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HKMLC Redefines Collaboration and Teaching with All-in-One Interactive Displays

Empowering Education and Business with Seamless Presentation, Engagement, and Connectivity

NEWARK, N.J., April 24, 2025 /PRNewswire/ — HKMLC is revolutionizing how people collaborate, present, and educate with its all-in-one interactive whiteboards. Available in 55-inch and 75-inch sizes, HKMLC smart boards seamlessly integrate the functions of a projector, digital whiteboard, computer, TV, monitor, and audio system into one intuitive platform. Ideal for classrooms, conference rooms, and home offices, the HKMLC smart whiteboards facilitate engagement and productivity without clustered setups. 

HKMLC Smart Board Solutions for Every Need 

HKMLC’s portfolio includes two popular series. The Essential Series (4GB RAM, 32GB SSD, Android 11) delivers robust performance for everyday tasks, powered by a Quad-Core CPU and ARM Mali-G52 MP2 GPU.

For resource-intensive applications, the Elite Series (8GB, 128GB, Android 12) upgrades with an 8-Core A55 CPU and Quad-core Mali-G52 GPU, effortlessly handling multitasking, dynamic classroom, and professional collaboration. Both series are designed to simplify the user’s workflow with the following features. 

Vivid, Interactive Display

Boasting 4K resolution and 500-nit brightness, HKMLC smart boards render crisp visuals even in sunlit rooms. The rapid 6ms touch response time offers a natural pen-on-paper writing experience, while smart handwriting recognition converts scribbles into neat text or shapes. With 20-point multi-touch and split-screen functions, HKMLC interactive displays also foster engaging group collaboration.

Seamless Screen Sharing 

Made for maximum flexibility, the HKMLC interactive whiteboards support both wired and wireless screen projection via HDMI, USB, Bluetooth, and Wi-Fi. Pre-installed with E-Share Pro, they also enable fast, remote content casting from laptops, smartphones, and tablets. 

Remote Collaboration Support

Hybrid meetings and remote teaching become effortless with HKMLC smart whiteboards that natively support Zoom, Microsoft Teams, Google Meet, and Webex. Select models like the Elite Vision 75 and Essential Vision 55, feature an integrated 48MP camera and microphones for crystal-clear video conferencing.

Streamlined File Access and Sharing  

HKMLC smart boards offer versatile file access through local storage and cloud services including Google Drive, Dropbox, and OneDrive. Users can instantly export meeting notes, class materials, or brainstorm ideas as PDFs, share them via email, or generate a QR code for easy mobile access. 

Future-Proof, Open Ecosystem 

Built on an open system, HKMLC interactive whiteboards allow users to download various collaboration and educational apps, and even support sideloading for custom district software. Notably, the Elite Dual 75 model offers a dual Android + Windows system, expanding compatibility with countless applications.

Proven Impact, Trusted Support 

Educators praise HKMLC smart boards as “Transformative Technology for Learning,” while businesses hail it as a “Versatile Collaboration Solution.” These reviews reveal their game-changing impact on modern education and teamwork. Backed by a 30-day return policy and a 3-year warranty, HKMLC stands firmly behind its products with exceptional customer support. 

About HKMLC 

HKMLC is a visionary brand committed to enhancing learning and collaboration through innovative smart boards and interactive displays. By prioritizing innovation, user-centric design, and cross-industry adaptability, they empower schools, enterprises, and individuals to collaborate without boundaries. Learn more here or watch a demo here.

Contact: Kate Zheng, media@megadigitalboost.com 

Prince Holding Group Wins Silver Stevie for Chen Zhi Scholarship, Advancing Educational Access in Cambodia


PHNOM PENH, CAMBODIA – Media OutReach Newswire – 24 April 2025 – Prince Holding Group has received a Silver Stevie® Award in the Innovative Achievement in Corporate Social Responsibility category at the 2025 Asia-Pacific Stevie Awards, recognizing its efforts to expand educational opportunities in a country where fewer than one in five young people pursue higher education.

Prince Holding Group wins the Silver Stevie® Award in the Innovative Achievement in Corporate Social Responsibility category at the 2025 Asia-Pacific Stevie Awards for its Chen Zhi Scholarship Program, which provides comprehensive educational support to Cambodian students.
Prince Holding Group wins the Silver Stevie® Award in the Innovative Achievement in Corporate Social Responsibility category at the 2025 Asia-Pacific Stevie Awards for its Chen Zhi Scholarship Program, which provides comprehensive educational support to Cambodian students.

The Chen Zhi Scholarship Program, now in its fourth year, represents a seven-year, $2 million commitment championed by Neak Oknha Chen Zhi, chairman of Prince Holding Group. The initiative addresses a critical gap in Cambodia’s educational infrastructure, where only 17.9 percent of youth access tertiary education.

This is the second consecutive year Prince Holding Group has been recognized in this category, underscoring the program’s growing influence on Cambodia’s educational landscape. The 2025 Asia-Pacific Stevie Awards attracted more than 1,000 entries from 29 markets across the region.

“This international recognition for the Chen Zhi Scholarship reflects our belief in education’s transformative power,” said Gabriel Tan, chief communications officer of Prince Holding Group. “The award reinforces our commitment to reaching students in communities where opportunity has historically been limited.”

In 2024, the scholarship selected 100 students from more than 1,900 applicants across multiple provinces. Beyond financial support, recipients participate in specialized workshops on artificial intelligence, public speaking, and financial literacy while gaining internship opportunities with over 50 partner companies of Prince Holding Group.

The program represents a significant private sector intervention in Cambodia’s education system, which continues to rebuild following decades of conflict and underinvestment. By providing 400 students with comprehensive support including mentorship and skills development, the initiative addresses both immediate educational needs and longer-term workforce development challenges.

Administered by Prince Foundation, the Group’s philanthropic arm, in collaboration with Cambodia’s Ministry of Education, Youth and Sport, the program aligns with national priorities to expand educational access and develop skilled professionals who can contribute to Cambodia’s economic diversification and growth.

The Stevie Awards, considered premier business honors globally, have recognized excellence in the Asia-Pacific region for over a decade. This year’s winners include organizations from 23 markets, including Cambodia, Australia, Japan, Singapore, and Vietnam.Hashtag: #PrinceHoldingGroup #ChenZhiScholarship

The issuer is solely responsible for the content of this announcement.

Pudu Robotics and Deloitte Release White Paper on “Open Full-Stack Intelligent Service Robot Ecosystem”

SHENZHEN, China, April 24, 2025 /PRNewswire/ — Pudu Robotics, a global leader in service robotics, has partnered with Deloitte to unveil a pioneering white paper titled “Open Full-Stack Intelligent Service Robot Ecosystem.” This report is the first of its kind to focus on the development of the service robot ecosystem. It offers a systematic analysis of industry trends, outlines a roadmap for building an open full-stack ecosystem, and presents guidelines for ESG (Environmental, Social, and Governance) practices in the service robotics sector, providing direction for the industry’s next phase.

Pudu Robotics and Deloitte Release White Paper on "Open Full-Stack Intelligent Service Robot Ecosystem"
Pudu Robotics and Deloitte Release White Paper on “Open Full-Stack Intelligent Service Robot Ecosystem”

The global service robot market is on the cusp of explosive growth. According to the white paper, the market is projected to reach $40 billion by 2025 and soar to $195 billion by 2035, with a compound annual growth rate (CAGR) of 17.1%. Factors such as technological innovation, supportive policies, industrial transformation, and demographic shifts are driving robust demand in the industry. As one of the first commercialized segments, commercial service robots exhibit enormous potential and are now entering the “second half” of industry development.

After achieving initial commercialization over the past decade, the focus now shifts to ecosystem development, integrating diverse product portfolios, multi-technology stacks (mobility, manipulation, and interaction), and varied robot forms (specialized, semi-humanoid, and humanoid) to transition from single-function robots to full-stack intelligent systems.

In response to increasingly complex market demands, diverse application scenarios, and the dawn of the industry’s second half, Pudu Robotics has taken a global lead in proposing an open full-stack intelligent service robot ecosystem. This initiative aims to foster widespread robot adoption and collaboration, creating a seamless, universal service robot ecosystem that advances toward general embodied intelligence and large-scale commercialization. Citing Frost & Sullivan data, the report highlights Pudu Robotics’ dominance, commanding a 23% share of the global commercial service robot market in 2023, underscoring its competitive strength and influence in the commercial service robot sector.

Felix Zhang, founder and CEO of Pudu Robotics, stated, “The essence of building an open full-stack intelligent service robot ecosystem is to be customer-centric and address the actual needs and pain points of our clients. We will continue to strengthen our diverse product portfolio, enhance embodied intelligence across multiple technological stacks, and development of specialized, semi-humanoid, and humanoid robot forms to drive ecosystem building in the second half of the commercial service robot industry. With innovative service robot technology, we aim to expand the large-scale commercial application of robots globally, benefiting various industries and individuals.”

Lydia Chen, Deloitte China Research Leader, commented, “As a cutting-edge technology sector, service robotics is poised for unprecedented growth. Leading companies are building comprehensive product portfolios and advancing multi-technology stacks to meet diverse market and user demands. The integration of advanced technologies, such as artificial intelligence, is accelerating the evolution of service robots toward embodied intelligence. Looking ahead, service robots will empower countless industries, serving as a bridge to a smarter future for humanity.”

This ecosystem vision relies on strategies encompassing diverse product portfolios, advanced technology stacks, and multiple robot forms. The Robot-to-everything technical architecture proposed by Pudu in 2024 serves as the cornerstone for this ecosystem, breaking down industry barriers and lowering deployment thresholds. The white paper emphasizes that humanoid robots are not the only ultimate form, specialized, semi-humanoid, and humanoid robots can each be adapted to different scenarios. The white paper estimates that by 2050, global shipments of humanoid and semi-humanoid robots will reach 10 billion and 12.5 billion units, respectively, while demand for service robotic arms will surpass 45 billion units. Moreover, semi-humanoid robots could save approximately $1.8 billion annually in elevator control deployment costs.

The white paper particularly highlights the importance of sustainable development, proposing three key ESG practice directions: green supply chains, global compliance certifications, and information security protection. Data indicate that Pudu’s robotic solutions have been implemented in ten major industries worldwide, achieving an average annual carbon reduction of 50,000 tons, equivalent to the creation of 2,700 hectares of forest. As technology evolves, service robots will become a cornerstone of ESG strategies, fostering a virtuous cycle of technology-driven sustainability.

By building an open full-stack intelligent ecosystem, service robots will transcend scenario limitations, enabling broader commercial applications in sectors such as healthcare, eldercare, and industrial operations, providing an innovative engine for the intelligent transformation of global industries.

To explore the full insights and findings of the white paper, please click: https://www2.deloitte.com/cn/en/pages/energy-and-resources/articles/open-full-stack-intelligent-service-robot-ecosystem.html

About Pudu Robotics
Pudu Robotics, a global leader in the service robotics sector, is dedicated to enhancing human productivity and living standards through innovative robot technology. With a focus on R&D, manufacturing, and sales of service robots, Pudu Robotics holds over a thousand authorized patents worldwide, encompassing a wide range of core technologies. The company’s robots have been widely adopted in various industries, including dining, retail, hospitality, healthcare, entertainment, education and manufacturing. To date, Pudu Robotics has successfully shipped over 90,000 units to a variety of markets, with a presence in more than 60 countries and regions worldwide. For more information on business developments and updates, follow PUDU on LinkedIn, Facebook, YouTube, Twitter and Instagram.

About Deloitte
Deloitte China provides integrated professional services, with our long-term commitment to be a leading contributor to China’s reform, opening-up and economic development. Deloitte China is a globally connected firm with deep roots locally, owned by their partners in China. With over 20,000 professionals across 31 Chinese cities, they provide clients with a one-stop shop offering world-leading audit, tax and consulting services.

The Deloitte brand originated in 1845, and its name in Chinese (德勤) denotes integrity, diligence and excellence. Deloitte’s global professional network of member firms now spans more than 150 countries and territories. Through their mission to make an impact that matters, they help reinforce public trust in capital markets, enable clients to transform and thrive, empower talents to be future-ready, and lead the way toward a stronger economy, a more equitable society and a sustainable world.

 

Thai Princess Sirindhorn Concludes Visit to Laos

Thai Princess Maha Chakri Sirindhorn at the National Assembly of Laos (photo credit: Beloved HRH Princess Maha Chakri Sirindhorn)

Thai Princess Maha Chakri Sirindhorn has concluded her official visit to Laos, held from 21 to 24 April, following an invitation from Lao President Thongloun Sisoulith. 

Vantage Wraps Up a Successful Showcase at iFX Expo Mexico LATAM 2025

PORT VILA, Vanuatu, April 24, 2025 /PRNewswire/ — Vantage Markets is proud to conclude a highly successful appearance at iFX Expo Mexico LATAM 2025, where the brand not only engaged with industry stakeholders, but also received widespread recognition for its innovation, technology, and strong industry collaboration.

Vantage Wraps Up a Successful Showcase at iFX Expo Mexico LATAM 2025
Vantage Wraps Up a Successful Showcase at iFX Expo Mexico LATAM 2025

Held in the vibrant city of México, the event brought together some of the biggest names in the online trading and fintech industry. For Vantage, it was a week filled with thought leadership, strategic discussions, engaging entertainment, and meaningful connection with industry leaders.

At the core of the expo were powerful discussions around the future of trading, fintech innovation, and industry engagement. Alejandro Zelniker, Affiliates and Partners Business Strategist, took the stage as a panelist to discuss trends shaping the trading ecosystem, while Federico Pereira, Regional Business Development Lead, conducted an insightful workshop, sharing valuable perspectives with attendees.

Powerful discussions around the future of trading
Powerful discussions around the future of trading

Additionally, Alejandro and Juliana Reyes, Marketing and Partnerships Specialist, were invited to an exclusive interview with El Economista, one of Mexico’s leading financial publications. Their participation also featured in the “Oye Cracks” podcast, where they delved into the affiliate ecosystem and shared perspectives on the evolving role of women in the fintech industry.

Vantage was honored to receive two prestigious awards during the expo – “Best Multi-Asset Broker” and “Best Trading App”. These recognitions highlight Vantage’s commitment to providing a premium trading experience backed by cutting-edge technology, transparency, and product diversity.

Vantage was honored to receive two prestigious awards during the expo
Vantage was honored to receive two prestigious awards during the expo

To celebrate the successful showcase and to network with industry stakeholders, Vantage hosted an unforgettable Cocktail Party with over 100 guests in attendance. The evening was a true celebration of the community, featuring live saxophone music, mariachis, a mesmerizing alebrijes dance show, an energetic DJ set, and a vibrant mixology experience.

“We’re incredibly proud of what we’ve achieved at iFX Expo Mexico LATAM 2025,” said Alejandro Zelniker. “From winning major awards to sharing our expertise and connecting with the region’s most influential leaders. We’re excited for what’s ahead.”

Vantage’s participation at iFX Expo Mexico LATAM 2025 reflects the brand’s commitment to engaging with the wider fintech community, sharing educational resources, and supporting industry dialogue.

To stay connected with Vantage’s updates, follow our official channels or visit www.vantagemarkets.com.

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 trusted trading ecosystem, an award-winning mobile trading app, and a user-friendly trading platform that empowers clients to seize trading opportunities. Download the Vantage App on App Store or Google Play.

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.

 

X-PHY Inc Unveils Real-Time Deepfake Detection Tool Ahead of RSA Conference 2025

Expanding its AI-powered security suite, X-PHY takes aim at the rising threat of AI-generated deception

SAN FRANCISCO, April 24, 2025 /PRNewswire/ — X-PHY Inc, a leading innovator in embedded cybersecurity technology, has announced the launch of its latest solution ahead of RSA Conference (RSAC) 2025 – Deepfake Detector – a real-time deepfake detection tool that empowers users to verify the authenticity of videos, audio, and images directly on their devices, without relying on the cloud. Live demonstrations will be held for the first time during RSAC.

The growth of deepfakes has been exponential – deepfake content on social media alone grew 550% between 2019 and 2023, and the World Economic Forum states it is a key global risk. X-PHY’s innovation is designed to combat AI-generated deception, enabling users to verify the authenticity of digital media – including videos, images, and audio – with up to 90% accuracy, in real-time. This marks X-PHY’s expansion into AI-driven content integrity solutions, bridging data protection with digital trust.

“At X-PHY, we are committed to extending our ethos of Security by Design beyond data protection,” said Camellia Chan, CEO and Co-Founder of X-PHY Inc. “The X-PHY Deepfake Detector strengthens our vision of a Community Root of Trust, where every layer – from hardware to data to content – serves as a checkpoint for authenticity and security. By combining deepfake detection with our existing hardware-embedded defences, we’re ensuring every endpoint not only protects data, but actively discerns and verifies the trustworthiness of the information flowing through it.”

On-Demand Deepfake Detection

Upon activation, the X-PHY Deepfake Detector uses multi-modal AI to analyze video, image, and audio streams in real time. By examining facial micro-expressions, voice fingerprints, and Generative Adversarial Network (GAN)-generated artifacts, it flags signs of manipulation – even across multiple video windows. Detection is performed entirely on-device, preserving privacy and functioning even without an internet connection.

This is achieved through the Deepfake Detector’s use of advanced temporal and spatial AI analysis, powered by pre-trained neural networks. These models are capable of identifying subtle inconsistencies across facial movements, audio waveforms, and image artifacts – common signs of AI-generated content.

When combined with X-PHY’s patented hardware-based protections, this forms a seamless security ecosystem, protecting both stored data and the integrity of digital communications.

Flexible Deployment, Fuss-Free Integration

Designed for seamless adoption, the Deepfake Detector offers flexible deployment options to suit varying enterprise needs. It can be installed as a lightweight software agent on personal computers and laptops running on Windows operating systems or packaged with the X-PHY Cybersecure SSD – creating a unified defense layer that spans data protection, ransomware prevention, and deepfake detection.

The solution is application-agnostic, compatible with leading platforms like Teams, Zoom, Webex, Chrome, YouTube, and Meta. Users can activate it with a single click when joining a meeting, where it runs autonomously for a preset duration and can be re-engaged as needed.

Built on Zero Trust principles, the solution adds an additional layer of authentication and verification at the device level, helping organizations strengthen their cyber resilience against AI-powered deception and reducing reliance on external validation systems that often introduce unnecessary operational complexity.

X-PHY Deepfake Detector is now available for purchase through the official X-PHY website and from authorized global channel partners. For enterprise enquiries or bulk deployments, please contact our sales team at info@x-phy.com

Experience live demonstrations at X-PHY Inc’s Booth #5368, located in the North Expo Hall of the Moscone Center, from April 28 to May 1 during RSA Conference 2025.

About X-PHY Inc

X-PHY Inc is a pioneering cybersecurity company dedicated to hardware-based cybersecurity solutions that protect data at its core. Built on the principle of Security by Design, X-PHY embeds protection directly at the physical layer for proactive, autonomous, and real-time defense against evolving cyber threats. Headquartered in California, USA, X-PHY Inc was established in 2021 and has since developed a growing portfolio of 43 patents, reinforcing its commitment to innovative AI-embedded security at the hardware level. The company’s patented solutions safeguard endpoints, servers, and data centers, ensuring zero-trust resilience across industries.

X-PHY Inc is part of the Flexxon Group, a leader in hardware engineering and memory solutions, leveraging its legacy of innovation and expertise in secure storage to build cutting-edge cybersecurity technologies for the digital world.

For more information, please visit:
X-PHY: x-phy.com
Flexxon: flexxon.com 

Bright Scholar Schedules Unaudited Financial Results for the Second Quarter of Fiscal 2025 Ended February 28, 2025

CAMBRIDGE, England and FOSHAN, China, April 24, 2025 /PRNewswire/ — Bright Scholar Education Holdings Limited (“Bright Scholar,” the “Company,” “we” or “our”) (NYSE: BEDU), a global premier education service company, today announced that it will release its unaudited financial results for the second quarter of fiscal 2025 ended February 28, 2025, on April 28, 2025, before the US market opens.

The Company’s management will host an earnings conference call at 7:00 a.m. U.S. Eastern Time (7:00 p.m. Beijing/Hong Kong Time) on April 28, 2025.

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

Mainland China:

4001-201203

Hong Kong:

800-905945

United States:

1-888-346-8982

International:

1-412-902-4272

Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for “Bright Scholar Education Holdings Limited.”

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

A replay of the conference call will be accessible after the conclusion of the live call until May 5, 2025, by dialing the following telephone numbers:

United States Toll Free:

1-877-344-7529

International:

1-412-317-0088

Replay Passcode:

2410484

About Bright Scholar Education Holdings Limited

Bright Scholar is a global premier education service Group. The Company primarily provides quality international education to global students and equips them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education.  

For more information, please visit: https://ir.brightscholar.com/.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s business plans and development, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

IR Contact:
Email: BEDU@thepiacentegroup.com
Phone: +86 (10) 6508-0677/ +1-212-481-2050

Media Contact:
Email: media@brightscholar.com

 

TAL Education Group Announces Unaudited Financial Results for the Fourth Fiscal Quarter and the Fiscal Year 2025

BEIJING, April 24, 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 fourth quarter and the fiscal year ended February 28, 2025.

Highlights for the Fourth Quarter of Fiscal Year 2025

  • Net revenues were US$610.2 million, compared to net revenues of US$429.6 million in the same period of the prior year.
  • Loss from operations was US$16.0 million, compared to loss from operations of US$11.1 million in the same period of the prior year.
  • Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$1.7 million, compared to non-GAAP income from operations of US$9.4 million in the same period of the prior year.
  • Net loss attributable to TAL was US$7.3 million, compared to net income attributable to TAL of US$27.5 million in the same period of the prior year.
  • Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$7.0 million, compared to non-GAAP net income attributable to TAL of US$48.0 million in the same period of the prior year.
  • Basic and diluted net loss per American Depositary Share (“ADS”) were both US$0.01. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.01. Three ADSs represent one Class A common share.
  • Cash, cash equivalents and short-term investments totaled US$3,618.4 million as of February 28, 2025, compared to US$3,303.3 million as of February 29, 2024.

Highlights for the Fiscal Year Ended February 28, 2025

  • Net revenues were US$2,250.2 million, compared to net revenues of US$1,490.4 million in the prior year.
  • Loss from operations was US$3.2 million, compared to loss from operations of US$69.2 million in the prior year.
  • Non-GAAP income from operations, which excluded share-based compensation expenses, was US$61.8 million, compared to non-GAAP income from operations of US$19.7 million in the prior year.
  • Net income attributable to TAL was US$84.6 million, compared to net loss attributable to TAL of US$3.6 million in the prior year.
  • Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$149.5 million, compared to non-GAAP net income attributable to TAL of US$85.3 million in the prior year.
  • Basic and diluted net income per ADS were both US$0.14. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were US$0.25 and US$0.24, respectively.

Financial Data——Fourth Quarter and Fiscal Year 2025
(In US$ thousands, except per ADS data and percentages)

Three Months Ended

February 29/28,

2024

2025

Pct. Change

Net revenues

429,563

610,239

42.1 %

Loss from operations

(11,061)

(16,015)

44.8 %

Non-GAAP income/(loss) from operations

9,440

(1,692)

(117.9 %)

Net income/(loss) attributable to TAL

27,508

(7,311)

(126.6 %)

Non-GAAP net income attributable to TAL

48,009

7,012

(85.4 %)

Net income/(loss) per ADS attributable to TAL –
basic

0.05

(0.01)

(126.4 %)

Net income/(loss) per ADS attributable to TAL –
diluted

0.04

(0.01)

(126.9 %)

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

0.08

0.01

(85.5 %)

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

0.08

0.01

(85.4 %)

 

Fiscal Year Ended

February 29/28,

2024

2025

Pct. Change

Net revenues

1,490,440

2,250,233

51.0 %

Loss from operations

(69,229)

(3,155)

(95.4 %)

Non-GAAP income from operations

19,669

61,784

214.1 %

Net (loss)/income attributable to TAL

(3,573)

84,591

(2,467.5 %)

Non-GAAP net income attributable to TAL

85,325

149,530

75.2 %

Net (loss)/income per ADS attributable to TAL –
basic

(0.01)

0.14

(2,483.2 %)

Net (loss)/income per ADS attributable to TAL –
diluted

(0.01)

0.14

(2,445.4 %)

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

0.14

0.25

76.4 %

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

0.14

0.24

76.7 %

 

“We are pleased to share our fiscal fourth-quarter and full-year performance, delivering year-over-year revenue growth across both learning services and content solutions. We continued to receive positive user feedback in both online and offline enrichment learning programs, as more families seek solutions that enable learners’ holistic development,” said Alex Peng, TAL’s President & Chief Financial Officer.

“Our learning devices have also gained momentum over the past year, reflecting their growing role in students’ self-learning journeys. Moving forward, by integrating in-person teaching, interactive online programs, and smart learning tools, we are confident in TAL’s full-stack capability to deliver value to students and families.”

Financial Results for the Fourth Quarter of Fiscal Year 2025

Net Revenues

In the fourth quarter of fiscal year 2025, TAL reported net revenues of US$610.2 million, representing a 42.1% increase from US$429.6 million in the fourth quarter of fiscal year 2024.

Operating Costs and Expenses

In the fourth quarter of fiscal year 2025, operating costs and expenses were US$628.8 million, representing a 41.2% increase from US$445.4 million in the fourth quarter of fiscal year 2024. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$614.5 million, representing a 44.6% increase from US$424.9 million in the fourth quarter of fiscal year 2024.

Cost of revenues increased by 44.7% to US$292.6 million from US$202.2 million in the fourth quarter of fiscal year 2024. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 46.1% to US$291.7 million, from US$199.6 million in the fourth quarter of fiscal year 2024.

Selling and marketing expenses increased by 73.1% to US$218.0 million from US$125.9 million in the fourth quarter of fiscal year 2024. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 77.9% to US$214.3 million, from US$120.4 million in the fourth quarter of fiscal year 2024.

General and administrative expenses increased by 0.8% to US$118.2 million from US$117.2 million in the fourth quarter of fiscal year 2024. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 3.5% to US$108.5 million, from US$104.9 million in the fourth quarter of fiscal year 2024.

Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 30.1% to US$14.3 million in the fourth quarter of fiscal year 2025 from US$20.5 million in the fourth quarter of fiscal year 2024.

Gross Profit                                                                                                                                 

Gross profit increased by 39.7% to US$317.6 million from US$227.3 million in the fourth quarter of fiscal year 2024.

Loss from Operations

Loss from operations was US$16.0 million in the fourth quarter of fiscal year 2025, compared to loss from operations of US$11.1 million in the fourth quarter of fiscal year 2024. Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$1.7 million, compared to Non-GAAP income from operations of US$9.4 million in the fourth quarter of fiscal year 2024.

Other Income

Other income was US$13.0 million in the fourth quarter of fiscal year 2025, compared to other income of US$37.3 million in the fourth quarter of fiscal year 2024.

Impairment Loss on Long-term Investments

Impairment loss on long-term investments was US$4.2 million in the fourth quarter of fiscal year 2025, compared to US$14.0 million in the fourth quarter of fiscal year 2024.

Income Tax Expense

Income tax expense was US$14.0 million in the fourth quarter of fiscal year 2025, compared to US$6.5 million of income tax expense in the fourth quarter of fiscal year 2024.

Net Income/(Loss) attributable to TAL Education Group

Net loss attributable to TAL was US$7.3 million in the fourth quarter of fiscal year 2025, compared to net income attributable to TAL of US$27.5 million in the fourth quarter of fiscal year 2024. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$7.0 million, compared to Non-GAAP net income attributable to TAL of US$48.0 million in the fourth quarter of fiscal year 2024.

Basic and Diluted Net Income/(Loss) per ADS

Basic and diluted net loss per ADS were both US$0.01 in the fourth quarter of fiscal year 2025. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.01 in the fourth quarter of fiscal year 2025. 

Cash Flow

Net cash used in operating activities in the fourth quarter of fiscal year 2025 was US$226.3 million.

Cash, Cash Equivalents, and Short-Term Investments

As of February 28, 2025, the Company had US$1,771.3 million of cash and cash equivalents and US$1,847.1 million of short-term investments, compared to US$2,208.7 million of cash and cash equivalents and US$1,094.6 million of short-term investments as of February 29, 2024.

Deferred Revenue

As of February 28, 2025, the Company’s deferred revenue balance was US$671.2 million, compared to US$428.3 million as of February 29, 2024.

Financial Results for the Fiscal Year Ended February 28, 2025

Net Revenues

In fiscal year 2025, TAL reported net revenues of US$2,250.2 million, representing a 51.0% increase from US$1,490.4 million in fiscal year 2024.

Operating Costs and Expenses

In fiscal year 2025, operating costs and expenses were US$2,257.6 million, representing a 43.2% increase from US$1,576.1 million in fiscal year 2024. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$2,192.7 million, representing a 47.4% increase from US$1,487.2 million in fiscal year 2024.

Cost of revenues increased by 53.4% to US$1,050.0 million in fiscal year 2025 from US$684.3 million in fiscal year 2024. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 54.7% to US$1,043.6 million in fiscal year 2025 from US$674.7 million in fiscal year 2024.

Selling and marketing expenses increased by 62.1% to US$748.8 million in fiscal year 2025 from US$461.9 million in fiscal year 2024. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 67.6% to US$732.6 million in fiscal year 2025 from US$437.2 million in fiscal year 2024.

General and administrative expenses increased by 6.7% to US$458.9 million in fiscal year 2025 from US$429.9 million in fiscal year 2024. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 11.0% to US$416.4 million in fiscal year 2025 from US$375.3 million in fiscal year 2024.

Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 27.0% to US$64.9 million in fiscal year 2025 from US$88.9 million in fiscal year 2024.

Gross Profit

Gross profit increased by 48.9% to US$1,200.3 million in fiscal year 2025 from US$806.1 million in fiscal year 2024.

Loss from Operations

Loss from operations was US$3.2 million in fiscal year 2025, compared to loss from operations of US$69.2 million in fiscal year 2024. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$61.8 million in fiscal year 2025, compared to US$19.7 million Non-GAAP income from operations in fiscal year 2024.

Other Income

Other income was US$64.7 million in fiscal year 2025, compared to other income of US$48.8 million in fiscal year 2024.

Impairment Loss on Long-term Investments

Impairment loss on long-term investments was US$12.9 million in fiscal year 2025, compared to US$47.0 million in fiscal year 2024.

Income Tax Expense

Income tax expense was US$38.3 million in fiscal year 2025, compared to US$15.4 million of income tax expense in fiscal year 2024.

Net Income/(Loss) Attributable to TAL Education Group

Net income attributable to TAL was US$84.6 million in fiscal year 2025, compared to net loss attributable to TAL of US$3.6 million in fiscal year 2024. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$149.5 million in fiscal year 2025, compared to US$85.3 million Non-GAAP net income attributable to TAL in fiscal year 2024.

Cash Flow

Net cash provided by operating activities in fiscal year 2025 was US$397.9 million.

Basic and Diluted Net Income/(Loss) per ADS

Basic and diluted net income per ADS were both US$0.14 in fiscal year 2025. Non-GAAP basic net income per ADS, which excluded share-based compensation expenses, was US$0.25, and Non-GAAP diluted net income per ADS was US$0.24.

Extension of Share Repurchase Program by the Company

The Company’s board of directors (the “Board”) has authorized to extend the Company’s share repurchase program (the “Share Repurchase Program”) initially launched in April 2021 by another 12 months. The Company has repurchased its ADSs, every three representing one Class A common share, at an aggregate consideration of approximately US$13.1 million under the Share Repurchase Program between April 1, 2024 and April 24, 2025. 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. The share repurchases may be effected 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 will be implemented in accordance with applicable rules and regulations. The Company expects to fund the repurchases out of its existing cash balance.

Board Member Changes

The Board has appointed Mr. Yi Wang as an independent director, effective April 22, 2025. Mr. Wang will also serve as Chair of the Compensation Committee and as a member of both the Audit Committee and the Nominating and Corporate Governance Committee. Dr. Weiru Chen has resigned from the Board and all Board committees for personal reasons. Dr. Chen will continue to support the Company in an advisory capacity. 

“We are pleased to welcome Mr. Wang to the Board of TAL. Mr. Wang brings extensive experience across both the business and education sectors, and we are confident that his insights will further strengthen TAL’s strategic direction, governance, and operational excellence,” said Mr. Bangxin Zhang, Founder, Chairman of the Board, and Chief Executive Officer of TAL, “We also want to express our deep appreciation to Dr. Weiru Chen for his outstanding service and invaluable contributions over the past decade. We look forward to continuing our collaboration with Dr. Chen in his new advisory role.”

Since 2014, Mr. Wang has served as the Executive Director of the Harvard Center Shanghai, where he oversees Harvard University’s initiatives and programs in China. Prior to his role at Harvard, Mr. Wang held significant positions in the corporate sector, including Managing Director at Goldman Sachs and Partner at McKinsey & Company. He also served the financial industry as an independent director of Citibank (China) from 2017 to 2023. In addition to his professional endeavors, Mr. Wang is deeply committed to education-related charitable work. He is the co-founder and Vice Chair of the Board of UWC Changshu China and a founding board member of Tsinglan School in Dongguan, China.

Conference Call

The Company will host a conference call and live webcast to discuss its financial results for the fourth fiscal quarter of fiscal year 2025 ended February 28, 2025 at 8:00 a.m. Eastern Time on April 24, 2025 (8:00 p.m. Beijing time on April 24, 2025).

Please note that you will need to pre-register for conference call participation at
https://register-conf.media-server.com/register/BI775d26b88d684bfd81abe62dd23861a6.

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 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/(loss) 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 29,
2024

As of

February 28,
2025

ASSETS

Current assets

   Cash and cash equivalents

$ 2,208,756

$ 1,771,260

   Restricted cash-current

167,656

187,846

   Short-term investments

1,094,593

1,847,120

   Inventory

68,328

104,876

   Amounts due from related parties-current

343

37

   Prepaid expenses and other current assets

159,498

215,781

Total current assets

3,699,174

4,126,920

  Restricted cash-non-current

81,064

32,625

  Property and equipment, net

405,319

472,366

  Deferred tax assets

4,620

3,487

  Rental deposits

16,947

22,131

  Land use rights, net

189,049

182,880

  Amounts due from related parties-non-current

59

96

   Long-term investments

284,266

305,105

   Long-term prepayments and other non-current assets

16,347

28,393

   Operating lease right-of-use assets

231,104

329,064

Total assets

$ 4,927,949

$ 5,503,067

LIABILITIES AND EQUITY

Current liabilities

  Accounts payable

$ 127,321

$ 146,300

  Deferred revenue-current

400,286

624,272

  Amounts due to related parties-current

96

93

  Accrued expenses and other current liabilities

491,911

582,227

  Operating lease liabilities, current portion

62,604

88,453

Total current liabilities

1,082,218

1,441,345

  Deferred revenue-non-current

27,993

46,955

  Deferred tax liabilities

2,360

3,474

  Operating lease liabilities, non-current portion

176,614

244,895

Total liabilities

1,289,185

1,736,669

Equity

   Class A common shares

152

154

   Class B common shares

49

49

   Additional paid-in capital

4,256,957

4,294,819

   Statutory reserve

165,138

179,537

   Accumulated deficit

(694,270)

(624,078)

   Accumulated other comprehensive loss

(65,928)

(83,914)

Total TAL Education Group’s equity

3,662,098

3,766,567

   Noncontrolling interests

(23,334)

(169)

Total equity

3,638,764

3,766,398

Total liabilities and equity

$ 4,927,949

$ 5,503,067

 

 

 

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
 February 29/28,

For the Fiscal Year Ended

February 29/28,

2024

2025

2024

2025

Net revenues

$ 429,563

$ 610,239

$ 1,490,440

$ 2,250,233

Cost of revenues (note 1)

202,241

292,646

684,316

1,049,975

Gross profit

227,322

317,593

806,124

1,200,258

Operating expenses (note 1)

  Selling and marketing

125,949

217,981

461,851

748,750

  General and administrative

117,240

118,177

429,947

458,895

Total operating expenses

243,189

336,158

891,798

1,207,645

Government subsidies

4,806

2,550

16,445

4,232

Loss from operations

(11,061)

(16,015)

(69,229)

(3,155)

Interest income, net

20,895

19,072

84,928

83,482

Other income

37,255

12,950

48,766

64,717

Impairment loss on long-term
   investments

(13,951)

(4,241)

(46,982)

(12,933)

Income before income tax
   expense and income/(loss) from
   equity method investments

33,138

11,766

17,483

132,111

Income tax expense

(6,504)

(13,972)

(15,379)

(38,320)

Income/(loss) from equity method
   investments

694

(5,194)

(6,242)

(9,531)

Net income/(loss)

$ 27,328

$ (7,400)

$ (4,138)

$ 84,260

Add: Net loss attributable to
   noncontrolling interests

180

89

565

331

Total net income/(loss)
   attributable to TAL   
   Education Group

$ 27,508

$ (7,311)

$ (3,573)

$ 84,591

Net income/(loss) per common
   share

  Basic

$ 0.14

$ (0.04)

$ (0.02)

$ 0.42

  Diluted

0.13

(0.04)

(0.02)

0.41

Net income/(loss) per ADS (note
2)

Basic 

$ 0.05

$ (0.01)

$ (0.01)

$ 0.14

Diluted

0.04

(0.01)

(0.01)

0.14

Weighted average shares used in
   calculating net income/(loss)
   per common share

Basic

201,140,767

202,627,554

203,304,744

201,963,823

Diluted

205,157,437

202,627,554

203,304,744

205,222,753

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

For the Three Months

For the Fiscal Year 

Ended February 29/28,

Ended February 29/28,

2024

2025

2024

2025

Cost of revenues

$ 2,626

$ 963

$ 9,615

$ 6,389

Selling and marketing expenses

5,505

3,691

24,625

16,101

General and administrative expenses

12,370

9,669

54,658

42,449

Total

$ 20,501

$ 14,323

$ 88,898

$ 64,939

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

 

 

 

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME/(LOSS)  

(In thousands of U.S. dollars)

For the Three Months Ended

February 29/28,

For the Fiscal Year Ended

February 29/28,

2024

2025

2024

2025

Net income/(loss)

$ 27,328

$ (7,400)

$ (4,138)

$ 84,260

Other comprehensive loss, net
   of tax

(8,062)

(13,376)

(34,301)

(17,724)

Comprehensive income/(loss)

19,266

(20,776)

(38,439)

66,536

Add: Comprehensive
   (income)/loss attributable to
   noncontrolling interests

(40)

44

(396)

69

Comprehensive income/(loss)
    attributable to TAL  
    Education Group

$ 19,226

$ (20,732)

$ (38,835)

$ 66,605

 

 

 

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

CASH FLOWS

(In thousands of U.S. dollars)

For the Three Months Ended

February 29/28,

For the Fiscal Year Ended

February 29/28,

2024

2025

2024

2025

Net cash (used in)/provided by
   operating activities

$ (23,746)

$ (226,332)

$ 306,172

$  397,923

Net cash (used in)/provided by
   investing activities

(38,887)

(314,289)

95,068

(847,028)

Net cash provided by/(used in)
   financing activities

206

(55,104)

(233,095)

(13,167)

Effect of exchange rate
   changes

(2,465)

(998)

(5,576)

(3,473)

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

(64,892)

(596,723)

162,569

(465,745)

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

2,522,368

2,588,454

2,294,907

2,457,476

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

$ 2,457,476

$ 1,991,731

$ 2,457,476

$ 1,991,731

 

 

 

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

February 29/28,

For the Fiscal Year Ended

February 29/28,

2024

2025

2024

2025

Cost of revenues

$ 202,241

$ 292,646

$ 684,316

$ 1,049,975

Share-based compensation expenses
   in cost of revenues

2,626

963

9,615

6,389

Non-GAAP cost of revenues

199,615

291,683

674,701

1,043,586

Selling and marketing expenses

125,949

217,981

461,851

748,750

Share-based compensation expenses
   in selling and marketing expenses

5,505

3,691

24,625

16,101

Non-GAAP selling and marketing
expenses

120,444

214,290

437,226

732,649

 

General and administrative
expenses

117,240

118,177

429,947

458,895

Share-based compensation expenses
   in general and administrative
   expenses

12,370

9,669

54,658

42,449

Non-GAAP general and
administrative expenses

104,870

108,508

375,289

416,446

Operating costs and expenses

445,430

628,804

1,576,114

2,257,620

Share-based compensation expenses
   in operating costs and expenses

20,501

14,323

88,898

64,939

Non-GAAP operating costs and
expenses

424,929

614,481

1,487,216

2,192,681

Loss from operations

(11,061)

(16,015)

(69,229)

(3,155)

Share-based compensation expenses

20,501

14,323

88,898

64,939

Non-GAAP income/(loss) from
operations

9,440

(1,692)

19,669

61,784

Net income/(loss) attributable to
TAL Education Group

27,508

(7,311)

(3,573)

84,591

Share-based compensation expenses

20,501

14,323

88,898

64,939

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

$ 48,009

$ 7,012

$ 85,325

$ 149,530

 

Net income/(loss) per ADS

Basic

$ 0.05

$ (0.01)

$ (0.01)

$ 0.14

Diluted

0.04

(0.01)

(0.01)

0.14

Non-GAAP Net income per ADS

Basic

$ 0.08

$ 0.01

$ 0.14

$ 0.25

Diluted

0.08

0.01

0.14

0.24

ADSs used in calculating net
income/(loss) per ADS

Basic

603,422,301

607,882,662

609,914,232

605,891,469

Diluted

615,472,311

607,882,662

609,914,232

615,668,259

ADSs used in calculating Non-
GAAP net income per ADS

Basic

603,422,301

607,882,662

609,914,232

605,891,469

Diluted

615,472,311

616,868,733

620,629,080

615,668,259

   Note 3: The tax effect of share-based compensation expenses was immaterial in the fourth quarter and in the fiscal year 2025.