17 Education & Technology reports Q2 net profit RMB14.6M vs. RMB10.8M last year

Reports Q2 revenue RMB25.4M, down 62.4% y/y. Q2 revenue decrease “was mainly due to the reduction in net revenues from district-level projects as we prioritize our resources on school-based project which requires longer period of revenue recognition.” Mr. Andy Liu, CEO, commented, “During the quarter, the company advanced its business by continuously optimizing and innovating AI technology across our product portfolios to constantly enhance customer satisfaction and user engagement. We launched the “Yiqi Tongxue” (Together Classmates) intelligent agent, and successfully upgraded AI solutions in Shanghai Minhang District. Leveraging our strong brand endorsements and customer loyalty from our district projects and subscription model, as well as capitalizing on the emerging market opportunities and evolving customer needs, we will continuously strive to explore product innovation and new growth opportunities to extend our reach to a broader customer base, so that we can drive sustainable growth.”