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    Yijing Cai • Citigroup

    Yijing Cai's questions to TAL Education Group (TAL) leadership

    Yijing Cai's questions to TAL Education Group (TAL) leadership • Q4 2025

    Question

    Yijing (Alice) Cai asked about the company's strategy for cash usage, future investments, and shareholder returns.

    Answer

    Deputy CFO Jackson Ding highlighted the company's strong cash position of approximately $3.2 billion. He stated that the company takes a balanced approach, reinvesting for growth while delivering shareholder value. Given that some businesses are still in a growth phase with thin margins, maintaining operational flexibility is a priority. For fiscal 2026, investments will focus on enhancing products and core capabilities. Regarding shareholder returns, Ding noted the Board extended the share repurchase program, authorizing up to $490.7 million in further buybacks, which will be executed prudently.

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    Yijing Cai's questions to TAL Education Group (TAL) leadership • Q3 2025

    Question

    Yijing Cai of Citigroup inquired about the market dynamics for TAL's Peiyou offline enrichment business, asking about impacts from consumption trends and competition. She also asked about the pace of learning center network expansion in Q3 and any changes to key operating metrics like renewal rates.

    Answer

    Executive Zhuangzhuang Peng stated that market demand and business performance for enrichment learning show continued growth momentum, driven by parents' focus on holistic development. He described the market as fragmented, with TAL's competitive edge being high-quality products, teacher training, and technology integration. Peng confirmed that TAL prudently managed its learning center network expansion in Q3 and that key operating metrics, including retention rates, remained stable and healthy.

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    Yijing Cai's questions to New Oriental Education & Technology Group Inc (EDU) leadership

    Yijing Cai's questions to New Oriental Education & Technology Group Inc (EDU) leadership • Q3 2025

    Question

    Yijing Cai from Citibank noted the disparity between K-9 offline enrollment growth (15%) and learning device user growth (54%), asking if devices are replacing offline courses and how much a higher base affected K-9 growth.

    Answer

    Executive Sisi Zhao explained that enrollment growth figures were impacted by timing differences and how some enrollments were consolidated this year. She affirmed the learning pad business is a key growth driver. CFO Zhihui Yang added that the overall K-9 business is expected to grow over 35% YoY in Q4.

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    Yijing Cai's questions to New Oriental Education & Technology Group Inc (EDU) leadership • Q2 2025

    Question

    Yijing Cai from Citi asked if the consideration of a regular dividend policy signals softer demand or a slowdown in CapEx, and inquired about the balance between expansion and shareholder returns. She also asked if the efficient breakeven timeline for new learning centers is sustainable.

    Answer

    Zhihui Yang, Executive President and CFO, confirmed the breakeven time for new centers remains stable at about six months. Regarding capital allocation, he highlighted the ongoing $700 million share buyback program and noted that the Board discusses policies like dividends annually in July, balancing market conditions with the goal of creating shareholder value.

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    Yijing Cai's questions to New Oriental Education & Technology Group Inc (EDU) leadership • Q1 2025

    Question

    Yijing Cai from Citigroup Inc. asked about the company's capacity expansion strategy for the seasonally weak second quarter, questioning if the pace would slow to protect margins. She also inquired about the expected timing of capital expenditures in fiscal 2025 and the focus on market penetration versus entering new cities.

    Answer

    Executive President and CFO Zhihui Yang stated that capacity grew by about 6% in Q1, with a full-year target of 20-25%, which he described as a 'more healthy pace' than the prior year. He acknowledged potential margin pressure in Q2 due to seasonality but expressed confidence that the core education business (excluding East Buy) would see margin expansion for the full fiscal year as new centers ramp up.

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