Financial Performance (Q3 2025) - Net revenues remained stable at RMB673 million (or $95 million) compared to Q3 2024[20] - Gross profit decreased to RMB264 million (or $37 million) from RMB300 million in Q3 2024[20] - Gross margin decreased to 392% from 446% in Q3 2024[20] - Total operating expenses decreased to RMB370 million (or $52 million) from RMB477 million in Q3 2024[20] - Net income attributable to ACG was RMB24 million (or $03 million), a significant improvement from a loss of RMB147 million in Q3 2024[20] Financial Performance (9M 2025) - Net revenues increased by 71% to RMB1790 million (or $251 million) compared to 9M 2024[16, 22] - Gross profit increased by 32% to RMB801 million (or $112 million) compared to 9M 2024[16, 23] - Gross margin decreased to 447% from 464% compared to 9M 2024[24] - Net loss attributable to ACG decreased to RMB(217) million (or $(31) million) from RMB(494) million compared to 9M 2024[24] Operational Highlights (Q3 2025) - Portfolio Training Services remained the main revenue contributor, accounting for 719% of total net revenues[19] - Project-based programs credit hours increased 229% year-over-year, accounting for 811% of total credit hours delivered[19] FY 2025 Guidance - The company is on track to achieve FY 2025 revenue guidance of approximately RMB276 million – RMB281 million, representing approximately +3% to +5% growth vs FY 2024[35]