Regulatory Uncertainty and Policy Risk: The Chinese government's past and potential future regulations, particularly concerning the education sector, pose a significant ongoing risk to TAL's business model and profitability, requiring constant adaptation and compliance.

Intense Market Competition: TAL faces fierce competition in its diversified segments, including vocational training, STEAM education, and learning products, which could lead to price pressures, reduced market share, and increased marketing expenses.

Economic Headwinds and Decreased Consumer Spending: A slowdown in the Chinese economy or reduced disposable income among families could lead to lower enrollment rates and reduced spending on non-compulsory education services offered by TAL.