Greetings. Welcome to ATA Creativity Global's Third Quarter 2023 Financial Results Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to Alice Zhang of The Equity Group. Thank you. You may begin.

Thank you, operator, and hello, everyone. Thank you for joining us. The press release announcing ATA Creativity Global's or ACG's results for the third quarter and nine months ended September 30th, 2023 is available at the IR section of the Company's website at www.atai.net.cn. As part of this conference call, the Company has an accompanying slide presentation available on its website. A replay of this broadcast will also be made available at ACG's website for the next 90 days. Before we get started, I would like to remind everyone that this conference call and any accompanying information discussed herein contains certain forward-looking statements within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terms such as anticipate, believe, could, estimate, expect, forecast, future, intend, look forward to, outlook, plan, should, will and similar terms and include, among other things, statements regarding ACG's future growth and results of operations; ACG's plans for mergers and acquisitions generally; ACG's growth strategy, anticipated growth prospects and subsequent business activities, including initiatives and adjustments by ACG as China eased COVID-19 pandemic-related restrictions; market demand for, and market acceptance and competitiveness of, ACG's portfolio training programs and other education services. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of today, those statements are subject to risks and uncertainties that could cause actual results to differ dramatically from those projected. There can be no assurance that those expectations will prove to be correct. Information about the risks associated with investing in ACG is included in its filings with the Securities and Exchange Commission, which we encourage you to review before making an investment decision. The Company does not assume any obligation to update any forward-looking statements…

Thank you, Alice, and welcome, everyone, and good evening for those in Americas, and we appreciate everyone's time. We were pleased with our solid financial performance for the third quarter 2023, reporting a 14.1% increase in net revenue, primarily as a result of increased contribution from portfolio training and research-based learning services as we were able to resume in-person overseas summer camp this summer for the first time since the COVID-19 pandemic began in 2020. Revenues from research-based learning services earned more than double from the prior year period, and we have been thrilled with enthusiasm and positive student feedback received thus far increasing in revenues coupled with decreased operating expenses enabled them to significant narrow losses during the quarter. Total student enrollment for third quarter 2023 was 1,093 compared to 1,106 in the prior year period. However, we did see a slight increase in enrollment in our core portfolio training programs. During the period, portfolio training credit hours delivered increases 24.1% to 44,723 with credit hours delivered for project-based programs, increasing nearly 35% year-over-year. We believe this demonstrates that our students have been leveraging ACG's teaching resources more efficiently as project-based credit hours account for 69.5% of our portfolio training credit hours delivered. During the summer, we hosted six overseas program, bringing students to countries such as the UK and Japan, where they had the opportunity to explore a variety of [art general prestigious] university campuses and engage in real-world applications. The successful delivery of these programs have reinforced our belief that ACG is fulfilling a growth in demand for overseas learning programs, and we are excited to continue presenting these opportunities to our students in the future. With that, I will quickly review financials. Total net revenues for third quarter 2023 increased 14.1% to RMB59.9 million compared to…

Thank you, Mr. Sima. 2023 has been an important year for ACG. We have been able to build some positive momentum in our business as China and the rest of the world continue to operate in a post-pandemic near normal type of environment, which enabled us to fully resume in-person instruction at our network of training centers and offer our overseas summer programs for the first time since 2020, bringing more than 100 students to various countries of interest and allowing them to receive an immersive experience in creative art study and application. ACG prides itself not only on the quality of its academic programming, but also on the support it provides from professional development perspective. We continue to explore ways in which we can cooperate with more institution firms that can help provide students with various opportunities to harness skills and utilize them in real-world scenarios. In the remainder of 2023, we have a regular online master class programs lined up, along with other experiential offerings. For students looking to gain some professional experience, we are introducing a part-time assisted PTA program [through still] work with global well-established brands on real-world projects in an engaging environment. Participating students will have the opportunity to work and support various positions, covering architecture design, [indiscernible] interaction design, fashion design and so on. Students will walk away with world-class company working experience as well as reference letter that will improve their college application competency. We believe programs like this are critical in providing students with hands-on experience by being part of a real-world professional team at reputable companies. This October, we also held our annual Shanghai Fashion Week program, providing students with Fashion Week VIP tickets and an opportunity to intern at Fashion Week with Chinese artist brands. Selected students were able to…

Thanks, Jun and Alice. We look forward to concluding 2023 on a strong note. We remain focused on providing our students with carefully curated class offerings and believe we are in a position where we can execute our growth strategy by leveraging our advantage. With that, operator, let's open it up for questions.

Thank you. [Operator Instructions] : :

There are no questions at this time. I would like to turn the call back over to Mr. Sima for closing remarks.

Okay. Thank you, operator, and thanks again to all of you for joining us. If anyone has questions for us, please feel free to reach out directly to us or our Investor Relations firm, The Equity Group. We are always available to speak to investors and look forward to speaking with you all during the fiscal 2023 earnings call. Thank you.

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.