Q4 2024 QuantaSing Group Ltd Earnings Call
Hello, everyone.
Operator: Thank you for standing by, and welcome to Quantasing's earning conference call. At this time, all participants are in a lesson-only mode.
Good morning and good evening, ladies and gentlemen, thank you for standing by and welcome to Kanta Sing's Earning Conference Call. At this time, all participants are in a lesson only mode. We will be hosting the question and authorization of the management paper marks.
Operator: We will be hosting a question-and-answer session after management's prepared remarks. Please note that today's event is being recorded.
Leah Guo: I will now turn the conference over to Ms. Leah Guo, Investor Relations Associate Director of the company. Please go ahead, ma'am.
Please note that today's event is being recorded. I will now turn the conference earlier to Miss Leah Guo. Invest in Relations Associate Director of the Company. Please go ahead, ma'am.
Leah Guo: Thank you.
Leah Guo: Thank you. Hello, everyone, and welcome to QuantaSing's earnings call for the Q4 2024. With us today are Mr. Peng Li, our Founder, Chairman, and CEO, and Mr. Dong Xie, our CFO. Mr. Li will provide a business overview for the quarter, then Ting will discuss the financials in more details. Following their prepared remarks, Mr. Li and Ting will be available for the Q&A session. I will translate for Mr. Li. You can refer to our quarterly financial results on our IR website at ir.quantasing.com. You can also access a replay of this call on our IR website when it becomes available a few hours after its conclusion. Before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which also applies to this call, as we will be making forward-looking statements.
Leah Guo: Hello, everyone, and welcome to Quantasing's earning conference call for the fourth quarter of 2024.
Leah Guo: Thank you.
Leah Guo: Hello everyone, and welcome to Plung Jins' earnings call for the fourth quarter of 2024.
Leah Guo: With that, today, I'm Mr. Peng Li, our founder, chairman, and CEO. I'm Mr. Chen Xie, our CEO. Mr. Li will provide a business overview for the quarter. Then, the team will discuss the financials in more detail. Following their prepared remarks, Mr. Li and Tang will be available for the Q&A session. I will translate for Mr. Li. To refer to our quarterly financial results on our I.R.F. set at ir.quandasing.com, you can also access a play-as-list call on our I.R.F. set. We need to become available a few hours after its conclusion.
Speaker Change: with us today on Mr. Peng Li, our founder, Chairman and CEO.
Speaker Change: and Mr. Ping Xie, I would say Apple. Mr. Li will provide a business overview for the quarter. Then team with discuss the financials in more details.
Speaker Change: Following the preparatory marks, Mr. Lee and Tim will be available for the QA session. I will translate for Mr. Lee. The refer to our quarterly financial results on our IAR website.
Speaker Change: at iadot.com. You can not access a plea as list calls on our iad upset. When you need to become available, if you are with up to its conclusion.
Leah Guo: Before we continue, I would like to refer you to our safe harbor statements in our earnings press release, which also applies to this call, as we will be making forward-looking statements. Please note that all numbers stated in the following management's prepared remarks are in R&B terms, and we will discuss non-GAAP measures today, which are moderately explained and reconciled to the most comparable measures reported in our earnings release and the filings with the SEC.
Speaker Change: Before we continue, I would like to refer you to our safe harbour statement in our Unknown Press release, which also applies to this call as we will be making forward looking statement.
Leah Guo: Please note that all numbers stated in the following management prepared remarks are in RMB terms, and we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported in our earnings release and filings with the SEC. I will now turn the call over to the CEO and founder of QuantaSing, Mr. Li.
Speaker Change: Police notes that all numbers stated in following management for your patch remarks are in R&B terms, and we will discuss non-gap measures today, which our model are like explained and reconciled through the most comparable measures reported in our audience release and the following with the SEC.
Peng Li: I will now turn to call over to the CEO and founder of Quantasing, Mr. Li. Okay, good morning, everyone. Thank you for joining us today. I'm excited to share our progress and the strategic development for the first quarter of the fiscal year 2014. This quarter reaches the revenue of the R&B 1, 0.1 million, and our adaptive net income reached a historical high, equal to R&B 100, 93.6 million from R&B 90.4 million in the same period the last year. Well, these numbers are encouraging. They represent that the one step in our ongoing journey.
Speaker Change: I will now turn the call over to the CEO and founder of Quantum Zing, Miss Chili.
Peng Li: Okay. Good morning, everyone. Thank you for joining us today. I'm excited to share our progress and strategic developments for the Q4 of the fiscal year 2024. This quarter, we achieved the revenue of RMB 1,000.1 million and our adjusted net income reached a historical high, improved to RMB 193.6 million from RMB 19.4 million in the same period last year. While these numbers are encouraging, they represent just one step in our ongoing journey. Today, I'm pleased to announce a significant strategic shift for our company. We are pivoting towards the silver economy, aligning with our new mission of Live Better, Live Longer. This transition reflects our commitment to serving the holistic needs of our adult users, particularly the silver demographic. Our vision is to become a long-term partner, loved and trusted by adult users. Let me explain the rationale behind this strategic transformation.
Miss Chili: Okay, the morning, everyone. Thank you for joining us today. I'm excited to share our progress and the strategic development for the post-quarter of the fiscal year 24.
Speaker Change: This quarter, we chose the revenue of the R&B 1000.1 million.
Speaker Change: and our graphic magazine come reach.
Speaker Change: is a political high, it goes to arm B-193 points 60 minutes from arm B-194 meaning in the same period of the last year.
Speaker Change: Well, this members are in college. They please then step the WhatsApp in our ongoing training.
Peng Li: Today, I'm pleased to announce the significant strategic shifts for our company. We are encouraging towards the civil economy, allowing with our new mission of the better, the longer. This transition reflects our commitment to serving the holistic needs of our adult users. Particularly the civil demographic, our vision is to become a long-term partner, allowed and trusted by adult users. Let me explain the vision now behind this strategic transformation. The civil economy in China, the tasks are at 14 points for treating in terms of final transmission value in 2023 by 2028. China's new population is projected to reach 6,000,000, 50,000,000.
Speaker Change: Today I am pleased to announce the significant strategy shifts.
Speaker Change: Guo, I will accompany you.
Speaker Change: We are hurting the steel ore economy, lying with our new mission of the better, the longer.
Speaker Change: This transition reflects our commitment to serving the holistic needs of our adult users.
Speaker Change: particularly the silver demographic, our vision is to become a long-term funder and allow them to talk to the fire at a user.
Hansi: Let me explain the original, the Hansi's strategic transformation.
Peng Li: The silver economy in China surpassed RMB 14.4 trillion in terms of final consumption value in 2023. By 2028, China's silver population is projected to reach 650 million, then constituting 46.3% of the total population. This represents a significant market opportunity that aligns well with our strengths and experience. However, the silver economy isn't just about numbers. It's about understanding and addressing the unique needs of the demographic. Through our interaction with our users, we identified a growing demand for services and products that cater to their spiritual and social needs. The concept of self-leisure is becoming increasingly important, as this generation seeks ways to enjoy life and pursue personal interests in their later years. There is also a strong focus on health, reflecting a desire to maintain well-being and quality of life. Additionally, we have observed a significant need for social connection and community engagement among this demographic.
Speaker Change: The Film of Color Man in China with us are the 14.4 TV in terms of final exemption, value in 2020 to be free.
Speaker Change: by 10-button VH. China's new population is projected to reach 6th Anger of 50 meeting.
Peng Li: and the constituting 46.3% of the total population. This represents a significant market of opportunity that aligns well with our strength and experience. However, the Silver economy isn't just about numbers; it's about understanding and addressing the unique needs of the demographic. Through our direction with our users, we identified a growing amount of facilities and products that cater to their spiritual and social needs. The concept of self-layered is becoming increasingly important as this generation seeks ways to enjoy life and a few personal interests in their later years. There is also a strong focus on our health. We've been there to maintain well-being and quality of life.
Speaker Change: [inaudible]
Speaker Change: This represents significant democracy and opportunity that aligns well with our country and the students.
Speaker Change: Firework.
Speaker Change: The Sumer Economy is just about numbers, it's about understanding and addressing the unique list of the demographic.
Speaker Change: Through our interaction with our youth.
Speaker Change: will identify growing demand for celebrities and the products that cater to their spiritual and social needs.
Speaker Change: The conceptual self-letter is becoming increasingly important as this generation fixed ways to enjoy life on the pursue personal interest in their later years.
Speaker Change: is also a strong bucket that our health is collecting to maintain healthy and ecology of life.
Peng Li: Additionally, we will observe the existing needs for social connections and community engagement among this demographic. Our parallel to the Silver economy is not a departure from our core strength. But rather, a nature evolution of our business. Since launching our operations in July 2019, we have been focusing on adult learning, accumulating valuable experience that are being emphasized into the needs of nature learners, building upon this foundation and our deep understanding of the needs. We took a significant step of addressing the unique requirements of the Silver completion in 2022 with the launch of changes. Our ground is dedicated to middle age and hourly users.
Speaker Change: I'm a senior student at the University of New York, and I'm a senior student at the University of New York,
Peng Li: Our pivot to the silver economy is not a departure from our core strengths, but rather a natural evolution of our business. Since launching our operations in July 2019, we have been focusing on adult learning, accumulating valuable experience and insights into the needs of mature learners. Building upon this foundation and our deep understanding of user needs, we took a significant step towards addressing the unique requirements of the silver population in June 2022 with the launch of Qianchi, our brand dedicated to middle-aged and elderly users. This was our first-
Speaker Change: Our pilot to the field economy is not the departure from our calls to the country, but the rather nature evolution of our business, since launching our operations in July 2019.
Speaker Change: We have been focusing on adult learning, accumulating valuable experience and insights into the needs of nature learners.
Speaker Change: Building upon this foundation and our thick understanding of youth and youth.
Speaker Change: We took a significant step across addressing the unique requirements of the fieldwork population, the influence of the 282 with the launch of Chenshure, our ground dedicated to middle-aged and elderly users.
Peng Li: This was our first.
Speaker Change: This was our song.
Speaker Change: Episode 2
Operator: Ladies and gentlemen, please remain online.
Operator: Ladies and gentlemen, please to remain online.
Speaker Change: Episode 2
Speaker Change: Ladies and gentlemen, please to remain online.
Speaker Change: Hello, I'm
Peng Li: I'm back. Okay. Am I okay now?
Speaker Change: [inaudible]
Speaker Change: I'm back, okay, am I okay now?
Peng Li: I'm back. Okay. Am I okay now?
Peng Li: You may go ahead. Thank you, sir. Yeah, okay. Sorry. The Silver economy is also... Our parallel to the Silver economy is not departure from our core strength, but rather a nature evolution of our business. Since launching our operations in July 2019, we have been focusing on adult learning, accumulating valuable experience that are being emphasized into the needs of nature learners, building upon this foundation and our deep understanding of user needs. We took a significant step towards addressing the unique disarmament of the Silver completion in 2022 with the launch of tension. Our ground is dedicated to middle age and hourly users.
Operator: You may go ahead. Thank you, sir.
Peng Li: Yeah, okay. Sorry. Our pivot to the silver economy is not a departure from our core strengths, but rather a natural evolution of our business. Since launching our operations in July 2019, we have been focusing on adult learning, accumulating valuable experience and insights into the needs of mature learners. Building upon this foundation and our deep understanding of user needs, we took a significant step towards addressing the unique requirements of the silver population in June 2022, with the launch of Qianchi, our brand dedicated to middle-aged and elderly users. This was our first step in recognizing and addressing the unique needs of the silver population, including their desires of self-improvement, health maintenance, and social interaction. This evolution reflects our aspiration to be a trusted long-term partner for our users as their needs change over time.
Speaker Change: Hi my girl, hey thank you sir.
Speaker Change: Okay, sorry.
Speaker Change: I was a field where economies are all sorts of things. Our power to the field economy is not a departure from our cost, but a rather nature evolution of our logistics. Six launching.
Speaker Change: our opposition in light of the night seeing.
Speaker Change: We have been focusing on act of learning, accumulating valuable experience and impacting to the needs of nature, you learn.
Peng Li: and Peng Li's foundation, and I'll speak on the standing of user needs. They took...
Speaker Change: I think we can establish the laws addressing the unique exam results of the field population.
Speaker Change: 2, is the long-term tension. Our problem is that we get it to middle-aged and out-the-user. This will come a first step in recognizing the investment that you missed in the release of the field of the position.
Peng Li: This was our first step in recognizing and addressing the unique needs of the Silver completion, including their ideas of self-realism in development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development, development This evolution reflects our aspiration to be a toxic long-term partner for our users as their needs change over time.
Speaker Change: including there is a self-self in the program, in 200, self-angenness and social interaction.
Speaker Change: and I will show you this lecture at the Parisian to be a topic long-term panel for our youth.
Peng Li: We are leveraging our potential user base of 527.6 million and our experience in serving middle-aged and elderly users to realize our mission and motivation more fully. Our focus in the Silver economy stands 3P errors. It is then to meet the diverse needs of our silver demographic users. First, in our learning, we are leveraging our experience to create a tailored office that will be our traditional subject. We will introduce the health and wellness office like Patent's, a traditional Chinese exercise, as well as many lectures on traditional Chinese medicine skills. We are also offering coffee in areas like Telegraphy and Tianan.
Peng Li: We are leveraging our substantial user base of 137.6 million and our experience in serving middle-aged and elderly users to realize our mission and vision more fully. Our focus in the silver economy spans three key areas, each designed to meet the diverse needs of our silver demographic users. First, in online learning, we are leveraging our experience to create tailored courses that go beyond traditional subjects. We've introduced health and wellness courses like Ba Duan Jin, a traditional Chinese exercise, as well as many lectures on traditional Chinese medicine theory. We are also offering courses in areas like calligraphy and piano, catering to the cultural and artistic interests of our users. These courses not only provide learning opportunities but also foster a sense of community. Secondly, we are developing offline consumption and service scenarios, recognizing the importance of real-world experiences for our users.
Speaker Change: as there are needs to change all the time.
Speaker Change: We are leveraging our potential user base of 237.6 meeting, and our students in 3rd, middle-aged, and elderly user to realize our mission and mission more fully.
Speaker Change: I'll focus in the silver economy since 3P error.
Speaker Change: Group, which is then to meet the diverse piece of our fieldwork andographic users.
Speaker Change: First, in our learning, we are leveraging our intuition to create a failure to talk with that going beyond traditional subjects.
Operator: Thank you for standing by and welcome to Quantasing's Earning Conference Call. At the time, all participants are in a listen-only mode. We will be hosting a question and answer session after management's prepared remarks. Please note that today's event is being recorded.
Speaker Change: We introduced the house and the well-nosed topics like the traditional Chinese exercise. As we know, many lectures on traditional Chinese medicine theory.
Leah Guo: I will now turn the conference over to Ms. Leah Guo, Investor Relations Associate Director of the Company. Please go ahead, ma'am. Thank you.
Leah Guo: Hello everyone and welcome to Quantasing's Earnings Call for the fourth quarter of 2024. With that today, our Mr. Peng Li, our founder, chairman, and CEO, and Mr. Chen Xie, our CFO. Mr. Li will provide a business overview for the quarter, then team will discuss the financials in more details. Following their prepared remarks, Mr. Li and Chen will be available for the QA session. I will translate for Mr. Li. If you refer to our quarterly financial results on our I.R.F, set at I.R.Quandasing.com, you can also access a playlist call on our I.R.F, set when it becomes available a few hours after its conclusion.
Speaker Change: We are also offering coffee in areas like telegraphic and thin, scattering to the cultural and artistic interests of our user.
Peng Li: Finally, to the cultural and artistic interests of our users. This causes not only provide learning opportunities, but also foster the sense of the community. Secondly, we are developing offline transmission and service scenarios. We are connecting the importance of real-world experiences for our users. I will study to project how expensive to multiple routes, including Beijing, Wuhan, and Shanghai. Continuing high quality travel with learning opportunities, we are exploring offline centers as hard for in-person graphics and social gathering. And developing efforts online offline causes to provide the best of both roles. We will also partner with local communities to offer great offline causes, receiving a positive feedback.
Speaker Change: This court is not only provided learning opportunity, but also foster a sense of the community.
Speaker Change: Tech Daily.
Speaker Change: We are developing offline consumption and service scenarios.
Speaker Change: You're connecting the...
Speaker Change: In the process of real world experiences for our users, I'll study to a project I will expand with to multiple routes using Beijing with our mountain and Shanghai. Condoning high quality travel with learning of technology.
Peng Li: Our study tour projects have expanded to multiple routes, including Beijing, Wudang Mountain, and Shanghai, combining high-quality travel with learning opportunities. We are exploring offline centers as hubs for in-person classes and social gatherings, and developing hybrid online/offline courses to provide the best of both worlds. We've also partnered with local communities to offer free offline courses, receiving positive feedback. Lastly, we are expanding into sales of our branded consumer products through live e-commerce and offline channels. Our e-commerce live streaming business, launched in June 2023, has shown rapid growth, offering products like Chinese liquor and wellness products. We are developing private label products based on our user insights. With our wellness products showing particularly strong performance, we are not just focusing on physical products, but also exploring services that contribute to overall wellbeing.
Leah Guo: Before we continue, I would like to refer you to our Steve Harbour statement in our earnings press release, which also applies to this call as we will be making forward-looking statements. Please note that all number stated in the following management prepared remarks are in R&B terms and we will discuss non-gap measures today, which are moderately explained and reconciled to the most comparable measures reported in our earnings release and the filings with the SEC.
Speaker Change: We are exploring offline centers as hubs for in-person, graphics and social gathering.
Speaker Change: and Guaraging Efforts, Online Offland Coffee, to provide the best of both worlds.
Speaker Change: We will also partner with local communities to offer great offline confidence, receiving a post to you feedback.
Peng Li: I will now turn the call over to the CEO and founder of Quantasing, Mr. Li. Okay, good morning, everyone. Thank you for joining us today.
Peng Li: Lastly, we are expanding to sales of our branded consumer products to live commerce and offline channels. Our commerce live streaming business launched in June 2023. I will show that it grows. Offering products like Chinese Lakers and well-need products. We are developing a private label product based on our user insights. This is our world's product showing particularly strong performance. We are not just focusing on physical products, but also exploring services that contribute to overall well-being. Well, commerce is our primary sales channel. We are considering how offline centers could serve as a physical retail product. By focusing on these three interactive areas, we are creating a comprehensive ecosystem that supports the educational, social, and the human needs of the civil population.
Speaker Change: Lussely, we are spending into self-help our brand-day consumer products to live with commerce and offline channels.
Peng Li: I'm excited to share our progress and strategic development for the first quarter of the fiscal year 2020-04. This quarter, we chose the revenue of the R&B 1000.1 million. And our adaptive net income reached historical high, it goes to R&B 100, 93.6 million from R&B 90.4 million in the same period the last year. Well, these members are encouraging. They represent that the one step in our ongoing journey.
Speaker Change: Our Congress live streaming Disney, Long Staying in 23, 23, I'll show you exactly the gross.
Speaker Change: offering products like Chinese Lake and the well needs products. We are going to do a private label product based on our user insight.
Speaker Change: with our wellness, with that showing which you believe strong performance.
Speaker Change: We are not just focusing on this code, but also exploring some of the things that can contribute to our all wellbeing. While you come, it's our glamorous self-training.
Peng Li: While e-commerce is our primary sales channel, we are considering how offline centers could serve as physical retail points. By focusing on these three interconnected areas, we are creating a comprehensive ecosystem that serves the educational, social, and consumer needs of the silver population. This approach allows us to leverage our existing strengths while expanding into new high-potential areas of the silver economy. Now let me update you on our current business performance. We continue to innovate in our course offerings. For example, we have introduced traditional health classes like Ba Duan Jin and study tours that combine culture and learning, tailored for the silver demographic. Our offline activities have been particularly successful. In August, we held the 2024 QianShu Calligraphy Competition, bringing together nearly 100 students for an enriching artistic gathering.
Peng Li: Today, I'm pleased to announce the significant strategic shifts for our company. We are hurting towards the civil economy, allowing with our new mission of the better, the longer. This transition reflects our commitment to serving the holistic needs of our adult users, particularly the civil demographic. Our vision is to become a long-term partner allowed and trusted by adult users.
Speaker Change: We are considering how offline things are concerned as a physical retail concept.
Speaker Change: by focusing on this three-inter-to-market areas.
Speaker Change: We are creating a complicated, complicated, because I can fix them, that both the educational social and the between the needs of the fewer population.
Peng Li: This approach allows us to leverage our existing strengths with well-expressing new high-potential areas of the civil economy.
Speaker Change: This approach allows us to leverage our way to create strength and with well-expensing each and new high potential areas of the field where you're coming into.
Peng Li: Let me explain the vision now behind this strategic transformation. The civil economy in China, the tasks are on the 14 points for treating in terms of final consumption value in 2020-03 by 2020-08. China's new population is projected to reach 6,500, 50,000. The Constitution 26.3% of the total population. This represents a significant market opportunity that aligns well with our strength and experience. However, the Silver economy isn't just about numbers, it's about understanding and addressing the unique needs of the demographic.
Peng Li: Now, let me update you on our current business performance. We continue to acknowledge in our course of, for example, we are introduced to a digital health college like Da Deng Jing and a savvy tool that combines culture and the limits. Taylor is for the dual-demograph business. Our offline activities have been successfully successful. In August, we held the 2020 Four-Central Conference to complete tuition. Three in together, nearly a hundred students for enriching artistic gathering. This event, sometimes an exhibition of outstanding works outside creative competitions and cross-experience sessions, creates a diverse and engaging offline arts gathering. Students have the opportunity to interact closely with lectures and experts such as lecturing, librarians, learning, and reality.
Speaker Change: Now let me update you on our current business performance.
Speaker Change: We continue to innovate in our car for office for example.
Speaker Change: We are interviews at the Digital Health Conference like Southern Geese and the savvy tool that can then capture on the limit. Taylor is for the deal with the McGrath Big Big.
Speaker Change: Our offline activities have been efficiently successful. The focus, the health of the 24th and 24th, can you go after the complete research?
Speaker Change: and...
Speaker Change: 3 together near the 100 students on the reaching of its artistic category.
Peng Li: This event combined an exhibition of outstanding works, on-site creative competitions, and cross-experiential sessions, creating a diverse and engaging offline arts gathering. Students had the opportunity to interact closely with lecturers and expert judges, fostering a vibrant learning community. Our study tour projects have expanded to multiple routes, including Beijing, Wudang Mountain, and Shanghai. These tours go beyond traditional high-quality travel experience by incorporating learning and experiential elements. Participants can complete relevant course unit studies, broaden their horizons, and enrich their spiritual and cultural lives while traveling. This approach of learning while traveling truly embodies our philosophy of edu-tainment. We've also collaborated with local pharmacies to host health and wellness lectures. For instance, we participated in the 10th anniversary celebration of a partner pharmacy, where we organized a health and wellness lecture series. The event received an enthusiastic response, demonstrating the strong demand for health-related knowledge among our target demographic.
Speaker Change: and this event, sometimes, an actual patient of expanding work outside to aid patients and the growth experience.
Peng Li: Through our direction with our users, we identified growing demand for facilities and products that cater to their spiritual and social needs. The concept of self-layered is becoming increasingly important as this generation seeks ways to enjoy life and pursue a personal interest in their later years. There is also a strong focus on our health, we're reflecting on this there to maintain well-being and quality of life. Additionally, we will observe the existing needs for social connection and community engagement among this demographic. Our parallel to the Silver economy is not departure from our core status, but rather a nature evolution of our business.
Speaker Change: Action, Action, Creeping, Reverse, and the engaging offline arts category. Students have the opportunity to interact closely with lectures and the experts judge.
Speaker Change: and Dr. Wing, Lighterance, Learning, Amuletib.
Peng Li: I was selected to multiple use, including Beijing, Dalmountain, and Shanghai. These tools go beyond traditional high-quality travel experience by incorporating learning on the experiential elements. These tools can complete relevance of student studies. The older, the more intelligent, the richer the spiritual and the cultural life with well-traveling.
Speaker Change: How started to protect our expected to multiple use, including Beijing, Dalmountain, and Shanghai? Let's do it!
Speaker Change: [inaudible]
Speaker Change: and colleagues, relevance of the study. Brothers and their colleagues, on the EWG, spiritual and cultural lives with well-traveling.
Peng Li: This approach of learning while traveling truly embodied our philosophy of a new environment. We will also collaborate with local families to help the well-need lectures. For instance, we participated in the health and recovery celebration of a partner family. We will be honest, Health and Wellness lecture series. The events we see in the essay series will speak with fun. Demonstrating the strong demand for health-related knowledge among our topics, demographics. So the offline initiatives combined with our online offerings have contributed significantly to our user growth.
Speaker Change: Leipzig approach of learning while coming to the end of our philosophy of how you are feeling.
Peng Li: Since launching our operations in July 2019, we have been focusing on adult learning, accumulating valuable experience and insights into the needs of nature, learning, using our power with foundation and our deep understanding of user needs. We took a significant step throughout addressing the unique requirements of the Silver population in 2022 with the launch of Changes, our ground that dedicated to middle age and how would they use it. This was our first.
Speaker Change: will also collaboratively teach with local premises to help them as well as lectures.
Speaker Change: for the education and education of a partner, a family.
Peng Li: Ladies and gentlemen, please remain online. I'm back. Okay. Am I okay now? You may go ahead. Thank you, sir. Yeah, okay. Sorry. Our parallel to the Silver economy is not departure from our core status, but a nature evolution of our business. Since launching our operations in July 2019, we have been focusing on adult learning, accumulating valuable experience and insights into the needs of nature, learning, using our power with foundation and our deep understanding of user needs.
Speaker Change: and we are going to open up the health and the wellness nature series. The event we say that we are at the CSC.
Gui Feng: Gui Feng, Democrats creating strong demands for health, religious knowledge among our target demographics.
Peng Li: These offline initiatives, combined with our online offerings, have contributed significantly to our user growth. I'm pleased to report that our registered users have reached 137.6 million, with 0.4 million paying users this quarter, forming a solid foundation for our business development. This robust user base not only validates our approach, but also provides a strong platform for our future growth initiatives. Building on this foundation, our new initiative, particularly in wellness product e-commerce has shown rapid growth. The GMV of our wellness products grew by 83.3% quarter-over-quarter from RMB 18.3 million in Q3 to RMB 33.6 million in Q4. This impressive growth not only validates our live streaming capabilities, but also demonstrates strong user demand for high-quality products tailored to the silver population. It's a clear indication that our strategy pivots towards the silver economy is resonating with our target audience and yielding tangible results.
Gui Feng: is the outline, illustrious, and boundaries that our online offerings, how contribute it significantly to our user course.
Peng Li: I'm pleased to talk about that. Our Reddit users have reached 176.6, with the real point for millions paying users this project for me, so is the foundation for our business development. Since we've talked, users face not only validates our approach, but also provides a strong platform for our future growth initiatives. Including all this foundation. Our new initiative, particularly in value-productive comments, has shown that we've grown the generally of our value-produced growth by 83.3% from the ageing points of 3 million in Q3 to R&D, 33.6 million in Q4. This initiative goes not only validates our less streaming capabilities, but also demonstrates strong user demand for high quality production tailored to the global population.
Speaker Change: and I'm pleased that we thought that our efforts to reuse it had reached 137.6 million, with the real point for remitting, paying users this project.
Speaker Change: from a family foundation for our business development.
Speaker Change: Sisi Guo talk, user based not only validates our approach that also provides a strong platform for our future growth initiatives.
Speaker Change: Building of this Foundation, I will name it an initiative, particularly in wellness products to come on. I will show you the review of our wellness products, grow by...
Speaker Change: 83.3% and a quarter of a quarter.
Speaker Change: from Ambe H1.3 million in Q3 to Ambe 33.6 million in Q4.
Peng Li: We took a significant step throughout addressing the unique requirements of the Silver population in 2022 with the launch of Changes, our ground that dedicated to middle age and how would they use it. This was our first step in connecting the unique needs of the Silver population, including their ideas of self-realization in development, health, maintenance, and the social interaction. This evolution reflects our aspiration to be a toxic long-term partner for our users as their needs change over time. We are leveraging our potential user base of 537.6 million and our experience in serving middle-aged and elderly users to realize our mission and vision more fully.
Speaker Change: This is active, of course, not only validators.
Speaker Change: and our last streaming capabilities, but also, then it's good to use the demand for high quality, because they are good to use their field of population with our clear.
Peng Li: This is a clear indication that our strategy towards the freeway company is reasoning, reasoning with our average audience and really tangible results. This success is an evidence not only in our product, the offerings and the user growth, but also has to have solid financial conditions.
Speaker Change: Education, that's our strategy towards the three world economy, recently, recently, recently, with our top-age audience and the Newling Continental Research.
Peng Li: This success is evident not only in our product offerings and user growth, but also has built up solid financial position. As of 30 June 2024, we had cash and cash equivalents, restricted cash, and short-term investments of RMB 1,036.3 million. This robust financial foundation provides us with the flexibility to invest in our strategic transition while maintaining operational stability. Such a strong financial position is crucial as QuantaSing navigates the challenges and opportunities presented by our pivot to the silver economy. While we are focusing on the silver economy in mainland China, we are not losing sight of broader opportunities. Regarding talent education, it will continue to serve as our window to explore international markets, not limited to the silver population.
Speaker Change: The evidence not only in our productive offerings and the user groups, but also have to have solid financial conditions.
Peng Li: As of June 30, 24, we have a cash and a cash increase in cash and the short-term investment of R&D was often to be 6.3 million. This was about the financial condition provided with the flexibility to invest in our strategy. This is about maintaining operational security, such as strong financial conditions. It's crucial as we navigate the challenges and opportunities presented by our pilot to the freeway economy. When we are focusing on the freeway economy in the Netherlands, China, we are not losing sight of broader optimism. With that being valid, it will continue to serve as our window to slow international market, not limited to the freeway population.
Speaker Change: As of 2013, 2013, 2014, Leah Guo, the cash on the cash week, it will be very nice.
Peng Li: Our focus in the Silver economy stands 3-P-Area, which is then to meet the diverse needs of our Silver Democratic users. First, in our learning, we are leveraging our experience to create a tailored focus that will be on traditional subject. We will introduce the health and wellness focus like patterns, traditional Chinese exercise, as well as many lectures on traditional Chinese medicine skills. We are also offering courses in areas like telegraphy and the tenement, catering to the cultural and artistic interests of our users. These courses not only provide learning opportunities, but also foster the sense of community.
Speaker Change: and the shock family, last month, and the last orders to be fixed on three minutes.
Speaker Change: This will pass the financial completion to rise up with flexibility to new rescue in our strategy, to transition down, maintaining operational ability.
Speaker Change: is such a strong financial position. It's crucial as our navigate the challenges and the opportunities presented by our Pyward to the field where you're coming.
Speaker Change: Well, we are focusing on the two-way economy in the mainland China, they are not losing type of broader opportunity.
Speaker Change: and Recycling College at Equation.
Speaker Change: It's a little convenient to discover as our window to scroll with a national market.
Peng Li: While our primary focus remains on the freeway economy in the Netherlands, China, there is a recognition allowed us to maintain a resource in the broader education methods and provides a medical impact into international change and opportunity. This viewer approach ensures that we are well positioned to capitalize on both domestic and international opportunities in removing education in land speed.
Peng Li: While our primary focus remains on the silver economy in mainland China, talent education allow us to maintain our presence in the broader education markets and provide valuable insight into international trends and opportunities. This dual approach ensures that we are well-positioned to capitalize on both domestic and international opportunities in the evolving education landscape. Looking to the future, we are taking various steps to extend our presence in the silver economy. We are expanding our product range to include more health and wellness customer goods tailored to middle-aged and elderly performance. This includes not only physical products, but also services and experiences that contribute to overall well-being. We are also exploring offline centers as a way to upsell and serve more silver customers. These centers will serve as physical touchpoints for our brands, allowing customers to experience our products and services firsthand.
Speaker Change: is the field of the nation.
Speaker Change: Well, our grammar is broken to remain on the field where you call it in the middle of the channel.
Peng Li: Secondly, we are developing offline consumption and service scenarios. We are connecting the importance of real world experiences for our users. Our study to project our experience to multiple roots including Beijing, Wuhan, and Shanghai. Continuing high-quality travel with learning opportunities, we are exploring offline centers as hard for in-person, graphic, and social catering. We are also developing online online courses to provide the best of both roles. We are also partnering with local communities to offer great offline courses, receiving a positive feedback.
Speaker Change: is very very patient, allow us to listen to this in the broader education methods and provides the valuable impact into the national change and the objective.
Speaker Change: The big viewer approach is sure that they are well positioned to touch the light on both.
Speaker Change: Domestic and International Authenticity in the Revolving Education Month.
Peng Li: Looking to the future, we are looking at various steps to strengthen our presence in the field of economy. We are strengthening our productive range to include more health and wellness, customer growth, tailored to little age and healthy performance, which is not only difficult for that, but also the ability to experience that contributes to overall well-being. We are also exploring offline centers as a way to adapt and build more viewer performance. This center will further add digital platforms for our brands, allowing customers to experience our production services first-line. They will also provide the space for community building and recruitment activities, which are particularly readily available by our package.
Speaker Change: Welcome to the future, we are cooking matters that are to send our presents in the...
Speaker Change: say, say, wait, honey, we are extending our contact with the range to include more health and development, customer booth, tailored to middle-aged and elderly performance.
Speaker Change: is not only the scope of that, but also the ability to understand the experience that this is used to overall, there will also be a lot of online centers, as a way to observe and feel more fewer performance.
Peng Li: Lastly, we are expanding into sales of our brand-aid consumer products to live e-commerce and offline channels. Our e-commerce live streaming business launched in June 2023. I will show you that with growth. Offering products like Chinese Lakers and well-needs products. We are developing a private label product based on our user insights. With our wellness products showing particularly strong performance. We are not just focusing on physical products. We are also exploring services that contribute to overall well-being.
Speaker Change: The Center will say a little touch point for our grasp, allowing customers to experience our touch and facilitate our life.
Peng Li: They will also provide spaces for community building and in-person activities, which are particularly valued by our target demographic. Our dedicated business team for the silver economy continues to optimize product strategy to meet the evolving needs of this demographic. We are investing in market research and customer feedback loops to ensure that our offerings remain relevant and valuable to our users. In conclusion, our strategic shift represents a natural evolution of our business, positioning us for sustainable long-term growth and value creation. Our transition to focusing on the silver economy is a natural progression in our journey to help people live better, live longer, and become their trusted long-term partner. This shift is not without its challenges. We are entering a new market and developing new competencies, which carries inherent risks.
Speaker Change: say we will also provide a space for community music and the recruitment activities.
Speaker Change: which are the people that are particularly registered on our package with them a graphic.
Peng Li: Our dedicated business team for the field of economy is available to optimize productive strategy to meet the evolving needs of this demographic. We are investing in markets, research, and the customer feedback moves to ensure that our offering, our offering to remain relevant and available to our users.
Speaker Change: is a business team for the field economy. This is to optimize the depth to meet the evolving needs of this demographic.
Peng Li: Well, e-commerce is our primary sales channel. We are considering how offline centers could serve as a physical retail product. By focusing on these three interactive areas, we are creating a comprehensive ecosystem that serves the educational, social, and the human needs of the civil population. This approach allows us to leverage our existing strengths with well-expressing new high-potential areas of the civil economy.
Speaker Change: We are addressing the markets research on the custom market that moves to ensure that our offering, our offerings remain relevant and available to other users.
Peng Li: In conclusion, our strategic shift will present a natural evolution of our business conditioning for the vulnerable long-term growth and value creation. Our transition to focusing on the future economies and natural progress in our journey to help people live better, do longer and become their complete long-term partner. This shift is not very much a result of challenges. We are entering new markets and developing new completion space, which carried an inheritance with fireworks. We believe that our strong foundation in the end of the future, our technology to have the ability and our deep understanding of our user-based position, position as well for the test in this new endeavor.
Speaker Change: and Yang Xie, Peng Li, Peng Li, Peng Li.
Speaker Change: I was such a specific shift we created an actual evolution of power business.
Speaker Change: are positioning up for this wonderful long term growth and the value creation.
Speaker Change: our physician to book a thing on the field of economy, and that's true, the growth ration in our journey to help people be better, be longer. And it becomes their cupcakes, long-term sunnah.
Peng Li: Now, let me update you on our current business performance. We continue to acknowledge in our course of, for example, we are introduced in the digital health culture like modern youth and the savvy tools that combine culture and the learning. This is tailored for the dual-demography. Our offline activities have been successfully discussed. We also have the 24-central health category, complete tuition, three in-together, nearly a hundred students for enriching artistic gathering. This event sometimes an exhibition of outstanding works outside creative competitions and cross-experience sessions, creating a diverse and engaging offline arts gathering.
Speaker Change: Distribute with North Korea, Chen and J.
Speaker Change: We are...
Speaker Change: We are entering a new market and developing new countries, Asian countries, which carried the Helien switch.
Peng Li: However, we believe that our strong foundation in adult education, our technological capabilities, and our deep understanding of our user base position us well for success in this new endeavor. Given the nature of this transition, we have decided to discontinue providing specific guidance. This decision allows us to focus on long-term value creation rather than short-term metrics. We believe this approach aligns better with our strategic goals and the nature of the markets we are entering. We are committed to creating long-term value in the silver economy, and we look forward to sharing our progress with you in the quarters to come. We believe that by focusing on the silver economy, we are not just pursuing business opportunities, but also addressing significant societal needs. As China's population ages, there is a growing demand for products and services that are specific to the needs and performances of older adults.
Speaker Change: So, however, we believe that our strong foundation is as a division, our technology will have to have the ability, and I will keep on the standing of our music based position.
Speaker Change: Division of House of Bell, for successfully did in this year's Annella.
Peng Li: Given the nature of this transformation, we have decided to continue providing specific value creation rather than a short-term natural. We believe this approach aligns better with our strategic goals and the nature of the methods we are committed to creating a long-term value in the civil economy.
Speaker Change: and the nature of this transformation, we have decided to continue providing specific guidance.
Speaker Change: and Zik Bitu, along with the book of the Alotem Value, Creation, Rather than Shot some Next.
Peng Li: Students have the opportunity to interact closely with lectures and experts, such as lecturing, librarians, learning, and reality. Our study tool projects our incentive to multiple youths, including Beijing, students, by incorporating learning on the spiritual elements. These tests can complete relevance of students' studies. The children, their holidays, enrich their spiritual and cultural life with well-traveling. This approach of learning while traveling truly embodied our philosophy of a new environment. We also collaborated with local families to talk about the well-known lectures.
Speaker Change: We believe this approach aligns gradually with our strategy, code, and the nature of the methods we are into.
Speaker Change: We are committed to creating a long-term ladder in the two-way continent at a relic-forward to sharing our progress with you in the culture of Com.
Peng Li: And we look forward to sharing our progress with you in the course of comp. We believe that by focusing on the civil economy, we are not just pursuing business opportunities but also addressing significant potential needs. As China's population 80s, there is a growing demand for products and facilities to be treated to the needs and the performance of other items. We are proud to be at the forefront of meeting this needs.
Speaker Change: and I have been talking about the zero economy. We are not tasked with pursuing this major opportunity, but are also addressing significant challenges.
Speaker Change: for dial-to-need at China's Civilization Ages. There is a growing demand for products and the major to the needs and the performance of older adults.
Peng Li: We are proud to be at the forefront of meeting this need. Now I will hand over to Dong Xie, our CFO, who will provide more details on our financial performance. Dong Xie, please go ahead.
Speaker Change: We are prompted and we are prompted to be at the small branch of meeting this week.
Peng Li: Now I will hand over to Tim, our several, who will provide more details on our financial performance. Please, please, go ahead. Thank you.
Speaker Change: Now I have an over to teach our several who will provide more details on our financial performance. Please go ahead.
Dong Xie: Thank you. Before I go into details of our financial results, please know that all amounts are in RMB terms, that the reporting period is the Q4 of fiscal year 2024, ended on June 30, 2024. In addition to GAAP measures, we'll also be discussing non-GAAP measures to provide greater clarity on the trends in our actual operations. For the Q4 of fiscal year 2024, we achieved total revenues of CNY 1,000.1 million, a year-over-year growth of 20.7%, mainly driven by the growth in revenues from skills upgrading courses. Among our revenues from individual online learning services grew by 25.7% year-over-year to CNY 906.7 million, or 90.7% of total revenues, mainly due to continued demand from skills upgrading courses. Our gross billings of individual online learning services increased by 3.4% year-over-year to CNY 774.4 million.
Tim: Before I go into details of our financial results, please know that all amounts are in R&D terms. That the reporting period is a fourth quarter of fiscal year 2024. And it on June 30, 2024. And in addition to gap matters, we will also be discussing non-GAAP matters to provide greater clarity on the trends in our actual operations. For the fourth quarter of fiscal year 2024, we achieved total revenues of 1,000.1 million, a year-over-year growth of 20.7%. Many joined by the growth in revenues from skills upgrading courses. Among our revenues, revenues from individual online learning services grew by 25.7% year-over-year.
Peng Li: For instance, we participated in the 10th anniversary celebration of a partner family. We often have the health and wellness lecture series. The events we see in the essays here speak with funds. Demonstrating the strong demands for health-related knowledge among our target demographic. So the offline initiatives combined with our online offerings have contributed significantly to our user growth.
Speaker Change: Thank you. Before I go to into details of our financial results, please know that all amounts are in R&D terms.
Speaker Change: That the reporting period is the fourth quarter of fiscal year 2024. And it found June 30, 2024. And in addition, to gap matters, we will also be discussing non-gammerers to provide greater clarity on the trends in our actual operations.
Speaker Change: For the fourth quarter of fiscal year 2024, we achieved total revenues of 1,000.1 million, a year or a year growth of 20.7%
Speaker Change: Minituring by the growth in revenues from skills upgrading courses.
Speaker Change: On my ram news, very news from Individual Online Learning Services grew by 25.7% year-old year.
Peng Li: I'm pleased to talk about that. Our Reddit users have reached 176.6 points for millions paying users this project, forming a solid foundation for our business development. Since we've talked, users face not only validates our approach that also provides a strong platform for our future growth initiatives. Including our participation, our new initiative, particularly in value-productive comments, has shown that growth. The generally of our values products grow by HEE 3.3% from HEE 3.3 million in Q3 to HEE 3.6 million in Q4.
Tim: To 906.7 million, or 90.7% of total revenues. Many due to continued demand from skills upgrading courses. Our growth feelings of individual online learning services increased by 3.4% year-old year. To 774.4 million, revenues from enterprise services were 56.6 million. The change of 45.5% from year-old year-old year-old. I representing 5.7% of total revenues, primarily due to a decrease in revenues from relative party transactions. Growth profit was 858.8 million, representing a growth margin of 85.9%. Compared to 86% in the same period last year.
Speaker Change: 206.7 million, or 90.7% of total revenues, many due to continued demand from skills of breeding causes. Our growth skillings of individual online learning services increased by 3.4% year over year.
Speaker Change: 274.4 million.
Dong Xie: Revenues from enterprise services were CNY 56.6 million, a change of 45.5% from a year ago, and representing 5.7% of total revenues, primarily due to a decrease in revenues from related party transactions. Gross profit was CNY 858.8 million, representing a gross margin of 85.9%, compared to 86% in the same period last year. Total operating expenses were CNY 622.9 million, compared to CNY 664.7 million in the same period last year. To break this down, sales and marketing expenses were CNY 580.1 million, representing a change of 1.2% year-over-year, mainly due to our increased marketing efforts. As a percentage of total revenue, non-GAAP sales and marketing expenses, which exclude share-based compensation, decreased to 57.4% from 67.8% a year ago. Research and development expenses were CNY 21.2 million, representing a decrease of 60.4% year-over-year, primarily driven by our more selective decisions regarding our R&D initiatives.
Speaker Change: Remnews from Enterprise Services were 56.6 mm, the change of 45.5% from a year ago, and representing 5.7% of total revenues. Primarily due to a decrease in revenues from related party transactions.
Speaker Change: Growth Profit with 858.8 Minutes, representing a Growth Morton of 85.9% compared to 86% in the
Tim: Total operating expenses were 622.9 million, compared to 666.4 million in the same period last year. To break this down, sales and marketing expenses were 580.1 million, representing a change of 1.2% year-over-year. Many due to our increased marketing efforts. As a percentage of total revenue, non-depth sales and marketing expenses, which include share-based compensation, decreased to 57.4% from 67.8% a year ago. Research and development expenses were 21.2 million, representing a decrease of 60.4% year over year, primarily driven by our most selective decisions regarding our R&D initiatives. As a percentage of total revenue, non-GAAP R&D expenses, which exclude share-based compensation, decreased to 3.5% from 5.5% a year ago.
Speaker Change: Total operating expenses was 600 and 22.9 million compared to 266, 64.7 million in a same period last year.
Peng Li: This interactive growth not only validates our less streaming capabilities, but also demonstrates strong user demand for high quality production tailored to the global population. With a clear indication that our strategy towards the freeway company is reasoning with our average audience and really tangible results. This success is an evidence not only in our product, the offerings and the user growth, but also has built up solid financial conditions.
Speaker Change: To break this down, sales and marketing expenses were $108.1 million. Repesenting a change of 1.2% year or year, Many due to our increased marketing efforts.
Speaker Change: As a percentage of total RAM new, non-depth sales and marketing expenses, which includes
Speaker Change: Sharebase Composition decreased to 57.4% from 67.8% a year ago.
Speaker Change: Research and development expenses were 21.2 million, represent a decrease of 60.4% year-over-year. Formerly driven by our most selective, selective, deserence regarding our R&D initiatives.
Peng Li: As of June 13, 24, we have cash and the cash increase in cash and the short-term investment of R&B-1.6.3 million. This is about the financial condition provided with flexibility to invest in our strategic transition value, maintaining operational capabilities. Such a strong financial position is crucial as our navigate the challenges and opportunities presented by our pilot to the freeway economy.
Dong Xie: As a percentage of total revenue, non-GAAP R&D expenses, which excludes share-based compensation, decreased to 3% from 5.5% a year ago. General and administrative expenses were RMB 11.6 million, representing a decrease of 69.6% year-over-year, primarily due to decreases in share-based compensation and office expenses. As a percentage of total revenue, non-GAAP G&A expenses, which excluded share-based compensation, decreased to 2.5% from 3.2% a year ago. Net income was RMB 196.6 million, excluding share-based compensation and impairment loss on long-lived assets and goodwill. Adjusted net income was RMB 193.6 million, representing an adjusted net margin of 19.4% during the quarter. Basic and diluted net income per share were RMB 1.22 and RMB 1.18 during the quarter. Adjusted basic and diluted net income per share were RMB 1.2 and RMB 1.16 during the quarter. Turning to our balance sheet.
Speaker Change: As a percentage of total revenue, non-gap R&D expenses, which exclude share-based compensation, decreased to 3% from 5.5% a year ago.
Tim: General and administrative expenses were 11.6 million, representing a decrease of 69.6% year over year, primarily due to decreases in share-based compensation and office expenses. As a percentage of total revenue, non-GAAP R&D expenses, which excluded share-based compensation, decreased to 2.5% from 3.2% a year ago. Net income was 496.6 million, excluding share-based compensation and impairment laws on a long-lived assets and a Google. Adjusting net income was 193.6 million, representing an adjusted net margin of 19.4% during the quarter. Basic and diluted net income per share were R&B 1.22 and R&B 1.18 during the quarter.
Speaker Change: General and Unknown Executive expenses were 11.6 million, represented a decrease of 69.6% year-over-year. Primarily due to decreases in share-based compensation and office expenses.
Speaker Change: As a percentage of total revenue, non-gaps G&A expenses, which excluded share-based compensation, decreased to...
Speaker Change: 2.5% from 3.2% a year ago.
Peng Li: When we are focusing on the freeway economy in mainland China, we are not losing sight of broader opportunities. With that being carried out education, it will continue to serve as our window to slow international market, not limited to the freeway population. While our primary focus remains on the freeway economy in mainland China, that is the education allowed us to maintain a resource in the broader education market and provides a medical impact into international change and opportunity. This viewer approach ensures that we are well positioned to capitalize on both domestic and international opportunities in removing education in land speed.
Speaker Change: Net income was $196.6 million.
Speaker Change: is including sharebase to composition and impairment laws on long-lived assets and a Google. Adjusting that income with 190, 3.6 million, represented a adjusted net margin of 19.4% during the quarter.
Speaker Change: Basic and diluted nothing compared to RmB1.22 and RmB1.18 during the quarter. But just basic and diluted nothing compared to RmB1.16 during the quarter.
Tim: Turning to our balance sheet, as of June 30, 2022, our company held 1,000 and 26.3 million in cash and cash equivalent, restriction cash and short term investments, compared to 930.6 million.
Dong Xie: As of 30 June 2024, our company held RMB 1,026.3 million in cash and cash equivalents, restricted cash, and short-term investments compared to RMB 930.6 million as of 30 June 2023. In conclusion, our financial results for Q4 reflect a strong and stable financial position. This solid foundation is crucial as we embark on our strategic transition towards the silver economy. Our robust balance sheet and improved profitability provide us with the flexibility and resources needed to invest in our new initiatives while remaining operational stability. As we move forward, we are focusing on long-term value creation rather than short-term metrics, which aligns with our strategic goals and the evolving nature of our target market. While we have discontinued providing specific guidance, we remain committed to prudent financial management and transparent communication with our shareholders.
Speaker Change: Turning to our balance sheet.
Speaker Change: As of June 30, 2022, 2024, our company had 1,000 on the 26.3 million in cash and cash equivalents, restriction cash and short-term investments, compared to 930.6 million.
Tim: As of June 30, 2023, in conclusion, our financial results for the fourth quarter reflect a strong and stable financial position. This solid foundation is crucial as we embark on our strategic transition towards the civil economy. Our robust balance sheet and improved profitability provide us with the flexibility and resources needed to invest in our new initiatives, while remaining operational stability. As we move forward, we are focusing on long-term value creation rather than short-term metrics, which aligns with our strategic goals and the evolving nature of our target market. While we have continued providing specific guidance, we remain committed to prudent financial management and transparent communication with our shareholders.
Peng Li: Looking to the future, we are keeping various steps to strengthen our presence in the field of economy. We are extending our productive range to include more health and wellness, customer growth, tailored to little age and elderly performance. This is not only a physical product, but also a relatively family experience that contributes to overall well-being. We are also exploring offline centers as a way to adapt and build more viewer performance. This center will serve as a physical platform for our products, allowing customers to experience our production and first-line. They will also provide the spaces for community building and the recruitment activities, which are particularly relatively ready by our package and graphic.
Speaker Change: as of June 30, 2023. In conclusion, our financial results for the 4th quarter reflectors strong and stable financial position.
Speaker Change: The story of foundation is crucial as we embark on our strategic transition.
Speaker Change: to walls the civil economy.
Speaker Change: Our robust balance sheet and improved profitability provide us with the flexibility and resources needed to investing our new initiatives by our remaining operational stability.
Speaker Change: As a move forward, they are focusing on long-term value creation, rather than short-term metrics, which aligns with our strategic goals and the evolving nature of our target market.
Speaker Change: Well, we have continued providing specific guidance, we remain committed to proven financial management and transparent communication with our shareholders.
Tim: We are confident that our strong financial footing, combined with our strategic focus on the civil economy, positions us well for the sustainable success in this promising market.
Dong Xie: We are confident that our strong financial footing, combined with our strategic focus on the silver economy, positions us well for sustainable success in this promising market. That concludes my prepared remarks. Operator, let's open up the call for questions. Thank you.
Speaker Change: We are confident that our strong financial footing, combined with our strategic focus on the civil economy, positions as well for the sustainable success in this promising market.
Peng Li: Our dedicated business came for the field of economy to optimize the executive strategy to meet the evolving needs of this demographic. We are investing in market research and the customer feedback moves to ensure that our offering, our offering remains relevant and available to our users.
Tim: That concludes my prepared remarks.
Operator: Operator, let's open up the call for questions. Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star and then one on your touch drone phone. If you wish to withdraw your question, you can press star and then two to remove yourself from the question queue. For those using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
Speaker Change: That concludes my prepared remarks, operator that's open up the core to questions.
Operator: Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star and then one on your touchtone phone. If you wish to withdraw your question, you can press star and then two to remove yourself from the question queue. For those using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question comes from the line of Steve Silver of Argus Research. Your line is now open. Please go ahead.
Speaker Change: Thank you. We will now begin the question and all cessation.
Speaker Change: If you would like to ask a question, please first star and then one on a test shown phone.
Speaker Change: If you wish to withdraw your question, you can restar and then too to remove yourself from the question cue.
Peng Li: In conclusion, our strategic shift will be present on natural evolution of our business. This is an additional long-term growth on the value creation. Our transition to focusing on the field of economy is an actual progression in our journey to help people live better, do longer, and to become their complete long-term partner. This shift will not result in challenges. We are entering new markets and developing new completion space, which carried enhancements. However, we believe that our strong foundation in as of artificial, our technology to have the ability and our deep understanding of our user-based position.
Speaker Change: For those using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
Steve Silver: Our first question comes from the line of Steve Silver of August Research.
Speaker Change: Our first question comes from the line of sea solver of August research. Your line is now open, please go ahead.
Steve Silver: Your line is now open. Please go ahead. Thank you, operator, and thanks for taking the questions. Congratulations on a productive fiscal 2024. The first question. Can you provide any update on the competitive landscape for e-commerce, live streaming in China? It seems that more companies are announcing efforts to participate in similar markets. Thank you.
Steve Silver: Thank you, operator, and thanks for taking the questions and congratulations on a productive fiscal 2024. First question, can you provide any update on the competitive landscape for e-commerce live streaming in China? It seems that more companies are announcing efforts to participate in similar markets.
Speaker Change: Thank you, operator, and thanks for taking the questions and congratulations on a productive fiscal 2024. First question, can you provide any update on the competitive landscape for e-commerce live-streaming in China? It seems that more companies are announcing efforts to participate in similar markets.
Dong Xie: Thank you. I think I will let our Chairman and CEO, Peng Li, to answer this question. Hi, Peng Li.
Howard Tam: I think I will let Howard Tam and CEO Matt to answer this question. Hi Matt. Okay.
mad: Thank you, I think I will let our chairman and CEO mad to answer this question.
Peng Li: Yeah. Okay. I'll take the question. I will answer in Chinese, and Leah will translate for me. Thank you very much for your question. China's e-commerce live streaming market has huge potential and is rapidly evolving and increasingly competitive. According to the data that we have gathered, we believe that around 2023, the total market will reach around RMB five trillion and with a projected 20% CAGR between 2024 to 2026. This would be a big opportunity even as more companies enter the market. We believe that our capability is uniquely positioned to succeed. First of all, we've taken a targeted approach focused on specific needs of our core middle-aged and elderly user base. Secondly, we're building on the strong foundation of our existing user base and technology for infrastructure.
Howard Tam: I'll take a few questions. Also in Chinese and a little classified for me. Thank you very much for your question. China's e-commerce live streaming market has huge potential and is rapidly evolving and increasingly competitive. Thank you very much. Secondly, we are building on the strong foundation of our existing user base and technology for infrastructure. Thirdly, we are developing our own private-label projects, which will bring good profits and margins to us, politically, in areas like in Chinese liquor and the wild news projects that resonate with our target users. Thirdly, we are building our own private-label projects, which will bring good profits to us.
mad: Hamad.
Hamad: OK, OK, OK, I'll take a deep question. I'll say in Chinese, I'm going to read a little text from me. This is very interesting. This is our language, the language of the language, the language of the language.
Hamad: is a very big company, and it's very interesting. From time to time, it's very interesting.
Hamad: Dave?
Peng Li: The position as well for success in this new endeavor. Given the nature of this transformation, we have decided to continue providing specific settings between our long-term value creation rather than short-term natural evolution. We believe this approach aligns better with our strategic goals and the nature of the methods we are committed to creating a long-term value in the civil economy and we look forward to sharing our progress as we do in the culture come.
Speaker Change: Thank you very much for a question. China's e-commerce last year in New Market has huge potential and is rapidly evolving and increasingly competitive.
Speaker Change: Hello, everyone.
Speaker Change: We talked about this series, this series, in 2020, it was a very long time ago, but it was a very long time ago, and then it came to the anniversary of this anniversary, and it was a very long time ago, and it was a very long time ago, and it was a very long time ago.
Speaker Change: So this is a very large market with a few minutes ago, so it will be a very large market with a very large market.
Speaker Change #100: According to the data that we have gathered, we believe that around 2023, the total market will reach around RMB 5 trillion, and with a project it's 20% to see garbage in 2024 to 26.
Peng Li: We believe that by focusing on the civil economy, we are not just pursuing this new opportunity but also addressing significant potential needs. At China's population 80s, there is a growing demand for products and facilities we are committed to the needs and performance of other items. We are proud to be at the small branch of meeting this needs.
Speaker Change #100: This would be a big opportunity even that more of a company's entry to market.
Speaker Change #100: [inaudible]
Chixia Fano: Chixia Fano, and take care.
Chixia Fano: is the first time we were in the U.S. and the U.S.
Peng Li: Now I will hand over to Tim, our several who will like more details on our financial performance. Please go ahead. Thank you.
Chixia Fano: is the same amount of time that we can take the time to take the time.
Speaker Change #102: and this is the first time we've seen this video, we're going to have a look at it.
Chen Xie: If all I go to into details of our financial results, please know that all amounts are in our terms. That the reporting period is the fourth quarter of fiscal year 2024, ended on June 30, 2024. And in addition to gap matters, we will also be discussing non- gap matters to provide greater clarity on the trends in our actual operations. For the fourth quarter of fiscal year 2024, we achieved total revenues of 1,000.1 million per year or year growth of 20.7%.
Speaker Change #103: to be a shirt when the boy is...
Speaker Change #104: is now in the middle of the day. So this is the beginning of the day.
Speaker Change #105: The Boolean said I will give a burlap a see in the weekly position to succeed. First of all, we've taken a targeted approach focused on specific needs of our core, middle-aged, and elderly user base.
Speaker Change #105: Secondly, we're building on the strong foundation of our existing user base.
Leah Guo: Thirdly, we are developing our own private label products, which will bring good profits and margins to us, particularly in areas like in Chinese liquor and wellness products that resonate with our target users. By focusing on meeting the long-term needs of our established user base, we believe that we can create long-term sustainable value in this space. Our goal is to provide a comprehensive ecosystem that serves our target users' learning, social, and consumer needs. While the market is immense and competitive, its size and strong growth provide opportunities for well-positioned players. We are confident that our targeted strategy exists in user relationships, and technology capability and our operation capability give us a strong position for the growth in this market.
Speaker Change #105: and Talkinology for Infrastructure.
Speaker Change #105: Thirdly, we're developing our warm-prop-it-label products, which will bring good, how facing the margins to us.
Chen Xie: Many joined by the growth in revenues from skills upgrading courses. Among our revenues, revenues from individual online learning services grew by 25.7% year or year. To 906.7 million or 90.7% of total revenues. Many due to continued demand from skills upgrading courses. Our growth feelings of individual online learning services increased by 3.4% year over year. To 707.4.4 million, revenues from enterprise services were 56.6 million, a change of 45.5% from year ago, and representing 5.7% of total revenues, primarily due to a decrease in revenues from relative party transactions. Growth profit was 858.8 million, representing a growth margin of 85.9%. Compared to 86% in the same period last year.
Speaker Change #105: [inaudible]
Speaker Change #106: say, Dong Xie, Peng Li, Wang Meng, ah, take a shooting that we have to change.
Speaker Change #105: and Tang Xie, who are in the middle of the meeting, is a Tang Xie, who is a Tang Xie, who is in the background.
Howard Tam: Thirdly, we are building our own private-label projects, which will bring good profits and margins to us, which will bring good profits and margins to us, which will bring good profits and margins to us. By focusing on making a long-term needs of our established user base, we believe that we can create long-term sustainable value in this space. Our goal is to provide a comprehensive ecosystem that serves our target users, learning, social, and consumer needs. Thirdly, we are building our own private-label projects, which will bring good profits and margins to us. and also we are taking a focused approach to product development, aiming to maintain a core set of approximately within 10 flagship products primarily in balance.
Speaker Change #105: [inaudible]
Speaker Change #107: Hi, I'm Focusing on meeting a long-term needs of our established user-based. We believe that we can create long-term sustainable value in this space. Our goal is to provide a comprehensive ecosystem that serves our target users learning, social, and consumer needs.
Speaker Change #108: Yes, so, we're going to discuss this issue in the next few days, but we're going to discuss it in the next few days.
Chen Xie: Total operating expenses were 622.9 million, compared to 666.4.7 million in the same period last year. To break this down, sales and marketing expenses were 580.1 million, representing a change of 1.2% year or year. Many due to our increased marketing efforts. As a percentage of total revenue, non-depth sales and marketing expenses, which include Share-based Composition decreased to 57.4% from 67.8% a year ago. Research and development expenses were 21.2 million, representing a decrease of 60.4% year over year, primarily driven by our most selective decisions regarding our R&D initiatives.
Speaker Change #109: and Romichu Country Day.
Speaker Change #110: We will continue to follow the rules of our language and the language of our language, and to make our language better.
Speaker Change #111: While the market is meant and competitive, a pleasant strong growth provides our opportunities for well-position players. While confidence that our target strategy exists in user relationships and technology capability and our operation capability give us a strong position for the growth in this market.
Dong Xie: Okay, that's all. Thank you for your question.
Steve Silver: Great, as a quick follow-up, on the e-commerce platform, is there any targeted number of products that QuantaSing will be selling or plans to sell, either through private label or on third-party products? Thank you.
Speaker Change #112: Okay, that's all, that's it for our session.
Speaker Change #113: and then as a quick follow-up on the e-commerce platform, is there any targeted number of products that quanticing will be selling or plans to sell, either through private label or on third party products? Thank you.
Dong Xie: Thank you for your question. I will take this one. I think it's more detail. First, I think we follow our systematic user-centric approach in our product selection and development process, focusing on meeting the long-term needs of our core population, our core customer profile. We start by deeply understanding our users' needs, and our large base of middle-aged and elderly users provides us with valuable insights into their preferences. We also carefully select and test product categories that align with our users' interests and their demand, allowing us to focus resources on the most promising areas. Also, for product sourcing, we are on a journey from third-party products to developing our own private label offerings. This approach allows us to better control quality, build brand loyalty, and satisfy our users' long-term needs.
Chen Xie: As a percentage of total revenue, non-GAP R&D expenses, which exclude share-based compensation, decreased to 3.5% from 5.5% a year ago. General and administrative expenses were 11.6 million, representing a decrease of 69.6% year over year, primarily due to decreases in share-based compensation and office expenses. As a percentage of total revenue, non-GAP R&D expenses, which excluded share-based compensation, decreased to 2.5% from 3.2% a year ago. Net income was 116.6 million, excluding share-based compensation and impairment laws on a long-lived assets and a Google. Adjusting net income was 193.6 million, representing an adjusted net margin of 19.4% during the quarter. Basic and diluted net income per share were R&B 1.22 and R&B 1.18 during the quarter.
Speaker Change #114: Well, thank you for your question, I will take this one. I think it's more detail and I first I think we follow our systematic uses and seek approach.
Speaker Change #115: In our products selection and development process, focusing on meeting the long-term needs of our call population, our call customer profile. We start by deeply understanding our user's needs.
Speaker Change #115: and our large base of middle-aged and elderly users provides us with valuable insights into their preferences. We also carefully select and test product categories.
Speaker Change #115: That along with our users' interests and their demand, allowing us to focus resources on the most promising areas.
Speaker Change #116: and also we for product sorting. We are on the journey from Sir Party products.
Speaker Change #116: To developing our own private label offerings, this approach allows us to better control quality, build, brand loyalty and satisfy our users' long-term needs.
Dong Xie: We are taking a focused approach to product development, aiming to maintain a core set of approximately within 10 flagship products, primarily in wellness. This strategy ensures high quality across our offerings and builds strong brand recognition among our users. This is one of our focus strategy. By focusing on select products that truly resonate with our audience, we aim to build lasting relationships and drive sustainable growth in our live e-commerce business. This aligns with our overall philosophy of providing comprehensive, high-quality solutions to our users' needs. Yeah, I think this is my answer. Thank you.
Speaker Change #116: and also we are taking a focused approach to product development, aiming to maintain a cost-lapse of approximately within 10 flagship products primarily in Bownies.
Chen Xie: Turning to our balance sheet, as of June 30, 2022-2024, our company held 1,000 and 26.3 million in cash and cash equivalent, restriction cash and short term investments, compared to 930.6 million.
Howard Tam: This strategy ensures high quality across our offerings and builds strong brand recognition among our users.
Speaker Change #116: This strategy ensures high quality across our offerings and build strong brand recognition among our users. This is one of our focus strategy.
Howard Tam: So this is one of our focused strategy. By focusing on select products that truly resonates with our audience, we aim to build lasting relationships and drive sustainable growth in our live e-commerce business, and also this aligns with our overall philosophy of providing comprehensive high quality solutions to our user's needs. Yeah, I think this is my own chart. Thank you.
Speaker Change #116: by focusing on the lack of products that truly resonates with our audience, the aim to build lasting relationships and the cry of sustainable growth in our live e-commerce business.
Chen Xie: As of June 30, 2023, in conclusion, our financial results for the fourth quarter reflect a strong and stable financial position. This solid foundation is crucial as we embark on our strategic transition towards the civil economy. Our robust balance sheet and improved profitability provide us with the flexibility and resources needed to invest in our new initiatives while remaining operational stability. As we move forward, we are focusing on long-term value creation rather than short term metrics, which aligns with our strategic goals and the evolving nature of our target market.
Speaker Change #116: and also these aligns with our overall philosophy of providing comprehensive, high quality solutions to our users' needs.
Steve Silver: Thank you.
Speaker Change #117: Yes, I think this is my answer. Thank you. Thank you.
Steve Silver: Steve, do you have any other follow-up questions? Oh no, that was off me. Thank you so much. Thank you.
Operator: Steve, do you have any other follow-up questions?
Steve Silver: No, that was all for me. Thank you so much.
Speaker Change #118: I see if you have any other follow-up questions?
Speaker Change #119: Oh no, that was all for me. Thank you so much.
Operator: Thank you. As there are no further questions, I'd like to hand the conference back to management for closing remarks.
Operator: As you all know, for the questions, I'd like to hand the conference back to management for closing remarks. Thank you again for joining our call today. If you have any further questions, please feel free to contact us or submit a request through our website.
Speaker Change #120: Thank you. As they all know for the questions, I'd like to hand the conference back to management for closing remarks.
Leah Guo: Thank you again for joining our call today. If you have any further questions, please feel free to contact us or submit a request through our IR website. We look forward to speaking with everyone in our next call. Have a good day.
Chen Xie: While we have continued providing specific guidance, we remain committed to prudent financial management and transparent communication with our shareholders. We are confident that our strong financial footing, combined with our strategic focus on the civil economy, positions us well for the sustainable success in this promising market.
Speaker Change #121: Thank you again for joining our call today. If you have any further questions, please feel free to contact us or submit a group list through our website. We look forward to speaking with everyone in our next call. Have a good day.
Operator: We look forward to speaking with everyone in our next call. Have a good day.
Dong Xie: Okay.
Operator: Ladies and gentlemen, that concludes today's conference. Thank you for joining us. You may now disconnect your lines.
Operator: Ladies and gentlemen, that concludes today's conference. Thank you for joining us. You may now disconnect your lines.
Peng Li: Okay, Peng Li.
Speaker Change #122: Ladies and gentlemen, that concludes today's conference. Thank you for joining us. You may know. Disconnect your lines.
Chen Xie: That concludes my prepared remarks.
Operator: Operator, that's opened up the call for questions. Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star and then one on your touchtone phone. If you wish to withdraw your question, you can press star and then two to remove yourself from the question queue. For those using speak equipment, it may be necessary to pick up your handset before pressing the star keys.
Steven Silver: Our first question comes from the line of Steve Silver of August Research. Your line is now open. Please go ahead.
Howard Halpern: Thank you, operator, and thanks for taking the questions and congratulations on a productive fiscal 2024. First question, can you provide any update on the competitive landscape for e-commerce, live streaming in China, and it seems that more companies are announcing efforts to participate in similar markets? Thank you. I think I will let Howard Halpern and CEO Matt to answer this question. Hi, Matt. Yeah, okay. Okay, okay. I'll take a few questions. I will also answer in Chinese and the real estate for me.
Howard Halpern: I'm very, very grateful. We think that China's top-of-the-line Yes. Thank you very much for your question. China's e-commerce live streaming market has huge potential and is rapidly evolving and increasingly competitive. According to the data that we have gathered, we believe that around 2023, the total market will reach around RMB 5 trillion, and with a projected 20% of the regard between 2024-2026, this would be a big opportunity, even that's more of a company's entry to market.
Howard Halpern: [inaudible] in China. So, we are talking about our own private-level projects, which will bring good[inaudible] our own private-level projects, which will bring good attention to our own private-level projects, which will bring good attention[inaudible] to our own private-level projects, which will bring good attention to our own private-level projects, which will bring good attention to our own private-level projects[inaudible] and their demand, allowing us to focus resources on the most promising areas. And also, for product-sourcing, we are on the journey from third-party products to developing our own private-level offerings.
Howard Halpern: These approach allows us to better control quality, build brand loyalty, and satisfy our users long-term needs, and also we are taking a focused approach to product development aiming to maintain a core set of approximately within 10 flagship products primarily in balance. This strategy ensures high quality across our offerings and build strong brand recognition among our users. This is one of our focused strategy. By focusing on select products that truly resonates with our audience, we aim to build lasting relationships and drive sustainable growth in our live e-commerce business and also these aligns with our overall philosophy of providing comprehensive high quality solutions to our users needs. Yeah, I think this is my answer. Thank you. Steve, do you have any other follow-up questions?
Steven Silver: No, that was off me. Thank you so much. Thank you.
Operator: As they all know for the questions, I'd like to hand the conference back to management for closing remarks. Thank you again for joining our call today. If you have any further questions, please feel free to contact us or submit a request through our website. We look forward to speaking with everyone in our next call. Have a good day. Okay.
Operator: Ladies and gentlemen, that concludes today's conference. Thank you for joining us. You may know. Disconnect your lines.
