{"id":384815,"date":"2020-11-19T07:10:07","date_gmt":"2020-11-19T12:10:07","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=384815"},"modified":"2020-11-19T07:10:07","modified_gmt":"2020-11-19T12:10:07","slug":"puxin-limited-announces-third-quarter-2020-unaudited-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/puxin-limited-announces-third-quarter-2020-unaudited-financial-results\/","title":{"rendered":"Puxin Limited Announces Third Quarter 2020 Unaudited Financial Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">BEIJING<\/span>, <span class=\"xn-chron\">Nov. 19, 2020<\/span> \/PRNewswire\/ &#8212; Puxin Limited (NYSE: NEW) (&#8220;Puxin&#8221; or the &#8220;Company&#8221;), a successful consolidator of the after-school education industry in <span class=\"xn-location\">China<\/span>, today announced its unaudited financial results for the third quarter ended <span class=\"xn-chron\">September 30, 2020<\/span>.<\/p>\n<p>\n        <b>Highlights for the Third Quarter Ended <span class=\"xn-chron\">September 30, 2020<\/span><\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Net revenues were <span class=\"xn-money\">RMB833.2 million<\/span> (<span class=\"xn-money\">US$122.7 million<\/span>), a decrease of 16.3% from <span class=\"xn-money\">RMB996.0 million<\/span> in the third quarter of 2019. <\/li>\n<li>Net income was <span class=\"xn-money\">RMB42.4 million<\/span> (<span class=\"xn-money\">US$6.3 million<\/span>), an increase of 25.7% from <span class=\"xn-money\">RMB33.7 million<\/span> in the third quarter of 2019. <\/li>\n<li>EBITDA[1] was <span class=\"xn-money\">RMB77.5 million<\/span> (<span class=\"xn-money\">US$11.4 million<\/span>), an increase of 9.4% from <span class=\"xn-money\">RMB70.8 million<\/span> in the third quarter of 2019. <\/li>\n<li>Net income attributable to Puxin Limited was <span class=\"xn-money\">RMB43.5 million<\/span> (<span class=\"xn-money\">US$6.4 million<\/span>), an increase of 28.9% from <span class=\"xn-money\">RMB33.7 million<\/span> in the same period of 2019. <\/li>\n<li>Adjusted net income attributable to Puxin Limited[2] was <span class=\"xn-money\">RMB8.6 million<\/span> (<span class=\"xn-money\">US$1.3 million<\/span>), a decrease of 80.3% from <span class=\"xn-money\">RMB43.5 million<\/span> in the third quarter of 2019. <\/li>\n<li>Student enrollments increased by 28.7% to 1,122,167 from 871,896 for the third quarter of 2019.<\/li>\n<\/ul>\n<div>\n<table id=\"convertedTableb316\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[1]\u00a0EBITDA is a non-GAAP financial measure, which is defined as net income (loss) excluding depreciation, amortization, interest expense, interest income and income tax expenses (benefits).See &#8220;Use of Non-GAAP Financial Measures&#8221; and &#8220;Reconciliations of GAAP and non-GAAP results&#8221; elsewhere in this earnings release.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[2]\u00a0Adjusted net income (loss) attributable to Puxin Limited is a non-GAAP financial measure, which is defined as net income (loss) attributable to Puxin Limited excluding share-based compensation expenses and gain\u00a0(loss) on changes in fair value of derivative liabilities. See &#8220;Use of Non-GAAP Financial Measures&#8221; and &#8220;Reconciliations of GAAP and non-GAAP results&#8221; elsewhere in this earnings release.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Highlights for the Nine Months Ended <span class=\"xn-chron\">September 30, 2020<\/span><\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Net revenues were <span class=\"xn-money\">RMB2,185.6 million<\/span> (<span class=\"xn-money\">US$321.9 million<\/span>), a decrease of 2.6% from <span class=\"xn-money\">RMB2,244.6 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. <\/li>\n<li>Net income was <span class=\"xn-money\">RMB33.7 million<\/span> (<span class=\"xn-money\">US$5.0 million<\/span>), compared to net loss of <span class=\"xn-money\">RMB409.6 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. <\/li>\n<li>EBITDA was <span class=\"xn-money\">RMB145.4 million<\/span> (<span class=\"xn-money\">US$21.4 million<\/span>), compared to <span class=\"xn-money\">RMB(280.9) million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. <\/li>\n<li>Net income attributable to Puxin Limited was <span class=\"xn-money\">RMB36.6 million<\/span> (<span class=\"xn-money\">US$5.4 million<\/span>), compared to net loss attributable to Puxin Limited of <span class=\"xn-money\">RMB409.7 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. <\/li>\n<li>Adjusted net income attributable to Puxin Limited was <span class=\"xn-money\">RMB79.2 million<\/span> (<span class=\"xn-money\">US$11.7 million<\/span>), compared to net loss attributable to Puxin Limited of <span class=\"xn-money\">RMB91.0 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. <\/li>\n<li>Student enrollments increased by 45.9% to 2,917,116 from 1,999,075 for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/li>\n<\/ul>\n<p>Mr. <span class=\"xn-person\">Yunlong Sha<\/span>, Chairman and Chief Executive Officer of Puxin, commented, &#8220;Although the COVID-19 impact continued in some cities during July and August, we still managed to achieve solid\u00a0growth in\u00a0the third quarter. Notably, we have established the international education business unit, strategically consolidating our language exam preparation services and study-abroad consulting\u00a0services. Our competitive edge around ZMN Education and Global Education remains strong while a streamlined operation not only reduced cost, but also elevated efficiency. The new business unit has successfully bolstered our service quality and our ability to capture additional market share through integrating our different brands internally. At the meantime, our K-12 business remains the business focus of the group, and we have improved our profitability significantly despite of the COVID-19 impact. We will continue to invest in improving teaching quality and learning experience to maintain our firm position as industry leader in the K-12 after-school tutoring space.&#8221;<\/p>\n<p>Mr. <span class=\"xn-person\">Peng Wang<\/span>, Chief Financial Officer of Puxin, commented, &#8220;Although the summer break was much shorter this year due to the COVID-19 pandemic, we were able to achieve net income and EBITDA year-over-year growth of 25.7% and 9.4%, respectively. This is a direct beneficiary of our improved operations and implementation of the Online-Merge-Offline strategy. For the three quarters of this year, our net income was <span class=\"xn-money\">RMB33.7 million<\/span>, and our EBITDA was <span class=\"xn-money\">RMB145.4 million<\/span>. Furthermore, based on the semi-annual report published by MSCI on <span class=\"xn-chron\">November 10, 2020<\/span>, we have been included in the MSCI Global Small Cap Index \u2013 MSCI China Index for the first time. This is a recognition of our operational excellence and our value proposition, which will fuel our continued growth in the capital markets and deliver long-term, sustained value to our shareholders and investors.&#8221;<\/p>\n<p>\n        <b>Financial and Operational Results for the Third Quarter Ended <span class=\"xn-chron\">September 30, 2020<\/span><\/b>\n      <\/p>\n<p>\n        <b><br \/>\n          <i>Net Revenues<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Net revenues decreased by 16.3% to <span class=\"xn-money\">RMB833.2 million<\/span> (<span class=\"xn-money\">US$122.7 million<\/span>) from <span class=\"xn-money\">RMB996.0 million<\/span> in the third quarter of 2019. This decrease was primarily due to the adverse impact of the COVID-19 pandemic on the demand for study-abroad tutoring services.<\/p>\n<p>Net revenues of K-12 tutoring services increased by 1.0% to <span class=\"xn-money\">RMB609.3 million<\/span> (<span class=\"xn-money\">US$89.7 million<\/span>) from <span class=\"xn-money\">RMB603.2 million<\/span> in the third quarter of 2019. In the third quarter of 2020, the student enrollments of K-12 tutoring services, including group class, personalized tutoring and full-time tutoring services, reached 827,685. <\/p>\n<p>Net revenues of Puxin Online School increased to <span class=\"xn-money\">RMB32.5 million<\/span> (<span class=\"xn-money\">US$4.8 million<\/span>) from <span class=\"xn-money\">RMB7.2 million<\/span> in the same period of 2019. Student enrollments of Puxin Online School were 283,598 in the third quarter of 2020.<\/p>\n<p>Net revenues of study-abroad tutoring services decreased by 50.4% to <span class=\"xn-money\">RMB191.4 million<\/span> (<span class=\"xn-money\">US$28.2 million<\/span>) from <span class=\"xn-money\">RMB385.6 million<\/span> in the third quarter of 2019. This was primarily due to a continued impact from the global spread of the COVID-19 pandemic in major countries of the world. However, net revenues of study-abroad tutoring service had an increase of 21.6% compared to the second quarter of 2020.<\/p>\n<p>\n        <b><br \/>\n          <i>Cost of Revenues<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Cost of revenues decreased by 14.6% to <span class=\"xn-money\">RMB422.6 million<\/span> (<span class=\"xn-money\">US$62.2 million<\/span>) from <span class=\"xn-money\">RMB494.6 million<\/span> in the third quarter of 2019, primarily due to a decrease in staff cost which reflected the decreased demand for study-abroad services attributable to the COVID-19 pandemic.\u00a0Cost of revenues, excluding share-based compensation expenses, decreased by 14.5% to <span class=\"xn-money\">RMB422.1 million<\/span> (<span class=\"xn-money\">US$62.2 million<\/span>) from <span class=\"xn-money\">RMB493.6 million<\/span> in the third quarter of 2019.<\/p>\n<p>\n        <b><br \/>\n          <i>Gross Profit and Gross Margin<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Gross profit was <span class=\"xn-money\">RMB410.6 million<\/span> (<span class=\"xn-money\">US$60.5 million<\/span>), a decrease of 18.1% from <span class=\"xn-money\">RMB501.5 million<\/span> in the third quarter of 2019. Gross margin was 49.3%, compared to 50.3% for the same period in 2019.<\/p>\n<p>\n        <b><br \/>\n          <i>Operating Expenses<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Total operating expenses decreased by 7.7% to <span class=\"xn-money\">RMB424.6 million<\/span> (US62.5 million) from <span class=\"xn-money\">RMB459.9 million<\/span> in the third quarter of 2019. <\/p>\n<p>Selling expenses increased by 4.0% to <span class=\"xn-money\">RMB317.0 million<\/span> (<span class=\"xn-money\">US$46.7 million<\/span>) from <span class=\"xn-money\">RMB304.8 million<\/span> in the third quarter of 2019. Selling expenses, excluding share-based compensation expenses, increased by 4.7% to <span class=\"xn-money\">RMB313.9 million<\/span> (<span class=\"xn-money\">US$46.2 million<\/span>) from <span class=\"xn-money\">RMB299.9 million<\/span> in the third quarter of 2019, primarily due to our increased marketing and promotion activities during the third quarter of 2020 to further increase student enrollments.<\/p>\n<p>General and administrative expenses decreased by 30.7% to <span class=\"xn-money\">RMB107.6 million<\/span> (<span class=\"xn-money\">US$15.8 million<\/span>) from <span class=\"xn-money\">RMB155.1 million<\/span> during the same period of 2019. General and administrative expenses, excluding share-based compensation expenses, decreased by 30.3% to <span class=\"xn-money\">RMB104.7 million<\/span> (<span class=\"xn-money\">US$15.4 million<\/span>) from <span class=\"xn-money\">RMB150.3 million<\/span> in the third quarter of 2019. The decreases were primarily due to our cost control measures to improve operation efficiency.<\/p>\n<p>Total share-based compensation expenses allocated to related cost of revenues and operating expenses decreased by 39.5% to <span class=\"xn-money\">RMB6.5 million<\/span> (<span class=\"xn-money\">US$1.0 million<\/span>) from <span class=\"xn-money\">RMB10.7 million<\/span> in the third quarter of 2019. The decrease was primarily due to a decrease in the number of options vested in the third quarter of 2020 compared to the same period of 2019.<\/p>\n<p>\n        <b><br \/>\n          <i>Operating Income (Loss) and Operating Margin<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Operating loss was <span class=\"xn-money\">RMB13.9 million<\/span> (<span class=\"xn-money\">US$2.1 million<\/span>), compared to operating income of <span class=\"xn-money\">RMB41.5 million<\/span> in the third quarter of 2019. Operating margin was (1.7)% in the third quarter of 2020, compared to 4.2% for the same period in 2019.<\/p>\n<p>Operating income of K-12 tutoring services decreased by 6.5% to <span class=\"xn-money\">RMB54.0 million<\/span> (<span class=\"xn-money\">US$8.0 million<\/span>) from <span class=\"xn-money\">RMB57.8 million<\/span> in the same period of 2019. Operating margin of K-12 tutoring services was 8.9%, slightly dropped from 9.6% in the same period of 2019. <\/p>\n<p>Adjusted operating loss[3] was <span class=\"xn-money\">RMB7.5 million<\/span> (<span class=\"xn-money\">US$1.1 million<\/span>), compared to adjusted operating income of <span class=\"xn-money\">RMB52.2 million<\/span> in the third quarter of 2019. <\/p>\n<p>Adjusted operating margin[4] was (0.9)%, compared to 5.2% in the same period of the prior year.<\/p>\n<div>\n<table id=\"convertedTable405f\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[3]\u00a0Adjusted operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses. See &#8220;Use of Non-GAAP Financial Measures&#8221; and &#8220;Reconciliations of GAAP and non-GAAP results&#8221; elsewhere in this earnings release.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[4]\u00a0Adjusted operating margin is a non-GAAP financial measure, which is defined as adjusted operating income (loss) divided by net revenues. See &#8220;Use of Non-GAAP Financial Measures&#8221; and &#8220;Reconciliations of GAAP and non-GAAP results&#8221; elsewhere in this earnings release.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b><br \/>\n          <i>Net Income<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Net income was <span class=\"xn-money\">RMB42.4 million<\/span> (<span class=\"xn-money\">US$6.3 million<\/span>), an increase of 25.7% from <span class=\"xn-money\">RMB33.7 million<\/span> in the third quarter of 2019.<\/p>\n<p>Net income of K-12 tutoring services increased by 93.4% to <span class=\"xn-money\">RMB99.5 million<\/span> (<span class=\"xn-money\">US$14.7 million<\/span>) from <span class=\"xn-money\">RMB51.5 million<\/span> in the third quarter of 2019.<\/p>\n<p>Net income attributable to Puxin Limited was <span class=\"xn-money\">RMB43.5 million<\/span> (<span class=\"xn-money\">US$6.4 million<\/span>), an increase of 28.9% from <span class=\"xn-money\">RMB33.7 million<\/span> in the same period of 2019. Basic and diluted net income per ADS attributable to Puxin Limited were <span class=\"xn-money\">RMB0.50<\/span><span class=\"xn-money\">(US$0.08)<\/span> and <span class=\"xn-money\">RMB0.48<\/span><span class=\"xn-money\">(US$0.08)<\/span>, compared to basic and diluted net income per ADS attributable to Puxin Limited of <span class=\"xn-money\">RMB0.38<\/span> and <span class=\"xn-money\">RMB0.38<\/span> during the same period of 2019.<\/p>\n<p>Adjusted net income attributable to Puxin Limited was <span class=\"xn-money\">RMB8.6 million<\/span> (<span class=\"xn-money\">US$1.3 million<\/span>), a decrease of 80.3% from <span class=\"xn-money\">RMB43.5 million<\/span> in the third quarter of 2019. Adjusted basic and diluted net income per ADS attributable to Puxin Limited[5] were <span class=\"xn-money\">RMB0.1<\/span><span class=\"xn-money\">(US$0.01)<\/span> and <span class=\"xn-money\">RMB0.1<\/span><span class=\"xn-money\">(US$0.01)<\/span>, compared to adjusted basic and diluted net income per ADS attributable to Puxin Limited of <span class=\"xn-money\">RMB0.50<\/span> and <span class=\"xn-money\">RMB0.49<\/span> during the same period of 2019.<\/p>\n<div>\n<table id=\"convertedTablea076\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[5]\u00a0Adjusted basic and diluted net income (loss) per ADS attributable to Puxin Limited is a non-GAAP financial measure, which is defined as basic and diluted net income (loss) per ADS attributable to Puxin Limited excluding share-based compensation expenses, gain (loss) on changes in fair value of derivative liabilities. See &#8220;Use of Non-GAAP Financial Measures&#8221; and &#8220;Reconciliations of GAAP and non-GAAP results&#8221; elsewhere in this earnings release.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b><br \/>\n          <i>EBITDA<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>EBITDA was <span class=\"xn-money\">RMB77.5 million<\/span> (<span class=\"xn-money\">US$11.4 million<\/span>), an increase of 9.4% from <span class=\"xn-money\">RMB70.8 million<\/span> in the third quarter of 2019. <\/p>\n<p>EBITDA margin[6] was 9.3% in the third quarter of 2020, compared to 7.1% in the same period in 2019.<\/p>\n<p>Adjusted EBITDA[7] was <span class=\"xn-money\">RMB42.5 million<\/span> (<span class=\"xn-money\">US$6.3 million<\/span>), a decrease of 47.2% from <span class=\"xn-money\">RMB80.6 million<\/span> in the third quarter of 2019.<\/p>\n<p>Adjusted EBITDA margin[8] was 5.1%, compared to 8.1% in the same period in 2019.<\/p>\n<div>\n<table id=\"convertedTable5086\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[6]\u00a0EBITDA margin is a non-GAAP financial measure, which is defined as EBITDA divided by net revenues. See &#8220;Use of Non-GAAP Financial Measures&#8221; and &#8220;Reconciliations of GAAP and non-GAAP results&#8221; elsewhere in this earnings release.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[7]\u00a0Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss) excluding depreciation, amortization, interest expense, interest income, income tax expenses (benefits), share-based compensation expenses and gain (loss) on changes in fair value of derivative liabilities. See &#8220;Use of Non-GAAP Financial Measures&#8221; and &#8220;Reconciliations of GAAP and non-GAAP results&#8221; elsewhere in this earnings release.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[8]\u00a0Adjusted EBITDA margin is a non-GAAP financial measure, which is defined as adjusted EBITDA divided by net revenues. See &#8220;Use of Non-GAAP Financial Measures&#8221; and &#8220;Reconciliations of GAAP and non-GAAP results&#8221; elsewhere in this earnings release.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Financial and Operational Results for the Nine Months Ended <span class=\"xn-chron\">September 30, 2020<\/span><\/b><br \/>\n        <b>\u00a0<\/b>\n      <\/p>\n<p>\n        <b><br \/>\n          <i>Net Revenues<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Net revenues were <span class=\"xn-money\">RMB2,185.6 million<\/span> (<span class=\"xn-money\">US$321.9 million<\/span>), a decrease of 2.6% from <span class=\"xn-money\">RMB2,244.6 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. This decrease was primarily due to the adverse impact of the COVID-19 pandemic on the demand for study-abroad tutoring services.<\/p>\n<p>Net revenues of K-12 tutoring services increased by 15.0% to <span class=\"xn-money\">RMB1,552.3<\/span> million\u00a0(<span class=\"xn-money\">US$228.6 million<\/span>) from <span class=\"xn-money\">RMB1,349.9 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. For\u00a0the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, the student enrollments of K-12 tutoring services, including group class, personalized tutoring and full-time tutoring services, reached 1,992,759.<\/p>\n<p>Net revenues of Puxin Online School significantly increased by 558.3% to <span class=\"xn-money\">RMB79.5 million<\/span> (<span class=\"xn-money\">US$11.7 million<\/span>) from <span class=\"xn-money\">RMB12.1 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. Student enrollments of Puxin Online School were 890,664 for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>.<\/p>\n<p>Net revenues of study-abroad tutoring services decreased by 37.3% to <span class=\"xn-money\">RMB553.8 million<\/span> (<span class=\"xn-money\">US$81.6 million<\/span>) from <span class=\"xn-money\">RMB882<\/span>.6\u00a0million for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. This was primarily due to a continued impact from the global spread of the COVID-19 pandemic in major countries of the world. <\/p>\n<p>\n        <b><br \/>\n          <i>Cost of Revenues<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Cost of revenues decreased by 0.8% to <span class=\"xn-money\">RMB1,154.2 million<\/span> (<span class=\"xn-money\">US$170.0 million<\/span>) from <span class=\"xn-money\">RMB1,163.0 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>, primarily due to a decrease in staff cost which reflected the decreased demand for study-abroad services attributable to the COVID-19 pandemic. Cost of revenues, excluding share-based compensation expenses, decreased by 0.6% to <span class=\"xn-money\">RMB1,152.4 million<\/span> (<span class=\"xn-money\">US$169.7 million<\/span>) from <span class=\"xn-money\">RMB1,159.5 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <i>Gross Profit and Gross Margin<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Gross profit was <span class=\"xn-money\">RMB1,031.4 million<\/span> (<span class=\"xn-money\">US$151.9 million<\/span>), a decrease of 4.6% from <span class=\"xn-money\">RMB1,081.6 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>. Gross margin was 47.2%, compared to 48.2% for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <i>Operating Expenses<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Total operating expenses decreased by 20.7% to <span class=\"xn-money\">RMB1,067.5 million<\/span> (<span class=\"xn-money\">US$157.2 million<\/span>) from <span class=\"xn-money\">RMB1,345.3 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/p>\n<p>Selling expenses decreased by 1.5% to <span class=\"xn-money\">RMB757.7 million<\/span> (<span class=\"xn-money\">US$111.6 million<\/span>) from <span class=\"xn-money\">RMB769.2 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. Selling expenses, excluding share-based compensation expenses, decreased by 0.6% to <span class=\"xn-money\">RMB747<\/span>.4\u00a0million (<span class=\"xn-money\">US$110.1 million<\/span>) from <span class=\"xn-money\">RMB751.8 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>, primarily due to a decrease in sales staff&#8217;s performance-based compensation attributable to decreased demand for our study-abroad services caused by the COVID-19 pandemic, which was partially offset by increased marketing expenses attributable to marketing and promotion activities for our online business.<\/p>\n<p>General and administrative expenses decreased by 46.2% to <span class=\"xn-money\">RMB309.8 million<\/span> (<span class=\"xn-money\">US$45.6 million<\/span>) from <span class=\"xn-money\">RMB576.2 million<\/span> during the same period of 2019. General and administrative expenses, excluding share-based compensation expenses, decreased by 20.2% to <span class=\"xn-money\">RMB300.2 million<\/span> (<span class=\"xn-money\">US$44.2 million<\/span>) from <span class=\"xn-money\">RMB376.2 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. The decreases were primarily due to our cost control measures to improve operation efficiency.<\/p>\n<p>Total share-based compensation expenses allocated to related cost of revenues and operating expenses decreased by 90.2% to <span class=\"xn-money\">RMB21.6 million<\/span> (<span class=\"xn-money\">US$3.2 million<\/span>) from <span class=\"xn-money\">RMB220.8 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. The decrease was primarily due to\u00a0a decrease in the number of options vested in the first\u00a0nine months of 2020 compared to the same period of 2019.<\/p>\n<p>\n        <b><br \/>\n          <i>Operating Loss and Operating Margin<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Operating loss decreased by 86.3% to <span class=\"xn-money\">RMB36.1 million<\/span> (<span class=\"xn-money\">US$5.3 million<\/span>) from an operating loss of <span class=\"xn-money\">RMB263.7 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. Operating margin was (1.7)% compared to (11.7)% for the same period in 2019.<\/p>\n<p>Operating income of K-12 tutoring services was <span class=\"xn-money\">RMB140.0 million<\/span> (<span class=\"xn-money\">US$20.6 million<\/span>) compared to an operating loss of <span class=\"xn-money\">RMB22.7 million<\/span> in\u00a0the same period of\u00a02019. Operating margin of K-12 tutoring services improved to\u00a09.0% from (1.7)% in\u00a0the same period of\u00a02019.\u00a0<\/p>\n<p>Adjusted operating loss decreased by 66.3% to <span class=\"xn-money\">RMB14.4 million<\/span> (<span class=\"xn-money\">US$2.1 million<\/span>) from an adjusted operating loss of <span class=\"xn-money\">RMB42.9 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/p>\n<p>Adjusted operating margin was (0.7)%, compared to (1.9)% in the same period of the prior year.<\/p>\n<p>\n        <b><br \/>\n          <i>Net Income<\/i><br \/>\n        <\/b><br \/>\n        <b><br \/>\n          <i>\u00a0(Loss)<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Net income was <span class=\"xn-money\">RMB33.7 million<\/span> (<span class=\"xn-money\">US$5.0 million<\/span>), compared to a net loss of <span class=\"xn-money\">RMB409.6 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/p>\n<p>Net income of K-12 tutoring services was <span class=\"xn-money\">RMB219.0 million<\/span> (<span class=\"xn-money\">US$32.3 million<\/span>), compared to net loss of <span class=\"xn-money\">RMB116.0 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/p>\n<p>Net income attributable to Puxin Limited was <span class=\"xn-money\">RMB36.6 million<\/span> (<span class=\"xn-money\">US$5.4 million<\/span>), compared to a net loss attributable to Puxin Limited of <span class=\"xn-money\">RMB409.7 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. Basic and diluted net income per ADS attributable to Puxin Limited were <span class=\"xn-money\">RMB0.42<\/span><span class=\"xn-money\">(US$0.06)<\/span> and <span class=\"xn-money\">RMB0.42<\/span><span class=\"xn-money\">(US$0.06)<\/span>, compared to basic and diluted net loss per ADS attributable to Puxin Limited of <span class=\"xn-money\">RMB4.82<\/span> and <span class=\"xn-money\">RMB4.82<\/span> during the same period of 2019.<\/p>\n<p>Adjusted net income attributable to Puxin Limited was <span class=\"xn-money\">RMB79.2 million<\/span> (<span class=\"xn-money\">US$11.7 million<\/span>), compared to an adjusted net loss attributable to Puxin Limited of <span class=\"xn-money\">RMB91.0 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. Adjusted basic and diluted net income per ADS attributable to Puxin Limited were <span class=\"xn-money\">RMB0.91<\/span><span class=\"xn-money\">(US$0.13)<\/span> and <span class=\"xn-money\">RMB0.89<\/span><span class=\"xn-money\">(US$0.13)<\/span>, compared to adjusted basic and diluted net loss per ADS attributable to Puxin Limited of <span class=\"xn-money\">RMB1.07<\/span> and <span class=\"xn-money\">RMB1.07<\/span> during the same period of 2019.<\/p>\n<p>\n        <b><br \/>\n          <i>EBITDA<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>EBITDA was <span class=\"xn-money\">RMB145.4 million<\/span> (<span class=\"xn-money\">US$21.4 million<\/span>), compared to <span class=\"xn-money\">RMB(280.9) million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/p>\n<p>EBITDA margin was 6.7% for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, compared to (12.5)% in the same period in 2019<\/p>\n<p>Adjusted EBITDA was <span class=\"xn-money\">RMB188.0 million<\/span> (<span class=\"xn-money\">US$27.7 million<\/span>), an increase of 396.7% from <span class=\"xn-money\">RMB37.8 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/p>\n<p>Adjusted EBITDA margin was 8.6%, compared to 1.7% in the same period in 2019.<\/p>\n<p>\n        <br \/>\n        <b><br \/>\n          <i>Cash and Current Bank Balances<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>As of <span class=\"xn-chron\">September 30, 2020<\/span>, the Company had an aggregate amount of cash and cash equivalents and the current portion of restricted cash of <span class=\"xn-money\">RMB560.1 million<\/span> (<span class=\"xn-money\">US$82.5 million<\/span>), compared to <span class=\"xn-money\">RMB606.3 million<\/span> as of <span class=\"xn-chron\">December 31, 2019<\/span>. The current portion of restricted cash consisted primarily of deposits with Chinese commercial banks as collateral for our bank borrowings within one-year term.<\/p>\n<p>\n        <b>Business Outlook<\/b>\n      <\/p>\n<p>For the fourth quarter ended <span class=\"xn-chron\">December 31, 2020<\/span>, based on the information available as of the date of this press release, the Company expects net revenues to be between <span class=\"xn-money\">RMB730.4 million<\/span> and <span class=\"xn-money\">RMB773.4 million<\/span>, which represents a decrease of 15% to 10% year-over-year. These forecasts reflect the Company&#8217;s current and preliminary views on the market and operational conditions, which are subject to change.<\/p>\n<p>\n        <b>Conference Call Information<\/b>\n      <\/p>\n<p>Puxin&#8217;s management team will hold a conference call on <span class=\"xn-chron\">November 19, 2020<\/span>, at <span class=\"xn-chron\">7:00 AM<\/span> U.S. Eastern Time (or <span class=\"xn-chron\">8:00 PM<\/span> on the same day, <span class=\"xn-location\">Beijing<\/span>\/Hong Kong Time) following the quarterly results announcement. Participants may access the call by dialing the following numbers:<\/p>\n<p>International: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 +1-412-902-4272<br \/>Mainland China:\u00a0\u00a0\u00a04001-201203<br \/>US: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 +1-888-346-8982<br \/><span class=\"xn-location\">Hong Kong<\/span>: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 +852-301-84992<br \/>Passcode:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Puxin<\/p>\n<p>Please dial in 10 minutes before the call is scheduled to begin. When prompted, ask to be connected to the Puxin Limited Call. Participants will be required to state their name and company upon entering the call.<\/p>\n<p>A replay of the conference call will be accessible two hours after the conclusion of the conference call through <span class=\"xn-chron\">November 26, 2020<\/span> by dialing the following numbers:<\/p>\n<p>International: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 +1-412-317-0088<br \/>US:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 +1-877-344-7529<br \/>Passcode:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010149922<\/p>\n<p>A live webcast and archive of the conference call will be available on the Investor Relations section of Puxin&#8217;s website at <a target=\"_blank\" href=\"http:\/\/ir.pxjy.com\/\" rel=\"nofollow noopener noreferrer\">http:\/\/ir.pxjy.com\/<\/a>. <\/p>\n<p>\n        <b>Exchange Rate<\/b>\n      <\/p>\n<p>The Company&#8217;s business is primarily conducted in <span class=\"xn-location\">China<\/span> and all of the revenues are denominated in Renminbi (&#8220;RMB&#8221;). This announcement contains translations of certain RMB amounts into U.S. dollars (&#8220;USD&#8221; or &#8220;US$&#8221;) at specified rates solely for the convenience of the readers. Unless otherwise noted, all translations from RMB to USD are made at the rate of <span class=\"xn-money\">RMB 6.7896<\/span> to <span class=\"xn-money\">US$1.00<\/span>, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on <span class=\"xn-chron\">September 30, 2020<\/span>. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on <span class=\"xn-chron\">September 30, 2020<\/span> or at any other rate.<\/p>\n<p>\n        <b>Use of Non-GAAP Financial Measures<\/b>\n      <\/p>\n<p>To supplement the Company&#8217;s financial results presented in accordance with U.S. GAAP, the Company also uses non-GAAP financial measures, including adjusted operating income (loss), adjusted operating margin, adjusted net income (loss) attributable to Puxin Limited, EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted basic and diluted net income (loss) per ADS attributable to Puxin Limited, as supplemental measures to review and assess the Company&#8217;s operating performance. Adjusted operating income (loss) is defined as operating income (loss) excluding share-based compensation expenses; adjusted operating margin is defined as adjusted operating income (loss) divided by net revenues; adjusted net income (loss) attributable to Puxin Limited is defined as net income (loss) attributable to Puxin Limited excluding share-based compensation expenses and gain (loss) on changes in fair value of derivative liabilities;\u00a0EBITDA is defined as net income (loss) excluding depreciation, amortization, interest expense, interest income and income tax expenses (benefits); adjusted EBITDA is defined as net income (loss) excluding depreciation, amortization, interest expense, interest income, income tax expenses (benefits), share-based compensation expenses and gain (loss) on changes in fair value of derivative liabilities; EBITDA margin is defined as EBITDA divided by net revenues; adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenues; adjusted basic and diluted net income (loss) per ADS attributable to Puxin Limited are defined as basic and diluted net income (loss) per ADS attributable to Puxin Limited excluding share-based compensation expenses and gain (loss) on changes in fair value of derivative liabilities.<\/p>\n<p>The Company believes that these non-GAAP financial measures provide useful information about the Company&#8217;s operating results, enhance the overall understanding of the Company&#8217;s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company&#8217;s management in its financial and operational decision-making. <\/p>\n<p>Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing the Company&#8217;s operating performance, investors should not consider them in isolation. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited.<\/p>\n<p>The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating our performance.<\/p>\n<p>For more information on this non-GAAP financial measure, please see the table captioned &#8220;Reconciliations of GAAP and non-GAAP results&#8221; set forth at the end of this press release.<\/p>\n<p>\n        <b>Safe Harbor Statement<\/b>\n      <\/p>\n<p>This press release contains forward-looking statements made under the &#8220;safe harbor&#8221; provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as &#8220;will,&#8221; &#8220;may,&#8221; &#8220;would,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;future,&#8221; &#8220;intend,&#8221; &#8220;aim,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;continue,&#8221; &#8220;confident&#8221; and similar statements. The Company may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company&#8217;s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: its goals and strategies, its ability to achieve and maintain profitability, its ability to attract and retain students to enroll in its courses, its ability to effectively manage its business expansion and successfully integrate businesses it acquired, its ability to identify or pursue targets for acquisitions, its ability to compete effectively against its competitors, its ability to improve the content of its existing courses or to develop new courses, and relevant government policies and regulations relating to the Company&#8217;s corporate structure, business and industry. Further information regarding these and other risks is included in the Company&#8217;s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.<\/p>\n<p>\n        <b>About Puxin Limited<\/b>\n      <\/p>\n<p>Puxin Limited (NYSE: NEW, &#8220;Puxin&#8221; or the &#8220;Company&#8221;) is a successful consolidator of the after-school education industry in <span class=\"xn-location\">China<\/span>. Puxin has a strong acquisition and integration expertise to effectively improve education quality and operational performance of acquired schools. Puxin offers a full spectrum of K-12 and study-abroad tutoring programs designed to help students achieve academic excellence, as well as prepare for admission tests and applications for top schools, universities and graduate programs in <span class=\"xn-location\">China<\/span> and other countries. The Company has developed a business model effectively combining strategic acquisitions and organic growth achieved through successful post-acquisition integration, which has differentiated the Company from other after-school education service providers in <span class=\"xn-location\">China<\/span>. For more information, please visit <u><a target=\"_blank\" href=\"http:\/\/www.pxjy.com\/\" rel=\"nofollow noopener noreferrer\">http:\/\/www.pxjy.com\/<\/a><\/u>.<\/p>\n<p>\n        <b>Contacts<\/b>\n      <\/p>\n<p>Puxin Limited<br \/>Phone: +86-10-6269-8930<br \/>E-mail: <a target=\"_blank\" href=\"mailto:ir@pxjy.com\" rel=\"nofollow noopener noreferrer\">ir@pxjy.com<\/a><\/p>\n<p>ICA (Institutional Capital Advisory)<br \/>Mr. <span class=\"xn-person\">Kevin Yang<\/span><br \/>Phone: +86<span id=\"spanHghltf9b9\">-21<\/span>-8028-6033<br \/>E-mail: <a target=\"_blank\" href=\"mailto:puxin@icaasia.com\" rel=\"nofollow noopener noreferrer\">puxin@icaasia.com<\/a><\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"5\" class=\"prngen3\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">PUXIN LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(In thousands of RMB and USD, except for share, per share and per ADS data)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td colspan=\"4\" class=\"prngen2\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">As of December\u00a031,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">As of September 30,<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">USD<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">ASSETS<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Cash and cash equivalents<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">256,763<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">67,850<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,993<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Restricted cash, current portion<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">349,540<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">492,246<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">72,500<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Inventories<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,311<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,016<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,506<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Prepaid expenses and other current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">117,148<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">161,464<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,781<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Loan receivable, current portion<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">191,230<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">207,442<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,553<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Total current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">927,992<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">946,018<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">139,333<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Non-current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Restricted cash, non-current portion<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36,727<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,062<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,870<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Operating lease right-of-use assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,045,941<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">909,176<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">133,907<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Property, plant and equipment, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">298,719<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">266,971<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39,321<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Intangible assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">264,540<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">230,034<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,880<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Goodwill<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,055,922<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,035,577<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">299,808<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Deferred tax assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,199<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,061<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">304<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Rental deposit<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">75,015<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">70,783<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,425<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Other non-current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59,400<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,749<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">TOTAL ASSETS<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,707,055<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,553,082<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">670,597<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">LIABILITIES<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Current liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIE without recourse to the Group of RMB930,674 and RMB716,928 as of December 31, 2019 and September 30, 2020, respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">983,715<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">738,379<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">108,752<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Income tax payable of the consolidated VIE without recourse to the Group<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,248<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,557<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,028<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Deferred revenue, current portion (including deferred revenue, current portion of the consolidated VIE without recourse to the Group of RMB1,195,723\u00a0and RMB1,122,436 as of December 31, 2019 and September 30, 2020, respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,205,609<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,131,788<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">166,694<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Operating lease liabilities, current portion (including operating lease liabilities, current portion of the consolidated VIE without recourse to the Group of RMB275,893\u00a0and RMB255,438 as of December 31, 2019 and September 30, 2020, respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">276,877<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">255,438<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37,622<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Amounts due to related parties, current portion (including amounts due to related parties, current portion of the consolidated VIE without recourse to the Group of RMB254 and RMB4,853 as of December 31, 2019 and September 30, 2020, respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,451<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,853<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">715<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Bank borrowings of the consolidated VIE without recourse to the Group<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">318,600<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">555,900<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81,875<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Loans payable to third parties, current portion (including loans payable to third parties, current portion of the consolidated VIE without recourse to the Group of RMB292,952\u00a0and RMB171,452 as of December 31, 2019 and September 30, 2020, respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">413,838<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">271,452<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39,981<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Promissory note, current portion (including promissory note, current portion of the consolidated VIE without recourse to the Group of RMB nil\u00a0and RMB nil\u00a0as of December 31, 2019 and September 30, 2020, respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">87,023<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">169,740<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Total current liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,308,361<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,148,107<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">463,667<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"5\" class=\"prngen3\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">PUXIN LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(In thousands of RMB and USD, except for share, per share and per ADS data)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">As of December\u00a031,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">As of September 30,<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">USD<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Non-current liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Deferred revenue, non-current portion of the consolidated VIE without recourse to the Group<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">101,372<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">64,841<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,550<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Deferred tax liabilities of the consolidated VIE without recourse to the Group<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81,969<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">74,028<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,903<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Franchise deposits of the consolidated VIE without recourse to the Group<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,533<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,549<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">375<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Operating lease liabilities, non-current portion of the consolidated VIE without recourse to the Group<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">693,505<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">572,822<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">84,368<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Loan payable to third parties, non-current portion (including loan payable to third parties, non-current portion of the consolidated VIE without recourse to the Group of RMB nil and RMB nil\u00a0as of December\u00a031, 2019 and September 30, 2020, respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">193,237<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28,461<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Promissory note, non-current portion (including promissory note, non-current portion of the consolidated VIE without recourse to the Group of RMB nil and RMB nil\u00a0as of December\u00a031, 2019 and September 30, 2020, respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">87,022<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Derivative liabilities (including derivative liabilities of the consolidated VIE without recourse to the Group of RMB nil and RMB nil as of December 31, 2019 and September 30, 2020, respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">172,235<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">TOTAL LIABILITIES<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,446,997<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,055,584<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">597,324<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">SHAREHOLDERS&#8217; EQUITY<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22 prnpr8\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Ordinary shares (par value of USD0.00005 per share; <\/span><br \/>\n                <span class=\"prnews_span\">1,000,000,000 and 1,000,000,000 shares authorized, <\/span><br \/>\n                <span class=\"prnews_span\">188,627,228 and 188,653,468 shares issued and <\/span><br \/>\n                <span class=\"prnews_span\">174,025,810\u00a0and 174,266,300 shares outstanding <\/span><br \/>\n                <span class=\"prnews_span\">as of December\u00a031, 2019 and September 30, 2020, <\/span><br \/>\n                <span class=\"prnews_span\">respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">62<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">62<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Additional paid-in capital<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,175,652<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,389,985<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">352,007<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Statutory reserve<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,979<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,979<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,175<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Accumulated other comprehensive income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">68,707<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">58,182<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,569<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Accumulated deficit<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,991,220)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,954,618)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(287,884)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Total Puxin Limited shareholders&#8217; equity<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">261,180<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">501,590<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">73,876<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Non-controlling interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,122)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,092)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(603)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">TOTAL SHAREHOLDERS&#8217; EQUITY<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">260,058<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">497,498<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">73,273<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">TOTAL LIABILITIES AND TOTAL SHAREHOLDERS&#8217; EQUITY<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,707,055<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,553,082<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">670,597<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p><\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"5\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">PUXIN LIMITED <\/span><br \/>\n                <span class=\"prnews_span\">NAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<br \/><\/span><br \/>\n                <span class=\"prnews_span\">(In thousands of RMB and USD, except for share, per share and per ADS data)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen12\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td colspan=\"4\" class=\"prngen5\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">For\u00a0the three months ended September 30,<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prntac prnpl6 prnsblb0 prnpr8\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr8\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr8\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr8\">\n                <span class=\"prnews_span\">USD<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">996,042<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">833,204<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">122,718<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Cost of revenues (including share-based compensation expenses of RMB954 and RMB518 for the three months ended September 30, 2019 and 2020, respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">494,581<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">422,582<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">62,240<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Gross profit<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">501,461<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">410,622<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">60,478<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Operating expenses:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Selling expenses (including share-based compensation expenses of RMB4,861 and RMB3,114 for the three\u00a0months ended September 30, 2019 and 2020, respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">304,801<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">317,008<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46,690<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">General and administrative expenses (including share-based compensation expenses of RMB4,843 and RMB2,819 for the three months ended September 30, 2019 and 2020, respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">155,113<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">107,557<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,841<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Total operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">459,914<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">424,565<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">62,531<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Operating income (loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,547<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(13,943)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,053)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Interest expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,773<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,450<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,865<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Interest income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,925<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,120<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,638<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Foreign exchange gain (loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">318<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(383)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(56)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Gain on changes in fair value of derivative liabilities <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">912<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,366<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,093<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other income, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,804<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,506<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Income before income taxes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,929<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,514<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,263<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,187<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">86<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,742<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,428<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,250<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: Net income (loss) attributable to non-controlling interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,039)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(153)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net income attributable to Puxin Limited<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,710<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">43,467<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,403<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net income per share attributable to Puxin Limited<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">&#8211; Basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.19<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.25<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.04<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">&#8211; Diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.19<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.24<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.04<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net income per ADS attributable to Puxin Limited<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">&#8211; Basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.38<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.50<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.08<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">&#8211; Diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.38<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.48<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.08<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Weighted average shares used in calculating basic net income per share<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">173,938,756<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">174,220,018<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">174,220,018<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Weighted average shares used in calculating diluted net income per share<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">177,818,968<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">178,394,583<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">178,394,583<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntal prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Note: Each ADS represents two ordinary shares.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"4\" class=\"prngen3\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">PUXIN LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(In thousands of RMB and USD)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">For the three months\u00a0ended September 30,<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr10\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr10\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr10\">\n                <span class=\"prnews_span\">USD<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,742<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,428<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,250<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Other comprehensive income (loss), net of tax:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Change in cumulative foreign currency translation adjustments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,560<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12,506)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,842)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Total comprehensive income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,302<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,922<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,408<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Less: comprehensive income (loss) attributable to non-controlling interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,039)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(153)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Total comprehensive income attributable to Puxin Limited<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,270<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,961<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,561<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"4\" class=\"prngen3\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">PUXIN LIMITED<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(In thousands of RMB and USD, except for share, per share and per ADS data)<\/span>\n              <\/p>\n<p class=\"prnews_p\">\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">For\u00a0the nine months ended September 30,<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr8\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr8\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr8\">\n                <span class=\"prnews_span\">USD<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,244,639<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,185,602<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">321,904<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Cost of revenues (including share-based compensation expenses of RMB3,534 and RMB1,772 for the nine months ended September 30, 2019 and 2020, respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,163,008<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,154,210<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">169,997<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Gross profit<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,081,631<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,031,392<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">151,907<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Operating expenses:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">Selling expenses (including share-based compensation expenses of RMB17,326 and RMB10,306 for the nine months\u00a0ended September 30, 2019 and 2020, respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">769,174<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">757,670<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">111,593<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">General and administrative expenses (including share-based compensation expenses of RMB199,914 and RMB9,571 for the nine months ended September 30, 2019 and 2020, respectively)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">576,161<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">309,818<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">45,631<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Total operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,345,335<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,067,488<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">157,224<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Operating loss<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(263,704)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(36,096)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,317)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Interest expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">54,005<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">60,961<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,979<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Interest income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,835<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,936<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,146<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Foreign exchange gain (loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">308<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(262)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(39)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Loss on changes in fair value of derivative liabilities <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">97,967<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,917<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,081<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Other income, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59,766<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,803<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Gain on disposal of subsidiaries<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">60,968<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,980<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr8\">\n                <span class=\"prnews_span\">Impairment loss on intangible assets <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,100<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">604<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">(Loss) income before income taxes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(403,533)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,334<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,909<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Income tax expenses (benefits)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,104<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(331)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(49)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net (loss) income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(409,637)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,665<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,958<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Less: Net income (loss) attributable to non-controlling interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">68<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,937)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(433)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net (loss) income attributable to Puxin Limited<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(409,705)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36,602<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,391<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net (loss) income per share attributable to Puxin Limited<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">&#8211; Basic and diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2.41)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.21<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.03<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net (loss) income per ADS attributable to Puxin Limited<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">&#8211; Basic and diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4.82)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.42<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.06<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Weighted average shares used in calculating basic net <\/span>\n              <\/p>\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">(loss) income per share<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">169,863,123<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">174,115,816<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">174,115,816<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Weighted average shares used in calculating diluted net <\/span>\n              <\/p>\n<p class=\"prngen28\">\n                <span class=\"prnews_span\">(loss) income per share<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">169,863,123<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">178,109,602<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">178,109,602<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Note: Each ADS represents two ordinary shares.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"4\" class=\"prngen3\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">PUXIN LIMITED<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(In thousands of RMB and USD)<\/span>\n              <\/p>\n<p class=\"prnews_p\">\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen12\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">For the nine months\u00a0ended September 30,<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr10\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr10\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr10\">\n                <span class=\"prnews_span\">USD<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net (loss) income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(409,637)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,665<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,958<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Other comprehensive income (loss), net of tax:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Change in cumulative foreign currency translation adjustments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,479<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(10,525)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,550)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Total comprehensive (loss) income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(404,158)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,140<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,408<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Less: comprehensive income (loss) attributable to non-controlling interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">68<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,937)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(433)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Total comprehensive (loss) income attributable to Puxin Limited<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(404,226)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26,077<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,841<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"4\" class=\"prngen3\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">PUXIN LIMITED<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(In thousands of RMB and USD, except for share, per share and per ADS data)<\/span>\n              <\/p>\n<p class=\"prnews_p\">\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen19\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">For the three months ended September 30,<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr8\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr8\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr8\">\n                <span class=\"prnews_span\">USD<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Operating income (loss) <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,547<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(13,943)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,053)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Add: Share-based compensation expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,658<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,451<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">950<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Adjusted operating income (loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">52,205<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7,492)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,103)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Adjusted operating margin<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.2%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22 prnpr4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.9%)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.9%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net income attributable to Puxin Limited<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,710<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">43,467<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,403<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Add: Share-based compensation expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,658<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,451<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">950<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Less: Gain on changes in fair value of derivative liabilities<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">912<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,366<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,093<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Adjusted net income attributable to Puxin Limited<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">43,456<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,552<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,260<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net income<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,742<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,428<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,250<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Add: Income tax expenses<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,187<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">86<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 Depreciation of property, plant and equipment<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,001<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,416<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,712<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 Amortization of intangible assets<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,034<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,202<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,208<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 Interest expense<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,773<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,450<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,865<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Less: Interest income<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,925<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,120<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,638<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">EBITDA<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">70,812<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">77,462<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,410<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">EBITDA margin<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.1%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9.3%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Add: Share-based compensation expenses\u00a0\u00a0\u00a0 <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,658<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,451<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">950<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Less: Gain on changes in fair value of derivative liabilities<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">912<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,366<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,093<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Adjusted EBITDA<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">80,558<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,547<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,267<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Adjusted EBITDA margin<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.1%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.1%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\" \/>\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income per ADS attributable to Puxin Limited <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">\u00a0 &#8211; Basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.38<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.50<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.08<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">\u00a0 &#8211; Diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.38<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.48<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.08<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<p \/>\n<p \/>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted net income per ADS attributable to Puxin Limited <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen31\">\n                <span class=\"prnews_span\">&#8211; Basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.50<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.10<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.01<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen31\">\n                <span class=\"prnews_span\">&#8211; Diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.49<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.10<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.01<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Weighted average shares used in calculating basic adjusted <\/span><br \/>\n                <span class=\"prnews_span\">net income per share<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">173,938,756<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">174,220,018<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">174,220,018<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Weighted average shares used in calculating diluted adjusted <\/span><br \/>\n                <span class=\"prnews_span\">net income per share<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">177,818,968<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">178,394,583<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">178,394,583<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"prngen2\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Note: Each ADS represents two ordinary shares.<\/span>\n              <\/p>\n<p class=\"prnews_p\">\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"4\" class=\"prngen3\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">PUXIN LIMITED<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(In thousands of RMB and USD, except for share, per share and per ADS data)<\/span>\n              <\/p>\n<p class=\"prnews_p\">\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen19\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">For the nine months ended September 30,<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr8\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr8\">\n                <span class=\"prnews_span\">RMB<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnmr8\">\n                <span class=\"prnews_span\">USD<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Operating loss <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(263,704)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(36,096)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,317)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Add: Share-based compensation expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">220,774<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,649<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,189<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Adjusted operating loss<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(42,930)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14,447)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,128)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Adjusted operating margin<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1.9%)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.7%)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.7%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net (loss) income attributable to Puxin Limited<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(409,705)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36,602<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,391<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Add: Share-based compensation expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">220,774<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,649<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,189<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 Loss on changes in fair value of derivative liabilities<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">97,967<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,917<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,081<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Adjusted net (loss) income attributable to Puxin Limited<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(90,964)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">79,168<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,661<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Net (loss) income<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(409,637)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,665<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,958<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Add: Income tax expenses (benefits)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,104<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(331)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(49)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 Depreciation of property, plant and equipment<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">54,664<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">60,240<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,872<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 Amortization of intangible assets<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,803<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,801<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,800<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 Interest expense<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">54,005<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">60,961<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,979<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Less: Interest income<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,835<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,936<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,146<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">EBITDA<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(280,896)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">145,400<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,414<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">EBITDA margin<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen25 prnpr4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12.5%)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.7%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Add: Share-based compensation expenses<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">220,774<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,649<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,189<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 Loss on changes in fair value of derivative liabilities<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">97,967<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,917<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,081<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Adjusted EBITDA<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37,845<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">187,966<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,684<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">Adjusted EBITDA margin<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.7%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.6%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\" \/>\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net (loss) income per ADS attributable to Puxin Limited <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnmr2\">\n                <span class=\"prnews_span\">\u00a0 &#8211; Basic and diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4.82)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.42<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.06<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<td class=\"prngen24\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<p \/>\n<p \/>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted net (loss) income per ADS attributable to Puxin Limited <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen31\">\n                <span class=\"prnews_span\">&#8211; Basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1.07)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.91<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.13<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prngen31\">\n                <span class=\"prnews_span\">&#8211; Diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1.07)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.89<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.13<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Weighted average shares used in calculating basic adjusted <\/span><br \/>\n                <span class=\"prnews_span\">net (loss) income per share<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">169,863,123<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">174,115,816<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">174,115,816<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Weighted average shares used in calculating diluted adjusted <\/span><br \/>\n                <span class=\"prnews_span\">net (loss) income per share<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">169,863,123<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">178,109,602<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">178,109,602<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Note: Each ADS represents two ordinary shares.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN97946&amp;sd=2020-11-19\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/puxin-limited-announces-third-quarter-2020-unaudited-financial-results-301177018.html\">http:\/\/www.prnewswire.com\/news-releases\/puxin-limited-announces-third-quarter-2020-unaudited-financial-results-301177018.html<\/a><\/p>\n<p>SOURCE  Puxin Limited<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN97946&amp;Transmission_Id=202011190706PR_NEWS_USPR_____CN97946&amp;DateId=20201119\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire BEIJING, Nov. 19, 2020 \/PRNewswire\/ &#8212; Puxin Limited (NYSE: NEW) (&#8220;Puxin&#8221; or the &#8220;Company&#8221;), a successful consolidator of the after-school education industry in China, today announced its unaudited financial results for the third quarter ended September 30, 2020. Highlights for the Third Quarter Ended September 30, 2020 Net revenues were RMB833.2 million (US$122.7 million), a decrease of 16.3% from RMB996.0 million in the third quarter of 2019. Net income was RMB42.4 million (US$6.3 million), an increase of 25.7% from RMB33.7 million in the third quarter of 2019. EBITDA[1] was RMB77.5 million (US$11.4 million), an increase of 9.4% from RMB70.8 million in the third quarter of 2019. Net income attributable to Puxin Limited was RMB43.5 million (US$6.4 million), an &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/puxin-limited-announces-third-quarter-2020-unaudited-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Puxin Limited Announces Third Quarter 2020 Unaudited Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-384815","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Puxin Limited Announces Third Quarter 2020 Unaudited Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/puxin-limited-announces-third-quarter-2020-unaudited-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Puxin Limited Announces Third Quarter 2020 Unaudited Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire BEIJING, Nov. 19, 2020 \/PRNewswire\/ &#8212; Puxin Limited (NYSE: NEW) (&#8220;Puxin&#8221; or the &#8220;Company&#8221;), a successful consolidator of the after-school education industry in China, today announced its unaudited financial results for the third quarter ended September 30, 2020. Highlights for the Third Quarter Ended September 30, 2020 Net revenues were RMB833.2 million (US$122.7 million), a decrease of 16.3% from RMB996.0 million in the third quarter of 2019. Net income was RMB42.4 million (US$6.3 million), an increase of 25.7% from RMB33.7 million in the third quarter of 2019. EBITDA[1] was RMB77.5 million (US$11.4 million), an increase of 9.4% from RMB70.8 million in the third quarter of 2019. Net income attributable to Puxin Limited was RMB43.5 million (US$6.4 million), an &hellip; Continue reading &quot;Puxin Limited Announces Third Quarter 2020 Unaudited Financial Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/puxin-limited-announces-third-quarter-2020-unaudited-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-19T12:10:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN97946&amp;sd=2020-11-19\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"26 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/puxin-limited-announces-third-quarter-2020-unaudited-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/puxin-limited-announces-third-quarter-2020-unaudited-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Puxin Limited Announces Third Quarter 2020 Unaudited Financial Results\",\"datePublished\":\"2020-11-19T12:10:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/puxin-limited-announces-third-quarter-2020-unaudited-financial-results\\\/\"},\"wordCount\":5303,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/puxin-limited-announces-third-quarter-2020-unaudited-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=CN97946&amp;sd=2020-11-19\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/puxin-limited-announces-third-quarter-2020-unaudited-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/puxin-limited-announces-third-quarter-2020-unaudited-financial-results\\\/\",\"name\":\"Puxin Limited Announces Third Quarter 2020 Unaudited Financial Results - 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Highlights for the Third Quarter Ended September 30, 2020 Net revenues were RMB833.2 million (US$122.7 million), a decrease of 16.3% from RMB996.0 million in the third quarter of 2019. Net income was RMB42.4 million (US$6.3 million), an increase of 25.7% from RMB33.7 million in the third quarter of 2019. EBITDA[1] was RMB77.5 million (US$11.4 million), an increase of 9.4% from RMB70.8 million in the third quarter of 2019. 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