51Talk Online Education Group (COE) 2025 Q3 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for 51Talk Online Education Group's third-quarter 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded.

各位女士、先生們，大家好。感謝您參加 51Talk 線上教育集團 2025 年第三季財報電話會議。（操作員指示）今天的電話會議正在錄音。

I will now turn the call over to your host, Mr. David Chung, Investor Relations for the company. Please go ahead, David.

現在我將把電話交給主持人，公司投資人關係負責人大衛·鍾先生。請繼續，大衛。

Thank you. Hello, everyone, and welcome to the third-quarter 2025 earnings conference call of 51Talk. The company's results were issued by Newswire services earlier today and are posted online. You can download the earnings press release and sign up for the company's distribution list by visiting ir.51talk.com. Mr. Jack Huang, our CEO; and Ms. Cindy Tang, our CFO, will begin with some prepared remarks. Following the prepared remarks, there will be a Q&A session.

謝謝。大家好，歡迎參加 51Talk 2025 年第三季財報電話會議。該公司業績報告已於今日稍早透過新聞專線發布，並已公佈在網路上。您可以造訪ir.51talk.com下載獲利新聞稿並註冊加入公司郵件清單。我們的執行長黃先生和財務長唐女士將首先發表事先準備好的演講。在發言結束後，將進行問答環節。

Before we continue, please note that the discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today.

在我們繼續之前，請注意，討論將包含根據 1995 年美國私人證券訴訟改革法案安全港條款作出的前瞻性陳述。前瞻性陳述涉及固有的風險和不確定性。因此，公司的實際業績可能與今天表達的觀點有重大差異。

Further information regarding this and other risks and uncertainties is included in the company's Form 20-F and other public filings as filed with the US Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required under the applicable law. Please also note that earnings press release and this conference call include discussion of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. 51Talk's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.

有關此項及其他風險和不確定性的更多信息，請參閱公司向美國證券交易委員會提交的 20-F 表格及其他公開文件。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。另請注意，獲利新聞稿和本次電話會議包含對未經審計的 GAAP 財務資訊以及未經審計的非 GAAP 財務指標的討論。51Talk 的新聞稿中包含未經審計的非 GAAP 指標與未經審計的最直接可比較 GAAP 指標的調整表。

I will now turn the call over to our CEO, Jack Huang. Jack, please go ahead.

現在我將把電話轉交給我們的執行長黃傑克。傑克，請繼續。

Okay. Thank you, David. Hello, everyone. Thank you very much for joining our conference call today. I am very pleased to report that the third quarter of 2025, represented another period of strong performance for our company.

好的。謝謝你，大衛。大家好。非常感謝您今天參加我們的電話會議。我非常高興地報告，2025 年第三季度，我們公司又迎來了一個業績強勁的時期。

The gross billings reached USD40.5 million, surpassing our previously issued guidance and demonstrating robust sequential growth of 42.1% quarter-over-quarter and triple-digit year-over-year growth of 104.6% Crucially, we achieved this rapid expansion while maintaining positive net operating cash flow, which further solidifies our cash position and stands as a testament to our disciplined execution.

總帳單金額達到 4,050 萬美元，超過了我們之前發布的預期，環比增長強勁，達到 42.1%，同比增長更是高達 104.6%。至關重要的是，我們在保持正淨經營現金流的同時實現了這一快速擴張，這進一步鞏固了我們的現金狀況，也證明了我們嚴謹的執行力。

Our active student base reached 112,600 during this quarter, marking a significant milestone as we surpassed 100,000 active students for the first time since we embarked on our global expansion strategy more than three years ago. We remain confident in both the substantial opportunity presented by the global market and our team's ability to execute our strategic vision and drive sustainable long-term value.

本季我們的活躍學生人數達到 112,600 人，這是一個重要的里程碑，因為自從三年多前我們啟動全球擴張策略以來，我們的活躍學生人數首次超過 10 萬人。我們對全球市場帶來的巨大機會以及我們團隊執行策略願景和創造可持續長期價值的能力仍然充滿信心。

As we enter the fourth quarter of 2025, we consolidate recent rapid growth and expand business momentum with existing and new clients. We continue to build bridges and enable our customers to exchange on a global stage as demonstrated by our recent participation in COP30 held in Brazil in November 2025.

進入 2025 年第四季度，我們將鞏固近期的快速成長，並透過與現有客戶和新客戶的合作，擴大業務發展勢頭。我們不斷搭建橋樑，使我們的客戶能夠在全球舞台上進行交流，正如我們最近參加 2025 年 11 月在巴西舉行的 COP30 所證明的那樣。

Our students from five countries participated in this event, demonstrating the increasingly diversified nature of our portfolio and our successful reach into new markets. We remain focused on executing our strategic priorities while maintaining disciplined capital allocation to drive long-term shareholder value.

來自五個國家的學生參加了這項活動，這表明我們的投資組合日益多元化，並成功拓展了新市場。我們將繼續專注於執行我們的策略重點，同時保持嚴格的資本配置，以推動股東的長期價值成長。

With that, I will now turn the call over to Cindy, our CFO.

接下來，我將把電話交給我們的財務長辛蒂。

Thank you, Jack. Now let me walk you through our third quarter financial details. Third quarter net revenues were USD26.3 million, an 87.5% increase from the same quarter last year, largely driven by the increase of active students with attended lesson consumption. Gross margin for the third quarter was 73.3%. Gross billings grew by 104.6% from the same quarter last year to USD40.5 million.

謝謝你，傑克。現在讓我帶您了解我們第三季的財務詳情。第三季淨收入為 2,630 萬美元，比去年同期成長 87.5%，主要得益於活躍學生人數的增加以及課程消費的增加。第三季毛利率為73.3%。總帳單金額較去年同期成長104.6%，達到4,050萬美元。

Q3 operating expenses were USD23.4 million, an increase of 97.9%, compared to the same quarter last year. Specifically, this has been driven by Q3, sales and marketing expenses of USD17.5 million, a 114.7% increase from the same quarter last year due to the rise in marketing and branding expenses resulting from intensified marketing and branding activities as well as higher sales personnel costs related to increases in the number of sales and marketing personnel.

第三季營運支出為 2,340 萬美元，比去年同期成長 97.9%。具體而言，這是由於第三季銷售和行銷費用達到 1,750 萬美元，比去年同期增加了 114.7%，原因是行銷和品牌推廣活動加強導致行銷和品牌推廣費用增加，以及銷售和行銷人員數量增加導致銷售人員成本上升。

Q3 product development expenses were USD1.6 million, an 87.8% increase from the same quarter last year. Finally, Q3 general and administrative expenses were USD4.3 million, a 52.5% increase from the same quarter last year. Overall, Q3 operating loss was USD4.2 million while net loss attributable to ordinary shareholders was USD4.8 million, a 428.9% and 669.4% increase from the same quarter last year, respectively.

第三季產品開發費用為 160 萬美元，比去年同期成長 87.8%。最後，第三季一般及行政費用為 430 萬美元，比去年同期成長 52.5%。整體而言，第三季營業虧損為 420 萬美元，歸屬於普通股股東的淨虧損為 480 萬美元，分別比去年同期成長 428.9% 和 669.4%。

Q3 GAAP and non-GAAP earning per ADS were negative USD0.8 and USD0.74 respectively. The company's total cash, cash equivalents and time deposits were USD36.6 million at the end of the third quarter. Advances from students was USD70.7 million at the end of the third quarter.

第三季以美國存託憑證 (ADS) 計算的 GAAP 和非 GAAP 每股盈餘分別為 -0.8 美元和 -0.74 美元。截至第三季末，該公司現金、現金等價物和定期存款總額為 3,660 萬美元。第三季末，學生預付款為7,070萬美元。

Looking forward to the fourth quarter of 2025, we currently expect the net gross billings to be between USD35 million and USD38 million. The above outlook is based on our current market conditions and reflect the company's current and preliminary estimates of the market and operating conditions and customer demand, which are all subject to change.

展望 2025 年第四季度，我們目前預計淨毛收入將在 3,500 萬美元至 3,800 萬美元之間。以上展望是基於我們當前的市場狀況，反映了公司對市場和營運狀況以及客戶需求的當前和初步估計，所有這些都可能發生變化。

This concludes our prepared remarks. We will now open the line for questions. Operator, please go ahead.

我們的發言稿到此結束。現在我們將開放提問通道。操作員，請開始。

(Operator Instructions)

（操作說明）

We have no questions at this time. I'd like to turn the call back over to the company for closing remarks.

目前我們沒有任何問題。我想把電話轉回給公司，請他們做總結發言。

Thank you once again for joining us today. If you have further questions, please contact 51Talk's Investor Relations through the contact information provided on our website.

再次感謝您今天蒞臨。如果您還有其他疑問，請透過我們網站上提供的聯絡資訊聯絡 51Talk 的投資者關係部門。

This concludes this conference call. You may now disconnect your lines. Thank you.

本次電話會議到此結束。現在您可以斷開線路了。謝謝。