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| Statement |
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| Similarly, our project in Beijing, Xicheng District has successfully completed its delivery as well |
| We are confident that our SaaS business model is gaining recognition from our clients, helping us build a healthier and recurrent business as we enhance our service offerings and customer satisfaction |
| This is a great result-- great initial results built upon our teaching and learning SaaS offerings high active use and a very positive sign that we are building up an increasingly steady SaaS revenue portfolio |
| This continues to demonstrate our leading ability to deliver large scale and systematic projects |
| These exceptional innovative application cases serve as a great model for schools in various districts and help us to win additional clients |
| An important progress is that we were able to win orders from additional group of clients |
| Looking ahead, we expect adoption of the SaaS billing model to steadily grow as the market becomes more familiar with its benefits and we are confident that this model will not only unlock new revenue streams for the company, but also highlight the advantage of its current nature, fostering sustainable business growth |
| This new strategy, targeting private school and select public schools with adaptable structure, have continued to show strong performance in terms of both contract value and quantity since last quarter |
| In the fourth quarter, our teaching and learning SaaS businesses continue to make consistent advances |
| In this quarter, our teaching and learning SaaS business generated increasing revenue compared to the same quarter last year, signifying consistent client satisfaction and future development |
| In this quarter, the company has maintained solid development and progress in our teaching and learning SaaS businesses |
| This model also further helps accelerate our strategy to reach more schools and students that we create a virtual cycle that further enhances-- further allows us to enhance our product and solutions |
| This more diversified revenue contribution by each project also helps build up a more smooth revenue stream |
| Our teaching--One Teaching, One Learning K-12 Digital Teaching and Learning Science Platform was honored with the 2023 Excellent Performance Company Award, Best Technology Innovation Award |
| Our proprietary smart pen, which has passed the project pilot verification, further improves teacher's efficiency and experiences in correcting daily homework's |
| Furthermore, we provide high quality and a diverse resource for personalized learning and to boost students' independent learning efficiency |
| We've achieved 19.7% revenue growth in the fourth quarter of 2023 from the previous quarter |
| Such integration aids effective teaching, enhances classroom quality, and supports teachers in delivering differentiated instructions |
| And expanding into our potential new customer groups and under new transaction modes, particularly business with individual schools and group operated schools has started building momentum with regular new contract screenings |
| Liu's confidence in the value and long-term growth of the company |
| We aim to offer our customer efficient and high-quality product solutions and experiences while remaining focused on sustaining our developmental momentum and improving the operational efficiency |
| We are also meticulously managing our expenses to further improve operational efficiency |
| We have successfully executed and delivered projects |
| We are dedicated to fostering steady progress and achieving a long-term, stable and sustainable growth |
| This award recognizes and honor’s the companies that have made exemplary contributions to the socioeconomic field and has established themselves as exemplars and leaders in the responsive industries |
| Our key projects continue to generate revenues marked by successful delivery and client acceptance |
| This model is a very good complement to our existing flagship-style projects with district education bureaus that typically aim at covering the whole district |
| All such projects have seen immediate and consistent high usage with active rates above 90% |
| Net revenues for the fourth quarter of 2023 were RMB47.3 million, representing a year-over-year increase of 19.3% from RMB39.6 million in the fourth quarter of 2022 |
| During this quarter, we enhanced our personalized learning products that focus on students' incorrect answers, enabling automatic correction across all school scenarios, and effectively utilizing correction data between online and offline platforms |
| Statement |
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| Net loss as a percentage of net revenues was negative 207.9% in the fourth quarter of 2023, compared with negative 260.7% in the fourth quarter of 2022 |
| Loss from operations as a percentage of net revenues for the fourth quarter of 2023 was negative 216.0%, compared with negative 304.2% in the fourth quarter of 2022 |
| Adjusted net loss, non-GAAP as a percentage of net revenues was negative 172.8% in the fourth quarter, compared with negative 177.3% of adjusted net loss as a percentage of net revenues in the fourth quarter of 2022 |
| Total operating expenses for the fourth quarter of 2023 was RMB122.8 million, including RMB16.6 million of share-based compensation expenses, representing a year-over-year decrease of 12.9% from RMB141.0 million in the fourth quarter of 2022 |
| These risks may cause the company's actual results, performance, or achievements to differ materially |
| The net loss for the fourth quarter of 2023 was RMB98.4 million compared with RMB103.1 million in the fourth quarter of 2022 |
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