Financial Data and Key Metrics Changes - Total net revenues for Q3 2025 were RMB 67.3 million, relatively stable compared to Q3 2024 [6] - Gross margin for Q3 2025 was RMB 26.4 million, down from RMB 30 million in Q3 2024, resulting in a gross margin percentage of 39.2% compared to 44.6% in the prior year [7] - Net income attributed to ACG in Q3 2025 was RMB 2.4 million, a significant improvement from a net loss of RMB 14.7 million in the prior year [8] - For nine months 2025, total net revenues increased by 7.1% to RMB 179 million from RMB 167.1 million in the prior year [9] - Net loss attributed to ACG for nine months 2025 was RMB 21.7 million, compared to RMB 49.4 million in the prior year [10] Business Line Data and Key Metrics Changes - Portfolio training services accounted for 71.9% of total net revenues, with project-based program credit hours delivered increasing by 22.9% compared to Q3 2024 [4] - Revenues from research-based learnings and overseas study counseling increased during the period due to more services delivered [4] - Total student enrollment for Q3 2025 was 1,052, down from 1,289 in the prior year period, reflecting normalized demand [10] Market Data and Key Metrics Changes - The company anticipates total net revenues for the full year 2025 to be between RMB 276 million and RMB 281 million, representing a year-over-year increase of around 3-5% from 2024 [11] - The company is focusing on expanding its services to cater to a growing student population with diverse arts backgrounds [13] Company Strategy and Development Direction - The company plans to consolidate select campuses in less active markets while expanding online classroom capacity [14] - New online master classes co-developed with prestigious universities are being introduced to enhance educational offerings [15] - The company aims to balance expansion with operating efficiency to strengthen market position and enhance student outcomes [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in ongoing investments in strategic growth initiatives and a strong focus on cost management to drive sustainable value creation [16] - The company is committed to delivering high-quality educational services while maintaining financial resilience in a competitive market [16] Other Important Information - Total operating expenses for Q3 2025 were RMB 37 million, a decrease of 22.4% from RMB 47.7 million in Q3 2024 [7] - The company has a cash and cash equivalents balance of RMB 96.8 million as of September 30, 2025 [10] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with an invitation for future inquiries [17][18]