TAL Education Group (TAL) 2025 Q2 法說會逐字稿

Ladies and gentlemen, good day and thank you for standing by. Welcome to TAL Education Group's fiscal 2025 second-quarter earnings conference call. (Operator Instructions) Please be informed that today's conference is being recorded.

女士們先生們，美好的一天，謝謝你們的支持。歡迎參加好未來教育集團 2025 財年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I'd now like to hand the conference over to Ms. [Fang Liu], Investor Relations Director. Thank you. Please go ahead.

現在我想將會議交給投資者關係總監[Fang Liu]女士。謝謝。請繼續。

Thank you all for joining us today for TAL Education Group's second-quarter fiscal year 2025 earnings conference call. The earnings release was distributed earlier today, and you may find a copy on the company's IR website or through the newswires. During this call, you will hear from Mr. Alex Peng, President and Chief Financial Officer; and Mr. Jackson Ding, Deputy Chief Financial Officer. Following the prepared remarks, Mr. Peng and Mr. Ding will be available to answer your questions.

感謝大家今天參加好未來教育集團 2025 財年第二季財報電話會議。收益報告已於今天早些時候發布，您可以在公司的投資者關係網站或新聞專線上找到副本。在本次電話會議中，您將聽到總裁兼財務長彭偉先生的演講；副首席財務官丁嘉信先生。準備好的演講結束後，彭總和丁總將回答大家的問題。

Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

在我們繼續之前，請注意，今天的討論將包含根據1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。所不同與我們目前的預期相差很大。

Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the SEC. For more information about these risks and uncertainties, please refer to our filings with the SEC. Also, our earnings release and this call include discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures.

潛在風險和不確定性包括但不限於我們向 SEC 公開提交的文件中概述的風險和不確定性。有關這些風險和不確定性的更多信息，請參閱我們向 SEC 提交的文件。此外，我們的收益發布和本次電話會議還包括對某些非公認會計準則財務指標的討論。請參閱我們的收益報告，其中包含非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準的調節表。

I would like to turn the call over to Mr. Alex Peng. Alex, please go ahead.

我想把電話轉給彭先生。亞歷克斯，請繼續。

Thank you, Fang. I'd also like to thank all of you for participating in today's conference call. In this call, we'll discuss our financial performance and business progress for the second quarter of fiscal year 2025. We will also review some key business results. Afterwards, I'll provide a brief update on our business strategy outlook.

謝謝你，方。我還要感謝大家參加今天的電話會議。在本次電話會議中，我們將討論 2025 財年第二季的財務表現和業務進度。隨後，我將簡要介紹我們的業務策略展望。

In the past fiscal quarter, we consistently refined our services and experiences for users, generating societal value through our dedication to customer experience. At the same time, our business is experiencing sustained growth, not just by building our teams or opening new learning centers, but through a broader, ongoing development that reflects our long-term vision.

在過去的財季中，我們不斷完善為使用者提供的服務和體驗，透過對顧客體驗的奉獻創造社會價值。同時，我們的業務正在經歷持續成長，不僅是透過建立團隊或開設新的學習中心，而是透過反映我們長期願景的更廣泛、持續的發展。

Our focus on innovation, user engagement, and service excellence has resulted in sustained user value creation through our various products and services. In alignment with our strategic objectives, our core businesses have maintained their course of operations. Next, let's talk about our performance for the second quarter of fiscal year 2025.

我們專注於創新、用戶參與和卓越服務，透過我們的各種產品和服務持續創造用戶價值。根據我們的策略目標，我們的核心業務維持了正常營運。接下來我們來談談我們2025財年第二季的業績。

Throughout this quarter, we continue to enhance our core businesses while actively exploring new growth opportunities. While exploring and investing in additional opportunities and long-term strategic capabilities, we also maintained a focus on operational efficiency and sustainability. We continuously adjust our resource allocation to ensure a balanced approach between growth and operational efficiency.

整個季度，我們繼續增強核心業務，同時積極探索新的成長機會。在探索和投資更多機會和長期策略能力的同時，我們也始終關注營運效率和永續性。我們不斷調整資源配置，以確保成長和營運效率之間的平衡。

Our learning services continue to develop steadily, empowering learners through our offline and online enrichment learning programs. This progress reflects our commitment to high-quality service and expansion of our operational capacity. We continue to take a dynamic approach in managing our learning center expansion plan, evaluating several factors such as market demand in each area, user acceptance of our products, our operating capability, and efficiency. So in line with our strategic objectives, our online enrichment learning business remain on track.

我們的學習服務持續穩定發展，透過我們的線下和線上強化學習計畫為學習者提供支援。這項進展反映了我們對高品質服務和擴大營運能力的承諾。我們繼續採取動態方法來管理我們的學習中心擴建計劃，評估各領域的市場需求、使用者對我們產品的接受度、我們的營運能力和效率等因素。因此，根據我們的策略目標，我們的線上強化學習業務仍處於正軌。

We continue to innovate in response to the evolving landscape and changing user behaviors in the online learning sector. Over recent years, we have introduced a range of new offerings designed to provide an efficient and engaging digital learning experience for our customers. For learning devices, we expanded our product offerings to reach a broader audience, making it easier for more users to find learning solutions tailored to their individual needs.

我們不斷創新，以應對線上學習領域不斷變化的格局和不斷變化的使用者行為。近年來，我們推出了一系列新產品，旨在為客戶提供高效且引人入勝的數位學習體驗。對於學習設備，我們擴展了產品範圍以覆蓋更廣泛的受眾，使更多用戶更容易找到適合其個人需求的學習解決方案。

Our goal is to motivate learners on their self-learning journeys at home by leveraging smart features and comprehensive resources integrated into our devices. So with that goal in mind, we further upgraded our hardware and software this quarter, enhancing the content library, upgrading the reading section, and adding practical smart features to create a more immersive and engaging online learning experience.

我們的目標是利用我們設備中整合的智慧功能和綜合資源，激勵學習者在家中進行自學之旅。為此，本季我們進一步升級了硬體和軟體，增強了內容庫，升級了閱讀版塊，增加了實用的智慧功能，打造更身臨其境、更具吸引力的線上學習體驗。

In August, we launched a [lower ASP] device that serves students' learning needs as well as practice needs. We call it Xbook, which has begun to gain market acceptance. Efforts like these are driving our financial growth. Our net revenues were USD619.4 million or RMB4.4739 billion for the quarter, representing year-over-year increases of 50.4% and 50.8% in US dollar and RMB terms, respectively. Our non-GAAP income from operations and non-GAAP net income attributable to TAL for the quarter were USD64.5 million and USD74.3 million, respectively.

8月份，我們推出了[lower ASP]設備，滿足學生的學習需求和實踐需求。我們稱之為Xbook，它已經開始獲得市場的認可。這些努力正在推動我們的財務成長。本季我們的淨收入為 6.194 億美元或人民幣 44.739 億元，以美元和人民幣計算分別年增 50.4% 和 50.8%。本季我們的非 GAAP 營運收入和非 GAAP 歸屬於好未來的淨利潤分別為 6,450 萬美元和 7,430 萬美元。

So with that overview, I'll now hand the call over to Jackson, who will provide an update on the operational advancements we've made in our core business lines. He will also review our financial performance for the second fiscal quarter. Jackson, over to you.

概述完畢後，我現在將把電話轉交給傑克遜，他將提供我們在核心業務領域取得的營運進度的最新資訊。他也將審查我們第二財季的財務表現。傑克遜，交給你了。

Thank you, Alex. I am pleased to share with you some details about the progress we made in the fiscal second quarter across all core business lines. Please note that all financial data for the quarter are unaudited. I'll start with our learning services and others business, which includes a broad range of learning programs for our customers.

謝謝你，亞歷克斯。我很高興與您分享我們在第二財季所有核心業務領域的進展的一些細節。請注意，本季度的所有財務數據均未經審計。我將從我們的學習服務和其他業務開始，其中包括為我們的客戶提供廣泛的學習計劃。

Learning services continued its development momentum in the second quarter of fiscal year 2025. Revenue increased year over year, propelled by advancements across multiple product lines. The largest revenue contributor in this business line remains Peiyou's small class offerings, which maintained their upward trajectory.

學習服務在 2025 財年第二季持續保持發展動能。該業務線中最大的收入貢獻者仍然是培優的小班課程，該課程保持了上升趨勢。

Peiyou's growth was primarily driven by enrollment growth, supported by the expansion of our operating capacity. We carefully assessed both user demand and our operational capacity. We struck a balance that allowed us to meet the growing demand during the summer vacation period while managing teaching quality, business sustainability, and operational efficiency.

培優的成長主要是由入學人數成長所推動的，以及我們營運能力擴張的支持。我們仔細評估了使用者需求和我們的營運能力。我們取得了平衡，使我們能夠滿足暑假期間不斷增長的需求，同時管理教學品質、業務永續性和營運效率。

Key efficiency indicators such as retention rate remained relatively stable quarter over quarter. For our online enrichment learning business, we remain focused on adapting to evolving market landscape and user needs through consistent innovation. By introducing new products and interactive formats, we create value for our learners and deliver learning efficacy and experience.

留任率等關鍵效率指標較上季保持相對穩定。對於我們的線上強化學習業務，我們仍然專注於透過持續創新來適應不斷變化的市場格局和用戶需求。透過推出新產品和互動形式，我們為學習者創造價值並提供學習效率和體驗。

Based on user feedback and market insights, we continue to invest in strengthening our online product capabilities as well as operational and marketing strategies. This allows us to expand our current operations while building a solid foundation for long-term competitiveness.

根據用戶回饋和市場洞察，我們繼續投資加強我們的線上產品能力以及營運和行銷策略。這使我們能夠擴大當前業務，同時為長期競爭力奠定堅實的基礎。

Next, our content solutions business. Its revenue continued to grow this quarter, thanks to our efforts to optimize products, enhance user experiences, and strengthen our sales channels. We believe our learning devices are companions for at-home self-learning, which is why we closely monitor user feedback and experience.

接下來是我們的內容解決方案業務。由於我們優化產品、增強用戶體驗和加強銷售管道的努力，本季營收持續成長。我們相信我們的學習設備是家庭自學的伴侶，這就是我們密切關注用戶回饋和體驗的原因。

As a result, amid rising sales and an expanding user base, user engagement and time spent on our devices remained at healthy levels this quarter. In August, we launched Xbook, further enriching our product lineup. The latest-generation tablet features a color e-paper display and offers three modes: learning, practicing, and reading, catering to various learning scenarios.

因此，在銷售額不斷增長和用戶群不斷擴大的情況下，本季用戶參與度和在我們設備上花費的時間仍保持在健康水平。 8月，我們推出了Xbook，進一步豐富了我們的產品陣容。最新一代平板電腦採用彩色電子紙顯示屏，提供學習、練習、閱讀三種模式，滿足各種學習場景。

We developed a tiered practicing system, making practice easier and more efficient. Additionally, it comes with a comprehensive, multi-layered content ecosystem. Along with our proprietary shares of content, we partnered with well-known educational publishers and youth content providers to offer a wide range of study aids and reading materials.

我們開發了分層練習系統，讓練習變得更簡單、更有效率。此外，它還具有全面、多層次的內容生態系統。除了我們專有的內容分享之外，我們還與知名教育出版商和青少年內容提供者合作，提供廣泛的學習輔助工具和閱讀材料。

During this fiscal quarter, we also upgraded our existing xPad learning devices. The newly enhanced reading section includes over 3,000 eBooks, featuring essential reading materials, classic literature, and children's publications. We also developed a leveled reading system that caters to children's various developmental periods. It aligns with the new curriculum standards and covers levels from primary school to high school. Moreover, our newly launched [Xueersi 2.0] introduced in June offers a host of AI features, making it a more intelligent and practical learning companion.

在本財季，我們也升級了現有的 xPad 學習設備。全新強化的閱讀版塊包括3000多本電子書，涵蓋必備閱讀材料、經典文學和兒童出版品。我們也發展了適合孩子不同發展時期的分級閱讀系統。符合新課程標準，涵蓋小學至高中各個層級。此外，我們在6月新推出的【學而思2.0】也提供了豐富的AI功能，使其成為更聰明、實用的學習伴侶。

With that overview, I would now like to share our key financial results for the second fiscal quarter. Our net revenues were USD619.4 million or RMB4.4739 billion, an increase of 50.4% and 50.8% year over year in US dollar and RMB terms, respectively. Cost of revenue increased by 59.8% to USD270.6 million from USD169.4 million in the second quarter of fiscal year 2024.

有了上述概述，我現在想分享我們第二財季的主要財務表現。我們的淨收入為 6.194 億美元或人民幣 44.739 億元，按美元和人民幣計算分別同比增長 50.4% 和 50.8%。營收成本從 2024 財年第二季的 1.694 億美元成長 59.8% 至 2.706 億美元。

Non-GAAP cost of revenues, which excludes share-based compensation expenses, increased by 60.7% to USD268.8 million from USD167.3 million in the second quarter of fiscal year 2024. Gross profit increased in the second quarter of fiscal 2025, rising by 43.8% year over year to USD348.7 million from USD242.5 million for the same period last year.

非 GAAP 收入成本（不含股權激勵費用）從 2024 財年第二季的 1.673 億美元成長 60.7%，達到 2.688 億美元。 2.425 億美元增至3.487 億美元。

Gross margin decreased to 56.3% from 58.9% for the same period last year. Selling and marketing expenses for the quarter were $181.9 million, representing an increase of 56.4% from $116.3 million for the same period last year. Non-GAAP selling and marketing expenses, which exclude share-based compensation expenses, increased by 61.6% to $177.9 million from $110.1 million for the same period last year.

毛利率從去年同期的58.9%下降至56.3%。該季度銷售和行銷費用為 1.819 億美元，較去年同期的 1.163 億美元成長 56.4%。非 GAAP 銷售和行銷費用（不包括基於股份的薪酬費用）從去年同期的 1.101 億美元增長 61.6% 至 1.779 億美元。

Selling and marketing expenses as a percentage of total net revenues increased from 28.2% to 29.4% year over year. General and administrative expenses increased by 23.1% to $119.5 million from $97.1 million in the same period of last year. Non-GAAP general and administrative expenses, which excluded share-based compensation costs, increased by 28.3% year over year to $108.3 million, from $84.4 million for the same period of last year.

銷售和行銷費用佔總淨收入的百分比從去年同期的 28.2% 上升至 29.4%。一般及行政費用從去年同期的 9,710 萬美元增加到 1.195 億美元，成長 23.1%。非公認會計準則一般和管理費用（不包括股權激勵費用）年增 28.3%，從去年同期的 8,440 萬美元增至 1.083 億美元。

Non-GAAP general and administrative expenses as a percentage of total net revenues decreased from 20.5% to 17.5% year over year. Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 19.1% to $16.9 million in the second quarter of fiscal year 2025 from $20.9 million in the same period of last year.

非 GAAP 一般及管理費用佔淨收入總額的百分比從 20.5% 年減至 17.5%。 2025 財年第二季度，分配給相關營運成本和費用的股權激勵費用總額從去年同期的 2,090 萬美元下降到 1,690 萬美元，下降了 19.1%。

Income from operations was $47.6 million in the second quarter of fiscal year 2025, compared with an income from operations of $31.8 million in the same period of last year. Non-GAAP income from operations, which includes -- which excluded, excuse me, share-based compensation expenses, was $46.5 million, compared with a non-GAAP income from operations of $52.7 million in the same period of the prior year.

2025財年第二季營運收入為4,760萬美元，而去年同期營運收入為3,180萬美元。非 GAAP 營運收入（包括－恕我直言，不包括以股份為基礎的薪酬費用）為 4,650 萬美元，而去年同期的非 GAAP 營運收入為 5,270 萬美元。

Net income attributable to TAL was $57.4 million in the second quarter of fiscal year 2025 compared to net income attributable to TAL of $37.9 million in the same period of last year. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was $74.3 million, compared to a non-GAAP net income attributable to TAL of $58.8 million in the same period of last year.

2025財年第二季好未來歸屬淨利為5,740萬美元，去年同期歸屬好未來淨利為3,790萬美元。不計股權激勵費用的非美國通用會計準則歸屬於好未來的淨利潤為7,430萬美元，而去年同期歸屬於好未來的非美國通用會計準則淨利潤為5,880萬美元。

Moving on to our balance sheet, as of August 31, 2024, we had [$2.0859 billion] in cash and cash equivalents, [$1.3684 billion] in short-term investments, and $295.1 million in current and non-current restricted cash. Our deferred revenue balance was $517.6 million as of the end of the second fiscal quarter.

轉到我們的資產負債表，截至 2024 年 8 月 31 日，我們擁有 [20.859 億美元]現金和現金等價物，[13.684 億美元]短期投資，以及 2.951 億美元的流動和非流動限制現金。截至第二財季末，我們的遞延收入餘額為 5.176 億美元。

Now turning to our cash flow statement, net cash used in operating activities for the second quarter of fiscal year 2025 was $0.6 million. In April 2024, the company's Board of Directors authorized to extend its share repurchase program launched in April 2021 by 12 months.

現在轉向我們的現金流量表，2025 財年第二季營業活動使用的淨現金為 60 萬美元。 2024年4月，公司董事會授權將2021年4月啟動的股票回購計畫延長12個月。

Pursuant to the extended share repurchase program, the company may spend up to approximately $503.8 million to purchase its common shares through April 30, 2025. As of August 31, 2024, the company has purchased approximately 500,000 common shares at an aggregate consideration of approximately $13.1 million under the share repurchase program.

根據延長的股票回購計劃，公司可能會在2025 年4 月30 日之前花費最多約5.038 億美元購買其普通股，總代價約為13.1 美元股份回購計畫下的股份回購計畫。

That concludes the financial section. I will now hand the call back to Alex to briefly update you on our business outlook. Alex, please go ahead.

財務部分到此結束。現在我將把電話轉給亞歷克斯，向您簡要介紹我們的業務前景。亞歷克斯，請繼續。

Thanks Jackson. I would like to share our outlook for the upcoming quarter. The fiscal third quarter is generally not a peak season for enrichment learning demand, and we may experience fluctuation in our business performance due to seasonal factors. Nevertheless, we remain dedicated to driving healthy and sustainable long-term growth across all our business lines.

謝謝傑克遜。我想分享我們對下一季的展望。第三財季一般不是強化學習需求的旺季，我們的業務表現可能會因季節性因素而波動。儘管如此，我們仍然致力於推動所有業務線健康、可持續的長期成長。

First of all, we'll continue refining our various learning programs to deliver high-quality learning services to a growing user base. We're committed to ongoing investments in learning services to ensure that our users receive quality learning experiences, both online and in person. Next, we'll remain focused on technological innovation, consistently launching high-quality smart devices that enhance personalized learning experiences.

首先，我們將持續完善各種學習項目，為不斷成長的用戶群提供高品質的學習服務。我們致力於對學習服務進行持續投資，以確保我們的用戶獲得優質的線上和麵對面的學習體驗。接下來，我們將繼續專注於技術創新，並不斷推出高品質的智慧型設備，增強個人化的學習體驗。

We target to iterate the functionality of our learning devices by harnessing AI technologies. We'll keep introducing updated content and smart tools. Together, these efforts will provide a more intelligent and practical learning companion for our users' self-directed learning at home.

我們的目標是利用人工智慧技術迭代學習設備的功能。我們將不斷推出更新的內容和智慧工具。這些努力將為使用者在家自主學習提供更聰明、實用的學習伴侶。

Meanwhile, we'll also remain focused on managing our sales channels and optimizing our marketing strategies. As a company dedicated to learning we'll continue operating and managing our core business lines while exploring new initiatives and seizing new opportunities.

同時，我們也將繼續專注於管理我們的銷售管道和優化我們的行銷策略。作為一家致力於學習的公司，我們將繼續經營和管理我們的核心業務線，同時探索新舉措並抓住新機會。

To keep up with our customers ever-evolving needs, we'll explore and design differentiated products and services. Our business model, combined with our brand strength and operational efficiency, positions us to seize market opportunities and deliver enduring value for our customers and shareholders.

為了滿足客戶不斷變化的需求，我們將探索和設計差異化的產品和服務。我們的業務模式與我們的品牌實力和營運效率相結合，使我們能夠抓住市場機遇，為客戶和股東提供持久的價值。

So that concludes my prepared remarks. Operator, I think we're now ready to open the call for questions.

我準備好的發言就到此結束。接線員，我想我們現在可以開始提問了。

(Operator Instructions) Felix Liu, UBS.

（操作員指令）Felix Liu，UBS。

Hi. Sorry, I was on mute. Thank you, management, for taking my question. And congratulations on the strong results. My question is on your learning service business. Could you share more color on the growth momentum and the operating leverage -- sorry, operating efficiency of the business? And what is your outlook for learning service from here? Thank you.

你好。抱歉，我當時處於靜音狀態。謝謝管理層回答我的問題。並祝賀取得的優異成績。我的問題是關於你們的學習服務業務。您能否分享更多關於成長動力和營運槓桿的資訊—抱歉，是企業的營運效率？您對這裡的學習服務有何展望？謝謝。

Thanks, Felix. This is Alex. Let me take on that question first, and I may call on Jackson to add some additional insights. Really, when we look at the last few quarters, we've seen continued growth momentum for our enrichment learning business. We've been seeing increasing demand for enrichment learning as this new generation of parents start to develop their own parental and educational philosophies.

謝謝，菲利克斯。這是亞歷克斯。讓我先回答這個問題，我可能會請傑克森補充一些額外的見解。事實上，當我們回顧過去幾個季度時，我們看到了我們的強化學習業務的持續成長勢頭。隨著新一代父母開始發展自己的父母和教育理念，我們看到強化學習的需求不斷增加。

I think in earlier calls, we had called out that this is something that we were envisioning. And now I think we're seeing more and more of confirmation. This new generation of parents have developed more focus on their kids' well-rounded whole-person development in addition to academic performance.

我想在之前的電話會議中，我們已經指出這是我們所設想的。現在我認為我們看到了越來越多的證實。除了學業成績之外，新一代父母也更重視孩子的全面發展。

Although we're still -- and I think this data is not easy to come by in terms of how fast the enrichment learning market overall is growing, we really observed more activities and user increase for enrichment learning on the ground, which I think really is indicating growing customer interest.

儘管我們仍然——而且我認為就豐富學習市場整體成長速度而言，獲得這些數據並不容易，但我們確實觀察到了更多的豐富學習活動和用戶增加，我認為這確實是表明客戶的興趣不斷增長。

So in tandem with the market growth of enrichment learning, our learning services business has been experiencing continued progress. We've been aiming to help our learners with their holistic development experience by providing interactive, engaging learning experience. We have observed that learners in these type of enrichment programs, they really exhibit continued growth in terms of their interest. They stay engaged, and they also learn very effectively.

因此，隨著強化學習市場的成長，我們的學習服務業務一直在不斷進步。我們一直致力於透過提供互動式、引人入勝的學習體驗來幫助我們的學習者獲得全面的發展體驗。我們觀察到，參加此類密集課程的​​學習者確實表現出了興趣的持續成長。他們保持專注，學習也非常有效。

I think Jackson can talk more specifically about the growth momentum and operating efficiency that you had asked.

我想傑克森可以更具體地談談你所問的成長動力和營運效率。

Thank you, Alex. And thank you, Felix. Let's maybe limit the conversation to Peiyou's small class enrichment learning first, which, as you may know, is our largest business within our learning services. There are some other businesses within our learning services category, but some of them are at a different stage of their life cycle and exhibit slightly different trends. And to the extent you have more questions on other business lines, feel free to follow up.

謝謝你，亞歷克斯。謝謝你，菲利克斯。讓我們先把主題限制在培優的小班強化學習上，正如你所知，這是我們學習服務中最大的業務。我們的學習服務類別中還有一些其他業務，但其中一些業務處於生命週期的不同階段，並且表現出略有不同的趨勢。如果您對其他業務線有更多疑問，請隨時跟進。

So like Alex said, we have seen growth in Peiyou enrichment in parallel with user interest growth. The overall market development has been an important contributing factor of our business growth. And if we shift lenses a bit to look away from the market and just look at ourselves, we believe the key growth drivers, amongst others, are, one, the quality of our services; and two, our capability to recruit and train lecturers.

正如 Alex 所說，我們看到陪友豐富度的成長與使用者興趣的成長並行。整體市場發展是我們業務成長的重要推手。如果我們稍微轉移一下視角，將目光從市場上移開，只關注我們自己，我們相信，關鍵的成長動力包括：一是我們的服務品質；二是我們的服務品質。第二，我們招募和培訓講師的能力。

For service quality, we have been focused on and will continue to focus on standardized lecturing approach, while providing an interactive and student-centric learning experience. For lecturer recruiting and training, we pride ourselves in training most of our lecturers in house to ensure consistent service quality.

在服務品質方面，我們一直專注並將繼續專注於標準化的授課方法，同時提供互動式和以學生為中心的學習體驗。在講師招募和培訓方面，我們對大多數講師進行內部培訓以確保一致的服務品質感到自豪。

Now as long as these growth drivers continue to prevail, including what we talked about earlier, market demand or service quality and our capability to recruit and train lecturers, we expect growth in this business line to continue. However, in the next few years, we do expect Peiyou enrichments' long-term growth rate to gradually taper off as we're coming off higher base numbers than a couple of years ago.

現在，只要這些成長動力繼續佔據主導地位，包括我們之前談到的市場需求或服務品質以及我們招募和培訓講師的能力，我們預計該業務線將繼續成長。然而，在未來幾年，我們確實預期培優濃縮的長期成長率將逐漸放緩，因為我們的基數高於幾年前。

Felix, I think you also asked about operating efficiency. We always aim to maintain a consistent level of efficiency through balancing our operating capacity with the market demand we observe. We measure several efficiency indicators such as utilization rate, refund rate, and retention rate.

Felix，我想你也問到了營運效率的問題。我們始終致力於透過平衡我們的營運能力與我們觀察到的市場需求來保持一致的效率水準。我們衡量利用率、退款率、留任率等多項效率指標。

Currently, our operating metrics are at a level that we believe would sustain our viable business model, and we aspire to maintain our current level of efficiency. In the future, we will prudently manage our learning center network. We will balance growth and efficiency as we think about how to manage our learning center network. I hope that answers your question, Felix.

目前，我們的營運指標處於我們認為能夠維持我們可行的業務模式的水平，並且我們渴望保持當前的效率水平。未來，我們將審慎管理我們的學習中心網絡。當我們考慮如何管理我們的學習中心網絡時，我們將平衡成長和效率。我希望這能回答你的問題，菲利克斯。

D.S. Kim, J. P. Morgan.

D.S. Kim，J. P. 摩根。

Hi, Alex. Hi, Jackson. Good evening and congrats on such a strong bid. Thank you for a great trade. I think you should be great for discussion as well. I have a question on learning devices, if okay. Our channel checks indicate that device sales had really strong momentum over summer, which I think might be the reason why GP margin contracted a bit this quarter.

嗨，亞歷克斯。嗨，傑克遜。晚上好，恭喜如此有力的出價。感謝您的一次偉大的交易。我認為你也應該很適合討論。我有一個關於學習設備的問題，如果可以的話。我們的通路檢查表明，夏季設備銷售勢頭確實強勁，我認為這可能是本季總利潤率略有收縮的原因。

But anyway, my question is can I ask, a, is a learning device segment profitable on cash or even accounting basis? That's the first question. And b, what's our strategy to enhance profitability here? Say, have you thought about monetizing additional revenue streams like value-added services and whatnot to utilize? I think already quite fast at a big install base and user base, and I may have a follow up after this. Thank you.

但無論如何，我的問題是我可以問，學習設備細分市場是否可以以現金甚至會計為基礎獲利？這是第一個問題。 b，我們提高獲利能力的策略是什麼？比方說，您是否考慮過將額外的收入來源（例如增值服務等）貨幣化？我認為在大型安裝基礎和用戶基礎上已經相當快了，之後我可能會有後續行動。謝謝。

Hey D.S., this is Alex. Thanks a lot for that thoughtful question. Look, AI learning devices, they're really relatively new, a new business for us, right? If you recall, I think our first learning tablet came to market in February 2023, which is really just a little bit over a year and a half ago. But while new, we're really excited about the opportunity to provide further accessibility to high-quality learning content and experiences for a wider range of customers through these learning devices.

嘿，D.S.，我是亞歷克斯。非常感謝這個深思熟慮的問題。你看，人工智慧學習設備，它們確實相對較新，對我們來說是一項新業務，對吧？如果你還記得的話，我認為我們的第一款學習平板電腦於 2023 年 2 月上市，這實際上只是一年半前的事。雖然是新事物，但我們真的很高興有機會透過這些學習設備為更廣泛的客戶提供進一步獲取高品質學習內容和體驗的機會。

We track where our devices have been sold to, and we really see that some of our devices have been sold into areas where we never built learning centers before. So these AI-powered devices really present us an opportunity to serve customers without the limitation of our physical footprint and I think really to expand availability of these high-quality content and learning experiences to a much wider segment, to many more students out there.

我們追蹤我們的設備銷往何處，我們確實看到我們的一些設備已銷往我們以前從未建立過學習中心的地區。因此，這些人工智慧驅動的設備確實為我們提供了一個在不受實體足跡限制的情況下為客戶提供服務的機會，我認為真正可以將這些高品質內容和學習體驗的可用性擴展到更廣泛的領域，擴展到更多的學生。

So with that goal in mind, we recently launched a new device in the lower ASP territory. We talked a little bit about this earlier it's called Xbook. So in addition to high-quality learning content, this product also has more daily practice functions. So they serve a learner's learning needs as well as practice needs, which are really important that they go in tandem. And we've been receiving positive feedback on this new product.

因此，考慮到這一目標，我們最近在較低的 ASP 領域推出了一款新設備。我們之前談過這個，它叫 Xbook。所以除了優質的學習內容之外，這款產品還有更多的日常練習功能。因此，它們滿足學習者的學習需求和實踐需求，這兩者的結合非常重要。我們已經收到了有關這款新產品的正面回饋。

So our learning device business is currently loss making. The major cost items are primarily product, research, and development; selling expenses; and bill of materials. We are really investing strongly into R&D to create quality product experiences for our users. And I'd like to add that research and development here is not limited to R&D on hardware and software or AI functions but also in the content space.

所以我們的學習設備業務目前是虧損的。主要成本項目主要是產品、研究和開發；銷售費用；和物料清單。我們確實大力投資研發，為使用者創造優質的產品體驗。我想補充一點，這裡的研發不僅限於軟硬體或人工智慧功能的研發，還包括內容領域的研發。

As Jackson mentioned earlier, we continue to make investment into our own proprietary content development as well as curating content from leading content publishers, which further enhances user experience. And also, this development is ongoing. As Jackson mentioned earlier, we have new curriculum standards rolling into different grades, and we obviously upgrade our content in accordance to these new curriculum standards.

正如傑克遜之前提到的，我們繼續投資於我們自己的專有內容開發以及精選領先內容出版商的內容，這進一步增強了用戶體驗。而且，這種發展仍在持續。正如傑克遜之前提到的，我們有新的課程標準滾動到不同的年級，我們顯然根據這些新的課程標準升級了我們的內容。

So we really intend to continue to invest into this business to elevate the user experience, to serve more customers, and really to create greater societal value. I think that our aim here is really to help users with their self-learning journey at home by leveraging the intelligent features and abundant resources, which are all integrated into our learning devices. We hope we can empower more children to engage in this kind of self-directed learning and enabling their personal development.

所以我們真的打算繼續投資這個業務，提升使用者體驗，服務更多的客戶，真正創造更大的社會價值。我認為我們的目標實際上是透過利用我們的學習設備中整合的智慧功能和豐富的資源來幫助用戶在家中進行自學之旅。我們希望能夠讓更多的孩子參與這種自主學習並促進他們的個人發展。

As for value-added services, look, really, we think the foundation of any value-added service is an active and highly engaged install base. As a result of our product capabilities, we really witnessed a steady level of high user engagement for our learning devices on an ever-expanding user base.

至於加值服務，實際上，我們認為任何加值服務的基礎都是活躍且高度參與的安裝基礎。由於我們的產品功能，我們確實見證了我們的學習設備在不斷擴大的用戶群中穩定的高用戶參與度。

I'll give you an example. So we have an active user base with weekly active rate at around 80%, even as the user base kept on growing. And actually, the majority of our weekly active users are actually averaging five or more days per week of usage. So we are always interested in exploring new revenue opportunities. But this needs to come not at the expense of user experience. I have nothing tangible at this point to share in terms of value-added services, but we'll continue to stay focused on product quality and user experience.

我給你舉個例子。因此，我們擁有活躍的用戶群，每週活躍率約為 80%，而且用戶群還在不斷增長。事實上，我們大多數每週活躍用戶實際上每周平均使用五天或更多天。因此，我們始終對探索新的收入機會感興趣。但這不能以犧牲使用者體驗為代價。目前在加值服務方面我沒有什麼具體的東西可以分享，但我們將繼續專注於產品品質和使用者體驗。

D.S., I hope that answers your question.

D.S.，我希望這能回答你的問題。

It did, and thanks so much for the insight and great answers. I'll go back to the queue, and thank you again and congrats.

確實如此，非常感謝您的洞察力和出色的答案。我會回到隊列中，再次感謝並恭喜。

Thank you.

謝謝。

Timothy Zhao, Goldman Sachs.

提摩西·趙，高盛。

Great. Hi, Alex. Hi, Jackson. Congrats on the very strong quarterly result and thank you for taking my question. My question is regarding your sales and marketing expenses, which I noticed that year-on-year growth for this quarter is around 60%. I would say, I think a big portion within the sales and marketing expenses could be related to your learning devices or content solutions business.

偉大的。嗨，亞歷克斯。嗨，傑克遜。恭喜非常強勁的季度業績，並感謝您提出我的問題。我的問題是關於你們的銷售和行銷費用，我注意到本季的年增率約為 60%。我想說，我認為銷售和行銷費用的很大一部分可能與您的學習設備或內容解決方案業務有關。

Just wondering, how do you think about the competitive landscape for these devices for this year, and has the sales and marketing expenses per device increased this year, and how do you think about the trend going forward? Thank you.

只是想知道，您如何看待今年這些設備的競爭格局，今年每台設備的銷售和行銷費用是否有所增加，以及您如何看待未來的趨勢？謝謝。

Thanks, Tim. This is Alex again. Let me take this on. So I like to unpack this a few different levels. First, I think we are confident in our learning device products. We continue to innovate in response to the evolving competitive landscape and changing user demands in the sector. Our goal is really to motivate learners on their self-learning journeys by leveraging the smart features and all the resources integrated into our devices.

謝謝，蒂姆。這又是亞歷克斯。讓我來承擔這件事。所以我喜歡把它分成幾個不同的層次。首先，我認為我們對我們的學習設備產品充滿信心。我們不斷創新，以應對該行業不斷變化的競爭格局和不斷變化的用戶需求。我們的目標實際上是透過利用智慧功能和整合到我們設備中的所有資源來激勵學習者進行自學之旅。

And I think our user value really has been reflected in our positive user feedback and healthy user engagement metrics. At the same time, obviously, we've witnessed full-stack players either entering this market or investing more into this market. So what do I mean by full stack? I mean, players who have experience and assets in hardware, software, and AI; in content; and in learning solutions.

我認為我們的用戶價值確實反映在我們積極的用戶回饋和健康的用戶參與度指標中。同時，顯然，我們見證了全端玩家要麼進入這個市場，要麼加大對這個市場的投資。那麼全端是什麼意思呢？我的意思是，在硬體、軟體和人工智慧方面有經驗和資產的玩家；在內容上；以及學習解決方案。

With the entrance of these full-stack players, this will likely result in creating enhanced user experience in this industry, which I think is really a good thing for the customers. This might also lead to broader customer awareness of this product category and its inherent value in the learning journey, which we believe could benefit the entire industry and also the customers.

隨著這些全端玩家的進入，這很可能會增強這個行業的用戶體驗，我認為這對客戶來說確實是一件好事。這也可能導致更廣泛的客戶對該產品類別及其在學習過程中的內在價值的認識，我們相信這將使整個行業和客戶受益。

So really, to net it out, learning device is one of our strategic priorities. We're excited about its business prospect, and we'll make our effort to keep up with, and in some instances really to lead the industry's innovations. I think in our industry, competition really exists on multiple levels. There's going to be competition on a product level, competing for talent, and competing for customers.

所以說實話，學習設備是我們的策略重點之一。我們對其業務前景感到興奮，我們將努力跟上甚至在某些情況下真正引領行業的創新。我認為在我們的產業中，競爭確實存在於多個層面。將會有產品層面的競爭、人才的競爭、客戶的競爭。

As a company that takes pride in our product and service quality, we really invest heavily in product research and development. And as for competition for talent, we aim to attract multi-disciplinary talent by leveraging our expertise in the learning industry and our technology know-how. As for the competition for customers, I think, really, as we discussed earlier, ultimately, it's beneficial, both to the users and to the development of the industry.

作為一家以我們的產品和服務品質為榮的公司，我們在產品研發方面投入了大量資金。在人才競爭方面，我們的目標是利用我們在學習行業的專業知識和技術知識來吸引多學科人才。至於客戶的競爭，我認為，確實，正如我們之前討論的那樣，最終，無論是對用戶還是對行業的發展都是有利的。

I do admit, I think it does impact sales and marketing on some occasions. So we believe the key is to lead in product competency while exploring efficient ways to communicate with our customers, especially given that this is an emerging category, right? We'll focus on building sales and marketing capabilities, both within existing channels and building new channels.

我承認，我認為它在某些情況下確實會影響銷售和行銷。因此，我們認為關鍵是在產品能力方面處於領先地位，同時探索與客戶溝通的有效方式，特別是考慮到這是一個新興類別，對嗎？我們將專注於在現有管道和建立新管道內建立銷售和行銷能力。

In some of the channels we've witnessed, and I think this is not hard to anticipate, that sales and marketing re-increased. But while they also could stable -- and they do stable, they do stay stable in other channels. So this has to do with market mechanisms, with specific channels. We closely monitor the efficiency across the sales channels as we build out our go-to-market capabilities.

在我們目睹的一些管道中，我認為這不難預測，銷售和行銷活動重新增加。但是，雖然它們也可以穩定——而且確實穩定，但它們在其他管道上確實保持穩定。所以這跟市場機制、跟具體通路有關。在建立我們的上市能力時，我們密切監控整個銷售管道的效率。

So Tim, I hope that answers your question.

提姆，我希望這能回答你的問題。

Yes, that's quite helpful. Thank you.

是的，這很有幫助。謝謝。

Alice Cai, Citi.

愛麗絲蔡，花旗銀行。

Good evening, management team. Thanks for picking up my questions and congrats on the robust results. Could you share your upcoming investment plans in AI, particularly in the learning device sector? Would love to hear more about your AI product domains and AI scale needed or investment scale needed? Thanks.

晚上好，管理團隊。感謝您提出我的問題並祝賀取得了良好的結果。您能否分享您即將在人工智慧領域的投資計劃，特別是在學習設備領域？想了解更多有關您的人工智慧產品領域以及所需人工智慧規模或所需投資規模的資訊嗎？謝謝。

Thanks, Alice. This is Alex again. So before we go into product roadmap and the investment plan, maybe let me share with you how we look at the market landscape for AI in vertical domains and more specifically AI in our industry. By the way, I spent a week in the US in Silicon Valley talking to AI players and AI players in education. And I think a trend that many people across the world in this industry is observing is that the capability of the foundation models have continued to improve, and they improve at a pace that might have surprised many of us.

謝謝，愛麗絲。這又是亞歷克斯。因此，在我們討論產品路線圖和投資計畫之前，也許讓我先與大家分享我們如何看待垂直領域的人工智慧市場格局，更具體地說是我們產業中的人工智慧。順便說一句，我在美國矽谷待了一周，與人工智慧玩家和教育領域的人工智慧玩家進行了交談。我認為世界各地這個行業的許多人都在觀察的一個趨勢是基礎模型的能力在持續改進，而它們改進的速度可能會讓我們許多人感到驚訝。

So this presents exciting opportunities actually for vertical players like us. We think that lighting this tailwind, vertical players, including us, will focus on, if not already focusing on, probably two things primarily. The first is leveraging the wealth of data that's particular to an industry to train vertical models. And I think, by the way, the recent trend toward reinforcement learning is really interesting in this regard. So that's the first one, the data.

因此，這實際上為像我們這樣的垂直行業參與者提供了令人興奮的機會。我們認為，點燃這一順風的垂直參與者，包括我們在內，將主要關注（如果還沒有關注）兩件事。第一個是利用產業特有的豐富資料來訓練垂直模型。順便說一句，我認為最近強化學習的趨勢在這方面非常有趣。這是第一個，數據。

And the second is developing applications that leverage the powerful capabilities of foundation models as well as vertical models. One of the keys to success to us as a vertical player in the AI space is really to possess a breadth of structured and unstructured data suitable and relevant to the AI era. Some of our historical investments into prior generations of AI technologies have really benefited us with a great treasure trove of data that we sit on today.

第二是開發利用基礎模型和垂直模型強大功能的應用程式。作為人工智慧領域的垂直參與者，我們成功的關鍵之一是真正擁有適合人工智慧時代並與之相關的大量結構化和非結構化資料。我們對前幾代人工智慧技術的一些歷史投資確實使我們受益匪淺，我們今天擁有大量的數據寶庫。

As for developing AI-powered applications, I think we have an abundance of experience in developing learning applications powered by technology, and we understand the complexity of such endeavors. And really, this complexity is coming from years of experience. We believe we are really well positioned to take a crack at some of learning's hardest problems through AI.

至於開發由人工智慧驅動的應用程序，我認為我們在開發技術驅動的學習應用程式方面擁有豐富的經驗，並且我們了解此類努力的複雜性。事實上，這種複雜性來自於多年的經驗。我們相信，我們確實有能力透過人工智慧解決一些學習中最困難的問題。

So having said that preface, next, I'd like to share with you more about specific product roadmap and the investment plan. So our product roadmap really entails a combination of AI-powered functions embedded in our existing products and newly rolled out AI-native products. As you can probably imagine, unlike many other verticals, we've been making visible progress on AI-powered functions through our existing products.

說了這麼多，接下來想跟大家分享一下具體的產品路線圖和投資計畫。因此，我們的產品路線圖確實需要將現有產品中嵌入的人工智慧功能與新推出的人工智慧原生產品結合。正如您可能想像的那樣，與許多其他垂直行業不同，我們透過現有產品在人工智慧驅動的功能上取得了明顯的進展。

And they keep coming out, and they're coming out as new features but also as upgrades on existing features. I think, on the last few calls, we had talked about some of these functionalities, such as [SD correction] and natural language-based [assistance in our] learning tablet, but it doesn't stop there. In our newly launched Xbook, for example, we can now provide correction and feedback on math -- mathematics, English, and Chinese questions with users' handwritten answers.

它們不斷湧現，不僅以新功能的形式出現，而且以現有功能的升級形式出現。我想，在最近幾次通話中，我們討論了其中一些功能，例如 [SD 校正] 和基於自然語言的 [我們的] 學習平板電腦的幫助，但它並不止於此。例如，在我們新推出的 Xbook 中，我們現在可以透過使用者手寫答案提供數學、英語和語文問題的批改和回饋。

What makes this possible is really our effort on MathGPT and other AI capabilities. And with the model built on industry-specific data, we can now get the accuracy of these to be significantly higher than without them. So this function is just an example of where we really bridge cutting-edge technology to solving customers' pain points. And in doing so, we provide learners with enhanced learning efficiency.

使這一切成為可能的實際上是我們在 MathGPT 和其他人工智慧功能上的努力。透過基於行業特定數據建立的模型，我們現在可以得到比沒有它們時顯著更高的準確性。所以這個功能只是我們真正將尖端技術與解決客戶痛點連結起來的一個例子。透過這樣做，我們為學習者提供了更高的學習效率。

We've also been making progress on AI-native applications. In the last few months, we rolled out an AI question-and-answer application. So compared to traditional solutions in the market, our application engages with learner real time during their problem-solving journey. The application guides a learner step by step, pausing when the learner is stuck, explaining the relevant concepts, and making sure the learner follows the process.

我們在人工智慧原生應用程式方面也取得了進展。在過去的幾個月裡，我們推出了人工智慧問答應用程式。因此，與市場上的傳統解決方案相比，我們的應用程式在學習者解決問題的過程中即時參與。該應用程式逐步指導學習者，當學習者遇到困難時暫停，解釋相關概念，並確保學習者遵循該過程。

And I like to say to people, look, one effort -- one kind of effort is to help the model solve more of mathematics questions correctly. But really, it's a whole different level to help the model, to explain the solution, to guide the user on the learning journey better. So that's where, really, thanks to our accumulated industry experience know-how and vertical data in all the practices we've accumulated over the past two decades, we're able to launch such intelligent tools to enhance our users' learning experience.

我喜歡對人們說，看，一種努力——一種努力是幫助模型正確解決更多數學問題。但實際上，幫助模型、解釋解決方案、更好地指導使用者學習是一個完全不同的層面。因此，實際上，憑藉我們過去二十年在所有實踐中累積的行業經驗知識和垂直數據，我們能夠推出這樣的智慧工具來增強用戶的學習體驗。

So now coming to your question about investment into AI, look, we have invested into compute, infrastructure, talent, and data. I think we've been adequately served by the infrastructure investments we already made as cost per token is coming down dramatically across the world. And we are -- I think we are comfortable with our current level of infrastructure investment.

現在談到你關於人工智慧投資的問題，看，我們已經投資於運算、基礎設施、人才和數據。我認為我們已經進行的基礎設施投資已經充分滿足了我們的需求，因為全球範圍內每個代幣的成本都在大幅下降。我認為我們對目前的基礎設施投資水準感到滿意。

Looking forward, our investment in AI will focus more on the application layer. The applications we shared above are just examples of what we currently have. We intend to roll out new applications as well as upgrading our current applications as we progress. I hope that answers your question.

展望未來，我們對人工智慧的投入將更集中在應用層。我們上面分享的應用程式只是我們目前擁有的範例。我們打算隨著進展推出新的應用程式並升級目前的應用程式。我希望這能回答你的問題。

Thanks, Alex, very helpful.

謝謝，亞歷克斯，非常有幫助。

Liping Zhao, CICC.

趙麗萍，中金公司。

Hi, Alex. Hi, Jackson. Thanks for taking my question. So my question is about your xueersi.com business. Could you please elaborate the [meaning] of xueersi.com and how should we think about long-term growth outlook of that business? Thank you.

嗨，亞歷克斯。嗨，傑克遜。感謝您提出我的問題。我的問題是關於你們學而思網的業務。您能否詳細說明一下學而思網的含義以及我們應該如何看待該業務的長期成長前景？謝謝。

Liping, thanks for the question. This is Jackson. Let me take this one. First, I would like to share with you some of our thoughts on xueersi.com and the online learning industry in general. If we look back at a few years ago, the online learning industry went through a phase where some industry participants were heavily focused on customer acquisition. We do not think that's a sustainable approach.

麗萍，謝謝你的提問。這是傑克遜。讓我拿走這個。首先，我想與大家分享我們對學而思網以及線上學習產業的一些看法。如果我們回顧幾年前，線上學習產業經歷了一個階段，一些行業參與者非常關注客戶獲取。我們認為這不是一個可持續的方法。

In the online learning space, the market is evolving, and we're seeing user needs changing. For example, we see more and more demand for enrichment learning programs and for student-centric learning, particularly demand for science and technology emerging. There is also transformation on the supply side in terms of what industry participants are providing. We observed varied product formats catering different user needs.

在線上學習領域，市場正在不斷發展，我們看到用戶需求正在改變。例如，我們看到對強化學習計劃和以學生為中心的學習的需求越來越多，特別是對科學技術的需求不斷湧現。就產業參與者提供的產品而言，供給面也發生了轉變。我們觀察到不同的產品形式可以滿足不同的使用者需求。

Now in the market, there's more than just large class one-way lecturing offerings. The market is also supplemented with pre-recorded classes, experimental toolkits, and et cetera. We're really excited about this opportunity to provide science and technology immersion to a broad range of audience.

現在市面上不只有大班單向講座產品。該市場還補充了預先錄製的課程、實驗工具包等。我們非常高興有機會為廣大受眾提供沉浸式科學技術體驗。

For example, our science and experiment program guides learners to master complex science concepts through observing various scientific phenomena in daily life, conducting hands-on experiments, and connecting experiment results with science concepts for a deeper understanding. This program is designed to develop learning -- scientific learners' scientific curiosity, innovative mindset, and problem-solving capabilities. We have observed that learners enrolled in this program exhibit continued interest. They stay engaged, and they also learn effectively.

例如，我們的科學實驗課程引導學習者透過觀察日常生活中的各種科學現象，進行動手實驗，將實驗結果與科學概念聯繫起來，從而更深入地理解，從而掌握複雜的科學概念。該計畫旨在培養學習能力——科學學習者的科學好奇心、創新思維和解決問題的能力。我們觀察到參加該計劃的學習者表現出持續的興趣。他們保持專注，並且學習有效。

Liping, you asked about growth outlook and growth drivers. In this market, we believe our current main growth driver is our product quality. We continued to innovate in response to the evolving landscape and changing user behaviors in the online learning sectors. Over the recent years, we have introduced a range of new offerings designed to provide an efficient and engaging digital learning experience for our customers.

麗萍，您問到了成長前景和成長動力。在這個市場上，我們相信我們目前的主要成長動力是我們的產品品質。我們不斷創新，以應對線上學習領域不斷變化的格局和不斷變化的使用者行為。近年來，我們推出了一系列新產品，旨在為客戶提供高效且引人入勝的數位學習體驗。

These programs are designed not only to align with online learning habits but also to fully leverage online learning's unique advantages, bringing scarce and high-quality educational resources to a broader audience. We're observing sufficient demand for online enrichment products. We're currently exploring various formats of products to fulfill the demand, so it's about the mix of old SKUs and new SKUs.

這些項目的設計不僅符合線上學習習慣，而且充分發揮線上學習的獨特優勢，為更廣泛的受眾帶來稀缺的優質教育資源。我們觀察到對線上豐富產品的需求充足。我們目前正在探索各種形式的產品來滿足需求，所以這是舊SKU和新SKU的混合。

We think this is an exciting market. Looking ahead, we'll continue to innovate and iterate our enrichment learning programs and services to meet new user demand for digital learning experiences. So based on these market observations and based on our confidence in our product quality, xueersi.com is one of our strategic priorities. We have been consistently investing into this business.

我們認為這是一個令人興奮的市場。展望未來，我們將繼續創新和迭代我們的強化學習項目和服務，以滿足用戶對數位學習體驗的新需求。因此，基於這些市場觀察以及我們對產品品質的信心，學而思.com 是我們的策略重點之一。我們一直持續投資這項業務。

We focus on investing and strengthening our online enrichment product capabilities as well as operational and marketing strategies. This allows us to expand our current operations while building a solid foundation for long-term competitiveness. We do not think, currently, xueersi.com has a mature unit economics model just yet. The unit economics model and operating model of xueersi.com are continually being explored. We will try to balance growth and profitability during this exploration phase.

我們專注於投資和加強我們的線上豐富產品能力以及營運和行銷策略。這使我們能夠擴大當前業務，同時為長期競爭力奠定堅實的基礎。我們認為，目前學而思網還沒有成熟的單位經濟模型。學而思網的單位經濟模式和運作模式正在不斷探索。在這個探索階段，我們將努力平衡成長和獲利能力。

I hope that answers your question, Liping.

我希望這能回答你的問題，麗萍。

Thanks, Jackson. That's helpful. Thank you.

謝謝，傑克遜。這很有幫助。謝謝。

Thank you. We have now reached the end of the question-and-answer session. Thank you all very much for your questions. I'll now turn the conference back to the management team for closing comments.

謝謝。我們現在問答環節已經結束。非常感謝大家提出的問題。現在我將把會議轉回給管理團隊以徵求結束意見。

So thanks again for joining us today, and we look forward to talking to you next quarter. Bye-bye.

再次感謝您今天加入我們，我們期待下個季度與您交談。再見。

Thank you very much for your participation in today's conference. This does conclude the program. You may now disconnect.

非常感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。