TAL Education Group

Ladies and gentlemen, good day and thank you for standing by. Welcome to Tele-Education Group's fiscal 2025 second quarter conference call. At this time, all participants are in 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 TEL Education Group's second 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 news wires. 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, Ms. Peng and Ms. Ding will be available to answer your questions. Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forelooking 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. In this call, we'll discuss our financial performance and business progress for the second quarter of fiscal year 2025. We will also review some key business results. Afterwards, I'll provide a brief update on our business strategy outlook. In the past fiscal quarter, we consistently refined our services and experiences for users. generating societal value through our dedication to customer experience. At the same time, our business is experiencing sustained growth, not just by building our teams or opening new learning centers, but through a broader ongoing development that reflects our long-term vision. Our focus on innovation user engagement, and service excellence has resulted in sustained user value creation through our various products and services. In alignment with our strategic objectives, our core businesses have maintained their course of operations. Next, let's talk about our performance for the second quarter of fiscal year 2025. Throughout this quarter, we continue to enhance our core businesses while actively exploring new growth opportunities. While exploring and investing in additional opportunities and long-term strategic capabilities, we also maintained a focus on operational efficiency and sustainability. We continuously adjust our resource allocation to ensure a balanced approach between growth and operational efficiency. Our learning services continue to develop steadily, empowering learners through our offline and online enrichment learning programs. This progress reflects our commitment to high-quality service and expansion of our operational capacity. We continue to take a dynamic approach in managing our learning center expansion plan, evaluating several factors such as market demand in each area, user acceptance of our products, our operating capability, and efficiency. So in line with our strategic objectives, our online enrichment learning business remain on track. we continue to innovate in response to the evolving landscape and changing user behaviors in the online learning sector. Over recent years we have introduced a range of new offerings designed to provide an efficient and engaging digital learning experience for our customers. For learning devices, We expanded our product offerings to reach a broader audience, making it easier for more users to find learning solutions tailored to their individual needs. Our goal is to motivate learners on their self-learning journeys at home by leveraging smart features and comprehensive resources integrated into our devices. So with that goal in mind, We further upgraded our hardware and software this quarter, enhancing the content library, upgrading the reading section, and adding practical smart features to create a more immersive and engaging online learning experience. In August, we launched a lower ASP device that serves students' learning needs as well as practice needs. We call it Xbook. which has begun to gain market acceptance. Efforts like these are driving our financial growth. Our net revenues were 619.4 million U.S. dollars, or 4,473,000,000.9 RMB for the quarter. representing year-over-year increases of 50.4% and 50.8% in U.S. dollar and RMB terms, respectively. Are non-GAAP income from operations and non-GAAP net income attributable to TAL for the quarter, or $64.5 million U.S. dollars and $74.3 million U.S. dollars, respectively? So with that overview, I'll now hand the call over to Jackson, who will provide an update on the operational advancements we've made in our core business life. He will also review our financial performance for the second physical quarter. Jackson, over to you.