| 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 ...

本文源自：智通财经网 2025年财年，该集团取得净营收49亿美元，同比增加13.6%;新东方股东应占净利润3.72亿美元，同比增 加20.1%;新东方每ADS应占基本净利润2.29美元。 周三，新东方(EDU.US)开盘跌超10%，逼近年内低点，报41.75美元。消息面上，新东方发布截至2025 年5月31日止第四季度业绩，该集团取得净营收12.43亿美元，同比增加9.4%;新东方股东应占净利润710 万美元，同比减少73.7%;新东方每ADS应占净利润0.04美元。 ...

道指期货跌0.02%，标普500指数期货涨0.04%，纳指期货涨0.11%。 | 标普500期货小型 | 6408.75 d | 2.75 0.04% | | --- | --- | --- | | 纳斯达克100期货小型 23477.00d 25.00 0.11% | | | | 纳斯达克100期货微型 23477.25 d 25.25 | | | | 道琼斯期货小型 | 44808d | -8 -0.02% | 21:16 欧洲主要股指涨跌不一 21:20 美股三大期指涨跌不一 21:30 美股盘前丨三大指数小幅高开新东方跌逾10% 德国DAX指数涨0.09%，法国CAC40指数涨0.46%，英国富时100指数跌0.17%。 美股三大指数小幅高开，道指涨0.05%，纳指涨0.19%，标普500指数涨0.11%。美国FDA出现重大人事 变动，生物制药公司REPLIMUNE涨逾70%，CAPRICOR THERAPEUTICS涨逾15%，萨雷普塔涨逾 10%。星巴克涨逾5%，2025财年第三季度营收超预期。新东方跌逾10%，2025财年第四季度净利润同比 大幅减少。 | 名称 | 现价 | 涨跌 | 涨跌幅 ...

2025年财年，该集团取得净营收49亿美元，同比增加13.6%;新东方股东应占净利润3.72亿美元，同比增 加20.1%;新东方每ADS应占基本净利润2.29美元。 智通财经APP获悉，周三，新东方(EDU.US)开盘跌超10%，逼近年内低点，报41.75美元。消息面上， 新东方发布截至2025年5月31日止第四季度业绩，该集团取得净营收12.43亿美元，同比增加9.4%;新东 方股东应占净利润710万美元，同比减少73.7%;新东方每ADS应占净利润0.04美元。 ...

| | 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 200 | 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2(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 應佔淨利潤-攤薄 | 0. 04 | 0. 16 | -72.8% | | 新東方每 ADS 應佔 Non-GAAP 淨利潤-基本(2000) | 0. 62 | 0. 37 | 65. 9% | | 新東方每 ADS 應佔 Non-GA ...