Core Highlights: - Net income increased by 19.0% year-over-year to $309.6 million for fiscal 2024. - Total revenues grew strongly by 43.1% to $4,989.0 million driven by growth across all business segments.
Revenue Breakdown: The key revenue segments are: 1) Educational services and test preparation courses - The core business providing instructional services for major admission and assessment tests. It contributed $2,716.2 million. 2) Private label products and livestreaming e-commerce services - Offering private label products and livestreaming services on e-commerce platforms. It contributed $900.6 million. 3) Overseas study consulting services - Providing consulting for students planning to study abroad. It contributed $439.7 million. 4) Other services - Including educational materials distribution and technology services. It contributed $256.2 million.
Management Outlook: Management expressed optimism about long-term growth prospects driven by increasing education demand in China. They aim to enhance profitability through product innovation, cost optimization, and expansion into new educational areas like tourism and camping education.
Operating Data: Other operating data provided: - Total student enrollments grew year-over-year - Expanded network of learning centers - Sufficient cash reserves to fund operations - Current cash can support operations for over 20 quarters under current loss levels, which did not occur as the company was profitable
Operational Risks: Key risk factors mentioned include: - Regulatory risks related to the education industry in China - Risks from corporate VIE structure and contractual arrangements - Geopolitical tensions impacting listing and capital raising - Competition in the education sector - Cybersecurity and data privacy concerns

Original Filing