TAL Education Group (TAL) 2025 Q3 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 third quarter earnings conference call. (Operator Instructions) Please be informed today's conference is being recorded. I would now like to hand the conference over to [Ms. Fang Liu], Investor Relations Director. Thank you. Please go ahead.

女士們、先生們，大家好，感謝你們的支持。歡迎參加TAL教育集團2025財年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議移交給 [Ms.劉芳]投資者關係總監。謝謝。請繼續。

Thank you all for joining us today for TAL Education Group's third quarter fiscal year 2025 earnings conference call. The earnings release was distributed here today, and you may find a copy on the company's IR website or through the newswires.

感謝大家今天參加TAL教育集團2025財年第三季財報電話會議。今天，收益報告已在此發布，您可以在公司的 IR 網站或透過新聞通訊社找到一份副本。

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.

在本次電話會議中，您將聽取總裁兼財務長 Alex Peng 先生的演講；以及副首席財務長 Jackson Ding 先生。在發表準備好的發言後，彭先生和丁先生將回答大家的問題。

Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Living 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. 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.

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券生活改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異。潛在風險和不確定性包括但不限於我們向美國證券交易委員會提交的公開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，請參閱我們向美國證券交易委員會提交的文件。

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

此外，我們的收益報告和本次電話會議還包括對某些非 GAAP 財務指標的討論。請參閱我們的收益報告，其中包含非 GAAP 指標與最直接可比較的 GAAP 指標的對帳。我想將電話轉給 Alex Peng 先生。亞歷克斯，請說。

Thank you, Fang. And I'd also like to thank all of you for joining today's conference call. I'll provide an overview of our business progress and financial performance for the third quarter of fiscal year 2025, followed by Jackson's review of our operational advancements and key business results. Then I'll finish up with a brief update on our future strategy and outlook. We remain committed to delivering high-quality learning experiences and services throughout the last fiscal quarter.

謝謝你，方。我還要感謝大家參加今天的電話會議。我將概述我們 2025 財年第三季的業務進展和財務業績，隨後傑克森將回顧我們的營運進度和關鍵業務成果。然後我將簡要介紹我們未來的策略和展望。我們將繼續致力於在上個財政季度提供高品質的學習體驗和服務。

More students and parents are choosing our products and services to enhance their children's daily learning. These users provide valuable feedback throughout their journey with TAL, empowering our ongoing innovation as we refine product features and formats based on actual user needs.

越來越多的學生和家長選擇我們的產品和服務來增強孩子的日常學習。這些用戶在使用 TAL 的整個過程中提供了寶貴的回饋，促進了我們根據實際用戶需求改進產品功能和格式的持續創新。

As always, we aim to improve the learning experience and support students' holistic development. This quarter, we provided more engaging learning experiences through our learning services programs. Both our offline and online enrichment learning programs continued to receive positive feedback from users, reflecting the quality of our products and services.

像往常一樣，我們的目標是改善學習體驗並支持學生的全面發展。本季度，我們透過學習服務計劃提供了更具吸引力的學習體驗。我們的線下和線上拓展學習計畫均持續收到使用者的正面回饋，反映了我們產品和服務的品質。

Our enrichment learning programs are designed to elevate learners' abilities, fostering well-rounded development across a range of competencies. As we recognize that true learning extends beyond just acquiring knowledge, at TAL, we prioritize the growth of skills such as reading comprehension, critical thinking, problem solving, and quantitative reasoning.

我們的豐富學習計畫旨在提升學習者的能力，促進各方面能力的全面發展。我們認識到真正的學習不僅僅是獲取知識，在 TAL，我們優先培養閱讀理解、批判性思考、解決問題和定量推理等技能。

These competencies equip learners with the tools to navigate real-world challenges. We believe this product market fit positioning aligns with the needs of a new generation of parents who're seeking in-depth cross disciplinary educational opportunities for their children. So take our Peiyou enrichment small classes as an example, market demand for enrichment learning and our consistent delivery of high-quality services drove continued growth of this business line during the fiscal quarter.

這些能力為學習者提供了應對現實世界挑戰的工具。我們相信，這種產品市場契合定位符合新一代父母為孩子尋求深入跨領域教育機會的需求。以我們的培優小班課程為例，市場對強化學習的需求以及我們持續提供的高品質服務推動了該業務線在本財季的持續成長。

For content solutions, we remain dedicated to creating and curating high-quality content that supports our users' diverse learning journeys. Our goal is to empower learners and enrich their learning experience with inspiring and impactful resources that enable them to thrive.

對於內容解決方案，我們仍然致力於創建和策劃高品質的內容，以支援用戶多樣化的學習歷程。我們的目標是透過鼓舞人心和有影響力的資源來增強學習者的能力並豐富他們的學習體驗，使他們能夠茁壯成長。

So this quarter, we continue to refine our content solutions product offerings and bolster our go-to-market strategies. In late August 2024, we launched a new learning device, the Xbook, a tablet targeting customers with practice-focused learning needs. It features a color e-paper display with three modes, learning, practicing, and reading.

因此本季度，我們將繼續完善我們的內容解決方案產品並加強我們的行銷策略。2024 年 8 月下旬，我們推出了一款新的學習設備 Xbook，這是一款針對以實踐為重點的學習需求的客戶的平板電腦。它具有彩色電子紙顯示屏，具有學習、練習和閱讀三種模式。

We received some initial user feedback on the product this quarter, and we're pleased to report that it has proven to be a valuable tool and structured focused learning scenarios. Our efforts to enhance our product capabilities are yielding positive results for the learning device business.

本季我們收到了一些關於該產品的初步用戶回饋，我們很高興地報告，它已被證明是一個有價值的工具和結構化的重點學習場景。我們為提升產品能力所做的努力正在為學習設備業務帶來積極的成果。

Key metrics such as weekly active rates and average weekly usage time for the entire user base remains stable and healthy as our product lineup and user base continue to expand. The average weekly active rate for our entire learning device user base was at around 80%, with an average daily usage time of 1one hour per device throughout the quarter. What's more?

隨著我們的產品陣容和用戶群不斷擴大，整個用戶群的每週活躍率和每周平均使用時間等關鍵指標保持穩定和健康。我們整個學習設備用戶群的平均每週活躍率約為 80%，整個季度每台設備的平均每日使用時間為 1 小時。還有什麼？

Over half of these active users engage with the device for five or more days per week. In addition to these achievements, our xPad recently received a twice PIC award at the Consumer Electronics Show 2025. This annual award recognizes the year's influential consumer technologies, underscoring xPad's market recognition and innovative features.

超過一半的活躍用戶每週使用該設施五天或更長時間。除了這些成就之外，我們的 xPad 最近在 2025 年消費電子展上兩次榮獲 PIC 獎。該年度獎項旨在表彰年度內具有影響力的消費技術，凸顯了 xPad 的市場認可度和創新功能。

Execution across services and products continues to drive our financial growth. Our net revenues for the quarter reached USD606.4 million, or RMB4,322.2 million, reflecting year-over-year growth of 62.4% and 59.2% in US dollar and RMB terms, respectively.

服務和產品的執行繼續推動我們的財務成長。本季度，我們的淨營業收入達到 6.064 億美元，即 43.222 億元，以美元和人民幣計算，分別年增 62.4% 和 59.2%。

Our non-GAAP loss from operations and non-GAAP net income attributable to TAL stood at USD1.9 million and USD38.6 million, respectively. So with that overview, I'll turn the call over to Jackson to discuss the operational advancements we made in our core business lines and review our financial performance for the third fiscal quarter. Jackson, over to you.

我們的非公認會計準則營業虧損和非公認會計準則歸屬於TAL的淨利潤分別為190萬美元和3860萬美元。因此，在了解了上述概述之後，我將把電話轉給傑克遜，討論我們在核心業務線上的營運進步，並回顧我們第三季的財務表現。傑克遜，交給你了。

Thank you, Alex. Before I get started with my review, please note that all financial data for the quarter are unaudited. Let me begin with our learning services and others business. which encompasses a wide range of learning programs. This business line maintained its growth momentum for the third quarter of fiscal year 2025, achieving year-over-year revenue growth, thanks to the development of multiple product lines.

謝謝你，亞歷克斯。在我開始審查之前，請注意本季的所有財務數據均未經審計。讓我先從我們的學習服務和其他業務開始。其中包括各種各樣的學習計劃。該業務線在2025財年第三季保持了成長勢頭，得益於多條產品線的發展，實現了同比增長。

Notably, our Peiyou small class enrichment programs remain the largest revenue contributor within learning services and others business. Under the tailwind of increasing customer acceptance of enrichment learning, Peiyou enrichment small class continues its development momentum.

值得注意的是，我們的培優小班輔導計畫仍然是學習服務和其他業務中最大的收入貢獻者。在顧客對豐富學習接受度不斷提升的推動下，培優豐富小班課程持續保持良好的發展動能。

For this business, our priority is to provide quality in-person learning experience for our users. We take a dynamic and methodical approach in managing our learning center network. Each decision is based on careful evaluation of factors such as market demand, user acceptance, operational capability, and efficiency.

對於這項業務，我們的首要任務是為使用者提供高品質的面對面學習體驗。我們採取動態且有條不紊的方法來管理我們的學習中心網絡。每個決定都基於對市場需求、使用者接受度、營運能力和效率等因素的仔細評估。

Our online enrichment learning business continues to progress in line with our strategic objectives. We have differentiated our online programs from offline offerings by integrating smart interactive features that cater to online learning habits, boosting user motivation and deepening engagement.

我們的線上充實學習業務繼續按照我們的策略目標向前發展。我們透過整合迎合線上學習習慣的智慧互動功能，將我們的線上課程與線下課程區分開來，提高了用戶的積極性並深化了參與度。

By consistently innovating and refining our online products, we strive to meet the growing demand for dynamic and impactful digital learning experiences. For learning devices, our goal is to support users' self-learning journeys with a diverse product selection and richer smart features and learning resources. In this fiscal quarter, we expanded our offerings to reach a broader user base, helping more users find learning solutions that suit their unique needs.

透過不斷創新和改進我們的線上產品，我們努力滿足對動態和有影響力的數位學習體驗日益增長的需求。對於學習設備，我們的目標是透過多樣化的產品選擇和更豐富的智慧功能和學習資源來支援使用者的自學之旅。在本財季，我們擴大了產品範圍以涵蓋更廣泛的用戶群，幫助更多用戶找到適合他們獨特需求的學習解決方案。

It has been two years since the launch of our first-generation learning device. Last year, we offered only one product. Now we are featuring a lineup of four. Bolstered by the e-commerce event season in the third fiscal quarter of 2025, our learning device revenue increased both year over year and quarter over quarter. We remain committed to enhancing product capabilities as we expand our product portfolio.

我們的第一代學習設備推出已經兩年了。去年，我們只提供了一種產品。現在我們介紹四個陣容。受2025財年第三季電商活動季的推動，我們的學習設備營收年增、季增。在擴大產品組合的同時，我們依然致力於增強產品功能。

During this fiscal quarter, we upgraded our existing xPad learning devices, optimizing the precision learning pro feature to better align with the needs of at-home learning and support personalized learning journeys for our users.

在本財季，我們升級了現有的 xPad 學習設備，優化了精準學習專業功能，以更好地滿足在家學習的需求並為用戶提供個人化的學習旅程。

Additionally, we introduced a split screen functionality that allows learners to use two apps simultaneously on the same interface, further enhancing the learning device's usability. We also rolled out a customization feature for virtual avatars to deepen user engagement.

此外，我們還引入了分割畫面功能，允許學習者在同一介面上同時使用兩個應用程序，進一步增強了學習設備的可用性。我們還推出了虛擬化身的客製化功能，以加深用戶參與度。

Designing and personalizing avatars makes the learning process more interactive, boosting children's motivation and enthusiasm for learning. In terms of product expansion, as Alex mentioned, in late August, we further enriched our product lineup with the launch of Xbook.

設計和個人化頭像使學習過程更具互動性，從而提高孩子的學習動力和熱情。在產品擴展方面，正如Alex所提到的，8月底，我們隨著Xbook的推出進一步豐富了我們的產品陣容。

Xbook allows learners to seamlessly switch between learning, practicing and rating modes using a built-in toggle, enhancing the overall learning experience. It also features an eye protective screen and a smooth riding stylus.

Xbook 讓學習者使用內建切換按鈕在學習、練習和評分模式之間無縫切換，從而增強整體學習體驗。它還配有護眼螢幕和順滑的觸控筆。

We have closely observed Xbook's user habits over the past quarter, and we are pleased to see Xbook's practice-related features being utilized frequently. Powered by our large language model, the Xbook's AI-driven features include intelligent grading, aero tracking, and personalized recommendations to comprehensively support users in their guided practice sessions. The ongoing development of AI technology is also advancing Xbook's intelligent grading capabilities.

我們在過去一個季度密切觀察了 Xbook 的使用者習慣，很高興看到 Xb​​ook 的實踐相關功能被頻繁使用。在我們大型語言模式的支援下，Xbook 的 AI 驅動功能包括智慧評分、航空追蹤和個人化推薦，以全面支援使用者的指導練習課程。AI技術的不斷發展也正在推動Xbook的智慧評分能力。

Xbook can generate detailed profiles of students' performance, capturing metrics such as response time, accuracy rates, and aero patents, enabling students to more effectively evaluate their learning progress and focus on targeted study.

Xbook 可以產生學生表現的詳細資料，捕捉回應時間、準確率和航空專利等指標，使學生能夠更有效地評估他們的學習進度並專注於有針對性的學習。

This not only allows us to better support user growth, but also provide insight for content development and optimization. We will continue to monitor Xbook's performance and refine its features to ensure alignment with user needs.

這不僅使我們能夠更好地支援用戶成長，而且還為內容開發和優化提供了見解。我們將繼續監控 Xbook 的效能並完善其功能以確保滿足使用者需求。

Now let's move on to our key financial results for the third fiscal year -- third fiscal quarter, excuse me, of 2025. Our net revenues were USD606.4 million or RMB4,323.2 million, an increase of 62.4% and 59.2% year over year in US dollar and RMB terms, respectively.

現在讓我們來看看 2025 財年第三季（不好意思，是 2025 財年第三季）的主要財務表現。我們的淨收入為 6.064 億美元或人民幣 43.232 億元，按美元和人民幣計算分別同比增長 62.4% 和 59.2%。

Cost of revenue increased by 65.5% to USD286.7 million from USD173.2 million for the same period of last year. Non-GAAP cost of revenues, which excludes share-based compensation advances, increased by 67.2% to USD285.4 million from USD170.7 million for the same period last year.

營業成本由去年同期的1.732億美元增加65.5%至2.867億美元。非公認會計準則收入成本（不含股權激勵預付款）從去年同期的 1.707 億美元增加 67.2% 至 2.854 億美元。

Gross profit increased for the third quarter of fiscal year 2025, rising by 59.6% year over year to USD319.8 million from USD200.3 million for the same period last year. Gross margin decreased to 52.7% from 53.6% for the same period last year. Selling and marketing expenses for the quarter were USD226.4 million, representing an increase of 85.6% from USD122.0 million for the same period last year.

2025財年第三季毛利年增59.6%至3.198億美元，去年同期為2.003億美元。毛利率由去年同期的53.6%下降至52.7%。本季銷售及行銷費用為2.264億美元，較去年同期的1.220億美元成長85.6%。

Non-GAAP selling and marketing expenses, which excludes share-based compensation expenses, increased by 91.0% to USD222.4 million from USD116.4 million for the same period last year. Selling and marketing expenses as a percentage of total net revenues increased from 32.7% to 37.3% year over year.

非美國通用會計準則銷售及行銷費用（不含股權激勵費用）較去年同期的1.164億美元增加91.0%至2.224億美元。銷售和行銷費用佔總淨收入的百分比從去年同期的32.7%增加到37.3%。

The uptick in selling and marketing expenses was primarily driven by increased selling and marketing activities from some online channels. General and administrative expenses increased by 0.8% to USD111.5 million from USD110.7 million for the same period last year. Non-GAAP general and administrative expenses, which excludes share-based compensation costs increased by 4.8% year over year to USD101.4 million from USD96.7 million for the same period last year.

銷售和行銷費用的上升主要是由於一些線上通路銷售和行銷活動的增加。一般及行政開支較去年同期的1.107億美元增加0.8%至1.115億美元。非美國通用會計準則下一般及行政開支（不包括股權激勵成本）較上年同期的 9,670 萬美元增長 4.8% 至 1.014 億美元。

Non-GAAP general and administrative expenses as a percentage of total net revenues decreased from 25.9% to 16.7% year over year. Total share-based compensation expense allocated to related operating costs and expenses decreased by 29.5% to USD15.5 million for the third quarter of fiscal year 2025 from USD22.0 million for the same period last year.

非公認會計準則一般及行政支出佔總淨收入的百分比從去年同期的 25.9% 下降到 16.7%。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2,200萬美元減少29.5%至2025財年第三季的1,550萬美元。

Loss from operations was USD17.4 million for the third quarter of fiscal year 2025 compared to loss from operations of USD32.2 million for the same period last year. Non-GAAP loss from operations, which excludes share-based compensation expenses, was USD1.9 million compared to a non-GAAP loss from operations of USD10.2 million for the same period last year.

2025財年第三季的營業虧損為1,740萬美元，而去年同期的營業虧損為3,220萬美元。不包括股權激勵費用的非美國通用會計準則營業虧損為 190 萬美元，而去年同期的非美國通用會計準則營業虧損為 1,020 萬美元。

Net income attributable to TAL was USD23.1 million for the third quarter of fiscal year 2025 compared to net loss attributable to TAL of USD23.9 million for the same period last year.

2025財年第三季歸屬於TAL的淨利為2,310萬美元，去年同期歸屬於TAL的淨虧損為2,390萬美元。

Non-GAAP net income attributable to TAL, which excludes share-based compensation expenses, was USD38.6 million compared to a non-GAAP net loss attributable to TAL of USD1.9 million for the same period last year.

不計股權激勵費用，非美國通用會計準則下歸屬於TAL的淨利潤為3860萬美元，去年同期非美國通用會計準則下歸屬於TAL的淨虧損為190萬美元。

Moving on to our balance sheet. As of November 30, 2024, we had USD2,240.8 million in cash and cash equivalents, USD1,595 million in short-term investments and USD347.6 million in current and non-current restricted cash. Our deferred revenue balance was USD825.6 million as of the end of the third fiscal quarter of 2025.

繼續我們的資產負債表。截至 2024 年 11 月 30 日，我們擁有現金和現金等價物 22.408 億美元、短期投資 15.95 億美元以及流動和非流動受限現金 3.476 億美元。截至 2025 財年第三季末，我們的遞延收入餘額為 8.256 億美元。

Now turning to our cash flow statement. Net cash provided by operating activities for the third quarter of fiscal year 2025 was USD378 million. 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.

現在轉向我們的現金流量表。2025財年第三季經營活動提供的淨現金為3.78億美元。財務部分到此結束。現在我將把電話交還給亞歷克斯，讓他簡要地向您介紹我們的業務前景。亞歷克斯，請繼續。

Thanks, Jackson. So I'd like to share some insights on the outlook for the company's future development. Moving forward, we may experience some fluctuations in our business performance due to seasonal factors. For example, in fiscal year '25 fourth quarter, we anticipate a year-over-year decline in revenue from learning devices as the third quarter is typically a peak season for e-commerce activities. Nevertheless, we remain committed to achieving healthy and sustainable long-term growth across all our business lines.

謝謝，傑克遜。所以我想分享一些關於公司未來發展前景的見解。展望未來，我們的業務表現可能會因季節性因素而出現一些波動。例如，在 25 財年第四季度，我們預計學習設備的收入將年減，因為第三季通常是電子商務活動的旺季。儘管如此，我們仍然致力於實現所有業務線的健康和可持續的長期成長。

For learning services, we will maintain our high-quality standards for both offline and online learning products and strive to deliver premium enrichment programs to an even broader user base. We plan to prudently manage our learning center network and develop additional programs tailored to meet the specific needs of various user groups, while also managing our operational efficiency.

對於學習服務，我們將保持線下和線上學習產品的高品質標準，並努力向更廣泛的用戶群提供優質的充實課程。我們計劃審慎管理我們的學習中心網絡，並開發客製化的附加程式以滿足不同用戶群的特定需求，同時管理我們的營運效率。

In terms of content solutions, we'll closely monitor user feedback and market demand and use those insights to further enhance our learning devices and their features. We'll also expand our learning content library and exploring new product developments. At the same time, we'll keep refining our go-to-market strategies.

在內容解決方案方面，我們將密切關注用戶回饋和市場需求，並利用這些見解進一步增強我們的學習設備及其功能。我們還將擴大我們的學習內容庫並探索新產品開發。同時，我們將繼續完善我們的市場進入策略。

By aligning innovation with user needs, we aim to deliver impactful learning experiences to all of our customers. So for the past few years, we've been innovating at the intersection of learning and technology, advancing our technological capabilities to deliver quality learning solutions. The potential of emerging technologies, particularly artificial intelligence, is transformative and inspired.

透過將創新與用戶需求結合，我們旨在為所有客戶提供有影響力的學習體驗。因此，在過去的幾年裡，我們一直在學習和技術的交叉領域進行創新，提升我們的技術能力，以提供高品質的學習解決方案。新興技術，特別是人工智慧的潛力，具有變革性和啟發性。

Over the last year or two, we have gained a clear understanding of what is achievable with AI in education and what is still needed to fully unleash its possibilities. Our focus now is twofold, first, leveraging industry-specific data to train vertical models; and second, developing applications that harness the power of both foundational models and vertical models.

在過去的一兩年裡，我們清楚地認識到人工智慧在教育領域可以取得什麼成就，以及還需要做些什麼才能充分釋放其潛力。我們現在的重點有兩個，首先，利用產業特定的資料來訓練垂直模型；其次，開發能夠利用基礎模型和垂直模型功能的應用程式。

Today's children and parents face a major challenge, how to grow into individuals who can thrive in the age of artificial intelligence. Their demand for intelligent solutions exceeds the capabilities of current technology. This creates an opportunity for us to bridge the gap between traditional solutions from centuries ago and the advanced needs of today's children and parents.

現今的孩子和父母面臨著一個重大挑戰，即如何成長為能夠在人工智慧時代茁壯成長的個體。他們對智慧解決方案的需求超越了現有技術的能力。這為我們創造了一個機會來彌合幾個世紀前的傳統的解決方案與當今兒童和父母的先進需求之間的差距。

With the love of learning and technology at the heart of everything we do, we remain committed to creating innovative products that empower students, families, and educators. We look forward to shaping and witnessing this exciting future together. So that concludes my prepared remarks. Operator, we're ready to open the call for questions.

我們所做的一切都以對學習和科技的熱愛為核心，我們始終致力於創造創新產品，為學生、家庭和教育工作者提供協助。我們期待共同塑造和見證這個令人興奮的未來。我的準備好的發言到此結束。接線員，我們已經準備好開始回答問題了。

(Operator Instructions) Alice Cai, Citi.

(操作員指示) 花旗銀行的 Alice Cai。

Congratulations on the solid results. I have two questions for the Peiyou enrichment off-line business, could you please share any recent changes in the market dynamics? Have you ever noticed any negative impact from consumption bankings or intensified competition? My second question is how was the network expansion in Q3 for TAL? And have there been any changes in key operating metrics such as renewal rates?

恭喜您取得堅實的成果。我對培優富足線下業務有兩個問題，能否分享一下近期市場動態的變化？您是否注意到消費銀行業務或加劇的競爭帶來的負面影響？第二個問題是好未來第三季的網路擴張情況如何？續約率等關鍵營運指標有沒有變化？

Thanks for your question. This is Alex. Let me take on those two questions. And let me first start with my market observations, right? So in terms of enrichment learning, what we observed is sustained growth momentum in both market demand and our enrichment learning business performance over the past few quarters.

感謝您的提問。這是亞歷克斯。讓我來回答這兩個問題。讓我先從我的市場觀察開始，好嗎？因此，就豐富學習而言，我們觀察到過去幾季市場需求和豐富學習業務表現都呈現持續成長的動能。

This newest generation of parents, they really started to form their own parental and educational philosophies. Many of them are today emphasizing their children's holistic development, right, rather than focusing only on academic performance at school.

這新一代的父母真正開始形成自己的養育和教育理念。如今，許多家長都強調孩子的全面發展，而不是只專注於孩子的學業成績。

Official data on how fast the enrichment learning market is growing is still limited, but we are seeing more on the ground activity and user inquiries, which I think really reflect increasing interest from customers. So our products are designed to really meet this growing demand. Our enrichment programs' interactive and engaging experiences, they aim to improve learners' critical thinking and logical reasoning.

關於充實學習市場成長速度的官方數據仍然有限，但我們看到更多的實際活動和用戶諮詢，我認為這確實反映了客戶日益增長的興趣。因此，我們的產品設計確實是為了滿足這日益增長的需求。我們的充實計劃具有互動性和吸引力，旨在提高學習者的批判性思維和邏輯推理能力。

And they foster an appreciation for the humanities, the arts, and enhance hands-on capabilities. As the enrichment learning market grows, our learning services business also continues to progress with it. I'd like to say a few words about market competition. It's a question that often comes to us. It really is a natural part of every market and every stage of development, right?

它們也培養了人們對人文和藝術的欣賞，並提高了動手能力。隨著拓展學習市場的成長，我們的學習服務業務也隨之不斷進步。我想講一下市場競爭。這是我們經常遇到的問題。它確實是每個市場和每個發展階段的自然組成部分，對嗎？

So when it comes to the enrichment learning offline small class market, it is more fragmented than many other markets. The key to remaining competitive in this market is really developing high-quality products with solid performance focused metrics, and ensuring our products serve local users well.

因此，當談到豐富學習線下小班市場時，它比許多其他市場更加分散。在這個市場保持競爭力的關鍵是開發具有可靠性能指標的高品質產品，並確保我們的產品能夠很好地服務當地用戶。

So we do monitor the enrichment learning sector's dynamics, our core focus is really on strengthening our own product capabilities. We really think what truly matters is meeting the needs of parents and students, right, delivering that meaningful value to our users and contributing positively to society. So that's why we strive to continually improve our product capabilities and adaptability.

因此，我們確實會監控豐富學習領域的動態，我們的核心重點是加強我們自己的產品能力。我們確實認為真正重要的是滿足家長和學生的需求，為我們的用戶提供有意義的價值並為社會做出積極貢獻。這就是我們努力不斷提高產品能力和適應性的原因。

Here, let me maybe give you some details on two specific efforts, right? One is around teacher recruitment and training, and the second is really around product innovation. So we've had years of industry experience and deep understanding of our learners.

這裡，我可以向您詳細介紹兩項具體的努力，好嗎？一是圍繞教師招聘和培訓，二是圍繞產品創新。因此，我們擁有多年的行業經驗和對學習者的深刻了解。

And we've developed a comprehensive teacher training system that emphasizes a standardized, high-quality lecturing approach and an interactive student-centric learning experience, right? So both of these are really critical to the learning experience.

我們已經建立了全面的教師培訓體系，強調標準化、高品質的授課方式和以學生為中心的互動式學習體驗，對嗎？所以這兩者對於學習體驗都至關重要。

We pride ourselves really on training most of our teachers in-house to ensure a solid and consistent service quality. So with this solid teaching foundation in place, we are equally committed to driving innovation in our products and services.

我們非常自豪能夠對大多數教師進行內部培訓，以確保穩定一致的服務品質。因此，在堅實的教學基礎的基礎上，我們同樣致力於推動產品和服務的創新。

We always look for new ways to integrate technology in the classroom, right, to enhance both the learning experience and the efficiency of our operations. So as an example, the use of both large and small springs, we call them large and small spring in our Peiyou classes. It's a really example in that direction.

我們一直在尋找新的方法將科技融入課堂，以增強學習體驗和營運效率。舉個例子，大彈簧和小彈簧的使用，我們在培優課中稱之為大彈簧和小彈簧。這確實是一個朝這個方向發展的例子。

So when you look at traditional small group settings, one-on-one interaction between teachers and students can be challenging, right? And we are, over time, addressing this challenge with technology-driven solutions.

因此，當您看到傳統的小組設置時，教師和學生之間的一對一互動會很有挑戰性，對嗎？隨著時間的推移，我們正在用技術驅動的解決方案來應對這項挑戰。

So in our offline small classes, the teachers use a tablet. They hold the tablet in their hand, and we call that teachers copilot, right? And the screen displays a time line that tells the teacher when to explain a particular example, when to initiate interaction with the students.

所以在我們的線下小班授課中，老師使用平板電腦。他們手裡拿著平板電腦，我們稱它為老師副駕駛，對嗎？螢幕上顯示時間線，告訴老師何時解釋某個特定的例子，何時與學生互動。

So this really helps the teacher keep the lesson on pace and ensures that every student in the classroom can receive a level of individualized, personalized attention. And in the meantime, we also provide small screen devices tablets, right, for students, which will let them interact with teachers using handwriting. They can use voice. They can use gestures. And students can submit their classwork real time and the teachers can instantly review those results.

因此，這確實有助於老師保持課程進度，並確保課堂上的每個學生都能得到一定程度的個人關注。同時，我們也提供學生小螢幕設備平板電腦，讓他們可以用手寫方式與老師互動。他們可以使用語音。他們可以使用手勢。學生可以即時提交課堂作業，老師可以立即查看作業結果。

And after class, reports are promptly generated and shared with parents, and they're saving the system to really build over time a personalized, individualized learning profile for that student. So this really -- as you can see, this really, in addition to providing individualized attention and experience, it also helps to save time and boost efficiency, right?

課後，報告會及時產生並與家長分享，家長可以保存系統數據，以便隨著時間的推移為學生建立個人化的學習檔案。所以這真的——正如你所看到的，這真的，除了提供個人化的關注和體驗之外，它還有助於節省時間和提高效率，對嗎？

In addition to improve the classroom experience for students, we've embedded immersive activities and high-tech interactive elements into pre-class preparation, in-class teaching and post-class motivational activities.

除了改善學生的課堂體驗，我們還將沉浸式活動和高科技互動元素融入課前準備、課堂教學和課後激勵活動中。

Our ongoing technological upgrades and innovations really, I think they make the classroom smarter and more engaging, right? So this increases student engagement, attention, interaction, and they really result in a more efficient and more enjoyable learning journey.

我認為，我們正在進行的技術升級和創新確實使課堂變得更加聰明、更具吸引力，對嗎？因此，這提高了學生的參與、專注和互動性，並確實帶來了更有效率、更愉快的學習之旅。

So the Peiyou enrichment business is growing in parallel with user interest. The overall market development along with the efforts I just mentioned, they really played a key role in our business growth overall. So in the third quarter of fiscal '25, as I mentioned before, we prudently managed our learning center network.

因此，培優富足業務與用戶興趣同步成長。整體市場發展以及我剛才提到的努力確實在我們的整體業務成長中發揮了關鍵作用。因此，正如我之前提到的，在 25 財年第三季度，我們審慎管理了我們的學習中心網絡。

And as the demands get there, we would add some additional learning centers in existing cities and optimize our network footprint to really meet demand and make it more convenient for all our customers. So to answer your question about operating metrics, we really aim to maintain operating efficiency at a healthy level by balancing our capacity with demand.

隨著需求的成長，我們會在現有城市增加一些學習中心，並優化我們的網路覆蓋範圍，以真正滿足需求，並為所有客戶提供更多便利。因此，回答您關於營運指標的問題，我們的真正目標是透過平衡產能和需求來將營運效率維持在健康水平。

We track key efficiency indicators as we always do, right, such as utilization rate, refund rate, and retention rate. The retention rate has remained relatively stable quarter over quarter. And overall, our operating metrics reflect a sustainable business model.

我們一如既往地追蹤關鍵效率指標，例如利用率、退款率和保留率。留存率每季都保持相對穩定。整體而言，我們的營運指標反映了永續的商業模式。

And we really aspire to maintain this level of efficiency going forward. So we'll continue to manage our learning center network expansion prudently and balancing both growth and efficiency. So I hope that answered your questions.

我們確實希望今後能維持這種效率水準。因此，我們將繼續審慎管理我們的學習中心網絡擴展，平衡成長和效率。我希望這能回答你的問題。

Yiwen Zhang, China Renaissance.

張一文，華夏復興。

So my question regarding investment. So are there any updates that agent can provide regarding the long-term investment. And specifically, where have the investment been made and have we seen any notable change on return so far?

我的問題是關於投資。那麼代理商能否提供任何有關長期投資的最新消息？具體來說，投資都進行在哪裡？

Yeah. Thanks, Yiwen. That's a great question. We've been focusing on the K-12 educational sector. And we've developed a number of business lines across the entire learning journey and in different types of learning scenarios.

是的。謝謝，怡文。這是一個很好的問題。我們一直專注於K-12教育領域。我們在整個學習歷程中以及不同類型的學習場景中開發了多條業務線。

I would say these are really at different stages of growth. And they each face there unique challenges and opportunities, right? And we remain committed to elevating our presence in the space with continuous innovation.

我想說它們確實處於不同的發展階段。他們每個人都面臨著獨特的挑戰和機遇，對嗎？我們將繼續致力於透過持續創新提升我們在該領域的地位。

So we're deepening our investment in areas that are still in their early stages to enhance user experience, expand our customer base, and generate greater societal value. You may have observed our product advancements in these areas, right?

因此，我們正在增加對仍處於早期階段的領域的投資，以增強用戶體驗，擴大客戶群，並創造更大的社會價值。您可能已經觀察到了我們在這些領域的產品進步，對嗎？

I think they're really propelled by sustained investment in product development, research, marketing, and operational enhancements. So for instance if you look at our learning services, we've been steadily broadening the scope of our online offerings.

我認為他們真正推動的是產品開發、研究、行銷和營運改善的持續投資。例如，如果你查看我們的學習服務，我們一直在穩步擴大我們的線上服務範圍。

Originally, our online classes were based on dual teacher live streaming models. And now we've introduced new product formats, such as reported classes. We also launched two new smart learning devices in 2024, and we're really consistently and continuously upgrading their AI-powered software and concepts.

最初，我們的線上課程是基於雙師直播的模式。現在我們推出了新的產品形式，例如報告課程。我們也在 2024 年推出了兩款新的智慧學習設備，並且我們一直持續升級它們的人工智慧軟體和概念。

In the smart learning devices business, we're continuing to invest in hardware, software research and development in content and also strengthening our go-to-market capabilities across both online and offline channels. And really, additionally, as I mentioned the Consumer Electronics Show, we're exploring opportunities to expand our products reach internationally.

在智慧學習設備業務方面，我們將繼續投資硬體、軟體研發和內容，並加強我們在線上和線下管道的行銷能力。另外，正如我所提到的消費電子展，我們正在探索擴大我們產品國際影響力的機會。

So overall, based on our experience serving users, we believe that the full stack capability, right, the full stack capability across hardware, software, content, AI technology, offline operational and online services operational capabilities, if that's the cornerstone of our user service, of our future growth and long-term strategy. So it's really essential for us to continue to invest across these full stack capabilities. So let me maybe walk you through a few of our current top priorities in this area.

整體來說，基於我們為用戶服務的經驗，我們認為全端能力，對，跨越硬體、軟體、內容、人工智慧技術、線下營運和線上服務營運能力的全端能力，是我們為用戶服務的基石，也是我們未來成長和長期策略的基石。因此，對我們來說，繼續投資這些全端功能確實至關重要。那麼，讓我向您介紹一下我們目前在這一領域的一些首要任務。

I'll start with technology and content maybe. The integration of technology with learning, it really enhances our products. So investing in R&D, in research and development is vital for creating a forward-thinking and forward-looking learning experience and strengthening our long-term competitive advantage.

我可能會從技術和內容開始。科技與學習的結合確實增強了我們的產品。因此，投資研發對於創造前瞻性和前瞻性的學習體驗以及增強我們的長期競爭優勢至關重要。

We also firmly believe, and this is really widely recognized that the transformative power of this latest generation of artificial intelligence, as exemplified by these large language models, that will really redefine and reimagine the future of education. So in terms of content, we always believe that high-quality programs are a core competitive advantage.

我們也堅信，而且這一點也得到了廣泛的認可，以這些大型語言模型為例，最新一代人工智慧的變革力量將真正重新定義和構想教育的未來。所以在內容方面，我們始終認為優質的節目是我們的核心競爭優勢。

When students and parents trust a company's quality and standards, they're more likely to choose these products and services. This, in turn, that enhances the company's reputation and strengthens its brand recognition, right?

當學生和家長信任一家公司的品質和標準時，他們更有可能選擇這些產品和服務。這反過來又提高了公司的聲譽並增強了其品牌知名度，對嗎？

Next, we are committed to establishing and strengthening both online and offline customer conversation mechanisms. So let me talk a little bit about this exactly what I mean by that, right? So for our online products, such as xueersi.com and learning devices, our marketing efforts are obviously a key in fostering that conversation with customers.

接下來我們致力於建立並強化線上線下兩個管道的客戶對話機制。因此，讓我稍微談談這個確切的意思，對嗎？因此對於我們的線上產品（例如學而思網和學習設備）而言，我們的行銷工作顯然是促進與客戶對話的關鍵。

And this conversation really spans across the entire decision-making journey and then reaches to the learning journey itself. And we're trying to deepen this customer conversation and really broadening the users that we reach and broadening their acceptance of our products.

這次對話其實涵蓋了整個決策過程，並延伸至學習過程本身。我們正在嘗試深化與客戶的對話，擴大我們接觸的用戶範圍並提高他們對我們產品的接受度。

So for offline channels, really, there is ever more present need for integrated online and offline dialogue going in conjunction, while the offline touch points themselves also remain crucial for user engagement. So in areas like learning services, we've been steadily building offline communication for years, right? We converse with our parent at the learning center, at the reception desk, inside the classroom and so on.

因此，對於線下管道而言，實際上，線上和線下對話的結合越來越需要，而線下接觸點本身對於用戶參與也至關重要。那麼在學習服務等領域，我們多年來一直在穩定地建立線下交流，對嗎？我們在學習中心、接待處、教室內等地方與家長交談。

But in other areas, such as for learning devices, we're still at a nascent stage. We have a number of exploratory efforts underway. In learning devices, there's a lot that we can learn from existing players, their experience in having this offline customer conversation. And we also look for ways to innovate on our own. So finally, in terms of the investment, I'd like to also say a word about organization, right?

但在其他領域，例如學習設備，我們仍處於起步階段。我們正在進行多項探索性工作。在學習設備方面，我們可以從現有參與者身上學到很多東西，以及他們與線下客戶對話的經驗。我們也在尋找自主創新的方法。最後，就投資而言，我想說一下組織，對嗎？

We really aspire to become an organization that drives continuous innovation, and we consistently invest in building and refining our team and their capabilities to achieve this goal. So developing initiatives aligned with major industry trends and broader ecosystem is a big part of our innovation journey.

我們真正渴望成為一個推動持續創新的組織，並且我們不斷投資於建立和完善我們的團隊及其能力，以實現這一目標。因此，制定符合主要行業趨勢和更廣泛的生態系統的措施是我們創新之旅的重要組成部分。

There's a saying in hockey that you skate to where the puck is going. So that's our approach. Some of the capabilities we need to excel in these areas are already in place, while others are still being built, are still in development.

曲棍球比賽中有這樣一句話：你要滑向冰球要去的地方。這就是我們的方法。在這些領域我們需要具備的一些能力已經到位，而其他能力仍在建構和發展中。

So we're constantly driving to enhance our organizational strength by nurturing our current employees and helping them grow while also recruiting outstanding external talent. So Yiwen, I hope that answered your question.

因此，我們不斷努力增強組織實力，培養現有員工，幫助他們成長，同時招募優秀的外部人才。所以，Yiwen，我希望這回答了你的問題。

Timothy Zhao, Goldman Sachs.

高盛的趙蒂姆（Timothy Zhao）

Congrats on the very solid results. My question is regarding your online enrichment programs. Just wondering if management can provide more insights into xueersi.com. is the primary growth driver for this business, driven by SKU expansion, innovation or access marketing new user acquisitions?

恭喜您取得如此堅實的成果。我的問題是關於你們的線上充實計劃。只是想知道管理層是否可以對xueersi.com提供更多見解。該業務的主要成長動力是 SKU 擴展、創新還是接入行銷新用戶獲取？

Timothy, thanks for the question. This is Jackson. I'll take this one. And I'm happy to share some thoughts on xueersi.com. Based on our observations of market demand and our confidence in our product quality, xueersi.com remains one of our strategic priorities.

蒂莫西，謝謝你的提問。這是傑克遜。我要這個。我很高興在學而思網分享一些想法。基於我們對市場需求的觀察以及對產品品質的信心，學而思網仍然是我們的策略重點之一。

We have consistently investing in this business to strengthen our online enrichment product capabilities and enhance operational and marketing strategies. Our current goal is to serve more users by creating and offering quality products.

我們一直在投資這項業務，以增強我們的線上豐富產品能力並增強營運和行銷策略。我們目前的目標是透過創造和提供優質的產品來服務更多的用戶。

Just like in many other businesses, our strategic focus for xueersi.com is product quality. So we're focused on developing high-quality products and competing through product access. Additionally, we also believe it's important to engage our users across multiple channels especially during exploratory phases of some products.

和許多其他企業一樣，學而思網的策略重點是產品品質。因此，我們專注於開發高品質的產品並透過產品管道參與競爭。此外，我們也認為透過多種管道吸引用戶非常重要，特別是在某些產品的探索階段。

That's why we're constantly exploring ways to reach our users more efficiently. Customer acquisition is also a key growth driver for this business, but let me again talk about products first. Our product development efforts are primarily focused on refining and expanding product offerings.

這就是為什麼我們不斷探索更有效地接觸用戶的方法。獲取客戶也是該業務的關鍵成長動力，但讓我先再談談產品。我們的產品開發工作主要集中在改進和擴大產品供應。

As you may have noticed, we are consistently upgrading existing products, while developing new SKUs and diversifying our online formats. When we first launched our online enrichment business, our main product format was the dual teacher live streaming model.

您可能已經注意到，我們正在不斷升級現有產品，同時開發新的 SKU 並使我們的線上形式多樣化。當我們首次推出線上家教業務時，我們的主要產品形式是雙師直播模式。

Since then, we've adapted our products to better meet user demand, and we're now offering more topics and formats in addition to what we already had. We're also continually refining our products' interactive features and technology.

從那時起，我們就不斷調整我們的產品以更好地滿足用戶的需求，現在我們在原有的基礎上提供更多的主題和格式。我們也在不斷改進我們產品的互動功能和技術。

We have meticulously designed our online programs to differentiate them from offline offerings. These small interactive features engage users and enhance teaching effectiveness. As a result, our programs align well with online learning habits and meet the growing demand for digital learning experiences.

我們精心設計了我們的線上課程，以使其與線下課程有所區別。這些小型的互動功能吸引使用者並提高教學效果。因此，我們的課程非常符合線上學習習慣並滿足了日益增長的數位學習體驗需求。

For example, online classes today offer interactions that mimic real-life experiences, right? In some of our online classes, students will be divided into small groups, for example, for in-class discussions and then regroup again for the lectures. We have observed an impact on user engagement driven by such interactive features. Now coming back to user acquisition. Effectively reaching new users is always crucial in building xueersi.com.

例如，如今的線上課程提供模擬現實生活體驗的互動，對嗎？在我們的一些線上課程中，學生將被分成小組，例如進行課堂討論，然後再重新分組進行講課。我們觀察到此類互動功能對使用者參與度產生了影響。現在回到用戶獲取的話題。有效地接觸新用戶始終是學而思網站的建設的關鍵。

As we continue to deepen our understanding of user needs and enhance our product offerings, we're also improving our marketing efforts to better match our products with user demand. Additionally, we're leveraging multiple marketing channels to connect with a broader audience of target customers.

隨著我們不斷加深對用戶需求的理解並增強我們的產品供應，我們也在改進我們的行銷力度，以便更好地將我們的產品與用戶需求相匹配。此外，我們也利用多種行銷管道與更廣泛的目標客戶群建立聯繫。

This increases users' awareness of our offerings and attracts more users to engage with our private domain operations and driving increased user conversion, looking at how we aim to further strengthen these efforts and build connections with our audience. Timothy, I hope that answers your question.

這提高了用戶對我們產品的認知，並吸引了更多用戶參與我們的私人運營，並推動了用戶轉換率的提高，我們的目標是進一步加強這些努力並與我們的受眾建立聯繫。蒂莫西，我希望這回答了你的問題。

Felix Liu, UBS.

瑞銀的 Felix Liu。

This is Jenny on behalf of Felix Liu from UBS. Congrats on the strong quarter results. My question is regarding our learning device. So from third-party data that shows the device for very well during the boom. So could you please elaborate more on the reasons behind the strong sales performance?

我是瑞銀 Felix Liu 的代表 Jenny。恭喜您本季的強勁業績。我的問題是關於我們的學習設備。因此，從第三方數據來看，該設備在繁榮時期表現非常出色。那麼，您能否詳細說明一下銷售業績強勁的原因呢？

And could the management provide some updates from both the channel and product side? And the management mentioned earlier that you expect a revenue decline in learning device in the fourth quarter. Just want to confirm here the declines year over year or quarter over quarter.

管理階層能否從通路和產品方面提供一些更新資訊？管理階層之前提到，預計第四季學習設備的收入會下降。只是想在此確認同比或環比下降的情況。

Hi, [Felix], this is Alex. Let me take on this. So first, just on your last point, we expect the learning devices revenue to somewhat have a decline quarter over quarter because the quarter we just had is really the peak e-commerce season. So that's a quarter-to-quarter statement. Let me come back to the main portion of your question, right?

你好，[Felix]，我是 Alex。讓我來承擔這個任務。首先，關於你的最後一點，我們預計學習設備收入將環比有所下降，因為剛剛過去的季度是電子商務的旺季。這是一份季度報表。讓我回到你問題的主要部分，對嗎？

I think our devices business, they've experienced so far year-over-year and quarter-over-quarter growth, especially during the e-commerce season. And I think this growth is really attributable to the growth and evolution of the industry as a whole.

我認為我們的設備業務到目前為止都經歷了同比和環比增長，尤其是在電子商務旺季。我認為這種增長實際上歸功於整個行業的成長和發展。

As I mentioned last time, we're seeing more players with great number of capabilities coming into the market, and they're driving the continued improvement on the products. And if you look at the products today, they're really increasingly being looked by parents as a valuable tool in the at-home learning scenario. And that's a very important part of the entire learning journey.

正如我上次提到的，我們看到更多擁有強大能力的參與者進入市場，他們正在推動產品的持續改進。如果你看看今天的產品，你會發現它們確實越來越被家長視為在家學習的寶貴工具。這是整個學習過程中非常重要的一部分。

The products have advanced quite a bit compared to even just a few years ago. But still, that said, our learning is still an area where user experience can be continuously improved. So we believe there is a significant market potential for this type of intelligent hardware solutions that combine software and hardware and content to support this at-home self-learning scenario.

與幾年前相比，產品已經有了很大的進步。但話雖如此，我們的學習仍然是一個可以持續改善使用者體驗的領域。因此，我們相信這種結合軟體、硬體和內容來支援這種在家自學場景的智慧硬體解決方案具有巨大的市場潛力。

So in addition to that overall industry growth, our product expansion and growing product capabilities, they also serve as the second key growth driver, right? Based on what we've heard from users, we've now launched three different types of xPad learning devices at one Xbook this year.

因此，除了整體產業成長之外，我們的產品擴張和不斷成長的產品能力也是第二個關鍵成長動力，對嗎？根據我們聽到的用戶回饋，我們今年在 One Xbook 上推出了三種不同類型的 xPad 學習設備。

They cater to different consumer segments and preferences, different types of learning scenarios, and they offer a different selection of functionality, performance and prices. Our xPads are currently priced at RMB4,000, RMB6,000, RMB8,000. Xbook is just under RMB4,000. And if you compare that to the same period last financial year, that time, we only offered one product. So by expanding our product range, we're meeting the diverse needs of more users, right?

它們迎合不同的消費者群體和偏好、不同類型的學習場景，並提供不同的功能、性能和價格選擇。我們的xPad目前售價是4000元、6000元、8000元。Xbook售價略低於4000元人民幣。如果與上一財年同期相比，當時我們只提供了一種產品。那麼透過擴大我們的產品範圍，我們可以滿足更多用戶的多樣化需求，對嗎？

Our focus has always been on, a lot of it has been on product design and hardware innovation with every new product launch to really ensure that students, children can use the tools efficiently and safely. For example, it put the Xbook with a few unique features that prioritize safety and usability.

我們的重點一直是產品設計和硬體創新，每次推出新產品時，我們都會真正確保學生和兒童能夠有效率且安全地使用這些工具。例如，它為 Xbook 配備了一些獨特的功能，優先考慮安全性和可用性。

The Xbook comes with an electromagnetic stylus, a pen, and it's really designed with children-proof features. If you chew on the pen tip that there are safety features and it comes with two different types of nips to really provide a very smooth an actual pen and paper writing type of experience. We placed a three-way toggle button at the top of the Xbook, so users can quickly switch between study, practice, and reading modes.

Xbook 配備電磁觸控筆、鋼筆，而且具有真正的兒童防護設計。如果您咬筆尖，則會出現安全問題，並且它配有兩種不同類型的筆尖，可以真正提供非常流暢的實際筆和紙書寫體驗。我們在 Xbook 頂部放置了一個三向切換按鈕，以便用戶可以在學習、練習和閱讀模式之間快速切換。

And this really helps ensure that children can stay focused and fully immersed in each mode. Beyond that, we're continuously integrating artificial intelligence models and our capabilities across all of our smart devices. These devices serve as a great platform for deploying AI features and seamlessly connecting content, AI, and user data to really help realize their full potential.

這確實有助於確保孩子們能夠集中註意力並完全沉浸在每種模式中。除此之外，我們也正在不斷整合所有智慧型裝置的人工智慧模型和功能。這些設備是部署 AI 功能和無縫連接內容、AI 和用戶資料的絕佳平台，真正幫助發揮其全部潛力。

So let me share a few specific functional smart devices update. First, we're constantly updating our intelligent assistant, [Xiaosi], which is integrated across these different types of learning devices. It now supports continuous topic-based dialogue.

那麼下面我就來分享幾個智慧型裝置的具體功能更新。首先，我們不斷更新我們的智慧助理[小思]，它整合在不同類型的學習設備中。它現在支援基於主題的連續對話。

It provides answers to students' queries, assist with English-speaking practice and offers really a supportive companionship across the learning journey. So during the 12 months ended on November 27, 2024, Xiaosi have been activated a total of 230 million times.

它為學生的問題提供答案，幫助他們練習英語，並在整個學習過程中提供真正的支持性陪伴。所以在截至2024年11月27日的12個月內，小思總共被啟動了2.3億次。

Jackson mentioned our homework correction tools. In that same period, they've spotted 75 million mistakes and corrections. They performed over 25 million word lookups and provided about 6 million essay corrections.

傑克森提到了我們的家庭作業批改工具。在同一時期，他們發現了 7500 萬個錯誤和更正。他們進行了超過 2500 萬次單字查找，並提供了約 600 萬次論文修改。

These are big numbers, right? But really, these features, they not only support students in learning efficiently at home, but also they really are aimed at easing the burden on parents. Our deepening understanding of users has really empowered us to create personalized learning profiles for children on our learning devices. These profiles then really can help us deliver more targeted support, more targeted, more effective learning plans for each child tailored to that child's need.

這些數字很大，對吧？但實際上，這些功能不僅可以幫助學生在家中有效率地學習，而且確實旨在減輕家長的負擔。我們對使用者的深入了解確實使我們能夠在我們的學習設備上為孩子們創建個人化的學習檔案。這些檔案確實可以幫助我們為每個孩子提供更有針對性的支持、更有針對性、更有效的學習計劃，以滿足孩子的需要。

Next, just a quick word about content. I mentioned this a few times. Content really is critical to these devices, and we're committed to long-term building of these contents. We obviously provide high-quality first-party content library, which has been accumulated over the years. And we also work actively with third-party content providers through partnerships. And together, we aim to create a powerful, synergistic content offering to our customers.

接下來，簡單說一下內容。我提到過幾次這一點。內容對於這些設備來說確實至關重要，我們致力於長期建立這些內容。我們顯然提供了優質的第一方內容庫，這是多年來的累積。我們也透過合作關係積極與第三方內容提供者合作。我們的目標是共同為客戶打造強大、協同的內容產品。

Finally, in the third quarter of the fiscal year, as I mentioned, this is traditionally the peak season for e-commerce, we've also focused our attention on managing our sales channels and optimizing our marketing strategies.

最後，在財年第三季度，正如我所提到的，這傳統上是電子商務的旺季，我們也將注意力集中在管理銷售管道和優化行銷策略上。

I mean, while we closely monitor our online channel's efficiency, we also started exploring offline opportunities to really further expand our customer reach. And back to an earlier point I made, to really provide more touch points and opportunities to have that conversation with customers. So [Felix], I hope that answers the question.

我的意思是，在我們密切監控線上通路效率的同時，我們也開始探索線下機會，以進一步擴大我們的客戶覆蓋範圍。回到我之前提出的觀點，真正提供更多的接觸點和機會與客戶對話。所以[Felix]，我希望這能回答這個問題。

Candis Chan, Daiwa.

Candis Chan，大和。

Regarding this quarter, the 50% top line growth, can you shed more light on the revenue growth from various business lines? And also some comments for the following quarters would be great.

關於本季50％的營收成長，您能否進一步說明各個業務線的營收成長情況？另外，如果能對接下來的幾季提出一些評論就更好了。

Candis, thanks for the question. This is Jackson. Let me take this one. We have two main business lines, learning services and others and content solutions. The revenue generated from both business lines in this quarter experienced year-over-year growth.

坎迪斯，謝謝你的提問。這是傑克遜。讓我來拿這個。我們有兩條主要業務線：學習服務及其他和內容解決方案。本季兩條業務線的營收均較去年同期成長。

And if we look at the first nine months of fiscal 2025, the mix between these two business lines remained largely stable year over year, I mean, when you compare to the same period last year. Now for Peiyou enrichment small class programs and for smart learning devices, those two are the largest revenue contributors and key revenue growth drivers for learning services and content solutions, respectively.

如果我們看一下 2025 財年的前九個月，與去年同期相比，這兩條業務線之間的組合基本上保持穩定。目前，培優小班授課和智慧學習設備分別是學習服務和內容解決方案的最大收入貢獻者和關鍵收入成長動力。

We remain dedicated to delivering high-quality enrichment learning services, advanced hardware and engaging content to more users. Smart learning devices revenue was up this quarter during the e-commerce peak season. The contributing factors were already covered by Alex earlier, so I won't repeat that again.

我們始終致力於為更多用戶提供高品質的豐富學習服務、先進的硬體和引人入勝的內容。本季正值電商旺季，智慧學習設備營收有所成長。這些因素 Alex 之前已經講過了，所以我就不再重複了。

As for Peiyou enrichment small class learning, in recent quarters, we have observed year-over-year growth in this business. We've already covered the particulars of this business, but as far as our growth drivers, including market demand, our service quality and our capability to recruit and train lectures, as long as these are still in play, we expect growth in this business line to continue.

至於培優小班學習，最近幾個季度，我們觀察到該業務年成長。我們已經介紹了這項業務的具體情況，但就我們的成長動力而言，包括市場需求、我們的服務品質以及我們招募和培訓講師的能力，只要這些仍然發揮作用，我們預計該業務線將繼續成長。

That said, Candis asked about long-term trend, we do expect Peiyou enrichment long-term growth rate to gradually taper off going forward as we're comparing to higher base numbers than a couple of years ago. From a broader perspective, we believe the company's growth and development are fundamentally tied to the value it creates, both for its users and for the society. This principle is embedded in every aspect of our business, large or small.

儘管如此，坎迪斯詢問了長期趨勢，我們確實預期培優富集的長期成長率將在未來逐漸下降，因為我們與幾年前的更高基數進行比較。從更廣泛的角度來看，我們認為公司的成長和發展從根本上與其為使用者和社會創造的價值息息相關。這項原則滲透到了我們業務的各個層面，無論大小。

At both the company and the industry levels, we view revenue growth as a direct outcome of improved innovation, product capabilities, organizational efficiency, and operational effectiveness. So I hope that answers your question, Candis.

無論在公司層面或產業層面，我們都將營收成長視為創新、產品能力、組織效率和營運效率提升的直接結果。所以我希望這能回答你的問題，坎迪斯。

Liping Zhao, CICC.

趙利平，中金公司。

I noticed the company is currently at a breakeven level in terms of profit. Could you provide some insights into the bottom line, please? Any plans to improve margins moving forward?

我注意到該公司目前的利潤處於損益兩平水準。您能否提供一些關於底線的見解？有什麼計劃來提高未來利潤率嗎？

This is Jackson and thanks for the question, Liping. It's a good question and a complicated one. We have developed multiple business lines around enrichment earning around technology powered smart learning solutions. Each business is at a different stage with its own set of priorities and parameters. For instance, in the learning device business, we are still exploring and validating user value.

我是傑克遜，感謝麗平提出這個問題。這是一個好問題，也是一個複雜的問題。我們圍繞以技術支援的智慧學習解決方案為基礎的豐富收入開發了多條業務線。每個企業都處於不同的階段，有自己的一套優先事項和參數。例如在學習設備業務上，我們還在探索和驗證用戶價值。

Our priority there is to closely track user feedback, net promoter score, and engagement. Although our learning device business is still operating at a loss, it remains a key long-term strategic initiative. We will continue investing in this area, launching new products and building content, crafting AI-driven experiences, and iterating on a regular basis.

我們的首要任務是密切追蹤用戶回饋、淨推薦值和參與度。儘管我們的學習設備業務仍然處於虧損狀態，但它仍然是一項關鍵的長期策略性舉措。我們將繼續在該領域進行投資，推出新產品和建構內容，打造人工智慧驅動的體驗，並定期進行迭代。

On the other hand, our Peiyou small class enrichment learning business is more mature with a relatively stable profit margin. The company's overall margin is influenced by the mix of its different business lines.

另一方面，我們的培優小班輔導業務較為成熟，利潤率相對穩定。該公司的整體利潤率受其不同業務線組合的影響。

So it's a little hard to generalize. Going forward, we will continue to prioritize innovation and investment in business lines with high long-term strategic value. By combining technology and learning, we aim to develop and enhance the experience for our users. This requires us to commit to continuous innovation. The challenging opportunity for us is realizing this mission, while balancing growth and efficiency.

所以這有點難以概括。展望未來，我們將繼續優先考慮具有長期策略價值的業務線的創新和投資。透過結合技術與學習，我們的目標是開發和增強使用者體驗。這要求我們致力於不斷創新。我們面臨的挑戰是實現這項使命，同時平衡成長和效率。

So some of our early-stage businesses will continue to operate at a loss for a while as we focus on user experience. We believe this allows us to expand our current operations, while building a solid foundation for long-term competitiveness. This will also enable us to be well positioned to capture the market opportunities and deliver long-term value.

因此，由於我們專注於用戶體驗，我們的一些早期業務將在一段時間內繼續虧損營運。我們相信這使我們能夠擴大目前的業務，同時為長期競爭力奠定堅實的基礎。這也將使我們能夠更好地抓住市場機會並實現長期價值。

However, from a group perspective, we will continue to proactively address this challenge and opportunity by closely monitoring the efficiency metrics in all business factors and make timely adjustments to optimize various factors in our operations. including counter generations, product R&D, sales and marketing, and more. Liping, I hope that answers your question.

然而，從集團的角度來看，我們將繼續積極應對這項挑戰和機遇，密切監控所有業務因素中的效率指標，並及時調整以優化我們營運中的各種因素。包括櫃檯代數、產品研發、銷售及行銷等。麗平，我希望這能回答你的問題。

Thank you. That concludes the Q&A session. I would like to hand the call back to the management for closing.

謝謝。問答環節到此結束。我想將這個電話交還給管理層以便結束通話。

So again, thanks to everybody for joining us today. And we bid everybody an early Happy Chinese New Year, and we'll see you next quarter. Bye-bye.

再次感謝大家今天的參加。我們提前祝大家農曆新年快樂，我們下個季度再見。再見。

That does conclude today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。