Core Viewpoint - New Oriental Education & Technology Group Inc. reported strong financial results for the third fiscal quarter of 2024, with significant year-over-year growth in revenues and operating income, driven by its educational initiatives and e-commerce business [1][2][10]. Financial Highlights - Total net revenues for the third fiscal quarter reached US$1,207.3 million, a 60.1% increase year over year [2][10]. - Operating income increased by 70.6% year over year to US$113.4 million [2][13]. - Net income attributable to New Oriental rose by 6.8% year over year to US$87.2 million [2][14]. Key Financial Results - Non-GAAP operating income for the quarter was US$140.9 million, reflecting a 60.3% increase year over year [3][13]. - Non-GAAP net income attributable to New Oriental was US$104.7 million, a 9.8% increase year over year [15]. - Basic and diluted net income per ADS were US$0.53 and US$0.52, respectively, marking increases of 7.7% and 8.6% year over year [14][15]. Operating Highlights - The total number of schools and learning centers increased to 911, up from 843 in the previous quarter and 712 a year ago [6]. - New educational business initiatives achieved 72.7% revenue growth year over year, with non-academic tutoring courses attracting approximately 355,000 student enrollments [7]. Business Growth - The overseas test preparation and study consulting businesses grew by approximately 52.6% and 25.7% year over year, respectively [7]. - The domestic test preparation business targeting adults and university students recorded a growth of approximately 53.2% year over year [7]. Cash Flow and Balance Sheet - The company reported a positive operating cash flow of US$109.4 million for the quarter, with cash and cash equivalents totaling approximately US$4.8 billion by the end of the quarter [7][16]. - Deferred revenue increased by 30.8% year over year to US$1,521.7 million, indicating strong demand for future services [18]. Share Repurchase Program - As of April 23, 2024, the company repurchased approximately 6.0 million ADSs for about US$195.3 million under its share repurchase program [8][9]. Outlook - New Oriental expects total net revenues for the fourth quarter of fiscal year 2024 to be in the range of US$1,101.5 million to US$1,127.3 million, representing a year-over-year increase of 28% to 31% [21].

隔夜股市 欧洲股市周四（4月18日）多数走高，美股三大指数涨跌不一，标普、纳指双双录得日线五连跌。个股方面，特斯拉跌3.55%，股价收于2023年1月以来最低水平。 热门中概股多数走高，纳斯达克中国金龙指数涨0.99%，终结四连跌。新东方涨2.77%，腾讯音乐涨2.75%。 商品市场 WTI原油期货结算价涨0.05%，报82.73美元/桶，布伦特原油期货结算价跌0.21%，报87.11美元/桶。COMEX黄金期货收涨0.25%，报2394.4美元/盎司；COMEX白银期货跌0.28%，报28.32美元/盎司。 巴以冲突快报 ①巴勒斯坦“入联”决议草案在安理会遭美国一票否决，巴方强烈谴责 ②美国对涉及伊朗的16名个人和2个实体实施制裁 ③以军称一周摧毁哈马斯上百个军事设施 ④白宫发声明称以色列同意考虑美国对进攻拉法的担忧 ⑤标普下调以色列长期发行人评级至A+（之前为AA-评级），前景展望负面 其他市场消息 【美联储威廉姆斯：完全没有感觉到降息紧迫性】 纽约联邦储备银行行长威廉姆斯表示，不急于降低利率，经济数据将决定时机。“货币政策处于良好位置，目前的利率水平正在逐步推动我们实现目标。所以我完全不觉得有降息的 ...

交银国际研究 公司更新 教育 收盘价 目标价 潜在涨幅 2024年4月10日 港元66.25 港元94.00↑ +41.9% 新东方教育科技 (9901 HK) 教培行业延续高增长，集团利润率持续改善趋势不改  2024财年3季度业绩预览：公司将于4月24日（北京时间）发布业绩， 个股评级 我们预计收入10.88亿美元，同比+44%（人民币77.8亿元，同比+50%）。 买入 估算调整后运营利润1.3亿美元，净利润1.2亿美元，相比此前预期，下调 毛利润及运营利润1200万美元，运营利润率/净利润率下调1个百分点至 12%/11%。 1年股价表现 9901 HK  新业务收入占比提升，对利润率优化有小幅负面作用。分业务看，预计出 160% MSCI中国指数 国留学备考收入同比+32%/高中+16%/非学科素养+115%/东方甄选+45%，对 140% 120% 比Visible Alpha预期的34%/23%/114%/48%。收入增量主要来自出国咨询、 100% 80% 高中，以及创新业务的非学科素养和东方甄选。我们估算3季度创新业务 60% 收入占比51%，但东方甄选受扩张、供应链建设及品牌日活动等因 ...

Core Viewpoint - New Oriental Education and Technology Group Inc. will report its financial results for the third quarter ended February 29, 2024, on April 24, 2024, before the U.S. market opens [1] Group 1: Financial Reporting - The earnings conference call will take place at 8 AM U.S. Eastern Time on April 24, 2024, which corresponds to 8 PM Beijing/Hong Kong Time on the same day [1] - Participants can register for the conference call in advance and will receive dial-in numbers and a unique personal PIN upon registration [3] - A live and archived webcast of the conference call will be available for access [3][4] Group 2: Company Overview - New Oriental is a provider of private educational services in China, offering a variety of educational programs, services, and products [5] - The company's offerings include educational services, test preparation courses, private label products, livestreaming e-commerce, and overseas study consulting services [5] - New Oriental is listed on both NYSE (NYSE: EDU) and SEHK (9901.SEHK), with its American Depositary Shares (ADSs) representing ten common shares [5]

【新东方回应“归巢计划”：主要针对东方甄选及新东方文旅等新兴业务发展需要 不涉及义务教育阶段学科类培训】财联社2月26日电，新东方教育科技集团发布声明，日前，新东方“归巢计划”受到部分媒体关注，针对有关情况特作如下说明：一、“归巢计划”为2022年8月首次提出，主要针对东方甄选及新东方文旅等新东方新兴业务发展需要，旨在安置老员工再就业，不涉及义务教育阶段学科类培训。该计划并非针对近期发布的《校外培训管理条例》征求意见稿。新东方始终认为，只有依法治理才能保障行业健康发展。新东方一如既往坚决拥护中央“双减”重大决策部署，原有义务教育阶段学科类培训已按要求完成整改，转为非营利主体，并与上市主体剥离。新东方坚决执行中央“双减”文件关于“各地不再审批新的面向义务教育阶段学生的学科类校外培训机构”的政策要求，已在新东方集团全面落实。 ...

转自：北京商报 北京商报讯（记者 赵博宇）2月23日，新东方发布“归巢计划”的消息引发热议。对此，北京商报记者向新东方方面进行求证，工作人员表示“一直都有归巢计划”。 据“新东方招聘”微信公众号消息，目前，厦门、大连、西安等多地的新东方学校均在招聘教育及文旅领域岗位。文旅领域岗位包括文旅管家、文旅直播编导等。天眼查信息则显示，近两个月时间内，新东方文旅已在重庆、唐山、贵州、宁波等多地成立新公司。 海量资讯、精准解读，尽在新浪财经APP ...

转自：北京商报 近日，西安新东方发布“归巢计划”，力邀疫情期间离开的员工回归。“好久不见，甚是想念，欢迎回家”，这是新东方在官网上对离职员工发出的热情呼唤。据悉，本次招聘岗位除素质素养、初高中、智慧学习机等教师岗位外，还增设了文旅主播、文旅直播运营、文旅顾问、文旅短视频运营、视频编导等职位。（21世纪经济报道） 海量资讯、精准解读，尽在新浪财经APP ...

写在除夕夜。回顾 2023 这一年，教培行业的发展，离不开政策环境、科技驱动、消费者需求及市场竞争等多维度思辨。 政策环境方面，预计在 2024 年将会有系列教培行业政策进一步落定；在科技驱动方面，2024年，大模型将为教培行业开辟更广阔的舞台，孵化更多更具创新力的产品；消费者需求层面，「双减」砍掉的是 K9 学科教育培训，却砍不掉消费者需求，把握消费者需求成为教培机构寻求增长的关键之法；市场竞争层面，头部效应仍将持续，传统头部企业将充分发挥内容优势，进一步整合细分市场，互联网头部企业将继续借力科技，向数智化方向转型。 教育行业，新兴龙头企业和超级个体将逐步崛起，共同打造显著的头部竞争格局。回望 2023 年这变动调整的一年，多鲸针对教育行业以及各细分赛道的多个现象都曾发表过一系列观点。 头部教育公司业务版图百花齐放，科技成为转型重要驱动力 2023 年，对于头部教育学习公司而言，是充满着动荡与未知的一年。各家公司在各自的转型赛道，作出了不一样的选择，纷纷进军不同领域与行业，形成了各自新的业务版图。 新东方、 学而思、高途等阔步前行，除拓展原有教育业务之外，同步进军直播电商。2023 年开始，文旅业务更是正 ...

Core Viewpoint - The significant decline in the market value of Dongfang Zhenxuan has prompted founder Yu Minhong to take action, including a commitment to purchase shares to stabilize the stock price [1][4]. Financial Performance - Dongfang Zhenxuan reported total revenue of 2.8 billion yuan for the first half of the 2024 fiscal year, a year-on-year increase of 34.4%, but net profit fell sharply by 57.4% to 249 million yuan [1][2]. - The company's total cost of revenue was 1.7 billion yuan, reflecting a 55% increase year-on-year, primarily due to rising inventory and transportation costs associated with self-operated products [2]. - The gross profit margin decreased from 47.2% to 39.1% compared to the same period last year, attributed to the rapid growth of self-operated products and live-streaming e-commerce [2]. Employee Compensation and Costs - Dongfang Zhenxuan allocated 624.8 million yuan for employee compensation, including stock options, which is a 167.7% increase from the previous year [2]. - The company has increased its workforce significantly, with 1,785 full-time employees and 720 part-time employees, marking an increase of 525 and 310 respectively [1][2]. Strategic Direction - The company aims to differentiate itself from other MCN (Multi-Channel Network) institutions by focusing on self-operated products rather than solely relying on live-streaming sales [2][3]. - Yu Minhong emphasized the dual-driven model of traffic economy and product economy, combining influencer marketing with self-operated products [3]. Market Reaction - Following the announcement of the mid-year financial results, Dongfang Zhenxuan's stock price fell to 20.95 HKD, the lowest since its rise to prominence [1]. - Despite a brief recovery in stock price after Yu Minhong's intervention, the market sentiment remains cautious, with investors concerned about the company's profitability and growth strategy [1][4].

Financial Data and Key Metrics Changes - New Oriental reported a significant increase in net income attributable to the company, reaching $30.1 million, which represents a 4007.4% increase year-over-year [15] - Non-GAAP operating margin improved to 5.9%, while operating income was $21.3 million compared to a loss of $2.5 million in the same period last year [15][16] - Total cash and cash equivalents, term deposits, and short-term investments amounted to approximately $4.8 billion [12] Business Line Data and Key Metrics Changes - The overseas test prep business saw a revenue increase of 47% in dollar terms or 50% in RMB terms year-over-year [6] - The overseas study consulting business recorded a revenue increase of about 32% in dollar terms or 35% in RMB terms year-over-year [6] - The adults and university students business experienced a revenue increase of 43% in dollar terms or 46% in RMB terms year-over-year [6] - New educational business initiatives reported a revenue increase of about 68% in dollar terms or 72% in RMB terms year-over-year [8] Market Data and Key Metrics Changes - The top 10 cities in China contributed over 60% of the revenue from non-academic tutoring courses [7] - The intelligent learning system and devices business reported approximately 181,000 active paid users [8] - The cultural tourism business, which includes study tours and research camps, conducted activities in over 50 cities, with the top 10 cities contributing over 55% of revenue [9] Company Strategy and Development Direction - The company plans to moderately increase learning center capacity by about 20% year-over-year, focusing on cities with better performance [19] - New Oriental aims to integrate AI and ChatGPT technologies into its educational offerings to enhance growth and operational efficiency [20] - The company is committed to maintaining a healthy market share growth and creating sustainable value for customers and shareholders in the long term [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand in the education sector and the reduced competition due to market consolidation during COVID [24][53] - The company expects total net revenue for the next quarter to be in the range of $1,070.9 million to $1,093.5 million, representing a year-over-year increase of 42% to 45% [19] - Management highlighted the importance of balancing top-line growth with margin expansion, indicating a cautious approach to rapid expansion [32] Other Important Information - Operating costs and expenses for the quarter increased by 32.4% year-over-year, primarily due to growth in East Buy's private-label products and live-streaming e-commerce business [14] - The company has authorized a share repurchase program of up to $500 million, extending it through May 31, 2024 [13] Q&A Session Summary Question: What is driving the strong growth in the third quarter guidance? - Management indicated strong demand in the education sector and less competition due to market consolidation as key drivers for the expected revenue growth of 42% to 45% [24] Question: What considerations are there for the learning center expansion? - Management noted that the expansion will be moderate, focusing on cities with better performance, and will monitor the pace of new openings based on operational results [28] Question: What are the bottlenecks for faster expansion? - Management mentioned that the OMO model allows for better utilization of existing resources, balancing growth with margin expansion [32] Question: Can you provide insights on margin expansion? - Management highlighted that the non-GAAP operating margin expanded due to improved utilization rates and higher margins from new business initiatives [37] Question: How is the cultural tourism business conducted? - Management explained that the tourism business includes study tours and research camps, with revenue recorded separately from educational services [42] Question: What are the long-term margin expectations for new education businesses? - Management expects the margin for new education businesses to exceed 20% in the future, driven by lower fixed costs and higher utilization [47]