Market Overview - The three major U.S. stock indices opened slightly higher, with the Dow Jones up 0.05%, Nasdaq up 0.19%, and S&P 500 up 0.11% [1] - The Dow Jones Industrial Average is currently at 44,654.91, with a gain of 21.92 points [2] - Nasdaq index stands at 21,137.01, increasing by 38.72 points [2] - S&P 500 index is at 6,376.30, up by 5.44 points [2] Company Performance - Starbucks shares rose over 5% after reporting third-quarter revenue for fiscal year 2025 that exceeded expectations [1] - New Oriental Education shares fell over 10%, with a significant year-on-year decrease in net profit for the fourth quarter of fiscal year 2025, reporting a net profit of $7.1 million, down 73.7% [12] Economic Indicators - The U.S. second-quarter GDP annualized preliminary growth rate is reported at 3%, compared to a decrease of 0.5% in the first quarter [8] - The ADP employment report for July indicates an increase of 104,000 jobs, a recovery from a previous decrease of 33,000 jobs [10] Currency and Trade - The U.S. Dollar Index (DXY) rose over 10 points, currently at 99.24, while the EUR/USD pair fell below 1.15, down 0.38% [7] - Trump announced that India will pay a 25% tariff starting August 1, along with penalties for purchasing goods from Russia [11]

Group 1 - U.S. stock indices opened slightly higher, with Dow Jones up 0.05%, Nasdaq up 0.19%, and S&P 500 up 0.11% [1] - New Oriental's net profit for Q4 FY2025 decreased by 73.7% year-on-year, leading to a drop of over 10% in its stock price [1] - Starbucks saw a stock increase of over 5% after reporting third-quarter revenue that exceeded expectations [1] Group 2 - Novo Nordisk's stock fell over 5% in pre-market trading after a significant drop of 21% the previous day, as new CEO Lars Fruergaard Jørgensen failed to reassure investors [2] - Apple has lost four AI researchers to Meta in a month, with the latest departure being multimodal AI researcher Bowen Zhang [2] Group 3 - LG Energy Solution secured a supply contract for lithium iron phosphate (LFP) batteries worth 5.9442 trillion KRW (approximately $4.3 billion), which represents 23.2% of its projected 2024 sales [3] - The customer behind the $4.3 billion contract is reportedly Tesla, although LG did not disclose the client's identity [3] Group 4 - Starbucks reported its first same-store sales growth in China in a year and a half, despite a global decline in same-store sales for six consecutive quarters [4]

Performance Summary - Ningde Times (03750.HK) reported a revenue of 178.886 billion yuan for the first half of the year, an increase of 7.27% year-on-year, with a net profit of 30.512 billion yuan, up 33.02% year-on-year [2] - Hisense Home Appliances (00921.HK) achieved a total operating revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit of 2.077 billion yuan, up 3.01% year-on-year [2] - New Oriental-S (09901.HK) recorded a net revenue of 4.9 billion USD for the fiscal year 2025, a year-on-year increase of 13.6%, with a net profit of 372 million USD, up 20.1% year-on-year [2] - Weisheng Holdings (03393.HK) reported an operating income of 1.368 billion yuan, a year-on-year increase of 11.88%, and a net profit of 305 million yuan, up 12.24% year-on-year [2] - Yingda Real Estate (00432.HK) had a total revenue of 736 million HKD, a year-on-year growth of 35%, but reported a net loss of approximately 249 million HKD, an increase of 62.75% year-on-year [2] - Saint Bella (02508.HK) announced a profit alert, expecting a net profit of over 320 million yuan, turning from loss to profit year-on-year [2] - Aoneng Construction (01183.HK) issued a profit alert, expecting a net profit increase of over 125% to no less than 18 million MOP year-on-year [2] - Da Cheng Corn Group (03889.HK) issued a profit warning, expecting a net loss of approximately 65 to 85 million HKD, turning from profit to loss year-on-year [2] Company News - Sinopec Oilfield Services (01033.HK) announced that its subsidiary won a natural gas pipeline engineering project with a bid amount of 3.597 billion yuan, accounting for 4.44% of the 2024 revenue [2] - CSPC Pharmaceutical Group (01093.HK) signed an exclusive licensing agreement with MADRIGAL for SYH2086, with potential total payments of up to 2.075 billion USD [2] - China Biopharmaceutical (01177.HK) reported successful external licensing cooperation for LM-299, with a milestone payment of 300 million USD expected to be received soon [2] - Chunquan Industrial Trust (01426.HK) reported an average rental rate of approximately 86% for Huamao Property in the second quarter [2] - Sihuan Pharmaceutical (00460.HK) completed the first patient enrollment in a Phase III clinical trial for the new indication of the innovative drug Annelazole Sodium for gastroesophageal reflux disease [2] - Zhaoke Ophthalmology-B (06622.HK) received orphan drug designation from the FDA for Mephalan for the treatment of retinoblastoma in children [2] - Yunnan Construction Investment Concrete (01847.HK) continues to sign concrete supply contracts for the expansion project of Kunming Changshui International Airport, with a contract amount of approximately 283 million yuan [2] Buyback and Increase Dynamics - Vitasoy International (00345.HK) repurchased 2.122 million shares for approximately 19.6 million HKD at a price range of 9.2 to 9.26 HKD [2] - China Eastern Airlines (00670.HK) spent approximately 7.2536 million HKD to repurchase 2.5 million shares at a price range of 2.89 to 2.92 HKD [2]

Financial Data and Key Metrics Changes - Total net revenue for Q4 2025 increased by 18.7% year over year, driven by the expansion of new ventures [6][7] - Non-GAAP operating margin reached 6.5%, a year-over-year improvement of 410 basis points [7] - Net income attributable to New Oriental for the quarter was $7.1 million, representing a 73.7% decrease year over year [19] - Non-GAAP net income attributable to New Oriental was $98.1 million, a 59.4% increase year over year [19] Business Line Data and Key Metrics Changes - Overseas test prep business recorded a revenue increase of 15% year over year [7] - Overseas studies consulting business reported an 8% revenue increase year over year [7] - Adults and university students business saw a 17% revenue increase year over year [7] - New educational business initiatives reported a revenue increase of 33% year over year [9] - Integrated tourism-related business line recorded a revenue increase of about 71% year over year [9][10] Market Data and Key Metrics Changes - The top 10 cities contributed over 60% of the nonpayment tutoring business revenue [8] - The top 10 cities contributed over 50% of the intelligent learning system and device business revenue [9] - Domestic and international study tours and research camps were conducted across 55 cities, with the top 10 cities contributing over 50% of the revenue [10] Company Strategy and Development Direction - The company is focusing on enhancing operational consistency and driving long-term value creation [6] - Continued investments in AI and new educational initiatives are aimed at improving learning outcomes and operational efficiency [11][13] - The company is committed to a three-year shareholder return plan, allocating at least 50% of net income to dividends and share repurchases [24][82] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for fiscal year 2026, expecting total net revenue growth of 5% to 10% [22] - The company anticipates revenue growth acceleration starting in Q2 2026, despite a conservative Q1 outlook due to high base comparisons and economic factors [23][32] - Management acknowledged challenges from the economic environment and international relations affecting overseas business [44] Other Important Information - The company invested $28 million in upgrading its OMO teaching platform during the quarter [11] - Goodwill impairment of $58.3 million was recorded, compared to nil in the same period of the prior fiscal year [18] Q&A Session Summary Question: Can you provide more details on Q1 and full year guidance? - Management noted that Q1 guidance reflects a conservative approach due to economic conditions and high base comparisons from the previous year [28][29] Question: What is the basis for the shareholder return program? - The program is based on GAAP net income, and future guidance will include the Easter buy business [36][37] Question: What are the reasons for revenue deceleration? - Revenue slowing is attributed to economic conditions and increased competition, particularly in the K-12 sector [44][45] Question: How will margin trends look for FY '26? - Management expects margin expansion due to cost control measures implemented since March [55][66] Question: What is the plan for capacity expansion in learning centers? - The company plans to monitor capacity expansion closely, aligning it with revenue growth [67][68] Question: How is the summer enrollment looking? - Demand is slightly lower than expected, but retention rates are improving [97][100]

Financial Data and Key Metrics Changes - Total net revenue for Q4 2025 increased by 18.7% year over year, driven by the expansion of new ventures [6] - Non-GAAP operating margin reached 6.5%, a year-over-year improvement of 410 basis points [7] - Operating loss was $8.7 million compared to an operating income of $10.5 million in the same period last year [19] - Non-GAAP net income for the quarter was $98.1 million, representing a 59.4% increase year over year [19] - Cash and cash equivalents stood at $1.51 billion as of May 31, 2025 [20] Business Line Data and Key Metrics Changes - Overseas test prep business recorded a revenue increase of 15% year over year [7] - Adults and university students business saw a revenue increase of 17% year over year [8] - New educational business initiatives reported a revenue increase of 33% year over year [9] - Integrated tourism-related business line recorded a revenue increase of about 71% year over year [10] Market Data and Key Metrics Changes - The top 10 cities contributed over 60% of the nonpayment tutoring business revenue [8] - The top 10 cities contributed over 50% of the intelligent learning system and device business revenue [9] - Domestic and international study tours and research camps were conducted across 55 cities nationwide [11] Company Strategy and Development Direction - The company is focused on enhancing operational consistency and driving long-term value creation [6] - Continued investments in AI and new educational business initiatives are aimed at improving learning efficiency and customer retention [12][14] - A three-year shareholder return plan was approved, allocating no less than 50% of net income to dividends and/or share repurchases [24] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about revenue growth while emphasizing profitability across all business lines [21] - The company expects total net revenue for Q1 FY26 to be in the range of $1.46 billion to $1.51 billion, representing a year-over-year increase of 2% to 5% [22] - Management noted that the economic environment and international relations changes have adversely affected business [30][48] Other Important Information - The company invested $28 million during the quarter to upgrade and maintain its OMO teaching platform [11] - The company repurchased approximately 14.5 million ADSs for about $700 million from the open market [16] Q&A Session Summary Question: Can you provide more details on Q1 and full-year guidance? - Management indicated that Q1 guidance reflects a conservative approach due to economic conditions and a high base from the previous year [29][30] Question: What has changed in the guidance compared to last quarter? - The guidance now includes the entire group, including Easter buy, which has undergone restructuring [38] Question: What is the outlook for operating margins? - Management expects margin expansion in Q1 and throughout FY26 due to cost control measures [55] Question: What are the reasons for revenue deceleration? - Revenue deceleration is attributed to the economic environment and changes in international relations [48] Question: How is the company planning to allocate capital between dividends and share buybacks? - The board will decide on the allocation based on the final audit report and discussions regarding the best approach for shareholder returns [80]

Core Insights - New Oriental Education Technology Group reported its unaudited financial results for the fourth quarter and fiscal year ending May 31, 2025, showing a net revenue of $4.9 billion, a year-on-year increase of 13.6%, and a net profit of $372 million, up 20.1% [1] Financial Performance - For the fourth quarter of fiscal year 2025, New Oriental's net revenue reached $1.243 billion, reflecting a year-on-year growth of 9.4%, while the net profit attributable to the company was $7.1 million, a significant decrease of 73.7% [1] - Excluding revenue from self-operated products and live e-commerce business, the net revenue for the fourth quarter increased by 18.7% year-on-year [1] Business Segments - Revenue from overseas exam preparation and consulting services grew approximately 14.6% and 8.2% year-on-year, respectively [1] - Domestic exam preparation services targeting adults and university students saw a year-on-year growth of about 17% [1] - New Oriental's new educational businesses maintained strong growth momentum, recording a year-on-year revenue increase of 32.5% in the quarter [1] - Non-subject tutoring services were launched in nearly 60 cities, with approximately 918,000 registrations in the quarter [1] - The smart learning system and devices were adopted in around 60 cities, with about 255,000 active paying users in the quarter [1] Strategic Outlook - Over the past year, New Oriental has gradually consolidated its long-term development strategy [1]

Core Insights - The China Education Theme Index (931456) closed down 0.79% at 1192.58 points with a trading volume of 11.132 billion yuan [1] - Over the past month, the index has increased by 1.59%, 8.73% over the last three months, and 9.83% year-to-date [1] - The index comprises 50 liquid and large-cap education-related companies listed globally, reflecting the overall performance of Chinese education companies [1] Index Composition - The top ten holdings of the index are: New Oriental-S (14.38%), TAL Education (13.64%), Zhonggong Education (6.93%), Doushen Education (5.74%), UBTECH (5.31%), Visionox (5.02%), Tsinghua Tongfang (5.0%), iFLYTEK (4.85%), Newcapec (3.37%), and Guomai Technology (2.91%) [1] - The market distribution of the index holdings is as follows: Shenzhen Stock Exchange 52.23%, Hong Kong Stock Exchange 27.07%, New York Stock Exchange 15.45%, and Shanghai Stock Exchange 5.25% [1] Industry Breakdown - The industry composition of the index holdings shows: Consumer Discretionary 57.05%, Information Technology 36.54%, Industrials 3.81%, Materials 1.75%, and Communication Services 0.84% [2] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day after the second Friday of June and December [2] Investment Products - Public funds tracking the China Education sector include the Bosera China Education ETF [3]

Exhibit 99.1 New Oriental Announces Results for the Fourth Fiscal Quarter and the Fiscal Year Ended May 31, 2025 BEIJING, July 30, 2025 /PRNewswire/ – New Oriental Education & Technology Group Inc. (the "Company" or "New Oriental") (NYSE: EDU/ 9901.SEHK), a provider of private educational services in China, today announced its unaudited financial results for the fourth fiscal quarter and fiscal year ended May 31, 2025. Financial Highlights for the Fourth Fiscal Quarter Ended May 31, 2025 Key Financial Resul ...

Core Insights - New Oriental's net revenue for the fiscal year 2025 reached $4.9 billion, representing a year-on-year increase of 13.6% [1][2] - The net profit attributable to shareholders was $372 million, up 20.1% compared to the previous year [1][2] Fiscal Year 2025 Summary - Total net revenue: $4,900,262,000, an increase of 13.6% from $4,313,586,000 in fiscal year 2024 [2] - Operating profit: $428,250,000, a rise of 22.2% from $350,425,000 [2] - Non-GAAP operating profit: $554,228,000, up 15.8% from $478,786,000 [2] - Net profit attributable to shareholders: $371,716,000, an increase of 20.1% from $309,591,000 [2] - Non-GAAP net profit attributable to shareholders: $517,071,000, up 11.4% from $463,956,000 [2] Q4 Fiscal Year 2025 Summary - Q4 net revenue: $1,243,155,000, a year-on-year increase of 9.4% from $1,136,679,000 [3][5] - Q4 net profit attributable to shareholders: $7,100,000, a decrease of 73.7% from $26,972,000 [3][5] - Q4 operating loss: $8,674,000, compared to an operating profit of $10,527,000 in the same quarter last year, a decline of 182.4% [3][5] - Non-GAAP net profit for Q4: $98,083,000, an increase of 59.4% from $61,539,000 [5] Business Segment Performance - Core education business revenue (excluding self-operated products and live e-commerce) grew by 18.7% year-on-year [5] - Revenue from overseas exam preparation and consulting services increased by approximately 14.6% and 8.2%, respectively [5] - Domestic exam preparation for adults and university students recorded a year-on-year growth of about 17.0% [5] - New business segments (non-subject tutoring, intelligent learning systems) saw a revenue increase of 32.5% year-on-year [5] Financial Position - As of May 31, 2025, New Oriental had cash and cash equivalents amounting to $1.612 billion [9] - The company's share buyback plan has increased to a total value of $700 million, up from the original $400 million [9] - On July 30, 2025, New Oriental's stock closed at HKD 36.5, with a total market capitalization of HKD 60.4 billion [9]

Core Insights - New Oriental Education & Technology Group reported a net revenue of $1.243 billion for the fourth quarter ending May 31, 2025, representing a year-on-year increase of 9.4% [2] - The company's net profit attributable to shareholders was $7.1 million, a decrease of 73.7% year-on-year, with earnings per ADS at $0.04 [2] - For the fiscal year 2025, the group achieved a net revenue of $4.9 billion, a year-on-year increase of 13.6%, and a net profit attributable to shareholders of $372 million, reflecting a 20.1% increase [2] Revenue Growth - The fourth quarter's net revenue growth of 9.4% was driven by a significant increase of 18.7% in revenue excluding self-operated products and live e-commerce [3] - Revenue from overseas exam preparation and inquiry services grew approximately 14.6% and 8.2% respectively, while domestic exam preparation for adults and university students saw a growth of about 17.0% [3] - New educational businesses maintained strong growth, achieving a revenue increase of 32.5% in the quarter, with non-subject tutoring services operating in nearly 60 cities and approximately 918,000 registrations [3] Operational Efficiency - The company is focusing on optimizing teaching space layout to align with business growth and operational efficiency [3] - Investment in an OMO (Online-Merge-Offline) teaching system and artificial intelligence technology is ongoing, with the introduction of AI-driven learning devices and solutions [3] - Non-GAAP operating profit margin for the quarter, excluding self-operated products and live e-commerce, was 6.5%, an increase of 410 basis points year-on-year [3] Strategic Focus - The company aims to enhance product capability and quality, systematically develop educational resources, and improve operational efficiency in the new fiscal year [3] - Continuous investment in high-quality self-operated products is expected to diversify offerings and achieve significant breakthroughs [3] - The overall strategy includes cost optimization and efficiency enhancement across all business segments to pursue sustainable revenue growth and higher profitability [3]