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Autohome Inc. Announces Unaudited Second Quarter and Interim 2025 Financial Results

BEIJING, July 31, 2025 /PRNewswire/ — Autohome Inc. (NYSE: ATHM; HKEX: 2518) (“Autohome” or the “Company”), the leading online destination for automobile consumers in China, today announced its unaudited financial results for the three months and six months ended June 30, 2025.

Second Quarter 2025 Highlights[1]

  • Net revenues in the second quarter of 2025 were RMB1,758.1 million (US$245.4 million), compared to RMB1,872.6 million in the corresponding period of 2024.
  • Net income attributable to Autohome in the second quarter of 2025 was RMB415.7 million (US$58.0 million), compared to RMB524.8 million in the corresponding period of 2024, while net income attributable to ordinary shareholders in the second quarter of 2025 was RMB398.9 million (US$55.7 million), compared to RMB509.7 million in the corresponding period of 2024.
  • Adjusted net income attributable to Autohome (Non-GAAP)[2] in the second quarter of 2025 was RMB475.7 million (US$66.4 million), compared to RMB572.4 million in the corresponding period of 2024.
  • Share repurchase: As of July 25, 2025, the Company had repurchased 5,349,886 American depositary shares (“ADSs”) for a total cost of approximately US$142.4 million.

Mr. Song Yang, Chief Executive Officer of Autohome, stated, “We continued to make steady progress in advancing our O2O strategy by optimizing synergies between online and offline resources. At the same time, we accelerated AI-driven product innovation to empower user decision-making and improve cost efficiency for our customers. Powered by DeepSeek and our auto-related proprietary big data capabilities, our AI smart assistant delivers industry-leading performance in answering questions across both new and used vehicles scenarios. Meanwhile, our new retail business continued to expand its footprint, with the number of franchised stores surpassing 200 by the end of June, significantly expanding our reach to a broader consumer base.”

“Looking ahead, we will continue to expand the applications of AI across our products and services, and deepen the deployment of our O2O automotive ecosystem. By capitalizing on key industry trends – electrification, intelligence and globalization, we will further drive the transformation of the automotive consumer experience and deliver greater value to both our users and customers.”

Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, “Through the upgrade of our content matrix and innovative initiatives, we have further strengthened Autohome’s content ecosystem advantages and achieved steady user growth. According to QuestMobile, our average number of mobile daily active users grew by 11.5% year-over-year, reaching 75.74 million in June. Notably, online marketplace and others revenues increased by 20.5% year-over-year in the second quarter, driven primarily by the robust performance of our new retail business, which also contributed to the rapid rise in our new energy vehicle revenues. Moving forward in 2025, we will remain committed to capturing emerging growth opportunities while maintaining disciplined cost controls to deliver sustainable value to our shareholders.”

Unaudited Second Quarter 2025 Financial Results

Net Revenues

Net revenues in the second quarter of 2025 were RMB1,758.1 million (US$245.4 million), compared to RMB1,872.6 million in the corresponding period of 2024.

  • Media services revenues were RMB279.4 million (US$39.0 million) in the second quarter of 2025, compared to RMB432.9 million in the corresponding period of 2024, primarily due to reduced advertising spending by internal combustion engine automakers.
  • Leads generation services revenues were RMB732.6 million (US$102.3 million) in the second quarter of 2025, compared to RMB820.3 million in the corresponding period of 2024.
  • Online marketplace and others revenues were RMB746.1 million (US$104.2 million) in the second quarter of 2025, compared to RMB619.4 million in the corresponding period of 2024.

Cost of Revenues

Cost of revenues was RMB503.4 million (US$70.3 million) in the second quarter of 2025, compared to RMB346.1 million in the corresponding period of 2024, primarily due to higher transaction costs associated with the Company’s innovative business in lower-tier cities. Share-based compensation expense included in cost of revenues in the second quarter of 2025 was RMB3.4 million (US$0.5 million), compared to RMB1.9 million in the corresponding period of 2024.

Operating Expenses

Operating expenses were RMB1,015.7 million (US$141.8 million) in the second quarter of 2025, compared to RMB1,185.3 million in the corresponding period of 2024.

  • Sales and marketing expenses were RMB630.0 million (US$87.9 million) in the second quarter of 2025, compared to RMB752.5 million in the corresponding period of 2024, primarily due to a decrease in marketing and promotional expenses. Share-based compensation expenses included in sales and marketing expenses in the second quarter of 2025 were RMB13.3 million (US$1.9 million), compared to RMB10.1 million in the corresponding period of 2024.
  • General and administrative expenses were RMB132.7 million (US$18.5 million) in the second quarter of 2025, compared to RMB117.6 million in the corresponding period of 2024. Share-based compensation expenses included in general and administrative expenses in the second quarter of 2025 were RMB15.8 million (US$2.2 million), compared to RMB10.4 million in the corresponding period of 2024.
  • Product development expenses were RMB253.0 million (US$35.3 million) in the second quarter of 2025, compared to RMB315.2 million in the corresponding period of 2024, primarily due to a decrease in personnel-related expenses. Share-based compensation expenses included in product development expenses in the second quarter of 2025 were RMB19.9 million (US$2.8 million), compared to RMB18.8 million in the corresponding period of 2024.

Operating Profit

Operating profit was RMB296.6 million (US$41.4 million) in the second quarter of 2025, compared to RMB412.4 million in the corresponding period of 2024. 

Income Tax Expense

Income tax expense was RMB60.6 million (US$8.5 million) in the second quarter of 2025, compared to RMB102.2 million in the corresponding period of 2024.

Net Income Attributable to Autohome

Net income attributable to Autohome was RMB415.7 million (US$58.0 million) in the second quarter of 2025, compared to RMB524.8 million in the corresponding period of 2024.

Net Income Attributable to Ordinary Shareholders and Earnings per Share/ADS

Net income attributable to ordinary shareholders was RMB398.9 million (US$55.7 million) in the second quarter of 2025, compared to RMB509.7 million in the corresponding period of 2024. Basic and diluted earnings per share (“EPS”) were RMB0.85 (US$0.12) and RMB0.85 (US$0.12), respectively, in the second quarter of 2025, compared to basic and diluted EPS of RMB1.05 and RMB1.05, respectively, in the corresponding period of 2024. Basic and diluted earnings per ADS were RMB3.40 (US$0.47) and RMB3.38 (US$0.47), respectively, in the second quarter of 2025, compared to basic and diluted earnings per ADS of RMB4.20 and RMB4.19, respectively, in the corresponding period of 2024.

Adjusted Net Income Attributable to Autohome (Non-GAAP) and Non-GAAP EPS/ADS

Adjusted net income attributable to Autohome (Non-GAAP) was RMB475.7 million (US$66.4 million) in the second quarter of 2025, compared to RMB572.4 million in the corresponding period of 2024. Non-GAAP basic and diluted EPS were RMB1.01 (US$0.14) and RMB1.01 (US$0.14), respectively, in the second quarter of 2025, compared to non-GAAP basic and diluted EPS of RMB1.18 and RMB1.18, respectively, in the corresponding period of 2024. Non-GAAP basic and diluted earnings per ADS were RMB4.06 (US$0.57) and RMB4.04 (US$0.56), respectively, in the second quarter of 2025, compared to non-GAAP basic and diluted earnings per ADS of RMB4.72 and RMB4.71, respectively, in the corresponding period of 2024.

Balance Sheet and Cash Flow

As of June 30, 2025, the Company had cash and cash equivalents and short-term investments of RMB22.05 billion (US$3.08 billion). Net cash provided by operating activities in the second quarter of 2025 was RMB495.0 million (US$69.1 million).

Employees

The Company had 4,360 employees as of June 30, 2025, including 1,311 employees from TTP Car, Inc.

Conference Call Information

The Company will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on Thursday, July 31, 2025 (8:00 p.m. Beijing Time on the same day).

Please register in advance of the conference call using the registration link provided below. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.

Registration Link: https://register-conf.media-server.com/register/BI8cf7e0ee3ea6428a9b2a6318555713d0

Please use the conference access information to join the call 10 minutes before the call is scheduled to begin.

Additionally, a live and archived webcast of the conference call will be available at https://ir.autohome.com.cn and a replay of the webcast will be available following the session.

About Autohome

Autohome Inc. (NYSE: ATHM; HKEX: 2518) is the leading online destination for automobile consumers in China. Its mission is to relentlessly reduce auto industry decision-making and transaction costs driven by advanced technology. Autohome provides occupationally generated content, professionally generated content, user-generated content, and AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company’s dealer subscription and advertising services allow dealers to market their inventory and services through Autohome’s platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services. For further information, please visit https://www.autohome.com.cn/.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Among other things, Autohome’s business outlook, Autohome’s strategic and operational plans and quotations from management in this announcement contain forward-looking statements. Autohome may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Autohome’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Autohome’s goals and strategies; Autohome’s future business development, results of operations and financial condition; the expected growth of the online automobile advertising market in China; Autohome’s ability to attract and retain users and advertisers and further enhance its brand recognition; Autohome’s expectations regarding demand for and market acceptance of its products and services; competition in the online automobile advertising industry; relevant government policies and regulatory environment of China; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Autohome’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Autohome does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

To supplement net income presented in accordance with U.S. GAAP, we use Adjusted Net Income attributable to Autohome, Non-GAAP basic and diluted EPS and earnings per ADS, Adjusted net margin and Adjusted EBITDA as non-GAAP financial measures. We define Adjusted Net Income attributable to Autohome as net income attributable to Autohome excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisition, investment loss relating to non-operating impact of a write-down of the initial investment in a financial product, and loss/(gain) pickup of equity method investments, with all the reconciliation items adjusted for related income tax effects. We define non-GAAP basic and diluted EPS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ordinary shares. We define non-GAAP basic and diluted earnings per ADS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ADSs. We define Adjusted net margin as Adjusted Net Income attributable to Autohome divided by total net revenues. We define Adjusted EBITDA as net income attributable to Autohome before income tax expense, depreciation expenses of property and equipment, amortization expenses of intangible assets and share-based compensation expenses. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance, in addition to net income prepared in accordance with U.S. GAAP. We believe these non-GAAP financial measures are important to help investors understand our operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess our core operating results, as they exclude certain non-cash charges or items that are non-operating in nature. The use of the above non-GAAP financial measures has certain limitations as they excluded certain items that have been and will continue to be incurred in the future, but such items should be considered in the overall evaluation of our results. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of non-GAAP and GAAP Results” set forth at the end of this press release.

For investor and media inquiries, please contact:

Autohome Inc.
Sterling Song
Investor Relations Director
Tel: +86-10-5985-7483
E-mail: ir@autohome.com.cn 

Christensen China Limited 
Suri Cheng
Tel: +86-185-0060-8364
E-mail:  suri.cheng@christensencomms.com

 

AUTOHOME INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA
 (Amount in thousands, except share and per share / per ADS data)

 For three months ended June 30, 

 For six months ended June 30, 

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

Net revenues: 

Media services

432,858

279,399

39,003

760,289

521,578

72,809

Leads generation services 

820,271

732,581

102,264

1,546,694

1,377,724

192,323

Online marketplace and others

619,425

746,140

104,157

1,174,636

1,312,636

183,237

Total net revenues 

1,872,554

1,758,120

245,424

3,481,619

3,211,938

448,369

Cost of revenues

(346,102)

(503,424)

(70,275)

(646,994)

(818,944)

(114,320)

Gross profit 

1,526,452

1,254,696

175,149

2,834,625

2,392,994

334,049

Operating expenses: 

Sales and marketing expenses 

(752,543)

(629,982)

(87,942)

(1,393,819)

(1,173,621)

(163,831)

General and administrative

   expenses 

(117,564)

(132,665)

(18,519)

(267,109)

(263,688)

(36,810)

Product development expenses 

(315,230)

(253,017)

(35,320)

(651,297)

(527,158)

(73,588)

Total operating expenses

(1,185,337)

(1,015,664)

(141,781)

(2,312,225)

(1,964,467)

(274,229)

Other operating income, net

71,279

57,611

8,042

166,072

101,471

14,165

Operating profit

412,394

296,643

41,410

688,472

529,998

73,985

Interest and investment income,

   net

189,053

165,123

23,050

409,027

342,194

47,768

Share of results of equity method

   investments

4,640

(322)

(45)

(44,493)

(11,958)

(1,669)

Income before income taxes 

606,087

461,444

64,415

1,053,006

860,234

120,084

Income tax expense

(102,165)

(60,596)

(8,459)

(170,566)

(116,925)

(16,322)

Net income 

503,922

400,848

55,956

882,440

743,309

103,762

Net loss attributable to

   noncontrolling interests

20,839

14,810

2,067

36,820

28,984

4,046

Net income attributable to

   Autohome

524,761

415,658

58,023

919,260

772,293

107,808

Accretion of mezzanine equity

(42,687)

(47,355)

(6,611)

(84,358)

(93,009)

(12,984)

Accretion attributable to

   noncontrolling interests

27,599

30,563

4,266

54,547

60,032

8,380

Net income attributable to

   ordinary shareholders

509,673

398,866

55,678

889,449

739,316

103,204

Earnings per share attributable

   to ordinary shareholders 

Basic 

1.05

0.85

0.12

1.84

1.57

0.22

Diluted 

1.05

0.85

0.12

1.83

1.56

0.22

Earnings per ADS attributable

   to ordinary shareholders (one

   ADS equals for four ordinary

   shares)

Basic 

4.20

3.40

0.47

7.34

6.26

0.87

Diluted 

4.19

3.38

0.47

7.32

6.23

0.87

Weighted average shares used to compute

   earnings per share attributable to ordinary

   shareholders:

 Basic 

484,860,625

469,269,006

469,269,006

484,569,763

472,358,950

472,358,950

 Diluted

486,591,693

471,358,186

471,358,186

486,029,303

474,595,274

474,595,274

 

AUTOHOME INC.
UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS
(Amount in thousands, except share and per share / per ADS data)

For three months ended June 30,

For six months ended June 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

Net income attributable to

   Autohome

524,761

415,658

58,023

919,260

772,293

107,808

Plus: income tax expense

103,505

61,936

8,646

173,247

119,605

16,696

Plus: depreciation of property and

   equipment

31,750

25,846

3,608

65,284

53,216

7,429

Plus: amortization of intangible

   assets

9,650

9,595

1,339

19,300

19,216

2,682

EBITDA

669,666

513,035

71,616

1,177,091

964,330

134,615

Plus: share-based compensation
   expenses

41,188

52,311

7,302

89,495

97,801

13,652

Adjusted EBITDA

710,854

565,346

78,918

1,266,586

1,062,131

148,267

Net income attributable to

   Autohome

524,761

415,658

58,023

919,260

772,293

107,808

Plus: amortization of intangible assets

   resulting from business acquisition

9,583

9,583

1,338

19,166

19,166

2,675

Plus: share-based compensation
   expenses

41,188

52,311

7,302

89,495

97,801

13,652

Plus: investment loss arising from one

   of financial products[3]

2,906

2,906

Plus: (gain)/loss on equity method

   investments, net

(4,640)

322

45

44,493

11,958

1,669

Plus: tax effects of the adjustments

(1,360)

(2,147)

(300)

(8,954)

(4,721)

(659)

Adjusted net income attributable

   to Autohome

572,438

475,727

66,408

1,066,366

896,497

125,145

Net income attributable to

   Autohome

524,761

415,658

58,023

919,260

772,293

107,808

Net margin

28.0 %

23.6 %

23.6 %

26.4 %

24.0 %

24.0 %

Adjusted net income attributable

   to Autohome

572,438

475,727

66,408

1,066,366

896,497

125,145

Adjusted net margin

30.6 %

27.1 %

27.1 %

30.6 %

27.9 %

27.9 %

Non-GAAP earnings per share

Basic

1.18

1.01

0.14

2.20

1.90

0.27

Diluted

1.18

1.01

0.14

2.19

1.89

0.26

Non-GAAP earnings per ADS

(one ADS equals for four ordinary

shares)

Basic

4.72

4.06

0.57

8.80

7.59

1.06

Diluted

4.71

4.04

0.56

8.78

7.56

1.05

Weighted average shares used to

   compute non-GAAP earnings

   per share:

Basic

484,860,625

469,269,006

469,269,006

484,569,763

472,358,950

472,358,950

Diluted

486,591,693

471,358,186

471,358,186

486,029,303

474,595,274

474,595,274

 

AUTOHOME INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(Amount in thousands, except as noted)

As of

December 31,

As of June 30,

2024

2025

RMB

RMB

US$

ASSETS

Current assets

Cash and cash equivalents

1,693,597

2,878,872

401,875

Restricted cash

88,515

93,891

13,107

Short-term investments

21,621,992

19,174,574

2,676,667

Accounts receivable, net

1,358,849

1,483,888

207,143

Amounts due from related parties, current

63,957

60,913

8,503

Prepaid expenses and other current assets

336,941

258,786

36,125

Total current assets

25,163,851

23,950,924

3,343,420

Non-current assets

Restricted cash, non-current

5,000

5,000

698

Property and equipment, net

204,049

179,129

25,005

Goodwill and intangible assets, net

4,069,637

4,032,550

562,922

Long-term investments

339,247

327,289

45,688

Deferred tax assets

308,246

308,246

43,029

Amounts due from related parties, non-current

3,521

5,825

813

Other non-current assets

128,074

124,698

17,407

Total non-current assets

5,057,774

4,982,737

695,562

Total assets

30,221,625

28,933,661

4,038,982

LIABILITIES AND EQUITY

Current liabilities

Accrued expenses and other payables

2,931,869

1,954,966

272,903

Advance from customers

106,276

112,312

15,678

Deferred revenue

276,894

822,995

114,886

Income tax payable

185,976

133,458

18,630

Amounts due to related parties

38,250

56,831

7,933

Dividends payable

990,529

Total current liabilities

4,529,794

3,080,562

430,030

Non-current liabilities

Other liabilities

23,103

33,516

4,679

Deferred tax liabilities

468,078

462,136

64,512

Total non-current liabilities

491,181

495,652

69,191

Total liabilities

5,020,975

3,576,214

499,221

MEZZANINE EQUITY

Convertible redeemable noncontrolling interests

1,931,529

2,024,538

282,612

EQUITY

Total Autohome shareholders’ equity

23,951,737

24,104,561

3,364,867

Noncontrolling interests

(682,616)

(771,652)

(107,718)

Total equity

23,269,121

23,332,909

3,257,149

Total liabilities, mezzanine equity and equity

30,221,625

28,933,661

4,038,982

UNAUDITED RECONCILIATION BETWEEN U.S. GAAP AND IFRS Accounting Standards

The unaudited condensed consolidated statements of income for the six month ended June 30, 2025 and the unaudited condensed consolidated balance sheets as of June 30, 2025 (collectively, the “Unaudited Interim Financial Statements”) of Autohome Inc., its subsidiaries, the variable interest entities, and the subsidiaries of the variable interest entities (collectively, the “Company”) are prepared in accordance with the accounting principles generally accepted in the United States of America (the “U.S. GAAP”), and the differences between U.S. GAAP and IFRS Accounting Standards issued by the International Accounting Standards Board (together, the “Reconciliation Statement”) have been disclosed in the Appendix — Unaudited Reconciliation Between U.S. GAAP and IFRS Accounting Standards attached herein.

PricewaterhouseCoopers, the auditor of the Company in Hong Kong, has performed a limited assurance engagement on the Reconciliation Statement in accordance with International Standards on Assurance Engagements 3000 (Revised) “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” issued by the International Auditing and Assurance Standards Board.

Appendix

The Unaudited Interim Financial Statements of the Company are prepared in accordance with U.S. GAAP, which differ in certain respects from IFRS Accounting Standards. The effects of material differences between the Unaudited Interim Financial Statements prepared under U.S. GAAP and IFRS Accounting Standards are as follows:

Reconciliation of unaudited condensed consolidated statements of income:

For six months ended June 30,

2024

2025

RMB

RMB

Reconciliation of net income in the consolidated statements of income

      (in thousands)

Net income as reported under U.S. GAAP

882,440

743,309

IFRS Accounting Standards adjustments:

Preferred shares (Note a) 

126,264

64,042

Leases (Note b)

(285)

1,253

Share-based compensations (Note c) 

(16,419)

(8,625)

Net income as reported under IFRS Accounting

Standards

992,000

799,979

Reconciliation of unaudited condensed consolidated balance sheets:

As of

December 31,

As of

June 30,

2024

2025

RMB

RMB

Reconciliation of total equity in the consolidated balance sheets

              (in thousands)

Total equity as reported under U.S. GAAP

23,269,121

23,332,909

IFRS Accounting Standards adjustments:

Preferred shares (Note a)

1,693,068

1,858,262

Leases (Note b)

(8,019)

(6,766)

Total equity as reported under IFRS Accounting Standards

24,954,170

25,184,405

Notes:

Basis of Preparation

The Directors of the Company are responsible for preparation of the Reconciliation Statement in accordance with the relevant requirements of the Hong Kong Listing Rules. The Reconciliation Statement was prepared based on the Company’s unaudited interim condensed consolidated financial information for the six months ended June 30, 2025 prepared under U.S. GAAP, with adjustments made (if any) thereto in arriving at the unaudited financial information of the Company prepared under IFRS Accounting Standards. The adjustments reflect the differences between the Company’s accounting policies under U.S. GAAP and IFRS Accounting Standards.

(a)  Preferred Shares

Under U.S. GAAP, the preferred shares of the Company are accounted for as mezzanine equity, which is subsequently accreted to the amount which equals to redemption value of each series of preferred shares.

Under IFRS Accounting Standards, the preferred shares, which are redeemable at the option of the holder, represent a financial liability. And the financial liability is measured at fair value and changes in the fair value are reflected in the consolidated statements of comprehensive income. The amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of the liability shall be recognized in other comprehensive income/(loss); the remaining amount of change in the fair value of the liability shall be recognized in profit or loss.

Accordingly, the reconciliation includes a fair value profit change of RMB126.26 million and RMB64.04 million recognized in the consolidated statements of comprehensive income for each of the six months ended June 30, 2024 and 2025, respectively. The reconciliation also includes the difference between mezzanine equity under U.S. GAAP and financial liabilities under IFRS Accounting Standards of RMB1,693.07 million and RMB1,858.26 million as at December 31, 2024 and June 30, 2025, respectively.

(b)  Leases

For operating leases under U.S. GAAP, the subsequent measurement of the lease liability is based on the present value of the remaining lease payments using the discount rate determined at lease commencement, while the right-of-use asset is remeasured at the amount of the lease liability, adjusted for the remaining balance of any lease incentives received, cumulative prepaid or accrued rents, unamortized initial direct costs and any impairment. This treatment under U.S. GAAP results in straight line expense being incurred over the lease term, as opposed to IFRS Accounting Standards which generally yields a “front-loaded” expense with more expense recognized in earlier years of the lease.

Accordingly, the reconciliation includes an expenses difference recognized in the consolidated statements of comprehensive income of RMB0.29 million (negative) and RMB1.25 million for each of the six months ended June 30, 2024 and 2025, respectively. The reconciliation also includes a difference in total equity of RMB8.02 million (negative) and RMB6.77 million (negative) as at December 31, 2024 and June 30, 2025, respectively.

(c)  Share-based Compensation

Under U.S. GAAP, the Company has elected to recognize compensation expense using the straight-line method for all share-based awards granted with service conditions that have a graded vesting schedule. For awards with performance condition and multiple service dates, if the performance conditions are all set at inception and independent for each year, each tranche is accounted for as a separate award with its own requisite service period. Compensation cost is recognized over the respective requisite service period separately for each separately-vesting tranche as though each tranche of the award is, in substance, a separate award. 

Under IFRS Accounting Standards, the accelerated method is required to recognize compensation expense for all employee equity awards granted with graded vesting.

Accordingly, the reconciliation includes an expense recognition difference in the consolidated statements of comprehensive income of RMB16.42 million (negative) and RMB8.63 million (negative) for each of the six months ended June 30, 2024 and 2025, respectively.

[1] The reporting currency of the Company is Renminbi (“RMB”). For readers’ convenience, certain amounts throughout the release are presented in US dollars (“US$”). Unless otherwise noted, all conversions from RMB to US$ are translated at the noon buying rate of US$1.00 to RMB7.1636 on June 30, 2025 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

[2] For more information on this and other non-GAAP financial measures, please see the section captioned “Use of Non-GAAP Financial Measures” and the tables captioned “Unaudited Reconciliations of Non-GAAP and GAAP Results” set forth at the end of this release.

[3] It represented the loss of an investment with fair value below its initial investment, which was recognized at “interest and investment income, net”. The impact was considered to be not directly related to the Company’s operating activities.

 

Immerse Yourself in a Surreal Experience: Where AR Art Meets the Historic Streets of Nishi Chaya

Step into a magical world through digital street art in Nishi Chaya.

KANAZAWA, Japan, July 30, 2025 /PRNewswire/ — From Sunday, 13 April, an unprecedented AR art exhibition opens in Nishichayagai, the historic teahouse district where Kanazawa’s past and culture still breathe. Augmented Reality (AR) art overlays computer-generated imagery onto the real world via smartphone or computer. Kanazawa Biyori spoke to the organisers to find out more about the tour.

■Tell me about the tour.
Purchase a ticket, scan the QR code with your phone, and the story begins. The venue is the main street of Nishichayagai; when you reach each designated spot, the work automatically comes to life, merging everyday scenery with the digital. The entire Nishichaya-dōri forms one narrative, promising a mysterious moment as though you had stepped into a giant picture book.

■What kind of experience can you get on the tour.
“Art Café 33 yoi yoi,” which also serves as reception, offers a space to re-experience the works. Its name combines san-san (“33,” brilliantly radiant) with yoi yoi (the pleasant sway of cheerful inebriation). Set against the storied backdrop of Nishichayagai, this AR adventure invites fresh eyes to often-overlooked corners and is recommended for locals and visitors alike.

■Overview and Application Details
Duration: Ongoing — Sunday, 13 April to Sunday, 30 November
Hours: Variable; please check the official Instagram account for daily updates.
Admission: ¥1,100 per ticket
iPhone Rental: ¥10,000 deposit (fully refundable upon return)

■Further Information
Official Website https://kanaza-waza.com/33yoiyoi/
Instagram https://www.instagram.com/33yoiyoi/
Vertical Video https://www.youtube.com/shorts/UhrLjfmIgDs
Horizontal Video https://www.youtube.com/watch?v=hJqkvZZe03k

Modern tea ceremony https://kanazawatour.com/#modern-tea-ceremony
Blacksmith Workshop Tour https://kanazawatour.com/#blacksmith-workshop-tour


Contact Information
Company Name: Kanazawa Biyori Co., Ltd.
Address:
Sanpia Izumigaoka 511, 255 Fushimishinmachi,
Kanazawa City, Ishikawa 921-8172, Japan
Website: info@kanazawabiyori.com
Representative: Tatsunori Kita
Phone: +81-76-255-7663

Vantage Launches New Video Campaign Showcasing Passion and Ambition

PORT VILA, Vanuatu, July 31, 2025 /PRNewswire/ — Vantage Markets is proud to unveil a new brand campaign that captures the passion, ambition, and shared pursuit of excellence that define its strategic partnership with Scuderia Ferrari HP. The campaign features a captivating video designed to inspire audiences and reinforce Vantage’s evolution as a premium global brand.

Vantage Launches New Video Campaign Showcasing Passion and Ambition
Vantage Launches New Video Campaign Showcasing Passion and Ambition

Launched across global digital platforms, the new campaign highlights the alignment in values between Vantage and Scuderia Ferrari HP – one rooted in speed, precision, and relentless forward momentum.

The campaign is also part of Vantage’s broader effort to build a stronger emotional connection with its global community. Through cinematic storytelling and refined visuals, the video brings to life the philosophy that drives Vantage forward: the pursuit of excellence at every turn.

“Our goal with this campaign was to go beyond traditional branding,” said Marc Despallieres, CEO of Vantage Markets. “We wanted to craft a visual story that reflects the dynamic journey Vantage is on as a company, while drawing inspiration from the iconic spirit of Scuderia Ferrari HP. It’s a message of passion, precision, and the power of partnership.”

As the partnership with Scuderia Ferrari HP enters a new phase, this video marks a celebration of shared ambition and a clear signal of what’s next. Vantage continues to position itself as a brand that empowers clients with cutting-edge tools, while maintaining a deep commitment to vision, integrity, and excellence.

Watch the full video campaign on Vantage Markets’ YouTube channel.

About Vantage

Vantage Markets (or Vantage) is a multi-asset CFD broker offering clients access to a nimble and powerful service for trading Contracts for Difference (CFDs) products, including Forex, Commodities, Indices, Shares, ETFs, and Bonds.

With over 15 years of market experience, Vantage transcends the role of broker, providing a reliable trading platform, an award-winning mobile trading app, and a user-friendly trading platform that provide clients access to trading opportunities.

trade smarter @vantage

RISK WARNING : CFDs are complex instruments and carry a high risk of losing money rapidly due to leverage. Ensure you understand the risks before trading.

Disclaimer: This article is provided for informational purposes only and does not constitute financial advice, an offer, or solicitation of any financial products or services. The content is not intended for residents of any jurisdiction where such distribution or use would be contrary to local law or regulation. Readers are advised to seek independent professional advice before making any investment or financial decisions. Any reliance you place on the information presented is strictly at your own risk.

TAL Education Group Announces Unaudited Financial Results for the First Fiscal Quarter Ended May 31, 2025

BEIJING, July 31, 2025 /PRNewswire/ — TAL Education Group (NYSE: TAL) (“TAL” or the “Company”), a smart learning solutions provider in China, today announced its unaudited financial results for the first quarter of fiscal year 2026 ended May 31, 2025.

Highlights for the First Quarter of Fiscal Year 2026

  • Net revenues were US$575.0 million, compared to net revenues of US$414.2 million in the same period of the prior year.
  • Income from operations was US$14.3 million, compared to loss from operations of US$17.3 million in the same period of the prior year.
  • Non-GAAP income from operations, which excluded share-based compensation expenses, was US$25.1 million, compared to non-GAAP income from operations of US$0.9 million in the same period of the prior year.
  • Net income attributable to TAL was US$31.3 million, compared to net income attributable to TAL of US$11.4 million in the same period of the prior year.
  • Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$42.0 million, compared to non-GAAP net income attributable to TAL of US$29.6 million in the same period of the prior year.
  • Basic and diluted net income per American Depositary Share (“ADS”) were both US$0.05. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.07. Three ADSs represent one Class A common share.
  • Cash, cash equivalents and short-term investments totaled US$3,472.8 million as of May 31, 2025, compared to US$3,618.4 million as of February 28, 2025.

Financial Data——First Quarter of Fiscal Year 2026
(In US$ thousands, except per ADS data and percentages)

Three Months Ended

May 31,

2024

2025

Pct. Change

Net revenues

414,187

574,999

38.8 %

(Loss)/Income from operations

(17,330)

14,346

(182.8 %)

Non-GAAP income from operations

876

25,109

2766.3 %

Net income attributable to TAL

11,402

31,282

174.4 %

Non-GAAP net income attributable to TAL

29,608

42,045

42.0 %

Net income per ADS attributable to TAL –
basic

0.02

0.05

173.8 %

Net income per ADS attributable to TAL –
diluted

0.02

0.05

175.0 %

Non-GAAP net income per ADS attributable
to TAL – basic

0.05

0.07

41.7 %

Non-GAAP net income per ADS attributable
to TAL – diluted

0.05

0.07

42.4 %

“We achieved year-over-year revenue growth this quarter, driven by solid progress in both our learning services and AI-powered devices. This reflects our continued commitment to delivering high-quality learning experiences and fostering the long-term growth of our core businesses. The launch of new learning device models, including the P4, S4, and T4, helped our products reach a wider audience.” said Alex Peng, TAL’s President and Chief Financial Officer.

Mr. Peng added, “Looking ahead, we remain dedicated to driving innovation in the K-12 learning sector, adapting to evolving user needs and advancements in AI and technology.”

Financial Results for the First Quarter of Fiscal Year 2026

Net Revenues
In the first quarter of fiscal year 2026, TAL reported net revenues of US$575.0 million, representing a 38.8% increase from US$414.2 million in the first quarter of fiscal year 2025.

Operating Costs and Expenses
In the first quarter of fiscal year 2026, operating costs and expenses were US$561.5 million, representing a 29.9% increase from US$432.1 million in the first quarter of fiscal year 2025. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$550.7 million, representing a 33.0% increase from US$413.9 million in the first quarter of fiscal year 2025.

Cost of revenues increased by 29.8% to US$259.6 million from US$200.0 million in the first quarter of fiscal year 2025. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 31.0% to US$258.9 million, from US$197.6 million in the first quarter of fiscal year 2025.

Selling and marketing expenses increased by 47.7% to US$180.8 million from US$122.4 million in the first quarter of fiscal year 2025. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 50.5% to US$177.7 million, from US$118.1 million in the first quarter of fiscal year 2025.

General and administrative expenses increased by 10.4% to US$121.1 million from US$109.7 million in the first quarter of fiscal year 2025. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 16.1% to US$114.0 million, from US$98.2 million in the first quarter of fiscal year 2025.

Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 40.9% to US$10.8 million in the first quarter of fiscal year 2026 from US$18.2 million in the same period of fiscal year 2025.

Gross Profit                                                                                                                                 
Gross profit increased by 47.3% to US$315.4 million from US$214.2 million in the first quarter of fiscal year 2025. The gross margin for the first quarter of fiscal year 2026 was 54.9%, compared to 51.7% in the same period of the prior year.

(Loss)/Income from Operations
Income from operations was US$14.3 million in the first quarter of fiscal year 2026, compared to loss from operations of US$17.3 million in the first quarter of fiscal year 2025. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$25.1 million, compared to Non-GAAP income from operations of US$0.9 million in the same period of the prior year.

Other Income 
Other income was US$9.5 million for the first quarter of fiscal year 2026, compared to other income of US$13.2 million in the first quarter of fiscal year 2025.

Income Tax Expense 
Income tax expense was US$11.1 million in the first quarter of fiscal year 2026, compared to US$2.3 million of income tax expense in the first quarter of fiscal year 2025.

Net Income Attributable to TAL Education Group
Net income attributable to TAL was US$31.3 million in the first quarter of fiscal year 2026, compared to net income attributable to TAL of US$11.4 million in the first quarter of fiscal year 2025. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$42.0 million, compared to Non-GAAP net income attributable to TAL of US$29.6 million in the first quarter of fiscal year 2025.

Basic and Diluted Net Income per ADS
Basic and diluted net income per ADS were both US$0.05 in the first quarter of fiscal year 2026. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.07 in the first quarter of fiscal year 2026.

Cash Flow 
Net cash provided by operating activities for the first quarter of fiscal year 2026 was US$347.8 million.

Cash, Cash Equivalents, and Short-Term Investments
As of May 31, 2025, the Company had US$1,267.2 million of cash and cash equivalents and US$2,205.6 million of short-term investments, compared to US$1,771.3 million of cash and cash equivalents and US$1,847.1 million of short-term investments as of February 28, 2025.

Deferred Revenue
As of May 31, 2025, the Company’s deferred revenue balance was US$967.9 million, compared to US$671.2 million as of February 28, 2025.

Share Repurchase
In April 2025, the Company’s board of directors authorized to extend its share repurchase program launched in April 2021 by another 12 months. Pursuant to the extended share repurchase program, the Company may repurchase up to approximately US$490.7 million of its common shares through April 30, 2026. As of July 30, 2025, following the extension of the share repurchase program, the Company had repurchased 15,184,109 common shares at an aggregate consideration of approximately US$477.4 million under the share repurchase program.

Authorization of Share Repurchase Plan 
On July 28, 2025, TAL’s board of directors authorized a new share repurchase plan under which the Company may repurchase up to US$600 million of the Company’s common shares over the next 12 months. The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company’s board of directors will review the share repurchase plan periodically, and may authorize adjustment of its terms and size. The Company plans to fund repurchases from its existing cash balance.

Conference Call
The Company will host a conference call and live webcast to discuss its financial results for the first fiscal quarter of fiscal year 2026 ended May 31, 2025 at 8:00 a.m. Eastern Time on July 31, 2025 (8:00 p.m. Beijing time on July 31, 2025).

Please note that you will need to pre-register for conference call participation at https://register-conf.media-server.com/register/BI6ba336d6d0db4942b5ded26678ec673e.

Upon registration, you will receive an email containing participant dial-in numbers and unique Direct Event Passcode. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

A live and archived webcast of the conference call will be available on the Investor Relations section of TAL’s website at https://ir.100tal.com/.

Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, TAL Education Group’s strategic and operational plans contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to continue to provide competitive learning services and products; the Company’s ability to continue to recruit, train and retain talents; the Company’s ability to improve the content of current course offerings and develop new courses; the Company’s ability to maintain and enhance its brand; the Company’s ability to maintain and continue to improve its teaching results; and the Company’s ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company’s reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and TAL Education Group undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

About TAL Education Group
TAL Education Group is a smart learning solutions provider in China. The acronym “TAL” stands for “Tomorrow Advancing Life”, which reflects our vision to promote top learning opportunities for students through both high-quality teaching and content, as well as leading edge application of technology in the education experience. TAL Education Group offers comprehensive learning solutions to students from all ages through diversified class formats. Our learning solutions mainly cover enrichment learnings programs and some academic subjects in and out of China. Our ADSs trade on the New York Stock Exchange under the symbol “TAL”.

About Non-GAAP Financial Measures
In evaluating its business, TAL considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP cost of revenues, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating costs and expenses, non-GAAP income from operations, non-GAAP net income attributable to TAL, non-GAAP basic and non-GAAP diluted net income per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” set forth at the end of this release.

TAL believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. TAL believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to TAL’s historical performance and liquidity. TAL computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. TAL believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures. 

For further information, please contact:

Jackson Ding
Investor Relations
TAL Education Group
Tel: +86 10 5292 6669-8809
Email: ir@tal.com

 

 

 

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

As of

February 28,
2025

As of

May 31,
2025

ASSETS

Current assets

 Cash and cash equivalents

$ 1,771,260

$ 1,267,182

  Restricted cash, current

187,846

258,530

  Short-term investments

1,847,120

2,205,649

  Inventory, net

104,876

136,984

  Amounts due from related parties, current

37

26

  Prepaid expenses and other current assets

215,781

231,742

Total current assets

4,126,920

4,100,113

  Restricted cash, non-current

32,625

32,674

  Property and equipment, net

472,366

505,028

  Deferred tax assets

3,487

2,561

  Rental deposits

22,131

24,090

  Intangible assets, net

394

49,477

  Goodwill

155

44,819

  Land use rights, net

182,880

183,942

  Amounts due from related parties, non-current

96

97

  Long-term investments

305,105

374,991

  Long-term prepayments and other non-current assets

27,844

28,135

  Operating lease right-of-use assets

329,064

369,275

Total assets

$ 5,503,067

$ 5,715,202

LIABILITIES AND EQUITY

Current liabilities

Accounts payable

$ 146,300

$ 160,358

Deferred revenue, current

624,272

929,866

Amounts due to related parties, current

93

94

Accrued expenses and other current liabilities

582,227

637,368

Operating lease liabilities, current

88,453

98,468

Total current liabilities

1,441,345

1,826,154

Deferred revenue, non-current

46,955

38,004

Deferred tax liabilities

3,474

5,419

Operating lease liabilities, non-current

244,895

275,374

Total liabilities

1,736,669

2,144,951

Equity

Class A common shares

154

154

Class B common shares

49

49

Treasury stock

(8)

Additional paid-in capital

4,294,819

4,051,486

Statutory reserve

179,537

177,945

Accumulated deficit

(624,078)

(591,204)

Accumulated other comprehensive loss

(83,914)

(67,935)

Total TAL Education Group’s equity

3,766,567

3,570,487

Non-controlling interests

(169)

(236)

Total equity

3,766,398

3,570,251

Total liabilities and equity

$ 5,503,067

$ 5,715,202

 

 

 

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except share, ADS, per share and per ADS data) 

       For the Three Months Ended

        May 31,

2024

2025

 

Net revenues

 

$ 414,187

 

$ 574,999

Cost of revenues (note 1)

200,008

259,571

Gross profit

214,179

315,428

Operating expenses (note 1)

  Selling and marketing

122,428

180,773

  General and administrative

109,682

121,119

Total operating expenses

232,110

301,892

Government subsidies

601

810

(Loss)/Income from operations

(17,330)

14,346

Interest income, net

22,522

18,722

Other income

13,151

9,472

Impairment loss on long-term investments

(3,767)

Income before income tax expense and

loss from equity method investments

14,576

42,540

Income tax expense

(2,295)

(11,078)

Loss from equity method investments

(985)

(255)

Net income

$ 11,296

$ 31,207

Add: Net loss attributable to non-controlling interests

106

75

Total net income attributable to TAL Education
  Group

$ 11,402

$ 31,282

Net income per common share

Basic

$ 0.06

$ 0.15

Diluted

0.06

0.15

Net income per ADS (note 2)

Basic

$ 0.02

$ 0.05

Diluted

0.02

0.05

 

Weighted average shares used in calculating net
   income per common share

   Basic

201,567,132

201,980,675

   Diluted

205,382,443

204,880,688

 Note1: Share-based compensation expenses are included in the operating costs and expenses as follows:

For the Three Months

Ended May 31,

2024

2025

Cost of revenues

$ 2,362

$ 622

Selling and marketing expenses

4,375

3,071

General and administrative expenses

11,469

7,070

Total

$ 18,206

$ 10,763

Note 2: Three ADSs represent one Class A common Share. 

 

 

 

TAL EDUCATION GROUP 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE (LOSS)/INCOME   

 (In thousands of U.S. dollars)

For the Three Months Ended

May 31,

2024

2025

Net income

$ 11,296

$ 31,207

Other comprehensive (loss)/income, net of tax

(7,580)

15,987

Comprehensive income

3,716

47,194

Add: Comprehensive (income)/loss attributable
  to non-controlling interests

(45)

67

Comprehensive income attributable to 

TAL Education Group

$ 3,671

$ 47,261

 

 

 

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

CASH FLOWS

(In thousands of U.S. dollars)

For the Three Months
Ended

May 31,

2024

2025

Net cash provided by operating activities

$ 246,793

$  347,785

Net cash used in investing activities

(124,635)

(527,309)

Net cash provided by/(used in) financing activities

5

(254,104)

Effect of exchange rate changes

(1,217)

283

Net increase/(decrease) in cash, cash equivalents and restricted cash

120,946

(433,345)

Cash, cash equivalents and restricted cash at the beginning of   
  period

2,457,476

1,991,731

Cash, cash equivalents and restricted cash at the end of period

$ 2,578,422

$ 1,558,386

 

 

 

TAL EDUCATION GROUP

Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures

(In thousands of U.S. dollars, except share, ADS, per share and per ADS data)

  For the Three Months 

   Ended May 31,

2024

2025

Cost of revenues

$ 200,008

$ 259,571

Share-based compensation expenses in cost of

revenues

2,362

622

Non-GAAP cost of revenues

197,646

258,949

Selling and marketing expenses

122,428

180,773

Share-based compensation expenses in selling and

marketing expenses

4,375

3,071

Non-GAAP selling and marketing expenses

118,053

177,702

General and administrative expenses

109,682

121,119

Share-based compensation expenses in general and

administrative expenses

11,469

7,070

Non-GAAP general and administrative expenses

98,213

114,049

Operating costs and expenses

432,118

561,463

Share-based compensation expenses in operating

costs and expenses

18,206

10,763

Non-GAAP operating costs and expenses

413,912

550,700

(Loss)/Income from operations

(17,330)

14,346

Share based compensation expenses

18,206

10,763

Non-GAAP income from operations (note 3)

876

25,109

Net income attributable to TAL Education 
Group

11,402

31,282

Share based compensation expenses

18,206

10,763

Non-GAAP net income attributable to TAL 
Education Group (note 3)

$ 29,608

$ 42,045

Net income per ADS

Basic

$ 0.02

$ 0.05

Diluted

0.02

0.05

Non-GAAP Net income per ADS 

Basic

$ 0.05

$ 0.07

Diluted

0.05

0.07

ADSs used in calculating net income per ADS

Basic

604,701,396

605,942,025

Diluted

616,147,329

614,642,064

ADSs used in calculating Non-GAAP net
income per ADS

Basic

604,701,396

605,942,025

Diluted

616,147,329

614,642,064

Note 3: The tax effect of share-based compensation expenses was immaterial in the first quarter of fiscal year 2026.

 

 

 

 

 

 

NetEase Cloud Music Inc. to Report First Half 2025 Financial Results on August 14, 2025

HANGZHOU, China, July 31, 2025 /PRNewswire/ — NetEase Cloud Music Inc. (HKEX: 9899 or the “Company”), a leading interactive music streaming service provider in China, today announced that it will report its financial results for the first half year of 2025 ended June 30, 2025 on Thursday, August 14, 2025, after the Hong Kong market closes.

The Company’s management will host an earnings conference call at 7:00 p.m. Beijing/Hong Kong Time on Thursday, August 14, 2025 (7:00 a.m. U.S. Eastern Time on the same day). Details for the conference call are as follows:

Event Title: NetEase Cloud Music Inc. First Half 2025 Earnings Conference Call
Registration Link: https://s1.c-conf.com/diamondpass/10049196-sgtd5f.html

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of dial-in numbers, an event passcode, and a personal access PIN, which will be used to join the conference call.

A replay of the call will be accessible by phone at the following numbers and entering PIN: 10049196. The replay will be available through August 21, 2025.

Chinese Mainland:

400-120-9216

Hong Kong:

800-930-639

United States:

1-855-883-1031

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.music.163.com.

About NetEase Cloud Music Inc.

Launched in 2013 by NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), NetEase Cloud Music Inc. (HKEX: 9899) is a well-known online music platform featuring a vibrant content community. Dedicated to providing an elevated user experience, NetEase Cloud Music Inc. provides precise, personalised recommendations, promotes user interaction and creates a strong social community. Its focus on discovering and promoting emerging musicians has made NetEase Cloud Music Inc. a destination of choice for exploring new and independent music among music enthusiasts in China. The platform has been recognised as the most popular entertainment app among China’s vibrant Generation Z community.

Please see http://ir.music.163.com/ for more information.

Investor Enquiries:
Angela Xu
NetEase Cloud Music Inc.
music.ir@service.netease.com

Laos Braced for Blow of Trump Tariff Threat

Laos Braced for Blow of Trump Tariff Threat
Trump signed the bill with members of Congress in attendance. Anna Moneymaker/Getty Images/AFP (Photo by Anna Moneymaker / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)

AFP – Hawking clothes outside the garment factory where her daughter toils inside, a Lao vendor weighs US President Donald Trump’s threat of trade tariffs that may soon snarl both their livelihoods.

NetEase to Report Second Quarter 2025 Financial Results on August 14

HANGZHOU, China, July 31, 2025 /PRNewswire/ — NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, “NetEase” or the “Company”), a leading internet and game services provider, today announced that it will report financial results for the 2025 second quarter on Thursday, August 14, 2025, before the open of the U.S. markets.

The earnings teleconference call with simultaneous webcast will take place at 8:00 a.m. Eastern Time on Thursday, August 14, 2025 (Beijing/Hong Kong Time: 8:00 p.m., Thursday, August 14, 2025). NetEase’s management will be on the call to discuss the quarterly results and answer questions.

Interested parties may participate in the conference call by dialing 1-914-202-3258 and providing conference ID: 10049137, 15 minutes prior to the initiation of the call. A replay of the call will be available by dialing 1-855-883-1031 and entering PIN: 10049137. The replay will be available through August 21, 2025.

This call will be webcast live and the replay will be available for 12 months. Both will be available on NetEase’s Investor Relations website at http://ir.netease.com/.

About NetEase, Inc.

NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, “NetEase”) is a leading internet and game services provider centered around premium content. With extensive offerings across its expanding gaming ecosystem, the Company develops and operates some of the most popular and longest running mobile and PC games available in China and globally.

Powered by one of the largest in-house game R&D teams focused on mobile, PC and console, NetEase creates superior gaming experiences, inspires players, and passionately delivers value for its thriving community worldwide. By infusing play with culture, and education with technology, NetEase transforms gaming into a meaningful vehicle to build a more entertaining and enlightened world.

Beyond games, NetEase service offerings include its majority-controlled subsidiaries Youdao (NYSE: DAO), an intelligent learning and advertising solutions provider, and NetEase Cloud Music (HKEX: 9899), a well-known online music platform featuring a vibrant content community, as well as Yanxuan, NetEase’s private label consumer lifestyle brand.

For more information, please visit: http://ir.netease.com/.

Contact for Media and Investors:

Investor Relations
Email: ir@service.netease.com
Tel: (+86) 571-8985-3378

Youdao to Report Second Quarter 2025 Financial Results on August 14

HANGZHOU, China, July 31, 2025 /PRNewswire/ — Youdao, Inc. (“Youdao” or the “Company”) (NYSE: DAO), an AI-powered solutions provider specializing in artificial intelligence applications for the learning and advertising verticals, today announced that it will report its second quarter 2025 financial results on Thursday, August 14, 2025, before the open of the U.S. markets.

The earnings teleconference call with simultaneous webcast will take place at 6:00 a.m. Eastern Time on Thursday, August 14, 2025 (Beijing/Hong Kong Time: 6:00 p.m., Thursday, August 14, 2025). Youdao’s management will be on the call to discuss the quarterly results and answer questions.

Dial-in details for the earnings conference call are as follows:

United States (toll free):

+1-888-346-8982

International:

+1-412-902-4272

Mainland China (toll free):

400-120-1203

Hong Kong (toll free):     

800-905-945

Hong Kong:

+852-3018-4992

Conference ID:

7085699

A live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.youdao.com.

A replay of the conference call will be accessible by phone one hour after the conclusion of the live call at the following numbers, until August 21, 2025:

United States:                   

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

7085699

About Youdao, Inc. 

Youdao, Inc. (NYSE: DAO) is strategically positioned as an AI-powered solutions provider specializing in artificial intelligence applications for the learning and advertising verticals. Youdao now mainly offers learning services, online marketing services and smart devices – all powered by advanced technologies. Youdao was founded in 2006 as part of NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), a leading internet technology company in China.

For more information, please visit: http://ir.youdao.com.

For investor and media inquiries, please contact:

In China:

Jeffrey Wang
Youdao, Inc.
Tel: +86-10-8255-8163 ext. 89980
E-mail: IR@rd.netease.com 

Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: youdao@thepiacentegroup.com 

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: youdao@thepiacentegroup.com