TAL Education Group

Ladies and gentlemen, good day and thank you for standing by. Welcome to TEL Education Group's Fiscal 2026 First Quarter Earnings Conference Call. At this time, all participants are in a 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 first quarter fiscal year 2026 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 discussions will contain forward-looking statements made under the safe harbor provisions of the U.S. 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. These 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. I'll begin with an overview of our business developments for the first quarter of fiscal year 2026. Following this, Jackson will cover operational developments and financial results. And to wrap it up, I'll share updates on our strategic priorities. As we enter this fiscal year, we remain focused on executing our strategic priorities while strengthening the foundation for future development. As always, we aim to improve the learning experience and support students' holistic development. Our efforts in the first quarter reflect this commitment. So let me outline our core business performance for this fiscal quarter. To start, Learning Services achieved a steady growth trajectory across both offline PayU programs and online enrichment offerings. We strategically expanded our PayU Learning Center network at a measured pace, primarily reinforcing our presence in cities where our services are already established. our discipline expansion and ongoing commitment to product quality consistently deliver value to our users, earning the satisfaction from parents and healthy retention. Guided by our strategic objectives, our online enrichment learning progress steadily with product refinements that feature new, smart, interactive experiences. This technology-empowered approach offers a more appealing and personalized learning journey, helping sustain user engagement and fostering greater interest in learning. In addition to our learning services, we continue to support users with motivating and impactful tools and resources through our content solutions. In education, we often reference the impossible triangle, which is the ability to provide high-quality teaching, personalized learning journey, and affordable costs at scale. Traditional models rarely deliver all three simultaneously. Driven by the goal of addressing this longstanding challenge, we've been strategically focused on AI-powered learning devices over the past two years. Our approach is twofold. First, we're expanding high-quality content offerings by leveraging years of accumulated resources to reach an even broader group of users. And second, we're adding practical and smart features to make the learning experience more immersive and engaging. we've enhanced the personalized learning experience by integrating multimodal interactions with AI across multiple touchpoints, delivering real-time feedback, grading, and tailored explanations and guidance. So building on the strategic direction, we further expanded our product lineup in this quarter, providing learning solutions tailored to diverse user needs. In May, we launched three new models, the P4, S4, and T4, across different price tiers. These new models further enriched our learning device portfolio, providing users with better content, more enhanced AI capabilities, while enabling us to reach a broader user base. With that operational context, let me briefly touch on our financial performance for this quarter. In the first quarter, we recorded net revenues of $575 million, or 4.2 billion RMB, reflecting year-over-year growth of 38.8% and 39.4% respectively. On a non-GAAP basis, income from operations was 25.1 million US dollars, while net income attributable to Tao reached 42 million US dollars. Now, I'll turn the call over to Jackson. to discuss our operational execution and detailed financial performance for this quarter. Jackson, please go ahead.