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好未来TAL Education Group (TAL) 2024财年20-F年度报告「NYSE」(修订版)(英文版)(278页).pdf

上传人: Kell****reet 编号:723887 2025-07-04 278页 2.52MB

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1、Table of ContentsUNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON,D.C.20549FORM 20-F REGISTRATION STATEMENT PURSUANT TO SECTION 12(b)OR(g)OF THE SECURITIES EXCHANGE ACT OF 1934OR ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended Feb

2、ruary 28,2025.OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from_to_.OR SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934Date of event requiring this shell company reportCommission file num

3、ber:001-34900TAL Education Group(Exact name of Registrant as specified in its charter)N/A(Translation of Registrants name into English)Cayman Islands(Jurisdiction of incorporation or organization)TAL Building No.1Courtyard No.9,Qixin Middle Street,Changping DistrictBeijing 102200Peoples Republic of

4、China(Address of principal executive offices)Alex Zhuangzhuang Peng,Chief Financial OfficerTelephone:+86-10-5292-6669Email:TAL Building No.1Courtyard No.9,Qixin Middle Street,Changping DistrictBeijing 102200Peoples Republic of China(Name,Telephone,E-mail and/or Facsimile number and Address of Compan

5、y Contact Person)Securities registered or to be registered pursuant to Section 12(b)of the Act.Title of each class Trading Symbol(s)Name of each exchange on which registeredAmerican Depositary Shares,each three representing oneClass A common share*NYSE:TAL The New York Stock ExchangeClass A common s

6、hares,par value$0.001 per share*NYSE:TAL*The New York Stock Exchange*Effective on August 16,2017,the ratio of ADSs to Class A common shares was changed from one ADS representing two Class A common shares tothree ADSs representing one Class A common share.*Not for trading,but only in connection with

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根据报告的内容,本文主要概括了TAL教育集团的公司结构、运营模式、财务状况和风险因素。关键点如下: 1. TAL教育集团是一家注册在开曼群岛的控股公司,通过VIE合同安排在中国开展业务,2023-2025财年VIE公司贡献了81.5%-84.9%的净收入。 2. 公司通过中国子公司和VIE公司获得收入,并将收入转移到开曼群岛母公司。2023-2025财年,VIE公司向中国子公司支付了1.32亿-3.46亿美元的服务费。 3. 公司面临VIE合同安排风险、中国监管环境风险、HFCAA风险等。若VIE合同无效或HFCAA认定公司为“涵盖发行人”,可能导致ADS退市。 4. 公司现金流依赖于中国子公司和VIE公司,若中国限制资本转移,可能影响公司支付股息和偿还债务的能力。 5. 公司需获得中国监管机构各种经营许可,若未能遵守,可能受到处罚。
TAL教育集团的运营结构是怎样的? TAL教育集团面临哪些主要风险? TAL教育集团的现金流如何运作?
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