Core Viewpoint - New Oriental's stock has declined nearly 4% following the release of its fourth-quarter earnings report for the fiscal year ending May 31, 2025, which showed a significant drop in net profit despite a revenue increase [1] Financial Performance - For the fourth quarter of fiscal year 2025, New Oriental reported a net revenue increase of 9.4% year-on-year, reaching $1.243 billion [1] - The net profit for the same quarter fell by 73.7% year-on-year to $7.1 million [1] Future Guidance - New Oriental expects its net revenue for the first quarter of fiscal year 2026 (June 1, 2025, to August 31, 2025) to be between $1.464 billion and $1.507 billion, reflecting a year-on-year growth rate of 2% to 5% [1] - For the entire fiscal year 2026 (June 1, 2025, to May 31, 2026), the company projects net revenue between $5.145 billion and $5.39 billion, indicating a year-on-year growth rate of 5% to 10% [1] Analyst Insights - Bank of America noted that the revenue guidance for the first quarter and full fiscal year 2026 reflects a slowdown in growth from overseas operations and K9 subject training [1] - Morgan Stanley highlighted that while the fourth-quarter results exceeded expectations, the revenue guidance for the first quarter and full year 2026 fell short of market expectations, raising concerns about the potential negative impact of deteriorating overseas demand on revenue and profit margins [1]

美银证券发表研究报告指，新东方公布截至5月底止季度业绩，收入与利润率增长均超预期，当中收入 按年增长18%，非通用会计准则营业利润率年增加3.2个百分点。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。公司同时宣布为期3年的股东回 报计划，承诺将不低于50%的净利润用于派息或股份回购。 基于增长前景放缓，该行将新东方2026及2027年每股盈利预测分别下调3%及7%，并将H股目标价49.3 港元降至43.8港元，美股目标价由63.2美元降至56.2美元，维持"买入"评级。 ...

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。 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。 ...

大摩维持其"与大市同步"评级，美股目标价由48美元微降至47美元；基于第四财季业绩超出预期，将 2026至2028财年各年非通用会计准则每股盈利预测上调12%、10%及3%，但下调远期盈利预测2%至 6%，以反映市场竞争加剧对利润的影响。 摩根士丹利发表研究报告指，新东方截至今年5月底止2025财年第四季业绩胜预期，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。集团给予2026财年首季展望，收入按年增长2%至5%， 较市场预期低5%至8%，全年收入预期增长5%至10%，亦较市场预期低3%至7%。 ...

| 36 | | 阿里巴巴 | 2799.92 | | | --- | --- | --- | --- | --- | | 4 | | 小米集团-W | 1763.96 | | | 5 | | 拼多多 | 1603.06 | | | | 網易 | 网易 | 825.18 | 11 | | 7 | | 东方财富 | 520.85 | II | | 8 | | 中芯国际 | 516.85 | | | --- | --- | --- | --- | --- | | 9 | | 京东 | 457.68 | | | 10 | | 快手-W | 409.34 | | | II | | 腾讯音乐 | 326.82 | | | 12 | Bal Car | 目度 | 295.44 | | | 13 | | 理想汽车 | 283.13 | | | 14 | | 贝壳 | 221.36 | | | 15 | | 同花顺 | 218.78 | | | 16 | | 小鹏汽车 | 171.87 | | | 17 | | 中通快递 | 159.79 | | | 18 | | 科大讯飞 | 157.13 | | | 19 | | 蔚来 ...

Market Performance - The Hang Seng Index (HSI) fell by 347 points or 1.4%, closing at 25,176 points[1] - The National Index dropped by 107 points or 1.2%, closing at 9,038 points[1] - The Hang Seng Tech Index decreased by 153 points or 2.7%, closing at 5,490 points[1] - Total market turnover was HKD 319.65 billion[1] Economic Indicators - The People's Bank of China conducted a 309 billion RMB seven-day reverse repurchase operation at a steady rate of 1.4%[2] - The Shanghai Composite Index rose by 6 points or 0.2%, closing at 3,615 points with a turnover of 819.6 billion RMB[2] - The Shenzhen Component Index fell by 86 points or 0.8%, closing at 11,203 points with a turnover exceeding 1.02 trillion RMB[2] Corporate Earnings - MGM China reported total revenue of HKD 8.667 billion for Q2, an increase of 8.9% year-on-year[4] - Budweiser APAC reported revenue of USD 3.136 billion for the first half of the year, a decrease of 7.7% year-on-year[5] - New Oriental Education reported net revenue of USD 4.9 billion for FY2025, an increase of 13.6% year-on-year[5]

Financial Performance - The company reported total net revenue of $1.24 billion for Q4 FY2025, a year-on-year increase of 9.4%. Excluding non-core business revenues, the core education business net revenue was $1.09 billion, reflecting an 18.7% increase, indicating a recovery in the education sector [2][3] - For the full fiscal year 2025, total net revenue reached $4.9 billion, a 13.6% year-on-year growth, maintaining double-digit growth for two consecutive years, outperforming the industry average [2][3] - The company experienced an operating loss of $8.7 million in Q4, compared to an operating profit of $10.5 million in the same period last year, with net profit declining by 73.7% to $7.1 million due to short-term losses in the Oriental Selection segment and goodwill impairment [3][4] Cost Structure - Total operating costs and expenses for Q4 amounted to $1.25 billion, a year-on-year increase of 11.2%, slightly above revenue growth, primarily due to new business expansion and technology investment [4] - The cost of revenue was $570 million, growing by 5.1%, which is lower than revenue growth, indicating improved resource utilization [4] - Sales and marketing expenses were $210 million, up 1.8%, significantly lower than revenue growth, reflecting enhanced brand influence and customer retention [4] Business Segments - The overseas business showed resilience with a 14.6% year-on-year increase in revenue from overseas exam preparation and an 8.2% increase from overseas learning consulting [5][6] - Domestic core business targeting adults and university students grew by 17.0%, aligning with the increasing demand for higher education due to competitive job markets [7] - New education initiatives, particularly non-subject tutoring and intelligent learning systems, saw a 32.5% revenue increase, with significant student engagement in various educational fields [8] Strategic Upgrades - The company is focusing on improving its OMO (Online-Merge-Offline) teaching system and investing in AI technology across its educational ecosystem, enhancing product capabilities and operational efficiency [10] - A three-year shareholder return plan was approved, committing at least 50% of net profit for dividends and stock buybacks starting from FY2026, reflecting confidence in future cash flows [11][12] Future Outlook - The company projects total net revenue for FY2026 to be between $5.1453 billion and $5.3903 billion, representing a growth of 5%-10%, with cautious optimism due to seasonal factors and geopolitical influences [14] - Despite positive growth expectations, the company faces challenges such as intensified industry competition, regulatory uncertainties, and risks associated with overseas operations [15]

[Financial and Operating Highlights](index=1&type=section&id=Financial%20and%20Operating%20Highlights) [Q4 FY2025 Financial Highlights](index=1&type=section&id=Financial%20Highlights%20for%20the%20Fourth%20Fiscal%20Quarter%20Ended%20May%2031%2C%202025) In Q4 FY2025, New Oriental's net revenues grew 9.4% year-over-year to **$1.24 billion**, while GAAP operating loss was **$8.7 million** and net income decreased 73.7% to **$7.1 million**, contrasting with strong non-GAAP operating income and net income growth of 116.3% and 59.4% respectively Q4 FY2025 Key Financial Results (in thousands US$) | Indicator | 4Q FY2025 | 4Q FY2024 | % Change | | :--- | :--- | :--- | :--- | | Net revenues | 1,243,155 | 1,136,679 | 9.4% | | Operating (loss)/income | (8,674) | 10,527 | -182.4% | | Non-GAAP operating income | 81,678 | 37,769 | 116.3% | | Net income attributable to New Oriental | 7,100 | 26,972 | -73.7% | | Non-GAAP net income attributable to New Oriental | 98,083 | 61,539 | 59.4% | | Net income per ADS - diluted | 0.04 | 0.16 | -72.8% | | Non-GAAP net income per ADS - diluted | 0.61 | 0.37 | 66.9% | - Total net revenues, excluding the East Buy private label products and livestreaming business, increased by **18.7%** year-over-year to **US$1,088.5 million** for the fourth fiscal quarter of 2025[4](index=4&type=chunk) [FY2025 Financial Highlights](index=1&type=section&id=Financial%20Highlights%20for%20the%20Fiscal%20Year%20Ended%20May%2031%2C%202025) For the full fiscal year 2025, New Oriental achieved a **13.6%** increase in net revenues to **$4.9 billion**, with both GAAP and non-GAAP profitability metrics showing solid growth, including operating income rising **22.2%** to **$428.3 million** and net income increasing **20.1%** to **$371.7 million** FY2025 Key Financial Results (in thousands US$) | Indicator | FY2025 | FY2024 | % Change | | :--- | :--- | :--- | :--- | | Net revenues | 4,900,262 | 4,313,586 | 13.6% | | Operating income | 428,250 | 350,425 | 22.2% | | Non-GAAP operating income | 554,228 | 478,786 | 15.8% | | Net income attributable to New Oriental | 371,716 | 309,591 | 20.1% | | Non-GAAP net income attributable to New Oriental | 517,071 | 463,956 | 11.4% | | Net income per ADS - diluted | 2.28 | 1.85 | 23.3% | | Non-GAAP net income per ADS - diluted | 3.17 | 2.76 | 14.7% | [Operating Highlights & Management Commentary](index=2&type=section&id=Operating%20Highlights%20for%20the%20Fourth%20Fiscal%20Quarter%20Ended%20May%2031%2C%202025) Management highlighted strong growth in new educational initiatives, which grew **32.5%** YoY in Q4, while intensifying focus on core educational businesses, enhancing product quality, and integrating AI technology, including a new generation of AI-powered learning devices, leading to improved non-GAAP operating margin - The company's new educational business initiatives maintained strong momentum, with revenue growing **32.5%** year-over-year in Q4[6](index=6&type=chunk) - In Q4, non-academic tutoring courses attracted approximately **918,000** student enrollments, and the intelligent learning system had about **255,000** active paid users[6](index=6&type=chunk) - The company is focusing on its OMO (online-merge-offline) system and investing in AI technologies, recently launching a new AI-powered Intelligent Learning Device and a Smart Study Solution[6](index=6&type=chunk) - The non-GAAP operating margin for the core educational business (excluding East Buy) improved by **410 basis points** YoY for Q4 and **150 basis points** for the full fiscal year 2025[6](index=6&type=chunk) [Shareholder Returns](index=2&type=section&id=Shareholder%20Returns) [Previous Share Repurchase Program](index=2&type=section&id=Previous%20Share%20Repurchase%20Program) The company's share repurchase program, extended and increased to **$700 million**, expired on May 31, 2025, with approximately **14.5 million** ADSs repurchased for the full authorized amount - The Share Repurchase Program expired on May 31, 2025[7](index=7&type=chunk) - The company repurchased an aggregate of approximately **14.5 million** ADSs for approximately **US$700 million** under the program[7](index=7&type=chunk) [New Shareholder Return Plan](index=2&type=section&id=New%20Shareholder%20Return%20Plan) On July 29, 2025, the Board approved a new three-year shareholder return plan, effective from fiscal year 2026, committing to return at least **50%** of the preceding fiscal year's net income to shareholders through dividends and/or share repurchases - A new three-year shareholder return plan was approved, effective from fiscal year 2026[8](index=8&type=chunk) - The plan dedicates no less than **50%** of the preceding fiscal year's net income to be returned to shareholders via dividends and/or share repurchases[8](index=8&type=chunk) [Detailed Financial Analysis](index=2&type=section&id=Detailed%20Financial%20Analysis) [Q4 FY2025 Financial Performance](index=2&type=section&id=Financial%20Results%20for%20the%20Fourth%20Fiscal%20Quarter%20Ended%20May%2031%2C%202025) In Q4 FY2025, revenues rose **9.4%** to **$1.24 billion**, or **18.7%** excluding East Buy, driven by new educational initiatives, despite a GAAP operating loss of **$8.7 million** due to a **$60.3 million** goodwill impairment, while non-GAAP operating income surged **116.3%** to **$81.7 million**, supported by strong net operating cash inflow of **$399.1 million** and **$1.95 billion** in deferred revenue - Q4 net revenues were **US$1.24 billion**, a **9.4%** increase YoY, with revenues excluding East Buy at **US$1,088.5 million**, an **18.7%** increase YoY[10](index=10&type=chunk) - Q4 operating loss was **US$8.7 million**, compared to an income of **US$10.5 million** YoY, while non-GAAP operating income was **US$81.7 million**, a **116.3%** increase YoY[13](index=13&type=chunk) - Net operating cash inflow for Q4 was approximately **US$399.1 million**[17](index=17&type=chunk) - Deferred revenue at the end of Q4 was **US$1.95 billion**, an increase of **9.8%** YoY[19](index=19&type=chunk) [FY2025 Financial Performance](index=3&type=section&id=Financial%20Results%20for%20the%20Fiscal%20Year%20Ended%20May%2031%2C%202025) For the full fiscal year 2025, New Oriental reported a **13.6%** revenue increase to **$4.9 billion**, with operating income growing **22.2%** to **$428.3 million** and net income attributable to New Oriental rising **20.1%** to **$371.7 million**, despite a **$60.3 million** goodwill impairment charge - FY2025 net revenues were **$4.9 billion**, a **13.6%** increase YoY[20](index=20&type=chunk) - FY2025 operating income was **US$428.3 million**, a **22.2%** increase YoY, while non-GAAP operating income was **US$554.2 million**, a **15.8%** increase YoY[21](index=21&type=chunk) - A goodwill impairment of **US$60.3 million** was recorded in FY2025, compared to none in the prior year[22](index=22&type=chunk) - FY2025 net income attributable to New Oriental was **US$371.7 million**, a **20.1%** increase YoY, and non-GAAP net income was **US$517.1 million**, an **11.4%** increase YoY[24](index=24&type=chunk)[25](index=25&type=chunk) [Business Outlook](index=4&type=section&id=Outlook%20for%20the%20First%20Quarter%20and%20Full%20Year%20of%20FY2026) [Q1 FY2026 Outlook](index=4&type=section&id=Q1%20FY2026%20Outlook) For the first quarter of fiscal year 2026 (ending August 31, 2025), New Oriental projects total net revenues to be between **US$1.46 billion** and **US$1.51 billion**, representing a year-over-year growth rate of **2%** to **5%** Q1 FY2026 Revenue Outlook | Period | Revenue Range (US$ million) | YoY Growth (%) | | :--- | :--- | :--- | | Q1 FY2026 | 1,464.1 - 1,507.2 | 2% - 5% | [Full Year FY2026 Outlook](index=4&type=section&id=Full%20Year%20FY2026%20Outlook) Starting with this report, New Oriental will provide a full-year outlook, projecting total net revenues for fiscal year 2026 (ending May 31, 2026) to be in the range of **US$5.15 billion** to **US$5.39 billion**, corresponding to a year-over-year increase of **5%** to **10%** Full Year FY2026 Revenue Outlook | Period | Revenue Range (US$ million) | YoY Growth (%) | | :--- | :--- | :--- | | FY2026 | 5,145.3 - 5,390.3 | 5% - 10% | - The company is initiating full fiscal year guidance to better reflect long-term strategic priorities and the seasonal nature of the education industry[27](index=27&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=7&type=section&id=NEW%20ORIENTAL%20EDUCATION%20%26%20TECHNOLOGY%20GROUP%20INC.%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of May 31, 2025, New Oriental's balance sheet shows total assets of **$7.81 billion** and total liabilities of **$3.85 billion**, maintaining a strong liquidity position with cash, cash equivalents, term deposits, and short-term investments totaling approximately **$4.93 billion**, and total equity at **$3.95 billion** Balance Sheet Summary (As of May 31, 2025, in thousands USD) | Item | 2025 (Unaudited) | 2024 (Audited) | | :--- | :--- | :--- | | Total current assets | 5,187,702 | 5,388,878 | | Total assets | 7,805,499 | 7,531,673 | | Total current liabilities | 3,289,814 | 3,000,855 | | Total liabilities | 3,851,767 | 3,482,659 | | Total equity | 3,953,732 | 4,049,014 | [Condensed Consolidated Statements of Operations](index=8&type=section&id=NEW%20ORIENTAL%20EDUCATION%20%26%20TECHNOLOGY%20GROUP%20INC.%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The statements of operations detail the company's financial performance for both the fourth quarter and the full fiscal year 2025, reporting a Q4 net income of **$7.1 million** on revenues of **$1.24 billion**, and a full-year net income of **$371.7 million** on revenues of **$4.9 billion**, showing a **20.1%** YoY growth in annual profit [Q4 FY2025 Statement of Operations](index=8&type=section&id=Q4%20FY2025%20Statement%20of%20Operations) For the three months ended May 31, 2025, New Oriental reported net revenues of **$1.24 billion**, an operating loss of **$8.7 million** (impacted by a **$60.3 million** goodwill impairment), and net income attributable to shareholders of **$7.1 million** Q4 FY2025 Statement of Operations (in thousands USD) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Net revenues | 1,243,155 | 1,136,679 | | Total operating cost and expenses | 1,251,829 | 1,126,152 | | Operating (loss)/ income | (8,674) | 10,527 | | Net income attributable to New Oriental | 7,100 | 26,972 | [FY2025 Statement of Operations](index=12&type=section&id=FY2025%20Statement%20of%20Operations) For the fiscal year ended May 31, 2025, the company generated **$4.9 billion** in net revenues, leading to an operating income of **$428.3 million** and a net income attributable to shareholders of **$371.7 million**, a **20.1%** increase from the prior year FY2025 Statement of Operations (in thousands USD) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Net revenues | 4,900,262 | 4,313,586 | | Total operating cost and expenses | 4,472,012 | 3,963,161 | | Operating income | 428,250 | 350,425 | | Net income attributable to New Oriental | 371,716 | 309,591 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=NEW%20ORIENTAL%20EDUCATION%20%26%20TECHNOLOGY%20GROUP%20INC.%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) The cash flow statements show that for the full fiscal year 2025, New Oriental generated **$896.6 million** in net cash from operating activities, used **$93.4 million** in investing and **$585.0 million** in financing, resulting in a net increase in cash of **$228.0 million** [Q4 FY2025 Cash Flow](index=11&type=section&id=Q4%20FY2025%20Cash%20Flow) In the fourth quarter of fiscal 2025, the company generated **$399.1 million** in cash from operating activities, resulting in a net increase of **$227.9 million** in cash, cash equivalents, and restricted cash after accounting for investing and financing activities Q4 FY2025 Cash Flow Summary (in thousands USD) | Item | Q4 2025 (Unaudited) | Q4 2024 (Unaudited) | | :--- | :--- | :--- | | Net cash provided by operating activities | 399,122 | 376,835 | | Net cash used in investing activities | (88,292) | (864,010) | | Net cash used in financing activities | (98,477) | (109,230) | | Net change in cash, cash equivalents and restricted cash | 227,856 | (599,970) | [FY2025 Cash Flow](index=15&type=section&id=FY2025%20Cash%20Flow) For the full fiscal year 2025, net cash from operating activities was **$896.6 million**, with **$585.0 million** used in financing activities primarily for share repurchases, ending the period with a total cash and restricted cash balance of **$1.82 billion** FY2025 Cash Flow Summary (in thousands USD) | Item | FY2025 (Unaudited) | FY2024 (Unaudited) | | :--- | :--- | :--- | | Net cash provided by operating activities | 896,592 | 1,122,643 | | Net cash used in investing activities | (93,428) | (1,153,922) | | Net cash used in financing activities | (584,971) | (160,438) | | Net change in cash, cash equivalents and restricted cash | 228,029 | (216,323) | [Reconciliations of Non-GAAP Measures](index=9&type=section&id=NEW%20ORIENTAL%20EDUCATION%20%26%20TECHNOLOGY%20GROUP%20INC.%20RECONCILIATIONS%20OF%20NON-GAAP%20MEASURES%20TO%20THE%20MOST%20COMPARABLE%20GAAP%20MEASURES) This section provides detailed reconciliations between GAAP and non-GAAP financial measures for both Q4 and the full fiscal year 2025, clarifying how non-GAAP figures like operating income and net income are derived from their GAAP counterparts through adjustments including share-based compensation, amortization of intangible assets, and a significant **$60.3 million** goodwill impairment in Q4 Q4 FY2025 GAAP to Non-GAAP Reconciliation (in thousands USD) | Item | Amount | | :--- | :--- | | **Operating (loss)/ income (GAAP)** | **(8,674)** | | Share-based compensation expenses | 28,636 | | Amortization of intangible assets | 1,417 | | Impairment of goodwill | 60,299 | | **Non-GAAP operating income** | **81,678** | FY2025 GAAP to Non-GAAP Reconciliation (in thousands USD) | Item | Amount | | :--- | :--- | | **Operating income (GAAP)** | **428,250** | | Share-based compensation expenses | 59,933 | | Amortization of intangible assets | 5,746 | | Impairment of goodwill | 60,299 | | **Non-GAAP operating income** | **554,228** |

Group 1 - The Nasdaq China Golden Dragon Index fell by 1.82% on July 31 [1] - Most popular Chinese concept stocks experienced declines, with NIO and New Oriental dropping over 4% [1] - Li Auto decreased by over 3%, while Pinduoduo and Xpeng Motors fell by over 2% [1] - Alibaba and JD.com also saw declines of over 1% [1]

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 ...