6-K

Jianzhi Education Technology Group Co Ltd (JZ)

6-K 2023-12-08 For: 2023-12-08
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Added on April 07, 2026

UNITED STATESSECURITIES AND EXCHANGE COMMISSION****Washington, D.C. 20549

FORM 6-K


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

For the month of December 2023

Commission File Number: 001-41445

Jianzhi Education TechnologyGroup Company Limited

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

Haidian District, Beijing 100086

People’s Republic of China

+86 10 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 ☐


Exhibit Index

Exhibit No. Description
Exhibit 99.1 Jianzhi Education Technology Group Company Limited Reports First Half 2023 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 8, 2023

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Exhibit 99.1

Jianzhi Education Technology Group CompanyLimited Reports First Half 2023 Financial Results


BEIJING, December 8, 2023 (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 2023.

Net revenues were RMB280.6 million ($38.7 million)<br>for the first six months of 2023, compared to RMB260.4 million during the same period in 2022.
Gross profit was RMB23.9million ($3.3million)<br>for the first six months of 2023, compared to RMB40.0 million during the same period in 2022.
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Net loss for the first half 2023 was RMB93.6 million ($12.9 million),<br>compared to net loss of RMB2.9 million during the same period in 2022.
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Yong Hu, CEO of the Company commented: “Our company’s half-year performance demonstrated positive growth in net revenues, primarily driven by the strong performance of our IT-related solution services. We achieved a notable 7.8% increase in net revenues, showcasing our ability to capture market opportunities.”

“We also faced challenges in our educational content services, which led to a decline in net revenues. Recognizing the potential risks of educational content becoming obsolete before generating profitability, we adopted conservative strategies and reduced investment in this area. While this impacted our revenues, we believe it was a prudent decision to mitigate future risks.”

“On a positive note, our acquisition of a cloud-based customer in 2022 significantly contributed to the growth in our IT-related solution services. We saw a remarkable 62.6% increase in revenue from this segment, reflecting our ability to provide value-added services and meet the evolving needs of our customers.”

“We successfully reduced our total operating expenses, demonstrating our commitment to optimizing operational efficiency. Sales and marketing expenses were slightly reduced, and general and administrative expenses also decreased. Furthermore, we achieved a decline in research and development expenses by streamlining outsourcing costs.”

“Looking ahead, we recognize the importance of reassessing our strategies for educational content services to overcome the challenges we faced. Our focus will be on optimizing the gross profit margin in our successful IT-related solution services segment. We remain committed to sustaining profitability by implementing continued cost management measures and capitalizing on market opportunities. We are confident in our ability to navigate the market landscape and drive future success.”


First Six Months of 2023 Financial Results

Net revenues

Net revenues increased by 7.8% from RMB260.4 million for the first half of 2022 to RMB280.6 million (US$38.7) million for the first half of 2023. This increase was primarily due to an increase of RMB97.0 million, or 62.6% in revenue generated from IT related solution services, partially offset by a decrease of RMB76.8 million, or 72.9% in net revenues from the provision of educational content services and other services.

*Educational content service and other services.*Net<br>revenue from the educational content service and other services decreased by RMB76.8 million from RMB105.3 million for the first<br>half of 2022 to RMB28.5 million (US$3.9 million) for the first half of 2023.

Educational content services require us to make continuous capital expenditure to keep update of existing contents and development new educational contents to meet the latest market trends, which exposed us to potential risks of education contents becoming obsolete before making profitability. Accordingly, we determined to adopt conservative strategies to reduce investment in educational content services. The decrease in educational content services was primarily due to a decrease in subscription from our end customers since our adoption of conservative strategies in the second half of 2022.

IT related solution services. Net revenue from IT related solution services increased by RMB97.1 million,<br>or 62.6% from RMB155.0 million for the first half of 2022 to RMB252.1 million (US$34.8 million) for the first half of 2023,<br>primarily attributable to net effects of an increase in revenue of RMB71.2 million from procurement and assembling of IT equipment and<br>an increase in revenue of RMB26.6 million from design and development of customized IT system service, both attributable to our  acquisition<br>of a cloud-based customer in the year of 2022 which contributed increase of revenues in IT-related solution services.

The following table sets forth the Company’s unaudited consolidated revenue by business segments for the six months ended June 30, 2022 and 2023:

For the Six Months Ended June 30,
2022 2023
RMB RMB US
(in thousands)
Revenues:
Educational content service and other services
– Educational content service
– B2B2C 30,991 23,579
– B2C 71,837 3,112
– Other services 2,488 1,858
Subtotal 105,316 28,549
IT related solution services
– Design and development of customized IT system 28,398 54,992
– Procurement and assembling of equipment 125,840 197,052
– Technological support and maintenance 800 13
Subtotal 155,038 252,057
Total revenues **** 260,354 **** 280,606

All values are in US Dollars.

Cost of revenues

Cost of revenue increased by 16.5 % from RMB220.4 million for the first half of 2022 to RMB256.6 million (US$35.4 million) for the first half of 2023. The increase of cost of revenues was primarily attributable to the increase in amortization of educational contents with increased purchase of education contents over the past years, and increase of revenues in IT related solution services. Compared with the revenue growth, the higher percentage of increase in cost of revenues was mainly attributable to the high equipment purchase cost we incurred for IT procurement and assembling projects during the six months ended June 30, 2023.

Gross profit

Gross profit decreased from RMB40.0 million for the first half of 2022 to RMB23.9 million (US$3.3 million) for the first half of 2023. Gross profit margin decreased from 15.4% for the first half of 2022 to 8.5% for the first half of 2023. 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 2023, 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 2023, revenues from educational content services decreased leading to a decrease in gross margin.

Operating expenses

The total operating expenses increased from RMB41.7 million for the first half of 2022 to RMB115.3 million (US$15,894. million) for the first half of 2023.

*Sales and Marketing Expenses:*The sales and marketing expenses was RMB4.1 million and RMB3.9 million<br>(US$0.5 million) for the first half of 2022 and 2023, respectively. The slight decrease of RMB0.2 million in sales and marketing expenses<br>was primarily due to a decrease of RMB0.2 million in payroll and welfare expenses.
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General and Administrative Expenses: The general and administrative expenses increased from RMB9.1 million<br> for the first half of 2022 to RMB9.6 million (US$1.3 million) for the first half of<br> 2023. This increase was primarily attributable to a increase of RMB1.1million in allowance<br> of doubtful accounts.
Research and Development Expenses: The<br> research and development expenses decreased from RMB8.1 million for the first half of 2022 to RMB4.4 million<br> (US$0.6 million) for the first half of 2023. This increase was mainly driven by a decrease in the expenses incurred on<br> outsourcing research and development projects.
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Impairmentof intangible assets: Impairment of intangible assets increased from RMB 12.7millon for the first half of 2022 to RMB 97.3 million<br>(US$13.4 million). The substantial increase can primarily be attributed to the cancellation of customized training course product orders<br>developed for multiple overseas clients. During the first half of 2023, these course product orders were permanently canceled due to<br>adjustments and transformations in the business operations of these overseas clients. Consequently, the Company foresees that these customized<br>development course products will no longer yield consistent revenue in the foreseeable future.
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Income Tax Expenses

The income tax expenses decreased from RMB2.6 million for the first half of 2022 to RMB2.2 million for the same period of 2023. The changes in income tax expenses for the first half of 2023 was primarily due to utilization of net operating losses of certain of our profit-making subsidiaries.

Net loss

As a result of the foregoing, we reported a net loss of RMB2.9 million for the first half of 2022, as compared with a net loss of RMB93.6 million for the first half of 2023.

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.

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 COMPANY LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in Renminbi (“RMB”) andU.S. dollars (“US$”),

except for number of shares and per share data)

December 31, <br> 2022 June 30,<br> <br>2023 June 30, 2023
RMB RMB US
(unaudited) (unaudited)
Assets
Current assets:
Cash and cash equivalents 65,055,278 28,626,530
Accounts receivable, net 17,173,021 26,178,493
Inventories 399,439 399,439
Due from a related party 1,051,869 956,665
Short-term prepayments 254,493,399 120,257,158
Short-term investments 4,080,000 4,102,744
Prepaid expenses and other current assets 9,518,326 22,557,289
Total current assets 351,771,332 203,078,318
Non-current assets:
Right-of-use assets, net 1,665,864
Deferred tax assets, net 9,176,875 9,432,316
Property and equipment, net 153,880 432,783
Educational contents, net 214,441,814 206,258,794
Long-term prepayments 151,779,105 55,145,358
Total non-current assets 375,551,674 272,935,115
Total assets 727,323,006 476,013,433
Liabilities
Current liabilities:
Accounts payable 8,037,004 7,282,575
Contract liabilities 290,028,010 127,661,754
Salary and welfare payable 2,302,646 1,165,769
Income taxes payable 1,170,795 4,041,630
Value added tax (“VAT”) and other tax payable 4,063,389 2,198,217
Other payables 2,658,243 3,426,251
Lease liabilities, current 624,716
Amount due to related parties 52,711,457 54,861,723
Total current liabilities 360,971,544 201,262,635
Non-current liabilities:
Deferred tax liabilities 7,563
Lease liabilities, non-current 1,138,723
Total non-current liabilities 1,146,286
Total liabilities 360,971,544 202,408,921

All values are in US Dollars.


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JIANZHI EDUCATION TECHNOLOGY GROUP COMPANY LIMITEDCONDENSED CONSOLIDATED BALANCE SHEETS (continued)

(Amounts in Renminbi (“RMB”) andU.S. dollars (“US$”),except for number of shares and per share data)


June 30,<br> <br>2023 June 30, 2023
RMB US
(unaudited) (unaudited)
Commitments and contingencies
Shareholders’ equity
Ordinary shares (US0.0001 par value; 500,000,000 shares authorized, 121,110,000 and 121,110,000 issued and outstanding as of December 31, 2022 and June 30, 2023) 77,747 77,747
Additional paid-in capital 242,093,942 242,093,942
Statutory reserves 23,599,304 23,599,304
Retained earnings 81,822,029 (8,869,813 ) )
Accumulated other comprehensive income 2,520,630 3,350,763
Total Jianzhi Education Technology Group Company Limited’s shareholders’ equity 350,113,652 260,251,943
Noncontrolling interests 16,237,810 13,352,569
Total shareholders’ equity 366,351,462 273,604,512
Total liabilities, mezzanine equity and shareholders’ equity 727,323,006 476,013,433

All values are in US Dollars.


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JIANZHI EDUCATION TECHNOLOGY GROUP COMPANY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTSOF OPERATIONS AND COMPREHENSIVE LOSS

(Amounts in Renminbi (“RMB”) andU.S. dollars (“US$”),

except for number of shares and per share data)

For the Six Months Ended June 30,
2022 2023 2023
RMB RMB US
Net revenues 260,353,542 280,606,379
Cost of revenues (220,373,446 ) (256,660,584 ) )
Gross profit 39,980,096 23,945,795
Operating expenses:
Sales and marketing expenses 4,134,088 3,943,550
General and administrative expenses 9,093,274 9,581,756
Research and development expenses 8,118,990 4,412,218
Impairment of intangible assets 12,662,000 97,332,087
Impairment of goodwill 7,712,011
Total operating expenses 41,720,363 115,269,611
Loss from operations (1,740,267 ) (91,323,816 ) )
Other (expenses) income:
Investment income 589,424 60,649
Interest expenses, net (523,388 ) (701,899 ) )
Other expenses (7,997 ) (16,781 ) )
Government grants 1,430,551 643,646
Total other income (expenses), net 1,488,590 (14,385 ) )
Loss before income tax (251,677 ) (91,338,201 ) )
Income tax expense 2,644,464 2,238,882
Net loss (2,896,141 ) (93,577,083 ) )
Net income (loss) attributable to noncontrolling interests 1,938,601 (2,885,241 ) )
Net loss attributable to the Jianzhi Education Technology Group Company Limited’s shareholders (4,834,742 ) (90,691,842 ) )
Net loss (2,896,141 ) (93,577,083 ) )
Other comprehensive income:
Foreign currency translation adjustments 1,047,899 830,133
Total comprehensive loss (1,848,242 ) (92,746,950 ) )
Net comprehensive income (loss) attributable to noncontrolling interests 1,938,601 (2,885,241 ) )
Comprehensive loss attributable to the Jianzhi Education Technology Group Company Limited’s shareholders (3,786,843 ) (89,861,709 ) )
Loss per share
Basic and diluted (0.04 ) (0.75 ) )
Weighted average number of shares
Basic and diluted 111,110,000 121,100,000

All values are in US Dollars.

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