Core Insights - The company reported a revenue of 1.58 billion yuan for Q3 2025, marking a year-on-year growth of 30.7%, with adjusted operating losses and net losses narrowing by nearly 70% [1][3] - Cash reserves exceeded 3 billion yuan, and the company announced the completion of an $80 million stock buyback plan, initiating a new round of $100 million buyback [1][4] Financial Performance - The growth quality of the company has significantly improved, with operating expenses decreasing by 3.7% year-on-year and customer acquisition ROI increasing by 12.8% [3] - Deferred revenue reached 1.77 billion yuan, representing a year-on-year growth of 23.2%, providing stable revenue assurance for upcoming quarters [4] Strategic Direction - The company is transitioning from a focus on scale growth to emphasizing development quality, reflecting a broader trend in the education technology industry towards rational development [3][5] - The integration of "education + AI" is driving a multi-faceted business system, catering to users across all age groups and maintaining growth in both university and adult education segments [4] Management Perspective - The CFO emphasized the importance of a healthy economic model for sustainable growth, indicating a strategic shift in the education sector [3] - The management is optimistic about the company's future, as evidenced by the ongoing stock buyback plans and the strengthening of profitability across various business lines [4][5]