IH vs STRA

IH Core

Annual filing released 2025-04-28 · GPT 6 Luna

Our apps have attracted a user base of 26.47 million average total MAUs in 2024. Our comprehensive suite of innovative and high-quality products include interactive and self-directed apps, offline products and others as well as animated content and derivative offerings. Interactive and self-directed apps represent our core product offerings leveraging our cutting-edge technologies—they are engaging, innovative and fun, designed to stimulate children’s intellectual curiosity, which enable children to develop their cognitive ability in a self-directed, fun and immersive manner, making parents’ lives easier at the same time. Our self-directed apps seamlessly integrate solid content, attractive entertainment features and systematic assessment tools, thereby striking a proper balance between intellectual stimulation and entertainment.

Our Product Offerings We have built an integrated suite of innovative tech-powered, intellectual development products offered to both individual users and organizations that cover childhood development needs in various scenarios. Through our interactive and self-directed online apps, as well as our offline products that stay abreast of the industry trends, we provide superior and efficient child-upbringing experience to parents, and effective and fun experience to children, in China and across the world. Interactive and Self-directed Apps We offer the following interactive online apps catering to the evolving and diversified needs of both individual users and organizations with respect to intellectual development.

STRA Material

Annual filing released 2025-02-27 · GPT 6 Luna

The employer relationships developed by the Education Technology Services segment are an important source of student enrollment for Capella University and Strayer University, and a significant portion of the revenue attributed to the Education Technology Services segment is driven by the volume of enrollment derived from these employer relationships. Education Technology Services also supports employer partners through Workforce Edge, a platform which provides employers a full-service education benefits administration solution, and Sophia Learning, which offers low-cost online general education-level courses recommended by the American Council on Education for credit at other colleges and universities. Industry Background The United States market for post-secondary education is large, fragmented, and highly competitive.

All enrollments attributed to the Education Technology Services segment continue to be attributed to the segment until the student graduates or withdraws, even if his or her employment status changes or if the partnership contract expires. •In 2024, average employer affiliated enrollment as a percentage of USHE average total student enrollment was 29.6% compared to 27.2% in 2023. •Education Technology Services also supports employer partners through Workforce Edge, a platform which provides employers a full-service education benefits administration solution, and Sophia Learning, which offers 60 Table of Contents

IH Core

Annual filing released 2025-04-28 · GPT 6 Luna

Our apps have attracted a user base of 26.47 million average total MAUs in 2024. Our comprehensive suite of innovative and high-quality products include interactive and self-directed apps, offline products and others as well as animated content and derivative offerings. Interactive and self-directed apps represent our core product offerings leveraging our cutting-edge technologies—they are engaging, innovative and fun, designed to stimulate children’s intellectual curiosity, which enable children to develop their cognitive ability in a self-directed, fun and immersive manner, making parents’ lives easier at the same time. Our self-directed apps seamlessly integrate solid content, attractive entertainment features and systematic assessment tools, thereby striking a proper balance between intellectual stimulation and entertainment.

Our Product Offerings We have built an integrated suite of innovative tech-powered, intellectual development products offered to both individual users and organizations that cover childhood development needs in various scenarios. Through our interactive and self-directed online apps, as well as our offline products that stay abreast of the industry trends, we provide superior and efficient child-upbringing experience to parents, and effective and fun experience to children, in China and across the world. Interactive and Self-directed Apps We offer the following interactive online apps catering to the evolving and diversified needs of both individual users and organizations with respect to intellectual development.

STRA Core

Annual filing released 2025-02-27 · GPT 6 Luna

Item 1. Business Overview Strategic Education, Inc. (“SEI,” “we,” “us,” “our,” or “the Company”) is an education services company that provides access to high-quality education through campus-based and online post-secondary education offerings, as well as through programs to develop job-ready skills for high-demand markets. We operate primarily through our wholly-owned subsidiaries, Capella University and Strayer University, both accredited post-secondary institutions of higher education located in the United States, and Torrens University, an accredited post-secondary institution of higher education located in Australia.

Higher Education (“USHE”) Segment Our USHE segment provides flexible and affordable certificate and degree programs to working adults primarily through Capella University and Strayer University (the “USHE Universities”), including the Jack Welch Management Institute MBA, which is a unit of Strayer University. USHE also offers non-degree web and mobile application development courses through Hackbright Academy (“Hackbright”) and Devmountain, which are units of Strayer University. Student Profile The following is a breakdown of students by program level enrolled in the USHE Universities as of the 2024 fall term:

IH Core

Annual filing released 2025-04-28 · GPT 6 Luna

Our apps have attracted a user base of 26.47 million average total MAUs in 2024. Our comprehensive suite of innovative and high-quality products include interactive and self-directed apps, offline products and others as well as animated content and derivative offerings. Interactive and self-directed apps represent our core product offerings leveraging our cutting-edge technologies—they are engaging, innovative and fun, designed to stimulate children’s intellectual curiosity, which enable children to develop their cognitive ability in a self-directed, fun and immersive manner, making parents’ lives easier at the same time. Our self-directed apps seamlessly integrate solid content, attractive entertainment features and systematic assessment tools, thereby striking a proper balance between intellectual stimulation and entertainment.

Our Product Offerings We have built an integrated suite of innovative tech-powered, intellectual development products offered to both individual users and organizations that cover childhood development needs in various scenarios. Through our interactive and self-directed online apps, as well as our offline products that stay abreast of the industry trends, we provide superior and efficient child-upbringing experience to parents, and effective and fun experience to children, in China and across the world. Interactive and Self-directed Apps We offer the following interactive online apps catering to the evolving and diversified needs of both individual users and organizations with respect to intellectual development.

STRA Material

Annual filing released 2025-02-27 · GPT 6 Luna

The employer relationships developed by the Education Technology Services segment are an important source of student enrollment for Capella University and Strayer University, and a significant portion of the revenue attributed to the Education Technology Services segment is driven by the volume of enrollment derived from these employer relationships. Education Technology Services also supports employer partners through Workforce Edge, a platform which provides employers a full-service education benefits administration solution, and Sophia Learning, which offers low-cost online general education-level courses recommended by the American Council on Education for credit at other colleges and universities. Industry Background The United States market for post-secondary education is large, fragmented, and highly competitive.

All enrollments attributed to the Education Technology Services segment continue to be attributed to the segment until the student graduates or withdraws, even if his or her employment status changes or if the partnership contract expires. •In 2024, average employer affiliated enrollment as a percentage of USHE average total student enrollment was 29.6% compared to 27.2% in 2023. •Education Technology Services also supports employer partners through Workforce Edge, a platform which provides employers a full-service education benefits administration solution, and Sophia Learning, which offers 60 Table of Contents

IH Core

Annual filing released 2025-04-28 · GPT 6 Luna

We are a leading provider of tech-powered, intellectual development products in China that is committed to making the child-upbringing experience easier for parents and transforming intellectual development into a fun journey for children. Benefiting from a deep legacy that combines over two decades of experience in the parenthood industry, superior original content, advanced high-tech innovation DNA and research & development capabilities with cutting-edge technologies, we empower parents with tools to make the child-upbringing experience more efficient. Our unique, fun and interactive product offerings stimulate children’s natural curiosity and exploration. With innovative and high-quality products targeting both individual users and organizations, we have built several trusted and well-recognized brands, as well as a massive and loyal user base throughout China and overseas.

Our apps have attracted a user base of 26.47 million average total MAUs in 2024. Our comprehensive suite of innovative and high-quality products include interactive and self-directed apps, offline products and others as well as animated content and derivative offerings. Interactive and self-directed apps represent our core product offerings leveraging our cutting-edge technologies—they are engaging, innovative and fun, designed to stimulate children’s intellectual curiosity, which enable children to develop their cognitive ability in a self-directed, fun and immersive manner, making parents’ lives easier at the same time. Our self-directed apps seamlessly integrate solid content, attractive entertainment features and systematic assessment tools, thereby striking a proper balance between intellectual stimulation and entertainment.

STRA Material

Annual filing released 2025-02-27 · GPT 6 Luna

The employer relationships developed by the Education Technology Services segment are an important source of student enrollment for Capella University and Strayer University, and a significant portion of the revenue attributed to the Education Technology Services segment is driven by the volume of enrollment derived from these employer relationships. Education Technology Services also supports employer partners through Workforce Edge, a platform which provides employers a full-service education benefits administration solution, and Sophia Learning, which offers low-cost online general education-level courses recommended by the American Council on Education for credit at other colleges and universities. Industry Background The United States market for post-secondary education is large, fragmented, and highly competitive.

All enrollments attributed to the Education Technology Services segment continue to be attributed to the segment until the student graduates or withdraws, even if his or her employment status changes or if the partnership contract expires. •In 2024, average employer affiliated enrollment as a percentage of USHE average total student enrollment was 29.6% compared to 27.2% in 2023. •Education Technology Services also supports employer partners through Workforce Edge, a platform which provides employers a full-service education benefits administration solution, and Sophia Learning, which offers 60 Table of Contents

IH Material

Annual filing released 2025-04-28 · GPT 6 Luna

In 2022, we launched iHuman Little Artists where we utilize key point recognition and image segmentation technique based on deep learning to bring kids’ artwork to life by turning it into an animation with a single snapshot, and allowing kids to interact with their on-screen creations, dragging and dropping them into different scenarios and creating unique stories. Our AI-powered content generation technology, represented by iHuman Little Artists, was recognized by the CAC as deep synthesis service algorithm in 2023, positioning us as one of the pioneers in China to engage AI deep synthesis technologies in business activities. In 2023, we upgraded iHumanpedia with an innovative module, AI Talk, an AI-generated content (AIGC) chatbot which can understand and respond to children’s questions and answer with personalized feedback and guidance.

iHuman AI Coding iHuman AI Coding is a structured program developed and designed by our stellar team led by graduates from Tsinghua University. It is designed to foster a scientific mindset and digital literacy for children by blending curated content with innovative, exploratory, interactive, and immersive activities. With a structured, proven curriculum benchmarked against accredited proficiency exams, the program aims to transform kids from coding novices to proficient problem solvers prepared for a digitalized future. By embracing transformative technologies such as AIGC, iHuman became one of the first companies in China to develop and launch a proprietary large language model (LLM), a breakthrough that now powers a comprehensive range of our offerings and elevates our user experience to new heights.

STRA Not tagged

Annual filing released 2025-02-27 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IH Material

Annual filing released 2025-04-28 · GPT 6 Luna

We offer smart devices that assist in the intellectual development process, including smart reading pens and smart writing pens to make intellectual development more productive and fun for children. Our smart devices are designed to be used in tandem with other intellectually stimulating materials of ours, such as books and cards. Our smart reading pens are designed to be used with our reading materials for children. With nearly two decades of development and enhancements, our smart reading pen is more than a click-to-read device. It integrates multiple functions including story-telling, mental arithmetic, phonics practice and record-and-play.

The device provides abundant interactive stories, allowing children to communicate with the storyteller and create their own story plots. In addition, Diandian Storyteller also contains resources, including classic poems, multilingual songs and relaxing lullabies, introducing young children to different arts and cultures while developing a love for storytelling. In 2024, we expanded our smart device lineup with the introduction of the iHuman Pinyin Reader, which is designed to help kids master Pinyin through high-quality content, interactive hands-on experiences, and engaging exercises. The product features catchy pinyin mnemonics to enhance memory retention and offers audio and visual challenges to make learning more engaging. The iHuman Pinyin Reader uses Pinyin as a gateway to introduce nursery rhymes and foundational Chinese classical studies.

STRA Not tagged

Annual filing released 2025-02-27 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IH Material

Annual filing released 2025-04-28 · GPT 6 Luna

In addition, we offer offline products and others that encompass content for intellectual development in physical format, as well as smart devices that augment the effectiveness of our materials. Our intellectually stimulating materials serve both individual users and organizations, covering a broad variety of areas to develop children’s abilities in speaking, critical thinking, independent reading and creativity, and foster their natural interest in traditional Chinese culture. Our smart devices, designed to be used in tandem, further drive the effectiveness of our intellectually stimulating materials. In order to make the most out of our online and offline product development capabilities and premium content to achieve sustainable business growth in the future, we have been and will continue promoting the comprehensive integration of our online and offline products.

We offer smart devices that assist in the intellectual development process, including smart reading pens and smart writing pens to make intellectual development more productive and fun for children. Our smart devices are designed to be used in tandem with other intellectually stimulating materials of ours, such as books and cards. Our smart reading pens are designed to be used with our reading materials for children. With nearly two decades of development and enhancements, our smart reading pen is more than a click-to-read device. It integrates multiple functions including story-telling, mental arithmetic, phonics practice and record-and-play.

STRA Not tagged

Annual filing released 2025-02-27 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IH Material

Annual filing released 2025-04-28 · GPT 6 Luna

Since then, we have been expanding our presence in the field of animation via the Kunpeng and Cosmicrew brands, as well as the newly introduced Rainbow Crew brand. Cosmicrew is a 3D comedic adventure animation series. Each episode of the series takes its young viewers on an adventure-filled journey that inspires curiosity about the animal kingdom and the natural world, while also encouraging them to build wholesome friendships, develop teamwork skills and overcome challenges with determination. The series is a popular animation with a large audience base. It has aired on various national and provincial animation networks and has achieved over 10 billion views online as of the date of this annual report.

We generate our revenues from distributing animated content by licensing out broadcasting rights to TV stations and online video platforms, as well as obtaining a portion of the box office revenues from the animation movies. Additionally, we earn IP licensing fees on our animated content. Data Privacy and Security

STRA Not tagged

Annual filing released 2025-02-27 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IH Material

Annual filing released 2025-04-28 · GPT 6 Luna

In addition, we offer offline products and others that encompass content for intellectual development in physical format, as well as smart devices that augment the effectiveness of our materials. Our intellectually stimulating materials serve both individual users and organizations, covering a broad variety of areas to develop children’s abilities in speaking, critical thinking, independent reading and creativity, and foster their natural interest in traditional Chinese culture. Our smart devices, designed to be used in tandem, further drive the effectiveness of our intellectually stimulating materials. In order to make the most out of our online and offline product development capabilities and premium content to achieve sustainable business growth in the future, we have been and will continue promoting the comprehensive integration of our online and offline products.

We offer smart devices that assist in the intellectual development process, including smart reading pens and smart writing pens to make intellectual development more productive and fun for children. Our smart devices are designed to be used in tandem with other intellectually stimulating materials of ours, such as books and cards. Our smart reading pens are designed to be used with our reading materials for children. With nearly two decades of development and enhancements, our smart reading pen is more than a click-to-read device. It integrates multiple functions including story-telling, mental arithmetic, phonics practice and record-and-play.

STRA Not tagged

Annual filing released 2025-02-27 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IH Material

Annual filing released 2025-04-28 · GPT 6 Luna

Following its success in China, the Cosmicrew animated series has expanded into several global markets, including the United States, the United Kingdom, Australia, and Singapore. The Cosmicrew franchise’s international reach was further extended with the Cosmicrew movie, which, after its premiere in China in 2023, has also been screened in several European countries in 2024. This global expansion not only boosts Kunpeng’s international visibility and brand recognition, but also supports our broader international business strategy, thereby solidifying our presence in key global markets. We further broadened our product lineup with the launch of a new animated series, Rainbow Crew, in October 2024. Rainbow Crew is a spinoff of the Cosmicrew series. In the series, courageous animal characters, led by Rainbow the rabbit, combat dark energy that affects the emotions of Earthlings.

We generate our revenues from distributing animated content by licensing out broadcasting rights to TV stations and online video platforms, as well as obtaining a portion of the box office revenues from the animation movies. Additionally, we earn IP licensing fees on our animated content. Data Privacy and Security

STRA Not tagged

Annual filing released 2025-02-27 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IH Material

Annual filing released 2025-04-28 · GPT 6 Luna

Designed as a one-stop demonstration hub for institutional customers and vendors, the center is organized into six key areas—core content, specialty content, extended services, a multi-functional hall, indoor play spaces, and outdoor activity zones—showcasing our interactive products and innovative approach to supporting early childhood development in an institutional setting. This hands-on experience enables organizations to gain a deeper understanding of how our offerings can seamlessly integrate into their educational environments. For family users, we provide intellectual development materials, such as books and cards that match perfectly with our online products in terms of artistic style, content and intellectual property.

We also offer content-based subscription packages on some of our products. Through such subscription, our users can select specific packages comprising premium content for an indefinite term within the lifecycles of our products, without subscribing for time-based packages. We strategically price our content-based subscription packages within a reasonable range in order to increase user conversion rate and enhance user stickiness. Sales of offline products We generate our revenues from offline products through sales to distribution partners and sales to end users directly. Distribution of animated content and IP licensing

STRA Not tagged

Annual filing released 2025-02-27 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IH Material

Annual filing released 2025-04-28 · GPT 6 Luna

These sales teams sell our offline products to organizations directly and to third-party distribution partners. Individual users can also purchase our offline products through e-commerce and livestream shopping platforms operated by us or third parties. In order to make the most out of our online and offline product development capabilities and premium content to achieve sustainable business growth in the future, we have been and will continue promoting the comprehensive integration of our online and offline products. As part of our integrated approach in managing our offline and online products, we leverage our offline sales network to cross-sell our online products, which allows us to scale our business cost-effectively. We also have promotions where we offer online products with bundle sales of our offline products. Monetization

We also offer content-based subscription packages on some of our products. Through such subscription, our users can select specific packages comprising premium content for an indefinite term within the lifecycles of our products, without subscribing for time-based packages. We strategically price our content-based subscription packages within a reasonable range in order to increase user conversion rate and enhance user stickiness. Sales of offline products We generate our revenues from offline products through sales to distribution partners and sales to end users directly. Distribution of animated content and IP licensing

STRA Not tagged

Annual filing released 2025-02-27 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IH Material

Annual filing released 2025-04-28 · GPT 6 Luna

We monetize through a comprehensive product portfolio. Overall, we have developed diverse revenue streams. We mainly generate revenues from the subscription fees that users paid for the premium content of our online apps. We also generate revenues 77 Table of Contents from the sales of offline products to both individual users and organizations and from broadcasting rights and box office earnings, as well as IP licensing. Our diversified revenue model not only enhances our financial resilience but also aligns closely with our long-term growth strategy. Subscription fees from online apps We attract users with free content on our online apps and convert them into paying users. For most of our online apps, users are provided with free-trial content but need to pay subscription fees to use our premium content. Time-based subscription

Therefore, revenues are recognized net of value added taxes (“VAT”). Online subscriptions The majority of the Group’s online subscription revenue is generated from non-cancellable subscriptions on its various self-directed and interactive applications. The non-cancellable subscription contracts provide customers the access to hosted contents over a contract term. Subscription revenue is recognized ratably over the contract period as the performance obligation is satisfied. The subscription services are sold in short-term periods, typically no more than 12 months. Certain subscriptions have contracts with no fixed duration and are marketed as indefinite term subscriptions.

STRA Not tagged

Annual filing released 2025-02-27 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IH Material

Annual filing released 2025-04-28 · GPT 6 Luna

We offer smart devices that assist in the intellectual development process, including smart reading pens and smart writing pens to make intellectual development more productive and fun for children. Our smart devices are designed to be used in tandem with other intellectually stimulating materials of ours, such as books and cards. Our smart reading pens are designed to be used with our reading materials for children. With nearly two decades of development and enhancements, our smart reading pen is more than a click-to-read device. It integrates multiple functions including story-telling, mental arithmetic, phonics practice and record-and-play.

The device provides abundant interactive stories, allowing children to communicate with the storyteller and create their own story plots. In addition, Diandian Storyteller also contains resources, including classic poems, multilingual songs and relaxing lullabies, introducing young children to different arts and cultures while developing a love for storytelling. In 2024, we expanded our smart device lineup with the introduction of the iHuman Pinyin Reader, which is designed to help kids master Pinyin through high-quality content, interactive hands-on experiences, and engaging exercises. The product features catchy pinyin mnemonics to enhance memory retention and offers audio and visual challenges to make learning more engaging. The iHuman Pinyin Reader uses Pinyin as a gateway to introduce nursery rhymes and foundational Chinese classical studies.

STRA Not tagged

Annual filing released 2025-02-27 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

IH Not tagged

Annual filing released 2025-04-28 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

STRA Material

Annual filing released 2025-02-27 · GPT 6 Luna

The employer relationships developed by the Education Technology Services segment are an important source of student enrollment for Capella University and Strayer University, and a significant portion of the revenue attributed to the Education Technology Services segment is driven by the volume of enrollment derived from these employer relationships. Education Technology Services also supports employer partners through Workforce Edge, a platform which provides employers a full-service education benefits administration solution, and Sophia Learning, which offers low-cost online general education-level courses recommended by the American Council on Education for credit at other colleges and universities. Industry Background The United States market for post-secondary education is large, fragmented, and highly competitive.

All enrollments attributed to the Education Technology Services segment continue to be attributed to the segment until the student graduates or withdraws, even if his or her employment status changes or if the partnership contract expires. •In 2024, average employer affiliated enrollment as a percentage of USHE average total student enrollment was 29.6% compared to 27.2% in 2023. •Education Technology Services also supports employer partners through Workforce Edge, a platform which provides employers a full-service education benefits administration solution, and Sophia Learning, which offers 60 Table of Contents