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

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:

Reconciliation of unaudited condensed consolidated balance sheets:

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.

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)

“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

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.

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