净营收同比下滑 财报显示，新东方2025财年第三季度的净营收同比下降2%至11.83亿美元；不包括东方甄选自营产品及直播电 商业务实现的营收则同比上升21.2%至10.38亿美元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 4月23日，新东方披露的截至2025年2月28日的第三季度未经审核财务业绩显示，2025财年第三季度，新东方 的净营收为11.83亿美元，同比下降2%。 预计2025财年第四季度收入增长 2025财年前9个月，新东方的净营收为36.57亿美元，同比增长15.1%；经营利润为4.37亿美元，同比增长 28.5%。 新东方预计，2025财年第四季度（2025年3月1日至2025年5月31日）的净营收（不包括东方甄选自营产品及直 播电商业务实现的营收）为10.09亿美元至10.37亿美元，同比增长10%到13%。预计2025财年第四季度以人民 币计算的收入增长为12%到15%。 新东方董事会执行主席俞敏洪表示，第三季度的业绩表现良好，净营收（不包括东方甄选自营产品及直播电 商业务实现的营收）同比增长21.2%。出国考试准备和出国咨询业务营收分别同比增长约7.1%和 ...

Financial Data and Key Metrics Changes - Total net revenue decreased by 2% year over year, but net revenue excluding Easter buy increased by 21.2% year over year [6] - Operating income increased by 9.8% year over year to $124.5 million [17] - Net income attributable to New Oriental increased by 0.1% year over year to $87.3 million [18] - Non-GAAP net income decreased by 14.3% year over year to $113.3 million [18] - Cash and cash equivalents totaled approximately $1.42 billion, with total assets around $4.7 billion [19] Business Line Data and Key Metrics Changes - Overseas test drive business revenue increased by 7% year over year [9] - Overseas study consulting business revenue increased by 21% year over year [9] - Adults and university students business revenue increased by 17% year over year [9] - New educational business initiatives recorded a revenue increase of 35% year over year [11] - Integrated tourism-related business line revenue increased by 85% year over year [11] Market Data and Key Metrics Changes - Top 10 cities contributed over 60% of the overseas test drive business [10] - Top 10 cities contributed approximately 50% of the intelligent learning system and device business [11] - Revenue contribution from top 10 cities in integrated tourism-related business exceeded 50% [12] Company Strategy and Development Direction - Company remains committed to long-term value creation and operational consistency [6] - Continued investments in AI and technology integration to enhance educational offerings and operational efficiency [14][22] - Share repurchase program extended with an increased aggregate value from $400 million to $700 million [15] Management Comments on Operating Environment and Future Outlook - Management anticipates total net revenue growth in the range of 10% to 13% for the upcoming quarter [20] - Cost control measures initiated to enhance efficiency and operating margins [21] - Management expects overseas related business growth to be in the range of 5% to 10% in the upcoming quarter [27] Other Important Information - Operating costs decreased by 3.2% year over year, while selling and marketing expenses increased by 13% [17] - Deferred revenue increased by 15% year over year to approximately $1.75 billion [19] Q&A Session Summary Question: Drivers of slowdown in overseas related businesses - Management indicated that the slowdown is due to macroeconomic conditions and international relations changes, projecting growth of 5% to 10% for overseas related business in Q4 [27] Question: Breakdown of other business growth in Q4 - Management provided estimates for Q4 growth: overseas related business around 8%, domestic university students business around 19%, high school business around 16-17%, and K-9 educational business around 30-35% [30] Question: K-9 offline enrollment growth and learning device impact - Management explained that slower K-9 growth is impacted by enrollment timing differences and expects K-9 business to grow over 35% in Q4 [41] Question: Sustainability of margin expansion into FY26 - Management expects margin expansion due to ongoing cost control and efficiency enhancements, aiming for a lower percentage of headquarters expenses in FY26 [70][72] Question: Future shareholder payback plans - Management confirmed ongoing discussions for future capital allocation plans, including potential dividends and share buybacks [50] Question: Growth expectations for other business segments next year - Management anticipates similar growth rates for core business lines as in Q4, with overseas related business stabilizing and K-9 new business expected to grow around 25-30% [58] Question: AI and technology development strategy - Management emphasized the integration of AI in teaching and learning processes, enhancing efficiency and data collection for better student outcomes [63][64] Question: Learning hardware business strategy amid competition - Management expressed confidence in the learning hardware business model, leveraging educational strengths and technology to maintain competitive margins [81][83]

[Financial Highlights for the Third Fiscal Quarter Ended February 28, 2025](index=1&type=section&id=Financial%20Highlights%20for%20the%20Third%20Fiscal%20Quarter%20Ended%20February%2028%2C%202025) New Oriental reported a slight decrease in total net revenues for Q3 FY2025, but core revenues, excluding East Buy, grew strongly, alongside increases in operating and net income attributable to shareholders [Key Financial Results](index=1&type=section&id=Key%20Financial%20Results) Key Financial Results (3Q FY2025) | Metric | 3Q FY2025 (US$ thousands) | 3Q FY2024 (US$ thousands) | % change | | :------------------------------------------------ | :----------------------- | :----------------------- | :------- | | Net revenues | 1,183,055 | 1,207,286 | -2.0% | | Operating income | 124,519 | 113,432 | 9.8% | | Non-GAAP operating income | 142,056 | 142,359 | -0.2% | | Net income attributable to New Oriental | 87,255 | 87,167 | 0.1% | | Non-GAAP net income attributable to New Oriental | 113,344 | 132,279 | -14.3% | | Net income per ADS - basic | 0.54 | 0.53 | 2.7% | | Net income per ADS - diluted | 0.54 | 0.52 | 2.9% | | Non-GAAP net income per ADS - basic | 0.70 | 0.80 | -12.1% | | Non-GAAP net income per ADS - diluted | 0.70 | 0.79 | -12.0% | Key Financial Results (9M FY2025) | Metric | 9M FY2025 (US$ thousands) | 9M FY2024 (US$ thousands) | % change | | :------------------------------------------------ | :----------------------- | :----------------------- | :------- | | Net revenues | 3,657,107 | 3,176,907 | 15.1% | | Operating income | 436,924 | 339,898 | 28.5% | | Non-GAAP operating income | 472,550 | 441,017 | 7.2% | | Net income attributable to New Oriental | 364,616 | 282,619 | 29.0% | | Non-GAAP net income attributable to New Oriental | 418,988 | 402,417 | 4.1% | | Net income per ADS - basic | 2.24 | 1.71 | 30.9% | | Net income per ADS - diluted | 2.22 | 1.69 | 31.7% | | Non-GAAP net income per ADS - basic | 2.57 | 2.43 | 5.6% | | Non-GAAP net income per ADS - diluted | 2.55 | 2.40 | 6.5% | - Total net revenues decreased by **2.0%** year over year to **US$1,183.1 million** for the third fiscal quarter of 2025[7](index=7&type=chunk) - Total net revenues, excluding revenues generated from East Buy private label products and livestreaming business, increased by **21.2%** year over year to **US$1,038.3 million**[7](index=7&type=chunk) - Operating income increased by **9.8%** year over year to **US$124.5 million**[7](index=7&type=chunk) - Net income attributable to New Oriental increased by **0.1%** year over year to **US$87.3 million**[7](index=7&type=chunk) [Operating Highlights for the Third Fiscal Quarter Ended February 28, 2025](index=2&type=section&id=Operating%20Highlights%20for%20the%20Third%20Fiscal%20Quarter%20Ended%20February%2028%2C%202025) Management highlighted strong growth in core educational segments and new initiatives, supported by AI investments and operational efficiency, while the share repurchase program was extended and increased [Management Commentary](index=2&type=section&id=Management%20Commentary) - Michael Yu (Executive Chairman) highlighted **21.2%** YoY revenue growth (excluding East Buy), strong performance in overseas test prep (**+7.1%**), overseas study consulting (**+21.4%**), domestic adult/university test prep (**+17.0%**), and new educational businesses (**+34.5%**)[8](index=8&type=chunk) - Chenggang Zhou (CEO) emphasized continued capacity monitoring, revamping the online-merge-offline teaching system, and investing in AI-related technologies[8](index=8&type=chunk) - Stephen Zhihui Yang (CFO) noted a GAAP operating margin (excluding East Buy) of **12.1%** (vs. 14.0% prior year) and Non-GAAP operating margin of **13.3%** (vs. 15.1% prior year), attributing margin pressure to slower overseas business growth and new tourism investments, with anticipated easing in future quarters[8](index=8&type=chunk) [Share Repurchase Program](index=2&type=section&id=Share%20Repurchase%20Program) - The Share Repurchase Program was extended to May 31, 2025[9](index=9&type=chunk) - The aggregate value of shares authorized for repurchase was increased from **US$400 million** to **US$700 million**[9](index=9&type=chunk) - As of April 22, 2025, approximately **14.4 million ADSs** were repurchased for approximately **US$695.5 million**[9](index=9&type=chunk) - Revenues from overseas test preparation and overseas study consulting businesses increased by approximately **7.1%** and **21.4%** year over year, respectively[8](index=8&type=chunk) - The domestic test preparation business targeting adults and university students grew by approximately **17.0%** year over year[8](index=8&type=chunk) - New educational business initiatives maintained strong momentum with revenue growth of **34.5%** year over year[8](index=8&type=chunk) - Non-academic tutoring courses attracted approximately **408,000** student enrollments, and intelligent learning system and devices had approximately **309,000** active paid users[8](index=8&type=chunk) - The company is investing in the application of AI-related technologies within the education sector and revamping its online-merge-offline teaching system[8](index=8&type=chunk) - The Share Repurchase Program was extended to May 31, 2025, and the authorized value increased from **US$400 million** to **US$700 million**[9](index=9&type=chunk) [Detailed Financial Results for the Third Fiscal Quarter Ended February 28, 2025](index=2&type=section&id=Detailed%20Financial%20Results%20for%20the%20Third%20Fiscal%20Quarter%20Ended%20February%2028%2C%202025) This section details New Oriental's Q3 FY2025 financial performance, showing significant core educational revenue growth despite a slight overall decline due to East Buy's business, alongside breakdowns of costs, income, cash flow, and balance sheet items [Net Revenues](index=2&type=section&id=Net%20Revenues) - Total net revenues for the third fiscal quarter of 2025 were **US$1,183.1 million**, representing a **2.0%** decrease year over year[10](index=10&type=chunk) - Net revenues, excluding revenues generated from East Buy private label products and livestreaming business, were **US$1,038.3 million**, representing a **21.2%** increase year over year[10](index=10&type=chunk) - The growth was mainly driven by the increase in net revenues from the Company's educational new business initiatives[10](index=10&type=chunk) [Operating Costs and Expenses](index=2&type=section&id=Operating%20Costs%20and%20Expenses) - Operating costs and expenses for the quarter were **US$1,058.5 million**, representing a **3.2%** decrease year over year[11](index=11&type=chunk) - Cost of revenues decreased by **17.6%** year over year to **US$531.6 million**[14](index=14&type=chunk) - Selling and marketing expenses increased by **13.0%** year over year to **US$182.2 million**[14](index=14&type=chunk) - General and administrative expenses increased by **19.8%** year over year to **US$344.7 million**[14](index=14&type=chunk) - Total share-based compensation expenses decreased by **41.3%** to **US$16.1 million**[12](index=12&type=chunk) [Operating Income and Operating Margin](index=2&type=section&id=Operating%20Income%20and%20Operating%20Margin) - Operating income was **US$124.5 million**, representing a **9.8%** increase year over year[13](index=13&type=chunk) - Operating margin for the quarter was **10.5%**, compared to 9.4% in the same period of the prior fiscal year[15](index=15&type=chunk) - Non-GAAP income from operations was **US$142.1 million**, representing a **0.2%** decrease year over year[13](index=13&type=chunk) - Non-GAAP operating margin for the quarter was **12.0%**, compared to 11.8% in the same period of the prior fiscal year[15](index=15&type=chunk) [Net Income and Net Income per ADS](index=3&type=section&id=Net%20Income%20and%20Net%20Income%20per%20ADS) - Net income attributable to New Oriental for the quarter was **US$87.3 million**, representing a **0.1%** increase year over year[16](index=16&type=chunk) - Basic and diluted net income per ADS attributable to New Oriental were **US$0.54** and **US$0.54**, respectively[16](index=16&type=chunk) [Non-GAAP Net Income and Non-GAAP Net Income per ADS](index=3&type=section&id=Non-GAAP%20Net%20Income%20and%20Non-GAAP%20Net%20Income%20per%20ADS) - Non-GAAP net income attributable to New Oriental for the quarter was **US$113.3 million**, representing a **14.3%** decrease year over year[17](index=17&type=chunk) - Non-GAAP basic and diluted net income per ADS attributable to New Oriental were **US$0.70** and **US$0.70**, respectively[17](index=17&type=chunk) [Cash Flow](index=3&type=section&id=Cash%20Flow) - Net operating cash inflow for the third fiscal quarter of 2025 was approximately **US$1.0 million**[18](index=18&type=chunk) - Capital expenditures for the quarter were **US$52.4 million**[18](index=18&type=chunk) [Balance Sheet](index=3&type=section&id=Balance%20Sheet) - As of February 28, 2025, New Oriental had cash and cash equivalents of **US$1,418.8 million**[19](index=19&type=chunk) - The Company had **US$1,411.7 million** in term deposits and **US$1,853.6 million** in short-term investment[19](index=19&type=chunk) - Deferred revenue at the end of the third quarter of fiscal year 2025 was **US$1,749.9 million**, an increase of **15.0%** year over year[20](index=20&type=chunk) - Net revenues decreased by **2.0%** YoY to **US$1,183.1 million**, but excluding East Buy's business, they increased by **21.2%** to **US$1,038.3 million**[10](index=10&type=chunk) - Operating costs and expenses decreased by **3.2%** YoY to **US$1,058.5 million**, primarily due to a **17.6%** decrease in cost of revenues[11](index=11&type=chunk)[14](index=14&type=chunk) - Operating income increased by **9.8%** YoY to **US$124.5 million**, with GAAP operating margin improving to **10.5%**[13](index=13&type=chunk)[15](index=15&type=chunk) - Net income attributable to New Oriental increased marginally by **0.1%** YoY to **US$87.3 million**[16](index=16&type=chunk) - Net operating cash inflow was approximately **US$1.0 million**, and deferred revenue increased by **15.0%** YoY to **US$1,749.9 million**[18](index=18&type=chunk)[20](index=20&type=chunk) [Financial Results for the Nine Months Ended February 28, 2025](index=3&type=section&id=Financial%20Results%20for%20the%20Nine%20Months%20Ended%20February%2028%2C%202025) For the first nine months of FY2025, New Oriental achieved substantial year-over-year growth across key financial metrics, including net revenues, operating income, and net income, demonstrating strong overall performance [Net Revenues (9M FY2025)](index=3&type=section&id=Net%20Revenues%20(9M%20FY2025)) - For the first nine months of fiscal year 2025, New Oriental reported net revenues of **US$3,657.1 million**, representing a **15.1%** increase year over year[21](index=21&type=chunk) [Operating Income and Operating Margin (9M FY2025)](index=3&type=section&id=Operating%20Income%20and%20Operating%20Margin%20(9M%20FY2025)) - Operating income was **US$436.9 million**, representing a **28.5%** increase year over year[22](index=22&type=chunk) - Operating margin for the first nine months of fiscal year 2025 was **11.9%**, compared to 10.7% for the same period of the prior fiscal year[23](index=23&type=chunk) - Non-GAAP operating income was **US$472.6 million**, representing a **7.2%** increase year over year[22](index=22&type=chunk) - Non-GAAP operating margin was **12.9%**, compared to 13.9% for the same period of the prior fiscal year[23](index=23&type=chunk) [Net Income and Net Income per ADS (9M FY2025)](index=3&type=section&id=Net%20Income%20and%20Net%20Income%20per%20ADS%20(9M%20FY2025)) - Net income attributable to New Oriental for the first nine months of fiscal year 2025 was **US$364.6 million**, representing a **29.0%** increase year over year[24](index=24&type=chunk) - Basic and diluted net income per ADS attributable to New Oriental amounted to **US$2.24** and **US$2.22**, respectively[24](index=24&type=chunk) [Non-GAAP Net Income and Non-GAAP Net Income per ADS (9M FY2025)](index=3&type=section&id=Non-GAAP%20Net%20Income%20and%20Non-GAAP%20Net%20Income%20per%20ADS%20(9M%20FY2025)) - Non-GAAP net income attributable to New Oriental for the first nine months of fiscal year 2025 was **US$419.0 million**, representing a **4.1%** increase year over year[25](index=25&type=chunk) - Non-GAAP basic and diluted net income per ADS attributable to New Oriental amounted to **US$2.57** and **US$2.55**, respectively[25](index=25&type=chunk) - Net revenues increased by **15.1%** year over year to **US$3,657.1 million**[21](index=21&type=chunk) - Operating income increased by **28.5%** year over year to **US$436.9 million**[22](index=22&type=chunk) - Net income attributable to New Oriental increased by **29.0%** year over year to **US$364.6 million**[24](index=24&type=chunk) - Non-GAAP net income attributable to New Oriental increased by **4.1%** year over year to **US$419.0 million**[25](index=25&type=chunk) [Outlook for the Fourth Quarter of the Fiscal Year 2025](index=4&type=section&id=Outlook%20for%20the%20Fourth%20Quarter%20of%20the%20Fiscal%20Year%202025) New Oriental anticipates total net revenues, excluding East Buy's private label products and livestreaming business, to increase by 10% to 13% year-over-year in USD for Q4 FY2025 - New Oriental expects total net revenues (excluding East Buy) in 4Q FY2025 to be in the range of **US$1,009.1 million** to **US$1,036.6 million**[26](index=26&type=chunk) - This represents a year-over-year increase in the range of **10%** to **13%** in USD[26](index=26&type=chunk) - The projected increase of revenue in Renminbi is expected to be in the range of **12%** to **15%** for 4Q FY2025[26](index=26&type=chunk) [Conference Call Information](index=4&type=section&id=Conference%20Call%20Information) New Oriental's management will host an earnings conference call on April 23, 2025, to discuss Q3 results, with registration, live webcast, and replay details provided - An earnings conference call will be hosted at **8 AM on April 23, 2025**, U.S. Eastern Time[28](index=28&type=chunk) - Participants can register in advance via the provided link: `https://register-conf.media-server.com/register/BI231c9f564a7a444faff3195dc3db509f`[29](index=29&type=chunk) - A live and archived webcast will be available at `http://investor.neworiental.org`, with replay available until April 23, 2026[30](index=30&type=chunk)[31](index=31&type=chunk) [About New Oriental](index=4&type=section&id=About%20New%20Oriental) New Oriental is a leading Chinese private educational services provider, offering diverse programs including test preparation, e-commerce, and consulting, and is dual-listed on NYSE and SEHK - New Oriental is a provider of private educational services in China[32](index=32&type=chunk) - Offerings include educational services and test preparation courses, private label products and livestreaming e-commerce, and overseas study consulting services[32](index=32&type=chunk) - New Oriental is listed on NYSE (EDU) and SEHK (9901.SEHK)[32](index=32&type=chunk) [Safe Harbor Statement](index=4&type=section&id=Safe%20Harbor%20Statement) This section highlights forward-looking statements subject to inherent risks and uncertainties, with the company disclaiming any obligation to update them except as legally required - The announcement contains forward-looking statements under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995[34](index=34&type=chunk) - Forward-looking statements involve inherent risks and uncertainties, such as the Company's ability to manage business changes, execute strategies, and adapt to PRC laws and regulations[34](index=34&type=chunk) - New Oriental does not undertake any obligation to update any forward-looking statement, except as required under applicable law[34](index=34&type=chunk) [About Non-GAAP Financial Measures](index=5&type=section&id=About%20Non-GAAP%20Financial%20Measures) New Oriental uses non-GAAP financial measures, excluding items like share-based compensation, to provide supplemental insights into operating performance and liquidity for management and investors, despite inherent limitations - Non-GAAP financial measures exclude items such as share-based compensation expenses, amortization of intangible assets from business acquisitions, and various investment-related gains/losses[35](index=35&type=chunk) - These measures provide meaningful supplemental information regarding performance and liquidity by excluding items not indicative of operating performance from a cash perspective[36](index=36&type=chunk) - A limitation is the exclusion of certain items that are significant recurring expenses, which is addressed by providing specific GAAP reconciliation information[36](index=36&type=chunk) [Contacts](index=5&type=section&id=Contacts) Contact information for investor and media inquiries is provided, including names, telephone numbers, and email addresses for FTI Consulting and New Oriental Education & Technology Group Inc - For investor and media inquiries, contacts are Ms. Rita Fong (FTI Consulting) and Ms. Sisi Zhao (New Oriental Education & Technology Group Inc)[37](index=37&type=chunk) - Contact details include phone numbers (**+852 3768 4548**, **+86-10-6260-5568**) and email addresses (rita.fong@fticonsulting.com, zhaosisi@xdf.cn)[37](index=37&type=chunk) [Condensed Consolidated Financial Statements](index=6&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents New Oriental's unaudited condensed consolidated financial statements, including balance sheets, statements of operations, cash flows, and non-GAAP reconciliations, for the three-month and nine-month periods ended February 28, 2025 [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets (As of Feb 28, 2025 vs. May 31, 2024) | Metric | As of Feb 28, 2025 (USD thousands) | As of May 31, 2024 (USD thousands) | | :--------------------------------- | :--------------------------------- | :--------------------------------- | | Total assets | 7,447,209 | 7,531,673 | | Total liabilities | 3,471,675 | 3,482,659 | | Cash and cash equivalents | 1,418,786 | 1,389,359 | | Short-term investments | 1,853,591 | 2,065,579 | | Deferred revenue (current) | 1,749,923 | 1,780,063 | | Property and equipment, net | 724,976 | 507,981 | | Right-of-use assets | 727,018 | 653,905 | [Condensed Consolidated Statements of Operations (Three Months)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Three%20Months)) Condensed Consolidated Statements of Operations (3 Months Ended Feb 28, 2025) | Metric | 3 Months Ended Feb 28, 2025 (USD thousands) | 3 Months Ended Feb 29, 2024 (USD thousands) | | :------------------------------------------------ | :------------------------------------------ | :------------------------------------------ | | Net revenues | 1,183,055 | 1,207,286 | | Cost of revenues | 531,586 | 644,786 | | Selling and marketing | 182,240 | 161,259 | | General and administrative | 344,710 | 287,809 | | Total operating cost and expenses | 1,058,536 | 1,093,854 | | Operating income | 124,519 | 113,432 | | Net income attributable to New Oriental | 87,255 | 87,167 | | Net income per ADS - Basic | 0.54 | 0.53 | | Net income per ADS - Diluted | 0.54 | 0.52 | [Reconciliations of Non-GAAP Measures to GAAP Measures (Three Months)](index=8&type=section&id=Reconciliations%20of%20Non-GAAP%20Measures%20to%20GAAP%20Measures%20(Three%20Months)) Non-GAAP Reconciliations (3 Months Ended Feb 28, 2025) | Metric | 3 Months Ended Feb 28, 2025 (USD thousands) | 3 Months Ended Feb 29, 2024 (USD thousands) | | :------------------------------------------------ | :------------------------------------------ | :------------------------------------------ | | Operating income (GAAP) | 124,519 | 113,432 | | Share-based compensation expenses | 16,119 | 27,470 | | Amortization of intangible assets | 1,418 | 1,457 | | Non-GAAP operating income | 142,056 | 142,359 | | Operating margin (GAAP) | 10.5% | 9.4% | | Non-GAAP operating margin | 12.0% | 11.8% | | Net income attributable to New Oriental (GAAP) | 87,255 | 87,167 | | Non-GAAP net income attributable to New Oriental | 113,344 | 132,279 | | Non-GAAP net income per ADS - Basic | 0.70 | 0.80 | | Non-GAAP net income per ADS - Diluted | 0.70 | 0.79 | - Total share-based compensation expenses allocated to operating costs and expenses decreased by **41.3%** YoY from **US$27,470 thousand** to **US$16,119 thousand**[42](index=42&type=chunk)[43](index=43&type=chunk) [Condensed Consolidated Statements of Cash Flows (Three Months)](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Three%20Months)) Condensed Consolidated Statements of Cash Flows (3 Months Ended Feb 28, 2025) | Metric | 3 Months Ended Feb 28, 2025 (USD thousands) | 3 Months Ended Feb 29, 2024 (USD thousands) | | :------------------------------------------ | :------------------------------------------ | :------------------------------------------ | | Net cash provided by operating activities | 963 | 109,436 | | Net cash provided by investing activities | 79,891 | 11,285 | | Net cash used in financing activities | (94,581) | (33,492) | | Net change in cash, cash equivalents and restricted cash | (21,796) | 68,328 | [Condensed Consolidated Statements of Operations (Nine Months)](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Nine%20Months)) Condensed Consolidated Statements of Operations (9 Months Ended Feb 28, 2025) | Metric | 9 Months Ended Feb 28, 2025 (USD thousands) | 9 Months Ended Feb 29, 2024 (USD thousands) | | :------------------------------------------------ | :------------------------------------------ | :------------------------------------------ | | Net revenues | 3,657,107 | 3,176,907 | | Cost of revenues | 1,613,419 | 1,508,562 | | Selling and marketing | 572,053 | 452,345 | | General and administrative | 1,034,711 | 876,102 | | Total operating cost and expenses | 3,220,183 | 2,837,009 | | Operating income | 436,924 | 339,898 | | Net income attributable to New Oriental | 364,616 | 282,619 | | Net income per ADS - Basic | 2.24 | 1.71 | | Net income per ADS - Diluted | 2.22 | 1.69 | [Reconciliations of Non-GAAP Measures to GAAP Measures (Nine Months)](index=12&type=section&id=Reconciliations%20of%20Non-GAAP%20Measures%20to%20GAAP%20Measures%20(Nine%20Months)) Non-GAAP Reconciliations (9 Months Ended Feb 28, 2025) | Metric | 9 Months Ended Feb 28, 2025 (USD thousands) | 9 Months Ended Feb 29, 2024 (USD thousands) | | :------------------------------------------------ | :------------------------------------------ | :------------------------------------------ | | Operating income (GAAP) | 436,924 | 339,898 | | Share-based compensation expenses | 31,297 | 96,661 | | Amortization of intangible assets | 4,329 | 4,458 | | Non-GAAP operating income | 472,550 | 441,017 | | Operating margin (GAAP) | 11.9% | 10.7% | | Non-GAAP operating margin | 12.9% | 13.9% | | Net income attributable to New Oriental (GAAP) | 364,616 | 282,619 | | Non-GAAP net income attributable to New Oriental | 418,988 | 402,417 | | Non-GAAP net income per ADS - Basic | 2.57 | 2.43 | | Non-GAAP net income per ADS - Diluted | 2.55 | 2.40 | - Total share-based compensation expenses decreased by **67.6%** YoY from **US$96,661 thousand** to **US$31,297 thousand**[48](index=48&type=chunk)[49](index=49&type=chunk) [Condensed Consolidated Statements of Cash Flows (Nine Months)](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Nine%20Months)) Condensed Consolidated Statements of Cash Flows (9 Months Ended Feb 28, 2025) | Metric | 9 Months Ended Feb 28, 2025 (USD thousands) | 9 Months Ended Feb 29, 2024 (USD thousands) | | :------------------------------------------ | :------------------------------------------ | :------------------------------------------ | | Net cash provided by operating activities | 497,470 | 745,808 | | Net cash used in investing activities | (5,136) | (289,912) | | Net cash used in financing activities | (486,494) | (51,208) | | Net change in cash, cash equivalents and restricted cash | 173 | 383,647 | - The financial statements include Condensed Consolidated Balance Sheets, Statements of Operations, Statements of Cash Flows, and Reconciliations of Non-GAAP Measures to GAAP Measures[38](index=38&type=chunk)[40](index=40&type=chunk)[42](index=42&type=chunk)[44](index=44&type=chunk)[46](index=46&type=chunk)[48](index=48&type=chunk)[50](index=50&type=chunk) - Statements cover both the three-month and nine-month periods ended February 28, 2025, and the corresponding periods in the prior fiscal year[41](index=41&type=chunk)[47](index=47&type=chunk)

新东方：2025财年第三季度的净营收同比下降2.0%至11.83亿美元，净营收(不包括东方甄选自营产品及 直播电商业务实现的营收)则同比上升21.2%至10.38亿美元。2025财年第三季度的新东方股东应占净利 润同比上升0.1%至8730万美元。 ...

Core Insights - New Oriental Education & Technology Group reported a 2.0% year-on-year decline in net revenue for Q3 2025, amounting to $1.183 billion, while net revenue excluding self-operated products and live e-commerce increased by 21.2% to $1.0383 billion [1] - The operating profit rose by 9.8% year-on-year to $124.5 million, with a 5.0% increase to $125.5 million when excluding losses from self-operated products and live e-commerce [1] - The net profit attributable to shareholders increased by 0.1% to $87.3 million [1] Financial Performance - For the first nine months of FY2025, New Oriental's net revenue reached $3.657 billion, a 15.1% increase year-on-year [1] - Operating profit for the same period was $436.9 million, reflecting a 28.5% year-on-year growth [1] - Net profit attributable to shareholders for the first nine months was $364.6 million, up 29.0% year-on-year [1] Future Guidance - New Oriental expects Q4 FY2025 net revenue (excluding self-operated products and live e-commerce) to be between $1.009 billion and $1.0366 billion, representing a year-on-year growth rate of 10% to 13% [1] - The company anticipates revenue growth in RMB for Q4 FY2025 to be between 12% and 15% [1] Business Segments - The revenue from overseas exam preparation and consulting services grew by approximately 7.1% and 21.4% year-on-year, respectively [2] - Domestic exam preparation services for adults and university students recorded a year-on-year growth of about 17.0% [2] - New educational businesses maintained strong growth, with a revenue increase of 34.5% year-on-year [2] Operational Strategies - The company is focusing on optimizing teaching space and enhancing operational efficiency in line with business growth [2] - New Oriental is advancing its OMO (Online-Merge-Offline) teaching system and increasing investments in AI technology applications in education [2] - The company is developing innovative technologies to support teachers and staff, improving operational efficiency and service satisfaction [2] Profitability Metrics - The GAAP operating profit margin (excluding self-operated products and live e-commerce) for the quarter was 12.1%, down from 14.0% in the same period last year [2] - The Non-GAAP operating profit margin for the quarter was 13.3%, compared to 15.1% in the previous year [2] - The slowdown in overseas business revenue growth and investments in newly integrated cultural tourism businesses have temporarily impacted operating profit [2]

Financial Performance - For the third quarter of fiscal year 2025, net revenue decreased by 2.0% year-over-year to $1,183.1 million, while net revenue excluding self-operated products and live e-commerce increased by 21.2% to $1,038.3 million[9]. - Operating profit for the third quarter increased by 9.8% year-over-year to $124.5 million, with operating profit excluding losses from self-operated products and live e-commerce rising by 5.0% to $125.5 million[9]. - Net profit attributable to New Oriental shareholders for the third quarter rose by 0.1% year-over-year to $87.3 million[9]. - In the first nine months of fiscal year 2025, net revenue increased by 15.1% year-over-year to $3,657.1 million, and operating profit rose by 28.5% to $436.9 million[10]. - The company reported a Non-GAAP operating profit margin of 13.3% for the third quarter, down from 15.1% in the same period last year[12]. - The operating profit for the quarter was $124.5 million, an increase of 9.8% year-over-year, with a Non-GAAP operating profit of $142.1 million, a slight decrease of 0.2%[17]. - The net profit attributable to shareholders for the quarter was $87.3 million, a year-over-year increase of 0.1%, with basic and diluted earnings per ADS of $0.54[20]. - The Non-GAAP net profit attributable to shareholders was $113.3 million, a year-over-year decrease of 14.3%, with Non-GAAP earnings per ADS of $0.70[21]. - For the first nine months of fiscal year 2025, net revenue was $3,657.1 million, a year-over-year increase of 15.1%[24]. - Net revenue for the three months ended February 28, 2025, was $1,183,055, a decrease of 2.1% compared to $1,207,286 for the same period in 2024[42]. - Operating profit increased to $124,519, representing a 9.6% increase from $113,432 in the prior year[42]. - Net profit attributable to shareholders was $87,255, slightly up from $87,167 year-over-year[42]. - For the nine months ended February 28, 2025, net revenue rose to $3,657,107, an increase of 15.1% from $3,176,907 in the previous year[49]. - Operating profit for the nine-month period was $436,924, a 28.5% increase compared to $339,898 in the same period last year[49]. Cash and Assets - As of February 28, 2025, cash and cash equivalents totaled $1,418.8 million, with deferred revenue increasing by 15.0% year-over-year to $1,749.9 million[23]. - As of February 28, 2025, total assets amounted to $7,447.2 million, a decrease from $7,531.7 million as of May 31, 2024[39]. - Total liabilities decreased slightly to $3,471.7 million from $3,482.7 million during the same period[40]. - Shareholders' equity totaled $3,686.2 million, down from $3,775.9 million[40]. - Cash and cash equivalents increased to $1,418.8 million from $1,389.4 million[39]. - Short-term investments decreased to $1,853.6 million from $2,065.6 million[39]. - Cash and cash equivalents at the end of February 28, 2025, were $1,589,277, a decrease from $2,189,074 at the end of February 29, 2024[54]. Operational Efficiency and Strategy - The company is focusing on enhancing product quality and operational efficiency to drive sustainable growth and profitability[12]. - New Oriental is increasing investments in artificial intelligence technology applications in the education sector to improve operational efficiency and service satisfaction[12]. - The company is actively managing the expansion of its school network and executing strategic plans amid regulatory uncertainties in the private education sector in China[34]. - The company is focused on maintaining and enhancing the "New Oriental" brand while ensuring teaching and service quality[34]. - Future outlook includes potential benefits from recent and upcoming acquisitions, despite ongoing litigation risks[34]. Shareholder Returns and Financial Metrics - The total value of the share repurchase plan has been increased to $700 million, with approximately 14.4 million ADS repurchased for a total value of about $695.5 million as of April 22, 2025[13]. - The company reported a net profit excluding stock-based compensation and other adjustments, indicating a focus on Non-GAAP financial metrics[35]. - The company emphasized the importance of Non-GAAP financial indicators for assessing performance and liquidity[36]. - The weighted average shares used for calculating basic net profit per ADS decreased from 1,653,742,514 in 2024 to 1,630,423,658 in 2025, a reduction of approximately 1.4%[52]. - New Oriental's basic net profit per American depositary share (ADS) for the nine months ended February 28, 2025, was $2.24, up from $1.71 for the same period in 2024, representing a 31% increase[52]. - The diluted net profit per ADS under non-GAAP for the nine months ended February 28, 2025, was $2.55, compared to $2.40 for the same period in 2024, reflecting a 6.25% increase[52]. Cash Flow and Expenses - Operating cash flow for the nine months ended February 28, 2025, was $497,470, down from $745,808 in the same period of 2024, indicating a decrease of approximately 33.3%[54]. - Total revenue costs for the nine months ended February 28, 2025, amounted to $31,297, significantly reduced from $96,661 in the same period of 2024, showing a decrease of about 67.6%[52]. - The company reported a significant increase in cash flow from investing activities, which amounted to $79,891, compared to $11,285 in the previous year[47]. - The company experienced a net cash used in financing activities of $(486,494) for the nine months ended February 28, 2025, compared to $(51,208) in the same period of 2024, indicating a substantial increase in cash outflow[54]. - The impact of foreign exchange rate changes resulted in a cash outflow of $(5,667) for the nine months ended February 28, 2025, compared to $(21,041) in the same period of 2024, showing a decrease in negative impact[54].

新东方(09901.HK)2025财年Q3净利润0.873亿美元，去年同期0.872亿美元。 ...

智通财经4月23日电，新东方第三财季净营收11.8亿美元，市场预估12.4亿美元；第三财季调整后每ADS 收益 0.70美元。 ...

金十图示：2025年04月21日（周一）中国科技互联网公司市值排名TOP 50一览 | 42 | | 万国数据 | 41.74 | | | --- | --- | --- | --- | --- | | 43 | | 岩山科技 | 41.16 | 2 | | 44 | | 中国民航信息网络 | 40.86 | | | 45 | INESA | 云赛智联 | 40.14 | 1 | | 46 | | 新大陆 | 38.94 | 1 ( | | 47 | | 网宿科技 | 36.88 | 11 | | 48 | | 广联达 | 34.97 | 2 1 | | 49 | | 巨人网络 | 34.91 | 2 | | 50 | | 光环新网 | 34.28 | -1 | 每日根据市值计算出前50名公司,美元港元按照当日汇率中间价折算 @ JIN10.COM 金十数据 | 一个交易工具 | 8 | | 京东 | 504.58 | | | --- | --- | --- | --- | --- | | 9 | | 中芯国际 | 473.13 | | | 10 | | 目度 | 283.92 | 1 t | | 11 | ...

Group 1 - The education sector in Hong Kong and A-shares experienced significant gains, with notable increases in stocks such as Xijiang International Holdings (up 12.59%) and China Tongcai Education (up 9.27%) [1] - The Ministry of Education and nine other departments issued a document to accelerate the digitalization of education, emphasizing the role of artificial intelligence in educational transformation [1][2] - The Ministry of Education plans to develop a national smart education platform 2.0, incorporating advanced technologies like AI and knowledge graphs to enhance educational resources and assessment [2] Group 2 - The global AI education market is projected to grow to $26.2 billion by 2025, while the domestic AI+ education B-end market is expected to reach 47.7 billion yuan and the C-end market 28.2 billion yuan by 2027 [3] - Investment firms are optimistic about the potential of AI in education, recommending attention to companies leading in AI integration within the education sector and related IT industries [3][4]