TAL Education Group

Ladies and gentlemen, good day, and thank you for standing by. Welcome to tele-education group's fiscal 2025 first quarter earnings conference call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question and answer session. Please be informed that today's conference is being recorded. And I'd like to hand the conference over to Ms. Fang Liu, investor relations director. Thank you. Please go ahead.

Thank you all for joining us today for TAO Education Group's first quarter fiscal year 2025 earnings conference call. The earnings release was distributed earlier today, and you may find a copy on the company's IR website or through the newsreels. During this call, you will hear from Mr. Alex Peng, President and Chief Financial Officer, and Mr. Jackson Ding, Deputy Chief Financial Officer. Following the prepared remarks, Mr. Peng and Mr. Ding will be available to answer your questions. Before we continue, please note that today's discussion will contain four looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include but are not limited to those outlined in our public filings with the SEC. For more information about these risks and uncertainties, please refer to our filings with the SEC. Also, our earnings release and this call include discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures. I would like to turn the call over to Mr. Alex Peng. Alex, please go ahead.

Thank you, Fang. I'd also like to thank all of you for participating in today's conference call. During this call, we'll discuss our financial performance and business progress and review some key results for the first quarter of fiscal year 2025. Following that, I'll briefly update you on our business strategy outlook. So throughout the fiscal quarter, we remain dedicated to operating and managing our core business lines while actively exploring new initiatives and capitalizing on emerging opportunities. First, we further refined our online and offline offerings within our learning services businesses to better meet user preferences. In the physical quarter, we further expanded our learning center network strategically for our PayU enrichment learning programs at a measured pace. Our focus on product offerings and operational capabilities has resulted in sustained user value creation through our products and services. Our endeavor is reflected in feedback from our learners and their parents, and is also reflected by our operating metrics, such as retention rates. For our content solutions, we are committed to continuously upgrading our hardware, software, and content of our learning devices to meet the needs of our users. During the quarter, we remained focused on developing our learning device product offerings and go-to-market capabilities to serve more learners with our high-quality learning resources. We integrated learning content, AI technology, quality hardware and software into our content solutions to deliver better learning experiences for learners. As our proprietary math GPT large language model evolves, the AI-driven features incorporated into our learning devices provide learners with accessible and reliable learning aids. As a result of our product capabilities, we've witnessed a steady level of user engagement for our learning devices on an expanded user base. Our learning devices empower children to engage in self-directed learning, enabling their personal development. Efforts such as the above are driving our financial growth, our net revenues, or 414.2 million US dollars or 2.99 billion RMB for the quarter, representing year over year increases of 50.4%, 50.4% and 56.9% in US dollar and RMB terms respectively. Our non-GAAP income from operations a non-GAAP net income attributable to TAO for the quarter or 0.9 million US dollars and 29.6 million US dollars respectively. So with that overview, I will hand the call to Jackson for an update on some of the operational advancements we've made in our core business lines and to review our financial performance for the first physical quarter. Jackson, please go ahead.