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, 2023

NET REVENUES

Schedule of Net Revenues

The components of net revenues for the years ended December 31, 2021, 2022 and 2023, are as follows:


		Year ended December 31,
		2021		2022		2023
		RMB		RMB		RMB
Portfolio training services		151,433,831		153,136,274		166,448,699
Research-based learning services		5,977,438		3,721,829		6,512,650
Overseas study counselling services		23,623,998		24,974,973		28,993,831
Other educational services		21,174,198		24,657,609		19,663,788
K-12 education assessment and other services		—		330,189		—
Net Revenues		202,209,465		206,820,874		221,618,968

Schedule of Changes in Deferred Revenue


		Fiscal year ended December 31,
		2022		2023
		RMB		RMB
Balance at the beginning of the period		202,453,092		219,717,574
Cash received in advance, net of VAT		223,388,868		261,312,149
Acquisition of Youru and subsequent movement		1,534,529		(1,336,197)
Revenue recognized from opening balance of deferred revenue		(113,271,035)		(122,951,789)
Revenue recognized from deferred revenue arising during the year		(88,928,077)		(102,430,097)
Disposal of equity interests in subsidiaries for deconsolidation		(1,609,644)		—
Change of refund liabilities		(3,850,159)		(2,165,691)
Balance at the end of the period		219,717,574		252,145,949