So our cash balance, by the end of 2018, was only around CNY 236 million. And it is leading all sectors. There was a certain time mismatch between our gross billings and the traffic acquisition expense due to our front-loaded traffic acquisition. Net revenues from our foreign language, professional and interested courses offered under our Genshuixue brand were up by 125% year over year to CNY 200 million and accounted for 10% of net revenues. And if possible, to follow-up, how does that unit economics changes the student acquired during summer and those that we acquire now, given changes in customer acquisition good? The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off. Thank you for taking my questions. My second question is on ROI. We are an innovative and fast growing "new e-commerce" platform that provides buyers with value-for-money merchandise and fun and interactive shopping experiences. Advertising clients. We recruit tutors upfront for about a month to provide training to them and have the prep for full perform all the tutoring to the students. As long as we can help them stay for a longer time that we can bear a slightly lower ROI in the first place. Before we begin, I would like to remind you that this conference call contains forward-looking statements as defined in the U.S. Our ultimate results still depends better communications. As for organic traffic, I think many players, they are doing similar explorations as for what this product will look like. And this methodology has to match the stages of their development, has to match the specific features of the organization and [inaudible] has to match their operating efficiency. Please go ahead. And we do recall that this trend actually happened in Q1 in 2020. : +7 495 739-37-77, fax: +7 495 739-23-32 ET. We expect the proportion of K-12 revenue will continue to expand as our main source of revenues. Going forward, all K-12-related services will be solely provided by Gaotu Ketang brand. The increase in first-time users was primarily driven by our effective investments in sales and marketing efforts. Thanks, Mengi. In US . We want to help our students to like us to believe the education, and they have more motivations. Gaotu Ketang fully combines and streamlines our instructors and tutor teams, service standards, products and technologies. Since the September of this year, Genshuixue and Gaotu Ketang, these two keto brands have integrated into new Gaotu Ketang. Because like for pushing online like for the whole team that the founder and the management team may have a very deep experience in education industry. Thanks. Yes! With that, full year operating cash flow contributed CNY 1.7 billion. And this enrollment contributed by retention basically has no investment in sales and marketing activities. And not to mention of them went to other companies in the industry. Thanks, Mr. Kim. And those can be figured out in how we recruit talent, how we encourage people and how we kick out people. In addition, a live and archived webcast of this conference call will be available on GSX investor relations website at Number two, what is average size of the class in Q3? So in the summer, we witnessed quite a few companies, they just gave up the summer semester because, as I just mentioned earlier, this summer vacation is a lot shorter compared to prior years. Net operating cash outflow for the third quarter of 2020 was CNY 608 million. First, for the teaching quality. Expenses for branding activities were approximately CNY 58 million and the remaining expenses cover labor, servers, bandwidth etc. Your next question comes from Alex Xie of Credit Suisse. From various channels' feedback, our ROI was still ahead of the industry. That's also because of the seasonality I mentioned. And also that can partially address your second question about the ROI for the sector. And right now, it's already become the top one in our company. Regardless of the intense competition today, we still see vast potential in the online education industry and are fully prepared to explore all possibilities based on the solid foundation that we have built over the past years. Online education is a labor-intensive and talent-intensive industry and the leading companies have to manage and serve a huge number of employees. And your second question about the average size of class. After submitting your request, you will receive an activation email to the requested email address. Of course, with the advancement of technology, we can solve some of the basic needs of students through systems and AI then various other requirements and personalized demand will be better matched by technology. Ms. Linda Bergkamp Phone: +1-480-614-3004 Email: Your next question comes from Mark Li of Citi. Non-GAAP gross profit margin, which excludes share-based compensation, increased by around 260 basis points year-over-year to 75%. Good evening management. OK. And also, we had a top-notch visual design team to improve our teaching materials in order to enhance the interaction experience. Our net revenues for the fourth quarter are projected to be between CNY 2,076 million and CNY 2,116 million, representing an increase by 122% to 126% on a year-over-year basis. And we strived for 3% to 5% better on each link of the long value chain. I would like to receive Nasdaq communications related to Products, Industry News and Events.You can always change your preferences or unsubscribe and your contact information is covered by our Privacy Policy. Thank you very much. Investor Relations Corporate Profile. OK. And with them, we have also comprehensively upgraded our primary school curriculum to provide both learning capability-oriented and result-driven course system to students and parents. We all know GSX has been through a lot of things this year and the pandemic and also we were attacked by a lot of short sellers and both being in the dark place, but now our core management team has led the company voluntarily, except for health reason or turn back to families. When people talk about online education, we say they are the top core companies. And so we have emphasized a lot of times that the online education has a really long service trend, and we need to do better. Compared with the previous periods, your ROI is declining. Thanks. So that's one thing we did very importantly in the summer. Lastly, about the future product mix. So with all the improvements we made, we see significant improvement on our primary schools retention rate, even though in the -- just retention period end in the fall, we do see like the retention rate from our primary school sectors increased both on a year-over-year basis and quarter-over-quarter basis. And also, although we have a single quarter of net loss, but if we look at across the whole year, we still have confidence that we have a very competitive operating margin. However, if we look at, in the long term, the industry position will become more clear after the competition and companies with low operational efficiency will accelerate their cash burning speed. So that's why when we think about how to retain a new student in the platform for a longer time. nodes[i].dataset.subscription : nodes[i].getAttribute('data-subscription'); if(status ==='true') {nodes[i].checked = true;}}};var nodes = document.querySelectorAll('#form1783 select[data-value]'); if (nodes) { for (var i = 0; i < nodes.length; i++) { var node = nodes[i]; var selectedValue = node.dataset ? Paid course enrollments for our foreign language, professional and interested courses increased by 79% year-over-year to 1,010,000. I would like to turn the conference back over to Sandy Qin for any closing remarks. After submitting your request, you will receive an activation email to the requested email address. Then if something substantially happen, we will make an announcement. We are committed to constantly providing better and more customized learning experiences for parents and students. Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain.

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