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Kaiyuan Shares released its forecast for the first three quarters of 2019, estimating earnings of 44.2263 million yuan to 50.2263 million yuan, a decline of 50.72% to 56.51% on a year-on-year basis. In the third quarter, profits ranged from 6.6089 million to 12.6089 million, representing a year-on-year decline of 65.52% to 81.93%. Regarding the reasons for the changes in performance, Kaiyuan Shares stated that: 1) During the reporting period, the company divested its assets and business related to the instrumentation manufacturing sector; the accounts receivable generated from its previous manufacturing activities were entrusted to third parties for collection. Based on the progress of cash collections during this period, an allowance of 25.6053 million yuan was recognized for collection costs. 2. The education and training business as a whole is showing an upward trend, with the revenue of Hengqi Education increasing by 34.19%-36.19%. Hengqi Education’s net profit was between 58.84 million and 64.84 million yuan, a decrease of 35.89%-41.82% compared to 101 million yuan in the same period. This decline was mainly due to the company’s increased investment in products and technology as part of its strategic focus on educational research through SEE.AI ； Furthermore, taking into account the marginal benefits of online education in terms of traffic and its market share in first-tier cities, the company took proactive steps to increase advertising spending in order to prepare adequately for future market expansion plans, which led to a rapid increase in operating expenses. 3. The amount of non-recurring gains and losses for the company in the first three quarters was approximately -11.9204 million yuan. Of this, charges related to collection services on behalf of others accounted for -25.6053 million yuan in terms of non-recurring gains and losses, while compensation related to shareholders’ performance commitments contributed 15.5774 million yuan to those same gains and losses. The figure for the same period last year was 4.4307 million yuan. In summary, for the first three quarters of 2019, the net profit attributable to the shareholders of the listed company, after deducting non-recurring gains and losses, was between 56.14 million and 62.14 million yuan, representing a decline of 53.54% to 69.95% compared with the same period of the previous year. On the same day, Kaiyuan Shares issued a statement stating that the company would establish a fund in partnership with Hunan Fengshi Private Equity Investment Fund Management Co., Ltd. – the Hunan Lexiang Investment Fund Partnership (Limited Partnership). The fund size is 1 billion yuan, of which Kaiyuan Shares has committed 200 million yuan, and Hunan Fengshi has committed 10 million yuan; the remaining amount is to be raised by Hunan Fengshi. The fund’s duration is planned to be 7 years, with the first 5 years being the investment period and the subsequent 2 years being the exit period. Its purpose is to support the development strategy of Kaiyuan Shares, with a focus on investment in various sectors of the education industry such as vocational education and training, private high schools, and private universities. The fund shall directly or indirectly invest in the equity of high-quality target companies in the aforementioned sectors, either by taking a controlling stake or an equity participation. According to available information, Kaiyuan Shares was originally a company whose main business involved coal quality analysis instruments; it began a strategic transformation in 2016 to enter the field of vocational education. In March 2017, the company carried out its first major asset restructuring since going public: it acquired 100% of the shares in Hengqi Education and 70% of the shares in Zhongda Yingcai, thus officially pursuing a dual-business model. On September 25, Kaiyuan Shares issued a statement saying that the company’s board of directors received a resignation letter submitted by Chairman Luo Xudong. Due to personal reasons, Luo Xudong has resigned from his positions as director and chairman of the company, and will no longer hold any positions within the company. At the same time, the company’s board of directors appointed Jiang Yong as the chairman of the company, while Zhao Jun was promoted to the position of new general manager; both of them are part of the core management team in charge of the company’s education business. Recently, Jiang Yong, chairman of Kaiyuan Shares, said in an interview with the media that the company will focus on its “4+1” core strategy to build a top-tier education group in China. “\"4\" refers to focusing on the four main areas of finance, design, academic tutoring, and professional qualification exams, in order to achieve the highest market share in each of these areas ； “\"1\" refers to incubators, which are used to develop new projects over the next five years. Application of Touchscreen Paperless Data Loggers in Refractory Material Factories http://yunrun.com.cn/tech/2750.html