Four Seasons Education (Cayman) Inc. (FEDU): History, Ownership, Mission, How It Works & Makes Money

Four Seasons Education (Cayman) Inc. nearly doubled its top line in fiscal year 2025, but what does a 100% revenue jump to CN¥251.1 million really tell you about the company's financial health?

This NYSE-listed service provider has successfully pivoted its core business in China, moving from traditional after-school education to a diversified model that now includes non-academic tutoring and tourism-related services.

While the top-line growth is a clear achievement, the reality is that net income for FY 2025 plummeted by 84% to just CN¥801.0 thousand, pushing the profit margin down to a razor-thin 0.3%; you need to understand how they plan to turn this significant revenue momentum into sustainable bottom-line profit.

Four Seasons Education (Cayman) Inc. (FEDU) History

You're looking for the origin story of Four Seasons Education (Cayman) Inc., or FEDU, to understand how a Shanghai-based tutoring company survived a regulatory earthquake and pivoted its entire business model by 2025. The direct takeaway is that FEDU began as a math-focused education provider in 2007, went public for US$101 million in 2017, and then radically shifted its focus to tourism and non-academic services after China's 2021 regulatory crackdown.

Given Company's Founding Timeline

The company started with a singular focus on high-quality math education for elementary students, a niche that drove significant growth in Shanghai's competitive market before the regulatory environment changed everything.

Year established

2007. The founder, Peiqing Tian, established Shanghai Four Seasons Education Investment Management Co., Ltd. in March of that year.

Original location

Shanghai, People's Republic of China. The initial operations were deeply rooted in the Shanghai market, which was a key driver of its early success.

Founding team members

The company was founded by Mr. Peiqing Tian, who served as Chairman since inception and as Chief Executive Officer until November 2019. He was defintely critical to developing the initial math curriculum.

Initial capital/funding

While the initial seed capital is not publicly disclosed, the first major capital event was the Initial Public Offering (IPO) on November 8, 2017, which raised US$101 million. That's the first big number that changed their trajectory.

Given Company's Evolution Milestones

The company's history is a clear map of rapid expansion followed by an abrupt, forced pivot due to regulatory changes in China's education sector.

Given Company's Transformative Moments

The biggest transformation wasn't the IPO; it was the abrupt shift from a high-growth academic tutoring giant to a diversified service provider in late 2021. That's a textbook example of regulatory risk materializing.

The initial success was built on a single core product: after-school math tutoring for elementary students. By the end of its 2017 fiscal year, the company's revenue had grown to RMB203.2 million (US$30.8 million). This growth validated the model and led directly to the NYSE listing.

The true pivot came after July 2021, when the Chinese government issued the 'Double Reduction' policy, effectively banning for-profit tutoring in core academic subjects for K-9 students. This forced a complete overhaul of the business model, eliminating the majority of its revenue base.

• Cease K-9 Academic Services: The company announced plans to stop all K-9 Academic AST Services by the end of 2021, which had generated a substantial majority of its revenue in the prior fiscal year.
• Shift to Tourism and Non-Academic Services: The company rapidly transitioned its offerings to non-academic tutoring, school-based product solutions, teacher training, and, most notably, a new tourism-related service provider role.
• Financial Resilience: Despite the massive disruption, the company reported a net income of RMB3.0 million (US$0.4 million) in the first half of fiscal year 2025, showing it had achieved profitability in the new, diversified model, albeit at a much smaller scale.

The company now operates as a service provider of both tourism and education-related services in China, a far cry from its math-tutoring roots. You can dive deeper into the current shareholder structure and market sentiment by checking out Exploring Four Seasons Education (Cayman) Inc. (FEDU) Investor Profile: Who's Buying and Why?

Four Seasons Education (Cayman) Inc. (FEDU) Ownership Structure

The ownership structure of Four Seasons Education (Cayman) Inc. is typical for a foreign private issuer, controlled by a mix of key insiders and founders, with the majority of shares available to the public and institutional investors.

This structure means that while the public market dictates the stock price, the company's direction is defintely steered by a strong insider block, which is crucial for long-term strategic alignment.

Given Company's Current Status

Four Seasons Education (Cayman) Inc. is a publicly traded company, with its American Depositary Shares (ADSs) listed on the New York Stock Exchange (NYSE) under the ticker symbol FEDU. The company operates as a Cayman Islands holding company, which is a common structure for China-based companies to access international capital markets, though the actual operations are conducted through variable interest entities (VIEs) in the People's Republic of China (PRC).

The company filed its annual report on Form 20-F for the fiscal year ended February 28, 2025, on June 26, 2025, confirming its operational status and financial reporting cycle. Its market capitalization was approximately $32.7 million as of November 2025.

Given Company's Ownership Breakdown

Based on the fiscal year 2025 data, a significant portion of the company is held by insiders, which gives the management team substantial control over strategic decisions and voting matters. Here's the quick math on the major shareholder types:

What this estimate hides is the specific distribution among the insiders, but the takeaway is clear: nearly 29% of the company is controlled by those who run it. This high insider ownership is a double-edged sword; it shows management is highly invested, but it also limits the influence of outside shareholders, which is something you should weigh in your analysis. You can find more on their Mission Statement, Vision, & Core Values of Four Seasons Education (Cayman) Inc. (FEDU).

Given Company's Leadership

The company's direction is set by an experienced leadership team, with an average board tenure of 8.6 years, providing continuity and deep industry knowledge. The key leaders steering the organization as of November 2025 are:

• Peiqing Tian: Chairman of the Board.
• Joanne Zuo (Yi Zuo): Chief Executive Officer (CEO) and Director. She has been in the CEO role since November 2019, bringing a long-term strategic perspective.
• Shaoqing Jiang: Director.
• Zongwei Li: Independent Director.
• Bing Yuan: Independent Director.

The board's experience is high, which is a good sign for navigating the complex regulatory environment in China, but you still need to watch for potential conflicts of interest given the significant insider ownership. The leadership's primary task now is to manage the transition and growth in their expanded service offerings, including tourism and non-academic programs, following the regulatory changes in the education sector.

Four Seasons Education (Cayman) Inc. (FEDU) Mission and Values

Four Seasons Education (Cayman) Inc.'s core purpose shifted dramatically post-2021 regulatory changes, moving from K-9 academic tutoring to a focus on non-academic enrichment and technology-driven learning, which is their cultural DNA today. Their mission is now centered on maximizing student potential through high-quality, diversified educational and tourism services.

Four Seasons Education (Cayman) Inc.'s Core Purpose

The company's purpose is to rebuild its platform around non-academic education and tourism, emphasizing quality and technology to navigate China's evolving regulatory landscape. This strategic pivot is why revenue for the first half of fiscal year 2025 (FY2025) saw a 117.8% increase to RMB134.7 million (US$19.0 million), demonstrating the market response to their new focus.

Official Mission Statement (Inferred from Strategy)

While a single, formal mission statement is not publicly emphasized, the company's operational mission is to be a comprehensive service provider of diversified smart learning solutions and enrichment activities. This mission is realized through three core pillars:

• Provide non-academic tutoring programs and school-based solutions.
• Integrate technology and content capabilities for engaging learning experiences.
• Offer complementary tourism and educational services, like study camps and learning trips.

This is a major change from their original math-focused roots, but a necessary one for survival and growth. You can see the financial impact of this shift by reading Breaking Down Four Seasons Education (Cayman) Inc. (FEDU) Financial Health: Key Insights for Investors.

Vision Statement

The company's vision is a clear, long-term goal that guides its product development and service expansion, focusing on the ultimate benefit to the learner.

• Maximize a learner's potential through technology-empowered education.
• Unlock students' intellectual potential via high-quality, effective education.
• Profoundly benefit students' academic, career, and life prospects.

Honestly, a vision that directly links high-quality education to career and life prospects is a powerful motivator for parents, especially when the net income for the first half of FY2025 was RMB3.0 million (US$0.4 million), showing the new model is generating positive results.

Four Seasons Education (Cayman) Inc. Core Values (Inferred)

The company's values are best seen in where they invest their resources and what they prioritize in their business description. They employ 339 people as of February 28, 2025, and their focus on internal quality is evident. Here's the quick math on what drives their culture:

• Quality Content: Developing proprietary, updated educational content.
• Teacher Excellence: Running training programs for teachers to ensure high-quality delivery.
• Adaptability: Rapidly pivoting the entire business model to non-academic and tourism services after major regulatory changes.

That last point, adaptability, is defintely the most crucial value for any company operating in a highly regulated market like China's education sector.

Four Seasons Education (Cayman) Inc. Slogan/Tagline

The company does not publicly emphasize a concise slogan or tagline in its investor communications, instead focusing on the descriptive nature of its comprehensive service model.

Four Seasons Education (Cayman) Inc. (FEDU) How It Works

Four Seasons Education (Cayman) Inc. operates as a diversified service provider in China, generating revenue primarily by combining non-academic education programs with a rapidly growing tourism business, a strategic pivot following the 2021 regulatory changes.

The company delivers value by leveraging its legacy in high-quality educational content to create enrichment programs and experiential learning tours, making money from tuition fees and travel service commissions.

Given Company's Product/Service Portfolio

The company's offerings are structured around three core segments, all focused on non-academic or comprehensive quality education, a key shift that drove a surge in total net revenues to RMB251.1 million (US$34.5 million) for the fiscal year ended February 28, 2025.

Given Company's Operational Framework

The operational model is built on content creation and service delivery, underpinned by a Variable Interest Entity (VIE) structure in the People's Republic of China (PRC) since the Cayman Islands holding company does not directly conduct operations.

The core process revolves around transforming the company's historical academic expertise into compliant, non-academic offerings. This is a crucial step for survival in the post-'Double Reduction' regulatory environment.

• Content Development: Maintain a proprietary educational content team to continuously develop and refine non-academic curriculum that cultivates student interests and cognitive abilities, moving away from exam-focused tutoring.
• Service Integration: Seamlessly merge educational content with the tourism segment, creating high-margin 'Study Tours' that are compliant with regulations and meet the growing demand for experiential learning. The revenue growth of 117.8% in H1 FY2025 shows this model is working.
• Seasonal Revenue Cycle: Operations are highly seasonal, with the highest revenues typically generated in the second quarter (Q2) due to peak demand for summer leisure travel and learning services.
• Distribution: Utilize a blended approach, offering programs through physical centers (where permitted) and online platforms, plus leveraging travel agency channels for the tourism segment.

Given Company's Strategic Advantages

The company's strategic edge comes from its agility in pivoting business models and its established brand recognition in a highly fragmented, newly regulated market. Honestly, surviving the regulatory crackdown was the biggest win.

• Regulatory Compliance and Pivot Speed: Rapidly shifted from K-9 academic tutoring to non-academic and tourism, which allowed for continued operation and growth where many competitors faced closure.
• Proprietary Content Foundation: Leveraging a legacy of strong curriculum development capabilities and exceptional educational resources, now applied to non-academic subjects like science and programming.
• Diversified Revenue Streams: The dual focus on 'Learning Services' and 'Tourism Services' mitigates risk. The tourism segment provides a stable, high-volume revenue stream, while non-academic tutoring offers higher-margin growth potential.
• Financial Resilience: Despite the massive business shift, the company achieved an adjusted net income of RMB2.4 million (US$0.3 million) in FY2025, demonstrating an ability to manage costs and find profitability in new segments.

To understand the core philosophy driving these products, you should review the Mission Statement, Vision, & Core Values of Four Seasons Education (Cayman) Inc. (FEDU).

Four Seasons Education (Cayman) Inc. (FEDU) How It Makes Money

Four Seasons Education (Cayman) Inc. generates revenue primarily by providing a diverse mix of tourism and education-related services in China, a strategic shift following regulatory changes that curtailed its former core K-12 academic tutoring business.

The company now operates on a service-fee model, collecting tuition for non-academic learning programs and charging for comprehensive travel and study-camp packages, which drove total revenue to 251.08M CNY for the fiscal year ended February 28, 2025.

Given Company's Revenue Breakdown

The fiscal year 2025 saw a dramatic re-composition of the revenue mix, with tourism-related services becoming the dominant stream, reflecting the successful pivot away from high-risk academic subjects. This shift fueled a 100.15% overall revenue increase year-over-year.

Business Economics

The economic engine of Four Seasons Education has fundamentally changed from a high-margin, asset-light tutoring model to a lower-margin, higher-variable-cost service model focused on experiential learning and travel. The core economic challenge is managing the higher cost of revenue associated with the tourism segment, which includes travel logistics and staff costs.

• Pricing Strategy: The company uses a package-pricing model for its tourism and study-camp offerings, bundling educational content (non-academic tutoring, learning trips) with travel agency services. This approach allows for premium pricing over simple travel, but it also introduces greater variable cost volatility.
• Cost Structure Shift: In the first half of fiscal year 2025, the cost of revenue rose significantly, largely due to the expansion of the tourism business. This indicates a higher proportion of revenue is now directly tied to variable costs (e.g., transportation, accommodation, specialized staff for trips) compared to the fixed-cost nature of classroom-based tutoring.
• Customer Base: The model relies on cross-selling. The existing base of education customers is a ready audience for the new tourism and study-camp products, which is a defintely smart way to re-monetize a loyal following.

You can learn more about the strategic rationale behind this pivot by reviewing the company's long-term goals: Mission Statement, Vision, & Core Values of Four Seasons Education (Cayman) Inc. (FEDU).

Given Company's Financial Performance

While revenue growth is impressive, the key financial story for fiscal year 2025 is the pressure on profitability as the company scales its new, lower-margin businesses. The full-year net income was extremely thin, indicating the high cost of this strategic transition.

• Total Revenue: The company reported total revenue of 251.08 million CNY for FY 2025, a robust 100.15% increase year-over-year, demonstrating successful market penetration in the new segments.
• Net Income: Net income fell sharply by 84% to just 801.0 thousand CNY, down from the previous fiscal year, highlighting the margin compression inherent in the new business mix.
• Net Profit Margin: The net profit margin was only 0.3% in FY 2025, a significant drop from the prior year's 4.0%, which is the clearest indicator of the operational challenge in making the new tourism and non-academic services highly profitable at scale.
• Earnings Per Share (EPS): Diluted EPS for the year was 0.37 CNY, down from 2.34 CNY in FY 2024, reflecting the reduced bottom-line profitability despite the massive revenue growth.
• Near-Term Risk: The thin 0.3% net margin means any unexpected increase in variable costs, like travel or staffing expenses, will quickly push the company into an operating loss.

Here's the quick math: generating over 251 million CNY in revenue to keep only 801 thousand CNY as profit shows a business model that is currently optimized for survival and growth, not for deep profitability.

Action for you: Monitor the gross margin trend in the next few quarters; a stable or rising gross margin will signal that the company is gaining pricing power or achieving better operational efficiency in its tourism segment.

Four Seasons Education (Cayman) Inc. (FEDU) Market Position & Future Outlook

Four Seasons Education (Cayman) Inc. (FEDU) has pivoted its model to survive the Chinese regulatory shift, moving from K-9 academic tutoring to a diversified portfolio of non-academic education and tourism services. This strategic turn is paying off, as evidenced by the fiscal year 2025 revenue of CNY 251.08 million, representing a 100.15% growth year-over-year, but the company still faces significant challenges, notably a low market capitalization and delisting risk.

Competitive Landscape

The company's competitive standing is complex, as it now operates across two distinct, highly fragmented markets: non-academic tutoring and tourism. Compared to larger, established players in the broader education-related services sector, FEDU holds a smaller slice, but its focus on experiential learning and travel is a targeted niche.

Here's the quick math: Sunlands Technology Group reported Q1 2025 revenue of RMB 487.6 million alone, which is nearly double FEDU's entire fiscal year 2025 revenue of CNY 251.08 million, so FEDU's overall market share is defintely small. The real battle is in capturing market share within the new, post-regulatory non-academic/tourism segment.

Opportunities & Challenges

You need to map the near-term risks against the growth opportunities driving that 100.15% revenue surge. The key is to see if the new business lines can scale profitably.

Industry Position

FEDU is a smaller, more volatile player in the broader Chinese education services industry, with a Last Twelve Months (LTM) Market Cap of only $2,235.5K. Its position is one of a successful transformer, not a market leader.

• P/S Ratio: A Price-to-Sales (P/S) ratio of 0.9x as of August 2025 suggests a low valuation relative to the Consumer Services industry average of 1.5x, reflecting investor caution about the stability of the new business model.
• New Focus: The company is now an 'education-related service provider' with a core offering of non-academic programs and travel agency services, a direct response to the 2021 Double Reduction policy (a government policy to ease the academic burden on students).
• Growth Engine: The massive revenue growth in FY 2025 shows the new strategy has operational traction, but sustaining that growth rate is the next hurdle.

To be fair, the company's ability to pivot and generate 100.15% revenue growth in a tough environment is impressive, but the low market cap and NYSE compliance issue mean you must factor in high execution risk. Exploring Four Seasons Education (Cayman) Inc. (FEDU) Investor Profile: Who's Buying and Why?

Next Step: Finance should model a worst-case scenario for the NYSE compliance issue by the end of the quarter.