Ladies and gentlemen, thank you for standing by, and welcome to Sunlands Second Quarter 2025 Earnings Conference Call. [Operator Instructions] Today's conference call is being recorded. I'll now turn the call over to your host today, Yuhua, Sunlands IR representative. Please go ahead.

Hello, everyone, and thank you for joining Sunlands Second Quarter 2025 Earnings Conference Call. The company's financial and operating results were issued in our press release via Newswire services earlier today and are posted online. You could download the earnings press release and sign up for our distribution list by visiting our IR website. Participants on today's call will be our CEO, Mr. Tongbo Liu; and our financial representative, Mr. Hangyu Li. Management will begin with prepared remarks, and the call will conclude with a Q&A session. Before I hand it over to the management, I'd like to remind you of Sunlands safe harbor statement in relation to today's call. Except for the historical information contained herein, certain matters discussed in this conference call are forward-looking statements. These statements are based on current trends, estimates and projections, and therefore, you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. For more information about the potential risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission. With that, I will now turn the call over to our CEO, Tongbo Liu.

Okay. Thank you, Yuhua. Hello, everyone. Welcome to Sunlands Second Quarter 2025 Conference Call. Prior to commencing, I would like to kindly remind all attendees that the financial information referenced in this release are presented on a continuing operation basis, and all figures are denominated in RMB unless explicitly specified otherwise. In the second quarter of 2025, we achieved solid momentum across key performance metrics. Net revenue reached RMB 539 million, up 9.5% year-over-year, supported by resilient learner demand and the continued expansion of our course offerings. Notably, net income in this quarter surged to RMB 126.6 million, with net margin expanding to 23.5%, representing a 54% increase from the same period last year and 68.5% sequential jump. This marks a significant step change in our learning capacities. Now let's turn to the performance of our major courses programs. Our degree and diploma-oriented post-secondary offerings was the cornerstone of our legacy business models now contributed approximately [ 11% ] of our total revenue. By intentionally resizing this business line, we have redirected resources to faster-growing higher-margin areas that better align with evolving learner needs. The adult education landscape in China is undergoing a structural transformation. Learners are shifting from pursuing formal credentials to seeking practical skills, emotional enrichment and lifelong growth. According to third-party research, the market is expected to exceed RMB 1 trillion by 2027 with a 5-year CAGR of 12.6%. Online education, in particular, is projected to grow at 17.3%, reflecting strong momentum behind the digital-first learner-centric models. We identified this shift early. Since 2021, we have executed a deliberate transition from a degree-centric approach to 3-pillar models, degree programs, professional skills and interest-based learning. This evolution was not a product expansion. It redefined our value proposition, grounded in deep user insight and long-term market vision. Today, nondegree…

Thank you, Tongbo. Hello, everyone. I'd like to share our second quarter results, which came in strong and right in line with our expectations, another quarter of disciplined execution and durable growth. Net revenues for the quarter grew 9.5% year-over-year to RMB 539 million, a direct result of our strategic shift towards the silver economy market. Interest-based courses were the primary growth driver for our revenue, contributing 78% of total revenue this quarter. For the first half of 2025, new student enrollments in interest-based courses exceeded 300,000 with cumulative enrollments surpassing 2.1 million since 2020. This aligns with our focus on the silver demographic, our private user ecosystem, which numbers in the tens of millions has converted into over 1 million paying users, boosting 80% course completion rate and a 60% repurchase rate, metrics that fuel revenue stability. Our net income for the quarter reached RMB 126.6 million with a net margin of 23.5%, a 6.8 percentage point increase from the same period last year. We have now achieved 17 consecutive quarters of profitability, demonstrating the resilience of our strategy and disciplined operational execution across cycles. Net cash from operating activities remained positive for the eighth consecutive quarter, reinforcing both the resilience of our execution and the strength of our underlying cash engine. This robust financial foundation gives us the ability to navigate uncertainty and the conviction to double down on high-return growth areas when opportunities arise. Looking ahead, we remain focused on generating high-quality earnings, scaling operational efficiency and channeling resources into innovation. Our long-term playbook is clear, broaden our course portfolio, sharpen our cost structure and elevate the learning experience for every student we serve. These strategic levers are positioning us to lead decisively as the future of online education continues to unfold. Now let me walk you…

[Operator Instructions] At this time, we are showing no questions. So this will conclude our question-and-answer session. At this time, I would like to turn the conference back over to Yuhua for any closing remarks.

Once again, thank you, everyone, for joining today's call. We look forward to speaking with you again soon. Good day, and good night.

This concludes this conference call. You may now disconnect your lines. Thank you.