Here Group Ltd (HERE) 2025 Q3 法說會逐字稿

Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to QuantaSing's earnings conference call. (Operator Instructions) Please note that today's event is being recorded.

女士們、先生們，早安、晚上好。感謝您的支持，歡迎參加 QuantaSing 的收益電話會議。（操作員指示）請注意，今天的活動正在被記錄。

I will now turn the conference over to Ms. Leah Guo, Investor Relations Director of the company. Please go ahead, ma'am.

現在，我將會議交給公司投資人關係總監 Leah Guo 女士。請繼續，女士。

Thank you. Hello, everyone, and welcome to QuantaSing's earnings call for the third quarter of fiscal year 2025. With us today are Mr. Peng Li, our Founder, Chairman and CEO; and Mr. Tim Xie, our CFO.

謝謝。大家好，歡迎參加 QuantaSing 2025 財年第三季財報電話會議。今天與我們一起的有我們的創始人、董事長兼首席執行官李鵬先生和我們的首席財務官謝廷先生。

Mr. Li will provide a business overview for the quarter, then Peng will discuss the financials in more detail. Following their prepared remarks, Mr. Li and Tim will be available for the Q&A session. I will translate for Mr. Li.

李先生將提供本季度的業務概況，然後彭將更詳細地討論財務狀況。在發表準備好的發言後，李先生和提姆將參加問答環節。我將為李先生翻譯。

You can refer to our quarterly financial results on our IR website at ir.quantasing.com. You can also access a replay of this call on our IR website when it becomes available a few hours after its conclusion.

您可以造訪我們的投資者關係網站 ir.quantasing.com 查看我們的季度財務表現。您也可以在會議結束後幾小時在我們的投資者關係網站上觀看本次電話會議的重播。

Before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which also applies to this call, as we will be making forward-looking statements. Please note that all numbers stated in the following management's prepared remarks are in RMB terms, and we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported in our earnings release and filings with the SEC.

在我們繼續之前，我想請您參閱我們收益新聞稿中的安全港聲明，該聲明也適用於本次電話會議，因為我們將做出前瞻性陳述。請注意，以下管理層準備的評論中所述的所有數字均以人民幣計算，我們今天將討論非公認會計準則指標，這些指標將得到更徹底的解釋，並與我們的收益報告和向美國證券交易委員會提交的文件中報告的最具可比性的指標相協調。

I will now turn the call over to the CEO and Founder of QuantaSing, Mr. Li.

現在我將把電話轉給 QuantaSing 的執行長兼創辦人李先生。

Okay. Good morning, everyone. Thank you for joining us Q3 2025 earnings call. I'm pleased to share an update on our performance and strategic direction, as we continue our transformation journey.

好的。大家早安。感謝您參加我們的 2025 年第三季財報電話會議。在我們繼續轉型之旅之際，我很高興與大家分享我們業績和策略方向的最新情況。

This quarter marked a significant milestone in our evolution. We achieved revenue of RMB570.7 million. This reflects our ongoing strategic shift from traffic-driven to product-driven business models. More importantly, we completed the consolidation of (inaudible) on March 31. This positions us at the forefront of the high-growth (inaudible) market.

本季是我們發展歷程中的重要里程碑。實現營業收入5.707億元。這反映了我們正在進行的從流量驅動到產品驅動的商業模式的策略轉變。更重要的是，我們在 3 月 31 日完成了（聽不清楚）的合併。這使我們處於高成長（聽不清楚）市場的前沿。

I should note that our Q3 results includes only balance sheet consolidation from this acquisition. Profit consolidation began on April 1 and will be reflected in our Q4 results.

我應該指出，我們的第三季業績僅包括此次收購的資產負債表合併。利潤合併於 4 月 1 日開始，並將反映在我們的第四季業績中。

Before I discuss our existing new winter, let me update you about our existing businesses. They continue to demonstrate the strength of our disciplined approach to growth. We maintain strict ROI assessment across all results allocation decisions.

在討論我們現有的新冬季之前，讓我先向您介紹我們現有的業務。它們繼續展現出我們嚴謹的成長方式的力量。我們對所有結果分配決策都保持嚴格的投資報酬率評估。

This ensures we invest promptly in promising opportunities while maintaining financial discipline. In our financial literacy program, our offerings remain well received by users. We expanded our community out search -- outreach with three major financial anti-fraud education initiatives this quarter.

這確保我們在保持財務紀律的同時及時投資有前景的機會。在我們的金融知識普及計畫中，我們提供的服務一直受到使用者的歡迎。本季度，我們透過三項主要的金融反詐欺教育措施擴大了社區搜尋範圍。

These programs not only fulfill our social responsibility commitments but also strengthen our brand presence among the general public and the broader society. Our senior focused recreation and leisure classes continue to excel with strong retention rates.

這些項目不僅履行了我們的社會責任承諾，也加強了我們在公眾和更廣泛社會中的品牌影響力。我們針對老年人的娛樂和休閒課程持續表現出色，保留率很高。

Particularly noteworthy is our calligraphy program, which has achieved repeat purchase rate exceeding 55%. We also developed an innovative combination of online learning and offline graduation trips, successfully delivering our first trip to over 60 participants with a 100% satisfaction rate.

尤其值得一提的是我們的書法項目，重複購買率已超過55%。我們也創新地將線上學習與線下畢業旅行結合，首次成功舉辦，參加人數超過60人，滿意度達100%。

Our second cohort of over 50 participants demonstrates the growing demand for this integrated approach. Building on this success, the fixed annual (inaudible) category competition attracts over 800 participants. Selected works were featured at national education events in Beijing's (inaudible) District.

我們的第二批參與者超過 50 名，這表明對這種綜合方法的需求日益增長。基於這項成功，每年固定的（聽不清楚）類別比賽吸引了 800 多名參賽者。入選作品在北京（聽不清楚）區的國家教育活動中展出。

Expanding beyond calligraphy, our study tour business now spans 16 cities across four cost categories. We delivered over 60 sessions. Early presales for our 2025 tour packages generated a strong initial response. This validates strong market demand for our integrated approach.

我們的遊學業務已擴展到書法以外的領域，目前已涵蓋 16 個城市，涵蓋四個費用類別。我們舉辦了 60 多場會議。我們的 2025 年旅遊套餐的早期預售獲得了強烈的初步反響。這證實了市場對我們綜合方法的強勁需求。

Meanwhile, our health and wellness products business through (inaudible) continues to deliver stable performance, while serving senior customers with expanding (inaudible) of tailored products and services, enhancing our revenue diversification and deepening engagement with the key cohort.

同時，我們的健康和保健產品業務透過（聽不清楚）繼續提供穩定的業績，同時為老年客戶提供不斷擴大的（聽不清楚）客製化產品和服務，增強我們的收入多樣化並深化與關鍵群體的接觸。

Our existing business continued to generate positive cash flow, providing a solid foundation for our strategic expansion. The solid performance in our existing business stems from a fundamental philosophy. This philosophy has guided us throughout our history. We identify promising market opportunities through careful analysis and this preplanned execution.

現有業務持續產生正現金流，為策略擴張奠定了堅實的基礎。我們現有業務的穩健表現源自於一個基本理念。這一哲學始終指導著我們的歷史。我們透過仔細的分析和預先計劃的執行來發現有前景的市場機會。

Our proven formula combines through market evaluation (inaudible) scale methodology and data-driven decision making. What sets us apart is our commitment to sustainable growth. We build on broad strength and product excellence rather than traffic-driven models. We have true long-term value creation comes from developing core competitions.

我們經過驗證的公式結合了市場評估（聽不清楚）規模方法和數據驅動的決策。我們的獨特之處在於我們對永續成長的承諾。我們建立在廣泛的實力和卓越的產品之上，而不是流量驅動的模式。我們真正的長期價值創造來自於發展核心競爭力。

There are in product development and brand building. This approach ensures more stable, sustainable growth. Compares to businesses, we line primarily our marketing expenditures. This disciplined approach has preserved our robust cash position. It enables us to capitalize on strategic opportunities like the (inaudible) acquisition, while maintaining financial resilience.

還有產品開發和品牌建立。這種方法確保了更穩定、可持續的成長。與企業相比，我們主要關注的是行銷支出。這種嚴謹的做法使我們的現金狀況保持強勁。它使我們能夠利用（聽不清楚）收購等策略機遇，同時保持財務彈性。

We continually evaluate all our business lines based on ROI performance and the strategic fit. This ensures optimal results allocation. This brings us to our most significant strategic move this year. Our entry into the (inaudible) market represents nature evolution of our strategic philosophy.

我們根據投資報酬率表現和策略契合度不斷評估所有業務線。這確保了最佳結果分配。這是我們今年最重要的策略舉措。我們進入（聽不清楚）市場代表著我們戰略理念的自然演變。

Let me share why this market captured our attention. According to Frost & Sullivan, the global toy market is massive and is expanded to experience steady growth in the future. In terms of GMV, the global toy market grew at CAGR of 5.2% from RMB631.2 billion in 2019 to RMB773.1 billion in 2023, and it is expected to further growth at CAGR of 5.1% to reach RMB1,993.7 billion in 2028.

讓我來分享為什麼這個市場吸引了我們的注意。根據Frost & Sullivan的調查，全球玩具市場規模龐大，未來將持續穩定成長。以GMV計算，全球玩具市場由2019年的6,312億元成長至2023年的7,731億元人民幣，複合年增長率為5.2%，預計到2028年將進一步增長至19,937億元人民幣，複合年增長率為5.1%。

The (inaudible) toy business exemplifies our product-driven growth strategy with success factors such as premium IP quality, innovative product design and sustained investment in IP cultivation and operations well amplified through precision marketing and operational strategies. The fundamentals collectively forge enduring brand loyalty and long-term IP vitality.

(聽不清楚) 玩具業務體現了我們以產品為導向的成長策略，其成功因素包括優質的 IP 品質、創新的產品設計以及對 IP 培育和營運的持續投資，並透過精準的行銷和營運策略得到充分放大。這些基本要素共同打造了持久的品牌忠誠度和長期的智慧財產權活力。

After careful market evaluation, we identified (inaudible) as an ideal platform to enter this high-growth market. What made this partnership so compelling was how product development expertise perfectively complements our strength in market operations.

經過仔細的市場評估，我們認為（聽不清楚）是進入這個高成長市場的理想平台。這次合作之所以如此引人注目，是因為產品開發專業知識完美地補充了我們在市場營運方面的優勢。

This creates powerful synergies. This one has demonstrated excellence in IP development and design intelligence. This perfectly complements our established competencies in marketing and operations ecosystems. Private traffic moment station and the omni-channel commerce together, we create a complete value chain from IP creation to monetization. I'm pleased to report that we are already seeing promising results since our management team began executing growth strategy in December 2024.

這產生了強大的協同效應。這款產品在 IP 開發和設計智慧方面表現出色。這完美地補充了我們在行銷和營運生態系統方面已建立的能力。私域流量時刻站與全通路商業結合，打造從IP創造到貨幣化的完整價值鏈。我很高興地報告，自從我們的管理團隊於 2024 年 12 月開始執行成長策略以來，我們已經看到了令人鼓舞的成果。

Let me walk you through our two-pillar approach to building this business. Starting with product excellence and brand development. has built strong IP metrics. This features popular characters such as WAKUKU, ZIYULI, FUNII, FIILA, and PIDOL. Among other distinctive since our investment in December 2024, we've focused on operating IP WAKUKU.

讓我向您介紹一下我們建立這項業務的雙支柱方法。從產品卓越性和品牌發展開始，已經建立了強大的 IP 指標。其中包括 WAKUKU、ZIYULI、FUNII、FIILA 和 PIDOL 等熱門角色。自 2024 年 12 月投資以來，我們一直專注於營運 IP WAKUKU。

This was incubated in 2024 and achieved excellent market performance in Q1 2025. The market validation has been remarkable. Our WAKUKU released on March 29, achieved the second high single day sales record in our key distributor partners Beijing flagship store history.

該計畫於2024年孵化，並於2025年第一季取得了優異的市場表現。市場驗證十分顯著。我們的WAKUKU於3月29日上市，創下了我們主要經銷商合作夥伴北京旗艦店歷史上第二高的單日銷售紀錄。

This tractional performance demonstrated both our market strategy and innovation capabilities. Built on this momentum, the launch of second-generation WAKUKU Series, the Fox and Bunny treat collection on May 11 at a key distribution partner locations in Shanghai and Nanjing achieved record-breaking single day sell side, our flagship partner store in Shanghai.

這一出色的表現證明了我們的市場策略和創新能力。在此勢頭的基礎上，5 月 11 日，第二代 WAKUKU 系列、狐狸和兔子零食系列在上海和南京的主要分銷合作夥伴門市推出，創下了單日銷售記錄，這在我們位於上海的旗艦合作夥伴店尤為明顯。

This performance highlights our products' strong customer appeal in China's premium urban markets, including major economic hubs and their rapidly developing counterparts. The subsequent online release on May 20 on leading Chinese customer platforms generated immediate purchase momentum with impressive sales figures and sustained growth in user engagement and organic content creation.

這項業績凸顯了我們的產品在中國高端城市市場（包括主要經濟中心及其快速發展的城市）的強大客戶吸引力。隨後，該系列於 5 月 20 日在中國領先的消費者平台上線發布，立即帶來了購買動力，銷售數字令人印象深刻，用戶參與度和有機內容創作持續增長。

WAKUKU has built breakout cultural momentum through its distinctive design and aesthetic appeal. The brand has earned endorsements from A-list celebrities. Today, artist, actors and athletes are showing -- are showcasing WAKUKU products. This approach is driving deep engagement and user-generated content, UGC, across social media platforms. What makes this even more impressive is WAKUKU which has now surpassed the 1 billion organic in presence across digital platforms.

WAKUKU 憑藉其獨特的設計和美學吸引力，建立了突破性的文化勢頭。該品牌已獲得一線明星的代言。今天，藝術家、演員和運動員正在展示 WAKUKU 產品。這種方法正在推動社群媒體平台上的深度參與和用戶生成內容 (UGC)。更令人印象深刻的是 WAKUKU，其在數位平台上的自然用戶數量現已超過 10 億。

Another significant IP in our portfolio has made significant strides in establishing itself as a culturally relevant IP through a variety of initiatives, such as partnering with temporary luxury women's wear brand to create a limited addition within our stores.

我們投資組合中的另一個重要 IP 透過各種舉措，在將自己確立為具有文化相關性的 IP 方面取得了重大進展，例如與臨時奢侈女裝品牌合作，在我們的商店內推出限量版產品。

This were launched through exclusive events at prestigious locations in Beijing and SKP in Xian. This collaboration significantly evaluated the IP's artistic credentials. Additionally, our groundbreaking blue and white has successfully bridged the gap between heritage and modernity. We will first cultural heritage with contemporary aging collectables and lifestyle products that bring a traditional craftmanship to modern customers.

該活動透過在北京著名場所和西安 SKP 舉辦的獨家活動推出。此次合作大幅評估了IP的藝術資格。此外，我們開創性的藍白搭配成功地彌合了傳統與現代之間的差距。我們將首先透過當代收藏品和生活風格產品傳承文化，為現代顧客帶來傳統工藝。

Moving to our second pillar, distribution and market expansion. We are employment comprehensive omnichannel strategy. We are exploring innovative direct-to-customer retail formats through expansional pop-ups and I'm excited to share some progress.

轉向我們的第二個支柱，分銷和市場擴張。我們採用全面的全通路策略。我們正在透過擴展彈出視窗探索創新的直接面向客戶的零售形式，我很高興分享一些進展。

Our first pop-up store debuted on May 24 at Beijing City, consistently ranked among the capital's most visited shopping destinations. This isn't just a retail place, it's an immersive space that brings together four key elements: Cultured IP integrated art installations, exclusive product shops and social sharing environment.

我們的第一家快閃店於 5 月 24 日在北京市開業，該店一直位列首都最受歡迎的購物目的地之一。這不僅僅是一個零售場所，而是一個融合了四個關鍵元素的沉浸式空間：文化IP綜合藝術裝置、專屬產品商店和社交共享環境。

At the same time, we attracted semi-IP showcase at Beijing Lifestyle Shopping Park. As of our earnings disclosure date. has established the sections in key distribution partner stores across multiple core commercial districts nationwide. We have completed product coverage and standard like a display pallets in key cities and major commercial areas, will initially formed a national network of offline consumer touch points and presence.

同時，在北京生活購物公園引入半IP展示。截至我們的獲利揭露日，已在全國多個核心商業區的主要分銷合作夥伴商店設立了專區。我們已經在重點城市和主要商業區域完成了產品覆蓋和標準化展示托盤，將初步形成全國性的線下消費者接觸點和存在網絡。

Simultaneously, we enhancing our online capabilities to empower Letsvan. Our multi-platform approach now includes self-operated channels on social media platforms, which are driving a strong initial response and encouraging user-generated content engagement.

同時，我們增強線上能力，為 Letsvan 賦能。我們的多平台方法現在包括社交媒體平台上的自營管道，這些管道正在推動強勁的初步反應並鼓勵用戶生成內容的參與。

Looking beyond China, we are expanding internationally with new in Indonesia, Thailand and Malaysia. Our collaboration on June 2 with key distribution partners at their Bangkok flagship store marks significant step in our global partnership strategy and our first international offline pop up. In Southeast China, we are partnering with top-tier local influencers, generating buzz and sales through social platforms, which is boosting brand awareness in the region.

放眼中國以外，我們正在向國際擴張，新進軍印尼、泰國和馬來西亞。6 月 2 日，我們與主要分銷合作夥伴在其曼谷旗艦店展開合作，標誌著我們全球合作夥伴策略邁出的重要一步，也是我們首次在國際線下快閃店開業。在中國東南部，我們與當地頂級影響力人士合作，透過社群平台引發關注和促進銷售，從而提升該地區的品牌知名度。

Moving forward, we will focus on advancing our IP-driven products international expansion plan to strengthen our presence in global markets and enhance our content and product reach. Our first international collaboration demonstrates both the global appeal of our IP portfolio and our systematic approach to international expansion. I know many of you have questions about potential risks to the long-term viability of the pop toy industry.

展望未來，我們將專注於推進我們的 IP 驅動產品的國際擴張計劃，以加強我們在全球市場的存在並增強我們的內容和產品影響力。我們的首次國際合作既展示了我們的智慧財產權組合的全球吸引力，也展示了我們系統性的國際擴張方法。我知道你們中的許多人都對流行玩具產業長期生存的潛在風險有疑問。

Let me address the key concerns we are hearing from investors. The reason we are confident in the long-term availability of this country, industry comes down to fundamental customer behavior shifts. Pop toys have become powerful vehicles for self-expression, particularly among millennials and Gen Z. The sector has proven resilient with key players sustaining strong growth even in economic downturns.

讓我來談談投資人提出的主要擔憂。我們對這個國家產業的長期可用性充滿信心的原因在於根本的客戶行為轉變。流行玩具已成為自我表達的有力工具，尤其是在千禧世代和 Z 世代。事實證明，該行業具有韌性，即使在經濟低迷時期，主要參與者仍保持強勁成長。

This stems from the industry's collector-driven model and accessible pricing which foster lasting engagement. Today's consumer is increasing emotional value over pure functionality. They are seeking comfort identity formation and connection through their purchases. And the pop toys deliver exactly that.

這是因為該行業的收藏家驅動模式和可承受的定價促進了持久的參與。現今的消費者更重視情感價值而非單純的功能性。他們透過購買尋求舒適的身份形成和聯繫。而流行玩具正是滿足了這一點。

As we look to the future, Q4 will reflect full consolidation of Letsvan's operations, giving a clearer visibility into our combined performance potential. While maintaining steady operations in existing businesses, we are fairly accelerating pop toy business growth through dedicated teams and strategic results allocation. All of this is guided by a consistent ROI tracking to ensure that we maximize returns on every investment.

展望未來，第四季將反映 Letsvan 業務的全面整合，從而更清楚地了解我們的綜合業績潛力。在維持現有業務穩健營運的同時，透過專業團隊和策略性成果分配，大力推動彈性玩具業務成長。所有這些都由一致的投資回報率追蹤指導，以確保我們從每項投資中獲得最大回報。

Our proven test and scale approach remains key. We expect positive cash flow. Though we anticipate some near-term profit volatility as we continue to optimize and scale our options. Beyond all operational strategies and the market tactics what truly matters for long-term success are two key elements: product excellence and brain power. These are essential for fueling sustainable growth and delivering long-term value to shareholders.

我們經過驗證的測試和擴展方法仍然是關鍵。我們預計現金流為正。不過，隨著我們不斷優化和擴大選擇範圍，我們預期短期內利潤會出現一些波動。除了所有營運策略和市場策略之外，真正對長期成功至關重要的是兩個關鍵要素：產品的卓越性和智力。這些對於促進永續成長和為股東創造長期價值至關重要。

Thank you for supporting our transformation journey. We are excited about the road ahead, and we'll keep you updated on our progress. I will now turn it over to Tim for a detailed review of our financial results. Thank you, everyone.

感謝您對我們轉型之旅的支持。我們對未來的道路充滿期待，並將隨時向您通報我們的進展。現在我將把責任交給提姆，讓他詳細審查我們的財務結果。謝謝大家。

Thank you. Before I go into the details of our financial results, please note that all amounts are in RMB terms, that the reporting period is the third quarter of fiscal year 2025, ending on June 30, 2025, and that in addition to GAAP measures, we'll also be discussing non-GAAP measures to provide greater clarity on the trends in our actual operations.

謝謝。在詳細介紹我們的財務表現之前，請注意，所有金額均以人民幣計算，報告期為2025財年第三季度，截至2025年6月30日，除了GAAP指標外，我們還將討論非GAAP指標，以便更清楚地了解我們實際運營的趨勢。

In March, we completed the acquisition of a 61% equity stake in Shenzhen Yiqi Culture, also known as Letsvan, for total cash consideration of RMB235 million through a multistep transaction. We began consolidating Letsvan results into our financial starting April 1, and then assets and liabilities have been included at fair value in our consolidated balance sheet as of March 31.

今年3月，我們透過多步驟交易，以現金總對價人民幣2.35億元完成了對深圳一奇文化（又稱Letsvan）61%股權的收購。我們從 4 月 1 日開始將 Letsvan 的業績合併到我們的財務報表中，然後資產和負債已按公允價值計入截至 3 月 31 日的合併資產負債表中。

Please note that the income statement discussion that follows does not include Letsvan's operating results for the quarter. For the third quarter of fiscal year 2025, our total revenues were RMB570.7 million, representing a 39.6% decrease year-over-year. This reflects our deliberate approach to business development. as we transition from traffic-driven growth to high-quality growth.

請注意，接下來的損益表討論不包括 Letsvan 本季的經營業績。2025財年第三季度，我們的總營收為人民幣5.707億元，年減39.6%。這體現了我們深思熟慮的業務發展方式，即從流量驅動型成長向高品質成長轉型。

Among our revenues, individual online learning services generated revenues of RMB467.2 million accounting for 81.9% of total revenues. This business line continues to operate effectively, generating steady cash flow that supports our strategic initiatives.

在我們的收入中，個人線上學習服務創造了4.672億元的收入，佔總收入的81.9%。該業務線繼續有效運營，產生穩定的現金流，支持我們的策略舉措。

Our gross billings from individual online learning services were RMB515.6 million, representing a decline of 47.5% year-over-year. We view this as a natural progression during strategic transformation of our product mix. Revenues from enterprise services were RMB48.1 million, a decline of 26.1% from a year ago and representing 8.4% of total revenues. The decline was mainly due to fewer marketing services for enterprise customers.

我們個人線上學習服務的總開票收入為人民幣5.156億元，年減47.5%。我們認為這是我們產品結構策略轉型過程中的自然過程。企業服務收入為人民幣4,810萬元，較去年同期下降26.1%，佔總收入的8.4%。下降的主要原因是針對企業客戶的行銷服務減少。

Revenues from our customer -- consumer business were RMB48.7 million, down slightly from RMB49.4 million a year ago. The slight change was primarily attributable to the decline in revenue, partially offset by a modest increase in products revenue.

我們的客戶－消費者業務收入為人民幣4,870萬元，較去年同期的人民幣4,940萬元略有下降。這一輕微變化主要歸因於收入下降，但產品收入的小幅成長部分抵消了這一下降。

And finally, revenues from Others was RMB6.7 million, up significantly from RMB3 million in the same period last year, primarily due to revenue from the company's newly initiated business. Gross profit for the quarter was RMB474.2 million with a gross margin of 83.1% compared to 84.6% in the same period last year.

最後，其他業務收入為670萬元人民幣，較去年同期的300萬元大幅成長，主要得益於公司新開展的業務收入。本季毛利為人民幣4.742億元，毛利率為83.1%，去年同期為84.6%。

This margin change reflects our strategic shift towards more product-focused offerings, which naturally carry a different cost structure. On the operational front, we continue to prioritize effective cost management, while investing in our strategic initiatives.

利潤率的變化反映了我們向更注重產品的產品策略轉變，這自然會帶來不同的成本結構。在營運方面，我們繼續優先考慮有效的成本管理，同時投資於我們的策略性舉措。

Total operating expenses were RMB441.1 million, a decrease of 45.2% from RMB804.9 million in the same period of last year. To break this down, sales and marketing expenses decreased by 45.8% to RMB395.2 million, primarily due to reductions in marketing and promotion expenses, labor outsourcing costs and staff costs.

總營業費用為人民幣4.411億元，較去年同期的人民幣8.049億元下降45.2%。具體而言，銷售及行銷費用下降45.8%至人民幣3.952億元，主要由於行銷及推廣費用、勞務外包成本及員工成本的減少。

As a percentage of total revenue, non-GAAP sales and marketing expenses, which exclude share-based compensation, decreased to 69.1% from 76.9% a year ago. Research and development expenses declined by 46.2% to RMB20.9 million, reflecting our focused approach to product development and decreased staff costs.

非公認會計準則銷售和行銷費用（不包括股權激勵費用）佔總收入的百分比從一年前的 76.9% 下降至 69.1%。研發費用下降46.2%至人民幣2,090萬元，反映我們專注於產品開發並降低員工成本。

As a percentage of total revenue, non-GAAP R&D expenses, which exclude share-based compensation, decreased to 3.6% from 3.7% a year ago. General and administrative expenses decreased by 31.2% to RMB25 million, mainly due to lower staff costs and subsequent decline in share-based compensation expenses, as a percentage of total revenue.

非公認會計準則研發費用（不包括股權激勵）佔總收入的百分比從一年前的 3.7% 降至 3.6%。一般及行政開支減少31.2%至人民幣2,500萬元，主要由於員工成本降低以及隨之而來的股權激勵費用佔總收入的比例下降。

Non-GAAP G&A expenses, which exclude share-based compensation, is 3.9% compared to 3% a year ago. We achieved a net income of RMB41.1 million, representing a net margin of 7.2%. Despite the decline in revenues, our adjusted net income, which excludes share-based compensation, was RMB37.8 million, representing an adjusted net margin of 6.6%.

非公認會計準則一般及行政開支（不含股權激勵費用）為 3.9%，去年同期為 3%。實現淨利4110萬元，淨利率為7.2%。儘管收入下降，但我們的調整後淨收入（不包括股權激勵費用）為人民幣 3,780 萬元，調整後淨利潤率為 6.6%。

Basic and diluted net income per share were both RMB0.25 during the quarter. Adjusted basic and diluted net income per share were both RMB0.23 during the quarter. Regarding our balance sheet position. As of March 31, 2025, we held RMB1,134.9 million in cash and cash equivalents, restricted cash and short-term investments, representing an increase of RMB108.6 million from RMB1,022.3 million as of June 30, 2024.

本季每股基本淨利和稀釋淨利均為0.25元人民幣。本季調整後每股基本淨利和稀釋淨利均為0.23元人民幣。關於我們的資產負債表狀況。截至 2025 年 3 月 31 日，我們持有現金及現金等價物、限制性現金及短期投資人民幣 11.349 億元，較截至 2024 年 6 月 30 日的人民幣 10.223 億元增加人民幣 1.086 億元。

This enhanced liquidity position demonstrates our ability to generate cash in this period of transition and our financial foundation remains robust, as we forge ahead with our strategic evolution.

流動性狀況的增強顯示我們有能力在過渡時期產生現金，而且隨著我們繼續推動策略變革，我們的財務基礎仍然穩健。

Looking ahead, our disciplined capital allocation, strong cash generation capabilities and ROI-focused assessment methodology provide us with a solid foundation during this formative phase in our business. As we move into the next quarter, our financials will provide greater visibility into the results of our strategic transformation as we'll be consolidating Letsvan's operating results for a full quarter period.

展望未來，我們嚴謹的資本配置、強大的現金創造能力以及以投資回報率為重點的評估方法為我們業務的形成階段奠定了堅實的基礎。隨著進入下一季度，我們的財務狀況將更加清晰地顯示我們的策略轉型成果，因為我們將整合 Letsvan 整個季度的經營業績。

Our strategic resource will allocation away from traffic-driven businesses and improved operational focus give us confidence in our ability to execute. We remain committed to maintaining our robust financial position. and transparent communication with our shareholders as we progress in our strategic evolution.

我們的策略資源將從流量驅動型業務中轉移，而營運重點的改善將使我們對執行能力充滿信心。隨著我們策略轉型的不斷推進，我們將繼續致力於保持穩健的財務狀況，並與股東進行透明的溝通。

That concludes my prepared remarks. Operator, let's open up the call for questions. Thank you.

我的準備好的發言到此結束。接線員，讓我們開始提問吧。謝謝。

(Operator Instructions) Michael Kim, Zacks.

（操作員指示）Michael Kim，Zacks。

Great. First, just curious if you could speak a bit more to the strategic vision for Letsvan and just how you plan to leverage the company's marketing expertise to enhance growth going forward?

偉大的。首先，我只是好奇您是否可以再多談談 Letsvan 的策略願景，以及您計劃如何利用公司的行銷專業知識來促進未來的成長？

Yes, sure. Thank you for your question. I will answer in Chinese. (spoken in foreign language)

是的，當然。感謝您的提問。我會用中文回答。（用外語說）

(interpreted) Since its launch in 2020, Letsvan has built its presence across global artist discovery, IP incubation and management, copyright commercialization, pop toy culture and related industry investments. Our goal is to become a global leader in IP and cultural innovation as well as a top player in the pop toy industry.

(翻譯)Letsvan自2020年成立以來，業務範圍涵蓋全球藝人發掘、IP孵化與管理、版權商業化、潮玩文化及相關產業投資。我們的目標是成為全球IP及文化創新的領導者，成為潮玩產業的領導者。

Leverage investments established IP portfolio and proven operational expertise in pop toys, QuantaSing will drive Letsvan's omnichannel expansion. We will share our fundamental capabilities, particularly in our team's expertise in corporate leadership, business operations, digital infrastructure development and user growth to bridge online and offline retail channels. Our collaboration will establish a complete ecosystem, spanning IP development through immersive consumer experiences.

利用投資成熟的智慧財產權組合和在流行玩具領域經過驗證的營運專業知識，QuantaSing 將推動 Letsvan 的全通路擴張。我們將分享我們的基本能力，特別是我們團隊在企業領導、業務營運、數位基礎設施開發和用戶成長方面的專業知識，以連接線上和線下零售通路。我們的合作將建立一個完整的生態系統，涵蓋 IP 開發和沈浸式消費者體驗。

This collaboration represents modern resource consolidation is powered by the QuantaSing's two core competencies honed in adult online learning that translate perfectly into pop toys. First, our data-driven marketing approach lets us precisely target consumers using our proven brand management system, creating comprehensive brand impact.

此次合作體現了現代資源整合，以 QuantaSing 在成人線上學習領域磨練出的兩大核心競爭力為支撐，完美轉化為流行玩具。首先，我們採用數據驅動的行銷方法，利用成熟的品牌管理系統精準定位消費者，創造全面的品牌影響力。

Second, with our extensive community management expertise, we will enhance user experience to drive community engagement and loyalty through fully integrating product development, operations and marketing capabilities, we're confident that we will successfully upgrade its brand, while expanding its business in the pop toy market.

第二，憑藉我們豐富的社群管理專業知識，我們將透過全面整合產品開發、營運和行銷能力來提升用戶體驗，從而推動社群參與度和忠誠度，我們有信心成功升級其品牌，同時擴大其在流行玩具市場的業務。

To be specific, we will cultivate world-class operational competencies across the following dimensions to ensure flawless execution and tangible business outcomes. The first is our original IP incubation. We've developed a systematic IP cultivation framework and methodology that identified emerging cultural trends, execute targeted creation development and implement rapid market validation. This data-informed approach has already used 10 distinctive IP assets as of March 2025.

具體來說，我們將在以下幾個方面培養世界一流的營運能力，以確保完美的執行和實際的業務成果。第一是我們的原創IP孵化。我們開發了系統性的 IP 培育框架和方法，以識別新興的文化趨勢、執行有針對性的創作開發並實施快速的市場驗證。截至 2025 年 3 月，這種資料驅動的方法已經使用了 10 種獨特的 IP 資產。

Second is holistic product innovation strategy cutting-edge with artistic integrity, translating to consumer insights into market-defining IP products, qualifying the cornerstone of our enduring IP ecosystem. Third is our IP influence expansion initiative. We'll run a smart social network, connect online-offline channel smoothly and launch creative campaigns creating a complete promotion route that keeps our IP pop and trending.

第二是具有藝術完整性的前沿整體產品創新策略，將消費者洞察轉化為定義市場的 IP 產品，奠定我們持久 IP 生態系統的基石。第三是我們的IP影響力擴大措施。我們將經營智慧社交網絡，順暢連結線上線下管道，進行創意活動，打造完整的推廣路線，讓我們的IP保持流行與趨勢。

Fourth is end-to-end supply chain optimization. We team up with the faster factories in the business, building strong partnerships to build top quality products. We're always finding ways to speed up production and improve quality, so we can keep up with what consumers want.

第四是端到端供應鏈優化。我們與業界速度更快的工廠合作，建立強大的合作關係，打造最優質的產品。我們一直在尋找加快生產速度和提高品質的方法，以便滿足消費者的需求。

Fifth and finally is our omnichannel growth strategy. We are tied with trusted distributors while rolling out our own direct sales channel both online stores and physical retail stores to build a complete flexible sales network. Our IP pop toys business runs as one complete system, we always put products first, constantly improving how we work to quickly boost last Letsvan's performance and bringing fresh energy into the industry.

第五，也是最後一點，是我們的全通路成長策略。我們與值得信賴的經銷商合作，同時推出自己的直銷管道，包括網路商店和實體零售店，以建立完整且靈活的銷售網路。我們的IP彈珠玩具業務是一個完整的體系，我們始終把產品放在第一位，不斷改進工作方式，快速提升Letsvan的業績，為產業注入新的活力。

Okay, that's all for the questions. Thank you.

好的，問題就到這裡。謝謝。

Great. That's very helpful. And then just maybe to follow up, any sense of what the current sales mix for Letsvan looks like just in terms of products, IP, channels or maybe geographies?

偉大的。這非常有幫助。然後也許只是為了跟進，您是否了解 Letsvan 目前的銷售組合在產品、IP、通路或地理方面是什麼樣的？

Michael, I'll take your question. Yes, that's a good question. I think just as mentioned by Matt, our Chairman and CEO, just now, as of end of this quarter, Letsvan has already created 10 original IPs. Since our investment in Letsvan in December last year, we are focusing this year on building two to three standout IP-based pop toy products to establish our brand in the market.

邁克爾，我回答你的問題。是的，這是個好問題。我想正如我們董事長兼執行長馬特剛才提到的，截至本季末，Letsvan 已經創建了 10 個原創 IP。自去年12月投資Letsvan以來，我們今年的重點是打造兩到三款出色的基於IP的流行玩具產品，以在市場上建立我們的品牌。

We are growing our IP portfolio through continuous in-house development and licensing, third-party IPs constantly upgrading both our product quality and business scale. Letsvan has strong IP development capabilities and well established partnerships with major pop toy retailers.

我們透過持續的內部開發和授權來擴大我們的IP組合，第三方IP不斷提升我們的產品品質和業務規模。Letsvan擁有強大的IP開發能力，並與各大流行玩具零售商建立了良好的合作關係。

This year, we are doubling down on these relationships, working closely with key partners to launch hit IP products through co-marketing and joint operations. This approach should we boost both brand recognition and sales performance this year.

今年，我們加倍加強這些關係，與主要合作夥伴密切合作，透過聯合行銷和聯合營運推出熱門 IP 產品。這種方法應該可以提高我們今年的品牌知名度和銷售表現。

And also, we are rapidly expanding pop toy IP lineup while building our own retail network, both online and offline. Our successful pop-up store at Beijing (inaudible) Beijing that launched in May last month proved the model. And based on its strong performance metrics, we are now accelerating the rollout of more branded stores.

此外，我們正在迅速擴大流行玩具IP陣容，同時建立自己的線上和線下零售網路。我們上個月在北京（聽不清楚）開設的快閃店取得了成功，證明了這個模式。基於其強勁的業績指標，我們目前正在加速推出更多品牌商店。

We expect our direct retail sales to grow significantly through late 2025 and into 2026. Concurrently, we are optimizing our omnichannel online operations by integrating social media traffic, e-commerce platform resources and proprietary online channels to create a seamless integrated online to off-line marketing ecosystem.

我們預計，到 2025 年底至 2026 年，我們的直接零售額將大幅成長。同時，我們正在透過整合社交媒體流量、電子商務平台資源和自有線上管道來優化全通路線上運營，以創建無縫整合的線上到線下行銷生態系統。

From a regional perspective, currently, Mainland China remains our primary revenue source. We are -- we have begun expanding internationally this year, especially since the acquisition and consolidation of the business, launching in Southeast Asia and laying the groundwork for North America. We are committed to growing globally. And while 2025 marks our first step overseas, we expect our geographic mix -- sales mix to become more diverse in the coming years. Thank you.

從區域角度來看，目前中國大陸仍是我們主要的收入來源。我們今年已經開始向國際擴張，特別是自收購和合併業務以來，我們進入了東南亞市場，並為北美市場奠定了基礎。我們致力於全球發展。雖然 2025 年是我們邁出海外第一步，但我們預計未來幾年我們的地域組合——銷售組合將變得更加多樣化。謝謝。

Alex Cai, Citibank.

花旗銀行的 Alex Cai。

I have two questions. Specifically, what revenue contribution (inaudible) Letsvan in Q4? And second, given the decline in education revenues how will you balance the traffic allocation between the lines of business and new initiatives? And will you continue reducing education marketing spend lending to (inaudible) expansion?

我有兩個問題。具體來說，Letsvan 在第四季的營收貢獻是多少（聽不清楚）？其次，鑑於教育收入的下降，您將如何平衡業務線和新措施之間的流量分配？您會繼續減少教育行銷支出以用於（聽不清楚）擴張嗎？

And finally, one thing expect overall revenue to return to growth in the fiscal year 2026?

最後，您預計 2026 財年總營收將恢復成長嗎？

Thank you, Alex. I will take your question. Yes, it's very, very important. So as we have just disclosed the profit and loss statement of Letsvan business will be merged and consolidating to QSG Group's consolidated financial statements starting from April 1. And also, WAKUKU and our key IP and also other IPs, all of the financial statements will be merged in the future, starting from April 1.

謝謝你，亞歷克斯。我回答你的問題。是的，這非常非常重要。正如我們剛剛披露的那樣，從 4 月 1 日起，Letsvan 業務的損益表將合併並合併到 QSG 集團的合併財務報表中。此外，WAKUKU 和我們的關鍵 IP 以及其他 IP，所有財務報表都將在未來合併，從 4 月 1 日起。

And we will disclose the specific information in a timely manner. Since investing in Lien, based on its excellent product strength, we'll continue to focus on operating WAKUKU and two other core IPs, as I just mentioned in the last question.

具體情況我們會及時向大家揭露。自從投資連勝以來，基於其優秀的產品力，我們也會繼續專注於經營WAKUKU以及其他兩個核心IP，就像我上一個問題中提到的那樣。

Currently, the overseas -- the overall sales process of Letsvan is very good. with a significant year-on-year improvement since our acquisition. Our -- and also currently, we are cooperating with key channel partners and the shipping price have a certain discount on the terminal price because of this sales model.

目前，Letsvan 的海外整體銷售進程非常好，自我們收購以來，比去年同期成長顯著。目前，我們正在與主要通路合作夥伴合作，由於這種銷售模式，運輸價格比終端價格有一定的折扣。

At the same time, this year, we will increase the proportion of our own self-operated channels and the overall income level and also the price level will gradually improve. And in terms of the Q4 estimate and forecast I think with the deepening of our strategic adjustment of the business model and also the improvement of our integrated operations with Letsvan.

同時，今年我們會加大自營通路的比重，整體的收入水準和物價水準也會逐步改善。而對於第四季的預估與預測，我認為隨著我們商業模式策略調整的深入，以及與Letsvan一體化營運的完善。

It is expected that the pop toy business will account for a very significant level of overall revenue at the consolidated level in the next quarter -- starting from the next quarter in fiscal year 2025 Q4.

預計從2025財年第四季開始，泡泡玩具業務將在下一季度的合併層面佔據整體收入的非常可觀的份額。

We will continue to optimize the operating system of the pop toy business, and we also disclose revenue guidance as soon as possible at the proper time.

我們將繼續優化泡泡堂玩具業務的營運體系，並在適當的時候盡快揭露營收指引。

In terms of the traditional education-related business, we continue to search for and explore high-quality growth business models, and we view and we are independently evaluating their performance based on specific business types from a fundamental perspective. I think the current decline in revenue from the education-related business is also our deliberate result of the strategic transformation from traffic driven to product-driven business model.

在傳統教育相關業務方面，我們持續尋找並探索高品質成長的業務模式，並根據具體業務類型，從基本面角度獨立審視和評估其表現。我想，目前教育相關業務收入的下滑，也是我們從流量驅動到產品驅動的策略轉型刻意為之的結果。

As you can see, although our revenue has declined, we still maintained stable profit performance and a solid balance sheet. Next, we will continue to evaluate the ROI or such kind of KPIs and especially the long-term user value of this type of business in order to optimize the overall business foundation. For pop toy business, it has a great growth potential and the business model. And it seems that the fund operating resources and foundation we have accumulated are sufficient to support the development of our -- of this business.

正如您所看到的，儘管我們的收入有所下降，但我們仍然保持了穩定的利潤表現和穩健的資產負債表。接下來我們會繼續評估ROI或諸如此類的KPI，特別是這類業務的長期用戶價值，來優化整體的業務基礎。對於流行玩具業務來說，它有很大的成長潛力和商業模式。而且看起來我們累積的基金營運資源和基礎足以支持我們這項業務的發展。

Maybe we will disclose at a separate business segment in the next quarter. And this business, we see very independently, we see that as a very bright future in terms of both the revenue and the midterm and long-term bottom line. We will -- for the revenue recovery or maybe in the next two quarters or next year, we will still independently evaluate the optimization of business models and revenue growth arrangements for different types of businesses.

也許我們會在下個季度在單獨的業務部門披露。我們非常獨立地看待這項業務，我們認為它在收入以及中期和長期盈利方面都擁有非常光明的前景。對於營收的復甦，或者說在未來兩個季度或明年，我們仍然會獨立評估不同類型業務的商業模式優化和收入成長安排。

For the overall revenue growth of the group, we expect the revenue of the pop toy business to continue to show a strong growth trend which we'll be seeing in the relevant figures in the subsequent quarterly disclosures. We will evaluate the revenue growth of other business segments specifically and only attempt to start growth, again, on the basis of meeting conditions such as product quality driven, good EUE performance and good user feedback, such kind of product-driven based KPIs. Yes, so that's my answer, yes. I hope that helps. Thank you.

對於集團整體營收的成長，我們預期泡泡玩具業務的營收將持續呈現強勁的成長趨勢，我們將在後續的季度揭露中看到相關數據。我們將專門評估其他業務部門的收入成長，並僅在滿足產品品質驅動、良好的 EUE 性能和良好的用戶回饋等基於產品驅動的 KPI 等條件的基礎上嘗試開始成長。是的，我的答案是，是的。我希望這能有所幫助。謝謝。

Since there are no further questions, I'd like to hand the conference back to management for any closing remarks.

由於沒有其他問題，我想將會議交還給管理層，以便他們發表結束語。

Thank you again for joining our call today. If you have any further questions, please feel free to contact us also made a request through our IR website. We look forward to speaking with everyone in our next call. Have a good day.

再次感謝您今天參加我們的電話會議。如果您有任何其他問題，請隨時聯絡我們，也可以透過我們的 IR 網站提出請求。我們期待在下次通話中與大家交談。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。