Financial Data and Key Metrics Changes - In Q3 2025, the company recorded net revenues of CNY 20 million, a 66.4% decrease from CNY 59.6 million in Q3 2024, primarily due to reduced revenues from district-level projects as resources were redirected to school-based projects under a subscription model [12] - Cost of revenue for Q3 2025 was CNY 9.8 million, a 58.1% decrease from CNY 23.3 million in Q3 2024, aligning with the decrease in net revenues [12] - Gross profit for Q3 2025 was CNY 10.2 million, down from CNY 36.3 million in Q3 2024, with a gross margin of 51.2%, compared to 60.9% in the previous year [12][13] - Total operating expenses for Q3 2025 were CNY 56.9 million, a slight decrease of 1.9% from CNY 58.0 million in Q3 2024 [13] - Net loss for Q3 2025 was CNY 44.5 million, compared to a net loss of CNY 17.4 million in Q3 2024, with net loss as a percentage of net revenues at negative 222.5% [16] Business Line Data and Key Metrics Changes - The school-based subscription business achieved a double-digit year-over-year increase, indicating strong performance and upselling opportunities for additional value-added services [5][6] - The company has focused on operational efficiency and resource investment, achieving a 29.8% reduction in operating expenses and narrowing net losses by 21.5% in the first nine months of 2025 [4] Market Data and Key Metrics Changes - The Chinese government is actively promoting the integration of AI in education, with a joint policy from nine ministries emphasizing AI's role in optimizing teaching and learning processes [6][7] - The successful launch of the new CEN product, 17Xue, has received positive market feedback, indicating solid growth prospects [4][10] Company Strategy and Development Direction - The company is committed to aligning with national strategies such as the AI+ Education Initiative, focusing on integrating intelligent learning components into the education process [3][7] - Future strategies include expanding the teaching and learning product portfolio while balancing financial sustainability and innovation investment [5][18] - The company aims to foster synergies across business lines to deepen customer engagement and strengthen the subscription model's strategic value [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term vision aligned with national AI initiatives, reinforcing the commitment to enhance AI capabilities across the product portfolio [7][8] - The company anticipates that the favorable market response to new products will boost future cash flow, with cash reserves of CNY 341.9 million as of September 30, 2025 [5][17] Other Important Information - The company has successfully launched the 17Xue AI-powered precision learning product, which integrates smart hardware and advanced AI capabilities to provide personalized learning experiences [8][10] - The product has received encouraging market feedback and robust user demand, laying a solid foundation for future growth [10] Q&A Session Summary Question: No questions were raised during the Q&A session - The operator indicated that there were no questions from attendees, and the call was concluded without further inquiries [19][20]