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    Sophia Zhang

    Vice President and Equity Analyst at CICC

    Sophia Zhang is a Vice President and Equity Analyst at CICC, specializing in the coverage of China's consumer and TMT sectors with a focus on leading listed companies such as Pinduoduo, Meituan, and Alibaba. She is recognized for her in-depth fundamental research and consistently accurate investment recommendations, achieving a success rate above 65% and ranking in the top quartile among China equity analysts on major investment platforms. Sophia began her career at Morgan Stanley as a research associate before joining CICC in 2017 and steadily rising through the ranks due to her strong performance and client recognition. She is a CFA charterholder and holds FINRA Series 7 and 63 licenses, reflecting her professional expertise and commitment to industry standards.

    Sophia Zhang's questions to TAL Education (TAL) leadership

    Sophia Zhang's questions to TAL Education (TAL) leadership • Q4 2025

    Question

    Sophia Zhang requested a top-line growth breakdown by business line, an explanation for the year-over-year decline in operating profit, the reasons for increased sales and marketing spend, and a follow-up on the outlook for profitability.

    Answer

    Deputy CFO Jackson Ding explained that Peiyou small classes and Learning Devices were the primary growth drivers for their respective business lines. The decline in operating margin was attributed to a significant increase in non-GAAP selling and marketing expenses to 35.1% of revenue, driven by online channel investments for market penetration and brand building. In a follow-up, Ding stated that improving profitability is a key priority, expecting to achieve this through operating leverage from revenue growth and targeted operational refinements across the business.

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