使用警語：中文譯文來源為 Google 翻譯，僅供參考，實際內容請以英文原文為主
Operator
Operator
Good evening, and good morning, ladies and gentlemen, and thank you for standing by for 17EdTech's second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's conference call is being recorded.
女士們、先生們，晚上好，早上好，感謝大家參加 17EdTech 2025 年第二季財報電話會議。（操作員指示）提醒一下，今天的電話會議正在被錄音。
I will now turn the meeting over to your host for today's call, Ms. Lara Zhao, 17EdTech's Investor Relations Manager. Please proceed, Lara.
現在，我將會議交給今天的電話會議主持人，17EdTech 的投資者關係經理 Lara Zhao 女士。請繼續，勞拉。
Lara Zhao - IR Manager
Lara Zhao - IR Manager
Thank you, operator. Hello, everyone, and thank you for joining us today. Our earnings release was distributed earlier today and is available on our IR website.
謝謝您，接線生。大家好，感謝大家今天加入我們。我們的收益報告已於今天早些時候發布，可在我們的 IR 網站上查閱。
Joining us today are Ms. Sishi Zhou, the Acting Chief Financial Officer; and myself, Investor Relations Manager. Sishi will walk you through our latest business performance and strategies, and I will discuss our financial performance in more details. After the prepared remarks, Sishi will be available to answer your questions during the Q&A session.
今天與我們一起參加會議的有代理財務長週思詩女士和我自己，投資者關係經理。Sishi 將向您介紹我們最新的業務表現和策略，我將更詳細地討論我們的財務表現。準備好發言後，Sishi 將在問答環節回答您的問題。
Before we begin, I'd like to remind you that this conference call contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 and the US Private Securities Litigation Reform Act of 1995.
在我們開始之前，我想提醒您，本次電話會議包含《1934 年證券交易法》第 21E 條和《1995 年美國私人證券訴訟改革法》所定義的前瞻性陳述。
These forward-looking statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known and unknown risks, uncertainties and other factors. All of which are difficult to predict, and many of which are beyond the company's control. These risks may cause the company's actual results, performance or achievements to differ materially.
這些前瞻性陳述是基於管理層目前的預期和當前的市場和營運條件，並與已知和未知的風險、不確定性和其他因素有關的事件有關。所有這些都很難預測，其中許多超出了公司的控制範圍。這些風險可能導致公司的實際結果、績效或成就產生重大差異。
Further information regarding these and other factors, uncertainties or factors is included in the company's filings with the US SEC. The company does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.
有關這些因素和其他因素、不確定性或因素的更多資訊包含在公司向美國證券交易委員會提交的文件中。除適用法律要求外，本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。
I will now turn the call over to our Acting Chief Financial Officer to review some of our business development and strategic direction. Sishi, please go ahead.
現在，我將把電話轉給我們的代理財務官，以審查我們的一些業務發展和策略方向。西施，請說。
Sishi Zhou - Acting Chief Financial Officer
Sishi Zhou - Acting Chief Financial Officer
Thank you, Lara. Hello, everyone. Thank you all for joining us on our second quarter 2025 earnings conference call. Before we begin, I would like to note that the financial information and the non-GAAP numbers in this release are presented on a continuing operation basis and are in RMB, unless otherwise stated.
謝謝你，拉拉。大家好。感謝大家參加我們的 2025 年第二季財報電話會議。在我們開始之前，我想指出的是，本新聞稿中的財務資訊和非公認會計準則數據均按持續經營基礎呈現，並以人民幣為單位，除非另有說明。
Let me begin with our latest business updates. We are pleased to announce a healthy financial result for the second quarter of 2025. During this period, we sustained our business momentum and achieve consistent progress in our core operation with a quarter on quarter top line growth of 17.3%.
首先讓我介紹一下我們最新的業務更新。我們很高興地宣布 2025 年第二季的財務表現良好。在此期間，我們保持了業務發展勢頭，核心業務取得了持續進展，營業收入環比增長 17.3%。
Our commitment to cost control restored the gross margin to a normalized level of 57.5% in quarter two. Additionally, as we improve our operating efficiency continuously, operating expenses decreased by 39%, leading to a 53.4% reduction in net loss on a GAAP basis compared to the same period last year.
我們致力於成本控制，使第二季的毛利率恢復到 57.5% 的正常水準。此外，隨著我們持續提高營運效率，營運費用下降了39%，導致以美國通用會計準則計算的淨虧損較去年同期減少53.4%。
During the quarter, we are pleased to see positive growth fueled by our efforts and innovations. Notably, our focus on the school-based subscription model has led to an encouraging year over year and quarter over quarter growth. Meanwhile, our district level teaching and learning SaaS business remains a key component of our operations, continuing to be a vital revenue contributor in the quarter two.
本季度，我們很高興看到我們的努力和創新推動了積極的成長。值得注意的是，我們對學校訂閱模式的關注帶來了令人鼓舞的同比和環比增長。同時，我們的區級教學和學習 SaaS 業務仍然是我們營運的關鍵組成部分，並繼續成為第二季度重要的收入貢獻者。
The company advanced its business by continuously optimizing and innovating AI technology across our product portfolios to constantly enhance customer satisfaction and customer engagement. We launched the Yiqi Tongxue, meaning classmates starting together intelligent agent and have successfully upgraded AI solutions in Shanghai Minhang District during this quarter.
公司透過不斷優化和創新產品組合中的人工智慧技術來推動業務發展，不斷提高客戶滿意度和客戶參與度。我們推出了「一起同學」智慧代理，並在本季成功升級了上海閔行區的人工智慧解決方案。
Leverage our strong brand endorsements and customer loyalty from our district projects and subscription model as well as capitalizing on the emerging market opportunities and evolving customer needs, we will continuously strive to explore product innovation and new growth opportunities to extend our reach to a broader customer base so that we can drive sustainable growth.
利用我們區域專案和訂閱模式的強大品牌支援和客戶忠誠度，以及利用新興市場機會和不斷變化的客戶需求，我們將持續努力探索產品創新和新的成長機會，以擴大我們的業務範圍，涵蓋更廣泛的客戶群，從而推動永續成長。
Now, let me go into more details. In the second quarter, our district level teaching and learning SaaS business continued to contribute an important portion in revenue while school-based subscription business maintained a strong growth momentum.
現在，讓我來更詳細地講一下。第二季度，區級教學SaaS業務持續貢獻重要收入，校本訂閱業務維持強勁成長動能。
The company continued to prioritize resource allocation towards the subscription model. We observed increased demand and enthusiasm for our service offerings in partner schools, underscoring its strategic importance and integral role in our overall strategy for sustainable growth.
該公司繼續優先向訂閱模式分配資源。我們觀察到合作學校對我們服務的需求和熱情不斷增加，這凸顯了其在我們可持續成長整體策略中的策略重要性和不可或缺的作用。
Meanwhile, in response to the advocated trend of integrating AI into the entire education process, we strive to upgrade AI capabilities of our product offerings to deliver more efficient, satisfying solutions to customers.
同時，順應人工智慧融入教育全過程的潮流，我們不斷提升產品的人工智慧能力，為客戶提供更有效率、更滿意的解決方案。
This quarter, in addition to upgrading AI solutions in Shanghai Minhang District, which accelerated the digital transformation in regional education, we launched the Yiqi Tongxue. It is an intelligent agent built on 14 years of teaching experiences and extensive behavioral data and is centered on the core concept of intelligent teaching and personalized learning.
本季度，我們在上海閔行區升級AI解決方案，加速區域教育數位轉型的同時，推出了「益齊同學」。它是基於14年的教學經驗和廣泛的行為數據構建的智慧代理，以智慧教學和個人化學習為核心理念。
We're presenting a pivotal step in our AI-driven transformation. Yiqi Tongxue serves as a teaching assistant that alleviates teachers' workload, a smart learning companion that supports students in targeted learning and functions as a data intelligent brand that provides data support for managers and facilitates efficient decision-making. The enhancement of these AI capabilities further strengthens the market competitiveness of our product and provides opportunities to reach a broader customer base.
我們正在邁出人工智慧驅動轉型的關鍵一步。一起同學是減輕教師負擔的教學助手，是幫助學生精準學習的智能學習夥伴，是為管理者提供數據支持、促進高效決策的數據智能品牌。這些人工智慧能力的增強進一步增強了我們產品的市場競爭力，並提供了接觸更廣泛客戶群的機會。
Capitalizing on our strong brand endorsements accumulated from district projects and subscription model, we will commit to further product innovation based on existing successful AI initiative. Resources will be allocated to explore potential integration of AI capabilities into the consumer end market to capture new growth opportunities.
利用我們從區域項目和訂閱模式中累積的強大品牌認可，我們將致力於在現有成功的人工智慧計畫的基礎上進一步進行產品創新。我們將投入資源探索將人工智慧能力融入消費終端市場的潛在可能性，以抓住新的成長機會。
During the period, we focused on strategic market penetration through diversified channels and enhanced customer acquisition efficiency. The strategy was highlighted at the recent Global Smart Education Conference, where we partnered with the National Engineering Research Center for intelligent technology and applications in internet education to launch the public welfare initiative, AI empowerment for hundreds of districts, thousands of schools and tens of thousands of teachers.
期內，我們著重透過多元化管道進行策略性市場滲透，提升客戶獲取效率。這項策略在前不久的全球智慧教育大會中得到重點強調，我們攜手國家互聯網教育智能技術及應用工程技術研究中心，發起了「AI賦能百區、千校、萬名教師」的公益行動。
This initiative provides comprehensive support in terms of hardware, software, content and services, facilitating in-depth AI integration into teaching management and evaluation. We believe large-scale rollout of this initiative will further deepen our market presence by driving widespread adoption of our solutions among teachers and students. It will also enhance our credibility by building a strengthened ecosystem and fostering long-term engagement.
該計劃從硬體、軟體、內容、服務等方面提供全方位的支持，促進人工智慧與教學管理和評估的深度融合。我們相信，該計劃的大規模推廣將推動我們的解決方案在教師和學生中的廣泛採用，從而進一步深化我們的市場影響力。透過建立更強大的生態系統和促進長期參與，它也將增強我們的信譽。
Now I will turn the call over to Lara to walk you through our latest financial performance. Thank you.
現在我將把電話轉給 Lara，讓她向大家介紹我們最新的財務表現。謝謝。
Lara Zhao - IR Manager
Lara Zhao - IR Manager
Thanks, Sishi, and thank you, everyone, for joining the call. I will now walk you through our financial and operating results. Please note that all financial data I talk about will be presented in RMB terms.
謝謝 Sishi，也謝謝大家參加電話會議。現在我將向大家介紹我們的財務和經營績效。請注意，我談到的所有財務數據都將以人民幣表示。
I would like to remind you that the quarterly results we present here should be taken with care and reference to our potential future performance are subject to potential impact from seasonality and one-off events as a result of the series of regulations introduced in 2021 and corresponding adjustments to our business model, organization and workforce.
我想提醒您，我們在此呈現的季度業績應謹慎對待，並參考我們未來的潛在表現，這些表現可能受到季節性和一次性事件的影響，這是由於 2021 年推出的一系列法規以及我們業務模式、組織和員工隊伍的相應調整造成的。
In the second quarter of 2025, we recorded net revenues of RMB25.4 million compared with RMB67.5 million in the second quarter of 2024, representing a 62.4% decrease on a year over year basis, which was primarily due to the reduction in net revenues from district level projects as we prioritize our resources on school-based projects and the subscription model, which requires longer period of revenue recognition.
2025年第二季度，我們的淨收入為人民幣2,540萬元，而2024年第二季度為人民幣6,750萬元，較去年同期下降62.4%。這主要是因為我們優先將資源投入校本計畫及訂閱模式下，導致區級計畫的淨收入減少，而這需要更長的收入確認期。
Gross margin for the second quarter of 2025 was 57.5% compared with 16% in the second quarter of 2024. Net loss on a GAAP basis for the second quarter of 2025 was RMB26 million compared with RMB55.7 million in the second quarter of 2024, representing a decrease of 53.4% year on year.
2025 年第二季的毛利率為 57.5%，而 2024 年第二季為 16%。2025年第二季以美國通用會計準則計算的淨虧損為人民幣2,600萬元，而2024年第二季為人民幣5,570萬元，較去年同期減少53.4%。
The adjusted net loss non-GAAP for the second quarter of 2025 was RMB18.9 million compared with adjusted net loss non-GAAP of RMB42.6 million in the second quarter of 2024, a decrease of 55.6% year on year.
2025年第二季非美國通用會計準則調整後淨虧損為1,890萬元人民幣，較2024年第二季非美國通用會計準則調整後淨虧損4,260萬元人民幣，年減55.6%。
As of June 30, 2025, we have cash reserves of RMB350.9 million on our balance sheet compared with RMB359.3 million as of December 31, 2024.
截至 2025 年 6 月 30 日，我們的資產負債表上的現金儲備為人民幣 3.509 億元，而截至 2024 年 12 月 31 日為人民幣 3.593 億元。
Next, I will go through our second quarter financials in greater detail. Net revenues. Net revenues for the second quarter of 2025 were RMB25.4 million, representing a year on year decrease of 62.4% from RMB67.5 million in the second quarter of 2024.
接下來，我將更詳細地介紹我們第二季的財務狀況。淨收入。2025年第二季淨收入為人民幣2,540萬元，較2024年第二季的人民幣6,750萬元年減62.4%。
This was mainly due to the reduction in net revenues from district level projects as we prioritize our resources on school-based projects and an increasing number of contracts and SaaS subscription model which requires longer period of revenue recognition.
這主要是由於我們優先將資源投入學校項目，導致區級項目淨收入減少，以及合約數量增加和 SaaS 訂閱模式需要更長的收入確認期。
Cost of revenue for the second quarter of 2025 was RMB10.8 million, representing a year over year decrease of 81% from RMB56.7 million in the second quarter of 2024, which was mainly due to the decrease in project deliveries for our teaching and learning SaaS offerings during the quarter.
2025 年第二季的營業成本為人民幣 1,080 萬元，較 2024 年第二季的 5,670 萬元年減 81%，這主要是由於本季我們的教學與學習 SaaS 產品的專案交付量減少。
Gross profit for the second quarter of 2025 was RMB14.6 million, compared with RMB10.8 million in the second quarter of 2024. Gross margin for the second quarter of 2025 was 57.5% compared with 16% in the second quarter of 2024.
2025年第二季毛利為人民幣1,460萬元，2024年第二季為人民幣1,080萬元。2025 年第二季的毛利率為 57.5%，而 2024 年第二季為 16%。
Total operating expenses for the second quarter of 2025 were RMB43.1 million including RMB7.1 million of share-based compensation expenses, representing a year over year decrease of 39.3% from RMB71 million in second quarter of 2024.
2025年第二季總營運費用為人民幣4,310萬元，其中包括股權激勵費用人民幣710萬元，較2024年第二季的人民幣7,100萬元年減39.3%。
Loss from operations for the second quarter of 2025 was RMB28.5 million compared with RMB60.2 million in the second quarter of 2024. Loss from operations as a percentage of net revenues for the second quarter 2025 was negative 112% compared with negative 89.2% in the second quarter of 2024.
2025 年第二季營業虧損為 2,850 萬元，而 2024 年第二季營業虧損為 6,020 萬元。2025 年第二季營業虧損佔淨收入的百分比為負 112%，而 2024 年第二季為負 89.2%。
Net loss. Net loss for the second quarter of 2025 was RMB26 million compared with net loss of RMB55.7 million in the second quarter 2024. Net loss as a percentage of net revenues was negative 102.1% in the second quarter of 2025 compared with negative 82.5% in second quarter 2024.
淨虧損。2025年第二季淨虧損為人民幣2,600萬元，而2024年第二季淨虧損為人民幣5,570萬元。2025 年第二季淨虧損佔淨收入的百分比為負 102.1%，而 2024 年第二季為負 82.5%。
Adjusted net loss, non-GAAP for the second quarter of 2025 was RMB18.9 million compared with adjusted net loss non-GAAP of RMB42.6 million in the second quarter of 2024. Adjusted net loss non-GAAP as a percentage of net revenues was negative 74.3% in the second quarter 2025 compared with negative 63.1% of adjusted non-GAAP as a percentage of net revenues in the second quarter of 2024.
2025 年第二季非公認會計準則調整後淨虧損為 1,890 萬元，而 2024 年第二季非公認會計準則調整後淨虧損為 4,260 萬元。2025 年第二季調整後非 GAAP 淨虧損佔淨收入的百分比為-74.3%，而 2024 年第二季調整後非 GAAP 淨虧損佔淨收入的百分比為-63.1%。
Please refer to the table caption reconciliations of non-GAAP measures to the most comparable GAAP measures at the end of this press release for a reconciliation of net loss under US GAAP to the adjusted net loss non-GAAP.
請參閱本新聞稿末尾的表格標題“非 GAAP 指標與最可比較 GAAP 指標的調整”，以了解美國 GAAP 淨虧損與調整後非 GAAP 淨虧損的調整。
Cash and cash equivalents, restricted cash and term deposits were RMB350.9 million equals USD49 million as of June 30, 2025, compared with RMB359.3 million as of December 31, 2024.
截至 2025 年 6 月 30 日，現金及現金等價物、限制性現金及定期存款為人民幣 3.509 億元（約合 4,900 萬美元），而截至 2024 年 12 月 31 日為人民幣 3.593 億元。
In addition, we would like to announce that the company's Board of Directors has approved a share repurchase program on September 3, 2025, and be effective starting from September 4, 2025. Under which, the company is authorized to repurchase up to USD10 million of the company's ADS and common shares in the next 12 months. The company's Board of Directors will review the share repurchase program periodically and may authorize the adjustment of its terms and size.
此外，我們想宣布，該公司董事會已於2025年9月3日批准了一項股票回購計劃，該計劃將於2025年9月4日起生效。根據該協議，該公司被授權在未來12個月內回購最多1,000萬美元的公司ADS和普通股。公司董事會將定期審查股票回購計劃，並可能授權調整其條款和規模。
Looking ahead, we are committed to continuously innovating and enhancing our core product portfolio while empowering educational communities through advanced AI-driven content solutions. Our integrated strategy is designed to generate synergies across all our business lines, creating a virtuous cycle that deepens customer loyalty, expense market rate and drive sustainable growth, ultimately delivering lasting value to both our users and shareholders.
展望未來，我們致力於不斷創新和增強我們的核心產品組合，同時透過先進的人工智慧驅動的內容解決方案為教育界提供支援。我們的綜合策略旨在在所有業務線之間產生協同效應，形成良性循環，加深客戶忠誠度、提高市場費用率並推動永續成長，最終為我們的用戶和股東帶來持久價值。
With that, we conclude our prepared remarks. Thank you. Operator, we are now ready to begin the Q&A session.
我們的準備演講到此結束。謝謝。接線員，我們現在可以開始問答環節了。
Operator
Operator
(Operator Instructions)
（操作員指示）
We're good to have no questions at this time. I would like to hand to management. Please continue.
很高興此時沒有問題。我想交給管理階層。請繼續。
Lara Zhao - IR Manager
Lara Zhao - IR Manager
Thank you, operator. In closing, on behalf of 17EdTech's management team, we would like to thank you for your participation on today's call. If you require any further information, please feel free to reach out to us directly. Thank you for joining us today. This concludes the call.
謝謝您，接線生。最後，我謹代表 17EdTech 管理團隊感謝您參加今天的電話會議。如果您需要任何進一步的信息，請隨時直接與我們聯繫。感謝您今天加入我們。通話到此結束。
Operator
Operator
Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect your lines.
女士們、先生們，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。