Core Insights - New Oriental achieved net revenue of $1.523 billion in FY26Q1, a year-on-year increase of 6.1%, exceeding previous guidance [1] - The company reported a net profit attributable to shareholders of $240,700, a decrease of 1.9% year-on-year, while Non-GAAP net profit was $258 million, down 1.6% [1] - The company expects FY26Q2 net revenue to be between $1.132 billion and $1.163 billion, representing a year-on-year growth of 9%-12% [2] Business Performance - The overseas business segment saw revenue growth of 1.0% for exam preparation and 2.0% for consulting, with slower growth rates [1] - Domestic exam preparation for adults and college students grew by 14.4%, indicating strong performance [1] - New educational business revenue increased by 15.3%, although growth was impacted by intensified competition during the summer [1] Financial Guidance and Shareholder Returns - The company maintains its full-year net revenue guidance for FY26 at $5.145 billion to $5.390 billion, reflecting a year-on-year growth of 5%-10% [2] - A three-year shareholder return plan has been initiated, committing at least 50% of the previous fiscal year's net profit to shareholder returns, including a $190 million cash dividend and a $300 million share buyback [2] Operational Efficiency - Non-GAAP operating profit for FY26Q1 was $336 million, up 11.3% year-on-year, with an operating profit margin of 22.0%, an increase of 1.0 percentage points [2] - The improvement in profit margins is attributed to ongoing cost optimization and enhanced operational efficiency [2] - The company is focusing on prudent capacity expansion, advancing the OMO teaching system, and increasing the application of AI technology to improve overall operational efficiency [2] Profit Forecast and Valuation - The company has adjusted its net profit forecasts for FY26-28 to $442 million, $514 million, and $582 million, respectively, each down by 8% [3] - Corresponding EPS for FY26-28 is projected at $0.28, $0.33, and $0.37, with current stock prices reflecting PE ratios of 22x, 19x, and 16x [3] - The company remains a leader in the education and training industry, with strong demand persisting [3]

Core Viewpoint - The integration of corporate social responsibility with business models is essential for companies to gain respect, which in turn can enhance brand influence and market competitiveness, ensuring long-term sustainability [1][3]. Group 1: National Economic Development - The "14th Five-Year Plan" emphasizes focusing on the real economy, promoting intelligent, green, and integrated development, and aims to build a strong manufacturing, quality, aerospace, transportation, and network nation [2]. - The development of the real economy is fundamental to national growth, and companies play a crucial role in advancing commercial civilization and social progress [2]. Group 2: Characteristics of Respected Enterprises - Respected companies are distinguished not only by their successful business operations but also by their social responsibility, corporate culture, and brand value [3]. - The ongoing global business environment changes and increasing public expectations highlight the importance of earning respect over short-term profits for long-term survival [2][3]. Group 3: Expert Recommendations - BYD has been highly recommended by experts for its rapid global expansion and local production strategies, positioning itself among the top four global car manufacturers [9]. - Other companies like Keda Xunfei, Fuyao Glass, Haier Group, JD.com, Weichai Power, New Oriental, and Cambricon have also received expert recognition for their contributions and innovations [9][10][11]. - Experts noted that Keda Xunfei is leading in AI integration across various sectors, while Haier is recognized for its global outreach and commitment to sustainable practices [10][11]. Group 4: Public Perception of Respected Enterprises - The public identifies five key internal qualities for companies to be considered respected: establishing correct values, building a robust management system, continuous innovation, shaping a positive corporate citizen image, and providing high-quality products and services [15][16]. - Companies like Beijing Rural Commercial Bank, JD.com, and McDonald's exemplify these qualities through their commitment to social responsibility and brand value enhancement [16][17]. Group 5: Additional Notable Companies - Other respected companies include Moutai Group, Yili Group, and Nestle China, recognized for their high product quality and low carbon emissions [13]. - Traditional companies like Tongrentang and Li Ning have also been highlighted for their commitment to quality and innovation, contributing to their respected status [18].

Group 1 - Major Chinese concept stocks such as Alibaba, TSMC, and NIO saw a maximum increase of 1.8% [1] - New Oriental, Li Auto, and Pony.ai experienced declines of over 1%, while Wenyan Zhixing dropped by 4.6% [1] - In the ETF sector, ASHS rose by 1.4%, CQQQ increased by 0.8%, and KWEB gained 0.2% [1]

Core Viewpoint - New Oriental (EDU.US) reported a 6.1% year-over-year increase in net revenue for Q1, reaching $1.523 billion, exceeding expectations, indicating a potential end to the challenging downturn cycle for FY2025 [1] Financial Performance - The adjusted performance of New Oriental is projected to have over a 10% upward adjustment compared to Bloomberg's expectations, suggesting a return to profitability growth [1] - The company's capital return rate has surpassed 5%, reflecting strong financial health [1] Business Segments - The K12 business segment is expected to accelerate growth by the end of November 2026, driven by a more favorable competitive environment, strong customer retention rates, and improvements in the Xi'an market [1] - The overseas business is also showing positive trends, supported by an increase in child registrations and robust performance in Asian markets, with management noting consistent quarterly improvements since May [1] Analyst Ratings - Morgan Stanley has raised New Oriental's target price from $60.4 to $68.8, maintaining an "outperform" rating [1]

EF001 EF001 免責聲明 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司董事會包括董事俞敏洪先生、周成剛先生及謝東螢先生；以及獨立董事李彥宏先生、李廷斌先生及諸葛越博 士。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 新东方教育科技（集团）有限公司 | | 股份代號 | 09901 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 內幕消息 - 宣派現金股息及採納股份回購計劃 | | 公告日期 | 2025年10月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 其他 | | 普通現金股息 - 第二期 | | | 股息性質 | 普通股息 | | 財政年末 | 202 ...

Core Viewpoint - Guosheng Securities reports that New Oriental Education's business fundamentals are stable, with positive guidance on K12 education business and profit margins starting from Q2 [1] Financial Performance - For FY2026 Q1 (June 1, 2025 - August 31, 2025), the company achieved net revenue of $1.523 billion, a year-over-year increase of 6.1%, exceeding the previous quarter's guidance of $1.464 to $1.507 billion [1] - Operating profit for the same period was $311 million, reflecting a year-over-year increase of 6.0% [1] - The net profit attributable to shareholders was $241 million, a year-over-year decrease of 1.9%, while Non-GAAP net profit attributable to shareholders was $258 million, a decrease of 1.6% [1] Future Outlook - The company has adjusted its profit forecast, expecting Non-GAAP net profit attributable to shareholders to reach $568 million, $642 million, and $707 million for FY2026-2028, representing year-over-year growth of 9.7%, 13.2%, and 10.0% respectively [1] - Starting from FY26, the company plans to allocate no less than 50% of its net profit attributable to shareholders for shareholder returns, as part of a three-year shareholder return plan [1] Shareholder Returns - On July 29, the company announced a plan to distribute approximately $190 million in cash dividends and approved a share repurchase plan of up to $300 million within the next 12 months [1]

Investment Rating - The report maintains an "Outperform" rating for the company [2][9]. Core Insights - The company's revenue for Q1 FY26 reached $1.523 billion, a year-on-year increase of 6.1%, with the education business (including cultural tourism) generating $1.366 billion, up 8.5% year-on-year [6]. - Non-GAAP operating profit was $336 million, reflecting an 11.3% increase, with a Non-GAAP operating margin of 22%, expanding by 1.1 percentage points year-on-year [6][8]. - The company announced a shareholder return plan, distributing $190 million in cash dividends and repurchasing up to $300 million in stock [6]. Revenue and Business Performance - The overseas examination training and consulting business generated $328 million in revenue, growing 1% year-on-year, but the growth rate slowed by 19 percentage points compared to the previous year [7]. - New business segments, including K9 non-academic training and learning machines, maintained high growth, with Q1 revenue increasing 15% to $403 million [7]. - The number of teaching locations increased to 1,347, a 24% year-on-year growth, continuing the trend of high expansion [7]. Profitability and Financial Forecast - The company expects Q2 FY26 revenue to grow by 9-12% year-on-year, which is higher than the full-year guidance of 5-10% growth [9]. - Revenue forecasts for FY26-FY28 have been revised upwards to $5.38 billion, $5.98 billion, and $6.73 billion, respectively [9]. - Non-GAAP net profit estimates for FY26-FY28 have also been increased to $555 million, $610 million, and $679 million, respectively [9]. Financial Data Summary - The projected revenue and net profit figures for FY24 to FY28 are as follows: - FY24 Revenue: $4.314 billion, Net Profit: $464 million - FY25 Revenue: $4.900 billion, Net Profit: $517 million - FY26E Revenue: $5.383 billion, Net Profit: $555 million - FY27E Revenue: $5.978 billion, Net Profit: $610 million - FY28E Revenue: $6.725 billion, Net Profit: $679 million [10][12].

Core Viewpoint - Morgan Stanley has raised the target price for New Oriental (09901.HK) by 12.8% to HKD 53, maintaining an "Overweight" rating, indicating a positive outlook for the company's performance and growth potential [1] Financial Performance - The adjusted company performance shows over 10% growth potential, suggesting the end of the downturn cycle in the fiscal year 2025 [1] - Despite a decline in U.S. stock prices, Morgan Stanley remains optimistic about New Oriental's return to profitability and growth trajectory [1] Capital Returns - The capital return rate for New Oriental has exceeded 5%, reflecting strong financial health and investor confidence [1]

Core Viewpoint - Morgan Stanley has raised the target price for New Oriental (9901.HK) by 12.8%, from HKD 47 to HKD 53, while maintaining an "Overweight" rating, indicating a positive outlook for the company [1] Financial Performance - The adjusted performance of New Oriental is expected to exceed Bloomberg's estimates by over 10%, suggesting the end of a challenging downturn for the fiscal year 2025 [1] - The company's capital return rate is strong, currently exceeding 5% [1] Market Reaction - Despite an initial decline in the company's stock price in the US market, Morgan Stanley believes that New Oriental is on the path to profitability growth with a clear outlook [1]

Macro and Strategy - The macroeconomic analysis indicates a significant deviation between traditional GDP calculations and official figures, suggesting a structural transformation in the economy, moving away from traditional infrastructure and real estate investments [9][10] - The focus of future policies is expected to shift from "investment in objects" to "investment in people," emphasizing urban renewal and service industry development [10] Industry and Company Analysis - New Hope Liuhe (002001.SZ) reported a resilient performance with a 5.45% year-on-year increase in revenue to 16.642 billion yuan and a 33.37% increase in net profit to 5.321 billion yuan for the first three quarters of 2025 [20] - Cloud Map Holdings (002539.SZ) experienced a slight revenue decline of 4.73% in Q3, but the core business remains stable with a net profit of 1.64 billion yuan [23] - Kingfa Sci. & Tech. (600143.SH) achieved a 22.62% increase in revenue to 49.616 billion yuan and a 55.86% increase in net profit to 10.65 billion yuan for the first three quarters of 2025, driven by product structure optimization [26] - Aiwai Electronics (688798.SH) reported a 55% increase in net profit for the first three quarters, with a revenue of 2.176 billion yuan, reflecting strong performance in the consumer electronics sector [30] - The overall performance of the food industry, including companies like Sanquan Foods (002216.SZ) and Haitian Flavoring (603288.SH), shows a trend of revenue stabilization and cost control despite market challenges [8][30] Fixed Income Strategy - The convertible bond market is experiencing a significant increase in public fund holdings, with a total of 316.6 billion yuan, despite a decrease in overall market size [12][13] - The strategy suggests a focus on sectors like lithium batteries, semiconductors, and pharmaceuticals for potential high returns, while advising caution in financial and consumer sectors [11][12] Commodity Market Insights - The gold market is witnessing a pivotal moment as prices approach 4400 USD/oz, indicating a challenge to the dollar's dominance and a potential shift in global reserve currency dynamics [18][19] - The fertilizer market, particularly for compound fertilizers, remains stable, although sales have been impacted by extreme weather conditions [24][25]