Tongbo Liu
谢谢，Yuhua。大家好，感谢参加尚德机构2021年第三季度财报电话会议。我们对第三季度的财务指标感到满意。尽管行业动态不断演变，我们的净收入同比增长9.9%至5.951亿元人民币。我们录得净利润9380万元人民币，而去年同期净亏损为1.658亿元人民币，新入学人数和总账单金额同比分别下降33.8%和29.3%，这归因于我们持续执行平衡的长期增长与盈利战略。随着中国部分地区新冠疫情反复持续给企业运营和更广泛的经济复苏带来挑战，企业已采取措施提高运营效率和降低成本。在人才招聘方面，许多企业在选择人才时变得更加谨慎，并对候选人和新员工提出了更高期望。这最终导致第三季度劳动力市场竞争更加激烈，促使职场人士寻求继续教育课程，通过深造、技能重塑和提升来增强竞争力。同时，随着中国K-12课后辅导法规实施后越来越多的公司加入终身教育业务，行业动态也在快速演变。在此背景下，我们继续执行平衡的长期增长与盈利战略，通过优化产品组合、改善服务、降低成本和提升学生获取效率来增强竞争力。我们追求的是质量增长而非单纯用户规模。我们的专业证书和技能课程在本季度保持了增长势头。通过我们持续努力满足用户需求，我们的收入和总账单金额同比分别增长148.2%和49.3%，这体现在学生对我们平台日益增长的采用率，因为我们通过提供更多优质和多样化的课程内容来完善课程体系。我们课程覆盖的广度也吸引了更广泛年龄段的人群，这有助于进一步扩大我们的学生基础。我们相信，通过不懈努力为学生提供更好的学习体验，我们能够很好地满足各年龄段人群对终身学习的需求。我们的硕士学历导向项目净收入同比增长20.8%，而新入学人数和总账单金额同比分别下降22.2%和10.2%，因为我们优先考虑质量增长。然而，本季度我们通过与海外大学建立更多合作伙伴关系继续扩大全球足迹，并取得了令人鼓舞的进展。同时，我们继续多元化该细分市场的课程组合，以抓住这一市场的巨大增长机会。考试准备课程需求依然强劲，考虑到竞争激烈的就业市场，我们预计将进一步增长。值得注意的是，我们大量学生是中高层管理人员，他们通过MBA和EMBA学位教育获取更多知识和提升管理技能的动机强烈。帮助他们实现学习目标将继续是我们的优先事项，因为我们看到该领域坚实的增长势头和潜力。现在转向我们的STE项目，在我们努力优化产品组合的过程中，STE的总账单金额和新入学人数有所放缓，这也部分归因于继续教育的许可法规和广告限制。我们相信这些法规将有助于行业实现健康和可持续增长，并为中国建设学习型社会的努力做出贡献。我们已经实施了严格的合规标准，并将继续监控和遵守相关法规，同时为学生提供优质课程。此外，我们在第三季度采取了严格的政策和有吸引力的激励计划来提升运营和服务，旨在为学生提供更广泛、更有价值的学习体验。我们还实施了有效的成本削减措施，同时提高学生获取效率，导致运营费用同比下降35.2%。我们通过进一步拥抱技术并利用各细分市场的协同效应来实现有意义的增长，从而取得了这一显著改善。我们利用有针对性的、成本效益高的新媒体营销工具获取学生，并继续利用不同项目之间的交叉销售机会来提高复购率和用户终身价值。我们连续两个季度保持盈利，因为我们丰富了课程体系以更好地满足学生需求，优化成本结构，并通过更具成本效益、创新且合规的市场工具提升学生获取效率。我们将继续完善这些措施，以此为基础推动质量增长。我的准备发言到此结束。谢谢，现在我将把电话转给我们的CFO Selena，请她进一步回顾我们的财务状况。Selena，请讲？
Tongbo Liu
Thank you, Yuhua. Hello, everyone, and thank you for joining Sunlands' third quarter 2021 earnings conference call. We are pleased with our third quarter financial metrics. Our net revenues grew 9.9% year-over-year to RMB 595.1 million despite the evolving industry dynamics. We recorded net profit of RMB 93.8 million compared with net loss of RMB 165.8 million during the same period last year and a year-over-year 33.8% and 29.3% decline in new enrollments and gross billings, respectively, which are attributed to our continued efforts to execute our balanced long-term growth and profitability strategy. As COVID-19 pandemic resurgences in certain regions in China continue to create challenges for business operations and the broader economy recovery, tenants have taken steps to improve operating efficiency and reduce costs. With respect to talent acquisition, many companies have become more prudent in selecting talents and have reached their expectations for candidates and the new hires. This ultimately led to a more competitive labor market in the third quarter, prompting working professionals to seek enrichment courses back hours to increase their competitiveness through further education and rescaling and upscaling. Meanwhile, industry dynamics are also evolving rapidly with the increasing number of companies joining the end of education business after the implementation of China's K-12 after-school tutoring regulations. With this landscape, we continue to execute our balanced long-term growth and the profitability strategy and so to enhance our competitiveness by focusing on optimizing our product mix, improving services, reducing costs and enhancing students acquisition efficiency. We are pursuing quality growth rather than user scale only. Our professional certificate and skills programs maintained their growth momentum during the quarter. Our revenue and gross billed increased 148.2% and 49.3% year-over-year, respectively, driven by our constant efforts [Indiscernible] as user demand [Technical Difficulty] are met and skills reflect in student's growing adoption of our platform as we refine our course offerings with more premium and diverse course content. The breadth of our course offerings also appears to more people across a wider range of age groups, which could help further expand our student base. We believe that with our relentless endeavor to provide our students with a better learnings experience, we are well positioned to fulfill the certain demand for low interest-based learning, catering to endorse of all ages. We achieved a 20.8% year-over-year increase in net revenues in our master's degree-oriented programs, while new enrollments and gross billings decreased by 22.2% and 10.2% year-over-year, respectively, as we prioritized quality growth. However, we continue to expand our global footprint during the quarter by forming additional partnerships with overseas universities and made encouraging progresses. And at the same time, we continue to diversify our course portfolio for the segment looking to capture the huge growth opportunities in this market. Demand for exam preparation course sales remains strong, and we expect to further grow given the competitive employment market. Notably, a large number of our students are middle or senior level managers, strongly motivated to acquire more knowledge and sharpen their management skills through MBA and [MBA] degree education. Helping them to achieve their learning goals will continue to be a priority as we see solid growth momentum and potential in space. Turning now to our STE programs as we strove to optimize our product mix, gross billings and new enrollments for STE moderated, which was also partially due to the licensing regulation and advertisement things for continued education. We believe these regulations will help the industry achieve healthy and a sustainable growth and contribute to China's effort to build a lifeline society. We have implemented strict compliance standards and we'll continue to monitor and comply with relevant rules and regulations while providing quality courses to our students. In addition, we adopted stringent policies and attractive incentive plans to enhance our operations and services in the third quarter, with the goal of providing students a [broader], more rewarding learning experience. We also implemented effective cost reduction linears with the process of improving student acquisition efficiency, resulting in a 35.2% year-over-year drop in operating expenses. We achieved this remarkable improvement by further embracing technology and utilizing the natural centers across our various segments to realize meaningful growth. We leveraged targeted cost-effective new medium marketing tools to acquire students and also continue to capitalize on cost-selling opportunities among different programs to increase repurchase rate and user lifetime value. We maintained the profitability for 2 consecutive quarters as we enriched our course offerings to the best vary students' needs to optimize the cost structure to enhance student acquisition efficiency with more cost effective, innovative and regulation compliance market tools. We will continue to refine the linears to build on these [efficiencies] and drive quality growth. That concludes my prepared remarks. Thank you, and I will turn the call to our CFO, Selena for further review of our financials. Selena, please?
