学而思F1-行业分析(11)

教育行业研究

expand our personalized premium services; and

further develop our online course offerings. Our Challenges The successful execution of our strategies is subject to risks and uncertainties related to our business and industry, including those relating to:

our ability to continue to attract students to enroll in our courses;

our ability to continue to recruit, train and retain qualified teachers;

our ability to improve the content of our existing course offerings and to develop new courses in a timely and cost-effective

manner;

our ability to maintain and enhance our brand;

our historical financial and operating results, growth rates and profitability may not serve as an adequate basis to judge our future

prospects and results of operations;

our ability to maintain and continue to improve our teaching results in terms of student performance and the level of satisfaction

with our services; and

our ability to compete effectively against our competitors. In addition, we are subject to risks and uncertainties related to our corporate structure and doing business in China, including, but not limited to:

risks associated with our control of our variable interest entities, which control is based upon contractual arrangements rather than equity ownership; risks associated with our ability to fund our expansion plan due to PRC legal restrictions on foreign currency conversion and restrictions on distribution of school profits, among others;

uncertainties with respect to PRC regulatory restrictions on after-school tutoring services, including regulations issued by certain provincial governmental authorities prohibiting private schools from offering after-school tutoring classes to primary and

secondary school students; and

See "Risk Factors" and "Special Note Regarding Forward-Looking Statements" for a discussion of these and other risks and uncertainties associated with our business and investing in our ADSs. risks associated with our ability to obtain various operating licenses and permits and to make registrations and filings for all of our learning centers in China.

Our Corporate History and Structure Our founders, Mr. Bangxin Zhang and Mr. Yundong Cao, offered our first after-school mathematics tutoring class in August 2003 when they were still attending graduate school in Peking University. In 2005, our founders established a domestic company in China named Beijing Xueersi Education Technology Co., Ltd., or Xueersi Education. In order to facilitate foreign investment in our company, in January 2008, we incorporated TAL Education Group, or TAL Group, to become our offshore holding company under the laws of the Cayman Islands. TAL Group established Xueersi International Education Group Limited, or Xueersi Hong Kong, in Hong Kong in March 2008 as our intermediary holding company. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Taxation—PRC" for a discussion of tax implications of having Xueersi Hong Kong as our intermediary holding company. Xueersi Hong Kong subsequently

established three wholly owned subsidiaries in China: TAL Education Technology (Beijing) Co., Ltd., or TAL Beijing, in May 2008; Beijing Huanqiu Zhikang Shidai Education Consulting Co., Ltd, or Huanqiu Zhikang, in September 2009; and Beijing Yidu Huida Education Technology Co., Ltd., or Yidu Huida, in November 2009.

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