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Yishan (Crystal) Li

Research Analyst at China Merchants Securities

Hong Kong

Yishan (Crystal) Li is an Equity Research Analyst at China Merchants Securities, specializing in equity research with a focus on companies such as Gaotu Techedu and Vipshop Holdings. She provides coverage for these firms and has made investment recommendations—for example, upgrading Vipshop Holdings to Buy—in recent years. Li joined China Merchants Securities (HK) Co., Limited as a licensed representative advising on securities in August 2018, following a career in financial analysis and research. She holds a Hong Kong SFC Representative license and is recognized for sector expertise, though metrics show a 50% success rate and a 1.55-star analyst rating on TipRanks.

Yishan (Crystal) Li's questions to Gaotu Techedu (GOTU) leadership

Question · Q2 2025

Yishan (Crystal) Li from China Merchants Securities asked for more details on summer enrollment performance and the company's full-year growth outlook, considering the strong first-half results and Q3 guidance.

Answer

CFO Shannon Shen reported that summer enrollment exceeded expectations, driven by improved teaching quality and retention rates. She highlighted a significant increase in sales and marketing ROI to 2.75%, up from 1.99% a year prior, attributing the gains to diversified acquisition channels and the company's 'Always AI' strategy, including a new 'tri-teacher model'. Given that year-over-year revenue growth for the first nine months is projected to exceed 40%, Shen confirmed that the company is raising its initial full-year growth target from the original 30%.

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Question · Q2 2025

Yishan (Crystal) Li from China Merchants Securities asked for more details on summer enrollment performance and industry insights, and also questioned how to view the full-year growth outlook given the strong first-half results and Q3 guidance.

Answer

CFO Shannon Shen explained that summer enrollment exceeded expectations, driven by improved teaching quality and retention rates. She highlighted a significant gain in operational efficiency, with selling expense ROI increasing to 2.75% from 1.99% year-over-year. Shen also credited their 'Always AI' strategy and new 'tri-teacher model' for these gains. Regarding the full-year outlook, she stated that with projected revenue growth for the first nine months exceeding 40%, the company is raising its initial full-year growth target of 30%.

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