| Condensed Parent Company Information |
22. CONDENSED PARENT COMPANY INFORMATION Basis of presentation Condensed financial information is used for the presentation of the Company, or the Parent Company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Group’s consolidated financial statements except that the Parent Company used the equity method to account for its investment in its subsidiaries and VIEs. Investments in subsidiaries and VIEs The Company and its subsidiaries and VIEs were included in the consolidated financial statements where the intercompany transactions and balances were eliminated upon consolidation. For purpose of the Company’s standalone financial statements, its investments in subsidiaries were reported using the equity method of accounting. The Company’s profits or deficit in subsidiaries were reported as equity in income or losses of subsidiaries in the accompanying parent company financial statements. Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to $nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this parent only information, the Parent Company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries, VIEs and VIEs’ subsidiary regardless of the carrying value of the investment even though the Parent Company is not obligated to provide continuing support or fund losses. The following represents condensed unconsolidated financial information of Four Seasons Education (Cayman) Inc. a. Condensed Balance Sheets
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As of |
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February 28,
2025 |
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February 28,
2026 |
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RMB |
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RMB |
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USD |
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Current assets |
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Cash and cash equivalents |
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102,743 |
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15,357 |
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2,239 |
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Short-term investments under fair value |
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37,953 |
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70,256 |
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10,245 |
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Long-term investments under fair value, current |
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3,584 |
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6,952 |
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1,014 |
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Amounts due from subsidiaries and consolidated VIEs |
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1,460 |
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1,409 |
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205 |
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Other current assets |
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2,858 |
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1,092 |
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160 |
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Total current assets |
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148,598 |
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95,066 |
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13,863 |
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Non-current assets |
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Restricted cash |
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127,449 |
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130,363 |
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19,009 |
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Long-term investments under fair value, non-current |
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99,571 |
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143,886 |
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20,981 |
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Investments in subsidiaries and consolidated VIEs |
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117,724 |
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137,974 |
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20,119 |
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Total non-current assets |
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344,744 |
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412,223 |
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60,109 |
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Total assets |
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493,342 |
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507,289 |
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73,972 |
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Accrued expenses and other current liabilities |
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1,043 |
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653 |
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96 |
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Amounts due to subsidiaries and consolidated VIEs |
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36,432 |
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31,799 |
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4,637 |
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Other liabilities |
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1,256 |
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1,208 |
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177 |
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Total liabilities |
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38,731 |
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33,660 |
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4,910 |
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Ordinary Shares (US$0.0001 par value; 500,000,000 shares authorized, 22,600,576 and 22,614,376 shares issued and outstanding as of February 28, 2025 and 2026, respectively) |
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15 |
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15 |
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2 |
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Additional paid-in capital |
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747,376 |
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749,105 |
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109,232 |
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Treasury shares (2,363,567 and 2,363,567 shares as of February 28, 2025 and 2026, respectively) |
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(45,115 |
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(45,115 |
) |
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(6,579 |
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Accumulated deficit |
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(276,538 |
) |
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(245,751 |
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(35,835 |
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Accumulated other comprehensive income |
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28,873 |
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15,375 |
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2,242 |
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Total equity |
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454,611 |
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473,629 |
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69,062 |
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Total liabilities and equity |
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493,342 |
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507,289 |
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73,972 |
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b. Condensed Statements of Operations and Comprehensive Income
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For the Year Ended |
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February 29, |
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February 28, |
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February 28, |
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2024 |
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2025 |
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2026 |
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RMB |
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RMB |
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RMB |
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USD |
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Operating expenses |
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(6,085 |
) |
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(2,209 |
) |
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(4,822 |
) |
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(703 |
) |
Interest income, net |
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6,518 |
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15,712 |
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7,535 |
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1,099 |
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Realized gain (loss) in investments |
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3,207 |
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(3,062 |
) |
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3,938 |
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574 |
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Unrealized holding gain in investments |
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3,910 |
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2,022 |
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2,438 |
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356 |
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Other income (expenses), net |
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8 |
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62 |
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(15 |
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(2 |
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(Loss) income from investments in subsidiaries, VIEs and VIEs’ subsidiaries |
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(2,597 |
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(11,724 |
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21,713 |
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3,163 |
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Income before income taxes |
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4,961 |
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801 |
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30,787 |
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4,487 |
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Income tax (expense) benefit |
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— |
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— |
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— |
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— |
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Net income |
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4,961 |
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801 |
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30,787 |
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4,487 |
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Foreign currency translation adjustments |
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9,347 |
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3,768 |
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(13,498 |
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(1,968 |
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Comprehensive income |
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14,308 |
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4,569 |
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17,289 |
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2,519 |
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c. Condensed Statements of Cash Flows
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For the Year Ended |
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February 29, |
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February 28, |
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February 28, |
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2024 |
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2025 |
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2026 |
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RMB |
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RMB |
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RMB |
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USD |
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Net cash provided by operating activities |
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931 |
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8,955 |
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9,058 |
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1,321 |
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Purchases of short-term investments under fair value |
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(103,145 |
) |
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(34,337 |
) |
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(71,494 |
) |
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(10,425 |
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Purchases of long-term investments under fair value |
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(93,280 |
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(85,645 |
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(140,244 |
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(20,450 |
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Proceeds from maturity of investments |
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327,495 |
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174,123 |
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125,275 |
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18,267 |
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Investments in consolidated subsidiaries |
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— |
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— |
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(3,484 |
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(508 |
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Net cash provided by (used in) investing activities |
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131,070 |
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54,141 |
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(89,947 |
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(13,116 |
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Proceeds from related parties loans |
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1,287 |
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— |
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— |
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— |
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Repayment to related parties loans |
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1 |
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— |
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— |
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— |
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Repurchase of ordinary shares |
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(159 |
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— |
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— |
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— |
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Net proceeds from option exercised |
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— |
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4,831 |
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78 |
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11 |
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Dividends payment |
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— |
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(34,887 |
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— |
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— |
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Net cash provided by (used in) financing activities |
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1,129 |
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(30,056 |
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78 |
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11 |
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Effect of exchange rate changes |
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(4,117 |
) |
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2,152 |
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(3,661 |
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(534 |
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Net increase (decrease) in cash and cash equivalents and restricted cash |
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129,013 |
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35,192 |
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(84,472 |
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(12,318 |
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Cash and cash equivalents and restricted cash at beginning of the year |
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65,987 |
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195,000 |
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230,192 |
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33,566 |
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Cash and cash equivalents and restricted cash at end of the year |
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195,000 |
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230,192 |
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145,720 |
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21,248 |
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Reconciliation in amounts on consolidated balance sheets: |
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Cash and cash equivalents |
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73,528 |
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102,743 |
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15,357 |
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2,239 |
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Restricted cash, non-current |
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121,472 |
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127,449 |
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130,363 |
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19,009 |
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Total cash and cash equivalents and restricted cash |
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195,000 |
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230,192 |
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145,720 |
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21,248 |
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Supplemental disclosure of cash flow information: |
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Dividends payable offset against receivables from shareholders |
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— |
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1,711 |
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— |
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— |
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