Overall, the gross profit margin of vocational education remains at a high level. The gross profit margin of vocational education business in Kaiyuan and Hong Tao is as high as 80.03% and 72.30% respectively, and the gross profit margin of academic intermediary business in Kaiyuan is over 90%. Affected by the increase in gross profit margin, the net interest rate of vocational education increased by 2.58pp year-on-year to 18.05%.