494 million yuan respectively.
Beido Finance found that Jinzhi Education's income is mainly contributed by software development. During the reporting period, the software development revenue of Jinzhi Education was 400 million yuan, 404 million yuan and 370 million yuan respectively, accounting for 84.24%, 82.08% and 81.33% of the main business income.
Jinzhi Education stated in the prospectus that the company's smart campus operation support platform, academic application system, personnel application system, and educational administration application system all have strong advantages in market competition. At the same time, it started the research and development and operation of SaaS products for colleges and universities earlier in the industry. During the reporting period, the company's SaaS service revenue and the number of corresponding schools both achieved rapid growth.
It is worth mentioning that Jinzhi Education's "Today's Campus" APP has been notified and ordered to rectify. During the reporting period, the company received notifications from the Information and Communication Administration of the Ministry of Industry and Information Technology, the Working Group on the Governance of the illegal collection and use of personal information by the APP, and the Communications Administration of Jiangsu Province due to the collection and use of personal information by the "Campus Today" APP.
Jinzhi Education stated in the prospectus that it has completed the rectification of the relevant notification, and has been accepted by the competent authority or its designated institution to confirm the completion of the rectification. With the increase in support functions and user numbers of the "Today's Campus" APP, if the relevant laws and regulations are not strictly implemented in the collection and use of personal information in the future, there will be situations where it will be notified, ordered to rectify or take other regulatory measures.
According to the prospectus, Jinzhi Education has provided informatization services to more than 1,000 colleges and universities and vocational schools. During the reporting period, the company has accumulatively provided informatization services to more than 30 of the 42 colleges and universities included in the "world-class university construction" across the country.
During the reporting period, Jinzhi Education's important customers mainly include Shenzhen BIT Moscow University, Southern University of Science and Technology, Nanjing University, Nanjing Normal University and other universities, as well as banking and telecommunications customers such as Agricultural Bank of China Co., Ltd., Bank of China Co., Ltd., and China United Network Communications Group Co., Ltd.
According to the prospectus, Jinzhi Education’s operating income in the first quarter of 2023 was 42.05 million yuan, a year-on-year increase of 117.01%;
At the same time, Jinzhi Education expects its revenue in the first half of 2023 to be 102 million to 119 million yuan, an increase of 17.76% to 37.39% year-on-year; the net profit attributable to the parent is expected to be -29 million to -23.9 million yuan, a year-on-year change of 2.54% to 19.68%; the estimated net profit after deducting non-profits is -31 million yuan to 25.4 million yuan, a year-on-year change of 5.54% to 22.61%.
Before the listing, the controlling shareholders and actual controllers of Jinzhi Education were Guo Chao and Shi Mingjie, who jointly held 51.09% of the company's voting rights. Among them, Guo Chao and Shi Mingjie directly hold 24.09% and 16.06% of the company's equity respectively, and indirectly hold 10.94% of the company's equity through Nanjing Mingde.
Before the IPO, Guo Chao held 24.09%, Shi Mingjie 16.06%, Wang Tianshou 15.26%, Nanjing Mingde 10.94%, Guo Jiayin 4.51%, Huang Zhihong 4.00%, Wang Qinhong 3.16%, Easy Home 2.59%, Hengyu Investment 2.22%, and Shaoxing Haibang 1.85%.
At the same time, Ningbo Haibang holds 1.63%, Jiaxing Yongyan holds 1.50%, Qingyou Investment and Zhuji Zhongye each hold 1.48%, Shen Shengxi holds 1.42%, Jiang Li holds 1.40%, Wenqin Weisheng holds 1.34%, and the remaining individual shareholders hold less than 1%.
At present, Guo Chao Jinzhi Education is the chairman, Shi Mingjie is the director and general manager of the company, and Wang Qinhong is the deputy general manager and the person in charge of finance.