Core Insights - New Oriental's net revenue for Q4 of fiscal year 2025 reached $1.243 billion, representing a year-over-year increase of 9.4% [1] - The company's operating loss for Q4 was $8.7 million, a decline from an operating profit of $10.5 million in the same quarter last year [1] - Net profit attributable to New Oriental shareholders fell by 73.7% to $7.1 million in Q4 [1] Revenue Growth - The increase in net revenue was primarily driven by new educational business initiatives [2] - Revenue from overseas exam preparation and consulting services grew by approximately 14.6% and 8.2% year-over-year, respectively [2] - Domestic exam preparation services for adults and college students saw a year-over-year growth of about 17.0% [2] - New educational businesses maintained strong growth, with revenue increasing by 32.5% year-over-year [2] Cost and Expenses - Total operating costs and expenses for the quarter amounted to $1.25 billion, up 11.2% year-over-year [2] - Various costs, including revenue costs, sales and marketing expenses, and general and administrative expenses, all experienced increases [2] - Share-based compensation expenses rose by 11.0% to $28.6 million [2] Annual Performance - For the fiscal year ending May 31, 2025, New Oriental's net revenue was $4.9 billion, a year-over-year increase of 13.6% [2] - Operating profit for the fiscal year was $428 million, reflecting a 22.2% increase year-over-year [2] - Non-GAAP operating profit for the fiscal year was $554 million, up 15.8% year-over-year [2] Profitability Metrics - The operating profit margin for fiscal year 2025 was 8.7%, compared to 8.1% in the previous year [3] - The Non-GAAP operating profit margin was 11.3%, slightly up from 11.1% year-over-year [3] - Net profit attributable to New Oriental shareholders for the fiscal year was $370 million, a 20.1% increase year-over-year [3] - Basic and diluted net profit per ADS for the fiscal year were $2.29 and $2.28, respectively [3]

Core Viewpoint - The education industry is undergoing a silent revolution driven by AI technology, with 86% of educational institutions globally utilizing generative AI, the highest among all sectors [1][2]. Revenue Polarization - New Oriental's Q4 revenue reached $1.24 billion, a 9.4% year-on-year increase, but net profit dropped 73.7% to $7.1 million [1][4]. - Gaotu led the industry with Q1 revenue of 1.5 billion yuan, achieving a 58% growth rate, while 51Talk's revenue surged 93.1% year-on-year [1][5]. - Other companies like NetEase Youdao, Shangde Education, and Yiqi Education experienced revenue declines, with the highest drop reaching 15% [1][8]. Profit Structure Reconstruction - Gaotu's Q1 net profit soared to 124 million yuan, compared to a loss of 12.3 million yuan in the same period last year, driven by AI technology [11]. - NetEase Youdao's Q1 revenue was 1.3 billion yuan, down 7% year-on-year, but it continues to innovate with AI applications across its services [8][11]. - Shangde Education's Q1 revenue fell to 488 million yuan, marking a 13-quarter consecutive decline [8]. - Yiqi Education reported a Q1 revenue of 21.67 million yuan, with all key metrics showing a downward trend [8]. Market Trends and Globalization - The global K12 education learning management market is projected to grow from $1.81 billion in 2024 to $8.93 billion by 2033, with a CAGR of 19.4% [16]. - Companies are focusing on three key dimensions: depth of technology, scene penetration, and ecosystem construction [16][17]. - 51Talk is expanding into Southeast Asia, aiming for 40% of its revenue from overseas by 2025 [17]. - New Oriental's overseas business has shifted from exam training to comprehensive study abroad services, showing significant growth [17][18].

管理层解释，26财年首季将受高基数影响，当中涉及K9与高中春季课程时间表问题，以及东方甄选主 播于去年离职导致收入贡献流失。另外，公司宣布为期三年的股东回报计划，承诺将不低于50%净利润 透过股息与回购回报股东，但该行认为规模不及预期。假设公司派发2025财年公认会计准则盈利的 50%，2026年回报股东的金额约为1.86亿美元，以现市值计仅相当于2.6%股息率。 大和发布研报称，新东方-S(09901)今年5月底止第四财季收入及盈利分别超出市场预期4%与63%，但 2026财年首季及全年度收入增长指引均低过预期。该行将2026至27年收入预测下调3%至7%，每股盈利 预测下调3%至5%。基于估值吸引，重申"买入"评级，目标价由49港元下调至43港元。 ...

管理层解释，26财年首季将受高基数影响，当中涉及K9与高中春季课程时间表问题，以及东方甄选主 播于去年离职导致收入贡献流失。另外，公司宣布为期三年的股东回报计划，承诺将不低于50%净利润 透过股息与回购回报股东，但该行认为规模不及预期。假设公司派发2025财年公认会计准则盈利的 50%，2026年回报股东的金额约为1.86亿美元，以现市值计仅相当于2.6%股息率。 智通财经APP获悉，大和发布研报称，新东方-S(09901)今年5月底止第四财季收入及盈利分别超出市场 预期4%与63%，但2026财年首季及全年度收入增长指引均低过预期。该行将2026至27年收入预测下调 3%至7%，每股盈利预测下调3%至5%。基于估值吸引，重申"买入"评级，目标价由49港元下调至43港 元。 ...

Investment Rating - The report downgrades the investment rating to "Hold" due to the slowdown in the education business growth [7] Core Views - The company's 4QFY25 revenue reached $1.243 billion, a year-on-year increase of 9.4%, with the education business (including cultural tourism) generating $1.083 billion, up 18.7%. Other businesses, primarily Oriental Selection, saw a revenue decline of 28.5% [4] - The company announced a three-year shareholder return plan, committing to return at least 50% of adjusted net profit to shareholders through dividends or buybacks [4] - The study predicts that the growth rate of the study abroad examination training and consulting business will gradually bottom out, with 4QFY25 revenue of $315 million, a year-on-year increase of 11%, but a slowdown compared to the previous year [5] - New business segments, including K9 competency training and learning machine services, showed strong growth, with 4Q revenue increasing by 32.5% to $307 million [5] - The report anticipates a continued improvement in operating profit margins, with Non-GAAP operating profit margin expanding by approximately 4.1 percentage points to 6.5% in 4Q [6] Financial Data and Profit Forecast - FY24A revenue was $4.314 billion, with a year-on-year growth rate of 43.89%. FY25A revenue is projected at $4.9 billion, with a growth rate of 13.60% [8] - The adjusted net profit for FY24A was $464 million, with a year-on-year growth of 79.20%. For FY25A, the adjusted net profit is expected to be $517 million, a growth of 11.40% [8] - The report revises FY26 and FY27 revenue forecasts to $5.28 billion and $5.79 billion, respectively, down from previous estimates of $5.8 billion and $7.03 billion [7] - The DCF target price is adjusted to $53.4, corresponding to a target price of HKD 41.9 per share, with a PE ratio of 15.6x for FY26 [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's education business showed strong growth in FY2025Q4, with non-selective business revenue increasing by 18.7%, surpassing management's guidance [1][8] - For FY2026Q1, the company expects revenue growth of 2-5%, which is below previous expectations due to a slowdown in study abroad business growth and other educational services [3][18] - The company has announced a three-year shareholder return plan, intending to return 50% of the previous fiscal year's net profit to shareholders through dividends or buybacks [3][19] Summary by Sections Financial Performance - In FY2025Q4, the company reported total revenue of $1.243 billion, a year-on-year increase of 9.4%, with non-selective revenue at $1.089 billion, up 18.7% [1][8] - The operating profit was a loss of $8.67 million, primarily due to a one-time goodwill impairment of $60.3 million in the kindergarten business [1][8] - The deferred revenue at the end of the period was $1.954 billion, reflecting a year-on-year increase of 9.8% [1][8] Business Segments - K9 education new business grew by 32.5%, while high school training revenue increased by 24% [2][9] - The study abroad training and consulting revenue grew by 14.6% and 8.2%, respectively, but faced challenges due to declining consumer spending and tightening study abroad environments in some countries [2][9] - E-commerce revenue decreased by approximately 10% due to the divestment of a specific business, although the decline has improved on a quarter-on-quarter basis [2][9] Operational Efficiency - The company's gross margin for FY2025Q4 was 54.2%, an increase of 1.9 percentage points year-on-year [2][16] - The management expense ratio remained stable at 33.0%, while the sales expense ratio decreased by 1.3 percentage points to 17.0% [2][16] Future Outlook - The company anticipates a cautious revenue outlook for FY2026, with expected growth of 5-10% for the fiscal year [3][18] - Adjusted net profit forecasts for 2026-2027 have been lowered to $430 million and $483 million, respectively, reflecting a downward adjustment of 24% and 29% [3][19] - The company plans to continue improving operational efficiency and profitability while enhancing investor preference through the new shareholder return plan [3][19]

假设公司派发2025财年公认会计准则盈利的50%，2026年回报股东的金额约为1.86亿美元，以现市值计 仅相当于2.6%股息率。该行将2026至27年收入预测下调3%至7%，每股盈利预测下调3%至5%。基于估 值吸引，重申"买入"评级，目标价由49港元下调至43港元。 大和发表研究报告指，新东方今年5月底止第四财季收入及盈利分别超出市场预期4%与63%，但2026财 年首季及全年度收入增长指引均低于预期。管理层解释，26财年首季将受高基数影响，当中涉及K9与 高中春季课程时间表问题，以及东方甄选主播于去年离职导致收入贡献流失。另外，公司宣布为期三年 的股东回报计划，承诺将不低于50%净利润透过股息与回购回报股东，但该行认为规模不及预期。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's education business showed strong growth in FY2025Q4, with non-selective business revenue increasing by 18.7%, surpassing management's guidance [1][8] - For FY2026Q1, the company expects a cautious revenue growth of 2-5%, primarily due to a slowdown in study abroad business growth and other educational training services [3][18] - The company has announced a three-year shareholder return plan, intending to return 50% of the previous fiscal year's net profit to shareholders through dividends or buybacks [3][19] Summary by Sections Financial Performance - In FY2025Q4, the company reported total revenue of $1.243 billion, a year-on-year increase of 9.4%, with non-selective revenue at $1.089 billion, up 18.7% [1][8] - The operating profit was a loss of $8.67 million, primarily due to a one-time goodwill impairment of $60.3 million in the kindergarten business [1][8] - The deferred revenue at the end of the period was $1.954 billion, reflecting a year-on-year increase of 9.8% [1][8] Business Segments - K9 education new business grew by 32.5%, while high school training revenue increased by 24% [2][9] - The study abroad training and consulting revenue grew by 14.6% and 8.2%, respectively, although consumer spending power is declining [2][9] - The e-commerce revenue decreased by approximately 10% due to the divestment of a specific business, but the decline has improved on a quarter-on-quarter basis [2][9] Operational Efficiency - The gross margin for FY2025Q4 was 54.2%, an increase of 1.9 percentage points year-on-year [2][16] - The management expense ratio remained stable at 33.0%, while the sales expense ratio decreased by 1.3 percentage points to 17.0% [2][16] Future Outlook - The company anticipates a revenue growth of 5-10% for FY2026, with a focus on improving operational efficiency and profitability [3][19] - Adjusted net profit forecasts for 2026-2027 have been lowered to $430 million and $483 million, respectively, reflecting a downward adjustment of 24% and 29% [3][19] - The company plans to increase its network of schools and learning centers by 10-15% in FY2026 [2][9]

Core Insights - New Oriental Education Technology Group reported a revenue increase of 13.6% year-on-year for the fiscal year 2025, reaching $4.9 billion, while net profit grew by 20.1% to $372 million [2][3] - However, the company experienced a significant decline in net profit of 73.7% in the fourth quarter, with net revenue of $1.243 billion, a 9.4% increase year-on-year [2][4] - The company aims to enhance management of its core education business and integrate AI technology into its future strategy [1][5] Financial Performance - Fiscal Year 2025 financial highlights include: - Net revenue: $4.9 billion, up 13.6% from $4.313 billion in FY 2024 [2] - Operating profit: $428.25 million, a 22.2% increase from $350.425 million [2] - Non-GAAP operating profit: $554.23 million, up 15.8% from $478.79 million [2] - Net profit attributable to shareholders: $371.72 million, a 20.1% increase from $309.59 million [2] - Basic earnings per ADS: $2.29, up 22.6% from $1.87 [2] Business Strategy and Future Outlook - The company is focusing on its core education business and plans to invest in AI-driven educational solutions, including a new generation of intelligent learning devices [5] - For Q1 FY 2026, New Oriental expects net revenue between $1.464 billion and $1.507 billion, representing a year-on-year growth of 2% to 5% [5] - The full-year revenue forecast for FY 2026 is projected to be between $5.145 billion and $5.39 billion, indicating a growth of 5% to 10% [5] Operational Challenges - The decline in fourth-quarter net profit is attributed to increased costs, particularly in sales, marketing, and administrative expenses, which reached a two-year high [4][6] - The company faces pressure to manage rising operational costs while maintaining business growth, necessitating adjustments in its business layout to meet evolving market demands [6]

美银证券表示，公司对2026财年首财季及全财年收入指引分别为2至5%及5至10%，反映海外业务及K9 学科类培训增长放缓。摩根士丹利指出，新东方截至今年5月底止2025财年第四季财报胜预期，但2026 财年首季及全财年收入指引则较市场预期逊色，关注海外业务需求恶化会否拖累2026财年收入及利润 率，认为集团实施成本控制措施未知能否抵销相关负面影响。 本文源自：智通财经网 智通财经获悉，新东方-S(09901)跌近4%，截至发稿，跌3.7%，报35.15港元，成交额1.55亿港元。 消息面上，新东方发布截至2025年5月31日止第四季度业绩，2025财年第四季度的净营收同比上升9.4% 至12.43亿美元，净利润则同比下跌73.7%至710万美元。此外，新东方预计2026财年第一季度（2025年6 月1日至2025年8月31日）的净营收将为14.64亿美元至15.07美元之间，同比上升率为2%到5%之间。新 东方预计2026财年全年（2025年6月1日至 2026年5月31日）的净营收将为51.45亿美元至53.9亿美元之 间，同比上升率为5% 到10%之间。 ...