- Recorded a first-ever goodwill impairment charge of RMB33.9 million ($4.8 million) in FY2025, reducing goodwill from RMB196.3 million to RMB162.4 million. The impairment was triggered by a material decrease in projected long-term revenue growth rates for both the overseas art study services and other educational services reporting units relative to assumptions used at the 2019 Huanqiuyimeng acquisition date, using a 20% discount rate and 3% terminal growth rate. This charge, along with a RMB1.7 million bad-debt provision, drove the net loss to RMB48.1 million ($6.7 million), up from RMB36.1 million in FY2024; excluding these items, the net loss would have narrowed by RMB23.7 million year-over-year.
- In September 2025, disposed of its entire equity interest (originally 8.33%, diluted to approximately 4.4% through successive EEO Group financings) in EEO Group, a Cayman Islands holding company acquired in 2019 for RMB38 million, for USD 7,047,163 (approximately RMB49.0 million), recognizing a gain of approximately RMB11.9 million. This was the company's last remaining long-term investment on the balance sheet. Separately, the company completed the disposal of all junior art education business in October 2024 (classified within the other educational services segment) and transferred 100% of Jinan Nuobi (acquired from President Jun Zhang in August 2023) to a third party at nil consideration in October 2024, and transferred a 30% equity stake in a new company (invested March 2025) to a third party in November 2025.
- Transferred its ADS listing from the Nasdaq Global Market to the Nasdaq Capital Market effective May 19, 2025, following a November 27, 2024 deficiency notice for failing the $10 million stockholders' equity requirement. The company also received a minimum bid price deficiency notice on May 9, 2025 (ADS closed below $1.00 for 30 consecutive business days) but regained compliance by August 7, 2025. ADS prices during FY2025 ranged from $0.71 to $2.58 on Nasdaq.
- Total net revenues were flat at RMB268.1 million ($38.3 million) with 4,127 students enrolled (56.6% in portfolio training). The revenue mix shifted: portfolio training revenue declined 5.7% to RMB187.9 million while research-based learning grew 31.3% to RMB19.6 million and overseas study counselling grew 11.1% to RMB35.9 million. During 2025, the company operated overseas programs including the UAL Summer School, the Berklee Music Performance Summer Program in Boston, and an August Ivy League Art Campus Tour visiting 10 universities and arts institutions including Harvard and Yale. The company operated 19 training centers across 18 Chinese cities and reduced its headcount from 599 to 489 employees over the year.
- In September 2025, subsidiary Beijing Miusi entered a three-year commercial loan facility with Huaxia Bank Co., Ltd. for up to RMB22 million (weighted average interest rate 2.44%), pledged by real estate owned by the WFOE; RMB16.0 million was drawn down during FY2025, with RMB1 million due in 2026 and RMB15.0 million thereafter. As a subsequent event, in January 2026 the company completed a registered direct offering of 11,067,547 ADS to three purchasers at $0.8 per ADS, raising approximately $8.85 million in gross proceeds for general working capital, and completed the required CSRC filing under the Overseas Offering and Listing Measures. Cash and cash equivalents at year-end were RMB85.2 million ($12.2 million), up from RMB36.5 million, reflecting the EEO Group disposal proceeds and loan drawdowns.
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