6-K

Jianzhi Education Technology Group Co Ltd (JZ)

6-K 2022-12-22 For: 2022-12-22
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Added on April 07, 2026

UNITEDSTATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 6-K


REPORTOF FOREIGN PRIVATE ISSUERPURSUANT TO RULE 13a-16 OR 15d-16 UNDERTHE SECURITIES EXCHANGE ACT OF 1934

Forthe month of December 2022

CommissionFile Number: 001-41445

JianzhiEducation Technology Group Company Limited

27/F,Tower A, Yingdu Building, Zhichun Road

HaidianDistrict, Beijing 100086

People’sRepublic of China

+8610 58732560

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒                Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Exhibit Index

Exhibit No. Description
Exhibit 99.1 Jianzhi Education Technology Group Company Limited Reports First Half 2022 Financial Results
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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Jianzhi Education Technology Group Company Limited
By: /s/ Yong Hu
Name: Yong Hu
Title: Director and Chief Executive Officer

Date: December 22, 2022

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Exhibit 99.1

Jianzhi Education Technology Group CompanyLimited Reports First Half 2022 Financial Results

BEIJING, December 22, 2022 (GLOBE NEWSWIRE) -- Jianzhi Education Technology Group Company Limited (the “Company” or “Jianzhi”) (NASDAQ: JZ), a leading provider of digital educational content in China, today announced its financial results for the first half of 2022.

Net<br> revenues were RMB260.3 million ($38.8 million) for the first six months of 2022, compared<br> to RMB276.4 million during the same period in 2021.
Gross<br> profit was RMB40.0 million ($6.0 million) for the first six months of 2022, compared to RMB71.7<br> million during the same period in 2021.
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Net<br> loss for the first half 2022 was RMB2.9 million ($0.4 million) for the first six months of<br> 2022, compared to net income of RMB43.8 million during the same period in 2021.
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Yong Hu, CEO of the Company commented: “In the first half of 2022, our team worked relentlessly and managed to significantly scale up our business of IT related solution services via winning more projects as we continue to building our credentials in procurement and assembling of IT equipment. But our overall performance was affected by complying with local COVID-19 prevention and control policies that subjected some of our operations to on-and-off suspension, slowing down our topline growth. We dedicated and will continue to dedicate our efforts to ongoing innovations in the coming year, and focus on long-term value creation for the Company.

First Six Months of 2022 Financial Results


Net revenues

Net revenues decreased by 5.8% from RMB276.4 million for the first half of 2021 to RMB260.3 million (US$38.8) million for the first half of 2022. This decrease was primarily due to a decrease of RMB72.8 million, or 40.9% in net revenues from the provision of educational content services and other services, and partially offset by an increase of RMB56.7 million, or 57.6% in revenue generated from IT related solution services.

*Educational content service and other services.*Net revenue from the educational<br> content service and other services decreased by RMB72.8 million from RMB178.1 million<br> for the first half of 2021 to RMB105.3 million (US$15.7 million) for the first<br> half of 2022. The decrease was primarily due to combined effects of (i) a decrease in revenues<br> from Light Class, because one of our VIE’s subsidiaries did not offer Light Class to<br> mobile users through China United Network Communications Group Company Limited (“China<br> Unicom”) or Wechat during the first half of 2022. The Company has resumed offering<br> Light Class since August 2022, and (ii) a decrease of revenues from redemption of reward<br> points by mobile users and from Fish Learning. The decrease was primarily because one of<br> our major customers, Telefen, was subject to a three-month lockdown policy in Shanghai.<br> Accordingly Telefen provided free online products including Fish Learning to public, leading<br> to dramatic decrease in our revenues.
*IT related solution services.*Net<br> revenue from IT related solution services increased by RMB56.7 million, or 57.6% from<br> RMB98.4 million for the first half of 2021 to RMB155.0 million (US$23.1 million)<br> for the first half of 2022, primarily attributable to net effects of (i) an increase in revenue<br> from procurement and assembling of IT equipment as a result of increase in the number of<br> procurement and assembling projects we completed in the first half of 2022, and higher contract<br> value of the procurement and assembling projects we completed in the first half of 2022,<br> against (ii) a decrease in revenue from design and development of customized IT system service,<br> resulting from the fact that the Company placed more focus on the procurement and assembling<br> of IT equipment projects with advanced cash from customers in 2021.
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The following table sets forth the Company’s revenue by business segments for the years indicated:

For the six months ended June 30,
2021 2022
RMB RMB US
(in millions)
Revenues:
Educational content service and other services
– Educational content service
– B2B2C 29.6 31.0
– B2C 141.7 71.8
– Other services 6.7 2.5
Subtotal 178.0 105.3
IT related solution services
– Design and development of customized IT system 34.9 28.4
– Procurement and assembling of equipment 63.4 125.8
– Technological support and maintenance 0.1 0.8
Subtotal 98.4 155.0
Total revenues 276.4 260.3

All values are in US Dollars.

Cost of revenues

Cost of revenue increased by 7.6% from RMB204.8 million for the first half of 2021 to RMB220.4 million (US$32.9 million) for the first half of 2022. The increase of cost of revenues was mainly caused by increase of revenues from procurement and assembling of IT equipment, which bears lower gross margin as compared with educational content services.

Gross profit

Gross profit decreased from RMB71.7 million for the first half of 2021 to RMB40.0 million (US$6.0 million) for the first half of 2022. Gross profit margin decreased from 25.9% for the first half of 2021 to 15.4% for the first half of 2022. The decrease was mainly due to the fact that (i) the gross profits margin for IT related solution services decreased for the first half of 2022, which was primarily because we completed more procurement and assembling equipment projects, for which we incurred significant equipment purchasing cost, resulting in relatively lower gross profit margin; and (ii) for the first half of 2022, revenues from educational content services decreased, while we continued to purchase new educational content to enrich current user’s experience and attract more customers with our comprehensive educational content library leading to a decrease in gross margin.

Operating expenses

The total operating expenses increased from RMB23.1 million for the first half of 2021 to RMB41.7 million (US$6.2 million) for the first half of 2022.

*Sales and Marketing Expenses:*The sales and marketing expenses kept stable<br> at RMB 4.1 million and RMB 4.1 million (US$0.6 million) for the first half of 2021 and 2022,<br> respectively. This situation was mainly attribute to an increase in the service fee due to<br> our continued efforts to further expand our user base in the first half 2022, partially net<br> off against a decrease in payroll expenses because the Company cut 30% off on payroll expenses<br> as affected by COVID-19 related measures, including quarantine and lockdown, reinstated by<br> local government in the first half of 2022.
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*General and Administrative Expenses:*The general and administrative expenses<br> decreased from RMB11.7 million for the first half of 2021 to RMB9.1 million (US$1.4 million)<br> for the first half of 2022. This decrease was primarily due to (i) a decrease in the<br> professional service expenses as we incurred higher audit fees during our process of IPO<br> for the first half of 2021, and (ii) a decrease in payroll and welfare expenses because<br> the Company cut 30% off on payroll expenses as affected by COVID-19 related measures, including<br> quarantine and lockdown, reinstated by local government in the first half of 2022.
*Research and Development Expenses:*The research and development expenses<br> increased from RMB7.4 million for the first half of 2021 to RMB8.1 million (US$1.2 million)<br> for the first half of 2022. This increase was mainly driven by an increase in the expenses<br> incurred on outsourcing research and development projects.
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Impairment of intangible assets and goodwill: Impairment of intangible assets and goodwill increased<br> from RMB nil for the first half of 2021 to RMB 20.4 million (US$3.0 million). The increase<br> was due to provision of the full impairment of RMB 12.7 million and RMB 7.7 million, respectively,<br> against the customer relationship and goodwill acquired from the business combination with<br> Guangzhou Xingzhiqiao Information Technology Co., Ltd. which generated RMB 0.1 million revenues<br> from Light Class for the six months ended June 30, 2022.
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Income Tax Expenses

The income tax expenses decreased from RMB8.1 million for the first half of 2021 to RMB2.6 million (US$0.4 million) for the first half of 2022. The changes in income tax expenses for the first half of 2022 was primarily due to a change from a taxable profit for the first half of 2021 to a taxable loss for the same period of 2022, and adjustment non-deductible impairment of goodwill for the first half of 2022.

Net income (loss)

As a result of the foregoing, net income decreased from RMB43.8 million for the first half of 2021 to net loss of RMB2.9 million ($0.4 million) for the first half of 2022.

Recent Development

On August 30, 2022, the Company closed its initial public offering of 5,000,000 American Depositary Shares (the “ADS”), representing 10,000,000 ordinary shares, at a public offering price of US$5.00 per ADS for the total gross proceeds of $25 million. The ADSs began trading on August 26, 2022 on the Nasdaq Stock Market under the ticker symbol “JZ”.

About Jianzhi Education Technology Group CompanyLimited

Headquartered in Beijing and established in 2011, Jianzhi is a leading provider of digital educational content in China and has been committed to developing educational content to fulfill the massive demand for high-quality, professional development training resources in China. Jianzhi started operations by providing educational content products and IT services to higher education institutions. Jianzhi also provides products to individual customers. Leveraging its strong capabilities in developing proprietary professional development training content and success in consolidating educational content resources within the industry, Jianzhi has successfully built up a comprehensive, multi-dimensional digital educational content database which offers a wide range of professional development products. Jianzhi embed proprietary digital education content into the self-developed online learning platforms, which are provided to a wide range of customers through its omni-channel sales system. Jianzhi is also fully committed to the digitalization and informatization of the education sector in China. For more information, please visit: www.jianzhi-jiaoyu.com

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Safe Harbor Statement

This press release contains statements thatmay constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private SecuritiesLitigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,”“anticipates,” “aims,” “future,” “intends,” “plans,” “believes,”“estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statementsabout the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherentrisks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC.All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligationto update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Janice Wang

Wealth Financial Services LLC

Phone: +86 13811768559

+1 628 283 9214

Email: services@wealthfsllc.com

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JIANZHI EDUCATION TECHNOLOGY GROUP COMPANYLIMITEDCONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”),except for number of shares and per share data)


December 31,<br><br> 2021 June 30,<br><br> 2022 June 30,<br> 2022
RMB RMB US
(unaudited) (unaudited)
Assets
Current assets:
Cash and cash equivalents 61,266,782 4,152,252
Notes receivable - 5,000,000
Accounts receivable, net 104,775,266 53,577,350
Inventories 1,960,277 1,952,756
Deferred offering expenses 8,494,583 10,255,933
Due from a related party 2,473,750 842,920
Short-term prepayments 288,101,452 202,705,914
Short-term investments 11,430,000 4,080,000
Prepaid expenses and other current assets 5,123,221 7,831,392
Total current assets 483,625,331 290,398,517
Non-current assets:
Right-of-use assets, net 300,024 138,050
Deferred tax assets, net 388,321 1,017,221
Property and equipment, net 214,717 176,377
Educational contents, net 206,695,356 354,732,044
Intangible assets, net 17,187,208 2,032,293
Goodwill 7,712,011 -
Long-term prepayments 143,494,187 47,762,313
Total non-current<br> assets 375,991,824 405,858,298
Total assets 859,617,155 696,256,815
Liabilities
Current liabilities:
Accounts payable 24,286,309 17,926,594
Contract liabilities 327,299,227 214,133,232
Salary and welfare payable 3,411,486 870,318
Income taxes payable 3,743,247 8,127,988
Value added tax (“VAT”) and other tax payable 2,669,408 -
Other payables 5,276,472 6,234,539
Lease liabilities, current 295,367 242,757
Amount due to related parties 71,707,642 31,833,132
Total current liabilities 438,689,158 279,368,560
Deferred tax liabilities 2,191,500 -
Total liabilities 440,880,658 279,368,560

All values are in US Dollars.


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JIANZHI EDUCATION TECHNOLOGY GROUP COMPANYLIMITEDCONDENSED CONSOLIDATED BALANCE SHEETS — (Continued)(Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”),except for number of shares and per share data)


June 30,<br><br> 2022 June 30,<br> 2022
RMB US
(unaudited) (unaudited)
Commitments and contingencies
Mezzanine equity:
Redeemable ordinary shares (US0.0001 par value; 11,110,000 shares<br> issued and outstanding as of December 31, 2021 and June 30, 2022)* 45,984,876 45,984,876
Shareholders’ equity
Ordinary shares (US0.0001 par value; 500,000,000 shares authorized, 100,000,000<br> shares issued and outstanding as of December 31, 2021 and June 30, 2022)* 63,291 63,291
Additional paid-in capital 54,045,908 54,045,908
Statutory reserves 23,599,304 23,599,304
Retained earnings 280,983,836 276,149,094
Accumulated other comprehensive income 400,233 1,448,132
Total Jianzhi Education Technology Group<br> Company Limited’s shareholders’ equity 359,092,572 355,305,729
Noncontrolling interests 13,659,049 15,597,650
Total shareholders’<br> equity 372,751,621 370,903,379
Total liabilities, mezzanine<br> equity and shareholders’ equity 859,617,155 696,256,815

All values are in US Dollars.

* Retrospectively restated for effect of stock split.
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JIANZHI EDUCATION TECHNOLOGY GROUP COMPANYLIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)(Amounts in Renminbi (“RMB”) and U.S. dollars (“US$”),except for number of shares and per share data)


For the six months ended June 30,
2021 2022 2022
RMB RMB US
Net revenues 276,453,921 260,353,542
Cost of revenues (204,799,427 ) (220,373,446 ) )
Gross profit 71,654,494 39,980,096
Operating expenses:
Sales and marketing expenses 4,061,771 4,134,088
General and administrative expenses 11,681,849 9,093,274
Research and development expenses 7,361,472 8,118,990
Impairment of intangible assets - 12,662,000
Impairment of goodwill - 7,712,011
Total operating expenses 23,105,092 41,720,363
Income (loss) from operations 48,549,402 (1,740,267 ) )
Other (expenses) income:
Investment income 105,415 589,424
Interest income (expenses), net 20,090 (523,388 ) )
Other expenses - (7,997 ) )
Government grants 3,207,090 1,430,551
Total other income (expenses), net 3,332,595 1,488,590
Income (loss) before income tax 51,881,997 (251,677 ) )
Income tax expense 8,061,996 2,644,464
Net income (loss) 43,820,001 (2,896,141 ) )
Net income attributable to noncontrolling<br> interests 5,140,095 1,938,601
Net income (loss)<br> attributable to the Jianzhi Education Technology Group Company Limited’s shareholders 38,679,906 (4,834,742 ) )
Net income (loss) 43,820,001 (2,896,141 ) )
Other comprehensive income:
Foreign currency translation adjustments 59,146 1,047,899
Total comprehensive<br> income (loss) 43,879,147 (1,848,242 ) )
Net comprehensive income attributable<br> to noncontrolling interests 5,140,095 1,938,601
Comprehensive income<br> (loss) attributable to the Jianzhi Education Technology Group Company Limited’s shareholders 38,739,052 (3,786,843 ) )
Earnings (loss) per share
Basic and diluted* 0.35 (0.04 ) )
Weighted average number of shares
Basic and diluted* 111,110,000 111,110,000

All values are in US Dollars.

* Retrospectively restated for effect of stock split

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