TAL Education Group (TAL) 2026 Q3 法說會逐字稿

Ladies and gentlemen, good day and thank you for standing by. Welcome to the Tal Education Group's fiscal 2026 third quarter earnings conference call. (Operator Instructions) 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.

女士們、先生們，大家好，感謝你們的耐心等待。歡迎參加 Tal 教育集團 2026 財年第三季業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我將把會議交給投資者關係總監方柳女士。謝謝。請繼續。

Thank you all for joining us today for Tal Education Group's third-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, also the Newswire.

感謝各位今日參加Tal教育集團2026財年第三季業績電話會議。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以及新聞稿中找到副本。

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 discussion 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.

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 would 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 thanks to all of you for participating in today's conference call.

謝謝方，也謝謝各位參加今天的電話會議。

Over the past fiscal quarter, we continue to make steady progress on our strategic priorities with a consistent focus on supporting the holistic development of our students. Our commitment to innovation, user engagement, and service quality continues to guide our efforts as we refine our offerings and adapt to the evolving learning landscape. Guided by these objectives, our core businesses have continued to operate with stability and consistency.

在過去的一個財政季度中，我們持續穩定地推動各項策略重點工作，並始終專注於支持學生的全面發展。我們始終致力於創新、用戶參與和服務質量，並將這些承諾指導我們不斷改進產品和服務，以適應不斷變化的學習環境。在這些目標的指導下，我們的核心業務持續穩定發展。

At the same time, we recognize that changes in market demand and advances in technology continue to introduce new dynamics. Across several of our newer initiatives, including the learning devices business, we face a highly competitive environment in areas like content, hardware, and AI.

同時，我們也意識到，市場需求的變化和技術的進步不斷帶來新的動態。在我們多項新措施中，包括學習設備業務，我們在內容、硬體和人工智慧等領域都面臨激烈的競爭環境。

In response to this evolving environment, we'll continue to advance our strategic initiatives and flexibly allocate resources to build long-term capabilities. 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.

為了因應不斷變化的環境，我們將繼續推動策略舉措，靈活調配資源，以建立長期能力。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 Q3 FY 2026 performance.

接下來，我將從2026財年第三季業績開始，提供詳細的更新資訊。

During the quarter, our learning services recorded year-over-year revenue growth across both offline Peiyou programs and online enrichment offerings. This was driven by sustained user demand and reflects our commitment to providing students with high-quality learning experiences through a diverse portfolio of the enrichment programs delivered in both offline and online formats.

本季度，我們的學習服務，包括線下培友課程和線上進修課程，均實現了同比增長。這是由持續的用戶需求所驅動的，也體現了我們致力於透過線上線下相結合的多元化拓展課程，為學生提供高品質的學習體驗的承諾。

Meanwhile, we maintain a disciplined approach to expanding the Peiyou learning center network, balancing demand with operational capacity, efficiency, and long-term sustainability. Positive feedback from parents and students, alongside solid operating metrics such as retention rates, affirms the trust placed in our products and the consistency of our service standards.

同時，我們採取嚴謹的方式拓展培友學習中心網絡，在需求與營運能力、效率和長期永續性之間取得平衡。家長和學生的正面回饋，以及留存率等可靠的營運指標，都證實了人們對我們產品的信任以及我們服務標準的一致性。

Our online enrichment learning programs also maintain year-over-year growth during the quarter. By leveraging technology-driven innovation, we continue to enhance user's learning experience. Building on this approach, we introduced immersive classroom solutions designed to improve engagement and learning outcomes. We also expanded our offerings to include more technology themes such as 3D printing with the goal of fostering interest in emerging technologies and supporting future skill development.

本季度，我們的線上拓展學習計畫也保持了同比成長。透過利用科技驅動的創新，我們不斷提升使用者的學習體驗。在此基礎上，我們推出了沉浸式課堂解決方案，旨在提高參與度和學習成果。我們還擴大了課程範圍，納入了更多技術主題，例如 3D 列印，目的是培養人們對新興技術的興趣，並支持未來的技能發展。

Alongside our learning services, our content solutions encompass a wide range of offers with learning devices remaining a key focus for our long-term development. The learning device market continuous to evolve, shaped by ongoing advancements in hardware, software, and AI technologies. Given this context, we're focused on further enhancing our devices across three key areas: User learning experience, AI-enabled capabilities, and overall effectiveness.

除了學習服務之外，我們的內容解決方案涵蓋了廣泛的產品，學習設備仍然是我們長期發展的重點。學習設備市場不斷發展演變，受到硬體、軟體和人工智慧技術不斷進步的影響。有鑑於此，我們專注於在三個關鍵領域進一步提升我們的設備：使用者學習體驗、人工智慧功能和整體效率。

Compared with general-purpose AI models, we believe that educational AI agents should go beyond simply providing students with correct answers. We believe they should focus on guiding students through the learning process, adapting explanations to their level of understanding, diagnosing learning gaps, and supporting personalized learning paths.

與通用人工智慧模型相比，我們認為教育人工智慧代理應該超越僅僅為學生提供正確答案的層面。我們認為，教師應該專注於引導學生完成學習過程，根據學生的理解程度調整講解方式，診斷學習差距，並支持個人化的學習路徑。

Building on this vision, we have incorporated over two decades of educational insight into the interaction logic of our learning devices. Instead of simply providing answers, our devices are designed to apply structured instructional processes and guided teaching approaches with the aim of approximating one-on-one tutoring experiences. This design enables them to function not only as tools for problem solving, but also learning companions that provide individualized support.

基於這個願景，我們將二十多年來的教育見解融入我們學習設備的互動邏輯中。我們的設備並非僅僅提供答案，而是旨在應用結構化的教學過程和指導性教學方法，以期達到一對一輔導的效果。這種設計使它們不僅可以作為解決問題的工具，還可以作為學習夥伴提供個人化支援。

Looking ahead, we'll continue to enhance our AI functions, including capabilities in problem solving, explanation, and other forms of learning assistance. Our goal is to steadily evolve our learning devices into personalized AI companion that inspires thinking and support deeper learning.

展望未來，我們將繼續增強人工智慧功能，包括問題解決能力、解釋能力以及其他形式的學習輔助能力。我們的目標是逐步將學習設備發展為個人化的人工智慧助手，激發思考並支持深度學習。

In addition to learning devices, we're also exploring new product formats to address a range of use cases. At CES 2026, we showcased several early stage concepts, including our AI buddy, which received industry CES Pixel Award. Designed for children age 6 to 12, the Smart Companion uses interactive features such as voice, touch, and motion-based interactions to support age-appropriate engagement. These initiatives reflect our broader exploration of how technology can support children's development in learning-related and everyday-use scenarios and with a continued focus on responsible design and practical application.

除了學習設備外，我們還在探索新的產品形式，以滿足各種使用情境的需求。在 CES 2026 上，我們展示了幾個早期概念，包括我們的 AI 夥伴，它獲得了 CES Pixel 行業獎。這款智慧伴侶專為 6 至 12 歲的兒童設計，利用語音、觸控和動作互動等互動功能，支援適合該年齡層的參與活動。這些舉措體現了我們對科技如何支持兒童在學習相關和日常使用情境中發展的更廣泛探索，並持續關注負責任的設計和實際應用。

So with that overview, I'd like to turn to our financial performance for the quarter.

綜上所述，接下來我想談談我們本季的財務表現。

Our net revenues were $770.2 million or RMB5,480.4 billion for the quarter, representing year over year increases of 27.0% and 26.8% in US dollar and RMB terms, respectively.

本季我們的淨收入為7.702億美元，即人民幣54804億元，以美元和人民幣計算，分別年增27.0%和26.8%。

Our non-GAAP income from operations and non-GAAP net income attributable to TAL for the quarter or $104.0 million and $141.4 million, respectively.

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1.04億美元和1.414億美元。

I will now hand the call over to Jackson, who will provide an update on the operational developments across our core business lines and a review of our financial results for the fiscal third quarter. So Jackson, over to you.

現在我將把電話交給傑克遜，他將介紹我們核心業務線的營運進度，並回顧我們第三財季的財務表現。傑克遜，現在輪到你了。

Thank you, Alex. I am pleased to walk you through our operational highlights and financial results across our core businesses for the third fiscal quarter. Please note that all financial data for the quarter are unaudited.

謝謝你，亞歷克斯。我很高興向大家介紹我們第三財季核心業務的營運亮點和財務表現。請注意，本季度所有財務數據均未經審計。

During the quarter, Peiyou small class enrichment programs demonstrated stable operations, delivering year-over-year growth driven by increased enrollment. We continue to expand access to high-quality enrichment learning programs for a broader user base, supporting students' holistic development.

本季度，培友小班密集課程營運穩定，在招生人數增加的推動下實現了同比增長。我們不斷擴大高品質拓展學習計畫的涵蓋範圍，惠及更廣泛的使用者群體，並支持學生的全面發展。

In our online enrichment learning programs, we have embraced a technology-driven approach to enhance the learning experience. For instance, some of the humanities courses now feature immersive online classrooms powered by virtual settings and interactive activities designed to boost student engagement and support learning outcomes.

在我們的線上拓展學習專案中，我們採用了技術驅動的方法來提升學習體驗。例如，一些人文課程現在採用沉浸式線上課堂，利用虛擬環境和互動活動來提高學生的參與度並支持學習成果。

Students role play as protagonists from classic literature and collaborate with peers to complete themed challenges, deepening their grasp of character traits and story backgrounds. These immersive programs also incorporate gamified learning mechanisms during class to promote learning and comprehension. Followed by other class challenges that encourage reinforcement of key concepts.

學生們扮演經典文學作品中的主人公，與同儕合作完成主題挑戰，加深對人物性格和故事背景的理解。這些沉浸式課程在課堂上也融入了遊戲化的學習機制，以促進學習和理解。隨後還有其他課堂挑戰，旨在鞏固關鍵概念。

This cyclical engagement helps students internalize the material while building the language skills and knowledge needed for effective expression.

這種循環式的互動有助於學生內化學習材料，同時培養有效表達所需的語言技能和知識。

Looking ahead, we will continue to build on this foundation by further integrating technology into our engagement tools and instructional design. This effort will be supported by sustained investments in content, product development, and services.

展望未來，我們將繼續以此為基礎，進一步將科技融入我們的互動工具和教學設計中。我們將持續投資於內容、產品開發和服務，以支持這項工作。

Our focus remains on the continuous improvement of learning experience with the goal of supporting student engagement while meeting the evolving demands of online learning.

我們始終致力於不斷改進學習體驗，旨在提高學生的參與度，同時滿足線上學習不斷變化的需求。

Next, let's turn to our learning device business. Our diverse portfolio, equipped with intelligent features and learning resources, is designed to empower users on their self-learning journeys.

接下來，我們來談談我們的學習設備業務。我們豐富的產品組合，配備智慧功能和學習資源，旨在幫助使用者開啟自主學習之旅。

Operationally, our learning devices delivered year-over-year growth in both revenue and sales volume this quarter. The average weekly active rate among learning device users remained at approximately 80%, with average daily usage per active device at approximately one hour. These metrics reflect sustained engagement even as we expanded both our product lineup and our user base.

從營運角度來看，本季我們的學習設備在收入和銷售方面均實現了同比增長。學習設備使用者的平均每週活躍率維持在 80% 左右，每個活躍設備的平均每日使用時間約為 1 小時。這些指標反映出，即使我們擴大了產品線和用戶群，用戶參與度仍然保持穩定。

On the product innovation front, as Alex highlighted, we are transforming learning devices into more intelligent learning tutoring AI companions rather than simple problem solving tools.

在產品創新方面，正如 Alex 所強調的，我們正在將學習設備轉變為更聰明的學習輔導 AI 助手，而不是簡單的解決問題的工具。

Our AI Thinkie 1-on-1, the interactive step-by-step tutoring AI companion, embedded in our learning devices, has facilitated over hundreds of thousands of hours of guided learning. Meanwhile, Our AI assistant, Xiao Si, remains a trusted companion for our users. As of December 2025, students have activated Xiao Si over a billion times. These developments reaffirm our belief in AI's role in supporting students' learning and development.

我們的 AI Thinkie 1-on-1 是一款互動式逐步輔導 AI 助手，嵌入在我們的學習設備中，促進了數十萬小時的指導學習。同時，我們的人工智慧助理小思仍然是用戶值得信賴的夥伴。截至 2025 年 12 月，學生們已經啟動小思超過十億次。這些進展再次印證了我們對人工智慧在支持學生學習和發展方面所發揮作用的信念。

Earlier this month, we launched the X5 Classic Learning Device. Positioned as a comprehensive solution in the mid-price segment, this new product further expands our product lineup. Designed as an all-rounder, the X5 integrates a systematic learning platform with specialized modules with the aim of structuring and supporting self-directed learning.

本月初，我們推出了 X5 經典學習設備。作為一款定位在中價位段的綜合解決方案，這款新產品進一步擴展了我們的產品線。X5 是一款全能型產品，它整合了系統化的學習平台和專門的模組，旨在建立和支援自主學習。

Beyond our business progress, we contributed to the ongoing development of the industry. In October, the Standardization Administration of China released the National Standard for mobile learning terminal function requirements. By sharing practical insights for our device ecosystem, we participated in the formation of the standard. We believe that well-defined standards help elevate product quality, protect user interests, and support the industry's sustainable development.

除了自身業務的進步之外，我們也為產業的持續發展做出了貢獻。10月，中國國家標準化管理委員會發布了行動學習終端功能要求國家標準。透過分享對我們設備生態系統的實用見解，我們參與了標準的製定。我們相信，完善的標準有助於提升產品品質，保護用戶利益，並支持產業的永續發展。

That concludes the operational update. I'd like to now walk you through our key financial results for the third fiscal quarter.

營運情況更新到此結束。接下來，我將為大家介紹我們第三財季的主要財務表現。

Our net revenues were $770.2 million or RMB5,480.4 billion, an increase of 27.0% and 26.8% year over year in US dollar and RMB terms, respectively.

我們的淨收入為7.702億美元，即人民幣54804億元，以美元和人民幣計算，分別年增27.0%和26.8%。

Cost of revenues increased by 18.0% to $338.4 million from $286.7 million in the third quarter of fiscal year 2025. Non-GAAP cost of revenues, which excludes share-based compensation expenses, increased by 18.4% to $338.0 million from $285.4 million in the third quarter of fiscal year 2025.

2025 財年第三季度，營收成本成長 18.0%，從 2.867 億美元增至 3.384 億美元。不包括股份支付費用的非GAAP收入成本從2025財年第三季的2.854億美元成長了18.4%，達到3.38億美元。

Gross profit increased in the third quarter of fiscal 2026, rising by 35.0% year over year to $431.8 million from $319.8 million for the same period last year. Gross margin increased to 56.1% from 52.7% for the same period last year.

2026 財年第三季毛利成長，年增 35.0%，從去年同期的 3.198 億美元增至 4.318 億美元。毛利率從去年同期的 52.7% 提高到 56.1%。

Selling and marketing expenses for the quarter were $220.1 million, representing a decrease of 2.8%. From $226.4 million for the same period last year.

本季銷售和行銷費用為 2.201 億美元，下降了 2.8%。而去年同期為 2.264 億美元。

Non-GAAP selling and marketing expenses, which excludes share-based compensation expenses, decreased by 2.1% to $217.6 million from $222.4 million for the same period last year. Non-GAAP selling and marketing expenses as a percentage of total net revenues decreased from 36.7% to 28.3% year over year. General and administrative expenses increased by 7.1% to $118.6 million, from $110.7 million in the same period of last year.

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2.224億美元下降了2.1%，至2.176億美元。非GAAP銷售和行銷費用佔總淨收入的百分比年從36.7%下降至28.3%。一般及行政費用成長7.1%，達到1.186億美元，去年同期為1.107億美元。

Non-GAAP general and administrative expenses, which excludes share-based compensation costs, increased by 10% year over year to $110.7 million from $100.6 million for the same period of last year. Non-GAAP general and administrative expenses as a percentage of total net revenues decreased from 16.6% to 14.4% year over year.

非GAAP一般及行政費用（不含股份支付費用）年增10%，從去年同期的1.006億美元增至1.107億美元。非GAAP一般及行政費用佔總淨收入的百分比年從16.6%下降至14.4%。

Total share-based compensation expenses allocated to related operating costs and expenses decreased by 30.2% to $10.8 million in the third quarter of fiscal year 2026 from $15.5 million in the same period of last year.

2026 財年第三季度，分配至相關營運成本和費用的股份支付總支出較上年同期減少 30.2%，至 1,080 萬美元，而去年同期為 1,550 萬美元。

Income from operations was $93.1 million in the third quarter of fiscal year 2026 compared with a loss from operations of $17.4 million in the same period of last year. Non-GAAP income from operations, which excludes share-based compensation expenses, was $104.0 million compared with a non-GAAP loss from operations of $1.9 million in the same period last year.

2026 財年第三季營業收入為 9,310 萬美元，去年同期營業虧損為 1,740 萬美元。不包括股權激勵費用的非GAAP營業收入為1.04億美元，而去年同期非GAAP營業虧損為190萬美元。

Net income attributable to TAL was $130.6 million in the third quarter of fiscal year 2026, compared to net income attributable to TAL of $23.1 million in the same period of last year. Non-GAAP net income attributable to tal, which excludes share-based compensation expenses, was $141.4 million, compared to a non-GAAP net income attributable to TAL of $38.6 million in the same period of last year.

2026 財年第三季歸屬於 TAL 的淨利為 1.306 億美元，而去年同期歸屬於 TAL 的淨利為 2,310 萬美元。歸屬於 TAL 的非 GAAP 淨利潤（不含股份支付費用）為 1.414 億美元，而去年同期歸屬於 TAL 的非 GAAP 淨利潤為 3860 萬美元。

Moving on to our balance sheet. As of November 30, 2025, We had $2,146.3 billion in cash and cash equivalents. $1,471.1 billion in short-term investments and $339.3 million in current and non-current restricted cash. Our deferred revenue balance was $1,162.8 billion as of the end of the third fiscal quarter.

接下來來看資產負債表。截至2025年11月30日，我們擁有21463億美元的現金及現金等價物，14711億美元的短期投資，以及3.393億美元的流動和非流動受限現金。截至第三財季末，我們的遞延收入餘額為 11,628 億美元。

Now turning to our cash flow segment. Net cash provided by operating activities for the third quarter of fiscal-year 2026 was $526.7 million.

現在來看現金流部分。2026 財年第三季經營活動產生的淨現金為 5.267 億美元。

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 $600 million to purchase its common shares over the next 12 months.

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。

Between October 30, 2025, and January 28, 2026, the company has repurchased 844,856 common shares at an aggregate consideration of approximately $27.7 million.

從 2025 年 10 月 30 日至 2026 年 1 月 28 日，該公司已回購 844,856 股普通股，總對價約 2,770 萬美元。

That concludes the financial section.

財務部分到此結束。

Alex, I will now hand the call back to you for business outlook. Alex, please go ahead.

Alex，現在我把電話轉回給你，談談業務前景。Alex，請​​繼續。

Thanks, Jackson. I'd like to share some thoughts on the outlook for the company's future development.

謝謝你，傑克遜。我想就公司未來發展前景分享一些想法。

We view the intersection of learning and technology as one of our long-term strategic priorities. By integrating technology with our industry expertise, we aim to continue enhancing our product design and service delivery across our businesses.

我們將學習與科技的融合視為我們的長期策略重點之一。透過將科技與我們的產業專長結合，我們旨在不斷提升我們各項業務的產品設計和服務交付水準。

In addition, we are strengthening our go-to market capabilities for newer businesses such as learning devices. We are implementing more agile channel management strategies, dynamically optimizing resource deployment based on market conditions and performance indicators. At the same time, we are reinforcing our multi-channel ecosystem by combining digital and physical touchpoints to broaden market reach and user engagement.

此外，我們正在加強學習設備等新興業務的市場拓展能力。我們正在實施更靈活的通路管理策略，根據市場狀況和績效指標動態優化資源部署。同時，我們正在透過結合數位和實體接觸點來加強我們的多通路生態系統，以擴大市場覆蓋範圍和用戶參與度。

From a financial perspective, as I've mentioned previously, improving overall profitability remains a key priority for us. At the same time, we remain mindful of near-term variability, which may be influenced by factors such as market conditions, investment cycles, and seasonal fluctuations. These factors may also require timely adjustments to our operational execution, potentially resulting in limited short-term visibility.

從財務角度來看，正如我之前提到的，提高整體獲利能力仍然是我們的首要任務。同時，我們仍需關注短期波動，這些波動可能受到市場狀況、投資週期和季節性波動等因素的影響。這些因素也可能需要我們及時調整營運執行，導致短期內能見度有限。

Nevertheless, we'll continue to advance our strategic initiatives and strengthen capabilities across our core business lines, maintaining a focus on long-term sustainable development rather than short-term financial outcomes.

儘管如此，我們將繼續推動策略舉措，加強核心業務線的能力，專注於長期永續發展，而不是短期財務成果。

So that concludes my prepared remarks. Operator, we are now ready to open the call for questions.

我的發言稿到此結束。接線員，我們現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

Felix Liu, UBS.

瑞銀集團的劉菲利克斯。

Congratulations on the very strong quarter. If my memory is correct, this is probably the highest level of the November quarter margin since 2018. So congratulations on that. My question is related to off-line Peiyou small class. Could management provide some update on the learning center network expansion in Q3 and your latest perspective on the pace of expansion going forward.

祝賀你們取得了非常優異的季度業績。如果我沒記錯的話，這可能是自 2018 年以來 11 月季度利潤率的最高水平。所以，恭喜你。我的問題與離線培友小班有關。管理層能否提供一些關於第三季度學習中心網路擴張的最新信息，以及您對未來擴張速度的最新看法？

With respect to Peiyou revenue, what has been the key drivers of Peiyou's year-over-year growth? And could you provide more color on the upcoming winter season as well as the growth outlook from here?

就培友的收入而言，培友實現年成長的關鍵驅動因素是什麼？您能否詳細介紹即將到來的冬季以及未來的成長前景？

Thanks, Felix. This is Alex. First of all, thank you for your kind remarks and your continued long-term attention to the company. Let me take this question. So I'll provide an update on Peiyou's Q3 performance and outlook.

謝謝你，菲利克斯。這是亞歷克斯。首先，感謝您給予的好評以及您對公司的一如既往的長期關注。讓我來回答這個問題。接下來我將介紹培友第三季的業績和展望。

During the third fiscal quarter, Peiyou offline enrichment programs delivered year-over-year revenue growth, which is largely aligned with the expansion of our learning center network. We really maintain our disciplined operational approach to network expansion. We evaluate factors such as our organizational readiness and capability, our operational efficiency, the regional market demand, really this come down to a very micro level of districts and neighborhood and user acceptance of our offerings. So based on this measured and multidimensional approach, the business remains on a stable growth trajectory. Our operating metrics, really, they show that we built a solid and sustainable business framework.

在第三財季，培友線下拓展計畫實現了年成長，這主要得益於我們學習中心網路的擴張。我們始終堅持嚴謹的網路擴展運作方式。我們會評估諸如組織準備和能力、營運效率、區域市場需求等因素，實際上，這最終會細化到地區和社區層面，以及使用者對我們產品的接受程度。因此，基於這種審慎且多維度的方法，公司保持著穩定的成長軌跡。我們的營運指標確實表明，我們已經建立了一個穩固且可持續的業務框架。

And we aim to maintain this level of operational efficiency for the upcoming winter season. So when I look ahead, I think we'll continue to manage the pace of learning center expansion prudently, balancing growth with operational efficiency and long-term sustainability. So when I look at the drivers of Peiyou's year-over-year growth, revenue growth during the quarter was primarily driven by increased enrollment, while our ASP remained relatively stable. So this performance really reflects both market demand for high-quality enrichment programs and the internal capabilities we've been developing. If you look at these capabilities, product design, service quality and content development, just to name a few, right?

我們的目標是在即將到來的冬季保持這種營運效率水準。所以展望未來，我認為我們將繼續謹慎地控制學習中心擴張的步伐，在成長與營運效率和長期永續性之間取得平衡。因此，當我查看培友同比增長的驅動因素時，本季的收入增長主要由入學人數增加推動，而我們的平均售價保持相對穩定。因此，這項成就真正反映了市場對高品質素質提升專案的需求，以及我們一直在發展的內部能力。如果你看看這些能力，例如產品設計、服務品質和內容開發等等，對吧？

So on the product and service front, we really emphasize a standardized teaching framework, while fostering an interactive student-centric classroom experience, right? On the talent front, we train our lecturers in-house to ensure consistent teaching quality. So provided that these growth drivers remain in place, we expect this business line to continue growing. At the same time, given that we are coming off a higher comparison base, and we talked about this in the past as well. It's coming off a higher comparison base than in prior years.

因此，在產品和服務方面，我們非常重視標準化的教學框架，同時創造以學生為中心的互動式課堂體驗，對嗎？在人才方面，我們對講師進行內部培訓，以確保教學品質的一致性。因此，只要這些成長動力保持不變，我們預計該業務線將繼續成長。同時，考慮到我們是從更高的比較基數出發的，而且我們過去也討論過這個問題。與往年相比，今年的基數更高。

We anticipate a gradual moderation in the pace of revenue growth in FY 2026. So Felix, I hope that answers your question.

我們預計 2026 財年營收成長速度將逐步放緩。菲利克斯，希望這能解答你的疑問。

That's clear. And congrats on the results.

這一點很清楚。恭喜你取得好成績。

Charlotte Wei, HSBC.

夏洛特·魏，匯豐銀行。

Congratulations on a strong set of results. My question is related to the top line growth momentum. We noticed that the growth kind of slowed down compared to last quarter. Could you please elaborate the key reasons behind this trend? In addition, how should we think about the revenue growth outlook for different business lines, especially for learning devices for the upcoming quarter?

祝賀你們取得了優異的成績。我的問題與營收成長動能有關。我們注意到，與上個季度相比，成長速度有所放緩。您能否詳細說明一下這趨勢背後的主要原因？此外，我們應該如何看待不同業務線的營收成長前景，特別是下一季學習設備業務的營收成長前景？

Charlotte, thanks for the question. This is Jackson. I'll take this one. For your question regarding revenue trend, I think we talked about this a few times in the previous quarters. As we continue to grow, our growth rate will taper off, naturally normalizing to a more moderate growth result.

夏洛特，謝謝你的提問。這是傑克遜。我選這個。關於您提出的營收趨勢問題，我認為我們在前幾個季度已經討論過幾次了。隨著我們不斷發展壯大，我們的成長率將會逐漸放緩，自然而然地趨於平穩。

More specifically, if we look at this quarter, the moderation in our top line growth was primarily driven by a deceleration in the growth rate of our learning device business, which stems from multiple factors. First, it reflects the evolving patterns in our learning device business, which is transitioning from its initial rapid expansion phase to a more sustained growth trajectory. Another consideration is the timing of our product launch across fiscal years, creating a different kind of comparable base. If you look at last year's fiscal quarter three, for example, it benefited from late August introduction of some of our new product lines back then. While this year, our major product launches happened earlier in the year in May, boosting fiscal quarter two sales instead.

更具體地說，如果我們看一下本季度，我們營收成長放緩主要是由於學習設備業務成長速度放緩所致，而這又源於多種因素。首先，它反映了我們學習設備業務的演進模式，該業務正從最初的快速擴張階段過渡到更持續的成長軌跡。另一個需要考慮的因素是我們的產品在不同財年的發佈時間，這會造成不同的可比較基準。例如，如果你看去年的第三財季，你會發現它受益於當時在 8 月下旬推出的一些新產品線。雖然今年我們的主要產品發佈時間較早，在 5 月就已推出，但這反而促進了第二財季的銷售額。

So the shift in product launch cycles result would -- the shift in product launch cycle resulted in different sales patterns between the two fiscal years, leading to a higher comparison base in quarter three of last year. Additionally, as we have consistently emphasized in the previous quarters, we continue to prioritize long-term competitiveness. By applying this philosophy across all business lines, we aim to balance sustainable high-quality growth with prudent execution. Given factors such as market condition, investment cycles and seasonal fluctuations, dynamic and timely adjustments to our operational actions may be required, potentially resulting in quarterly variability in financial performance. Looking ahead, we expect continued fluctuation in learning device revenue.

因此，產品上市週期的轉變導致了兩個財政年度之間不同的銷售模式，從而導致去年第三季的比較基數更高。此外，正如我們在前幾個季度一直強調的那樣，我們將繼續優先考慮長期競爭力。透過在所有業務線中應用此理念，我們旨在實現可持續的高品質成長與審慎執行之間的平衡。考慮到市場狀況、投資週期和季節性波動等因素，我們可能需要對營運行動進行動態和及時的調整，這可能會導致財務表現出現季度性波動。展望未來，我們預期學習設備收入將持續波動。

Now coming back to the group level. We believe year-over-year growth rate to moderate in the second half of this fiscal year, primarily due to a higher comparison base. Consequently, the year-over-year growth rate in the second half of this fiscal year is expected to be lower than in the first half. Our growth strategy remains grounded in the value we deliver to our users and the society. This guiding principle informs our business decisions and operations as we continue to develop our business.

現在回到小組層面。我們認為，由於上半年基數較高，本財年下半年年增率將放緩。因此，預計本財年下半年的年增率將低於上半年。我們的成長策略始終以我們為用戶和社會創造的價值為基礎。這項指導原則指導著我們的業務決策和運營，並推動著我們業務的不斷發展。

Over the long-term, we believe that sustainable growth is driven by three core factors: continuous innovation, strengthened organizational capabilities and disciplined operational execution. By maintaining our focus on these fundamentals, we aim to support sustainable development over time, as we continue developing solutions that address learning needs and contribute to education development. Charlotte, I hope that answers your question.

從長遠來看，我們認為永續成長是由三個核心因素驅動的：持續創新、增強組織能力和嚴格執行營運。透過持續關注這些基本要素，我們旨在支持永續發展，同時不斷開發滿足學習需求並為教育發展做出貢獻的解決方案。夏洛特，希望這能解答你的疑問。

This is very clear.

這一點很清楚。

Liping Zhao, CICC.

趙麗萍，中金公司。

Congrats on a strong quarter. I have a follow-up question on learning devices. Could you please share the Q3 sales performance of your learning device and how they performed during the Double 11 promotion period relative to management's expectations before? And how do you view the competitive landscape in the learning device market at present?

恭喜本季業績出色。我還有一個關於學習設備的後續問題。能否分享一下貴公司學習設備第三季的銷售業績，以及在雙十一促銷期間的銷售表現與管理層先前預期相比如何？您如何看待目前學習設備市場的競爭格局？

Liping, this is Alex. Thanks for the question. So let me begin with our Q3 sales performance. We saw year-over-year volume growth driven by enhancements to our product portfolio and channel strategies. I also note the blended ASP came in below RMB4,000, which really reflects a shift in our product mix compared to the same period last year.

麗萍，我是亞歷克斯。謝謝你的提問。那麼，就讓我先從我們第三季的銷售業績說起。透過改進產品組合和通路策略，我們實現了銷售量年成長。我還注意到，綜合平均售價低於人民幣 4,000 元，這確實反映了我們產品組合與去年同期相比發生了變化。

Financially speaking, the learning device business reported an adjusted operating loss as it remains in an investment phase. We'll continue to allocate resources to strengthen our capabilities and support long-term competitiveness in this area. So speaking of competitiveness, if I turn to the competitive landscape question, we are really operating in a dynamic environment where artificial intelligence advancements are fundamentally transforming the educational technology landscape. Our approach really combines vertical domain large models with general AI capabilities to create more intelligent, personalized learning experiences. When I think about it, one of the common challenges in at-home learning involves students encountering difficult questions, unclear, unfamiliar concepts, but they don't have immediate access to teacher support.

從財務角度來看，由於學習設備業務仍處於投資階段，因此經調整後的營業虧損。我們將持續投入資源，加強自身能力，以支持該領域的長期競爭力。說到競爭力，如果我談到競爭格局問題，我們實際上是在一個動態的環境中運作，而人工智慧的進步正在從根本上改變教育科技格局。我們的方法真正將垂直領域的大型模型與通用人工智慧能力相結合，從而創造更聰明、更個人化的學習體驗。仔細想想，在家學習中常見的挑戰之一是學生會遇到難題、不清楚或不熟悉的概念，但他們無法立即獲得老師的幫助。

Rather than simply providing answers, in that moment, our AI solutions really aim to emulate the human teaching methodologies, right? So you break down complex problems, you offer tailored explanations, you take in the students' feedback, right? And then you guide students through learning progression pathways. So to this end, we are developing our AI agent full stack capabilities across these diverse learning scenarios. So investment in product innovation and channel expansion continue to yield positive feedback, which really underscore the user value we're creating with our products.

我們的人工智慧解決方案並非僅僅提供答案，而是真正旨在模仿人類的教學方法，對嗎？所以你會把複雜的問題分解開來，提供量身訂製的解釋，並接受學生的回饋，對嗎？然後，你引導學生逐步完成學習路徑。因此，為此，我們正在開發人工智慧代理在這些不同學習場景下的全端能力。因此，對產品創新和通路拓展的投資持續獲得正面的回饋，這真正凸顯了我們透過產品創造的使用者價值。

Our key user engagement metrics, they remain very solid with an average weekly active rate exceeding 80% and an average daily user time per active device at approximately one hour. During the recent Double 11 promotion period. If you look at our market share performance, that's really aligned with our expectations. So these outcomes, I think they demonstrate that our learning devices are gaining market traction through growing product market fit and diversified user acquisition channels. So these collectively enhance our long-term competitiveness.

我們的關鍵用戶參與指標依然非常穩健，平均每週活躍用戶率超過 80%，平均每天每個活躍設備的用戶使用時間約為 1 小時。在最近的雙十一促銷期間。從我們的市佔率表現來看，這與我們的預期非常吻合。因此，我認為這些結果表明，我們的學習設備透過不斷提高產品市場契合度和多樣化的用戶獲取管道，正在獲得市場認可。因此，這些因素共同增強了我們的長期競爭力。

I mean, I also know that we look at AI's integration into education as a long-term process shaped by technological breakthroughs and evolving market demand. So short-term fluctuations are inevitable, I think. But our commitment to the strategic business remains unwavering. Our vision really extends beyond just the current offerings. As artificial intelligence continues to advance, we aspire to bring the principle of teaching in accordance with individual aptitude to a wider scale.

我的意思是，我也知道我們將人工智慧融入教育視為一個長期過程，這個過程受到技術突破和不斷變化的市場需求的影響。所以我認為，短期波動是不可避免的。但我們對戰略業務的承諾始終堅定不移。我們的願景遠不止於目前提供的產品和服務。隨著人工智慧的不斷進步，我們渴望將因材施教的原則推廣到更廣泛的範圍。

So this really helps ensure that more students regardless of where they're coming from, what kind of learning environment they have at home, they really have the access to high-quality learning resources. Liping, I hope that answered your question.

因此，這確實有助於確保更多學生，無論他們來自哪裡，無論他們在家中的學習環境如何，都能真正獲得高品質的學習資源。麗萍，希望我的回答能幫助你。

Yes, that's very helpful.

是的，這很有幫助。

Timothy Zhao, Goldman Sachs.

Timothy Zhao，高盛集團。

Congrats on the very strong results again. My question is regarding your profitability and bottom line performance. As I think our colleague just mentioned just now, the operating margin in the third quarter reached the highest level probably over the past five years or so. Just wondering what is the main drivers ahead? And also, if you can share how is the operating margin performance across different major business lines in the Q3? And what is your outlook in terms of profit margin for the group and for different segments? That will be very helpful.

再次恭喜你們取得非常優異的成績。我的問題是關於貴公司的獲利能力和最終業績。正如我同事剛才所提到的，第三季的營業利潤率可能達到了近五年來的最高水準。想知道未來的主要驅動因素是什麼？另外，能否分享一下第三季各主要業務線的營業利潤率表現？您對集團及不同業務部門的利潤率有何預期？那將非常有幫助。

Timothy, thank you for the question. This is Jackson. Let me take this one. Let me maybe first address the key drivers of our operating margin performance this quarter. On a year-over-year basis, the improvement primarily reflects the volatility in our selling and marketing expenses, coupled with disciplined cost management across all business lines that continue to drive operating leverage.

蒂莫西，謝謝你的提問。這是傑克遜。讓我來做這個吧。首先，我想談談本季我們營業利潤率表現的關鍵驅動因素。與去年同期相比，這種改善主要反映了我們銷售和行銷費用的波動性，以及所有業務線嚴格的成本管理，這些因素持續推動了營運槓桿。

In this quarter, online marketing and branding expenses for our learning device business were lower compared to the same period last year. Our marketing expenditures naturally fluctuate as we dynamically adjust spending levels and marketing strategies based on market conditions, campaign performance and strategic priorities. As we continue building our long-term core competitiveness, we actively diversify our marketing approaches across different platforms. Brand-related expenses also declined during this period. On a sequential basis, online marketing and branding expenses for learning device business also declined.

本季度，我們學習設備業務的線上行銷和品牌推廣費用比去年同期有所下降。我們的行銷支出自然會隨著市場狀況、行銷活動成效和策略重點的動態調整而波動，我們會根據這些因素動態調整支出水準和行銷策略。為了持續增強我們的長期核心競爭力，我們積極拓展不同平台的行銷方式。在此期間，品牌相關支出也有所下降。從環比來看，學習設備業務的線上行銷和品牌推廣費用也有所下降。

In addition, for online enrichment learning programs, this quarter is not peak season for online customer acquisition, results in lower online marketing expenditure compared to Q2. We consider these adjustments a normal part of resource allocation as we balance short-term needs with long-term objectives, and the resulting margin volatility aligns with our expectation. For these reasons, we would caution against using this quarter's margin performance as a benchmark for future periods. For our learning device business, we reported an adjusted operating loss this quarter. As we've emphasized, we prioritize establishing long-term competitiveness over short-term profitability for this emerging business.

此外，對於線上進修學習專案而言，本季度並非線上客戶獲取的旺季，因此線上行銷支出與第二季度相比有所下降。我們認為這些調整是資源配置的正常組成部分，因為我們需要在短期需求和長期目標之間取得平衡，所產生的利潤波動也符合我們的預期。基於以上原因，我們建議不要將本季的利潤率表現作為未來期間的基準。本季度，我們的學習設備業務出現經調整後的營業虧損。正如我們所強調的，對於這家新興企業而言，我們優先考慮的是建立長期競爭力，而不是短期獲利能力。

The breakeven time line remains uncertain. We are continuing to refine our offerings through new product development, content expansion, AI-driven user experience enhancement and ongoing optimization in operations and sales channels. Looking at our overall margin profile, it is important to note that we are managing a portfolio comprising both mature profitable business and new initiatives still in the investment phase. This dynamic will result in quarterly margin fluctuations, making it inappropriate to extrapolate color results as indicative of future trends. Timothy, I hope that answers your question.

損益平衡時間仍不確定。我們將透過新產品開發、內容擴展、人工智慧驅動的用戶體驗提升以及營運和銷售管道的持續優化，不斷完善我們的產品和服務。從我們的整體利潤率來看，值得注意的是，我們管理的投資組合既包括成熟的獲利業務，也包括仍處於投資階段的新項目。這種動態會導致季度利潤率波動，因此不宜將顏色結果推斷為未來趨勢的指標。提摩西，希望這能解答你的疑問。

Perfect.

完美的。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想把會議交還給管理階層，請他們作總結發言。

So thanks to everyone again for joining us today as it is that time of the year, I also wish you an early happy Chinese New Year, and we'll talk to you next quarter. Thank you.

再次感謝大家今天收看我們的節目，值此新年之際，我也提前祝大家新年快樂，我們下個季度再見。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。