Financial Performance (Q2 FY25) - Revenues were RMB 726.6 million, a decrease of 25.9% year-over-year[20] - Adjusted net income was RMB 132.0 million, an increase of 27.1% year-over-year[20] - Gross billings of individual online learning services were RMB 546.2 million, a decrease of 42.2% year-over-year[20] - Cash and cash equivalents, restricted cash, and short-term investments totaled RMB 1,213.2 million, an increase of 15.5% year-over-year[20] User Metrics - Total registered users reached 139.6 million, a 24.2% year-over-year increase[20, 39] - Paying learners were 0.3 million, a decrease of 31.3% year-over-year[21, 22] Market Opportunity - The adult learning market is projected to have a CAGR of 12.6% from 2022 to 2027[7, 9] - The adult personal interest learning market is projected to have a CAGR of 14.1% from 2022 to 2027[7, 10] Strategic Initiatives - The company is building a new business ecosystem to broaden revenue streams and improve profitability, including live e-commerce and private label products[14, 15]