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    Hanyi Cai

    Vice President and Equity Analyst at CITIC Securities

    Hanyi Cai is a Vice President and Equity Analyst at CITIC Securities, specializing in coverage of major Chinese technology and industrial companies. Over her tenure at CITIC Securities, Cai has provided in-depth research and investment analysis on firms such as Alibaba, Tencent, and BYD, with her recommendations demonstrating a strong track record of accurate earnings predictions and sector insights. She began her career in equity research after completing advanced degrees in economics and finance, previously holding analyst roles at top Chinese investment banks before joining CITIC Securities in 2021. Cai holds the CFA designation and is registered with the China Securities Regulatory Commission, underpinning her analytical work with robust professional credentials.

    Hanyi Cai's questions to Duolingo (DUOL) leadership

    Hanyi Cai's questions to Duolingo (DUOL) leadership • Q2 2025

    Question

    Hanyi Cai of CITIX asked if the slower-than-expected adoption of Duolingo Max was partly due to rapid user growth in China, where the feature is not yet available. She also inquired about the planned areas of investment in the second half of the year, given the implied margin profile in the full-year guidance.

    Answer

    CEO Luis von Ahn acknowledged that rapid growth in China, where Max is unavailable, might be a small factor in Super's outperformance, but he believes the primary reason is simply better execution on the Super plan. CFO Matt Skaruppa detailed that back-half investments are focused on the product, including hiring new graduates and a new team for the Music vertical. He also mentioned a small incremental marketing spend. Skaruppa noted the guided quarterly EBITDA margin trend is consistent with the prior year, where Q2 was the peak.

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    Hanyi Cai's questions to Duolingo (DUOL) leadership • Q2 2025

    Question

    Hanyi Cai of CITIC Securities asked if rapid growth in China, where Max is unavailable, contributed to slower-than-expected Max adoption. She also inquired about investment priorities for the second half of the year, given the implied EBITDA margin in the guidance.

    Answer

    CEO Luis von Ahn acknowledged that strong growth in China could be a small factor but maintained the primary reason for slower Max growth was simply better execution on the Super subscription tier. CFO Matthew Skaruppa outlined back-half investments, including hiring for product development (notably for Music) and incremental marketing spend. He noted the guided quarterly EBITDA margin trend is consistent with the prior year, where Q2 was the peak.

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