Good evening, and thank you for standing by for New Oriental 's FY 2025 fourth quarter results earnings conference call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question and answer session. Today's conference is being recorded. If you have any objections, you may now disconnect at this time. I would now like to turn the meeting over to our host for today's conference, Ms. Sisi Zhao. Thank you. Hello everyone, and welcome to New Oriental 's fourth fiscal quarter 2025 earnings conference call. Our financial results for the period were released earlier today and are available on the company's website, as well as our newsletter services. Today, Stephen Yang, Executive President and Chief Financial Officer, and I will share New Oriental's latest earnings results and business updates in detail with you. After that, Stephen and I will be available to answer your questions. Before we continue, please note that the discussion today 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 involve inherent risks and uncertainties. As such, our results may be materially different from the view expressed today. A number of potential risks and uncertainties are outlined in our public filings with the SEC. New Oriental does not undertake any obligation to update any forward-looking statements, except as required under applicable law. As a reminder, this conference is being recorded. In addition, a webcast of this conference call will be available on New Oriental's investor relations website at investor.neworiental.org. I will now first turn the call over to Mr. Yang. Stephen, please go ahead. Thank you, Sisi. Hello everyone, and thank you for joining us on the call. It's that time of the year again. We're pleased to announce that Q4 performance exceeded expectations, demonstrating our strong commitment and capabilities to enhance operational consistency and drive long-term value creation. This quarter's total net revenue, excluding revenues generated from East Buy private label products and live streaming business, increased by 18.7% year-over-year, mainly contributed by the continued expansion of our new ventures. Bottom line-wise, we're delighted to see that our efforts to reduce costs and improve efficiency have proven effective, with non-GAAP operating margins, again, excluding operating margins generated from East Buy, reached 6.5% this quarter, representing a year-over-year improvement of 410 basis points. Our key remaining business remains solid, while our new initiatives have also shown positive momentum. Breaking down, for the fourth quarter of 2025, overseas healthcare business reported a revenue increase of 15% year-over-year. Overseas study consulting business reported a revenue increase of about 8% year-over-year. Our adults and university students business reported a revenue increase of 17% year-over-year. At the same time, our continued investments in new education business initiatives, primarily centered on facilitating students' all-around development, have also delivered consistent progress, further driving the company's overall momentum. Firstly, the non-academic cultural business, which focuses on cultivating students' innovative ability and comprehensive qualities, has shown to be rolled out to around 60 cities. Market penetration has significantly increased, particularly across higher-tier cities. The top 10 cities contribute over 60% of this business. Secondly, the intelligent learning system and device business, which utilizes our past teaching experience, data, and technology to provide personalized and targeted learning and exercise content to improve students' learning efficiency, has been tested in around 60 existing cities. We're happy to see improved customer retention and scalability of this new business. The top 10 cities contribute over 50% of this business. In summary, our new educational business initiatives reported a revenue increase of 33% year-over-year for the fourth quarter of 2025. Moving to our integrated tourism-related business line, which includes study tours, research camp business for students of K-12 and university students, and tours targeting the middle-aged and senior audience, reported a revenue increase of about 71% year-over-year for the fourth fiscal quarter of 2025. Breaking down, both domestic and international study tours and research camps for K-12 and university students were conducted across 65 cities nationwide, with the top 10 cities contributing over 50% of the revenue. We also provided a series of premium tourism offerings, primarily designed for the middle-aged and senior audience, across 30 featured provinces in China and internationally. Our product range has also been expanded to now include culture travel, China study tour, global study tour, and tent education. With regard to our OMO system, we continue our efforts in developing and revamping our online merged offline teaching platform, while leveraging our educational infrastructure and technological strengths across our key business lines and new initiatives. These efforts aim to deliver more advanced and diversified education services to our customers of all ages. A total of $28 million has been invested during the quarter to upgrade and maintain our OMO teaching platform. Beyond OMO, I would like to take this opportunity to highlight our investments in AI and how we integrate it into our teaching ecosystem. Leveraging a combination of open-source large models such as DeepSeek and GPT, along with our self-developed AI technologies, we have developed new innovative education solutions for our students. Recently, we launched two new products. First, a new generation of AI-powered intelligent learning devices. These products feature deep AI integration and equip K9 students with multifunctional tools, including spoken language coaching, automated essay grading, dictation exercises, classical text recitation, and voice assistant functionality, all designed to enhance learning outcomes while saving the time for both teachers, students, and parents. Second, a new AI-driven smart study solution. This product combines premium content from global sources. Our very own accumulated teaching and researching experience and AI technology. These achievements mark key progress in our customer-focused education products, positioning us as a leader in applying AI to the education field. We will continue investing in AI to drive future innovation. Not only does AI help enhance our offerings, but it also improves internal efficiency. We have launched an AI content creation platform and student performance feedback application, which helps support lesson planning and strengthen homeschool communication. These tools also provide valuable insights into learning habits and user engagement. Additionally, an AI-powered FAQ database has been created, built from our day-to-day sales conversations, which has significantly reduced training costs for our sales team and improved sales efficiency and conversion rates. Now, I would like to take a moment to talk about East Buy, as I know many of you are interested in it. In the fiscal year 2025, East Buy continues to invest in its private label product strategy, centered around green, healthy, and high quality, while enriching its product portfolio and exploring new categories. It also achieves breakthroughs in its blockbuster products and product upgrades. With consistent quality and a broad consumer appeal, East Buy's private label products have become household staples, gaining greater market recognition. During the reporting period, East Buy further advanced its multi-channel strategy and implemented enhancements to its East Buy app and East Buy mini store, all of which have provided users with improved experience. As the business continues to develop steadily, East Buy has placed greater emphasis on improving operational efficiency and profitability levels to align with the group's overall strategy. Now, I would like to take this opportunity to talk about our share repurchase actions. As of May 31, 2025, the company repurchased and aggregated approximately 14.5 million ADS for approximately $700 million from the open market. Now, I will turn the call over to Sisi to share with you about the key financials. Sisi, please go ahead. Thank you, Stephen. Now, I'd like to share our key financial details for this quarter. Operating cost expenses for the quarter were $1,251.8 million, representing an 11.2% increase year-over-year. Cost of revenues increased by 5.1% year-over-year to $569.9 million. Selling and marketing expenses increased by 1.8% year-over-year to $211.9 million. G&A expenses increased by 9.1% year-over-year to $409.8 million. Impairment of goodwill was $60.3 million compared to nil in the same period of the prior fiscal year. Total share-based compensation expenses, which were allocated to related operating costs and expenses, increased by 11% to $28.6 million in the fourth fiscal quarter of 2025. Operating loss was $8.7 million compared to operating income of $10.5 million in the same period of the prior fiscal year. Non-GAAP operating income, excluding share-based compensation expenses, amortization of intangible assets resulting from the business acquisitions, and impairment of goodwill assigned to the reporting unit of kindergarten business, was $81.7 million, representing a 116.3% increase year-over-year. Net income attributable to New Oriental for the quarter was $7.1 million, representing a 73.7% decrease year-over-year. Basic and diluted net income per ADS attributable to New Oriental were $0.04 and $0.04, respectively. Non-GAAP net income attributable to New Oriental for the quarter was $98.1 million, representing a 59.4% increase year-over-year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental were $0.62 and $0.61, respectively. Net cash flow generated from operations for the fourth fiscal quarter of 2025 was approximately $399.1 million, and capital expenditure for the quarter was $65.9 million. Turning to the balance sheet, as of May 31, 2025, New Oriental had cash and cash equivalents of $1,612.4 million, $1,447.8 million in term deposits, and $1,873.5 million in short-term investments. New Oriental's deferred revenue, which represents cash collected upfront from customers and related revenue that will be recognized as the services or goods are delivered at the end of the fourth fiscal quarter of fiscal year 2025, was $1,954.5 million, an increase of 9.8% as compared to $1,780.1 million at the end of the fourth quarter of fiscal year 2024. Now, I'll hand over to Stephen to go through our outlook, guidance, and our new shareholder return plan. Thank you, Sisi. As we look ahead for fiscal year 2026, we remain optimistic and committed to not only driving revenue growth but also placing greater emphasis on upholding profitability across all business lines, supported by various cost control and efficiency enhancement measures. To better reflect our long-term strategic priorities and align with the nature of the education industry, characterized by longer business cycles with seasonality, we're now providing full-year guidance in addition to our quarterly outlook. We believe this standard guidance offers a more meaningful and accurate reflection of our business performance and strategy, as it smooths out short-term seasonal volatility. We encourage investors to focus on this long-term indicator, which provides a clearer and more comprehensive view of our business, operational progress, and growth trajectory. We expect total net revenue for the group, including East Buy, in the first quarter of fiscal year 2026, June 1, 2025, to August 31, 2025, to be in the range of $1,464.1 million- $1,507.2 million, representing a year-over-year increase in the range of 2%- 5%. As for the total net revenue for the group, also including East Buy, for the full year 2026, June 1, 2025, to May 31, 2026, we expect to be in the range of $5,145.3 million- $5,390.3 million, representing a year-over-year increase in the range of 5% to 10%. You may notice that our fiscal year 2026 Q1 guidance looks relatively conservative. This is primarily because the group has now entered a more stable and sustainable phase, and we're comparing against a high base of the last year Q1, unlike two years ago when we were still undergoing major transformation. Moreover, East Buy's restructuring has not yet taken place in fiscal year 2025 Q1 either. Additionally, the earlier timing of the Chinese New Year this year led to temporary class rescheduling, which boosted the revenue recognition in the second half of fiscal year 2025, but will reduce revenue recognition in fiscal year 2026 Q1. As a result, we expect the year-over-year revenue growth will accelerate since the second quarter and throughout the rest of the year. Hence, as I mentioned earlier, I would encourage all of you to focus on our annual guidance. Before ending this quarter's earnings summary, I would like to announce that the board approved the three-year shareholder return plan yesterday, effective from fiscal year 2026, as a gesture of appreciation for our shareholders' unwavering support. Under this plan, no less than 50% of the company's net income attributable to New Oriental for the preceding fiscal year will be allocated to returning value to shareholders through dividends distributions and/or share repurchase. For fiscal year 2026, the board will determine the implementation of the plan based on the net income attributed to New Oriental for the fiscal year ended on May 31, 2025, in due course. Now, to conclude, New Oriental remains committed to delivering premium offerings for our customers who are pursuing sustainable growth and profitability and sharing the fruits of our success with our shareholders. We are also in close collaboration with the government authorities in various provinces and cities in China, ensuring compliance with the relevant policies, guidelines, and the related implementation, and adjusting our business operation as required. This is the end of our fiscal year 2025 Q4 summary. At this point, I would like to open the floor for questions. Off record, please open the call for these. Thank you. Thank you. The question and answer session of this conference call will start in a moment. In order to be fair to all callers who wish to ask a question, we will take one question at a time from each caller. If you have more than one question, please request to rejoin the queue again after your first question has been addressed. To ask a question, please press star one, one on your telephone keypad and wait for your name to be announced. To withdraw your question, please do the same and press star one, one again. Please stand by as we compile the Q&A roster. Just a moment for our first question. First question comes from the line of Felix Liu from USDS. Your line is now open. Thank you, Mr. Management, for the question. My question is on your Q1 and the FY 2026 guidance. We noticed that Q4, EDU New Oriental core business has recruited pretty fast. As you mentioned, there was a seasonal slowdown in Q1. May I just ask for a more breakdown of your Q1 as well as full-year guidance? What are the, you know, strikes on the business that led to this slowdown? The management share about the drivers for the recovery in growth in, you know, after Q1. Thank you. Okay, thank you for that. Yeah, as for the Q1 guidance, yeah, and there's a whole year guidance for fiscal year 2026. You know, in the coming Q1, we give the guidance of the revenue growth will be in the range of 2% to 5%. I must mention, firstly, that we're using the conservative method to give the guidance. There are some following reasons. Number one, to some extent, I think our business is greatly affected by the economic environment and the international relations changes. In the coming Q1, we are comparing against the high base last year Q1, both for the core educational business and the East Buy. Number two, as for the K-12 business, we have some cutoff issue because, you know, this year's Chinese New Year was earlier than before. That means, in the second half of fiscal year 2025, we had more revenue. The result is that in the coming Q1, we have less revenue. This is a cutoff issue. As we expect, the K-12 revenue growth will be accelerated in the coming Q2 and the rest of the year in Q3 and Q4 because based on our current estimation of the forecast for the whole year and the cash collect already for the Q2 quarter. That's why, like I said, we expect the revenue acceleration since Q2 for the K-12 business. The last reason is, last year Q1, East Buy restructuring has not yet taken place in Q1. We will have a hard comparison for East Buy in the coming Q1. Since Q2, it will be better. This time, since this quarter, we start to give the whole year's guidance. We give the guidance of the 5%- 10% year-over-year growth for the whole group. It shows that the revenue growth acceleration since Q2. Breakdown of the different business lines, I think the overseas related business, yeah, it will negatively impact by the economic environment and international situation change. We expect the revenue will be down by roughly 4% or 5%. The K-12 business, I think the K9 business for the Q1, the revenue growth will be somewhere around 15%, 16% year-over-year. We do expect the whole year revenue growth, the K9 business will be somewhere around 20%. High school business, Q1 and the whole year will be around, year-over-year growth will be around 11%- 12% or even a little bit more. The college business, the growth rate will be 10% in the Q1 in the coming year. Okay, thank you. That's very clear. Thank you. Just a moment. Our next question, please. Next, we have Lucy Yu from Bank of America. Your line is now open, Lucy. Stephen, I have actually a follow-up question on the guidance that you just gave. What is the major difference that you have revised this quarter versus last quarter when you give the guidance for FY 2026? What has changed in terms of line of business? Secondly, just to clarify on the shareholder return program, is it based on reported net income or non-GAAP net income? Thank you. The second question answered first. You know, the capital allocation for the next three years is calculated based on the net income, the net income attributable GAAP net income attributable to New Oriental. I think, yeah, this time we changed the guidance from the, the non-East Buy to the whole group, yeah, including the East Buy because, you know, East Buy started to restructure the business since the last year Q1. In the past four quarters, I think the management of the East Buy fixed the operations. You know, East Buy is still, we would control the East Buy. I think it's a good time for us to give the guidance of the whole group, including the East Buy. I think going forward, we will give the guidance for the whole group, including the East Buy. Lucy. Thank you, Stephen. Oh, one more follow-up. The guidance, revenue growth is all in U.S. dollars or renminbi? Dollars, in dollars. Are you using current rates? Yeah, we're using the current exchange rates in the first 45, 50 days of this quarter. Okay, thank you so much. Thank you, Lucy. Thank you. Next, we have [Yuchen Zhong from Citic]. Your line is now open. Hello. Good evening, Stephen and Sisi. Thank you for taking that question. The question is about the deceleration of our revenue. What is the main reason for our revenue deceleration, especially for the non-academic business? Is it because of the competition, or it's just our own adjustment? If we look in our long term, like in the next three years, how do you think of our growth rate in the next three years? Thank you. I think the revenue slowing down is mainly due to the economic environment and the international relationship change because, you know, we have seen some, transparents, you know, some of them doesn't want to send their kids to study abroad in the future. It will negatively impact our overseas related business. As for the competition in K-12 field, I think the competition is a little bit stronger than that of last year. I think it's okay. You know, if you compare the competition level now with a couple of years ago, you know, before the policy, it's much less. I think the market is still huge, especially for the K9 non-academic versus the business. We feel the K9 business growth by 10% in the coming year. I think, you know, during this macro-economic situation, I think this is still good. Going forward, the Q1 is a little bit weak. Based on our current estimation, I think the Q2 and the Q3, Q4 will be better. In the longer term, I still think the K-12 business will be the key growth driver of the whole group. Yes. Can I have a follow-up question? Is that because, if you look at the revenue growth before the policy, maybe our K-12 revenue growth rate can be over 20%. For now, maybe it's just like around 15%. If you look at the next few years, would the growth rate for K-12 business be going up to over 20% or just around 10%- 20%? I think the K9 business, you know, we do believe we're going to get the revenue growth by 10%. It's still very good. The high school business, because we got the all-time high in last fiscal year, we have a high base. Going forward, I think the revenue growth will be somewhere around 10%- 15% going forward. Okay, thank you. Thank you. Just a moment for our next question, please. Next, we have Alice Tsai from Citibank. Your line is now open, Alice. Good evening, Stephen and Sisi. I have two questions. The first one is on the modern trend. How should we think about the upcoming modern trend for FY 2026 for the core education business and also the whole business? Since we started to provide guidance for the whole business, right? My second question is on the goodwill inheritance. Can you please give us some more color on this? Why was there a goodwill associated with the kindergarten business to begin with? Will the company continue to acquire that, or fill that non-core business and also, like, cultural tourism space? Okay. Thank you, Alice. You know, you're a margin cluster. Let us start with this quarter's margin analysis. In the Q4, in this quarter, we got the 410 basis for the margin expansion. I think the margin expansion, even for the Q4 and the whole year, fiscal year 2025, was mainly due to the operating leverage and the efficiency enhancement and the cost control. As you know, we started to do the cost control since March this year. We have seen the good results, which helps to drive the margin up. I do believe the cost control will help the margin profile in the coming new year, even the Q1 and the whole year, fiscal year 2026. As we look at the margin of the Q1, we remain optimistic about the margin profile in Q1, even though we're facing some revenue slowing down. We still expect the margin expansion in the coming Q1. The whole year margin, I think it's a little bit early to make a forecast of the new year margin. We're doing the cost control. We care more. We focus more about the profitability than the revenue growth. I think we will strive to achieve the margin profile, the healthy margin profile in the whole year of the fiscal year 2026. Let me summarize. Revenue is a little bit slowing down, and we care more about the bottom line. We will do more cost control and care more about the efficiency enhancement and the more operating leverage to drive the margin up in the coming quarter and the new year. Thank you. Your second question is about the goodwill impairment of the kindergarten. We acquired some kindergarten so many years ago. It's roughly 8, 10 years ago. Because of some reasons, the policy and the newborn decrease. I think we discussed with the auditors. I think the goodwill impairment should be done at this time. We did the impairment loss of $60 million in this quarter. It's one time. Yes. May I have a follow-up question? I would like to know more about this cultural tourism. Is there any plan to bring back the business? Thanks. Can you repeat? Can you repeat? Is there any plan to fill back the cultural tourism? Oh, tourism business. Yes. We started with the tourism business one and a half years ago. The revenue growth in last fiscal year, fiscal year 2025, was extremely high. Most of the tourism business is related to summer camps, study tour, both domestic and internationally. Going forward, I think we still need time to build the business model of the tourism. I think the revenue growth of the tourism business will be slowed down in the new year. Anyway, it's a new business. We need more time to fix the business model of the tourism business. Okay. Thank you. Okay. Thank you. Just a moment for our next question, please. Next, we have Timothy Zhao from Goldman Sachs. Your line is now open. Sure. Thank you, Stephen, for taking my question. I think my question is regarding the profitability and the margin outlook. I think one is regarding the 4.1%- 10% margin increase for the core business for the past quarter. Just wondering if you can help quantify the impact from the cost control measures that you have done since March. Going forward into the new year, how much room do you have for the cost control? Secondly, also on the modern related practice on the capacity expansion, just wondering, I think, for the May quarter, how many new learning centers were newly opened? What is your learning center or the capacity expansion plan into fiscal year 2026? Thank you. Yeah. The margin, yeah. In Q4, we got the margin expansion, by 410 basis points up. It's really hard for us to justify how much from the cost control. It's a good result, the cost control, and to seek to the high operating leverage. Going forward, even in Q1, coming Q1 and the new year, I think the cost control will help us to drive the margin up. Roughly, the cost control will give us, let's say, the 100- 150 basis points margin up. This is a rough estimation. Your second question is about the expansion, right? Yeah. In Q4, the net add is 9%. It's 8%- 9%, the learning center. Going forward in the coming new year, I think our plan is to monitor the capacity expansion to ensure alignment with revenue growth. As the whole group, we will control the learning center expansion compared to the revenue growth. We do hope we can have the leverage from the high utilization rate of the new learning centers. Roughly, we originally plan to open 10%- 15% of the new learning centers. It depends on the revenue growth. Typically, we set up new learning centers in the second half of the year, so it's backloaded. I think we have one or two quarters to wait to decide how many learning centers we set up in the second half of the year to prepare for the new year. I must mention that we only allow the cities with the better, top-end growth and good margins to allow them to open the learning centers, especially for the K-12 business. Yeah. Team, thank you. Thank you, Stephen. Thank you. Just a reminder, please make sure to ask one question. If you have more questions, please recue. Next, we have DS Kim from JP Morgan. Your line is now open. Hi. Thank you. Thanks, Stephen and Sisi, for taking my question. I just have a few follow-ups from the previous comment, if that's okay. You earlier mentioned the margin could go up in the first quarter. Were you referring to the group level or for education only? That's the first follow-up to the earlier point. Second, can I just double-check when you say cost control can give us about like 100, 150 bps of margin expansion, is it regarding first quarter or full year? Just as a follow-up. I have one more question. For the full year, the cost control. I said because we started, we go back to give the guidance to the whole group. The margin analysis and guidance is for the group. What I'm saying is the whole group margin expansion will be happening in Q1. Got it. Thank you. This is kind of follow-up, but I did a very rough calculation based on the numbers that you gave us, the breakdown. I think we are essentially guiding core education, excluding East Buy, to grow about 11%, 12% in fiscal 2026 versus, I think last quarter you mentioned 14%, 15% growth. Am I right about this, or can you comment on education on the apples-to-apples guidance versus last quarter? Just want to double-check. The fiscal year 2026, right? Or? '26. Yes, sir. Oh, 2026, sir. Yeah. It seems to be a little bit lower than, you know, we give the guidance, you know, last quarter. Because, you know, as I said, the overseas related business, you know, where we, I think, you know, it will be negatively impacted by the macroeconomic and the international relationship change. We revise the guidance of the fiscal year 2026. I think the overseas related business will be down by, let's say, 4%- 5% year-over-year. This is for the whole year. This is a new change, compared to the. Got it. Yeah. Thank you. I think that's probably in place, 11%- 12%. If you have the number, if not, that's totally fine. Final question is, in terms of the buyback and dividend, can you give us a little bit of color on how you are thinking about between the two? Is it going to be dependent on the level of your prices, or do you have certain pockets within that 50% in mind, or dividend at least this much? Any sort of qualitative color would be appreciated. That's it. Thank you, sir. I think, you know, first of all, we finished the $700 million share buyback in this quarter, in Q4. We also paid a $100 million special dividend in this fiscal year, last year's September. We had a board meeting yesterday. I'm happy to see the board approve the new capital allocation program, not only for this year, but also for the next three years, from fiscal year 2026 to fiscal year 2028, which amounted to 50% of the GAAP net income. Now, you know, we haven't yet decided the dividends or the share buyback. I think I will discuss with the board, even, Michael, to make a decision to justify either the dividends or share buyback or both. One more information. I think we still need the auditors to give us the final audit report of the fiscal year 2025. I think we will file at the end, roughly at the end of September. By then, I think we will decide how much amount to do the capital allocation and waste. Thank you. If I just make a comment on a question, I think many or most investors may prefer, you know, dividend rather than buyback because the dividend seems a little more visible and sustainable. Please consider, you know, and especially if it is a regular dividend, not in the form of special, that we did pre-COVID. Just a few cents from me. Thank you so much for your comment. Okay. Thank you, [audio distortion]. Thank you. Thank you. Just a moment for our next question, please. Next, we have Charlotte Wei from HSBC. Your line is now open. Thank you, Stephen and Sisi, for taking my question. I have a question regarding the non-academic enrollment. I noticed that this quarter's enrollment growth slowed down quite meaningfully. Can I understand, could you please provide some color on the reasons? Also, can you share with us the summer enrollment growth for the K9 non-academic tutoring? How does it compare to the industry growth trend? Thank you. Industry growth. Yeah. As I said, you know, there is some seasonality impact. Yeah. As I said, you know, because of the early Chinese New Year, and you know, some revenues were reported in Q3 and Q4 last year. It will negatively impact the Q1 revenue and enrollment. Yeah, Q1 is, it's low, you know, it seems to be low. I think, you know, based on the numbers, the cash and the student enrollment we have already got from customers for the Q2 quarters, I think the numbers is higher than the Q1. That's why I said we expect the revenue growth will be accelerated in the Q2, finish Q2. That's why we gave the guidance of the whole year higher than the Q1. The industry growth, sorry, I have no idea about the whole industry growth. It's really hard for me to make a comparison between us and the other competitors. Yeah. Thank you. Thank you. Just a moment. I have no more questions. Thank you. Okay. Thank you. Thank you. Just a moment for our next question. Next, we have Yiran Shen from CLSA. Your line is now open. Hi. Thank you, Stephen and Sisi. My question is about the summer. We are now in the summer, and I would like to see if you have any color on the summer student recruitment, for example, like the new student enrollment growth and also retention rate. Do you observe any changes on the demand side? Thank you. The demand is a little bit less than we expected, you know, compared to one quarter ago, because of the whole economic situation. In summary, I think it's still good for the K-12 business, even for the industry. I do believe the whole industry is still growing. I think we are still taking the market share. As I said, I think since Q2, the revenue growth will be accelerated again. The student enrollment numbers in the summer, we haven't finished the enrollment window for the summer. I think in the next quarter's earnings call, I will share with you the numbers, share with you the numbers, enrollment for the whole family. Okay, thank you. About the retention rate? The retention rate is still going up. Both for the whole K9 business and the high school business, it is still going up. Okay. Got it. Thank you. Thank you. Thank you. We are now approaching the end of the conference call. I will now turn the call over to New Oriental's Executive President and CFO, Stephen Yang, for his closing remarks. Again, thank you for joining us today. If you have any further questions, please do not hesitate to contact me or any of our Investor Relations representatives. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.