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 subscription models [11] - 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 [11] - 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% [15][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] - The company launched the new CEN product, 17Xue, which integrates smart hardware and AI capabilities, receiving positive market feedback and indicating solid growth prospects [4][9] Market Data and Key Metrics Changes - The Chinese government is actively promoting the integration of AI in education, with a joint policy emphasizing AI's role in optimizing teaching and learning processes, aligning with the company's long-term vision [6] - The successful rollout of the Tongxue Intelligent Agent and the 17Xue product reflects the company's commitment to enhancing AI capabilities across its product portfolio [7][9] Company Strategy and Development Direction - The company is focused on aligning with national strategies such as the AI+ Education Initiative, aiming to integrate intelligent learning components into the education process [3] - Future strategies include expanding the teaching and learning product portfolio while balancing financial sustainability and innovation investment [5] - The company aims to foster synergies across business lines to deepen customer engagement and strengthen the subscription model's strategic value [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive market response to new products, which is expected to enhance future cash flow [5] - The company is committed to enhancing AI capabilities to deliver efficient user-centric educational solutions, reflecting a proactive approach to market trends [16] Other Important Information - As of September 30, 2025, the company held cash reserves of CNY 341.9 million, down from CNY 359.3 million at the end of 2024 [15][16] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded without further inquiries [18][19]