TAL Education Group

Ladies and gentlemen, good day, and thank you for standing by. Welcome to TEL Education Group's fiscal 2025 third 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 today's conference is being recorded. I would now 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 third 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, Mr. Peng and Mr. 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 set of provisions of the U.S. Private Security 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 not-get measures to the most directly comparable get measures. I'd like to turn the call over to Mr. Alex Peng. Alex, please go ahead.

Thank you, Fang. And I'd also like to thank all of you for joining today's conference call. I'll provide an overview of our business progress and financial performance for the third quarter of fiscal year 2025, followed by Jackson's review of our operational advancements and key business results. Then I'll finish up with a brief update on our future strategy and outlook. We remain committed to delivering high-quality learning experiences and services throughout the last fiscal quarter. more students and parents are choosing our products and services to enhance their children's daily learning. These users provide valuable feedback throughout their journey with TAO, empowering our ongoing innovation as we refine product features and formats based on actual user needs. As always, We aim to improve the learning experience and support students' holistic development. This quarter, we provided more engaging learning experiences through our learning services programs. Both our offline and online enrichment learning programs continued to receive positive feedback from users, reflecting the quality of our products and services. Our enrichment learning programs are designed to elevate learners' abilities, fostering well-rounded development across a range of competencies. As we recognize that true learning extends beyond just acquiring knowledge, at Powell, we prioritize the growth of skills such as reading comprehension, critical thinking, problem solving, and quantitative reasoning. these competencies equip learners with the tools to navigate real-world challenges. We believe this product market fit positioning aligns with the needs of a new generation of parents who are seeking in-depth, cross-disciplinary educational opportunities for their children. So take our Pay You Enrichment small classes as an example. Market demand for enrichment learning and our consistent delivery of high-quality services drove continued growth of this business line during the fiscal quarter. For content solutions, we remain dedicated to creating and curating high-quality content that supports our users' diverse learning journeys. Our goal is to empower learners and enrich their learning experience with inspiring and impactful resources that enable them to thrive. So this quarter, we continue to refine our content solutions product offerings and bolster our go-to-market strategies. In late August 2024, we launched a new learning device, the Xbox. a tablet targeting customers with practice-focused learning needs. It features a color e-paper display with three modes, learning, practicing, and reading. We received some initial user feedback on the product this quarter, and we're pleased to report that it has proven to be a valuable tool in practice-focused learning scenarios. Our efforts to enhance our product capabilities are yielding positive results for the learning device business. Key metrics such as weekly active rates and average weekly usage time for the entire user base remain stable and healthy as our product lineup and user base continue to expand. the average weekly active rate for our entire learning device user base was at around 80% with an average daily user time of one hour per device throughout the quarter. What's more, over half of these active users engaged with the device for five or more days per week. In addition to these achievements, Our expat recently received a twice PIX award at the Consumer Electronics Show 2025. This annual award recognizes the year's influential consumer technologies, underscoring expat's market recognition and innovative features. Execution across services and products continues to drive our financial growth. our net revenues for the quarter reached $606.4 million, or 4,323.2 billion RMB, reflecting year-over-year growth of 62.4% and 59.2% in U.S. dollar and RMB terms, respectively. our non-GAAP loss from operations and non-GAAP net income attributable to TEL stood at 1.9 million US dollars and 38.6 million US dollars respectively. So with that overview, I'll turn the call over to Jackson to discuss the operational advancements we've made in our core business volumes and review our financial performance for the third physical quarter. Jackson, over to you.