TAL Education Group

Ladies and gentlemen, good day and thank you for standing by. Welcome to Talent Education Group's fourth quarter and fiscal year 2026 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on a touch-tone phone. To withdraw your question, please press star, then 2. Please be informed, today's conference is being recorded. I would 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 fourth quarter and 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 Ms. 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. Our earnings relief and this call include discussions of certain non-GAAP financial measures. Please refer to our earnings relief, 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. And thanks to all of you for joining today's conference call. As we reflect on fiscal year 2026, it is worth stepping back to consider the progress we've made over the past several years. That progress has been built on more than two decades of experience in education, along with continuing investment in our capabilities and innovation. Together, these efforts have enabled us to continuously refine our offerings and better serve the evolving needs of students and society. So with that contact in mind, let me now turn to our learning services business. Learning services business remains our largest revenue contributor. We are committed to delivering quality learning services experiences to our user base. We're also building our content solutions business, including learning devices. These products significantly expand the accessibility and customer reach of our proprietary and third-party content. They work alongside our learning services to create a more integrated learning experience, driving longer, deeper, and stronger user engagement. Beyond our domestic operations, we also expanded into select international markets. leveraging our R&D capabilities and operational know-how to serve educational needs globally. While our businesses are at different stages of maturity, we are beginning to see meaningful improvement in company-level profitability. This underscores our ability to optimize core operations and build a more efficient operating model. further strengthening our foundation for sustainable growth and long-term value creation. So with that overview, let me walk you through our business progress for the fourth fiscal quarter and full year 2026. Our offline pay you enrichment programs demonstrated continued year-over-year growth in both the fourth quarter and the full fiscal year. Throughout the past year, we've maintained a disciplined and consistent approach to expanding our offline learning center network with a strong focus on service quality, operational health, and sustainable growth. Our expansion decisions are guided by a holistic assessment of factors, including local market demand, receptivity to our offerings, our operational capabilities, and our commitment to maintaining high service quality. This approach supported solid growth and healthy operating performance throughout fiscal year 2026. In our online enrichment learning business, we continue to enhance user experience and service quality through technology. During the fourth quarter and throughout fiscal year 2026, we upgraded key products with richer content and technology-enabled features, creating a more engaging learning experience. Together these efforts strengthened the value proposition of our online enrichment offerings and supported sustained user growth and user engagement over time. Our learning device business achieved year-over-year revenue growth this quarter. In the last couple of quarters, this business has transitioned from its rapid expansion phase toward more moderate growth. We believe product quality and go-to-market capabilities will be critical to this business' long-term success. In March 2026, we introduced the X5 Ultra Classic, a device incorporating enriched content and upgraded AI capabilities. With the X5 Ultra now integrated into our learning devices portfolio, we are positioned to address a broader spectrum of at-home self-directed learning needs. As we expand our install base, our key user engagement metrics remain strong with around 80% weekly active users and an average daily active usage time of about one hour per device. This allows us to serve customers beyond our physical presence and enhance at-home engagement. Next, let me turn to our financial performance for the quarter. In the fourth quarter, our net revenues were $802.4 million, or $5,590,000,000 RMB. representing a year-over-year increase of 31.5% and 25.8% in U.S. dollar and RMB terms respectively. Our non-GAAP income from operations was 82.2 million U.S. dollars and non-GAAP net income attributable to town reached 254.5 million U.S. dollars for the quarter. I will now hand the call over to Jackson, who will provide an update on the operational developments across our core business line and a review of our financial results for the fiscal fourth quarter. Jackson, over to you.