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LAIX Inc. Announces Fourth Quarter and Full Year 2020 Unaudited Financial Results

04/27/2021

SHANGHAI, April 27, 2021 /PRNewswire/ -- LAIX Inc. ("LAIX" or the "Company") (NYSE: LAIX), an artificial intelligence (AI) company in China that creates and delivers products and services to popularize English learning, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2020.

Fourth Quarter 2020  Financial and Operating Highlights

  • Gross billings[1] for the fourth quarter of 2020 were RMB171.1 million (US$26.2 million), a 33.4% decrease from RMB257.1 million for the previous quarter and a 50.0% decrease from RMB341.9 million for the same quarter last year.
  • Net revenues for the fourth quarter of 2020 were RMB235.5 million (US$36.1 million), a 1.7% decrease from RMB239.4 million for the previous quarter and a 1.8% increase from RMB231.4 million for the same quarter last year.
  • Gross margin for the fourth quarter of 2020 was 75.4%, compared with 72.9% for the previous quarter and 66.7% for the same quarter last year.
  • Sales and marketing expenses for the fourth quarter of 2020 were RMB150.4 million (US$23.1 million), a 18.9% decrease from RMB185.5 million for the previous quarter and a 43.6% decrease from RMB266.9 million for the same quarter last year.
  • Net loss for the fourth quarter of 2020 was RMB34.7 million (US$5.3 million), compared with RMB70.6 million for the previous quarter and RMB205.6 million for the same quarter last year.
  • Operating cash outflow for the fourth quarter of 2020 was RMB83.3 million (US$12.8 million), compared with RMB53.1 million for the previous quarter and RMB63.9 million for the same quarter last year, primarily due to a decrease in gross billings.
  • Approximately 0.4 million paying users purchased the Company's courses and services for the fourth quarter of 2020, compared with approximately 0.5 million paying users for the previous quarter and approximately 0.7 million paying users for the same quarter last year, primarily attributable to the Company's stringent cost control in user acquisition expenditures.

[1] "Gross billings" for a certain period refer to the total amount of cash received from the sale of course packages in that period net of the total amount of cash refunds paid to users in the same period.

Full Year 2020  Financial and Operating Highlights

  • Gross billings were RMB1,087.1 million (US$166.6 million), a 16.0% decrease from RMB1,294.3 million for the full year of 2019.
  • Net revenues were RMB972.6 million (US$149.1 million), a 4.9% decrease from RMB1,023.2 million for the full year of 2019.
  • Gross margin was 71.5%, compared with 73.3% for the full year of 2019.
  • Sales and marketing expenses were RMB801.4 million (US$122.8 million), a 17.3% decrease from RMB969.4 million for the full year of 2019.
  • Net loss was RMB394.8 million (US$60.5 million), compared with RMB574.8 million for the full year of 2019.
  • Operating cash outflow was RMB302.6 million (US$46.4 million), compared with RMB148.2 million for the full year of 2019, primarily due to a decrease in gross billings.
  • Approximately 2.4 million paying users purchased the Company's courses and services for the full year of 2020, compared with approximately 3.0 million paying users for the full year of 2019, primarily attributable to the Company's stringent cost control in user acquisition expenditures.

Management Comments

Dr. Yi Wang, Chairman and Chief Executive Officer of LAIX, commented, "We saw a steady flow of positive effects on our streamlined operations after the business adjustments began in the second quarter of 2020. This is also reflected in our net loss, which was reduced to RMB34.7 million in the fourth quarter of 2020, a 50.9% decrease from the previous quarter, and is expected to improve further in the first quarter of 2021. Looking ahead, we aim to further execute on our growth initiatives, bring our value proposition to the market and maximize long-term value to all our stakeholders."

Fourth Quarter 2020  Financial Results

Net Revenues

Net revenues for the fourth quarter of 2020 were RMB235.5 million (US$36.1 million), a 1.7% decrease from RMB239.4 million for the previous quarter and a 1.8% increase from RMB231.4 million for the same quarter last year. The quarter-over-quarter decrease was primarily attributable to a decrease in gross billings caused by the Company's stringent cost control in user acquisition expenditures.

Cost of Revenues

Cost of revenues for the fourth quarter of 2020 was RMB57.8 million (US$8.9 million), a 11.0% decrease from RMB65.0 million for the previous quarter and a 25.0% decrease from RMB77.1 million for the same quarter last year. The quarter-over-quarter change was primarily due to the cost control in IT service and the optimization of personnel management.

Gross Profit and Gross Margin

Gross profit for the fourth quarter of 2020 was RMB177.6 million (US$27.2 million), a 1.8% increase from RMB174.5 million for the previous quarter and a 15.1% increase from RMB154.3 million for the same quarter last year.

Gross margin for the fourth quarter of 2020 was 75.4%, compared with 72.9% for the previous quarter and 66.7% for the same quarter last year.

Operating Expenses

Total operating expenses for the fourth quarter of 2020 were RMB215.2 million (US$33.0 million), a 14.6% decrease from RMB252.1 million for the previous quarter and a 41.5% decrease from RMB367.7 million for the same quarter last year. The changes were primarily due to stringent cost control in user acquisition expenditures and the optimization of the operational structure.

Sales and marketing expenses for the fourth quarter of 2020 were RMB150.4 million (US$23.1 million), a 18.9% decrease from RMB185.5 million for the previous quarter and a 43.6% decrease from RMB266.9 million for the same quarter last year. The decrease was primarily due to (i) the Company's stringent cost control in advertising and user acquisition expenditures; and (ii) the decrease in salaries and staff benefits due to the optimization of personnel management.

Research and development expenses for the fourth quarter of 2020 were RMB37.2 million (US$5.7 million), a 18.9% decrease from RMB45.8 million for the previous quarter and a 30.1% decrease from RMB53.2 million for the same quarter last year. The changes were primarily due to the efficiency optimization in personnel management.

General and administrative expenses for the fourth quarter of 2020 were RMB27.6 million (US$4.2 million), a 33.0% increase from RMB20.8 million for the previous quarter, primarily due to a one-off impairment loss on leasehold improvement. The general and administrative expenses decreased by 42.0% from RMB47.7 million for the same quarter last year, primarily due to the efficiency optimization in personnel management.

Loss from Operations

Loss from operations for the fourth quarter of 2020 was RMB37.6 million (US$5.8 million), compared with RMB77.6 million for the previous quarter and RMB211.1 million for the same quarter last year.

Adjusted EBITDA [2]

Adjusted EBITDA for the fourth quarter of 2020 was a loss of RMB21.6 million (US$3.3 million), compared with an adjusted EBITDA loss of RMB55.6 million for the previous quarter and an adjusted EBITDA loss of RMB195.7 million for the same quarter last year.

[2] "Adjusted EBITDA" is a non-GAAP measure, which represents EBITDA before share-based compensation expenses. EBITDA represents net loss before interest, tax, depreciation and amortization. See "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

Foreign exchange related gains/ (losses), net

Foreign exchange gain was RMB3.9 million (US$0.6 million) in the fourth quarter of 2020, compared with a foreign exchange gain of RMB3.0 million for the previous quarter and a foreign exchange gain of RMB1.1 million for the same quarter last year.

Net Loss

Net loss for the fourth quarter of 2020 was RMB34.7 million (US$5.3 million), compared with RMB70.6 million for the previous quarter and RMB205.6 million for the same quarter last year.

Adjusted net loss[3] for the fourth quarter of 2020 was RMB29.9 million (US$4.6 million), compared with RMB61.4 million for the previous quarter and RMB202.3 million for the same quarter last year.

Basic and diluted net loss per ordinary share attributable to ordinary shareholders for the fourth quarter of 2020 was RMB0.70 (US$0.11), compared with RMB1.43 for the previous quarter and RMB4.15 for the same quarter last year.

[3] "Adjusted net loss" is a non-GAAP measure, which excludes share-based compensation expenses. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release.

Full Year 2020  Financial Results

Net Revenues

Net revenues for the full year of 2020 were RMB972.6 million (US$149.1 million), a 4.9% decrease from RMB1,023.2 million for the full year of 2019. The decrease was primarily attributable to a decrease in gross billings caused by the Company's stringent cost control in user acquisition expenditures and the decrease in the number of paying users.

Cost of Revenues

Cost of revenues for the full year of 2020 was RMB277.2 million (US$42.5 million), a 1.4% increase from RMB273.5 million for the full year of 2019. The change was primarily attributable to the increase in content-related costs and salaries and benefits for certain full-time employees due to the expansion of business in the first half of 2020 and partially offset by the decrease in IT service due to the stringent cost control.

Gross Profit and Gross Margin

Gross profit for the full year of 2020 was RMB695.4 million (US$106.6 million), a 7.2% decrease from RMB749.7 million for the full year of 2019.

Gross margin for full year of 2020 was 71.5%, compared with 73.3% for the full year of 2019.

Operating Expenses

Total operating expenses for the full year of 2020 were RMB1,103.1 million (US$169.1 million), a 17.5% decrease from RMB1,336.8 million for the full year of 2019. The changes were primarily due to stringent cost control in advertising and user acquisition expenditures and the optimization of the operational structure.

Sales and marketing expenses for the full year of 2020 were RMB801.4 million (US$122.8 million), a 17.3% decrease from RMB969.4 million for the full year of 2019. The changes were primarily due to the Company's stringent cost control in advertising and user acquisition expenditures and the efficiency optimization in personnel management.

Research and development expenses for the full year of 2020 were RMB190.7 million (US$29.2 million), a 10.8% decrease from RMB213.9 million for the full year of 2019. The changes were primarily due to the efficiency optimization in personnel management.

General and administrative expenses for the full year of 2020 were RMB111.0 million (US$17.0 million), a 27.7% decrease from RMB153.5 million for the full year of 2019, primarily due to the efficiency optimization in personnel management.

Loss from Operations

Loss from operations for the full year of 2020 was RMB407.6 million (US$62.5 million), compared with RMB584.7 million for the full year of 2019.

Adjusted EBITDA

Adjusted EBITDA for the full year of 2020 was a loss of RMB337.5 million (US$51.7 million), compared with an adjusted EBITDA loss of RMB528.7 million for the full year of 2019.

Foreign exchange related gains/(losses), net

Foreign exchange gain was RMB4.7 million (US$0.7 million) for the full year of 2020, compared with a foreign exchange loss of RMB2.5 million for the full year of 2019. 

Net Loss

Net loss for the full year of 2020 was RMB394.8 million (US$60.5 million), compared with RMB574.8 million for the full year of 2019.

Adjusted net loss for the full year of 2020 was RMB365.8 million (US$56.1 million), compared with RMB548.1 million for the full year of 2019.

Basic and diluted net loss per ordinary share attributable to ordinary shareholders for the full year of 2020 was RMB7.99 (US$1.22), compared with RMB11.64 for the full year of 2019. 

Balance Sheet & Cashflows

As of December 31, 2020, the Company's cash, cash equivalents, restricted cash and short-term investments totaled RMB229.6 million (US$35.2 million), compared with RMB327.2 million as of September 30, 2020 and RMB552.6 million as of December 31, 2019. 

Net cash used in operating activities were RMB83.3 million (US$12.8 million) and RMB63.9 million for the three months period ended December 31, 2020 and 2019, respectively, primarily due to a decrease in gross billings. As of December 31, 2020, the Company's total shareholders' deficit was RMB712.6 million (US$109.2 million) and the current liabilities exceeded the current assets by RMB740.2 million (US$113.4 million).

The Company's liquidity to meet its future working capital is based on its ability to enhance user engagement and retention by offering higher quality and diversified courses while optimizing traffic acquisition strategy to efficiently control and reduce user related costs. The Company will further preserve liquidity and manage cash flows by reducing various discretionary expenditure including labor costs and other operating expenses. The Company's liquidity is also based on its ability to obtain capital financing from equity or debt investors. Currently, the Company believes that it has sufficient cash to fund operations for at least the next 12 months with the implementation of the abovementioned measures.

As of December 31, 2020, the Company's deferred revenue and long-term deferred revenue totaled RMB746.2 million (US$114.4 million), compared with RMB823.4 million as of September 30, 2020 and RMB696.0 million as of December 31, 2019.

Director Re-election

Mr. Tiak Koon Loh was re-elected to serve another two-year term as an independent director of the Company, effective immediately.

Outlook

For the first quarter of 2021, the Company currently expects:

  • Net revenues to be between RMB180.0 million to RMB200.0 million, which would represent a decrease of approximately 21.2% to 12.4% from RMB228.3 million for the same quarter last year;

This forecast reflects the Company's current and preliminary view on the current business situation and market conditions, which is subject to change.

Conference Call

The Company's management will host an earnings conference call at 9:00 PM U.S. Eastern Time on April 27, 2021 (9:00 AM Beijing/Hong Kong time on April 28, 2021).

Dial-in details for the earnings conference call are as follows:

United States (toll free):

+1-877-396-2308

International:

+1-647-689-5527

Mainland China:

400-048-6136 or 400-043-3098

Hong Kong:

+852-5803-0358

Conference ID:

6093976

Participants should dial-in at least 10 minutes before the scheduled start time to be connected to the call.

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.laix.com/investors.

About LAIX Inc.

LAIX Inc. ("LAIX" or the "Company") is an artificial intelligence (AI) company in China that creates and delivers products and services to popularize English learning. Its proprietary AI teacher utilizes cutting-edge deep learning and adaptive learning technologies, big data, well-established education pedagogies and the mobile internet. LAIX believes its innovative approach fundamentally transforms learning. LAIX provides its products and services on demand via its mobile apps, primarily its flagship "English Liulishuo" mobile app launched in 2013. On the Company's platform, AI technologies are seamlessly integrated with diverse learning content incorporating well-established language learning pedagogies, gamified features and strong social elements to deliver an engaging, adaptive learning experience. LAIX provides a variety of courses inspired by a broad range of topics and culture themes to make English learning more interesting and is committed to offering a fun, interactive learning environment to motivate and engage its users.

For more information, please visit: http://ir.laix.com.

Use of Non-GAAP Financial Measures

The Company uses adjusted EBITDA and adjusted net loss, each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes.

The Company believes that adjusted EBITDA and adjusted net loss help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that the Company includes in loss from operations and net loss. The Company believes that adjusted EBITDA and adjusted net loss provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management of the Company in its financial and operational decision-making.

Adjusted EBITDA and adjusted net loss should not be considered in isolation or construed as an alternative to loss from operations, net loss or any other measure of performance or as an indicator of the Company's operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted EBITDA and adjusted net loss presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB6.5250 to US$1.00, the rate in effect as of December 31, 2020 published by the Federal Reserve Board.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue" or other similar expressions. Among other things, the Outlook and quotations from management in this announcement, as well as LAIX's strategic and operational plans, contain forward-looking statements. LAIX may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about LAIX's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a variety of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LAIX's goals and strategies; LAIX's future business development, results of operations and financial condition; the expected growth of the education market; LAIX's ability to monetize the user base; fluctuations in general economic and business conditions in China; the potential impact of the COVID-19 to LAIX's business operations and the economy in China and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

LAIX Inc.
Harry He
Investor Relations
Email: ir@laix.com 

The Piacente Group Investor Relations

Brandi Piacente
Tel: +1-212-481-2050
Email: liulishuo@tpg-ir.com

Emilie Wu
Tel: +86-21-6039-8363
Email: liulishuo@tpg-ir.com


 LAIX INC.


 UNAUDITED CONSOLIDATED BALANCE SHEETS


 (Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))












 As of


As of




December 31, 2019


D ece mber 31, 2020




RMB


RMB


US$











 ASSETS








 Current assets:








 Cash and cash equivalents

281,166


137,996


21,149



 Restricted cash

1,816


511


78



 Short-term investments

269,643


91,049


13,954



 Accounts receivable, net

7,360


5,892


903



 Prepayments and other current assets

86,787


58,272


8,931



 Total current assets

646,772


293,720


45,015



 Non-current assets:








 Property and equipment, net

71,637


30,074


4,609



 Investment in equity fund

5,919


5,711


875



 Intangible assets, net

15,541


14,341


2,198



 Operating lease right-of-use assets, net

155,525


82,488


12,642



 Other non-current assets

8,447


5,866


899



 Deferred tax assets

15,336


13,547


2,076



 Total non-current assets

272,405


152,027


23,299



 Total assets

919,177


445,747


68,314











 LIABILITIES 








 Current liabilities:








 Accounts payable 

137,684


83,576


12,809



 Deferred revenue

695,971


689,325


105,644



 Salary and welfare payable

153,969


132,433


20,296



 Tax payable

74,340


77,327


11,851



 Operating lease liability, current

37,009


31,845


4,880



 Accrued liabilities and other current liabilities

15,444


19,382


2,970



 Total current liabilities

1,114,417


1,033,888


158,450



 Non-current liabilities:








 Deferred revenue, non-current 

-


56,905


8,721



 Operating lease liability, non-current

117,124


56,903


8,721



 Other non-current liabilities

12,441


10,614


1,627



 Total non-current liabilities

129,565


124,422


19,069



 Total liabilities

1,243,982


1,158,310


177,519











 Shareholders' deficit








 Class A Ordinary shares

208


212


32



 Class B Ordinary shares

121


121


19



 Subscriptions Receivable from
shareholders

(122)


(201)


(31)



 Treasury Stock

(10,730)


(15,327)


(2,349)



 Additional paid-in capital

1,167,884


1,198,852


183,732



 Accumulated other comprehensive
income

29,483


10,256


1,572



 Accumulated deficit

(1,511,649)


(1,906,476)


(292,180)



 Total shareholders' deficit

(324,805)


(712,563)


(109,205)











 Total liabilities and shareholders' deficit

919,177


445,747


68,314


 

 

LAIX INC. 

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")

except for number of shares and per share data)














Three months ended


Year ended



December 31


September 30


December 31


December 31


December 31



2019


2020


2020


2019


2020



RMB


RMB


RMB

US$


RMB


RMB

US$














Net revenues


231,390


239,426


235,459

36,086


1,023,213


972,628

149,062

Cost of revenues


(77,135)


(64,960)


(57,835)

(8,864)


(273,515)


(277,240)

(42,489)

Gross profit


154,255


174,466


177,624

27,222


749,698


695,388

106,573

Operating expenses:













Sales and marketing expenses


(266,855)


(185,487)


(150,409)

(23,051)


(969,401)


(801,362)

(122,814)

Research and development expenses


(53,182)


(45,828)


(37,182)

(5,698)


(213,866)


(190,711)

(29,228)

General and administrative expenses


(47,672)


(20,772)


(27,632)

(4,235)


(153,507)


(111,004)

(17,012)

Total operating expenses


(367,709)


(252,087)


(215,223)

(32,984)


(1,336,774)


(1,103,077)

(169,054)














Other operating income


2,390


-


-

-


2,390


43

7














Loss from Operations


(211,064)


(77,621)


(37,599)

(5,762)


(584,686)


(407,646)

(62,474)

Other income/(expenses):













Interest income/(expenses)


9,845


85


(230)

(35)


11,283


904

139

Foreign exchange related gains/(losses), net


1,084


2,993


3,857

591


(2,533)


4,671

716

Change in fair value of short-term investment


(5,705)


653


(1,976)

(303)


-


-

-

Other income, net


1,905


3,282


3,084

473


3,055


9,146

1,402














Loss before income taxes expenses


(203,935)


(70,608)


(32,864)

(5,036)


(572,881)


(392,925)

(60,217)

Income tax expenses


(1,635)


(27)


(1,818)

(279)


(1,900)


(1,902)

(291)














Net loss


(205,570)


(70,635)


(34,682)

(5,315)


(574,781)


(394,827)

(60,508)














Net loss attributable to LAIX Inc.'s ordinary
shareholders


(205,570)


(70,635)


(34,682)

(5,315)


(574,781)


(394,827)

(60,508)

 

 

LAIX INC.


UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS


(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")


except for number of shares and per share data)






Three months ended


Year ended




December 31


September 30


December 31


December 31


December 31



2019


2020


2020


2019


2020



RMB


RMB


RMB

US$


RMB


RMB

US$














Net loss


(205,570)


(70,635)


(34,682)

(5,315)


(574,781)


(394,827)

(60,508)

Other comprehensive (loss) /income













—Foreign currency translation
adjustment, net of nil tax


(7,213)


(13,104)


(12,514)

(1,918)


13,165


(19,227)

(2,947)

Comprehensive loss


(212,783)


(83,739)


(47,196)

(7,233)


(561,616)


(414,054)

(63,455)














Net loss per Class A and Class B
ordinary shares













—Basic and Diluted


(4.15)


(1.43)


(0.70)

(0.11)


(11.64)


(7.99)

(1.22)

Weighted average number of Class A
and Class B ordinary shares used in per
share calculation













—Basic and Diluted


49,581,163


49,465,337


49,557,682

49,557,682


49,364,429


49,430,696

49,430,696















 

 

LAIX INC.

Reconciliation of GAAP and Non-GAAP Results

(Amount in thousands of Renminbi ("RMB") and US dollars("US$")

except for percentage data)














Three months ended


Year ended


December 31

2019


September 30
2020


December 31

2020


December 31

2019


December 31

2020


RMB


RMB


RMB

US$


RMB


RMB

US$













Net loss

(205,570)


(70,635)


(34,682)

(5,315)


(574,781)


(394,827)

(60,508)

Add:












Share-based compensation expenses

3,233


9,260


4,752

728


26,683


29,027

4,449

Depreciation of property, plant and equipment
and amortization of Intangible assets

7,962


5,853


6,322

969


21,587


27,303

4,184

Amortization of prepaid interest expense and
service fees to loan companies

3


-


-

-


304


-

-

Impairment loss

6,857


-


-

-


6,857


-

-

Income tax expenses

1,635


27


1,818

279


1,900


1,902

291

Subtract:












Interest (income)/expenses

(9,845)


(85)


230

35


(11,283)


(904)

(139)

Adjusted EBITDA

(195,725)


(55,580)


(21,560)

(3,304)


(528,733)


(337,499)

(51,723)













Net loss

(205,570)


(70,635)


(34,682)

(5,315)


(574,781)


(394,827)

(60,508)

Add back:












Share-based compensation expenses

3,233


9,260


4,752

728


26,683


29,027

4,449

Adjusted net loss

(202,337)


(61,375)


(29,930)

(4,587)


(548,098)


(365,800)

(56,059)

 

 

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SOURCE LAIX Inc.

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