Financial Data and Key Metrics Changes - In Q2 2025, net revenues reached $20.4 million, marking an 86.1% increase year-over-year, driven by a rise in active students and lesson consumption [9] - Gross billings grew by 79.7% year-over-year to $28.5 million [9] - The gross margin for Q2 was 74.6% [9] - Operating expenses totaled $17.9 million, a 53.5% increase compared to the same quarter last year [9] - The operating loss for Q2 was $2.7 million, while the net loss attributable to ordinary shareholders was $3 million, reflecting a 144.7% increase year-over-year [11] - Total cash, cash equivalents, and time deposits were $30.9 million at the end of Q2 [12] Business Line Data and Key Metrics Changes - Sales and marketing expenses in Q2 were $12.8 million, a 74.8% increase year-over-year due to heightened marketing and branding activities [10] - Product development expenses rose to $1.2 million, a 45.5% increase from the same quarter last year [10] - General and administrative expenses were $3.9 million, reflecting a 39.1% increase year-over-year [10] Market Data and Key Metrics Changes - The company expects net gross billings for 2025 to be between $36.5 million and $37.5 million, based on current market conditions [12] Company Strategy and Development Direction - The company is focused on enhancing user experience and service quality, with a commitment to integrating AI across its products and processes [7][8] - Investments are being made to develop robust infrastructures necessary for delivering exceptional learning experiences at scale [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory, expecting positive momentum to continue into the third quarter of 2025 [6][7] - The management highlighted the importance of AI in their strategy and operations, aiming to strengthen competitive positioning and create long-term shareholder value [7] Other Important Information - The change of the auditing firm to Ernst & Young was made to meet investor mandates and potentially expand the investor base [19] - The company currently does not have plans for stock splits or other measures to increase liquidity, focusing instead on improving operations [21] Q&A Session Summary Question: Reason for changing the accounting firm to Ernst & Young - Management indicated that the change was made to meet investor mandates, particularly from those requiring a Big Four auditor, which could help expand the investor base [19][20] Question: Plans to increase stock liquidity - Management acknowledged the low liquidity but stated there are no immediate plans for stock splits or other measures, emphasizing a focus on improving business operations for sustainable value [21]

Group 1 - K12 has launched the 2025–26 K12 Robotics League season, aimed at students in grades 4 through 12, focusing on skills in coding, engineering, and collaborative problem-solving [1][3] - Registration for the competition opens on September 3, 2025, and will remain open until November 12, 2025, allowing students to register individually, form teams, or participate through schools or after-school clubs [2][5] - The K12 Robotics League, now in its fourth year, has engaged hundreds of students nationwide and culminates in a national in-person championship each summer, providing access to practice tools and resources for participants [3][5] Group 2 - Key dates for the competition include registration opening on September 3, 2025, the competition season beginning in January 2026, and the national championship scheduled for June 2026 [5] - K12 has been a leader in virtual education for 25 years, serving over three million students and offering flexible learning options, including online public and private schools, personalized tutoring, and accredited homeschool curriculum [5]

Core Viewpoint - 51Talk Online Education Group has transitioned its independent registered public accounting firm from Marcum Asia CPAs LLP to Ernst & Young LLP, effective September 3, 2025, without any disagreements or unresolved matters with the previous auditor [1][2]. Company Overview - 51Talk is a global online education platform specializing in English education, aiming to make quality education accessible and affordable [4]. - The company utilizes online and mobile platforms to provide live interactive English lessons on demand, connecting students with qualified teachers through a shared economy approach [4].

Core Viewpoint - 51Talk Online Education Group reported strong financial results for the second quarter of 2025, with significant increases in net revenues and active student numbers, indicating robust demand for its online English education services [1][4]. Financial and Operating Highlights - Net revenues for Q2 2025 reached US$20.4 million, an 86.1% increase from US$11.0 million in Q2 2024 [6][11]. - Gross billings for the same period were US$28.5 million, reflecting a 79.7% growth from US$15.9 million year-over-year [11]. - The number of active students with attended lesson consumption increased to approximately 91,300, a 67.8% rise from 54,400 in the previous year [6][11]. - Gross margin decreased to 74.6% from 78.1% year-over-year, attributed to rising costs [8]. Cost and Expenses - Cost of revenues for Q2 2025 was US$5.2 million, up 115.9% from US$2.4 million in Q2 2024, primarily due to increased service fees paid to teachers [7]. - Total operating expenses rose to US$17.9 million, a 63.5% increase from US$11.0 million in the same quarter last year, driven mainly by higher sales and marketing expenses [9][10]. - Sales and marketing expenses were US$12.8 million, representing a 74.8% increase from US$7.3 million year-over-year [10]. Loss and Earnings - The operating loss for Q2 2025 was US$2.7 million, compared to a loss of US$2.4 million in Q2 2024 [14]. - Net loss attributable to ordinary shareholders was US$3.0 million, up from US$1.2 million in the same quarter last year [15]. - Basic and diluted net loss per share was US$0.01, compared to US$0.004 in Q2 2024 [16]. Balance Sheet - As of June 30, 2025, the company had total cash, cash equivalents, and time deposits of US$30.9 million, an increase from US$29.2 million at the end of 2024 [20]. - Advances from students rose to US$56.4 million, compared to US$45.1 million at the end of 2024 [20]. Outlook - For Q3 2025, the company expects net gross billings to be between US$36.5 million and US$37.5 million, indicating a sequential growth of 28.1% to 31.6% and an increase of approximately 84.6% to 89.7% from the same quarter last year [22].

Core Insights - The article discusses the challenges and opportunities in the language learning sector, particularly focusing on the limitations of traditional AI language learning tools and the emergence of Midoo.AI as a potential solution [2][3][4]. Group 1: Industry Challenges - Traditional AI language learning tools have gained popularity among beginners but often fail to provide substantial skill improvement due to issues like content rigidity and lack of real-world application [2][4]. - The education industry faces a core dilemma regarding the delivery of "learning outcomes," which is subjective and difficult to standardize, leading to a fragmented market with diverse needs [4][5]. - The reliance on human resources for personalized education services has resulted in high costs and inefficiencies, creating a vicious cycle that hampers scalability [6][5]. Group 2: Market Potential - The global language learning market is projected to grow from approximately $61.5 billion in 2023 to over $200 billion by 2032, with a compound annual growth rate (CAGR) of 15-20% [9]. - There is a significant acceptance of subscription models among overseas users, which enhances the potential for new products in this space [9]. Group 3: Technological Advancements - The advent of large language models (LLMs) and agent technology presents a breakthrough opportunity for the education sector, particularly in language learning, which aligns well with market demands [8][10]. - AI's capabilities in communication and emotional intelligence are well-suited for language learning, allowing for a more effective and engaging learning experience [10]. Group 4: Midoo.AI's Approach - Midoo.AI aims to address the challenges in the education sector by offering a dynamic and personalized learning experience through its AI language learning agent [13][14]. - The platform utilizes a MultiAgent+Workflow system to create immersive learning environments, allowing users to interact in realistic scenarios, thus enhancing engagement and learning outcomes [17][19]. - Midoo.AI's team comprises experienced professionals from leading tech companies, positioning it well to innovate in the language learning space [19]. Group 5: Future Outlook - Midoo.AI's strategy focuses on expanding into the Japanese, Korean, and North American markets before reaching a global audience, aiming to redefine personalized education through AI [20]. - The company envisions a future where AI agents can provide personalized learning experiences at a fraction of the cost of traditional methods, potentially transforming the education landscape [21][22].

Table of Contents As filed with the Securities and Exchange Commission on August 29, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AP VIII Queso Holdings, L.P. to be converted as described herein to a corporation named Phoenix Education Partners, Inc. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 8200 38-392254 ...

Core Viewpoint - 51Talk Online Education Group is set to report its unaudited financial results for the second quarter ended June 30, 2025, on September 3, 2025, before U.S. market opening [1] Group 1 - The earnings conference call will take place at 8:00 a.m. U.S. Eastern Time on September 3, 2025, which corresponds to 8:00 p.m. Singapore/Beijing/Hong Kong time on the same day [2] - Dial-in details for the earnings conference call include a toll-free number for Singapore and specific numbers for the U.S., international, and Hong Kong participants [2] - Participants are advised to connect at least 5 minutes prior to the scheduled start time for the call [2] Group 2 - A live and archived webcast of the conference call will be available on the company's investor relations website [3] - A replay of the conference call will be accessible approximately one hour after the live call until September 10, 2025, with specific numbers provided for replay access [3] - 51Talk Online Education Group focuses on making quality education accessible and affordable through its online and mobile platforms, connecting students with qualified teachers [3]

Core Viewpoint - Gaotu Techedu Inc. reported strong financial results for the second quarter of 2025, demonstrating significant growth in revenues and a reduction in losses, driven by effective operational execution and AI-powered educational solutions [1][10][11]. Financial Performance - Net revenues for Q2 2025 reached RMB 1,389.4 million, a 37.6% increase from RMB 1,009.8 million in Q2 2024 [7][11]. - Gross billings for Q2 2025 were RMB 2,252.4 million, up 36.2% from RMB 1,653.7 million in the same period last year [7][11]. - Loss from operations decreased to RMB 241.9 million in Q2 2025, compared to a loss of RMB 464.8 million in Q2 2024, marking a 48.0% improvement [7][15]. - Net loss for Q2 2025 was RMB 216.0 million, down from RMB 429.6 million in Q2 2024, reflecting a 49.7% reduction [7][18]. - Non-GAAP net loss for Q2 2025 was RMB 206.8 million, compared to RMB 418.0 million in Q2 2024, a 50.5% decrease [7][18]. - Net operating cash inflow for Q2 2025 was RMB 588.8 million, an increase of 52.5% from RMB 386.2 million in Q2 2024 [7][19]. Operational Highlights - The company maintained a strong growth momentum in its core business, leveraging AI to enhance service models and product innovation [10][11]. - Customer acquisition efficiency reached its highest level in four years, contributing to improved operational quality [10][11]. - General and administrative expenses decreased as a percentage of net revenues for the second consecutive quarter, indicating growing operating leverage [10][11]. Business Outlook - For Q3 2025, Gaotu expects total net revenues to be between RMB 1,558 million and RMB 1,578 million, representing a year-over-year increase of 28.9% to 30.6% [25]. Cash Position - As of June 30, 2025, the company had cash, cash equivalents, restricted cash, and short-term and long-term investments totaling RMB 3.8 billion, a decrease from RMB 4.1 billion at the end of 2024 [22]. Share Repurchase Program - The board of directors authorized a share repurchase program allowing the company to repurchase up to US$80 million of its shares, with approximately 24.8 million ADSs repurchased for about US$76.9 million as of August 25, 2025 [23][24].

Group 1: AI Education Trends - The education industry is undergoing a transformation driven by AI, with 86% of educational institutions using generative AI, leading to a significant performance disparity among companies [3][4] - Hightu reported a 58% revenue growth in Q1, while New Oriental's core education business grew by 18.7% but saw a 73.7% decline in net profit, highlighting the varying impacts of AI integration [3][4] - Future competition will focus on technological depth, scene penetration, and ecosystem building, with new opportunities arising from overseas markets and favorable policies [4] Group 2: AI in Technology Companies - Figma successfully went public with a market cap exceeding $56 billion, igniting interest in the tech IPO market, while companies like Meitu and Kuaishou rebounded through AI transformation [5] - The rapid commercialization of creative AI applications is breaking traditional software barriers and activating non-professional user demand [5] Group 3: Star Gate Project Challenges - The "Star Gate" AI infrastructure plan, launched by the Trump administration with a budget of $500 billion, is facing significant delays and funding issues, with OpenAI bypassing partners to secure a $30 billion computing power agreement [6] - The project is at risk of stalling due to conflicts of interest among stakeholders and substantial infrastructure demands [6] Group 4: Humanoid Robots Market Outlook - The humanoid robotics sector is experiencing a bifurcation, with active financing but some investors becoming cautious due to high valuations and unclear commercialization paths [7] - The competition will center on the ability to deliver in specific scenarios and the capacity for mass production [7] Group 5: AI Learning Machines Growth - AI learning machines are rapidly growing, with Q1 2025 sales up 29.4%, and leading brands capturing 74.4% of the market share [9] - The market is segmented into education-focused companies, tech firms, and traditional hardware manufacturers, each leveraging their strengths [9] Group 6: Tech Giants' Financial Performance - Major tech companies like Google and Meta reported better-than-expected earnings, driven by strong growth in advertising and cloud services, with Google Cloud and Microsoft Azure showing growth rates of 31.5% and nearly 30% respectively [10] - The emerging "AI internal cycle" is creating a closed-loop ecosystem that enhances revenue from advertising and cloud services [10] Group 7: Robotics Investment Trends - Internet giants are heavily investing in robotics, with significant financing in the first five months of the year, as companies like JD.com and Meituan aim to reduce labor costs through automation [17] - The competition reflects a broader anxiety among large firms regarding technological disruption [17] Group 8: AI Glasses Market Development - AI glasses are set to reshape human-computer interaction, with a projected global market size of $4 billion by 2024, supported by various applications in consumer and professional sectors [18] Group 9: Mother and Baby Appliance Market Growth - The introduction of a $3,600 annual subsidy for families with children under three is expected to boost the mother and baby appliance market, with significant social media engagement reflecting a focus on scientific parenting [21] Group 10: Tesla's Sales Strategy - Tesla's Q2 2025 report showed a revenue of $22.496 billion and a net profit of $1.172 billion, driven primarily by the Model Y, despite a 13.3% year-on-year decline in global deliveries [22] Group 11: Alibaba's AI Strategy - Alibaba's 1688 platform is integrating AI to enhance efficiency for small businesses, with a goal to transform into a digital supply chain technology company [23][24] Group 12: Robotics Manufacturing Investment - Ecovacs Group plans to invest 200 million yuan in a robotics manufacturing project, focusing on core components and smart robot production, aiming for an annual output value exceeding 1 billion yuan [36]

Corporate Events - Color Star Technology Co., Ltd. will change its corporate name to Zeta Network Group and its stock ticker symbol to "ZNB" effective August 22, 2025 [1] - The company will implement a 25-for-1 reverse share split, reducing the number of Class A Ordinary Shares from approximately 14.6 million to about 585,000 and Class B Ordinary Shares from 12,000 to approximately 480 [2] - The authorized capital after the reverse split will be USD$32 million, divided into 11.2 billion Class A Ordinary Shares and 1.6 billion Class B Ordinary Shares, both with a par value of USD$0.0025 per share [2] Trading Information - Class A Ordinary Shares will begin trading on a split-adjusted basis under the new ticker symbol "ZNB" on the Nasdaq Capital Market on August 22, 2025 [5] - The shares will cease trading under the current ticker symbol "ADD" and will have a new CUSIP number, G2287A134 [5] Company Overview - Color Star Technology Co., Ltd. operates in the entertainment and education sectors, providing online entertainment performances and music education services through its subsidiaries [6] - The company has recently commenced operations in cryptocurrency mining in Kazakhstan, indicating a shift in its business strategy [6]