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A股首现国际教育股背后 中泰桥梁将卖传统业务“补血”

2017-09-25 07:16:52   中国经济网

每经实习记者 肖达明 每经记者 岳琦 每经编辑 宋思艰

中泰桥梁(002659,SZ)拟打包出售桥梁钢结构业务背后,不可忽略的是其“保壳”需求。此前《每日经济新闻》曾报道称,中泰桥梁的原主业资产下沉主体江苏新中泰桥梁钢构工程有限公司(以下简称新中泰公司)于2017年9月8日起在北交所公开挂牌转让,底价确定为6.39亿元。

一方面,中泰桥梁上半年已亏损逾2500万元,且预计前三季度净利润亏损合计将达4505.67万元,而此前的2016年,中泰桥梁已亏损9604.54万元。如果2017年度继续亏损,中泰桥梁则面临“披星戴帽”、再融资受限的风险。

另一方面,资深业内人士告诉《每日经济新闻》记者,国际学校的投资回收周期较长,前期投入较大,保持稳定收益需要数年。以朝阳凯文学校为例,从开学到招生满员需要长达七年的时间。

国际学校投资回报周期长

2015年9月,中泰桥梁以自有资金2.9亿元增资八大处控股有限公司(以下简称八大处)子公司北京文凯兴教育投资有限公司(以下简称文凯兴),取得文凯兴56.25%的股权。同年10月,宣布增发股票募资不超过17.5亿元,大部分用于投资文凯兴建设国际学校项目。

这一项目名为朝阳凯文国际学校。上述增发预案显示,朝阳凯文国际学校计划招生规模4100人,预计于2016年底开始招生工作,2017年9月正式开学。这不是唯一一所“凯文”系的国际学校,公告显示,在朝阳凯文国际学校之前,位于海淀区的另一所凯文国际学校2016年9月份已经开学。

2016年发布的债券信用评级报告显示,截至2015年底,朝阳凯文国际学校已投资5.20亿元,当时尚需投入9.61亿元,这意味着仅一所国际学校合计投入就超过14亿元。

重资产投入和行业特殊性让K12国际教育资产证券化并不容易。今年初参与北京市新府学外国语学校A轮融资的拼图资本,其创始人王磊认为,就长线投资来说,入局国际教育是明智之举,虽然投资回报周期长,但相应的投资收益期也非常长。

从国际教育资产目前的盈利能力看,中泰桥梁目前两个国际学校资产的盈利还尚需时日。中泰桥梁此前公告披露,朝阳凯文国际学校要招满学生,需要7个学年。文凯兴在开始办学的前四年,文凯兴只能分别按30%、70%、80%和90%的比例计收租金和管理服务费。情况按照预期发展下,直到2021~2022年,国际学校才需要向文凯兴支付每年合计约6亿元的租金、物业管理费和其他专项服务费等。

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