Core Points - The third National Skills Competition concluded successfully in Zhengzhou, showcasing the skills and talents of over 3,400 participants from 35 delegations across the country [2][3] - The event emphasized the importance of skill development in line with President Xi Jinping's directives, aiming to enhance vocational education and training levels [3] - The closing ceremony featured performances and awards for 106 winning projects, highlighting the achievements of participants and promoting a culture of craftsmanship and labor [3][4] Group 1 - The event was attended by approximately 8,000 participants, including government officials, industry representatives, and media [4] - The next National Skills Competition will be hosted in Zhejiang Province, with expectations for an exciting event [3] Group 2 - The competition served as a platform for sharing advanced experiences in skill development, contributing to high-quality economic growth [3] - The event celebrated the spirit of labor and craftsmanship, aiming to inspire more skilled talents to contribute to innovation and entrepreneurship [3]

新华社哈萨克斯坦厄斯克门9月6日电通讯｜鲁班工坊助力哈萨克斯坦学子逐梦世界技能舞台 新华社记者张继业 最终，东哈萨克斯坦技术大学"龙之队"荣获比赛冠军，获得参与总决赛排位赛的机会。 9月5日，选手在哈萨克斯坦东哈萨克斯坦州首府厄斯克门参加比赛。新华社发（奥斯帕诺夫摄） 9月5日，选手在哈萨克斯坦东哈萨克斯坦州首府厄斯克门参加比赛。新华社发（奥斯帕诺夫摄） "这是我们第一次组队参与国际赛事，4个人集中备战了一个半月，把从鲁班工坊学到的技术全都用上了。"东哈萨克斯坦技术大学参赛选手伊利亚 斯·伊萨卡诺夫在赛前对记者说。 颁奖典礼后，伊萨卡诺夫再次跟记者分享获胜感受。他说，鲁班工坊让他学会了新能源汽车保养、维修等方面的技能，"扎实的培养和先进的设 备，让我爱上了汽车修理"。 伊萨卡诺夫口中的鲁班工坊是哈萨克斯坦首个鲁班工坊，由东哈萨克斯坦技术大学和天津职业大学共建，自2023年12月开始运行。近年来，中国 汽车品牌在哈萨克斯坦广受欢迎。哈方考虑到未来对汽车制造、维修和保养等技术人才的大量需求，选择将汽车相关专业作为这家鲁班工坊的办 学重点。 9月5日，选手在哈萨克斯坦东哈萨克斯坦州首府厄斯克门参加比赛。新华社发（奥 ...

Financial Data and Key Metrics Changes - Revenue for Q3 2025 increased 15% year over year to $204.3 million [11][23] - Net income rose approximately 114% year over year to $10.7 million, with diluted earnings per share of $0.19 [11][23] - Adjusted EBITDA grew over 37% year over year to $25.3 million [11][23] - Average full-time active students increased nearly 13% year over year to 23,757 students [11][21] Business Line Data and Key Metrics Changes - Concord Career Colleges division saw an 18.8% increase in average full-time active students compared to Q3 2024, with new student starts growing 9.1% year over year [21] - UTI division experienced an 8.9% year over year increase in average full-time active students, but new student starts declined slightly by 3% year over year [21][22] Market Data and Key Metrics Changes - The demand for skilled trades education continues to grow, with significant media coverage highlighting the value of skilled trades over traditional college degrees [12][10] - The regulatory environment is increasingly supportive of skilled trades, with new legislation potentially making short course programs Pell eligible [9][28] Company Strategy and Development Direction - The company is focused on scaling new programs, optimizing student outcomes, and investing in long-term growth strategies [10][19] - Plans to expand campus footprints and add new in-demand offerings are underway, with a particular emphasis on the Concord division's growth following the lifting of growth restrictions [28][27] - The North Star strategy aims for over $1 billion in yearly revenue and approaching $200 million in adjusted EBITDA by fiscal 2029 [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the favorable operating environment and the company's ability to meet or exceed expectations in the coming quarters [10][19] - The company anticipates a strong fourth quarter, with new student starts expected to increase significantly [47][48] Other Important Information - The company is raising the low end of its fiscal 2025 guidance for both revenue and new student starts, now expecting consolidated revenue between $830 million and $835 million [20][25] - Total available liquidity at the end of Q3 was $236.9 million, including $47.2 million of short-term investments [24] Q&A Session Summary Question: What could Concord look like in three to five years? - Management indicated that the lifting of growth restrictions allows for accelerated program launches and potentially more campuses, with guidance updates expected in November [35][37] Question: How will EBITDA margins be affected in 2026 and 2027? - Management noted that while EBITDA margin expansion may be muted due to investments, gross dollars should not decline [38][39] Question: What is the readiness around faculty hiring for Concord? - The company has been proactive in site selection and program portfolio development, ensuring readiness for rapid expansion [45] Question: How is student interest in the fourth quarter? - Management confirmed that a significant portion of new starts comes from high school students, primarily in auto diesel, with expectations for strong performance in Q4 [53][54] Question: What is the exposure to short-term training programs benefiting from Pell changes? - Currently, the exposure is very small, but the new Pell eligibility opens opportunities for shorter, bespoke programs [56][58] Question: What is the capacity situation at Concord? - Management stated that they are approaching capacity limits in several programs and are working to lift these caps for future growth [59][60]