公司给出的2026财年一季度及全年指引相对保守。Q1营收指引为同比增长2%-5%，全年指引为5%-10%，低于当前核心业务的增长势头。公司美 股股价下跌8.3%。 30日，新东方公布截至2025年5月31日止第四季度及年度的未经审核财务业绩： | | 2025 財年 | 2024 財年 | | | --- | --- | --- | --- | | (以千美元計,惟每 ADS 數據"除外) | 第四季度 | 第四季度 | 同比變化 | | 淨營收 | 1.243.155 | 1.136.679 | 9.4% | | 經營(虧損)/利潤 | (8,674) | 10, 527 | -182.4% | | Non-GAAP 經營利潤(2(3) | 81. 678 | 37.769 | 116. 3% | | 新東方股東應佔淨利潤 | 7.100 | 26, 972 | -73.7% | | 新東方股東應佔 Non-GAAP 淨利潤 (3) | 98.083 | 61.539 | 59. 4% | | 新東方每 ADS 應佔淨利潤-基本 | 0. 04 | 0. 16 | -72.6% | | 新東方每 ADS 應 ...

本文源自：智通财经网 2025年财年，该集团取得净营收49亿美元，同比增加13.6%;新东方股东应占净利润3.72亿美元，同比增 加20.1%;新东方每ADS应占基本净利润2.29美元。 周三，新东方(EDU.US)开盘跌超10%，逼近年内低点，报41.75美元。消息面上，新东方发布截至2025 年5月31日止第四季度业绩，该集团取得净营收12.43亿美元，同比增加9.4%;新东方股东应占净利润710 万美元，同比减少73.7%;新东方每ADS应占净利润0.04美元。 ...

道指期货跌0.02%，标普500指数期货涨0.04%，纳指期货涨0.11%。 | 标普500期货小型 | 6408.75 d | 2.75 0.04% | | --- | --- | --- | | 纳斯达克100期货小型 23477.00d 25.00 0.11% | | | | 纳斯达克100期货微型 23477.25 d 25.25 | | | | 道琼斯期货小型 | 44808d | -8 -0.02% | 21:16 欧洲主要股指涨跌不一 21:20 美股三大期指涨跌不一 21:30 美股盘前丨三大指数小幅高开新东方跌逾10% 德国DAX指数涨0.09%，法国CAC40指数涨0.46%，英国富时100指数跌0.17%。 美股三大指数小幅高开，道指涨0.05%，纳指涨0.19%，标普500指数涨0.11%。美国FDA出现重大人事 变动，生物制药公司REPLIMUNE涨逾70%，CAPRICOR THERAPEUTICS涨逾15%，萨雷普塔涨逾 10%。星巴克涨逾5%，2025财年第三季度营收超预期。新东方跌逾10%，2025财年第四季度净利润同比 大幅减少。 | 名称 | 现价 | 涨跌 | 涨跌幅 ...

2025年财年，该集团取得净营收49亿美元，同比增加13.6%;新东方股东应占净利润3.72亿美元，同比增 加20.1%;新东方每ADS应占基本净利润2.29美元。 智通财经APP获悉，周三，新东方(EDU.US)开盘跌超10%，逼近年内低点，报41.75美元。消息面上， 新东方发布截至2025年5月31日止第四季度业绩，该集团取得净营收12.43亿美元，同比增加9.4%;新东 方股东应占净利润710万美元，同比减少73.7%;新东方每ADS应占净利润0.04美元。 ...

| | 2025 財年 | 2024 財年 | | | --- | --- | --- | --- | | (以千美元計,惟每 ADS 數據(除外) | 第四季度 | 第四季度 | 同比變化 | | 淨營收 | 1.243.155 | 1. 136. 679 | 9. 4% | | 經營(虧損)/利潤 | (8.674) | 10, 527 | -182.4% | | Non-GAAP 經營利潤 200 | 81.678 | 37,769 | 116. 3% | | 新東方股東應佔淨利潤 | 7. 100 | 26, 972 | -73.7% | | 新東方股東應佔 Non-GAAP 淨利潤2(3) | 98. 083 | 61.539 | 59. 4% | | 新東方每 ADS 應佔淨利潤-基本 | 0. 04 | 0. 16 | -72. 6% | | 新東方每 ADS 應佔淨利潤-攤薄 | 0. 04 | 0. 16 | -72.8% | | 新東方每 ADS 應佔 Non-GAAP 淨利潤-基本(2000) | 0. 62 | 0. 37 | 65. 9% | | 新東方每 ADS 應佔 Non-GA ...

美股三大指数小幅高开。星巴克涨逾5%，2025财年第三季度营收超预期。新东方跌逾10%，2025财年 第四季度净利润同比大幅减少。 （持续更新中……） 21:30 美股盘前丨三大指数小幅高开 新东方跌逾10% 美股三大指数小幅高开，道指涨0.05%，纳指涨0.19%，标普500指数涨0.11%。美国FDA出现重大人事 变动，生物制药公司REPLIMUNE涨逾70%，CAPRICOR THERAPEUTICS涨逾15%，萨雷普塔涨逾 10%。星巴克涨逾5%，2025财年第三季度营收超预期。新东方跌逾10%，2025财年第四季度净利润同比 大幅减少。 | 标普500期货小型 | 6408.75 d | 2.75 0.04% | | --- | --- | --- | | 纳斯达克100期货小型 23477.00d 25.00 0.11% | | | | 纳斯达克100期货微型 23477.25 d 25.25 | | | | 道琼斯期货小型 | 44808d | -8 -0.02% | 21:16 欧洲主要股指涨跌不一 德国DAX指数涨0.09%，法国CAC40指数涨0.46%，英国富时100指数跌0.17%。 ...

Group 1 - U.S. stock indices opened slightly higher, with Dow Jones up 0.05%, Nasdaq up 0.19%, and S&P 500 up 0.11% [1] - New Oriental's net profit for Q4 FY2025 decreased by 73.7% year-on-year, leading to a drop of over 10% in its stock price [1] - Starbucks saw a stock increase of over 5% after reporting third-quarter revenue that exceeded expectations [1] Group 2 - Novo Nordisk's stock fell over 5% in pre-market trading after a significant drop of 21% the previous day, as new CEO Lars Fruergaard Jørgensen failed to reassure investors [2] - Apple has lost four AI researchers to Meta in a month, with the latest departure being multimodal AI researcher Bowen Zhang [2] Group 3 - LG Energy Solution secured a supply contract for lithium iron phosphate (LFP) batteries worth 5.9442 trillion KRW (approximately $4.3 billion), which represents 23.2% of its projected 2024 sales [3] - The customer behind the $4.3 billion contract is reportedly Tesla, although LG did not disclose the client's identity [3] Group 4 - Starbucks reported its first same-store sales growth in China in a year and a half, despite a global decline in same-store sales for six consecutive quarters [4]

Performance Summary - Ningde Times (03750.HK) reported a revenue of 178.886 billion yuan for the first half of the year, an increase of 7.27% year-on-year, with a net profit of 30.512 billion yuan, up 33.02% year-on-year [2] - Hisense Home Appliances (00921.HK) achieved a total operating revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit of 2.077 billion yuan, up 3.01% year-on-year [2] - New Oriental-S (09901.HK) recorded a net revenue of 4.9 billion USD for the fiscal year 2025, a year-on-year increase of 13.6%, with a net profit of 372 million USD, up 20.1% year-on-year [2] - Weisheng Holdings (03393.HK) reported an operating income of 1.368 billion yuan, a year-on-year increase of 11.88%, and a net profit of 305 million yuan, up 12.24% year-on-year [2] - Yingda Real Estate (00432.HK) had a total revenue of 736 million HKD, a year-on-year growth of 35%, but reported a net loss of approximately 249 million HKD, an increase of 62.75% year-on-year [2] - Saint Bella (02508.HK) announced a profit alert, expecting a net profit of over 320 million yuan, turning from loss to profit year-on-year [2] - Aoneng Construction (01183.HK) issued a profit alert, expecting a net profit increase of over 125% to no less than 18 million MOP year-on-year [2] - Da Cheng Corn Group (03889.HK) issued a profit warning, expecting a net loss of approximately 65 to 85 million HKD, turning from profit to loss year-on-year [2] Company News - Sinopec Oilfield Services (01033.HK) announced that its subsidiary won a natural gas pipeline engineering project with a bid amount of 3.597 billion yuan, accounting for 4.44% of the 2024 revenue [2] - CSPC Pharmaceutical Group (01093.HK) signed an exclusive licensing agreement with MADRIGAL for SYH2086, with potential total payments of up to 2.075 billion USD [2] - China Biopharmaceutical (01177.HK) reported successful external licensing cooperation for LM-299, with a milestone payment of 300 million USD expected to be received soon [2] - Chunquan Industrial Trust (01426.HK) reported an average rental rate of approximately 86% for Huamao Property in the second quarter [2] - Sihuan Pharmaceutical (00460.HK) completed the first patient enrollment in a Phase III clinical trial for the new indication of the innovative drug Annelazole Sodium for gastroesophageal reflux disease [2] - Zhaoke Ophthalmology-B (06622.HK) received orphan drug designation from the FDA for Mephalan for the treatment of retinoblastoma in children [2] - Yunnan Construction Investment Concrete (01847.HK) continues to sign concrete supply contracts for the expansion project of Kunming Changshui International Airport, with a contract amount of approximately 283 million yuan [2] Buyback and Increase Dynamics - Vitasoy International (00345.HK) repurchased 2.122 million shares for approximately 19.6 million HKD at a price range of 9.2 to 9.26 HKD [2] - China Eastern Airlines (00670.HK) spent approximately 7.2536 million HKD to repurchase 2.5 million shares at a price range of 2.89 to 2.92 HKD [2]

Financial Data and Key Metrics Changes - Total net revenue for Q4 2025 increased by 18.7% year over year, driven by the expansion of new ventures [6][7] - Non-GAAP operating margin reached 6.5%, a year-over-year improvement of 410 basis points [7] - Net income attributable to New Oriental for the quarter was $7.1 million, representing a 73.7% decrease year over year [19] - Non-GAAP net income attributable to New Oriental was $98.1 million, a 59.4% increase year over year [19] Business Line Data and Key Metrics Changes - Overseas test prep business recorded a revenue increase of 15% year over year [7] - Overseas studies consulting business reported an 8% revenue increase year over year [7] - Adults and university students business saw a 17% revenue increase year over year [7] - New educational business initiatives reported a revenue increase of 33% year over year [9] - Integrated tourism-related business line recorded a revenue increase of about 71% year over year [9][10] Market Data and Key Metrics Changes - The top 10 cities contributed over 60% of the nonpayment tutoring business revenue [8] - The top 10 cities contributed over 50% of the intelligent learning system and device business revenue [9] - Domestic and international study tours and research camps were conducted across 55 cities, with the top 10 cities contributing over 50% of the revenue [10] Company Strategy and Development Direction - The company is focusing on enhancing operational consistency and driving long-term value creation [6] - Continued investments in AI and new educational initiatives are aimed at improving learning outcomes and operational efficiency [11][13] - The company is committed to a three-year shareholder return plan, allocating at least 50% of net income to dividends and share repurchases [24][82] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for fiscal year 2026, expecting total net revenue growth of 5% to 10% [22] - The company anticipates revenue growth acceleration starting in Q2 2026, despite a conservative Q1 outlook due to high base comparisons and economic factors [23][32] - Management acknowledged challenges from the economic environment and international relations affecting overseas business [44] Other Important Information - The company invested $28 million in upgrading its OMO teaching platform during the quarter [11] - Goodwill impairment of $58.3 million was recorded, compared to nil in the same period of the prior fiscal year [18] Q&A Session Summary Question: Can you provide more details on Q1 and full year guidance? - Management noted that Q1 guidance reflects a conservative approach due to economic conditions and high base comparisons from the previous year [28][29] Question: What is the basis for the shareholder return program? - The program is based on GAAP net income, and future guidance will include the Easter buy business [36][37] Question: What are the reasons for revenue deceleration? - Revenue slowing is attributed to economic conditions and increased competition, particularly in the K-12 sector [44][45] Question: How will margin trends look for FY '26? - Management expects margin expansion due to cost control measures implemented since March [55][66] Question: What is the plan for capacity expansion in learning centers? - The company plans to monitor capacity expansion closely, aligning it with revenue growth [67][68] Question: How is the summer enrollment looking? - Demand is slightly lower than expected, but retention rates are improving [97][100]

Financial Data and Key Metrics Changes - Total net revenue for Q4 2025 increased by 18.7% year over year, driven by the expansion of new ventures [6] - Non-GAAP operating margin reached 6.5%, a year-over-year improvement of 410 basis points [7] - Operating loss was $8.7 million compared to an operating income of $10.5 million in the same period last year [19] - Non-GAAP net income for the quarter was $98.1 million, representing a 59.4% increase year over year [19] - Cash and cash equivalents stood at $1.51 billion as of May 31, 2025 [20] Business Line Data and Key Metrics Changes - Overseas test prep business recorded a revenue increase of 15% year over year [7] - Adults and university students business saw a revenue increase of 17% year over year [8] - New educational business initiatives reported a revenue increase of 33% year over year [9] - Integrated tourism-related business line recorded a revenue increase of about 71% year over year [10] Market Data and Key Metrics Changes - The top 10 cities contributed over 60% of the nonpayment tutoring business revenue [8] - The top 10 cities contributed over 50% of the intelligent learning system and device business revenue [9] - Domestic and international study tours and research camps were conducted across 55 cities nationwide [11] Company Strategy and Development Direction - The company is focused on enhancing operational consistency and driving long-term value creation [6] - Continued investments in AI and new educational business initiatives are aimed at improving learning efficiency and customer retention [12][14] - A three-year shareholder return plan was approved, allocating no less than 50% of net income to dividends and/or share repurchases [24] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about revenue growth while emphasizing profitability across all business lines [21] - The company expects total net revenue for Q1 FY26 to be in the range of $1.46 billion to $1.51 billion, representing a year-over-year increase of 2% to 5% [22] - Management noted that the economic environment and international relations changes have adversely affected business [30][48] Other Important Information - The company invested $28 million during the quarter to upgrade and maintain its OMO teaching platform [11] - The company repurchased approximately 14.5 million ADSs for about $700 million from the open market [16] Q&A Session Summary Question: Can you provide more details on Q1 and full-year guidance? - Management indicated that Q1 guidance reflects a conservative approach due to economic conditions and a high base from the previous year [29][30] Question: What has changed in the guidance compared to last quarter? - The guidance now includes the entire group, including Easter buy, which has undergone restructuring [38] Question: What is the outlook for operating margins? - Management expects margin expansion in Q1 and throughout FY26 due to cost control measures [55] Question: What are the reasons for revenue deceleration? - Revenue deceleration is attributed to the economic environment and changes in international relations [48] Question: How is the company planning to allocate capital between dividends and share buybacks? - The board will decide on the allocation based on the final audit report and discussions regarding the best approach for shareholder returns [80]