A：The learning services business is the largest revenue contributor and focuses on delivering quality learning experiences. The company is building its content solutions business, including learning devices that enhance customer reach and create a more integrated learning experience.

A：The company's investments in technology and content solutions have enhanced the user experience, creating a more engaging learning environment. This has supported sustained user growth and user engagement over time.

A：The device business showed year-over-year revenue growth, transitioning from rapid expansion to a more mature phase. The introduction of the X 5 Ultra Classic, with upgraded AI capabilities, is expected to address a broader spectrum of at home, self-directed learning needs, with strong user engagement metrics such as an 80% weekly active user rate and an average daily active usage time of about 1 hour per device.

A：The company reported net revenues of $802.4 million, or RMB 5000000500, representing a 15% increase in US dollar terms and 25.8% in RMB terms. Income from operations was $82.2 million, and non-GAAP net income attributable to the company was $254.5 million for the quarter.

A：The learning center network expanded at a measured pace with a focus on service quality and operational health, maintaining a stable retention rate. The online enrichment learning business continued to leverage technology to enhance the student learning experience and deepen student engagement to drive meaningful learning outcomes.

A：The learning devices business delivered year-over-year growth in the fourth quarter and the full fiscal year. The business broadened its curriculum library and incorporated AI-driven features to support engaging and effective self-directed learning. The X 5 Ultra, launched last month, offers more content, a unified learning interface, and improved AI tools, enhancing the learning experience.

A：The small class enrichment business experienced steady growth in the fourth quarter, with revenue increasing year over year. This was primarily driven by higher enrollment, reflecting the learning center network expansion and continued efforts to enhance the learning experience. The operational margins remained healthy at over 80%, underscoring the trust placed in their programs and the consistent high quality maintained in service delivery.

A：The learning device business, like many consumer electronics companies, is facing memory cost pressures, which are an industry-wide challenge. The company is managing these pressures through operational adjustments, optimizing inventories for better efficiency, and refining the product portfolio by streamlining SKUs and adjusting the product mix. These steps are helping to mitigate the impact of rising cost cycles while maintaining a focus on long-term competitiveness.

A：Profitability is a priority for the company, and several factors contributed to the improved profitability this past quarter. Paying down small costs continued to grow, leading to steady operating margin profiles and absolute profit dollars. Other business lines, including online enrichment learning programs and learning devices, showed varying degrees of profitability improvement. The company is also unlocking mobile operating leverage, which has contributed to overall profitability improvement.

A：The company anticipates that the paydown of small costs will continue to grow, maintaining high operational standards which will ensure the business grows at a healthy rate as operations increase. The online enrichment learning business aims to deliver high-quality interactive learning experiences, enhance user engagement through interactive features and AI integration, and balance growth objectives with long-term operational capabilities. The learning device business expects to strengthen its long-term competitiveness by investing in product focus and creating integrated learning solutions. The company plans to continue advancing strategic initiatives and strengthening core capabilities to support sustainable margin improvement over time.

A：The potential for further margin improvement is not specifically quantified, but the company's focus is on strengthening long-term competitiveness through investment in product focus and creating integrated learning solutions that combine hardware, proprietary software, constant, and AI-enhanced experiences. The strategy includes channel development by diversifying distribution across online and offline channels to effectively reach and serve users.