Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Net Revenues (Tables)

Net Revenues (Tables)

12 Months Ended

Dec. 31, 2020

Net Revenues Disclosure [Abstract]

Schedule of Net Revenues

The components of net revenues for the years ended December 31, 2018, 2019 and 2020, are as follows:

		Year ended December 31,
		2018				2019				2020
		RMB				RMB				RMB
Portfolio training services			—				63,828,907			113,191,386
Research-based learning services			—				10,456,269			4,452,915
Overseas study counselling services			—				8,091,551			21,059,645
Other educational services			—				9,045,411			20,025,679
K-12 education assessment and other services			1,338,592				6,348,029			3,437,922
Net Revenues			1,338,592				97,770,167			162,167,547

Schedule of Changes in Deferred Revenue

Changes in the deferred revenue balances during the year ended December 31, 2020 are as follows:


		RMB
Balance as of January 1, 2020		171,880,131
Cash received in advance, net of VAT		188,023,246
Revenue recognized from opening balance of deferred revenue		(92,221,808)
Revenue recognized from deferred revenue arising during current year		(68,036,452)
Disposal of subsidiaries and campuses in relation to junior art education services		(4,689,176)
Change of refund liabilities		4,492,171
Balance as of December 31, 2020		199,448,112