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    Elsie Sheng

    Senior Equity Analyst at CLSA Limited

    Elsie Sheng is a Senior Equity Analyst at CLSA Limited, specializing in Asia-Pacific consumer and education sectors with coverage of companies such as New Oriental Education & Technology Group Inc and HK:9633. She consistently delivers high-performing investment research, maintaining a 78% success rate and an average return of 6.90% per transaction according to TipRanks, and currently holds a 3.25-star rating on the platform. Starting her analyst career at KGI Asia Ltd., Sheng subsequently worked at Morgan Stanley Asia Ltd. before joining CLSA in late 2022, evidencing a progression through leading regional and global financial institutions. Her professional credentials include coverage on major platforms and active participation in earnings calls, though specific securities licenses are not publicly disclosed.

    Elsie Sheng's questions to Gaotu Techedu (GOTU) leadership

    Elsie Sheng's questions to Gaotu Techedu (GOTU) leadership • Q2 2025

    Question

    Elsie Sheng of CLSA Limited inquired about the latest developments in Gaotu's offline business, asking for updates on operating metrics, ramp-up progress, and future growth targets for the segment.

    Answer

    CFO Shannon Shen explained that the offline business is a key growth driver, with revenue up over 20% year-over-year and contributing more than 5% to gross billings in Q2. Shen highlighted that the model leverages in-person trust-building, existing online content, strong brand recognition, and headquarters' support for digital infrastructure. She noted that established centers are seeing positive word-of-mouth referrals and improving retention rates, giving management confidence in the model's scalability and its role in enriching the company's overall product mix.

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    Elsie Sheng's questions to Gaotu Techedu (GOTU) leadership • Q2 2025

    Question

    Elsie Sheng of CLSA Limited inquired about the latest developments in Gaotu's offline learning centers, asking for updates on operating metrics, ramp-up progress, and future growth targets for this segment.

    Answer

    CFO Shannon Shen responded that the offline business is a new growth engine, with revenue growing over 20% year-over-year and contributing over 5% of gross billings in Q2. Shen attributed this success to building deeper trust with students through in-person interaction, leveraging existing online content to accelerate quality improvements, and capitalizing on strong brand recognition. She noted that the business model is being validated and enriches the company's overall product matrix by serving diverse student needs.

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    Elsie Sheng's questions to New Oriental Education & Technology Group (EDU) leadership

    Elsie Sheng's questions to New Oriental Education & Technology Group (EDU) leadership • Q4 2025

    Question

    Elsie Sheng from CLSA Limited requested color on summer student recruitment, including new student enrollment growth and retention rates. She also asked if the company observed any changes in customer demand.

    Answer

    Stephen Zhihui Yang, Executive President & CFO, noted that demand is slightly weaker than previously expected due to the macroeconomic situation but remains solid for the K-12 business. He confirmed that retention rates for both K-9 and high school businesses are still improving. Final summer enrollment numbers will be shared next quarter as the recruitment period is ongoing.

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    Elsie Sheng's questions to New Oriental Education & Technology Group (EDU) leadership • Q4 2025

    Question

    Elsie Sheng from CLSA Limited asked for an update on summer student recruitment, focusing on new student enrollment growth, retention rates, and any observable shifts in customer demand.

    Answer

    Stephen Zhihui Yang, Executive President & CFO, observed that demand is slightly weaker than previously expected due to the macroeconomic climate, but the overall industry remains healthy. He confirmed that retention rates for the K-9 and high school businesses continue to improve. He did not provide specific summer enrollment figures, as the season was not yet complete.

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