TAL Education Group (TAL) 2026 Q2 法說會逐字稿

Ladies and gentlemen, good day, and thank you for standing by. Welcome to TAL Education Group's fiscal 2026 second-quarter earnings conference call. (Operator Instructions) Please be informed that today's conference is being recorded.

女士們、先生們，大家好，感謝你們的耐心等待。歡迎參加好未來教育集團2026財年第二季業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

And I'd like to hand the conference over to Ms. Fang Liu, Investor Relations Director. Thank you. Please go ahead.

接下來，我將把會議交給投資人關係總監方柳女士。謝謝。請繼續。

Thank you, all, for joining us today for TAL Education Group's second-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 Newswire.

感謝各位今天參加好未來教育集團2026財年第二季業績電話會議。盈利報告已於今日早些時候發布，您可以在公司投資者關係網站或透過新聞稿找到副本。

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.

在本次電話會議中，您將聽到總裁兼財務長彭先生和副財務長丁先生的演講。在演講結束後，彭先生和丁先生將回答各位的問題。

Before we continue, please note that today's discussions will contain forward-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.

在繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案安全港條款所作出的前瞻性陳述。前瞻性陳述存在風險和不確定性，可能導致實際結果與我們目前的預期有重大差異。潛在風險和不確定性包括但不限於我們在向美國證券交易委員會提交的公開文件中概述的風險和不確定性。有關這些風險和不確定性的更多信息，請參閱我們向美國證券交易委員會提交的文件。

Also, our earnings release and this call include discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains the reconciliation of the non-GAAP measures to the most directly comparable GAAP measures.

此外，我們的獲利報告和本次電話會議也討論了某些非GAAP財務指標。請參閱我們的獲利報告，其中包含非GAAP指標與最直接可比較的GAAP指標的調節表。

I'd like to turn the call over to Mr. Alex Peng. Alex, please go ahead.

我謹將電話轉交給彭先生。Alex，請​​繼續。

Thank you, Fang, and thank all of you for participating in today's conference call. Over the past years, our focus has been on driving the holistic development of our students. We have consistently invested in products and service enhancements to deliver a quality learning experience while integrating cutting-edge technologies to fuel innovation and advanced learning models. These initiatives have built a solid foundation for long-term sustainable growth.

謝謝方，也謝謝各位參加今天的電話會議。過去幾年，我們一直致力於推動學生的全面發展。我們持續投資於產品和服務改進，力求提供高品質的學習體驗，同時整合尖端技術，推動創新和先進學習模式的發展。這些舉措為長期永續發展奠定了堅實的基礎。

While we are encouraged by this momentum, we recognize the dynamic and competitive landscape. The learning devices market faces escalating competition. And AI-driven learning products continue to reshape education at an unprecedented pace.

儘管我們對這一發展勢頭感到鼓舞，但我們也意​​識到當前情況瞬息萬變且競爭激烈。學習設備市場面臨日益激烈的競爭。人工智慧驅動的學習產品正以前所未有的速度重塑教育。

In navigating these opportunities, we embrace a long-term approach aimed at fortifying our competitive moats and ensuring sustained value creation for both our users and the society. Building our business is analogous to nurturing a tree. It demands patience, long-term commitment, and careful cultivation. Because some of our strategic initiatives are still in early stages, they require ongoing investment.

在掌握這些機會的過程中，我們採取長期策略，旨在鞏固我們的競爭優勢，並確保為我們的用戶和社會創造持續的價值。發展我們的業務就像培育一棵樹。它需要耐心、長期投入和精心培育。由於我們的一些策略性舉措仍處於早期階段，因此需要持續投資。

Consequently, we may face occasional variability and limited visibility in our financial performance due to seasonal demand shifts, competitive pressures, and deliberate resource reallocation. While these factors may cause short-term fluctuations, we remain focused on building the long-term capabilities needed to seize the opportunities in the market.

因此，由於季節性需求變化、競爭壓力和有意的資源重新分配，我們的財務表現可能會出現偶爾的波動和有限的可見性。儘管這些因素可能會導致短期波動，但我們仍專注於建立長期能力，以抓住市場機會。

I will now provide detailed updates, starting with our second-quarter FY 2026 performance. Our learning services achieved growth this quarter, with both our offline Peiyou programs and online enrichment offerings increasing year over year. This underscores our commitment to providing quality learning experiences while expanding our operational capacity.

接下來我將提供詳細的最新信息，首先是2026財年第二季的業績。本季我們的學習服務實現了成長，線下培友課程和線上拓展課程均較去年同期成長。這凸顯了我們在擴大營運能力的同時，致力於提供高品質學習體驗的承諾。

We're continuing to take a disciplined approach in managing our Peiyou learning center network, focusing on long-term sustainability. We evaluate factors such as local market demand, user acceptance of our products, and our operational capabilities and efficiency to ensure service quality. The effectiveness of this approach is reflected in the positive user feedback and key operating metrics, such as retention rates.

我們將繼續採取嚴謹的態度管理我們的培友學習中心網絡，並專注於長期永續發展。我們會評估當地市場需求、使用者對我們產品的接受度以及我們的營運能力和效率等因素，以確保服務品質。這種方法的有效性體現在積極的用戶回饋和關鍵營運指標（如用戶留存率）。

For online enrichment learning, we continuously optimize our services and expand our offerings by launching new programs tailored to diverse user groups. These initiatives aim to provide engaging and interactive experiences, improve learning outcomes, and ultimately create value for our users. At the same time, we've embraced a technology-focused approach to adapt to the evolving market landscape of the online learning sector.

對於線上拓展學習，我們不斷優化服務，並透過推出針對不同用戶群的新課程來擴展服務範圍。這些措施旨在提供引人入勝的互動體驗，改善學習成果，並最終為我們的用戶創造價值。同時，我們採取了以技術為中心的策略，以適應線上學習領域不斷變化的市場格局。

Guided by our strategic objectives, we've continued to integrate updated features, like interactive sessions, personalized guidance, and real-time feedback to improve user engagement. These enhancements have made the learning experience more immersive and effective. The positive feedback we've received from both students and parents has underscored the value of our technology-focused approach.

在策略目標的指導下，我們不斷整合更新的功能，例如互動課程、個人化指導和即時回饋，以提高用戶參與度。這些改進使學習體驗更具沉浸感和有效性。我們從學生和家長那裡收到的正面回饋，凸顯了我們以科技為中心的教學方法的價值。

Alongside our learning, we are advancing our content solutions. Learning devices are a key component of the strategy, offering potential for integrating AI technology into education. Enhancing product capabilities is essential for developing this business. In response to a fast-changing and highly competitive market, we're continuously refining our product design, innovating functionality, and expanding our offerings.

在學習的同時，我們也在推動內容解決方案。學習設備是該策略的關鍵組成部分，為將人工智慧技術融入教育提供了可能。提升產品性能對於發展這項業務至關重要。為了因應快速變化且競爭激烈的市場，我們不斷改進產品設計、創新功能並擴展產品範圍。

We're also dynamically adjusting our business strategies to maintain agile and well-positioned in the sector. Several months ago, we expanded our product portfolio by launching three new models of learning devices. This expansion has allowed us to reach a broader user base while delivering tailored solutions to meet their individual needs.

我們也在動態調整業務策略，以保持敏捷性，並在產業中佔據有利地位。幾個月前，我們推出了三款新型學習設備，擴展了我們的產品組合。此次擴張使我們能夠觸及更廣泛的用戶群體，同時提供量身定制的解決方案來滿足他們的個人需求。

Building on these efforts and strategies, this quarter, our learning device business grew its revenue on both a year-over-year and a sequential basis. By helping students learn well in class, practice well after class, and read well beyond class, our learning devices aim to motivate students to unlock their learning potential while fostering holistic development.

在這些努力和策略的基礎上，本季我們的學習設備業務收入實現了同比增長和環比增長。我們的學習設備旨在幫助學生在課堂上好好學習，在課後好好練習，在課外好好閱讀，從而激勵學生釋放他們的學習潛能，同時促進他們的全面發展。

Our content solutions have evolved into a diversified portfolio that encompasses learning devices, printed digital books, and other content-based physical products and digital resources. This integrated ecosystem reflects our core mission of bringing quality learning resources to a wider audience, overcoming geographical and temporal limitations, and narrowing the gap in access to education. Our ultimate goal is to empower learners to achieve their personal development objectives.

我們的內容解決方案已經發展成為一個多元化的產品組合，涵蓋學習設備、印刷版電子書以及其他基於內容的實體產品和數位資源。這個綜合生態系統體現了我們的核心使命，即為更廣泛的受眾提供高品質的學習資源，克服地理和時間限制，縮小教育機會的差距。我們的最終目標是幫助學習者實現其個人發展目標。

So with that overview, I'd like to turn to our financial performance for the quarter. Our net revenues were USD861.4 million or RMB6.1804 billion for the quarter, representing year-over-year increases of 39.1% and 38.1% in US dollar and RMB terms, respectively. Our non-GAAP income from operations and non-GAAP net income attributable to TAL for the quarter were USD107.8 million and USD135.8 million, respectively.

綜上所述，接下來我想談談我們本季的財務表現。本季我們的淨收入為 8.614 億美元或人民幣 61.804 億元，以美元和人民幣計算，分別年增 39.1% 和 38.1%。本季度，我們來自營業的非GAAP收入和歸屬於TAL的非GAAP淨收入分別為1.078億美元和1.358億美元。

Now, I'll hand the call over to Jackson, who will provide an update on the operational advancements we made in our core businesses. He will also review our financial performance for the second fiscal quarter. Jackson, over to you.

現在，我將把電話交給傑克遜，他將介紹我們在核心業務方面取得的營運進度。他也會審查我們第二財季的財務表現。傑克遜，該你了。

Thank you, Alex. I'm pleased to share some details on the progress we made in the second fiscal quarter across our core businesses. Please note that all financial data for the quarter [have been audited].

謝謝你，亞歷克斯。我很高興與大家分享我們在第二財季核心業務方面取得的進展細節。請注意，本季度所有財務數據均已公佈。[已進行審計]。

During the second fiscal quarter, Peiyou small-class enrichment programs continued its development path. Its year-over-year growth was fueled by higher enrollments, which were supported by the continued expansion of our offline learning center network.

在第二財季，培友小班密集課程持續保持發展動能。其年增率得益於入學人數的增加，而入學人數的增加又得益於我們線下學習中心網絡的持續擴張。

In terms of learning center expansion, we have maintained a dynamic and methodical approach. We struck a balance that allowed us to meet the demand during the summer vacation period while maintaining teaching quality, business sustainability, and operational efficiency. By prioritizing the overall health of the business, Peiyou small class maintained its steady performance.

在學習中心擴建方面，我們一直保持著積極進取、有條不紊的方法。我們找到了一種平衡點，既能滿足暑假期間的需求，又能維持教學品質、業務永續性和營運效率。透過優先考慮企業的整體健康，培友小班保持了穩定的表現。

As Alex mentioned, we're adopting a technology-driven approach to enhance our online enrichment learning programs. Our main goal is to boost user motivation, deepen engagement, and improve the overall learning experience by integrating smart interactive features tailored to online learning habits. To that end, we have introduced a series of new initiatives that integrate technology into our in-class and after-class learning.

正如 Alex 所提到的，我們正在採用技術驅動的方法來增強我們的線上拓展學習專案。我們的主要目標是透過整合專為線上學習習慣量身定制的智慧互動功能，提高使用者積極性，加深參與度，並改善整體學習體驗。為此，我們推出了一系列新舉措，將科技融入課堂內外的學習。

For instance, we have created immersive online classrooms with role-playing experiences, in which students can take on roles such as class helper or subject representative. By empowering students with classroom management responsibilities, their engagement and interaction within the classroom have improved.

例如，我們創建了沉浸式線上課堂，提供角色扮演體驗，學生可以在課堂上扮演助手或學科代表等角色。透過賦予學生課堂管理責任，他們在課堂上的參與度和互動性都得到了提升。

In some of our humanities programs, we have used AI to bring to life over 100 historical authors, enabling students to interact with AI-powered versions of these figures. This allows students to gain a deeper understanding of the authors' historical backgrounds and literacy contributions.

在我們的一些人文課程中，我們利用人工智慧技術使 100 多位歷史作家栩栩如生地呈現在學生面前，讓學生能夠與這些人物的人工智慧版本進行互動。這使學生能夠更深入地了解作者的歷史背景和文學貢獻。

We have also created AI-powered companion cartoons to assist with after-class exercises, making the learning process a more enjoyable experience. These initiatives have all been well-received by our users. Looking ahead, we'll continue to enhance engagement tools and invest in content, products, and services to meet the evolving needs of online learning.

我們還製作了人工智慧輔助動畫，以幫助學生完成課後練習，使學習過程更加愉快。這些舉措都受到了用戶的好評。展望未來，我們將繼續改進互動工具，並投資於內容、產品和服務，以滿足不斷變化的線上學習需求。

Next, I'd like to talk about our learning device business. Our goal is to empower users on their self-learning journeys by offering a wide selection of products with advanced smart features and comprehensive learning resources. To meet our users' diverse needs, we have expanded our product portfolios, introducing new models at various price points since 2023, that have gained market traction.

接下來，我想談談我們的學習設備業務。我們的目標是透過提供具有先進智慧功能和全面學習資源的各種產品，賦能使用者進行自主學習。為了滿足用戶多樣化的需求，我們擴大了產品組合，自 2023 年以來推出了各種價位的新型號，這些型號已獲得市場認可。

This quarter, our learning devices delivered revenue and sales volume growth on both a year-over-year and a sequential basis. In June 2025, we officially launched AI Thinkie 101, an interactive step-by-step tutoring AI companion for learning devices that enables a seamless interaction between the screen-based and paper-based learning experience.

本季度，我們的學習設備實現了同比增長和環比增長，收入和銷量均有所增長。2025 年 6 月，我們正式推出了 AI Thinkie 101，這是一款互動式逐步輔導 AI 學習設備助手，可實現基於螢幕和基於紙張的學習體驗之間的無縫互動。

Supported by an advanced camera system and AI technology, it is able to recognize questions, evaluate answers, and dynamically adjust explanations in a timely manner to help students master problem solving methods and provide support in various learning scenarios. Since its launch, learning device models equipped with AI Thinkie 101 have been well-received by users.

借助先進的攝影機系統和人工智慧技術，它能夠識別問題、評估答案，並及時動態地調整解釋，幫助學生掌握解決問題的方法，並在各種學習場景中提供支援。自推出以來，配備 AI Thinkie 101 的學習設備型號受到了用戶的好評。

In August 2025, the China Academy of Information and Communications Technology evaluated educational AI agents and awarded AI Thinkie 101 the industry's highest rating, level 4+. This recognition further establishes its position as an innovator of educational agents.

2025年8月，中國資訊通信研究院對教育人工智慧代理進行了評估，並授予AI Thinkie 101業界最高評級4+級。這項認可進一步鞏固了其作為教育代理創新者的地位。

Our continued focus on improving product capabilities has contributed to progress in our learning device business. As our product portfolios and user base have expanded, key engagement metrics, such as weekly active rates and average weekly usage time, have remained stable and healthy. This quarter, the average weekly active rate amongst all learning device users was approximately 80%. And average data usage time per active device exceeded an hour.

我們持續專注於提升產品效能，這促進了我們學習設備業務的發展。隨著我們的產品組合和用戶​​群不斷擴大，每週活躍用戶數和平均每週使用時間等關鍵參與度指標保持穩定良好。本季所有學習設備使用者的平均每週活躍率約為 80%。每個活躍設備的平均數據使用時間超過一小時。

The above concludes the operational update. Now I'd like to walk you through our key financial results for the second fiscal quarter. Our net revenues were USD861.4 million or RMB6.1804 million, an increase of 39.1% and 38.1% year over year in US dollar and RMB terms, respectively. Cost of revenues increased by 36.8% to USD370.3 million from USD270.6 million in the second quarter of fiscal-year 2025.

以上內容為本次營運情況更新的全部內容。現在我想帶大家來了解我們第二財季的主要財務表現。我們的淨收入為 8.614 億美元或人民幣 618.04 萬元，以美元和人民幣計算，分別年增 39.1% 和 38.1%。2025 財年第二季度，營業成本成長 36.8%，從 2.706 億美元增至 3.703 億美元。

Non-GAAP cost of revenues, which excludes share-based compensation expenses, increased by 37.6% to USD369.8 million from USD268.8 million in the second quarter of fiscal year 2025. Gross profit increased in the second quarter of fiscal 2026, rising by 40.8% year over year to USD491.0 million from USD348.7 million for the same period last year.

2025 財年第二季度，非 GAAP 營收成本（不含股份支付費用）成長 37.6%，達到 3.698 億美元，上一季為 2.688 億美元。2026 財年第二季毛利成長，年增 40.8%，從去年同期的 3.487 億美元增至 4.91 億美元。

Gross margin increased to 57.0% from 56.3% for the same period last year. Selling and marketing expenses for the quarter were USD267.3 million, representing an increase of 46.9% from USD181.9 million for the same period last year. Non-GAAP selling and marketing expenses, which excludes share-based compensation expenses, increased by 48.6% to USD264.4 million from USD177.9 million for the same period last year.

毛利率從去年同期的 56.3% 提高到 57.0%。本季銷售和行銷費用為 2.673 億美元，比去年同期的 1.819 億美元成長了 46.9%。不包括股份支付費用的非GAAP銷售和行銷費用，從去年同期的1.779億美元成長了48.6%，達到2.644億美元。

Non-GAAP selling and marketing expenses as a percentage of total net revenues increased from 28.7% to 30.7% year over year. General and administrative expenses increased by 8% to USD129.1 million from USD119.5 million in the same period of last year. Non-GAAP general and administrative expenses, which excludes share-based compensation costs, increased by 11.5% year over year to USD120.8 million from USD108.3 million for the same period of last year.

非GAAP銷售和行銷費用佔總淨收入的百分比從去年同期的28.7%增加到30.7%。一般及行政費用較上年同期成長 8%，從 1.195 億美元增至 1.291 億美元。非GAAP一般及行政費用（不含股份支付費用）年增11.5%，從去年同期的1.083億美元增至1.208億美元。

Non-GAAP general administrative expenses as a percentage of total net revenues decreased from 17.5% to 14.0% year over year. Total share-based compensation expenses allocated to related operating costs and expenses decreased by 30.5% to USD11.8 million in the second quarter of fiscal year 2026, from USD16.9 million in the same period of last year.

非GAAP一般管理費用佔總淨收入的百分比年從17.5%下降至14.0%。2026 財年第二季度，分配至相關營運成本和費用的股份支付總支出減少了 30.5%，至 1,180 萬美元，而去年同期為 1,690 萬美元。

Income from operations was USD96.1 million in the second quarter of fiscal year 2026 compared with an income from operations of USD47.6 million in the same period of last year. Non-GAAP income from operations, which excludes share-based compensation expenses, was USD107.8 million compared with a non-GAAP income from operations of USD64.5 million in the same period last year.

2026 財年第二季營業收入為 9,610 萬美元，而去年同期營業收入為 4,760 萬美元。不包括股權激勵費用的非GAAP營業收入為1.078億美元，而去年同期非GAAP營業收入為6,450萬美元。

Net income attributable to TAL was USD124.1 million in the second quarter of fiscal year 2026 compared to net income attributable to TAL of USD57.4 million in the same period of last year. Non-GAAP net income attributable to TAL, which excludes share-based compensation expenses, was USD135.8 million compared to a non-GAAP net income attributable to TAL of USD74.3 million in the same period of last year.

2026 財年第二季歸屬於 TAL 的淨利為 1.241 億美元，而去年同期歸屬於 TAL 的淨利為 5,740 萬美元。歸屬於TAL的非GAAP淨利（不含股份支付費用）為1.358億美元，去年同期歸屬於TAL的非GAAP淨利為7,430萬美元。

Moving on to our balance sheet. As of August 31, 2025, we had USD1.5422 billion in cash and cash equivalents, USD1.7066 billion in short-term investments, and USD239.2 million in current and non-current restricted cash. Our deferred revenue balance was USD822.7 million as of the end of second fiscal quarter. Now turning to our cash flow statement, net cash used in operating activities for the second quarter of fiscal year 2026 was USD58.1 million.

接下來來看資產負債表。截至 2025 年 8 月 31 日，我們擁有 154.22 億美元的現金及現金等價物，170.66 億美元的短期投資，以及 2.392 億美元的流動和非流動受限現金。截至第二財季末，我們的遞延收入餘額為 8.227 億美元。現在來看我們的現金流量表，2026 財年第二季經營活動所使用的現金淨額為 5,810 萬美元。

Finally, I would like to briefly address our share repurchase program. In July 2025, the company's Board of Directors authorized a new share repurchase program. Under the program, the company may spend up to approximately USD600 million to purchase its common shares over the next 12 months. Between July 31 and October 29, 2025, the company has repurchased approximately 4.2 million common shares and an aggregate consideration of approximately USD134.7 million.

最後，我想簡要地談談我們的股票回購計畫。2025年7月，公司董事會批准了一項新的股票回購計畫。根據該計劃，該公司可在未來 12 個月內花費高達約 6 億美元用於回購其普通股。2025 年 7 月 31 日至 10 月 29 日期間，該公司已回購約 420 萬股普通股，總對價約 1.347 億美元。

That concludes the financial section. I will now hand the call back to Alex to briefly update you on our business outlook and strategic priorities. Alex, please go ahead.

財務部分到此結束。現在我將把電話轉回給 Alex，讓他簡要介紹我們的業務前景和策略重點。Alex，請​​繼續。

Thanks, Jackson. I'd like to share some thoughts on our outlook for the company's future development. The fiscal third quarter is generally not a peak season for enrichment learning demand, so we may experience fluctuations in our business performance due to seasonal factors. Nevertheless, we remain dedicated to driving sustainable, long-term growth across all our business lines.

謝謝你，傑克遜。我想和大家分享一些我們對公司未來發展前景的看法。財年第三季通常不是課外輔導需求的旺季，因此，由於季節性因素，我們的業務表現可能會出現波動。儘管如此，我們仍致力於在所有業務領域推動永續的長期成長。

Looking ahead, we'll continue to enhance our products and services to support students' holistic development. Our goal is to serve a broader user base while adhering to the quality standards for both our enrichment learning programs and content solutions. To achieve this, we are making continued investments in content and technology.

展望未來，我們將繼續改進我們的產品和服務，以支持學生的全面發展。我們的目標是在保證學習拓展課程和內容解決方案品質標準的前提下，服務更廣泛的使用者群體。為了實現這一目標，我們將持續投資於內容和技術。

These investments will fuel innovation and position us to meet the evolving needs of our users in the long term. In addition, we are committed to exploring and building diverse sales channels to drive growth in our core business. In today's highly connected world, integrating online and offline user engagement is more crucial than ever.

這些投資將推動創新，並使我們能夠長期滿足用戶不斷變化的需求。此外，我們致力於探索和建立多元化的銷售管道，以推動核心業務的成長。在當今高度互聯的世界中，整合線上和線下用戶互動比以往任何時候都更重要。

Offline touchpoints remain essential for fostering meaningful interactions with users. While we have established offline communication in learning services, newer areas such as the learning device business are still in the nascent stages. It is, therefore, essential that we strengthen our go-to-market capabilities in this area, which will take time and continued investment.

線下接觸點對於促進與使用者進行有意義的互動仍然至關重要。雖然我們在學習服務領域已經建立了線下溝通管道，但像學習設備業務這樣的新興領域仍處於起步階段。因此，我們必須加強在該領域的市場拓展能力，但這需要時間和持續的投資。

Regarding our future financial performance outlook, as we've emphasized in recent quarters, our primary objective remains achieving sustainable, long-term growth rather than focusing solely on short-term financial results. Accordingly, we will continue prioritizing resource allocation to critical areas aligned with our long-term strategic goals.

關於我們未來的財務表現展望，正如我們最近幾季所強調的，我們的首要目標仍然是實現可持續的長期成長，而不是只專注於短期財務表現。因此，我們將繼續優先將資源分配到與我們的長期策略目標一致的關鍵領域。

We're committed to exploring expansion and innovation opportunities within our core businesses to enhance our competitiveness. To execute these strategies effectively, we will maintain flexibility in resource allocation, carefully considering factors such as business dynamics, product cycles, market conditions, seasonality, and organizational capabilities.

我們致力於在核心業務範圍內探索擴張和創新機會，以增強我們的競爭力。為了有效執行這些策略，我們將維持資源分配的靈活性，仔細考慮業務動態、產品週期、市場狀況、季節性和組織能力等因素。

These adjustments may result in financial performance fluctuations, with some periods exceeding or falling short of market expectations. Indeed, in recent quarters, we have experienced margin compression as we see the new initiatives and scaled emerging opportunities.

這些調整可能會導致財務表現波動，某些時期可能超出或低於市場預期。的確，近幾個季度以來，隨著新措施的推出和新興機會的規模化發展，我們的利潤率有所下降。

Conversely, we've also seen periods of outperformance as these investments matured. This variability underscores our intentional focus on sustainable growth over short-term optimization, while also reflecting limited visibility into near-term financial performance.

反之，隨著這些投資的成熟，我們也看到了它們表現優異的時期。這種波動性凸顯了我們有意將重點放在永續成長而非短期優化上，同時也反映出我們對近期財務表現的可見度有限。

Despite these dynamics, our commitment to long-term growth remains unwavering, particularly in the K-12 learning sector. Our ultimate goal is to deliver transformative learning solutions that empower students in their holistic development.

儘管存在這些變化，但我們對長期成長的承諾仍然堅定不移，尤其是在 K-12 教育領域。我們的最終目標是提供變革性的學習解決方案，從而促進學生的全面發展。

So that concludes my prepared remarks. Operator, I think we're now ready to open the call for questions.

我的發言稿到此結束。接線員，我想我們現在可以開始接受提問了。

(Operator Instructions) Timothy Zhao, Goldman Sachs.

（操作說明）Timothy Zhao，高盛。

Good evening, Alex, Jackson, and Fang. Thank you for taking my question. My question is regarding the Peiyou offline enrichment business. Just wondering if management can share with us some updates on the market dynamics and also competitive landscape for this business.

晚上好，Alex、Jackson 和 Fang。感謝您回答我的問題。我的問題與培友的線下加值業務有關。我想請問管理階層能否和我們分享一下關於市場動態以及本產業競爭格局的最新情況？

And also, could you offer some color into the second-quarter performance and also the expansion in the offline learning centers and offline business? So for example, have you offered any discount or promotions during the summer? And also looking ahead, I'm just wondering if you can provide us a growth outlook for the overall enrichment business for the offline business. Thank you.

另外，您能否詳細介紹第二季的業績，以及線下學習中心和線下業務的擴張情況？例如，你們在夏季期間有沒有提供任何折扣或促銷活動？另外，展望未來，我想請您提供線下業務整體增值業務的成長前景。謝謝。

Thanks, Timothy. This is Alex. Let me take this one on. It's a multi-part question, so let me try to unpack that and address each component of that question, right?

謝謝你，提摩西。這是亞歷克斯。讓我來做這件事。這是一個多部分的問題，所以讓我試著把它拆解開來，逐一解答這個問題，好嗎？

So first of all, in the offline Peiyou market, we've really observed steady growth in our Peiyou enrichment programs. I think that mirrors learners' increasing interest in them. As with any market during its development, competition is really inevitable.

首先，在離線培友市場，我們確實觀察到培友增值計畫的穩定成長。我認為這反映了學習者對它們的興趣日益濃厚。任何市場在發展過程中，競爭都是不可避免的。

The offline small-class enrichment learning market -- if we define it like that, offline small-class enrichment learning market -- really, it's notably more fragmented than many other consumer or services markets, making it somewhat challenging to accurately assess the total market size and demand.

線下小班強化學習市場——如果我們這樣定義的話，線下小班強化學習市場——實際上比許多其他消費或服務市場更加分散，因此很難準確評估市場總規模和需求。

So to remain competitive in this fragmented landscape, the key really lies in developing high-quality products and services which are supported by solid performance metrics. While we continue to monitor the broader trends and dynamics of the enrichment learning market, our primary focus really remains on strengthening our product capabilities to better meet the needs of learners and deliver long-term value.

因此，要在這種分散的市場環境中保持競爭力，關鍵在於開發高品質的產品和服務，並以可靠的績效指標作為支撐。雖然我們會繼續關注課外學習市場的整體趨勢和動態，但我們的主要重點仍然是加強我們的產品能力，以更好地滿足學習者的需求並提供長期價值。

So with regard to our performance in the second quarter, the revenue for Peiyou offline enrichment programs has grown largely in line with our learning center footprint. For network expansion, we maintain the same operational approach as before. I think, as I mentioned during the prepared remarks, we evaluated several key factors, such as our organizational capability and efficiency, regional market demand, and user acceptance of our products.

因此，就我們第二季的業績而言，培友線下拓展計畫的營收成長與我們的學習中心規模基本一致。對於網路擴展，我們沿用之前的運作方式。正如我在事先準備好的演講稿中提到的那樣，我認為我們評估了幾個關鍵因素，例如我們的組織能力和效率、區域市場需求以及用戶對我們產品的接受度。

This quarter saw a moderate increase in offline enrichment learning centers. Given our disciplined approach to expansion, I think we are satisfied, really, with the overall health of the business. Regarding summer class pricing, the ASP of our summer courses remain stable, really, compared with the same period last year.

本季線下課外輔導中心數量略有增加。鑑於我們採取了嚴謹的擴張策略，我認為我們對公司的整體健康狀況非常滿意。關於暑期課程定價，與去年同期相比，我們暑期課程的平均售價確實保持穩定。

And lastly, I think you asked for the outlook. So looking ahead, we'll continue to prioritize sustainability and healthy growth over scale in our approach to expanding offline learning centers. As we open new centers, maintaining consistent service quality and efficiency is really critical. Given that scaling requires broader service coverage while upholding high-quality service, we expect Peiyou's year-over-year revenue growth to gradually taper off.

最後，我想你問的是前景展望。展望未來，在拓展線下學習中心的過程中，我們將繼續優先考慮永續性和健康成長，而不是規模。隨著我們開設新的中心，保持服務品質和效率的一致性至關重要。鑑於擴張規模需要更廣泛的服務覆蓋範圍，同時也要維持高品質的服務，我們預期培友的年收入成長將逐漸放緩。

So, Timothy, I hope that answered your question.

提摩西，希望我的回答能幫到你。

Sure. Thank you, Alex, and congrats on the very solid result this quarter.

當然。謝謝你，Alex，恭喜你本季取得了非常出色的業績。

Thank you.

謝謝。

Felix Liu, UBS.

瑞銀集團的劉菲利克斯。

Hi, good evening. Thank you, management, for taking my question. And congratulations on the very strong quarter. I have a few questions on the learning device business.

您好，晚上好。謝謝管理層抽空回答我的問題。恭喜你們取得了非常出色的季度業績。關於學習設備產業，我有一些問題。

Can management share some color on the business performance, especially on the sales volume and pricing for the devices? For your newly launched product, what are the user feedback so far and the product's overall performance?

管理層能否透露一些關於公司業績的信息，特別是設備的銷售量和定價情況？對於您新推出的產品，目前用戶回饋如何？產品的整體性能如何？

On the P&L side of this segment, are there notable differences in margins across various pricing points? And looking ahead, how does management see the competition landscape for learning devices? Thank you.

從該業務板塊的損益來看，不同定價點的利潤率是否有顯著差異？展望未來，管理階層如何看待學習設備市場的競爭格局？謝謝。

All right. Thanks, Felix. This is Alex again. Let me take on this. So let's start with the performance of our learning devices business in the past quarter, right? So for the past quarter, sales volumes increased year over year and quarter over quarter, I think, primarily due to our product and channel efforts.

好的。謝謝你，菲利克斯。我是Alex。讓我來做這件事。那麼，我們先來看看上個季度學習設備業務的業績，好嗎？因此，在過去一個季度中，銷售額年增，環比成長，我認為這主要歸功於我們的產品和通路努力。

On the other hand, we do note that the blended ASP declined both sequentially and year over year, mainly due to changes in the product mix, right? So let me add some colors to this.

另一方面，我們注意到，混合平均售價環比和同比均有所下降，這主要是由於產品組合的變化，對嗎？讓我為它增添一些色彩。

In May, so a few months ago, we launched three new models, the P4, the S4, and the T4, right? So these target different price tiers. These products were well-received, driving year-on-year sales growth. The sequential growth also benefit from Q2 seasonal strength.

五月份，也就是幾個月前，我們推出了三款新機型，分別是 P4、S4 和 T4，對吧？所以這些產品針對的是不同的價格區間。這些產品廣受歡迎，推動了銷售額逐年成長。第二季的季節性強勁成長也促進了環比成長。

In terms of ASP, the blended ASP declined below RMB4,000, and that really reflects the shift in the product mix. So from a financial perspective, the BOM, the bill of materials cost, ratios for our learning devices across different price points, I think that really remains stable in Q2. At the P&L level, our learning devices still incurred in that adjusted operating loss.

就平均售價而言，綜合平均售價已降至人民幣 4000 以下，這確實反映了產品組合的變化。因此，從財務角度來看，我們學習設備在不同價格點上的物料清單成本比率，我認為在第二季將保持穩定。從損益表層面來看，我們的學習設備仍然導致了調整後的營業虧損。

We'll continue to allocate resources to this line of business as ensuring our long-term competitiveness remains a key priority, right? So quarterly bottom-line fluctuations are expected, given market dynamics, given competition, and the resource allocation point that I've been making.

我們將繼續為這項業務投入資源，因為確保我們的長期競爭力仍然是我們的首要任務，對嗎？因此，考慮到市場動態、競爭以及我一直強調的資源分配問題，季度利潤出現波動是可以預期的。

So this focus, I'd like to add, is really critical in today's competitive smart education hardware landscape. You see major players continue to launch compelling learning tablet products. In addition, AI-driven learning products are reshaping education at an unprecedented pace.

因此，我想補充一點，這種關注在當今競爭激烈的智慧教育硬體領域至關重要。你會看到各大廠商不斷推出極具吸引力的學習平板電腦產品。此外，人工智慧驅動的學習產品正以前所未有的速度重塑教育。

While we leverage our T12-focused, high-quality content and continuously enhance product excellence and AI capabilities -- really, building hardware -- that expertise and channels expertise, those require foundational-level efforts. So rather than prioritizing short-term profitability, we remain really focused on key areas that drive long-term competitiveness, things like user feedback, market share, brand influence, and broader user engagement. We think the strategy really ensures a solid foundation for sustainable, long-term growth.

我們充分利用專注於T12領域的高品質內容，並不斷提升產品卓越性和人工智慧能力——實際上，我們正​​在打造硬體——但這些都需要基礎層面的努力。因此，我們不會優先考慮短期獲利，而是真正專注於推動長期競爭力的關鍵領域，例如用戶回饋、市場份額、品牌影響力以及更廣泛的用戶參與度。我們認為該策略確實為可持續的長期成長奠定了堅實的基礎。

Based on our content solutions, including learning devices, books, and other early initiatives, we'll continue to invest so that more students can access affordable, high-quality learning content and tools. Our goal really is to leverage technological innovation and quality content to reach a broader audience and provide meaningful value to society.

基於我們的內容解決方案，包括學習設備、書籍和其他早期舉措，我們將繼續投資，以便更多學生能夠獲得價格合理、高品質的學習內容和工具。我們的目標是利用技術創新和優質內容，觸及更廣泛的受眾，並為社會提供有意義的價值。

So, Felix, I hope that answered your question.

菲利克斯，希望我的回答能幫到你。

Yeah, that's clear. Thank you.

是的，這一點很清楚。謝謝。

Liping Zhao, CICC.

趙麗萍，中金公司。

Good evening, Alex and Jackson. Thanks for taking my questions. Regarding your Q2 financial performance, I'm wondering, could you please provide a breakdown of top-line growth and bottom-line performance across different business lines? And how do we think about the trend for these business lines, for example, in Q3 or the second half of this fiscal year? Thank you.

晚上好，Alex 和 Jackson。謝謝您回答我的問題。關於貴公司第二季的財務業績，我想請問您能否提供不同業務線的營收成長和利潤表現明細？那麼，我們該如何看待這些業務線在第三季或本財年下半年的發展趨勢呢？謝謝。

Thank you, Liping. This is Jackson. Let me take this one. Let me start with the top line and then move on to the bottom line.

謝謝你，麗萍。這是傑克遜。讓我來做這個吧。讓我先從第一行開始，然後再到最後一行。

So on the top line, we expect year-over-year revenue growth of Peiyou small class to gradually taper off. This moderation really reflects a more normalized growth rate and will result in a measured pace of capacity expansion. As for learning devices, the business achieved year-over-year and quarter-over-quarter growth in Q2.

因此，從整體來看，我們預期培友小班的年收入成長將逐漸放緩。這種放緩實際上反映了更正常的成長速度，並將帶來穩定的產能擴張。至於學習設備業務，該業務在第二季度實現了同比增長和環比增長。

However, please note that this business is still in its early stage. It is essential for fostering meaningful customer engagement, expanding our user base, and encouraging broader adoption. We remain committed to driving business development, though performance may fluctuate due to market conditions, product cycles, seasonality, and most other factors.

但請注意，這項業務仍處於起步階段。它對於促進有意義的客戶互動、擴大用戶群和鼓勵更廣泛的採用至關重要。我們仍致力於推動業務發展，但業績可能會因市場狀況、產品週期、季節性及其他大多數因素而波動。

From a broader perspective, we believe a company's growth and development depend on the value it creates for its users and the society as a whole. This principle underpins every aspect of a business, big and small. We view revenue growth at the company and industry levels as the result of continuous innovation, greater organizational capabilities, and stronger operational execution.

從更廣闊的角度來看，我們認為公司的發展壯大取決於它為使用者和整個社會創造的價值。這項原則是所有企業（無論大小）各個面向的基石。我們認為公司和產業層面的收入成長是持續創新、組織能力增強和營運執行力提高的結果。

Now, let's turn to the bottom line. As previously noted, we have established a presence across multiple business lines, including various enrichment learning programs, learning devices, and other content solutions. Notably, these businesses are at different stages of development, each with distinct priorities.

現在，讓我們來看看最終結果。如前所述，我們已在多個業務領域建立了業務，包括各種拓展學習計畫、學習設備和其他內容解決方案。值得注意的是，這些企業處於不同的發展階段，各自有不同的優先事項。

On one hand, our Peiyou small-class enrichment learning business has reached a more mature stage, delivering relatively stable profit margins. On the other hand, regarding our newer initiatives, such as learning devices, as we mentioned earlier, that we prioritize long-term competitiveness over short-term profitability, with a focus on operational metrics such as user feedback, market share, brand influence, and broader user reach.

一方面，我們的培友小班輔導業務已經發展到比較成熟的階段，並實現了相對穩定的利潤率。另一方面，關於我們較新的舉措，例如學習設備，正如我們之前提到的，我們優先考慮長期競爭力而不是短期盈利能力，重點關注用戶反饋、市場份額、品牌影響力和更廣泛的用戶覆蓋範圍等營運指標。

At this stage, the timeline to achieve profitability of the learning device business remains uncertain. We will continue to invest in this area through new product launches, content enrichment, developing AI-powered experiences, and making ongoing optimizations to drive performance improvements.

現階段，學習設備業務何時獲利仍不確定。我們將繼續透過推出新產品、豐富內容、開發人工智慧驅動的體驗以及持續優化來推動效能提升，從而繼續加大對該領域的投入。

Therefore, the company's overall margin profile reflects the mix of mature and emerging businesses, making it challenging to generalizing future margin trends. I would also like to mention that Q2 is typically a peak season for us in terms of profitability. And we should not expect this level of profit margins in the next couple quarters to come.

因此，公司的整體利潤率狀況反映了成熟業務和新興業務的組合，這使得概括未來的利潤率趨勢變得困難。我還想提一下，第二季通常是我們獲利的旺季。我們不應指望未來幾季能維持這樣的利潤率水準。

Liping, I hope that answers your question.

麗萍，希望這能解答你的疑問。

Thanks, Jackson. That's helpful.

謝謝你，傑克遜。那很有幫助。

Elsie Sheng, CLSA.

Elsie Sheng，CLSA。

Thank you, management, for taking my question, and congratulations on the strong result. My question is on the plan of allocation in cash. Because we noticed that following the launch of the new share repurchase plan, you have repurchased about 4.2 million common shares. So could you provide an outlook on the pace of share repurchase for the rest of the year?

感謝管理層接受我的問題，並祝賀你們取得了優異的成績。我的問題是關於現金分配計劃的。因為我們注意到，在新股票回購計畫推出後，你們已經回購了約 420 萬股普通股。那麼，您能否對今年剩餘時間的股票回購速度進行展望？

Thank you, Elsie. This is Jackson. I'll take this one. Let me share some updates on our capital allocation plans.

謝謝你，艾爾西。這是傑克遜。我選這個。讓我來和大家分享一下我們資本配置計畫的最新進展。

As of August 31, 2025, the company held approximately USD3.5 billion in cash and cash equivalents, short-term investments, and restricted cash. We have always taken a prudent and balanced approach to capital allocation. We carefully evaluate potential uses of cash, striving to strike the balance between short-term need and long-term development.

截至 2025 年 8 月 31 日，該公司持有約 35 億美元的現金及現金等價物、短期投資和受限現金。我們一直採取審慎穩健的資本配置方式。我們會仔細評估資金的潛在用途，並力求在短期需求和長期發展之間取得平衡。

Regarding shareholder returns, we launched our first USD1 billion share repurchase program in April 2021, later extending it through 2025. In July 2025, that program was nearly completed. And we announced a new USD600 million repurchase program.

關於股東回報，我們在 2021 年 4 月啟動了首個 10 億美元的股票回購計劃，後來又延長至 2025 年。2025年7月，該項目接近完成。我們宣布了一項新的6億美元股票回購計畫。

Between July 31 and October 29, 2025, the company has repurchased 4.2 million common shares for a total consideration of USD134.7 million. We will continue to execute the program in line with market conditions and may or may not utilize the full authorization over the next four months.

2025 年 7 月 31 日至 10 月 29 日期間，該公司已回購 420 萬股普通股，總對價為 1.347 億美元。我們將繼續根據市場情況執行該計劃，未來四個月內可能會也可能不會使用全部授權。

Looking ahead, we'll take a long-term perspective when making strategic investments to promote sustainable and healthy growth. We'll maintain steady investments in content, learning devices, and other new initiatives, as we believe these efforts will create long-term value for shareholders.

展望未來，我們將採取長遠的視角進行策略性投資，以促進永續和健康的成長。我們將繼續穩步投資於內容、學習設備和其他新舉措，因為我們相信這些努力將為股東創造長期價值。

Backed by our cash position, we're confident in our ability to fund business expansion while delivering returns to shareholders. As we drive business development, we will also remain attentive to shareholder interests.

憑藉我們雄厚的現金實力，我們有信心在為業務擴張提供資金的同時，也為股東帶來回報。在推動業務發展的同時，我們也將持續關注股東利益。

The specific level of shareholder returns will be comprehensively evaluated and periodically adjusted, taking into account dynamic factors such as market conditions, investment opportunities, business outlook, and capital allocation priorities. We will provide timely and appropriate disclosures to ensure investors are well-informed on this matter.

股東回報的具體程度將全面評估並定期調整，同時考慮市場狀況、投資機會、業務前景和資本配置優先事項等動態因素。我們將及時、適當地披露相關信息，以確保投資者充分了解此事。

Elsie, I hope that answers your question.

艾爾西，希望這能解答你的疑問。

Yeah, thank you. It's very clear.

是啊，謝謝。很清楚。

Thank you. We have reached the end of the question-and-answer session. Thank you all very much for your questions. I'll now turn the conference back to the management team for closing comments.

謝謝。問答環節到此結束。非常感謝大家的提問。現在我將會議交還給管理團隊，請他們作總結發言。

So, again, thanks to everyone for joining us today, and we look forward to seeing you all next quarter. Thanks. Bye-bye.

再次感謝各位今天蒞臨，我們期待下季與大家再次相聚。謝謝。再見。

Thank you for your participation in today's conference. This has concluded the program. You may now disconnect your lines.

感謝您參加今天的會議。節目到此結束。現在您可以斷開線路了。