Core Viewpoint - The Hang Seng Index opened with a gain of 0.74%, while the Hang Seng Tech Index increased by 0.67%, indicating a positive market sentiment in Hong Kong's stock market [1] Group 1: Market Performance - The Hang Seng Index experienced an opening increase of 0.74% [1] - The Hang Seng Tech Index saw a rise of 0.67% [1] Group 2: Individual Stock Movements - Zijin Mining surged over 3% [1] - New Oriental and JD Health both rose by more than 2% [1]

Group 1 - The majority of popular Chinese concept stocks experienced a decline, with the Nasdaq Golden Dragon China Index falling by 1.56% [1] - Kingsoft Cloud saw an initial drop of over 10%, while Daqo New Energy fell by more than 8% [1] - NIO, Li Auto, Global Data, and Bilibili all recorded declines of at least 4%, whereas New Oriental rose by over 1% and Xpeng increased by 2.5% [1]

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 新 東 方 教 育 科 技（ 集 團 ）有 限 公 司 * （於開曼群島存續的有限公司） （股份代號：9901） 股東週年大會登記日期 香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）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，並明確表示概不會就本公告全部或任何部分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。 包括股東大會日期及地點在內的詳情將載於我們將於適當時候發出的股東大會通告。 承董事會命 New Oriental Education & Technology Group Inc. 新東方教育科技（集團）有限公司* 主席 俞敏洪先生 中國北京，2025年9月26日 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。 * 僅供識別 謹請留意，確定符合資格出席我們應屆股東週年大會（「股東大會」）之持有我們普通股 （每股面額0.001美元，「普通股」）的股東的登記日期（「普通股登記日期」）為2025 ...

Group 1 - The core viewpoint of the report indicates that New Oriental's overall business development is stabilizing, with improved K-9 fall student retention rates and no further deterioration in overseas exam preparation services [1] - New Oriental plans to distribute no less than 50% of its net profit attributable to shareholders from the previous fiscal year in the form of dividends or share buybacks starting from the fiscal year 2026 [1] - The report anticipates that the shareholder return ratio could significantly exceed the committed 50%, potentially reaching high double-digit percentages or even over 100%, which is seen as a key positive catalyst for the stock [1] Group 2 - Daiwa has raised its revenue forecasts for New Oriental for the fiscal years 2026 to 2028 by 1% to 2%, and its earnings per share forecasts by 0.2% to 5% [1] - The rating for New Oriental has been reaffirmed as "Buy," with the target price increased from HKD 43 to HKD 49 [1]

Summary of New Oriental Education & Technology (EDU) Conference Call Company Overview - **Company**: New Oriental Education & Technology (EDU) - **Industry**: China Education - **Stock Rating**: Equal-weight - **Price Target**: US$47.00 - **Current Price**: US$50.98 (as of September 24, 2025) - **Market Capitalization**: US$85,111 million - **Fiscal Year Ending**: May 2026 Key Points and Arguments 1. **1QF26 Revenue and OPM Guidance**: Management expects to exceed the high end of its previous revenue guidance (up 2-5% year-over-year) and OPM guidance (0-0.5 percentage points year-over-year) due to better-than-expected overseas revenue, which is projected to decline between -5% to 0% year-over-year, compared to previous guidance of -5% [2][4][9] 2. **F2026 Outlook**: The company aims to improve shareholder returns by returning no less than 50% of GAAP net profit over the next three years, with 50% allocated to dividends and the remainder to share buybacks [4] 3. **Earnings Forecast**: Non-GAAP operating profit is forecasted at US$586 million (11.1% OPM) and non-GAAP net profit at US$549 million (10.4% NPM) [9] 4. **Revenue Breakdown**: High school revenue is expected to grow by 10-12% year-over-year, while K9 revenue is projected to increase by 20% year-over-year, indicating a re-acceleration in the second quarter of fiscal 2026 [9] 5. **Cost Control Measures**: Management anticipates that cost control efforts and improvements in K9 and profitable East Buy will help offset the drag from the overseas business, leading to a stable OPM year-over-year [9] 6. **Valuation Methodology**: The valuation is based on a discounted cash flow (DCF) model, with a weighted average cost of capital (WACC) of 14% and a terminal growth rate of 3% [10] 7. **Market Risks**: Potential risks include intensified competition, low visibility in revenue/earnings from live-streaming e-commerce, and possible regulatory changes affecting high school and non-academic tutoring sectors [12] Additional Important Information - **Earnings Growth**: The company is expected to achieve an 8.4% earnings compound annual growth rate (CAGR) from fiscal 2026 to 2029 [4] - **Stock Performance**: The stock has a 52-week range of US$87.11 to US$40.70, indicating significant volatility [6] - **Analyst Team**: The report is prepared by a team including Eddy Wang, CFA, and Gary Yu, Equity Analysts at Morgan Stanley [5] This summary encapsulates the essential insights from the conference call regarding New Oriental Education & Technology, highlighting its financial outlook, strategic initiatives, and market conditions.

Core Points - New Oriental Education & Technology Group Inc. filed its annual report on Form 20-F for the fiscal year ended May 31, 2025, with the SEC on September 25, 2025 [1] - The company also published its annual report for Hong Kong purposes in accordance with HKEX rules [2] - New Oriental offers a wide range of educational programs, services, and products, including educational services, test preparation courses, private label products, livestreaming e-commerce, and overseas study consulting services [3] Company Information - New Oriental is listed on both NYSE (NYSE: EDU) and SEHK (9901.SEHK), with its American Depositary Shares (ADSs) representing ten common shares [3] - The company's shares listed in Hong Kong are fully fungible with the ADSs listed on NYSE [3]

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）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，並明確表示概不會就本公告全部或任何部分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。 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 新 東 方 教 育 科 技（ 集 團 ）有 限 公 司 * （於開曼群島存續的有限公司） （股份代號：9901） 2025 財年年報 我們欣然發佈我們截至2025年5月31日止財政年度的年報，當中載有我們於本報告期間 的經審核全年業績。本文件乃根據《香港聯合交易所有限公司證券上市規則》第13.46(2) 條作為我們的年報提供予我們的股東。本文件在香港聯交所網站( www.hkexnews.hk )及我 們的網站( http://investor.neworiental.org/ )可供查閱。 目錄概要： | A節：表格20-F的摘錄部分 | 2 | | --- | --- | | — 表格20-F的摘錄章節 | 3 | | — 附件8.1 | 181 | | B節：獨立核數師報告 | 182 | ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended May 31, 2025. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EX ...

Core Viewpoint - Geely Auto is pursuing a "dual-line advancement" strategy, focusing on both new energy vehicles and continuing to invest in fuel vehicle development [2][3]. Group 1: Product Launch - The Geely China Star new Dongfang Yao series was officially launched on September 23, with official prices ranging from 98,700 to 179,700 yuan [2]. - The series includes the Xingrui new Dongfang Yao with two power combinations (2.0TD+8AT and 1.5TD+7DCT) and six versions priced between 98,700 and 138,700 yuan, as well as the Xingyue L new Dongfang Yao with three 2.0TD+8AT models priced between 158,700 and 179,700 yuan [2]. Group 2: Technological Advancements - The new Dongfang Yao series features the Qualcomm 8155 chip and Flyme Auto system, along with a 25.6-inch full-color HUD and dual 14.6-inch ultra-narrow border high-definition screens, achieving a breakthrough in "hardware generation gap" for fuel vehicles [2]. - The vehicle's system supports full-screen gestures and voice commands, creating a user-friendly interaction experience [3]. Group 3: Intelligent Driving Features - The new Dongfang Yao series is equipped with the Qianli Haohuan H3 auxiliary driving system, utilizing 11 high-definition cameras, 3 millimeter-wave radars, and 12 ultrasonic radars, along with a high-performance chip for 360-degree intelligent protection [3]. Group 4: Market Positioning - The launch of the new Dongfang Yao series meets the market demand for fuel vehicles that require both intelligent upgrades and high-end mechanical quality [3]. - Geely's "dual-line advancement" strategy not only solidifies its foundational advantages in the fuel vehicle market but also provides a new model for the continuous breakthrough of Chinese brands in this sector [3].

Core Viewpoint - The launch of the new Geely China Star Dongfang Yao series emphasizes a blend of Chinese design, intelligent technology, and enhanced driving comfort, with prices ranging from 98,700 to 179,700 yuan [1] Design and Comfort - The Dongfang Yao series incorporates elements of Eastern aesthetics and modern industrial design, featuring exclusive colors and traditional cultural symbols [2] - Interior enhancements include a 3D laser engraving, crystal gear shifter, ambient lighting, and various comfort features such as massage seats and adjustable backrests [2] - The series utilizes AI digital chassis and CCD variable damping suspension for improved ride comfort [2] Safety Features - The series is built on four major safety concepts, providing comprehensive protection through nine systems including passive and active safety measures [4] - Key safety features include aerospace-grade aluminum alloy crash beams, high-strength steel construction, and advanced airbag systems [4] - Active safety technologies like AEB and AES enhance driving safety by enabling emergency braking and evasive maneuvers [4] Performance - The Dongfang Yao series is powered by a 2.0TD turbo engine and an Aisin 8AT transmission, achieving a maximum power of 200 kW and a peak torque of 400 N·m, with a 0-100 km/h acceleration time of 6.5 seconds, representing a 14% performance improvement [5] - The series features a CMA chassis with independent suspension and advanced stability systems for a balanced driving experience [5] Intelligent Technology - The series employs the GEEA 3.0 electronic architecture, enhancing decision-making efficiency and integrating AI capabilities for improved driving experience [6] - It supports full-domain FOTA capabilities for continuous optimization of vehicle functions [6] - The introduction of AI models enhances driving quality and safety through real-time monitoring and diagnostics [6] Smart Cabin and Connectivity - The Dongfang Yao series features the Flyme Auto system, offering advanced display technologies and user-friendly interactions [8] - It supports various connectivity protocols, ensuring compatibility with multiple devices and services [8] - The AI voice system enables natural language interaction, enhancing user experience [8] Intelligent Driving - The series is equipped with the Qianli Haohan H3 driver assistance system, featuring multiple sensors and high computing power for comprehensive situational awareness [9] - It includes advanced features for highway navigation and parking assistance, with plans for future OTA upgrades [9] - The series boasts 34 intelligent driving assistance functions, further improving safety during operation [9] Market Position - In the first half of the year, Geely's total sales exceeded 1.4 million units, achieving a market share of 10.4%, with the China Star series leading in sales among domestic fuel vehicle brands [9] - The launch of the Dongfang Yao series is expected to expand Geely's product offerings and enhance user travel experiences [9]