Tongbo Liu
谢谢，Yuhua。大家好，欢迎参加尚德机构2022年第二季度财报电话会议。在第二季度疫情反复和宏观经济疲软的背景下，我们实现了1.146亿元人民币的净收入，同比增长四倍。这一增长主要得益于我们持续关注运营效率并坚定执行业务战略，在应对外部不确定性时保持稳健。我们也很高兴看到，通过优化产品组合和扩展课程体系所付出的持续努力获得了回报，体现在新生注册人数同比增长39.4%，以及现金收款同比下降幅度收窄。我们通过从更广泛年龄段获取学生并提高销售效率实现了这一目标，同时销售和营销费用同比减少了34.8%。这些成果彰显了我们的组织韧性，并增强了我们对实现平衡增长和盈利能力的战略信心。
第二季度期间，疫情在多个主要城市大规模爆发，严重扰乱了业务运营，影响了多个行业。疫情还导致许多竞争性考试取消，影响了我们专业课程的需求，促使我们寻求其他机会点以提高该板块的盈利能力。此外，复杂的宏观环境使企业在运营中采取了更为保守的态度，比以往任何时候都更强调成本削减和效率提升，以增强抗风险能力。在此背景下，消费者对购买非必需消费品更加谨慎。例如，他们暂时推迟了自我提升计划，以应对宏观环境中持续存在的外部不确定性。
我们也优先考虑现金流管理，专注于产生盈利的业务，同时持续提升成本效率。尽管如此，许多人仍对提升技能抱有[难以辨识]态度，希望在竞争激烈的就业市场中提升整体竞争力。其他人也在寻找摆脱疫情惰性的方法，例如参加在线课程，从而产生了对我们技能课程的需求。因此，我们抓住这一机遇，为学生提供增强的学习体验，并开发新的技能培训课程，以满足学生广泛的需求，帮助我们的学生提升职业灵活性和就业市场竞争力。我们的[难以辨识]帮助他们度过艰难时期。
因此，我们第二季度专业认证和技能项目的增长体验同比增长82.9%，这得益于新生注册人数同比增长94.9%。这些项目产生的净收入也同比增长13.3%。此外，我们丰富的课程资源、高质量教学和高效的在线学习平台有助于提高学生满意度和粘性，以及较高的推荐率。随着我们继续优化产品组合，我们将持续开发涵盖热门技能、通识兴趣以及行业认可证书的优质课程。凭借我们在此领域建立的品牌知名度、多样化的课程选择和高质量的课程内容，我们有信心能够继续吸引新生，并抓住学生对硕士或同等学位项目需求增长所带来的额外增长机会。
新生注册人数和现金收款下降，原因在于我们战略性减少营销活动以及市场竞争加剧，新参与者试图利用该板块的巨大潜力。高水平的师资队伍是该板块后来者难以复制的，被认为是行业参与者之间的主要差异化因素。因此，我们相信，我们19年的考试准备经验、广受好评的师资队伍和丰富的学习资源，将使我们长期在竞争中处于有利地位。
尽管面临激烈竞争和复杂的宏观环境，我们为在巨大经济不确定性面前帮助学生取得个人成功所发挥的关键作用感到自豪。我们仍致力于做正确的事情，以保持我们在该领域的影响力。例如，6月18日，我们举办了首届MBA教育推广活动，许多中国顶尖大学加入我们，分享他们的MBA招生信息。该活动取得了巨大成功，吸引了大量学生参与。
在政府政策方面，我们受到中国政府对多元化教育形式支持的鼓舞，这体现在4月20日第十三届全国人大常委会会议通过的修订后的《职业教育法》中。这是自1996年该法颁布以来25年来的首次重大改革。它将中国职业教育的地位提升到与普通教育同等重要，鼓励校企合作，同时支持社会力量参与职业教育。政府计划采取各种[难以辨识]措施来组织多种形式的职业教育，例如就业前培训、在职培训、失业人员再就业培训以及其他特殊人群培训，这极大地增强了我们对行业的信心。我们将密切关注政府政策，并坚定不移地为中国通过职业教育提升劳动力技能和就业率的努力做出贡献。
最后，我很高兴地宣布，在连续四个季度实现盈利后，我们于6月宣布派发特别现金股息，与股东分享我们的成功。展望未来，我们将通过持续提升盈利能力和现金流，努力为股东创造更多价值。同时，我们仍专注于开发多样化的技能和兴趣课程，提升教学和服务质量，以吸引新生，目标是为学生带来改变生活和充实的学习体验。接下来，我将把电话交给我们的首席财务官Selena，请她介绍我们的财务情况。
Tongbo Liu
Thank you, Yuhua. Hello, everyone. Welcome to Sunlands second quarter 2022 conference call. In [ph] the pandemic resurgence and the macroeconomic weakness in the second quarter, we achieved RMB114.6 million of net income, representing a fourfold increase year-over-year. The increase was primarily driven by our consistent emphasis on operating efficiency and solid execution of our business strategies, as we remained steadfast while navigating the company through external uncertainties. We were also pleased to see our continued efforts to optimize our product mix and expand our course portfolio were rewarded with improving operational results, reflected in a 39.4% year-over-year increase in our new student enrolments and a reduced year-over-year decrease in gross billings. We accomplished this by acquiring students from a wider range of age groups with higher sales efficiency, as we cut down our sales and marketing expenses by 34.8% year-over-year. These results highlight our organizational resilience and reinforce our confidence in our strategy to achieve balanced growth and profitability. During the second quarter with massive pandemic operating several major cities severity disruptive business operations caused area of industries. The pandemic also resulted in cancellation of many competitive exams affecting demand for our professional courses and leading us to seek other pockets of opportunity to increase profitability in this segment. Furthermore, the complex microenvironment business took a more conservative approach in the operations and emphasis cost reduction and the efficiency improvement more than ever, with the goal of enhancing their risk resistance. Against the backdrop, consumers were more prudent about purchasing discretionary goods. For example, they made temporary delay their self-improvement plans within this period to combat the lingering external uncertainties in the macro-environment. We also prioritized the cash flow management and focused on profitability generating business while continuing to improve our cost efficiency. Despite that, many people remained in [indiscernible] about holding their skills, hoping to elevate their overall competence within the highly competitive job market. Others also sort ways to shift off pandemic inertia, such as inserting online courses resulting in searching demand for our skill courses. As such, we assist this opportunity to deliver enhanced learning experience to our students and develop the new skill training courses to address a broad range of student's needs helping our students improve their career flexibility and the competitiveness in the job market. Our [indiscernible] to save them through tough times. As a result, our growth experience for professional certification and skills programs in the second quarter grew by 82.9% year-over-year driven by 94.9% year-over-year increase in new student enrolments. Net revenues generated by these programs also increased by 13.3% over year. Furthermore, our extensive course resources, high teaching quantity and efficient online learning platform have contributed to improved student satisfaction and stickiness, as well as a high referral rate. As we continue to optimize our product means, we will keep developing premium process covering in-demand skills and general interest as well as industry recognized credentials. With our established brand awareness in this field, diverse course choices and quality course content, we are confident that we can continue to attract new students and capture additional growth opportunity presented by student's rising demand for Master degree or into the programs. New student enrolments and cost billings decreased on the back of our strategic reduction of marketing activities and growing market competition as new players try to capitalize on the segment's enormous potential. Highly rated teaching staff, which is difficult to replicate for late comers to the segment is considered to the main differentiating factor among industry players. Thus, we believe that our 19 years’ experience in exam preparation experienced and well-received teaching staff and extensive learning resources will position us and we're compared [ph] to our competitors in the long run. Despite the intense competition and the complex macro-environment, we are proud of the critical role that we have played in helping our students achieve individual success in the face of huge economy uncertainty. And we remained committed to doing the right thing to maintain our influence in this field. For example, on June 18, we held our first MBA Education Promotion Event with many top universities in China, joining us to share their MBA admissions in information. The event was a great success and attracted huge number of students to participate. In terms of government policies, we're encouraged by the Chinese government support of diverse forms of education as evidenced by the revised vocational educational adopted during the meeting of the standing committee of the 19th National People's Congress April 20. This was the first major reform in 25 years since the law was enacted in 1996. It upgrades the status of vocational education in China to be equally important as general education and encourages collaboration between schools and enterprises while also supporting social participation in vocational education. The government is planning to adopt various [indiscernible] to organize diverse forms of occupational education, such as training prior to employ to – employment, on the job training reemployment training for the unemployed and other special groups of people, which significantly enhanced our confidence in the industry. We will closely follow the government's policies and will remain steadfast in our contributions to China's effort to improve its workforce skills and employment rates through occupational education. Finally, I'm pleased to state that in June, we declared a special cash dividend to share our success with shareholders, following four consecutive quarters of profitability. Going forward, we will strive to create additional shareholder value by continuously improving our profitability and cash flow. At the same time, we remain focused on developing diverse skill and interest courses and enhancing our teaching and service quality to attract new students with a target of bringing life changing and fulfilling learning experience to our students. With that, I will turn the call to our CFO, Selena to run through our financials.
