17 Education and Technology Group Inc (YQ) 2026 Q1 法說會逐字稿

Good evening and good morning, ladies and gentlemen, and thank you for standing by for 17EdTech's first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, today's conference call is being recorded.

各位女士、先生，晚安與早安，感謝您撥冗參加 17EdTech 2026 年第一季度財報電話會議。(接線員指示) 提醒各位，今天的電話會議將被錄音。

I'll now turn the meeting over to our host for today's call, Ms. Lara Zhao, 17EdTech's Investor Relations Manager. Please proceed, Lara.

現在我將把會議交給今天電話會議的主持人——17EdTech 投資者關係經理趙拉拉女士。拉拉，請開始。

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. Joining us today are Ms. Sishi Zhou, Chief Financial Officer, and myself, Investor Relations Manager.

謝謝，接線員。各位好，感謝大家今天加入我們。我們的財報新聞稿已於今日稍早發布，並可在我們的投資者關係網站上查閱。今天與會的有周思詩女士（首席財務官）以及我本人（投資者關係經理）。

Sishi will walk you through our latest business performance and strategies, and I will discuss our financial performance in more detail. After the prepared remarks, Sishi will be available to answer your questions during the Q&A session.

思詩將帶大家回顧我們最新的業務表現與策略，而我將更詳細地說明我們的財務表現。在預先準備的發言結束後，思詩將在問答環節回答各位的提問。

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.

在開始之前，我想提醒各位，本次電話會議包含前瞻性陳述，其定義見《1934 年證券交易法》第 21E 條以及《1995 年美國私人證券訴訟改革法》。

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.

這些前瞻性陳述基於管理層目前的預期以及當前的市場與營運狀況，並涉及包含已知與未知風險、不確定性及其他因素的事件；上述因素均難以預測，且其中許多超出公司控制範圍。

These risks may cause the company's actual results, performance, or achievements to differ materially. Further information regarding these and other risks, uncertainties, or factors is included in the company's filings with the US SEC.

這些風險可能導致公司的實際結果、表現或成就出現重大差異。關於上述及其他風險、不確定性或因素的更多資訊，已載於公司向美國證券交易委員會（SEC）提交的文件中。

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. I will now turn the call over to our chief financial officer to review some of our business development and strategic direction. Sishi, please go ahead.

除非適用法律另有要求，否則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陳述的義務。現在我將把電話會議交給我們的首席財務官，回顧部分業務發展與策略方向。思詩，請開始。

Thank you, Lara. Hello, everyone. Thank you all for joining us on our first quarter 2026 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 operations basis and in RMB, unless otherwise stated.

謝謝你，拉拉。各位好。感謝大家參加我們 2026 年第一季度財報電話會議。在開始之前，我想說明，本次新聞稿中的財務資訊及非 GAAP 指標，除非另有說明，均以持續經營業務口徑呈列，並以人民幣計價。

Let me begin with our first quarter business highlights. We delivered a strong start to 2026, with first quarter revenue increasing more than fourfold year-over-year and 155% sequentially.

我先從第一季度的業務亮點談起。我們在 2026 年取得強勁開局，第一季度營收同比增長超過四倍，環比增長 155%。

The growth was primarily driven by the continued expansion of Yiqi Aixue, our consumer-facing AI application service for personalized learning. At the same time, improving scale and disciplined execution contributed to meaningful progress in profitability.

增長主要由一起愛學（我們面向消費者、提供個性化學習的 AI 應用服務）持續擴張所帶動。同時，規模效應的改善與嚴謹的執行，推動我們在盈利能力方面取得顯著進展。

Gross margin increased to 61.9%, while GAAP net loss narrowed significantly both year-over-year and quarter-over-quarter. These results demonstrate the growing contribution of our AI-powered application services and validate the strategic transformation we have been undertaking.

毛利率提升至 61.9%，同時 GAAP 淨虧損同比與環比均大幅收窄。這些結果顯示我們 AI 驅動的應用服務貢獻持續提升，並驗證了我們正在推進的策略轉型。

Over the past year, we have accelerated our transformation from an education technology company into an AI-powered application service provider focused on personalized learning.

過去一年，我們加速從一家教育科技公司轉型為專注於個性化學習的 AI 驅動應用服務提供商。

Leveraging more than a decade of large-scale educational insights accumulated through daily teaching and learning interactions across diverse educational scenarios.

我們依託十餘年來在多元教育場景中，透過日常教與學互動所累積的大規模教育洞察。

Together with deep user engagement and growing AI capabilities, we're building application services that serve students, educators, schools, and education systems alike. Yiqi Aixue has quickly become an important growth driver for the company.

結合深度的用戶參與以及不斷增長的 AI 能力，我們正在打造同時服務學生、教育工作者、學校與教育系統的應用服務。一起愛學已迅速成為公司重要的增長驅動力。

The product combines our proprietary smart learning hardware, AI capabilities, and extensive educational insights to deliver localized and personalized learning experiences for students and families. Its early market traction further reinforces our belief that AI-powered personalization can create meaningful value for learners when supported by deep educational expertise and real-world learning data.

該產品融合我們自研的智慧學習硬體、AI 能力以及豐富的教育洞察，為學生與家庭提供在地化、個性化的學習體驗。其早期市場牽引進一步強化了我們的信念：在深厚教育專業與真實學習數據的支撐下，AI 驅動的個性化能為學習者創造有意義的價值。

Our competitive advantage is built on a combination of educational insights, user relationships, and AI capabilities. Over more than a decade, we have accumulated large-scale learning insights generated through daily teaching and learning activities across schools, classrooms, and households.

我們的競爭優勢建立在教育洞察、用戶關係與 AI 能力的組合之上。十餘年來，我們在學校、課堂與家庭等場景中，透過日常教學與學習活動所產生的數據，累積了大規模的學習洞察。

These insights provide a unique foundation for understanding how students learn, where they encounter difficulties, and how personalized interventions can improve learning outcomes.

這些洞察為理解學生如何學習、在哪些環節遇到困難，以及個性化干預如何改善學習成效，提供了獨特的基礎。

Combined with our AI capabilities, this foundation enables us to continuously improve personalization, recommendation accuracy, and user experience across our application services.

結合我們的 AI 能力，這一基礎使我們能夠持續提升個性化程度、推薦準確性，以及各項應用服務的用戶體驗。

We're building an integrated AI-powered education ecosystem that connects education systems, educators, students, and families through a unified AI and data infrastructure.

我們正在打造一個整合式、AI 驅動的教育生態系，透過統一的 AI 與數據基礎設施，連接教育系統、教育工作者、學生與家庭。

Our government and school-oriented offerings provide access to real teaching and learning scenarios, generating valuable educational insights and enabling the deployment of AI-powered solutions that improve teaching efficiency and educational outcomes.

我們面向政府與學校的產品與服務，讓我們得以接觸真實的教與學場景，產生有價值的教育洞察，並支持部署 AI 驅動的解決方案，以提升教學效率與教育成果。

Our school-based AI application services further extend these capabilities through scalable tools and intelligent assistants designed for educators and students. At the consumer level, Yiqi Aixue delivers personalized learning experiences directly to students and families.

我們的校園端 AI 應用服務，透過可規模化的工具與為教育工作者及學生設計的智慧助理，進一步延伸上述能力。在消費者端，一起愛學將個性化學習體驗直接帶給學生與家庭。

Together, these offerings form a continuous learning flywheel. Educational insights accumulated across teaching and learning scenarios strengthen our AI capabilities, which in turn enhance user experiences and application performance across all segments.

這些產品與服務共同形成一個持續學習的飛輪。在各類教與學場景中累積的教育洞察強化我們的 AI 能力，進而提升各業務板塊的用戶體驗與應用表現。

We believe this integrated ecosystem positions us well to capture the long-term opportunities created by AI-driven transformations in education. Looking ahead, we remain encouraged by the progress of our AI-powered application services and the opportunities ahead.

我們相信，這一整合式生態系使我們能夠把握 AI 驅動教育變革所帶來的長期機遇。展望未來，我們對 AI 驅動應用服務的進展以及前方的機會仍感到鼓舞。

Based on our current business outlook, we expect strong year-over-year revenue growth and continued improvement in operating performance throughout 2026. As we continue to scale our business, quarterly results may vary, and we remain focused on long-term value creation and disciplined execution.

基於我們目前的業務展望，我們預期 2026 年全年將實現強勁的同比營收增長，並持續改善營運表現。隨著業務持續擴張，季度業績可能出現波動；我們仍將專注於長期價值創造與嚴謹執行。

We will continue to invest in product innovation while maintaining prudent capital allocation. We believe our educational insights, deep user engagement, and growing AI capabilities will provide a strong foundation for sustainable long-term growth.

我們將在保持審慎資本配置的同時，持續投入產品創新。我們相信，我們的教育洞察、深度用戶參與以及不斷增長的 AI 能力，將為可持續的長期增長提供堅實基礎。

This concludes our business update. I will now turn the call over to Lara to walk you through our financial performance in detail. Thank you.

以上為我們的業務更新。現在我將把電話會議交回拉拉，由她為各位詳細介紹我們的財務表現。謝謝。

Thank you, Sishi. I will now walk you through our financial and operating results for the first quarter of 2026. Please note that all financial figures will be presented in RMB terms unless otherwise stated.

謝謝你，思詩。接下來我將帶各位回顧 2026 年第一季度的財務與營運結果。請注意，除非另有說明，所有財務數據均以人民幣呈列。

We are pleased to report a strong financial result for the first quarter of 2026. Our net revenues for the first quarter of 2026 were RMB99.5 million, USD14.4 million, representing a year-over-year increase of 359.0% from RMB21.7 million in the first quarter of 2025.

我們很高興報告2026年第一季度取得強勁的財務業績。2026年第一季度的淨收入為人民幣9,950萬元（1,440萬美元），較2025年第一季度的人民幣2,170萬元同比增長359.0%。

The substantial growth was primarily driven by the continued expansion of Yiqi Aixue, our consumer-facing AI-powered membership product, complemented by the steady contributions from district-level and school-based subscription projects.

該等大幅增長主要由益起愛學（我們面向消費者的AI驅動會員產品）的持續擴張所帶動，同時亦受益於區縣級及校本訂閱項目的穩定貢獻。

Cost of revenues for the first quarter of 2026 was RMB37.9 million, USD5.5 million, compared with RMB13.8 million in the first quarter of 2025, representing a year-over-year increase of 173.7%.

2026年第一季度的收入成本為人民幣3,790萬元（550萬美元），相比2025年第一季度的人民幣1,380萬元，同比增長173.7%。

The increase was primarily attributable to the scaling of our AI-powered application services in support of Yiqi Aixue's rapid growth and the associated service delivery costs.

該增長主要歸因於我們為支持益起愛學快速增長而擴大AI驅動應用服務規模，以及相關的服務交付成本。

Gross profit for the first quarter of 2026 was RMB61.6 million, USD8.9 million, compared with RMB7.8 million in the first quarter of 2025, representing an year-over-year increase of approximately 686.2%.

2026年第一季度的毛利為人民幣6,160萬元（890萬美元），相比2025年第一季度的人民幣780萬元，同比增長約686.2%。

Gross margin for the first quarter of 2026 was 61.9%, compared with 36.2% in the first quarter of 2025, representing an improvement of 25.7-percentage-points. The increase in gross margin was primarily attributable to the growing contribution of the company's AI-powered application services and the continued optimization of the company's revenue mix.

2026年第一季度的毛利率為61.9%，相比2025年第一季度的36.2%，提升25.7個百分點。毛利率的提升主要歸因於公司AI驅動應用服務貢獻增加，以及公司收入結構的持續優化。

Total operating expenses for the first quarter of 2026 were RMB82.9 million, USD12.0 million, including share-based compensation expenses of RMB4.2 million, compared with RMB41.7 million in the first quarter of 2025, representing a year-over-year increase of 98.7%.

2026年第一季度的總營運費用為人民幣8,290萬元（1,200萬美元），其中包括人民幣420萬元的股份支付費用；相比2025年第一季度的人民幣4,170萬元，同比增長98.7%。

Sales and marketing expenses for the first quarter of 2026 were RMB43.2 million, USD6.3 million, compared with RMB13 million in the first quarter of 2025, an increase of 232.0% year-over-year.

2026年第一季度的銷售及市場推廣費用為人民幣4,320萬元（630萬美元），相比2025年第一季度的人民幣1,300萬元，同比增長232.0%。

The increase was primarily due to the increased sales and the marketing efforts to support the rapid user acquisition and market expansion of Yiqi Aixue.

該增長主要由於為支持益起愛學的快速用戶獲取及市場擴張而增加的銷售及市場推廣投入。

Research and development expenses for the first quarter of 2026 were RMB16.2 million, USD2.3 million, compared with RMB12.6 million in the first quarter of 2025, an increase of 28.5% year-over-year, reflecting our continued investment in AI product capabilities and product innovation to support expansion of Yiqi Aixue.

2026年第一季度的研發費用為人民幣1,620萬元（230萬美元），相比2025年第一季度的人民幣1,260萬元，同比增長28.5%，反映我們持續投入於AI產品能力與產品創新，以支持益起愛學的擴張。

General and administrative expenses for the first quarter of 2026 were RMB23.5 million, USD3.4 million, compared with RMB16.1 million in the first quarter of 2025, an increase of 45.9% year-over-year.

2026年第一季度的一般及行政費用為人民幣2,350萬元（340萬美元），相比2025年第一季度的人民幣1,610萬元，同比增長45.9%。

The increase in general and administrative expenses was primarily attributable to the higher personnel-related costs associated with the supporting of the company's business growth and strategic initiatives. Provision for credit losses for accounts receivables in the ordinary business course.

一般及行政費用的增加主要歸因於為支持公司業務增長及戰略舉措而產生的較高人員相關成本。在日常經營過程中就應收賬款計提信用損失準備。

Loss from operations for the first quarter of 2026 was RMB21.3 million, USD3.1 million, compared with RMB33.9 million in the first quarter of 2025. As a percentage of net revenues, loss from operations improved significantly to negative 21.4%, compared with negative 156.3% in the first quarter of 2025.

2026年第一季度的經營虧損為人民幣2,130萬元（310萬美元），相比2025年第一季度的人民幣3,390萬元。作為淨收入的百分比，經營虧損顯著改善至負21.4%，相比2025年第一季度的負156.3%。

Net loss for the first quarter of 2026 was RMB19.4 million, USD2.8 million, compared with RMB30.9 million in the first quarter of 2025, representing a year-over-year reduction of 37.4%.

2026年第一季度的淨虧損為人民幣1,940萬元（280萬美元），相比2025年第一季度的人民幣3,090萬元，同比減少37.4%。

Net loss as a percentage of net revenues was negative 19.5% in the first quarter of 2026, compared with negative 142.8% in the first quarter of 2025.

2026年第一季度淨虧損佔淨收入的比例為負19.5%，相比2025年第一季度的負142.8%。

Adjusted net loss non-GAAP for the first quarter of 2026 was RMB15.1 million, USD2.2 million, compared with adjusted net loss non-GAAP of RMB22.4 million in the first quarter of 2025.

2026年第一季度的非GAAP調整後淨虧損為人民幣1,510萬元（220萬美元），相比2025年第一季度的非GAAP調整後淨虧損人民幣2,240萬元。

Adjusted net loss non-GAAP as a percentage of net revenues was negative 15.2% in the first quarter, compared with negative 103.4% in the first quarter of 2025.

非GAAP調整後淨虧損佔淨收入的比例在第一季度為負15.2%，相比2025年第一季度的負103.4%。

Please refer to the table captioned Reconciliations of Our Non-GAAP Measures to the Most Comparable GAAP Measures at the end of this press release for a reconciliation of net loss under the US GAAP to the adjusted net loss non-GAAP.

有關按美國GAAP計算的淨虧損與非GAAP調整後淨虧損之間的調節，請參閱本新聞稿末尾題為「我們的非GAAP指標與最可比GAAP指標的調節表」的表格。

Cash and cash equivalents restricted cash and term deposits was RMB352.4 million, USD51.1 million as of March 31, 2026, compared with RMB407.0 million as of December 31, 2025.

截至2026年3月31日，現金及現金等價物、受限制現金及定期存款為人民幣3.524億元（5,110萬美元），相比截至2025年12月31日的人民幣4.070億元。

The company maintains a healthy cash position that provides the financial flexibility to support continued investment in product innovation, AI capability development, and strategic growth initiatives.

公司保持健康的現金狀況，為持續投入產品創新、AI能力建設及戰略增長舉措提供財務靈活性。

As we look ahead, we remain encouraged by the progress of our AI-powered application services and are firmly committed to our strategic transformation. We are excited about the opportunities ahead and will remain focused on disciplined execution, prudent capital allocation, while creating sustainable long-term value for our shareholders.

展望未來，我們對AI驅動應用服務的進展仍感到鼓舞，並堅定致力於我們的戰略轉型。我們對未來機遇充滿期待，並將持續專注於有紀律的執行、審慎的資本配置，同時為股東創造可持續的長期價值。

With that, we conclude our prepared remarks. Thank you. Operator, we are now ready to begin the Q&A session.

至此，我們的預備發言結束。謝謝。接線員，我們現在準備開始問答環節。

(Operator Instructions) At this time, there are no questions from the phone line. Allow me to hand the call back to the management. Please continue.

(接線員指示) 目前電話線路沒有提問。請允許我將電話交回管理層。請繼續。

Thank you, Operator. In closing, on behalf of 17EdTech's management team, we'd like to thank you for your participation in today's call. If you require any further information, please feel free to contact us directly. We appreciate your continued interest and support. Thank you for joining us today. This concludes the call.

謝謝你，接線員。最後，我謹代表17EdTech管理團隊，感謝各位參與今天的電話會議。如需任何進一步資訊，歡迎隨時直接與我們聯繫。感謝各位持續的關注與支持。感謝各位今天加入我們。本次電話會議到此結束。

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

今天的電話會議至此結束。感謝各位的參與。您現在可以掛線。