Together education released the Q3 financial report, and the strategic transformation entered the track of healthy development

The U.S. Stock Research Agency learned that according to Zhitong Financial News, on January 18, 2022, Beijing time, together with education technology (YQ. US) disclosed its financial results for the third quarter of 2021.

According to the financial report, in the third quarter of 2021, the net income of edtech was 496.8 million yuan, an increase of 61.8% year-on-year; the cash income of K-12 online tutoring services (non-GAAP) was 301.6 million yuan, down 34.6% year-on-year.

This means a fundamental success together with EdTech's strategy and business transformation.

After the release of the "double reduction" policy, together with the active transformation of education technology, on the basis of launching a series of combinations of positive compliance, organizational structure adjustment, personnel structure optimization, etc., in the school and outside the school business to find a new direction of profitability, to achieve a new model of healthy development with profit as the goal. For the intramural business, Together Education Technology has rapidly transformed into a SaaS software service provider that focuses on core teaching application scenarios such as homework to help the digital transformation and upgrading of China's basic education, and released the latest operation platform - Together Operation 3.0 version on December 7, 2021, as well as regional and school solutions that take homework as the starting point to implement the national "double reduction" policy

In the third quarter, together with the education technology successfully completed the adjustment of business and organizational personnel, determined the rapid realization of profitable operating direction, the new product direction is also quickly accepted by the market, financial report data show that as of September 30, 2021, together with the education technology cash balance of 1.422 billion yuan, sufficient cash flow can ensure future operation and development. At the same time, in the third quarter of education technology, it also continued to increase investment in research and development and public welfare to help the development of the "Internet + education" industry, which also means that the company has entered a healthier development track.