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. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. 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. 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. During this call, you will hear from Mr. Alex Peng, President and Chief Financial Officer, and Mr. Jackson Ding, Deputy Chief Financial Officer. Following the prepared remarks, Mr. Peng and Mr. Ding will be available to answer your questions. Before we continue, please note that today's discussions will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the SEC. For more information about these risks and uncertainties, please refer to our filings with the SEC. Also, our earnings release and this call include discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures. I would like to turn the call over to Mr. Alex Peng. Alex, please go ahead. Thank you, Fang, and thanks to all of you for participating in today's conference call. Over the past fiscal quarter, we continued 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. 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. 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. I will now provide detailed updates, starting with our Q3 FY 2026 performance. 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 enrichment programs delivered in both offline and online formats. 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. Our online enrichment learning programs also maintain year-over-year growth during the quarter. By leveraging technology-driven innovation, we continue to enhance users' 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. Alongside our learning services, our content solutions encompass a wide range of offerings, with learning devices remaining a key focus for our long-term development. The learning device market continues 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. Compared with general-purpose AI models, we believe an educational AI agent should go beyond simply providing students with correct answers. We believe it should focus on guiding students through the learning process, adapting explanations to their level of understanding, diagnosing learning gaps, and supporting personalized learning paths. Building on this vision, we have incorporated over two decades of educational insights 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. 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 companions that inspire thinking and support deeper learning. 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 TWICE Picks Award. Designed for children aged six to 12, this 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. So, with that overview, I'd like to turn to our financial performance for the quarter. Our net revenues were $770.2 million, or CNY 5,480.4 million for the quarter, representing year-over-year increases of 27.0% and 26.8% in USD and RMB terms, respectively. Our non-GAAP income from operations and non-GAAP net income attributable to TAL for the quarter were $104.0 million and $141.4 million, respectively. 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. 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. During the quarter, Peiyou Small Class enrichment programs demonstrated stable operations, delivering year-over-year growth driven by increased enrollment. We continued to expand access to high-quality enrichment learning programs for a broader user base, supporting students' holistic development. In our online enrichment learning programs, we have embraced a technology-driven approach to enhance the learning experience. For instance, some of our humanities courses now feature immersive online classrooms powered by virtual settings and interactive activities designed to boost student engagement and support learning outcomes. 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 out-of-class challenges that encourage reinforcement of key concepts. This cyclical engagement helps students internalize the material while building the language skills and knowledge needed for effective expression. 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. 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. 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. 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. 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. 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 users. As of December 2025, students have activated Xiao Si over 1 billion times. These developments reaffirm our belief in AI's role in supporting students' learning and development. 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. 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 from 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. That concludes the operational update, and I'd like to now walk you through our key financial results for the third fiscal quarter. Our net revenues were $770.2 million or CNY 5,480.4 million, an increase of 27.0% and 26.8% year-over-year in USD and RMB terms, respectively. 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. 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. 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. Non-GAAP selling and marketing expenses, which exclude 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. 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. 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. 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. 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. Moving on to our balance sheet. As of November 30, 2025, we had $2,146.3 million in cash and cash equivalents, $171.1 million in short-term investments, and $339.3 million in current and non-current restricted cash. Our deferred revenue balance was $1,162.8 million as of the end of the third fiscal quarter. Now, turning to our cash flow statement. Net cash provided by operating activities for the third quarter of fiscal year 2026 was $526.7 million. 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. Between October 30, 2025, and January 28, 2026, the company has repurchased 844,856 common shares and an aggregate consideration of approximately $27.7 million. That concludes the financial section. Alex, I will now hand the call back to you for business outlook. Alex, please go ahead. Thanks, Jackson. I'd like to share some thoughts on our outlook for the company's future development. 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. 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. From a financial perspective, as I 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. 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. So that concludes my prepared remarks. Operator, we are now ready to open the call for questions. Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we'll pause momentarily to assemble our roster. The first question today comes from Felix Liu with UBS. Please go ahead. Thank you, Alex and Jackson, for taking my question, and 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 offline Peiyou Small Class. The management provides some updates on the learning center network expansion in Q3 and your latest perspective on the pace of expansion going forward. With respect to Peiyou revenue, what has been the key drivers of your year-over-year growth, and could you provide more color on the upcoming winter season as well as the growth outlook from here? Thank you. Thanks, Felix. This is Alex. Let me, first of all, thank you for your kind remark 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. 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 comes down to a very micro level of districts and neighborhoods 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 build a solid and sustainable business framework, 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 enrollments, 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. So on the product and service front, we really emphasize a standardized teaching framework while fostering an interactive, student-centric classroom experience. 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. We anticipate a gradual moderation in the pace of revenue growth in FY 2026. So Felix, I hope that answered your question. That's clear, and congratulations on the results. Thank you. The next question comes from Charlotte Wei with HSBC. Please go ahead. Good evening. Thank you for taking my question, and 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? Thank you. 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. 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. So the shift in product launch cycles 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. 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. 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. This is very clear. Thank you, Jackson. The next question comes from Liping Zhao with CICC. Please go ahead. Good evening, Alex and Jackson. Thanks for taking my questions and 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? Thank you. Hi, 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 know the blended ASP came in below CNY 4,000, which really reflects a shift in our product mix compared to the same period last year. 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. 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. 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 student's feedback, right? And then you guide students through learning progression pathways. So to this end, we are developing our AI agents' full-stack capabilities across these diverse learning scenarios. So investment in product innovation and channel expansion continue to yield positive feedback, which really underscores the user value we're creating with our products. Our key user engagement metrics, they remain very solid with an average weekly active rate exceeding 80% and an average daily usage 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. So 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 demands. 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. 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. So Liping, I hope that answered your question. Yes, that's very helpful. Thanks, Alex. The next question comes from Timothy Zhao with Goldman Sachs. Please go ahead. Great. Thank you, operator, for taking my question and congrats on the very strong results again. My question is regarding your profitability and bottom-line performance. As I think our colleagues 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 are 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 would be very helpful. Thank you. 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. 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. In addition, for online enrichment learning programs, this quarter is not peak season for online customer acquisition, resulting 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. 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. The break-even timeline 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 current results as indicative of future trends. Timothy, I hope that answers your question. Sure. Thank you for the comment. This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks. Thanks to everyone again for joining us today. As it is that time of the year, I also bid you an early, happy Chinese New Year, and we'll talk to you next quarter. Thank you. Bye-bye. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.