Group 1 - Wenzhou Youbixuan Education Technology Co., Ltd. was established on December 26, with a registered capital of 10 million yuan [2] - The company's business scope includes education consulting services, sales of intelligent robots, and sales of service consumer robots [2] - Youbixuan (09880.HK) holds 100% ownership of the newly established company [2]

Group 1 - A new company, Jinan Tianying Zhihang Trading Co., Ltd., has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Li Zhenbin [1] - The business scope includes internet sales, sales of arts and crafts, educational models and teaching aids, toys, daily necessities, toy manufacturing, stationery manufacturing, advertising design, cultural and artistic exchange activities, and educational consulting services [1]

Core Viewpoint - Recently, You'an Nursery Service Co., Ltd. was established in Yudu County, with a registered capital of 2 million RMB, fully owned by You'an Health Industry Development Co., Ltd. [1] Company Summary - Company Name: You'an Nursery Service Co., Ltd. [1] - Legal Representative: Chen Lin [1] - Registered Capital: 2 million RMB [1] - Ownership Structure: 100% owned by You'an Health Industry Development Co., Ltd. [1] - Business Scope: Includes infant bathing services, nursery services, educational consulting (excluding licensed training activities), health consulting (excluding medical services), remote health management services, nursing institution services (excluding medical services), maternal and infant life care (excluding medical services), and sales of maternal and infant products [1] Industry Summary - Industry Classification: National Standard Industry - Health and Social Work > Social Work > Providing Accommodation Social Work [1] - Business Address: No. 193, Qi Min Road, Building 3, Shangou Industrial Park, Gongjiang Town, Yudu County, Ganzhou City, Jiangxi Province [1] - Company Type: Limited Liability Company (State-owned Holding) [1] - Business Duration: Until December 2, 2025, with no fixed term thereafter [1] - Registration Authority: Yudu County Market Supervision Administration [1]

Financial Data and Key Metrics Changes - Company-wide revenues before reimbursable expenses (RVR) grew 17% in Q3 2025, including 10% organic growth, reflecting strong demand and execution [3][20] - RVR for Q3 2025 was a record $432.4 million, up 16.8% from $370 million in Q3 2024 [19] - Net income for Q3 2025 was $30.4 million or $1.71 per diluted share, compared to $27.1 million or $1.47 per diluted share in Q3 2024 [21] - Adjusted EBITDA was $67.4 million in Q3 2025, or 15.6% of RVR, compared to $54.9 million or 14.8% of RVR in Q3 2024 [22] Business Line Data and Key Metrics Changes - Healthcare segment RVR grew 20% year-over-year, achieving a record $219.5 million in Q3 2025 [4][24] - Education segment RVR grew 7% year-over-year, reaching $129.4 million in Q3 2025 [9][25] - Commercial segment RVR grew 27% year-over-year, achieving $83.4 million in Q3 2025 [12][26] Market Data and Key Metrics Changes - The healthcare segment generated 51% of total company RVR in Q3 2025, with an organic growth rate of 18.6% [23][24] - The education segment accounted for 30% of total company RVR, with a 25.7% operating income margin [25] - The commercial segment generated 19% of total company RVR, with a decline in operating income margin to 16.4% [26] Company Strategy and Development Direction - The company aims to leverage AI and automation across its offerings to drive value creation and efficiency [8][12] - The strategy includes integrating commercial offerings to enhance the go-to-market strategy and drive above-average growth [15][16] - The company is focused on delivering demonstrable ROI for clients, which is critical for maintaining competitive advantage [34] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand across core end markets, positioning the company well for continued growth in 2026 [4][17] - The company expects to achieve full-year 2025 RVR guidance of $1.65 billion to $1.67 billion, affirming adjusted EBITDA guidance [16][30] - Management highlighted the importance of a strong culture in attracting and retaining talent, which supports growth [49][50] Other Important Information - The company closed on acquisitions of Treliant and Wilson Perumal & Company, contributing to growth in the commercial segment [19][14] - The effective income tax rate for Q3 2025 was 28.7%, with an expected full-year rate of 23% to 25% [22] Q&A Session Summary Question: Insights on performance improvement in healthcare - Management noted strong market conditions driven by margin pressures, leading to increased demand for performance improvement services [33][34] Question: Outlook for 2026 - Management indicated confidence in the multi-year growth model discussed at the investor day, with continued execution expected to drive growth [41] Question: Demand in commercial segment - Management observed an inflection point in demand for strategy and financial advisory services, contributing to improved sales conversion [44][45] Question: Hiring capabilities - Management expressed confidence in hiring capabilities, attributing low attrition rates to a strong company culture [49][50] Question: AI focus in projects - Approximately 15% to 20% of total revenue is related to AI projects, with expectations for this to grow as AI becomes integrated into more offerings [64][66]

Financial Data and Key Metrics Changes - Company-wide revenues before reimbursable expenses (RVR) grew 17% in Q3 2025, including 10% organic growth, reflecting strong demand and execution [3][19] - RVR for Q3 2025 was a record $432.4 million, up 16.8% from $370 million in Q3 2024 [19] - Net income for Q3 2025 was $30.4 million or $1.71 per diluted share, compared to $27.1 million or $1.47 per diluted share in Q3 2024 [20] - Adjusted EBITDA was $67.4 million in Q3 2025, or 15.6% of RVR, compared to $54.9 million or 14.8% of RVR in Q3 2024 [21] Business Line Data and Key Metrics Changes - Healthcare segment RVR grew 20% year-over-year, achieving a record $219.5 million in Q3 2025 [4][23] - Education segment RVR grew 7% year-over-year, reaching $129.4 million in Q3 2025 [9][25] - Commercial segment RVR grew 27% year-over-year, reaching $83.4 million in Q3 2025 [12][26] Market Data and Key Metrics Changes - The healthcare segment generated 51% of total company RVR in Q3 2025, with an organic growth rate of 18.6% [23][24] - The education segment accounted for 30% of total company RVR, with strong demand for strategy and operations, research, and digital offerings [10][25] - The commercial segment generated 19% of total company RVR, with growth driven by acquisitions and organic growth in digital business [12][26] Company Strategy and Development Direction - The company aims to leverage AI and automation across its offerings to drive value creation and efficiency [7][8] - Continued focus on integrating commercial offerings to enhance go-to-market strategy and drive above-average growth [15][16] - The company expects to achieve full-year 2025 RVR guidance of $1.65 billion to $1.67 billion, affirming adjusted EBITDA guidance of 14% to 14.5% of RVR [17][31] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand across core end markets, positioning the company well for continued growth in 2026 [4][17] - The healthcare segment is experiencing persistent margin pressures, leading clients to seek comprehensive solutions [6][36] - Management expressed confidence in the ability to sustain accelerated RVR growth and margin expansion despite macroeconomic challenges [17][30] Other Important Information - The company completed several acquisitions, including Eclipse Insights, Treliant, and Wilson Perumal & Company, which contributed to revenue growth [19][12] - The effective income tax rate for Q3 2025 was 28.7%, with expectations for a full-year rate of 23% to 25% [21][30] - Free cash flow for Q3 2025 was $85.3 million, with full-year expectations in the range of $165 million to $185 million [28][30] Q&A Session Summary Question: Insights on performance improvement in healthcare - Management highlighted strong market demand driven by margin pressures and the need for transformation, with a record pipeline and larger project scopes [33][34][39] Question: Outlook for 2026 - Management indicated confidence in continued demand and execution, aligning with previously discussed multi-year targets [42][43] Question: Demand in commercial segment - Management noted an inflection point in demand for strategy and financial advisory services, with improved sales conversion [44][45] Question: Hiring capabilities - Management expressed confidence in hiring capabilities, citing a strong culture that attracts talent and leads to lower attrition rates [47][48] Question: Customer decision-making in education - Management observed a stable outlook in education, with clients making long-term decisions amidst previous disruptions [49] Question: Utilization rates and project absorption - Management confirmed high utilization rates in managed services, with a tight correlation between sales and hiring [50][51] Question: AI focus in projects - Management reported that approximately 15% to 20% of total revenue is related to AI projects, with expectations for growth in this area [60][61]

Core Viewpoint - Guangzhou Changyi Trading Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on a diverse range of services and products, indicating a strategic move to tap into various sectors including education, technology, and consumer goods [1] Group 1: Company Overview - The registered capital of Guangzhou Changyi Trading Co., Ltd. is 1 million RMB [1] - The company offers educational consulting services, excluding licensed educational training activities [1] - The business scope includes sales of construction materials, network technology services, software development, and artificial intelligence application software development [1] Group 2: Product and Service Range - The company is involved in the sale of pre-packaged food, health food, and various consumer goods such as personal hygiene products and baby products [1] - It also engages in the sale of new energy vehicle accessories, charging piles, and various electronic products [1] - The company provides a wide array of services including legal consulting (excluding licensed legal practice), industrial design, and professional design services [1] Group 3: Market Potential - The diverse range of products and services positions the company to capitalize on multiple growing markets, including artificial intelligence, new energy vehicles, and e-commerce [1] - The inclusion of smart robotics and agricultural machinery sales suggests a focus on innovation and technology-driven solutions [1] - The extensive list of sales categories indicates a comprehensive approach to market penetration across various consumer segments [1]

Company Overview - The company "Tongzhi Dream Learning Tutoring Co., Ltd." was recently established in Majiang County with a registered capital of 2 million RMB [1] - The legal representative of the company is Wu Xiaoling, and it is wholly owned by Guizhou Majiang New Cooperative Rongxing Management Co., Ltd. [1] Business Scope - The business scope includes various services such as educational consulting (excluding licensed educational training activities), after-school tutoring for primary and secondary school students, kindergarten tutoring services, camping site services, cultural creation, enrollment assistance, and business training [1] - The company is also involved in legal and regulatory compliance, indicating that it will operate within the bounds of laws and regulations [1] Registration and Governance - The company is registered with the Majiang County Market Supervision Administration and has a business duration until May 28, 2025, with no fixed term thereafter [1] - The company is classified as a limited liability company (non-natural person investment or holding) [1]