Four Seasons Education

Four Seasons Education provides a variety of learning and tourism services in China. The company initially focused on math education for elementary school students in Shanghai and has actively sought to expand. In addition to courses aimed at improving academic performance, Four Seasons Education expanded its offerings to include study camps and learning trips, integrating education with travel. In compliance with regulatory policies issued in 2021, the company ceased offering K-9 Academic After-School Tutoring (AST) Services in mainland China at the end of 2021. Since then, Four Seasons Education has realigned its business focus towards tourism services, non-academic tutoring services, and learning technology and content solutions. The company hosts study camps, learning trips, and interest-oriented classes, and integrates technology with learning. In the 2025 fiscal year, Four Seasons Education reported revenue of RMB251.1 million (US$34.5 million), compared to RMB125.4 million in the 2024 fiscal year and RMB34.2 million in the 2023 fiscal year. The company recorded a net loss of RMB0.6 million (US$0.1 million) in the 2025 fiscal year, compared to a net income of RMB2.8 million in the 2024 fiscal year and a net loss of RMB33.5 million in the 2023 fiscal year. Adjusted net income, which excludes share-based compensation expenses, unrealized holding (loss) gain in investments, and impairment loss on long-lived assets (net of tax effect), was RMB2.4 million (US$0.3 million) in the 2025 fiscal year, compared to an adjusted net income of RMB5.7 million in the 2024 fiscal year and an adjusted net loss of RMB26.5 million in the 2023 fiscal year.