Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of August 1, 2025, highlighting significant shifts in rankings and valuations [1]. Group 1: Market Capitalization Rankings - TSMC leads the list with a market capitalization of $125.32 billion [3]. - Tencent Holdings ranks second with a market capitalization of $64.22 billion [3]. - Alibaba has moved up to the third position with a market capitalization of $28.77 billion, showing a notable increase from its previous rank of 12 [3]. Group 2: Notable Companies and Changes - Xiaomi Group is ranked fourth with a market capitalization of $17.57 billion [3]. - Pinduoduo follows closely in fifth place with a market capitalization of $16.11 billion [3]. - Meituan and NetEase are ranked sixth and seventh, with market capitalizations of $9.46 billion and $8.25 billion, respectively [3][4]. Group 3: Additional Rankings - Semiconductor Manufacturing International Corporation (SMIC) is in eighth place with a market capitalization of $5.23 billion [4]. - JD.com is ranked tenth with a market capitalization of $4.54 billion [4]. - Kuaishou and Tencent Music are ranked 11th and 12th, with market capitalizations of $4.17 billion and $3.25 billion, respectively [4]. Group 4: Lower Rankings - Companies ranked from 25 to 50 include Kingdee International at $0.83 billion and Yuyuan at $0.40 billion, indicating a diverse range of valuations among the lower-ranked firms [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [5][4][12] Core Views - The company reported Q1FY26 revenue of $575 million, a year-over-year increase of 38.8%, slightly below Bloomberg's consensus estimate of 39.8% [1][5] - Non-GAAP operating profit for Q1 was $25.11 million, corresponding to an operating profit margin (OPM) of 4.4%, exceeding Bloomberg's consensus estimate by 2.3 percentage points [1][2] - The company announced a new stock repurchase plan, expecting to buy back up to $600 million of its common stock over the next 12 months [1][4] Summary by Sections Q1 Performance - Q1 learning service revenue is estimated at approximately $405 million, with a year-over-year growth of 40% in RMB terms [2] - The tutoring and online school business revenue is expected to grow by 46% and 50% year-over-year, respectively [2] - Overall gross margin for Q1 increased by 3.2 percentage points to 54.9%, surpassing Bloomberg's consensus estimate by about 3.5 percentage points [2] Future Outlook - Q1 deferred revenue grew by approximately 50.8% year-over-year but showed a sequential decline [3] - Q2 learning service revenue growth is expected to decline to around 25% year-over-year [3] - The company anticipates total revenue growth of 22% year-over-year for Q2, with a non-GAAP OPM of 8.57% [3] Financial Projections - Revenue estimates for FY26, FY27, and FY28 have been adjusted to $2.834 billion, $3.459 billion, and $4.075 billion, respectively [4][9] - Non-GAAP net profit estimates for FY26, FY27, and FY28 are projected at $220 million, $373 million, and $544 million, respectively [4][9] - The target price based on the sum-of-the-parts (SOTP) valuation method is set at $13.89, down from a previous estimate of $14.82 [4][12]

教育公司好未来近日发布2026财年第一季度未经审计业绩报告（截至2025年5月31日）。根据报告显 示， 公司净收入飙升至5.75亿美元，较上年同期的4.142亿美元增长38.8%。这份强劲增长背后，是学习 服务和人工智能学习设备双引擎的稳健发力。 财务数据全线飘红，盈利能力显著改善 业务驱动：线下稳健，AI设备破局 股东回馈：大手笔回购彰显信心 好未来总裁兼首席财务官彭壮壮将增长归功于"学习服务和人工智能设备的稳步发展"。具体来看： 战略纵深：AI赋能与技术降本 财报电话会议中该公司阐述了其的核心战略方向：将深厚的教学积淀与AI技术前沿结合，以及利用AI 提升运营效率和利润率方面的具体应用： 挑战与投入：销售费用高企，设备赛道竞争加剧 强劲增长背后亦有隐忧： 销售与营销费用激增：Non-GAAP销售和营销费用同比大涨50.5%至1.777亿美元，占收入比升至 30.9%。管理层解释，这主要源于在线营销活动投入加大及品牌建设支出，旨在提升学习设备和 收入强劲增长：净收入5.75亿美元，同比增幅38.8%，为增长定下基调。 盈利指标亮眼：按非美国通用会计准则（Non-GAAP）计算，营业利润达2510万美元，远 ...

Market Capitalization Overview - New Oriental has a market capitalization of 15.747 billion [2] - TAL Education (好未来) has a market capitalization of 11.040 billion [2] - Vipshop (唯品会) has a market capitalization of 9.610 billion [2] - Miniso (名创优品) has a market capitalization of 5.940 billion [2] - Zai Lab (再鼎医药) has a market capitalization of 4.200 billion [2] - Huya (虎牙) has a market capitalization of 7.500 billion [2] Stock Performance - New Oriental's stock increased by 0.36 (+8.09%) [2] - TAL Education's stock decreased by 0.27 (-0.60%) [2] - Vipshop's stock increased by 0.56 (+2.49%) [2] - Miniso's stock increased by 0.01 (+0.07%) [2] - Zai Lab's stock decreased by 0.81 (-4.06%) [2] - Huya's stock increased by 0.03 (+0.75%) [2] Additional Company Insights - Financial One Account (金融壹账通) has a market capitalization of 2.91 million [3] - Xunlei (迅雷) has a market capitalization of 4.48 million [3] - Huami Technology (华米科技) has a market capitalization of 1.64 million [3] - Tuniu (途牛) has a market capitalization of 1.21 million [3] - Aiqiyi (爱奇艺) has a market capitalization of 24.11 billion [2]

Exhibit 99.1 TAL Education Group Announces Unaudited Financial Results for the First Fiscal Quarter Ended May 31, 2025 (Beijing–July 31, 2025)—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 ...

Core Insights - The company reported a significant increase in net revenue for the first quarter of fiscal year 2026, rising from $414 million to $575 million year-over-year [1] - Operating profit turned positive at $14.35 million, compared to an operating loss of $17.33 million in the same period last year [1] - Net profit attributable to the company was $31.28 million, up from $11.40 million year-over-year [1] Financial Performance - Non-GAAP operating profit (excluding stock-based compensation) was $25.11 million, a substantial increase from $876,000 in the previous year [1] - Non-GAAP net profit (excluding stock-based compensation) reached $42.05 million, compared to $29.61 million in the same quarter last year [1] - As of May 31, 2025, the company had cash, cash equivalents, and short-term investments totaling $3.473 billion, down from $3.618 billion as of February 28, 2025 [1] Business Strategy - The increase in revenue is attributed to steady growth in learning services and AI-driven smart hardware, reflecting the company's commitment to providing high-quality learning experiences [1] - The launch of new smart hardware products (P4, T4, and S4) has expanded the company's reach to a broader user base [1] - The company aims to continue innovating in the K-12 learning sector, responding to changing user demands, and leveraging advancements in artificial intelligence and technology [1]

Group 1 - The core viewpoint of the news highlights the significant financial performance of TAL Education Group, with a notable increase in both revenue and net profit for the fiscal year ending February 28, 2025 [1][2] - As of July 31, TAL's stock opened up by 12.09%, reaching a price of $11.31 per share, with a total market capitalization of $6.899 billion [1] - The company's total revenue is projected to be $2.25 billion, reflecting a year-on-year growth of 50.98%, while the net profit attributable to shareholders is expected to be $84.591 million, showing a remarkable increase of 2467.51% [1] Group 2 - TAL Education Group, listed on the NYSE under the ticker TAL, focuses on smart education and open platforms, serving both public and private education sectors globally [2] - The company was founded in 2003 as Xueersi and officially listed on the New York Stock Exchange in 2010, with a mission to enhance education through love and technology [2] - TAL has developed a diversified educational ecosystem that caters to personalized learning needs for individuals aged from -1 to 24 years, encompassing various brands and services in quality education, technology services, overseas education, digital content publishing, educational hardware, and tutoring services [2]

1.7月31日(周四)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.27%，标普500指数期货涨0.94%，纳指期货涨1.33%。 | ■ US 30 | 44,580.80 | 44,694.30 | 44,488.30 | +119.50 | +0.27% | | --- | --- | --- | --- | --- | --- | | ■ US 500 | 6,422.70 | 6,436.70 | 6,399.70 | +59.80 | +0.94% | | ■ US Tech 100 | 23,656.80 | 23,710.30 | 23,553.80 | +311.40 | +1.33% | 2.截至发稿，德国DAX指数跌0.17%，英国富时100指数涨0.39%，法国CAC40指数跌0.32%，欧洲斯托克50指数跌0.51%。 | 德國DAX30 | 24,231.41 | 24,433.66 | 24,199.45 | -41.24 | -0.17% | | --- | --- | --- | --- | --- | --- | | 英國富時100 | 9,172.70 | 9, ...

Financial Data and Key Metrics Changes - The company recorded net revenues of $575 million, reflecting a year-over-year growth of 38.8% [12][18] - Non-GAAP income from operations was $25.1 million, compared to $0.9 million in the same period last year [22] - Gross profit increased by 47.3% to $315.4 million, with gross margin rising to 54.9% from 51.7% [19][22] - Selling and marketing expenses increased by 47.7% year-over-year, representing 30.9% of total net revenues [20][54] - General and administrative expenses increased by 10.4%, but as a percentage of total revenues, it decreased from 23.7% to 19.8% [21][63] Business Line Data and Key Metrics Changes - The Peiyou enrichment programs continued to deliver year-over-year revenue growth, with an enrollment retention rate of around 80% [14][37] - The online enrichment learning business saw ongoing innovation, including an upgraded shared reading product that enhances user engagement [15] - The learning devices business experienced year-over-year revenue growth, driven by product optimization and user experience enhancements [16][18] Market Data and Key Metrics Changes - The company strategically expanded its Peiyou learning center network, focusing on increasing center density in existing cities [33] - The learning devices market is becoming increasingly competitive, with full-stack players expanding their offerings [48][49] Company Strategy and Development Direction - The company aims to improve the learning experience and support students' holistic development through strategic priorities [7][28] - There is a focus on AI-powered learning devices to enhance personalized learning experiences and address the challenges of providing high-quality education at scale [10][46] - The company is committed to long-term sustainable growth rather than aggressive expansion, prioritizing product competitiveness and user experience [36][57] Management's Comments on Operating Environment and Future Outlook - Management expects continued progress into the second quarter, benefiting from seasonal factors such as summer vacation [26] - The company remains focused on enhancing product and service quality to meet user needs and adapt to market dynamics [28][68] - There is an emphasis on leveraging technology and innovation to capture emerging opportunities in the learning sector [46][68] Other Important Information - The company had $1.267 billion in cash and cash equivalents and $967.9 million in deferred revenue as of May 31 [23] - A new share repurchase program was authorized, allowing the company to spend up to $600 million to repurchase shares over the next twelve months [24] Q&A Session Summary Question: Update on Peiyou business expansion and outlook - Management confirmed that the continued expansion of the learning center network is a key growth driver, focusing on increasing center density in existing cities while exploring new locations based on local demand [33][36] Question: Performance of learning devices and new product impact - The learning devices business saw healthy year-over-year growth despite a seasonal decline. The new models launched in May are still in early stages, and their impact on revenue and margins is yet to be fully assessed [42][44] Question: Sales and marketing expense increase - The increase in sales and marketing expenses was driven by investments in online marketing and brand-building initiatives, not solely related to learning devices [54][56] Question: Margin performance and outlook - The solid margin performance was attributed to operational efficiencies and leveraging technology. The company remains focused on sustainable long-term growth rather than short-term financial metrics [62][68]

TAL Education Group (TAL) Q1 2026 Earnings Call July 31, 2025 08:00 AM ET Speaker0Ladies and gentlemen, good day, and thank you for standing by. Welcome to Tahoe Education Group's Fiscal twenty twenty six First Quarter Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be informed that today's conference is being recorded.I'd now like to hand the conference over to Ms. Fang Liu, Investor Re ...