The public examination craze continues to heat up, and the total number of applicants for the 2023 national examination has exceeded 2.5 million. At the same time, Zhonggong Education, the leader of civil service examination and training companies, is getting colder and colder. This listed company, which has the first market share in the public examination training market, is deeply in the mire of defaulting on the refund of agreed courses. Search public education on social platforms such as Weibo and Little Red Book. Public education branches in Shandong, Hubei, Zhejiang, Sichuan, Guangdong and other provinces have all defaulted on refunds for "non refundable" classes, and students anxiously exchanged refund methods. Under the upsurge of civil service examination, various public examination training classes also came into being. In 2018, the State Administration of Taxation carried out the "Research on the Reform and Improvement of the Civil Servant Examination and Recruitment System of the National Tax System", which showed that 80% of the latest civil servants in the national tax system from 2015 to 2017 had participated in various written examinations and pre interview training. In the face of this huge market, all training institutions have made every effort to attract students. In particular, the "non refundable" agreement classes launched by Zhonggong Education around 2010 were regarded as "genius inventions" by insiders. According to this model, the examinee signs an agreement with the training institution before training. If the examinee fails the exam, the training institution needs to refund the examinee's training fee. "No refund" not only provides students with great help and confidence, but also does not need to bear any losses. Although the charge is more expensive than the ordinary class of "paying money and taking lessons at one hand", many students still flock to it. On the one hand, the agreement class has brought a lot of cash flow to the training institutions, and its revenue once accounted for nearly 80% of the total revenue of the public education; On the other hand, public education can also make use of the cycle limit of the public examination to make "time difference" and invest the absorbed funds abroad or purchase financial products. According to the report, from 2018 to 2020, the financial income of CUHK Education alone accounted for about 10% of the net profit attributable to the parent company. Zhonggong Education, which is good at calculating, has made a lot of money. There is no such thing as a free lunch. "However, it seems to be a win-win move, but this kind of speculative means will lay a" explosive "factor in the future. Once the refund rate rises or the return on foreign investment drops, this "borrowing chicken to make eggs" marketing model will easily lose its balance. Sure enough, after 2020, due to the sharp changes in recruitment, competition and other external factors, the steep rise in the refund rate, the stagnation of real estate projects and the drawbacks of student loan projects began to break out, and the public education finally tasted its own bitter wine and fell into a vicious circle. Other training institutions that have followed up under pressure have also suffered the same test. The public examination is very hot, but the public examination training institutions are cold. Who has been hurt by the "no refund" policy? There is no regret medicine in the world. Of course, the promised fee will be refunded according to the agreement. Sun Wei, the vice president of Zhonggong Education, said that he promised to return every sum of money, but he was unable to return it in full and in time as before, and was actively raising funds. While safeguarding the rights and interests of students in accordance with the law is a top priority, at the same time, it is also necessary to effectively break the "no return" marketing routine in order to prevent a repeat of the mistakes. Take a fall,