Tongbo Liu
谢谢，Yuhua。大家好，感谢参加尚德机构2021年第二季度财报电话会议。我们对第二季度的业绩表现感到满意。我们的净收入同比增长22.8%至6.295亿元人民币，其中硕士学历导向项目和职业认证与技能项目分别实现了91.7%和584.6%的同比增长。新入学人数保持相对稳定，超过86,000人，同比增长4.8%，这主要得益于我们职业认证与技能项目168.7%的同比增长。在优化产品组合以平衡增长、成本与盈利能力的战略调整后，我们的总账单收入为4.302亿元人民币，而2020年同期为5.315亿元人民币。我们的战略调整和持续的成本削减努力带来了创纪录的2,210万元人民币净利润，而2020年第二季度净亏损为1.261亿元人民币。2021年第二季度，我们对高等教育和职业认证与技能项目的需求有所增加。由于COVID-19疫情后的产业结构调整，就业市场竞争日益激烈，促使在职人员通过职业教育提升职业竞争力，而职场人士则经常通过我们的STE或硕士项目追求高等教育。许多成年人也寻求通过我们的职业技能和兴趣课程来提高技能、丰富生活。凭借这些稳定的顺风，我们加大了丰富课程内容和提高项目质量的努力，这有助于维持硕士学历导向项目和职业认证与技能项目的增长势头。硕士学历导向项目的总账单收入同比增长23.7%。这一卓越表现得益于我们在中国成功的学历导向项目，以及我们与全球其他地区高等教育机构日益增长的合作。我们继续提供高质量的定制课程，为中国在职人员准备MBA入学考试。大多数学生是财务稳定且愿意为继续教育付费的中高层管理人员。我们同时通过与外国机构不断扩大的合作，推广海外高等教育，扩大了我们的业务范围。我们还多元化我们的海外高等教育学位课程，包括MBA教育、技术和人力资源管理。与此同时，我们的职业认证与技能项目也蓬勃发展，新入学人数同比增长168.7%，本季度总账单收入同比增长196.2%。这一增长主要得益于我们广泛的课程内容，使我们能够满足广泛学科的需求，加上对提升职业竞争力或培养软技能和爱好的课程需求不断增加。在加强我们在硕士学历导向项目和职业认证与技能项目竞争力的同时，我们也继续为我们的学生提供高质量的STE项目课程。总体而言，凭借18年的成人职业教育经验，我们培养了高度的品牌知名度，并开发了卓越的课程教学框架、有效的教学方法以及针对学生不同需求的多样化培训课程。尚德致力于开发更多优质课程，为大多数成人学习目标提供更好的学习体验。为了配合我们的课程改进工作，我们也在努力升级我们的在线学习平台，使课程更容易被我们的学生访问，他们中的许多人全职工作或有其他时间限制。此外，我们通过为各行业公司提供员工培训服务，扩大了我们的用户基础。我们相信这将进一步提高我们的市场渗透率并降低客户获取成本。我们相信，我们学习资源的深度和质量、我们更新的学习平台和课程框架以及我们高效的专业教学团队使我们与竞争对手区别开来。我们很高兴看到我们的品牌受到学生的高度评价，这反映在他们第二季度98.73%的满意度上。我们将继续通过开发更广泛学科领域的更精细课程，同时通过增加一流教师来提升服务质量，从而加强我们在行业中的领先地位。现在转向教育部于7月19日发布的关于成人教育和培训行业的最新通知，其中指出成人教育业务的社会组织和私营实体在促进终身学习社会方面发挥了积极作用。随后是一些行业标准化指南，尚德一直致力于遵守适用的法律法规。我们相信这些指南将给像尚德这样的行业领导者带来优势，因为我们现有的严格标准和全面的内部审查流程。展望未来，我们将继续致力于设计高质量课程，并与我们杰出的学术研究团队和教学人员合作，创建创新、有效的互联网和最佳学习工具计划。鉴于尚德在成人教育业务的坚实基础，我们有信心能够继续提供优质的STE项目课程，并巩固我们在硕士学历导向和职业技能项目领域的市场份额。因此，我们有能力在未来几个季度继续取得强劲业绩。我的准备发言到此结束。谢谢，现在我将电话转交给我们的首席财务官Selena，以进一步审查我们的财务状况。Selena，请。
Tongbo Liu
Thank you, Yuhua. Hello, everyone, and thank you for joining Sunlands' second quarter 2021 earnings conference call. We are pleased with our second quarter performance. Our net revenue grew 22.8% year-over-year to RMB629.5 million, with master's degree-oriented programs and professional certification and skills programs achieving a year-over-year increase of 91.7% and 584.6% [ph] respectively. New enrollments remained relatively stable at over 86,000, representing a 4.8% year-over-year increase which was primarily driven by our 168.7% year-over-year increase from professional certification and skills programs. Following a strategic adjustment to optimize our product mix while taking growth and balancing cost and profitability, our gross billings were RMB430.2 million compared with RMB531.5 million for the same period of 2020. Our strategic adjustment and ongoing cost reduction efforts delivered a record net profit of RMB22.1 million compared with net loss of RMB126.1 million in the second quarter of 2020. We experienced increased demand for higher education and professional certification and skills programs during the second quarter of 2021. Employment market is becoming increasingly competitive due to industrial restructuring in the wake of COVID-19 pandemic, motivating workers to enhance their career competitiveness through occupational education while working professionals often pursue higher education through our STE or master's degree programs. Many adults also seek to improve their skills and enrich their lives with our professional skills and generate interest courses. With such steady tailwinds, we increased our efforts to enrich our cost offerings and improve the quality of our programs, which helped sustain the growth momentum in master's degree-oriented programs and professional certification and skills programs. Gross billings for master's degree-oriented programs increased by 23.7% year-over-year. This exceptional performance was driven by our successful degree-oriented programs within China as well as our growing cooperation with higher education institutions in other global regions. We continue to provide high-quality tailored courses to prepare working professionals in China for MBA entrance examinations. Most of the students are middle or senior-level managers who are financially stable and willing to pay for further education. We simultaneously enlarged our footprint by promoting overseas higher education supported by our expanding cooperation with foreign institutions. We also diversified our overseas post-secondary degree offerings, including MBA education, technology and human resource management. Meanwhile, our professional certification and skills programs also grow vigorously, evidenced by a 168.7% year-over-year increase in new enrollments and a 196.2% year-over-year increase in gross billing for the quarter. This growth was primarily driven by our extensive cost offerings, which allow us to meet demand across a wide range of subjects coupled with increasing demand for courses to enhance career competitiveness or cultivate soft skills and hobbies. While we strengthened our competitiveness in master's degree-oriented programs and the professional certification and skills programs, we also continue to provide high-quality courses in STE programs to our students. Overall, 18 years' experience in adults occupational education, we have cultivated high brand awareness and developed exceptional course teaching frameworks, effective teaching method and a wide variety of framing courses pertaining to students' different needs. Sunlands is committed to developing more premium courses and delivering a better leading experience to the most adult learning targets. To complement our course improvement efforts, we are also working to upgrade our online learning platform to make courses more easily accessible to our students, many of whom work full time or have other time constraints. Additionally, we have expanded our user base by providing staff training services to companies, of course, a wide variety of industries. We believe this will further increase our market penetration rates and reduce our customer acquisition cost. We believe that the depth and quality of our learning resources, our refreshed learning platform and course framework and our highly effective professional teaching staff set us apart from our competitors. We are excited to see that our brand is regarded highly by our students as reflected by their satisfaction rate of 98.73% in the second quarter. We will continue to strengthen our leading position in the industry by developing more refined courses in a broader area of subjects while enhancing our services – service quality with additional first-class teachers. Now turning to recent circular published by the Ministry of Education pertaining to the adult education and training industry on 19th July, which stated social organizations and private entities in adult education business have played a positive role in the promoting lifelong learning society. Followed by some guidelines for industry standardization, Sunlands has always been committed to complying with applicable laws and regulations. And we believe these guidelines will give industry leaders such as Sunlands an advantage, given our existing strict standards and comprehensive internal review process. Going forward, we will remain committed to designing high-quality courses and creating innovative, effective Internet and the plan for best learning tools in collaboration with our outstanding academic research team and teaching staff. Given Sunlands pure foothold in the adult education business, we are confident we can continue to offer premium courses in STE programs and solidify our market share in master's degree-oriented and the professional skills program space. With that, we are well positioned to continue to deliver strong results in future quarters. That concludes my prepared remarks. Thank you, and I will turn the call to – call over to our CFO, Selena, for further review of our financials. Selena, please.
