Early education foreign brands are not easy to accept? A paper on the past and present life of the early education industry

In July of this year, the acquisition of Mejm once again brought people's vision to the field of early education. In fact, there are many eye-catching events in the field of early education every year.

In 2014, Senma Apparel spent 100 million to acquire the early education brand “Genius Baby”. In June 2016, Yixiang Holdings acquired Gold Baby’s global early childhood growth education business for $127.5 million; this year, it is also known as The third base of the industry's largest early education merger and acquisition case plans to acquire 3.3 million. In fact, Meyem is not the first "career" brand of the third base, after the third base had planned to acquire 51% of the early education institution Rui Youming (Yuebaoyuan), but failed, the announcement said that "restructuring transactions between the two sides There is no agreement on key terms such as transaction considerations."

On the one hand, in the eyes of ordinary people, foreign brands with high popularity are sold. On the other hand, listed companies with rich financial resources are striving for cross-border education and expanding their sphere of influence.

As the saying goes, "Buy is not as good as selling", why should foreign brands look for buyers for themselves? What is the buyer’s real idea? Can the foreign brand of Yizhu maintain a lasting competitive advantage? Compared with the foreign brands on the taller, domestic indigenous early education brands can only "seek the film and self-pity"? What are the development opportunities for the local early education institutions in the future?

First, the past and present life of early education

1. How to divide early education and early childhood education?

Every Saturday and Sunday, the various early education institutions in Century Golden Resources Shopping Center on Yuanda Road are in the city, and parents who have passed the children are attracted to the store. This is one of the most prosperous shopping places in Beijing. Early education consumption scenes are not uncommon in Beijing. For the dual-employee family, the weekend is a rare parent-child time, and the early education institutions seize the opportunity to capture customers. But do parents really understand early education?

Early education, that is, early education, originated in Europe and the United States. In the 1960s, European and American countries generally established specialized institutions to provide early education services to families, and to cultivate children's intelligence and healthy personality through targeted guidance.

Looking back at China's national conditions, most children will be sent to kindergartens at the age of 3-6, while children aged 0-3 are mainly cared for by parents. Until the 1980s and 1990s, foreign early education brands such as Mei Jim and Jin Bao were introduced to China by agents. Early education first spread the first-tier cities such as Beijing and Shanghai.

In fact, how to define early childhood education in China? How to distinguish between preschools that are closely related to it? The whale media interviewed relevant practitioners.

“Early and early childhood education is a whole: the real concept of early education is based on the growth law and sensitive period of infants and young children aged 0-6, so as to cultivate in a targeted manner. In fact, the national education system with priority in education in the world today. In the middle school, before the elementary school, it was called early education, which is our preschool education in China. In my opinion, preschool education is early education, and early education covers early childhood education.” Aileus founder Chen Jing vs. whale media Said.

However, Chen Jing added that in the domestic public's cognition, early and early childhood education is generally divided according to the age of infants and young children. "We usually refer to 0-6 years old as preschool education, 3- 6 years old belongs to early childhood education, 0-3 years old belongs to early education, which is a classification based on the education system of our country. Because the policy stipulates that the age of 3 years old can meet the kindergarten admission requirements. So to some extent The development of the education industry before the age of 3 is also a stage of free market development; therefore, the education before the age of 3 is called early education."

Ye Sheng, founder of the New Three Board listing company, believes that 0-6 years old is a whole and is one of the key age groups for children's development and growth. In different time periods, it is necessary to develop according to the child's physical, psychological and sensitive period. The characteristics are guided and cultivated. “The courses of many early education institutions are actually covered by 0-6 years old. The purpose of the 0-3 year course is to train children's physical development, cognitive ability, physical ability, language development and sense. The ability of the 3-6 year old children is more focused on the development of lifestyle habits, innovation ability, language ability, etc. "

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2. Early education enters the fourth stage of development

In the plan for the acquisition of Mejm by the third base, the early education was divided into four parts in the domestic development stage: start-up, rapid growth, industry reshuffle and sustainable development.

· The initial stage (1998-2002): represented by the slogan "Developing baby's potential" and "can't lose on the starting line", exaggerating the early education function and the commercial nature is more prominent. Early education institutions mainly focus on training children's fine sports, with a single content and low average quality, but they arouse the parents' attention to early education.

At this stage, the domestic indigenous early education brand has also begun to be born, such as the familiar red, yellow and blue parent-child garden, and the Oriental baby.

· Rapid growth stage (2002-2003): Beijing, Shanghai and other places have raised a number of kindergarten self-organized early education institutions and commercial early education institutions in the pre-school education legislation, although the number is large but not good.

At this time, a large number of audio-visual products, books, and toys related to early education emerged, but the faculty and theoretical foundation of the early education institutions were weak, which could not meet the quality requirements of parents for early education.

· Industry reshuffle stage (2003-2010): The “SARS incident” in 2003 led to the collapse of a large number of early education institutions lacking strength and foundation. The newly added early education institutions gradually decreased, and the industry was in a competitive reshuffle.

Survivors in the industry began to focus on management quality and teaching quality, and a group of professional teams with practical experience and theoretical foundation gradually developed and expanded.

·Continuous development stage (2010-present): Since 2010, the scale development of early education institutions has achieved initial results, and the early education industry has entered a good stage of healthy development.

Some powerful early education institutions have developed a series of art, sports and music courses to introduce the brand reputation of domestic children through the introduction of foreign educational concepts. For example, red, yellow and blue advocate the social experience and three-dimensional evaluation of children's education enterprises. Hua Xia Ying Ying advocates the educational concept of combining Chinese and Western cultures.

However, there are also views that " from 2010 to 2014, it was actually in a state of shuffling, because the industry gradually became 'hot', a large number of practitioners poured in, after the shuffle and precipitation left the winners, the remaining institutions gradually Was eliminated. "

From the trend of the regulatory authorities restricting the educational goals of “young convergence” and “de-primeization”, early education products will pay more attention to the cultivation of children’s art, wisdom enlightenment, physical development, gamification and multimedia teaching methods. It is welcomed by more and more parents.

Second, why no oligarch was born

1. Isn't just a need for the root cause?

Different from the K12 and the foreign language training track in the education and training industry, although the domestic early education has been in existence for nearly 20 years, it seems that there is no leading or exclusive institution.

In the interview process, the "non-just-needed" attribute of early education was one of the reasons that many interviewees first proposed. Compared with exam-oriented education, the popularity and acceptance of early education in the public mind is not as good as that of primary and secondary school extracurricular training institutions. "The violent", "the middle class in the first and second tier cities will have a stronger demand for early education," said Ye Sheng, founder of the childhood education circle. "In addition, the teaching results are difficult to measure, the level of teachers is difficult to measure, and the entry barrier is not high. Intense competition is also a multitude of factors that have not yet led to leading companies.

“With the rapid development of the early education industry and the increasing emphasis on early childhood education by domestic parents, the early education market is generally in rapid growth. Different brands occupy a certain share in their respective segments, and the market potential has not yet been fully developed; and parents are choosing Early education institutions often consider the geographical location, brand reputation, surrounding environment, curriculum, teachers, purchasing power and other factors. The same type of enterprises in the market are often scattered, and there is no absolute industry leader. Said.

According to Chen Jing, there are a large number of early education centers in the first-tier cities such as Beishangguangshen and Shenzhen. The price of each early education course is 150 yuan per annum. The annual course fee is tens of thousands of yuan, but most of the third- and fourth-tier cities and prefecture-level cities In the field of early education, it is still very weak. There is a phenomenon that early education is not high and education resources are not right. Some people even rent a few houses directly. They recruit a few teachers who have not been professionally trained, put on some educational toys, and start enrolling students. There is no unified teaching content and no security protection inspection, which is not in line with the children's scientific growth, and it is impossible to talk about scientific education.

In addition to the above limitations, early education institutions will also face some problems that are common in the education and training industry:

(1) Not yet included in the regulatory system, lacking uniform industry standards

(2) Parents have high dependence on brands and recognition

(3) Advance payment system leads to early consumption by the organization, which is prone to operational loopholes

2. The introduction of blind business model, no real local landing

In addition, Chen Jing also analyzed from the perspective of business models. "The concept of China's early education industry is good, and the market operation is good. It was actually introduced to China in the 1990s. Its educational philosophy is to introduce China from the advanced countries of Europe and the United States, and its marketing model for market enrollment is more based on Taiwan's marketing model. The reason why the current industry oligarchs have not really been born, I think the most important reason is: the introduction of blind business models, did not really achieve local landing."

Chen Jing started to connect with this industry in 2007. There is a problem that often comes to her mind. The introduction of China’s parent-child early education model based on the time-based system from Europe and the United States is not suitable for the Chinese market and the deep needs of Chinese parents. ?

Chen Jing believes that from the perspective of the market, the early education industry is still in the stage of free market development, and the business model is crucial.

First, the cost perspective.

Before the formal operation, rents and renovations accounted for a large amount of capital investment; after the official operation, rents and labor accounted for a large amount of capital. “Renovation can be amortized according to 5 years, and fixed assets are amortized for 3 years. Then the question comes, how much income can cover the monthly operating cost? Where is the break-even point of the business model?”

Second, the ratio of efficiency.

“Our customer base, more directly, is the decision-maker of our course purchases, which usually only has time on weekends, which determines that traditional early education institutions (and relatively good early education institutions) are overcrowded on weekends, and work Every day, according to their own professional advantages, each institution has different characteristics: music, physical fitness, brain neuroscience, etc.; but without exception, it is 1-2 sessions per week, each course is 45-50 minutes, to The class time system is mainly used, and the parents accompany the class; according to the time schedule of the classroom, the difference in the efficiency ratio is used to make profits."

For example, Chen Jing said that in the first-tier cities, traditional supermarkets and early education institutions: monthly rent, property costs are 120,000; labor and sales costs are 100,000; market passenger costs are 30,000; renovation, solid-funded depreciation is 30,000; 10,000; to cover this part of the cost, it needs 290,000. The average price of the industry is 150 yuan per session, which requires 1933 courses. One member has an average of 2 sessions per week, and 8 sessions per month require 725 monthly active members. This is just a capital preservation, and where is the profit. Said?

Again, the accounting of matching income.

Chen Jing told the whale media that “ many institutions have started to “ drink and quench their thirst”, increase the amount of pre-income concessions, increase the service period of pre-income, and pre-revenue and actual course depletion income. These are two concepts ! When covering operating costs, the industry has chosen pre-revenue, which has a significant contribution to cash flow. In the industry, there will even be two to three years of card, the future money, the cost of the present. It seems It seems that the cash flow is very good, but the actual ratio of income and profit is negative."

Some insiders lamented the whale media: The early education market is no longer the same. Most investors don’t understand the educational concept. The early education market is gradually standardized, the competition of peers is fierce, and the curriculum is diversified, leading to many centers. The profit fell and fell again, and the pre-opening renovation, personnel costs, rent and teaching aids were huge, and the return period was too long. Many early education centers don't know where to go, and even the stores are not in the minority.

The above is for the early education institutions, then from the perspective of parents, can the current early education institutions meet the parents' needs for time, the needs of caregivers and the needs of children's behavioral habits?

Chen Jing said that the traditional parent-child early education, simply relying on a 45-minute parent-child class every week can not change the children, any one-day, only 1-2 sections, intermittent, low-density traditional parent-child early education curriculum, more It is to teach parents how to guide the baby correctly and provide parents with a time and opportunity to accompany the baby. It often requires parents to return to their homes to provide a rich environment (locale, cognitive environment, fine-motion operating environment, etc.) to guide the child to practice repeatedly. Therefore, the most important responsibility of the traditional parent-child early education course is to focus on the family itself.

“In the industry, we have been competing for different professional characteristics. These are all based on the time system. The business model is exactly the same. There are few institutions that really find the reasons from the source of the model. It can't solve the main problems of modern society. The problem is that it still stays at the marketing level, and it still cannot become a mainstream market. It can't satisfy the real rigid demand. Of course, there is no such thing as an 'industry oligarch'. " Chen Jing said.

Third, why are foreign brands selling?

1, each needs, complementary advantages

In 2014, Senma Costume spent 100 million to acquire the early education brand “Genius Baby”, which became a hot topic in the secondary market of the education industry. We may wish to consider the Senma acquisition as an event at a certain point in time. In 2014 and beyond, it was the time when many listed companies crossed the border, and early childhood education assets received unprecedented attention.

There is a view that since 2014, the consumption of several major foreign economies has been sluggish, and China’s two-child policy and changes in parental education have made the domestic market for early education more and more demanding. Some listed companies in the traditional industry are in urgent need of transformation. So I turned my attention to education.

According to Wind statistics, in 2015, 2016, 2017, the overall gross profit margin of A-share education companies was 43.85%, 34.89%, and 38.53%, respectively. The overall gross profit margin of all A-share listed companies was 30.27% and 30.85%, respectively. 30.75%, the gross profit margin of the education service industry as a whole maintained a high level. In addition, because the early education industry requires a large number of professional teaching talents, the price fluctuation of domestic labor costs may have a certain impact on the profit level of the industry; because parents are willing to pay for high-quality teaching content, and the demand is large, from the long-term perspective The industry will still maintain a high level of profit.

In the pre-school education sector, Senma Costume spent 100 million to acquire the early education brand “Genius Baby”. In June 2016, Yixiang Holdings acquired the global early childhood growth education business of Golden Baby Company for US$127.5 million; The third base of the company plans to acquire Meijiem for 3.3 billion.

In fact, Mejm is not the first-time "admigrant" brand of the third base. The third base has planned to acquire a 51% stake in the early education institution Ruiyouming (Yuebaoyuan), but failed. The announcement stated that "the two parties in the transaction are trading." There is no agreement on key terms such as consideration."

It is not difficult to see that the listed companies' choice of acquisition targets are brands that have a certain positive image in the hearts of the public and have influence in the industry, and many of them are foreign brands from abroad.

Then, is it that listed companies are more fond of foreign brands, or are foreign brands not satisfied with the hope of finding new ways to enter the country?

In the view of Ye Sheng, the founder of the childhood education circle, the foreign brand was acquired by domestic capital, indicating that the capital market is optimistic about the education industry and the education target, and he spends a lot of money to collect it; for foreign brands, through the listed company Cooperation can achieve strong alliances between brands, resources, markets, and so on.

Chen Jing, the founder of Philharmonic, believes that “for a well-developed large chain early childhood education company, it is necessary to quickly stand out and become the industry leader. The funding problem is to restrict the bottleneck. In the past, the expansion of the early education company relied solely on the founder’s investment. A small amount of bank loans or simple crowdfunding, single source of funds, high capital costs, and a large impact on the company's profits are not very reasonable methods. Large-scale excellent early education companies must seek greater development. It is necessary to rely on reasonable financial support for a certain period of time. This is support, not dependence."

"At present, the financing cost of China's capital market is relatively low. The injection of these funds is extremely beneficial to support the development of large chain companies in the early education industry, enabling the early education company to further increase capital and expand the total assets and enhance the operation of the early education company. Strength." Chen Jing added.

2, traditional early education requires fresh blood injection

As the saying goes, "Buy is not sold fine," then foreign brands are seeking buyers because they have a loophole that cannot be quickly compensated. “ Old brands are more or less faced with problems such as brand aging, rigid business models, and unsuitable changes in the market. The emerging local early education brands follow the market demand and have new market competitiveness. ” The media said.

The domestic early education institutions, especially the large-scale chain early education institutions, have the same business model, that is, direct-operated + franchise two-way development, usually based on joining, directly supplemented by direct sales.

In 2016, when Jinbao was acquired by Yixiang Holdings, it has opened more than 200 early education centers and more than 20 children's clothing stores in China, covering more than 130 cities. In the limelight, Mejm, as of December 31, 2017 On the day, 340 US Jim Early Learning Centers were opened in dozens of provinces across the country, including 257 affiliate centers.

An industry insider tells Whale Media: The evolution of the franchise model is one of the more significant differences between the old and new brands. The traditional early education institution franchise model generally exports the brand, curriculum, management system to the franchisee, and provides site selection and decoration. A set of standardization processes, including marketing, talent training, and customer care. In terms of cost, the headquarters collects the franchise fee from the franchisee, and extracts part of the business flow after the franchisee begins operations.

The fully-directed early education institution has a more stable organizational structure in the long run. It has its own brand service and teaching and research center, which is conducive to stable teaching and research and service. However, the volume will not expand too fast, and it may miss the opportunity because of stability. The model, through the chain management of dilute content research and development costs, reduce operating costs, and obtain scale returns; but large-scale operations require enterprises to have a certain amount of capital reserves, good business management capabilities. In essence, joining is based on the sale of services to profit and expand the volume, but in addition to scale advantages, it is not easy to establish a lasting core competitiveness.

“Golden Baby and Mei Jim have settled in first- and second-tier cities. The market for early education in their cities has been relatively saturated. Therefore, the share of income from franchise fees, management fees, renovation fees, etc. will be narrowed, and development will face bottlenecks. Through the operation of capital, you can use the power of listed companies to make a more suitable early childhood education brand, which is not enough. " W said. According to W, the founding team of many foreign brands in China has been able to build new local brands with the advantage of capital and resources after being acquired.

“ Now, the franchise model has become more flexible and diverse. Industry partners, custody-style franchises, technology stocks and other modes have allowed partners to enjoy more and more rights. Previously, the headquarters had drawn commissions, and now franchisees are partners. The identity of people or shareholders manages their own storefronts, and they will do more with their heart. The probability of closing the road will gradually decrease, " W said.

In Ye Sheng’s view, nowadays, looking at the domestic early education market, the era of being dominated by foreign brands at the end of the last century is gone forever. New local brands are emerging. For example, brands such as kangaroos and Nuno Education are rapidly Occupy the market, "the future will certainly run out of a national-scale early education brand with a national scale, and the competition between local brands will be more intense."

3. Does the foreign brand really exist in the soil?

Regarding whether foreign brands have come to the country to be "unacceptable", the founder of Aile, Chen Jing, has always been "unacceptable", but it has been overshadowed by excessive market-oriented marketing. Until now, the market has become more After the specification and customer groups have a clear product cognition, this “acclimatization” has gradually emerged.

"First of all, there are huge differences in the educational concepts between China and the West. The Western-style educational concept advocates freedom, individuality and encouragement of creativity. The Chinese education concept promotes the cultivation of etiquette and order. Second, the education system is different. China has early childhood education, and for most European and American countries, before the age of 6 (including the stage of childcare), it is the state financial subsidy, policy supervision, similar to the current domestic inclusive kindergarten. But in the early education industry in China The reason why there will be mixed and mixed resources is because this part is still self-sufficient market development behavior."

“The most important thing is that China has a completely different family culture than other (Western) countries,” Chen said. “In Europe and the United States, children will gradually become independent from their native families when they are 18 years old. There can be no elders. Helping to bring children. In Japan, mothers have maternity leave and parental leave. If the child can't enter the nursery school, they can apply for parental leave for one and a half years. If you have the most, you can have three years of parental leave. In China, you can "Love" has always been the traditional virtue of the Chinese nation. The unique family structure determines the intimate relationship between the elders and the children, as well as the special intergenerational education of Chinese society."

Based on the above points, if the early education brand introduced abroad does not really stand on the level of regional culture, there will definitely be a phenomenon of “acclimatization” in China. Fourth, the future of early education

1. 托育+早教>Early education

Compared with the just-needed attributes of preschool education, the early education industry has experienced rapid development in recent years; but in general, it is still in a stage of short supply; it lags behind the entire society and market development, compared with the current There is a buyer's market and it seems very uncoordinated.

From the perspective of investors, early childhood education, "optimistic about high-end kindergartens, suppliers of quality content for the park and 0-3 child care services, these three aspects are just needed by the market and echoed with consumption upgrades." Capital founder Wang Lei said to the whale media.

In recent years, a new format such as the “Day Care+Early Education Center” has appeared in the public's field of vision. “Day Care+Early Education” is to increase the number of early education courses on the basis of daily childcare. For urban dual-employee families, “ The Day Care + Early Learning Center can look at children in working days, which not only compensates for the vacancies of the young innocent children, but also meets the needs of early education that inspires children's minds and cultivates multidimensional abilities.

“The mode of pure early education has changed. 'Day care + early education' is one of the performances, and it is mainly based on community day care + early education shop, which can meet the needs of young parents to care for children. However, 'day care + early education' The difficulty lies in the need to provide professional early teachers and quality early education courses. " Ye Sheng told the whale media.

During the interview, many interviewees said that the lack of quality course content and operational ability are the pain points and difficulties faced by local early education institutions.

Infant early childhood education is a serious science aimed at helping young children learn knowledge, develop self-confidence, develop intelligence, and shape their personality through systematic and scientific curriculum planning. Practitioners need to have rich teaching practice experience and theoretical knowledge accumulation in the field of education, and according to children's sports ability, hobbies, intelligence level and other characteristics, the training plan and course content should be formulated according to the appropriate and appropriate teaching environment. At the same time, with the continuous improvement of the level of education informatization, educational institutions need to realize multi-channel, multi-media, two-way interactive teaching through advanced equipment, and develop content that adapts to new technologies. Therefore, curriculum content development is the biggest barrier to entry into the early education industry.

"From an investment point of view, I will value the team ability and curriculum system of the early education institution. Does the team have operational experience? Does the course have characteristics that can attract parents to pay the bill, whether they have their own curriculum system instead of copying abroad, for 0-3 How old-age children should be trained scientifically and effectively, all of these factors test the early education institutions. " Ye Sheng, founder of the childhood education circle, said, "Some local early education institutions claim to introduce foreign curriculum systems, but in fact, they don't change medicines. The same is true, and there is a clear phenomenon of homogenization. I hope that there will be more local early education institutions with original teaching and research capabilities in the future."

2. Internet + early education is yet to be verified?

In the past two years, online products such as early childhood enlightenment audio and video have emerged and gradually spread among parents and gained strong influence. " Online products are more like entertainment products than educational products. It is the content produced by sound, pictures, animation, games, etc. It should belong to the online content provider. " Industry insiders W told the whale media.

"We believe that in the field of early childhood education, especially the early education industry, it is necessary to use the offline physical garden as the main form of presentation. Such a small child, give him an iPad or other multimedia display, focus on maintaining the most 8 minutes. Children must be completed through face-to-face, interactive game mode, so offline nursing education is inevitable! The focus of early education has always stayed on the entity, we are also based on physical stores. The 'Internet + Early Learning' model, the audience is the course instructor and the parents themselves." Chen Jing said.

Ye Sheng and Wang Lei also believe that early education should be based on offline. Internet products are more about providing parents with enlightenment methods for parents, which may play a greater role for parents.

3. Can “integration of early childhood education” become the main theme?

In general, the early education industry is still in a period of rapid development. On the one hand, the opening of the second-child policy has promoted the continuous increase in the number of newborn babies, and the promotion of education has expanded the scope of early education acceptance. The potential target customers of the early education industry have not yet fully developed and the future. The number of children receiving early education is expected to continue to grow; on the other hand, the change in parental education concept has increased the importance of early education, and the increase in household disposable income has increased the ability of consumers to pay, providing development for the early education industry. Foundation. In addition, the focus of national policies is conducive to the formation of industry norms, and will also make the industry more standardized and orderly.

As the maturity of the industry increases, the early education institutions lacking the mature early education concept, the simple teaching content, the low brand influence, and the lack of teachers will gradually be in an unfavorable competitive position, and the industry concentration will gradually increase. At present, a number of well-known and recognized brands have emerged in the market, but maintaining brand awareness requires long-term content polishing and advertising marketing, which requires a lot of manpower, material resources and capital. This also encourages early education brands to explore more scientific teaching concepts, develop more reasonable teaching plans and teaching content, and bring children and parents a quality curriculum experience to help the industry embark on a healthy and mature development direction.

In addition, as the industry matures and development, explore the abstract into reality is not impossible, "the integration of early childhood education a few years ago someone mentioned, is considered to be one of the early education industry as the direction of transformation and development, it It refers to the opening of the park middle school/to-class/interest class in the kindergarten. The early education institution outputs the parent-child curriculum and teachers to the kindergarten, so as to alleviate the anxiety of the kindergarten freshmen and adapt to the kindergarten life. In the kindergarten, it can absorb more. The early education (parent-child) center's more professional management system, marketing system, and curriculum system can also use the same venues and teachers to create higher educational value and business value. "

Can the integration of early childhood and early childhood, which has been receiving much attention for many years, come to an end when the second-child dividend and the baby boom are coming?

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