Wangdao Technology achieved revenue of $29.2 million in fiscal 2021

Recently, Wang Dao Technology announced its unaudited financial results for the year ended March 31, 2021. According to the financial report, Wangdao Technology achieved revenue of $29.2 million in fiscal 2021, compared with $28.6 million in the previous fiscal year, an increase of 2% year-on-year; total revenue was $14.5 million, compared with $16.8 million in the previous fiscal year, down 14% year-on-year; gross margin was 50%, 59% in the previous fiscal year, down 9% year-on-year; net profit was $3.5 million, compared with $10 million in the previous fiscal year, down 65% year-on-year. The total number of paid students in the 2021 fiscal year of Wang Dao Technology was 1.62 million, down 47.6% year-on-year from 3.09 million in the previous fiscal year.

Gao Xiaofeng, chairman and CEO of Wangdao Technology, said that despite the impact of the new crown epidemic, Wangdao Technology's revenue has still achieved growth. It also shows that companies are in the best position to seize market opportunities. On May 14, 2021, the State Council issued the revised Regulations on the Implementation of the Law of the People's Republic of China on the Promotion of Private Education to encourage and support private vocational education. The "Regulations" proposes that by 2022, 50 high-level vocational schools will be built, 150 key majors will be opened, and the average annual vocational training will exceed 50 million person-times. According to the data forecast, the scale of China's vocational education market will reach 811 billion yuan in 2022, with an average annual compound growth rate of 11.2%. The introduction of this regulation also provides a market basis and direction for the company's future development.

Gao Xiaofeng also said that looking ahead, the company will take important measures in fiscal 2022 to strengthen the company's long-term competitive position. The company will continue to focus on the online vocational skills training industry, through active participation in the national "academic certificate + several vocational skill level certificates" ("1 + x") pilot, in-depth cooperation with offline vocational colleges and universities, stabilize the customer base, increase customer stickiness. Through cooperative education, we strive to achieve business breakthroughs in financial training, hotel management training, professional labor dispatch and other aspects of large-scale steel enterprises, and achieve large-scale, systematic and sustainable development.