Bright Scholar Education Holdings Limited American Depositary Shares, each representing four Class A Ordinary Share

Hello, ladies and gentlemen. Thank you for standing by for Bright Scholar's fourth quarter and fiscal year 2024 earnings conference call. At this time, all participants are in listen-only mode. After management's remarks, there will be a question and answer session. Today's conference call is being recorded. I will now turn the call over to your host from Piacente Financial Communications, Andrea Guo, IR Counsel for the company. Please go ahead, Andrea. Andrea.

Thank you very much. Hello, everyone, and welcome to Brett Scholar's earnings conference call for the fourth quarter and fiscal year 2024. The company's financial and operational results were released earlier today and are available online by visiting the IR section of our website at ir.brettscholar.com. Please note that today's discussion will contend for looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 for looking statements involving inherent risks and uncertainties. As such, the company's results may materially differ from today's views. Further information regarding these and other risks and uncertainties is included in the company's prospectus and other public filings as filed with the USSEC. The company does not assume any obligation to update any forelooking statements, except as required under applicable law. Additionally, Brett Scholar's earnings press release and this conference call include discussions of our antedate gap and non-gap financial measures. Brett Scholar's earnings press release contains a reconciliation of the un-antedate non-gap measures. Please also note that all numbers are in RMB. Participants on today's call will include our Chief Executive Officer, Ms. Robert Niu, who will provide a company overview and update on our strategic initiatives with highlights from the quarter and the fiscal year. Our Chief Financial Officer, Ms. Cindy Zhang, will then provide details on the company's financial results for the period. We'll then open the call for questions. I will now turn the call over to Express Scholars Chief Executive Officer, Mr. Robert Niu. Please go ahead, sir.

Thank you. Hello, everyone, and thank you for joining us on today's call. We both sit with our global business and operations throughout this year, showing up our foundation for future growth. Despite ongoing macro challenges, we drove rapid expansion in our overseas business, delivering continued double-digit year-over-year revenue growth in our overseas schools business for the full fiscal year. Our primary objectives remain laser focused on strengthening our high growth, high return core business. With this focus, I would please to announce that we have completed diverse teacher all non-core business on our complementary education service segment and will be concentrating our efforts on our global recruitment initiatives providing service for students with ambitions to study overseas meanwhile the integration of our headquarters and overseas management team has also helped us with reducing management costs and increase our organizational productivity significantly, allowing the group's strategies to be executed more efficiently at the local level. In FY24, our streamlined global operations led to a 16% reduction year-over-year in HICOMs at our overseas headquarters and a 28% decrease in related costs the upcoming financial year moving into fiscal year 2025 we plan to reinforce two engine growth strategy by focusing on continued expansion of our overseas school business while propelling our global recruitment initiatives for prospective international students this will enable us to drive further expansion and capture more of the sizable market opportunities that will support our sustainable growth over the long term. Now I'd like to share some details from the fourth quarter and fiscal year for each of our business segments. First, as I said, overseas schools sustained solid growth momentum and remain our strongest segment for the fiscal year. Revenue was up 17.5% year over year, accounting for 51% and 54.2% of our total revenue for the fourth quarter and the fiscal year respectively. The ability to achieve exceptional academic outcome is one of the ways we are accelerating enrollment. Our schools continue to foster students' stellar academic performance this year. Proud to share that our CAST Global Schools students achieved outstanding A-level results, with 53% of grades being A star to A, while a remarkable 86.8% of St. Michael's School students' grades were A star to A, propelling the school to a new high ranking of third place in the UK for A-level results in 2024. Moreover, many CGS students successfully gain admissions to their top choice universities, including the University of Cambridge, the University of Oxford, other G5 institutions, and the University of the Arts London. Additionally, CGS students also receive offers from Ivy League schools in the United States. Those noteworthy achievements are a testament to the dedication and diligence experienced by our students and our teachers. Moving forward, we aim to enhance our curriculum further by bringing superior quality teaching resources and sponsoring a collaborative learning environment. Beyond their remarkable academic accomplishments, our students have also excelled in athletics and arts. In the fourth fiscal quarter, three Bournemouth Collegiate Schools graduates secured gold medals at the 2024 Paris Paralympics, matching three golds, one silver and two bronzes. Notably, two of these athletes honed their skills at the sports academy within BCS. In other sports, our Cass Academy Boston is excelling in hockey and basketball, with students representing a broad range of national teams. And in fashion, four of our Cambridge School of Visual Performing Arts students were nominated seven awards at Graduate Fashion Week, the world's largest special arts fashion showcase, sending out about 2,000 entrants and showcasing their impressive talent, and creativity. This exceptional blend of talent highlights our students' diverse strengths and reinforces the importance of holistic education programs that nurture both intelligence and creative pursuits. Looking ahead, we are dedicated to cultivating an environment that forces continued success, inspiring the next generation of leaders across diverse fields. Overall, we are pleased with progress of our overseas school business during the fourth fiscal quarter. Our commitment to provide a premium education that prepares students for success in the global marketplace propels our business growth, accelerating year-over-year increase in enrollment. Moving on to our complementary education services, we saw a 19.7% year-over-year decline in revenue during the fiscal fourth quarter as we continue to wind up low-return and underutilized programs. We have successfully divested our non-core business by the end of this quarter. Looking forward, we aim to drive innovation and enhance service delivery of our global recruitment initiatives to serve more students planning to study abroad. We are expanding our products and services offering on our existing China platform and make these available in more international markets, all while aligning our efforts with our long-term vision and adapting to our dynamic environments. In the fourth fiscal quarter, We also enhanced our senior leadership team to help advance our near-term expansion goals in overseas markets and strengthen our global enrollments. A new principal has joined us to cast Cambridge, plus another highly experienced educator will take over the principal role both within independent schools. In April next year, focusing on curriculum reform and team enhancement to advance the school's development. Additionally, a new general manager will lead our sales and marketing efforts in China. These strategic appointments demonstrate our commitment to building a high-caliber team with international expertise and leadership, promoting student enrollment, engagement, and academic success. as well as the group's long-term growth and development. In summary, our relentless focus on strengthening our high-growth core business in fiscal year 2024 has played us in a strong position to grow this fiscal year. Moving forward, we will continue to advance our dual-engine growth strategy to expand our steady overseas school business and boost our global recruitment initiative. Meanwhile, we will proceed in streamlining our global operations and enhancing efficiencies to align our goals. We are confident that we can capture the extensive growth opportunities in overseas markets that will strengthen our market share and status as a leading global education service provider. With that, I will turn the call over to our CFO, Ms. Cindy Zhang, who will discuss our key financial results. Please go ahead, Cindy.