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 ...

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].

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） 截 至 2023 年 11 月 30 日 止 第 二 季 度 的 未 經 審 核 財 務 業 績 我們謹此公佈截至2023年11月30日止三個月及六個月的未經審核業績（「中期業績」）。 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.48(1)條作為截至2023 年11月30日止六個月的中期報告提供予我們的股東。中期業績在香港聯交所網站 (www.hkexnews.hk)及我們的網站(http://investor.neworiental.org/)可供查閱。 承董事會命 New Oriental Education & Technology Group Inc. 新東方教 ...

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） 截 至 2023 年 8 月 31 日 止 第 一 季 度 的 未 經 審 核 財 務 業 績 我們謹此公佈截至2023年8月31日止第一個財政季度的未經審核業績（「財務業績」）。財 務業績在香港聯交所網站( www.hkexnews.hk )及我們的網站( http://investor.neworiental.org/ ) 可供查閱。 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 中國北京，2023年10月25日 ...

Share Structure and Financial Reporting - The company has a total of 1,643,162,653 ordinary shares with a par value of $0.001 as of May 31, 2023[5] - The company is classified as a large accelerated filer according to the Securities Exchange Act rules[6] - The company follows U.S. Generally Accepted Accounting Principles (GAAP) for its financial statements[7] - The company's financial statements are consolidated under US GAAP, including the financial performance of its variable interest entities[9] - The company's financial data is presented in USD, with conversions based on exchange rates as of May 31, 2023[10] - The company's financial reporting currency is USD, with certain data converted for reader convenience[10] - The company's consolidated affiliated entities contributed 99.9%, 99.6%, and 99.5% of total net revenue for fiscal years 2021, 2022, and 2023 respectively[16] - The company's financial statements consolidate the financial performance of VIEs under U.S. GAAP[16] - The company's ability to consolidate financial statements under US GAAP may be impacted if penalties prevent it from directing activities or obtaining economic benefits from consolidated entities[113] Operational Structure and Subsidiaries - New Oriental Education & Technology Group Inc. operates through its Chinese subsidiaries, variable interest entities, and their affiliates in China[9] - The company operates in China through contractual arrangements with variable interest entities (VIEs) and their subsidiaries[16] - The company's Chinese subsidiaries and VIEs have entered into various contractual agreements, including equity pledge agreements, exclusive option agreements, and service agreements[17][18][19] - The company is considered the primary beneficiary of the VIEs due to the contractual arrangements[19] - New Oriental Education & Technology Group Inc. owns 100% of its key subsidiaries and variable interest entities as of May 31, 2023[20] - The company operates 79 schools in China through its subsidiaries[20] - Beijing Century Friendly Education Investment Co., Ltd. is 99% owned by the company's founder and executive chairman, Yu Minhong, and 1% owned by the executive president and CFO, Yang Zhihui[22] - The company's contractual arrangements with variable interest entities may not be as effective as direct ownership in providing operational control[22] - The company's Chinese operations rely on contractual arrangements, which are less effective than direct ownership in providing operational control[114] - The company operates in China through contractual arrangements with New Oriental China and its schools, which hold important assets for business operations[124] Regulatory and Legal Risks - The company faces risks related to the enforceability of its contractual arrangements with variable interest entities under Chinese regulations[23] - Changes in Chinese laws or regulations could lead to severe penalties or forced divestment of interests in certain businesses[23] - The company's American Depositary Shares and/or ordinary shares could significantly depreciate or become worthless if the variable interest entity structure is disallowed by Chinese regulators[23] - The company faces risks related to regulatory approvals for overseas offerings, antitrust actions, and data privacy regulations in China[24] - The company's operations and overseas financing activities require permits from Chinese regulatory authorities[25] - The company has obtained necessary licenses for its business operations in China, including ICP and EDI licenses[25] - The company is not currently required to undergo cybersecurity review by the Cyberspace Administration of China for overseas securities offerings[26] - The company must complete filing procedures with the China Securities Regulatory Commission for future overseas securities offerings[26] - The Chinese government has increased supervision and control over overseas listings and foreign investments[27] - Uncertainty exists regarding future regulatory approvals for overseas securities offerings in China[27] - Failure to obtain necessary approvals could result in penalties, including fines and suspension of operations[27] - The company faces risks from potential changes in college admissions and assessment exams in China and the US, which could reduce demand for its services[82] - The company may face penalties, refunds, or negative publicity if it fails to comply with regulations for tutoring services for grades 10-12[63] - The company could be required to cease tutoring services for grades 10-12, impacting its financial performance[63] - The company's smart learning systems and devices may be considered subject-based AST institutions, potentially leading to penalties, suspension of operations, or other regulatory actions if deemed non-compliant with the "Double Reduction" policy[65] - The company faces potential legal claims and disputes related to copyright infringement and unauthorized use of third-party names for marketing, which could lead to increased expenses and revenue loss[70] - The company has faced intellectual property infringement claims in the past, including a RMB 6.5 million damages payment in 2004[69] - The company is subject to Chinese laws and regulations governing data collection, storage, and privacy protection, with potential penalties for non-compliance[93] - The Data Security Law of the People's Republic of China, effective from September 2021, mandates security review procedures for data-related activities that may impact national security[94] - Network platform operators with over 1 million users' personal information must apply for cybersecurity review before listing overseas[94] - The Cybersecurity Review Measures, effective from February 2022, require critical information infrastructure operators to undergo cybersecurity review for procurement of network products and services[94] - The Personal Information Protection Law, effective from November 2021, defines personal information and sensitive personal information, imposing strict processing rules[95] - Data processors transferring important data or personal data overseas must undergo security assessments under the Data Export Security Assessment Measures, effective from September 2022[96] - Data processors transferring personal information of over 100,000 individuals or sensitive personal information of over 10,000 individuals since January 1 of the previous year must apply for security assessments[96] - The draft Data Security Management Regulations propose annual data security assessments for data processors handling "important data" or listing overseas[94] - The draft amendments to the Cybersecurity Law propose increased legal liabilities for violations of cybersecurity obligations by critical information infrastructure operators[94] - The scope of "critical information infrastructure operators" remains unclear, with potential additional obligations under Chinese cybersecurity laws[94] - The company has applied for security assessments for certain data transfers overseas under the Data Export Security Assessment Measures[96] - The company's business operations are currently in compliance with China's cybersecurity, data security, and personal data protection laws, but future regulations may become stricter and could lead to additional costs and liabilities[97] - The company faces potential fines and administrative measures if its advertising and promotional content violates Chinese laws and regulations, including restrictions on educational advertising[98] - The company cannot guarantee full compliance with all advertising and promotional content regulations, especially given increased government scrutiny[99] - The company may face legal disputes that could significantly impact its business, financial performance, and reputation[100] - The company is facing a putative shareholder class action lawsuit, which could significantly impact its business, financial condition, operating results, cash flow, and reputation[101] - The company may require additional funding for future development, including new business plans, investments, or acquisitions, but there is no guarantee it can secure financing on acceptable terms[102] - The company issued $300 million in 2.125% notes due in 2025, and failure to comply with the trust indenture or other debt agreements could lead to accelerated repayment and liquidity issues[103] - The company’s rental costs and ability to secure leases at desirable locations could significantly impact its business, with potential relocation costs and penalties for unregistered leases[104] - Some of the company’s leased properties do not fully comply with fire safety regulations, which could result in fines, relocation, and additional expenses[105] - Food safety and product quality are critical to the reputation and business success of Oriental Selection, with potential penalties for non-compliance with regulations[106] - The company's contractual arrangements with variable interest entities in China are subject to regulatory risks, potentially leading to severe penalties or loss of business interests[108] - Foreign ownership in value-added telecommunications services in China is restricted, with internet information service providers capped at 50% foreign ownership[109] - The company may be required to terminate contractual arrangements with its smart learning system entities if they are deemed as subject to the Double Reduction Policy[112] - The company could face penalties including license revocation, revenue confiscation, and operational restrictions if found in violation of Chinese laws or regulations[113] - The company’s operations may be significantly impacted by changes in Chinese laws, regulations, and policies governing private education, such as the "Double Reduction" policy[119] - The company’s use of seals (company, contract, and financial) is strictly controlled, with approvals required from legal, administrative, or financial departments to prevent misuse[118] - Misuse or unauthorized control of seals by designated legal representatives could disrupt the company’s normal business operations and require significant time and resources to resolve[118] - The company’s subsidiaries and New Oriental China may face restrictions on their ability to pay dividends or make other payments due to debt obligations or tax adjustments[120] - The company’s tax liabilities could increase if Chinese tax authorities adjust transfer pricing or impose penalties for underpaid taxes, negatively impacting net profits[119] - The company’s private schools must allocate a minimum of 25% of annual net profits or asset value increases to development funds, depending on their classification[120] - The company’s reliance on dividends and payments from its Chinese entities could limit its ability to invest, acquire, or fund its business operations[120] - Offshore holding company's ability to provide loans or additional capital to Chinese subsidiaries may be restricted by Chinese regulations and government currency exchange controls, potentially impacting liquidity and funding capabilities[121] - Loans to Chinese subsidiaries must comply with Chinese regulations, including registration with the State Administration of Foreign Exchange (SAFE) and adherence to statutory limits[121] - Capital injections into Chinese subsidiaries must be filed and reported to the Ministry of Commerce or its local departments, but are unlikely to fund New Oriental China and its schools due to regulatory constraints[122] - SAFE regulations (Circular No. 19 and No. 16) restrict the use of RMB converted from foreign currency registered capital, potentially limiting the company's ability to transfer foreign currency and impacting liquidity[122] - SAFE Circular No. 28 allows foreign-invested enterprises to use RMB converted from foreign currency for equity investments in China, provided it complies with applicable laws and the negative list for foreign investment[122] - Chinese laws and regulations may continue to limit the use of proceeds from overseas offerings, potentially affecting the company's ability to capitalize its Chinese business[123] - Bankruptcy or liquidation proceedings involving New Oriental China or its schools could result in the loss of assets, reducing operational scale and impacting revenue generation[124] - Changes in China's economic, political, or social conditions, or government policies, could significantly impact the company's business, financial condition, and operating results[126] - China's economic growth has slowed since 2010, with COVID-19 negatively impacting the economy in 2022[127] - Global economic recession and geopolitical tensions could adversely affect the company's financial performance and access to financing[128] - Uncertainties in China's legal system and regulatory changes may pose risks to the company's operations[129] - Increased Chinese government oversight of overseas listings could lead to significant adverse changes in the company's operations and stock value[130] - Future regulatory approvals for overseas securities offerings may be delayed or denied, impacting the company's ability to raise capital[131] - The company may face significant uncertainty regarding the classification of its contractual arrangements as foreign investment under the PRC Foreign Investment Law, potentially requiring the termination of existing arrangements or sale of related business operations[132] - Non-compliance with Chinese internet content regulations could lead to penalties, license revocation, and website closures, adversely affecting the company's operations and reputation[133] - The company must obtain multiple licenses and permits for its education and e-commerce businesses, including ICP, food operation, publication operation, and performance operation licenses[134] - The company is required to comply with various health, safety, and food regulations, and failure to obtain or renew necessary licenses could result in fines, legal sanctions, or service suspension[135] - Chinese residents establishing offshore special purpose companies must register with the State Administration of Foreign Exchange, and failure to do so may limit the company's ability to inject capital into its Chinese subsidiaries or repatriate profits[136] - The company must submit applications to the State Administration of Foreign Exchange (SAFE) for employees participating in equity incentive plans, with no guarantee of approval[138] - Non-compliance with SAFE regulations could result in fines, legal sanctions, and restrictions on employees' ability to exercise stock options or repatriate funds[138] - The company's offshore offerings may require approval from the China Securities Regulatory Commission (CSRC) or other government agencies, with uncertain timelines[138] - Acquisitions in China are subject to complex procedures under the Anti-Monopoly Law and may face delays in obtaining necessary approvals[138] - Overseas investments by Chinese-controlled entities exceeding $300 million in non-sensitive projects must report to the National Development and Reform Commission (NDRC)[139] - The company must comply with new CSRC regulations for overseas securities issuance and listing, including filing requirements for future offerings[140] - The company is required to establish a confidentiality and archive management system for overseas securities issuance under new CSRC rules[140] - Rising labor costs in China may significantly impact the company's profitability and operating performance[142] - The company is required to contribute to government-mandated employee welfare programs, including social insurance and housing funds, based on a percentage of employee salaries[143] - Chinese government controls on currency exchange may limit the company's ability to pay dividends to foreign shareholders[144] - Fluctuations in the RMB exchange rate could have a material adverse effect on the company's revenue, earnings, and financial condition[145] - Limited availability of hedging tools in China to mitigate foreign exchange risk[146] - Potential regulatory penalties or sanctions if the company fails to obtain necessary approvals or complete required filings for overseas issuances[141] - The company may face fines, late fees, or legal sanctions if it fails to make sufficient employee welfare payments[143] - Future restrictions on foreign currency access could hinder the company's ability to meet its currency needs[144] - The company currently has no hedging transactions in place to mitigate foreign exchange risk[146] - Regulatory uncertainty or negative reports regarding approval requirements could adversely affect the company's business and stock price[141] - The company faces uncertainty in obtaining and maintaining necessary licenses for its online business in China, particularly regarding internet audio-visual programs, broadcasting, and online education activities[153] - The company has re-submitted or is in the process of re-submitting filings for its educational mobile applications to comply with the "Double Reduction" policy[153] - The company may need additional or updated ICP licenses to cover all its current telecommunications services due to potential changes in regulatory interpretations[153] - The company's live-streaming e-commerce business through Dongfang Zhenxuan does not require an internet culture business license as it primarily involves agricultural product sales[153] - The company could face penalties, legal sanctions, or suspension of online tutoring services if it fails to obtain required licenses or permits[154] - PCAOB's inability to inspect the company's auditors in China previously deprived investors of the benefits of such inspections[155] - The company's American Depositary Shares (ADS) could be delisted from U.S. exchanges if PCAOB is unable to inspect its auditors for two consecutive years[155] - PCAOB removed China and Hong Kong from the list of jurisdictions where it cannot inspect or investigate registered public accounting firms, and the company expects not to be identified as a Commission-Identified Issuer under HFCAA after submitting its Form 20-F for the fiscal year ending May 31, 2023[156] - If the company is identified as a Commission-Identified Issuer under HFCAA for two consecutive years, its securities will be prohibited from trading on U.S. national securities exchanges or over-the-counter markets, severely impacting its ability to raise funds[156] - Overseas regulators may face difficulties conducting investigations or obtaining evidence within China due to legal procedures and the lack of effective cooperation mechanisms with U.S. securities regulators[157] - The company’s ADS and ordinary shares have experienced significant price volatility, with ADS closing prices ranging from $12.60 to $58.70 on the NYSE and ordinary shares ranging from HK$10.10 to HK$46.40 on the HKEX between June 1, 2022, and September 21, 2023[160] - The company’s organizational bylaws include provisions that differ from HKEX rules, such as requiring at least one-third of total voting rights to convene an extraordinary general meeting, which was revised to align with HKEX rules in March 2021[158] - If 55% or more of the global trading volume of the company’s ordinary shares and ADS in the most recent fiscal year occurs on the HKEX, the company will be considered dual-primary listed and lose certain exemptions, potentially increasing compliance costs[159] - The trading market of the company's ordinary shares and/or American Depositary Shares (ADS) may be negatively impacted by downgrades or cessation of coverage by securities or industry analysts, potentially leading to price and volume declines[161] - ADS holders have fewer rights compared to ordinary shareholders and must exercise their rights through the depositary, which may result in delayed or missed voting opportunities[162] - ADS holders may have limited participation in future rights offerings, potentially leading to equity dilution[163] - ADS transfers may be subject to restrictions by the depositary, including closure of transfer books or refusal to register transfers under certain circumstances[164] - Judgments obtained by shareholders against the company may not be enforceable due to the company's incorporation in the Cayman Islands and primary operations in China[165] - The recognition and enforcement of foreign judgments in China are subject to treaties or reciprocity principles, and there is no such treaty between China and the United States[166] - Shareholders of the company, as a Cayman Islands exempted company, may have more limited rights compared to shareholders of companies incorporated in the United States or Hong Kong[167] - The company's articles of association include anti-takeover provisions that may adversely affect the rights of ordinary shareholders and ADS holders[168] - The company is classified as a Passive Foreign Investment Company (PFIC) for U.S. federal income tax purposes as of May 31, 2023, potentially leading to significant tax consequences for U.S. holders of ADS or ordinary shares[169] - Differences between Hong Kong and U.S. capital markets may adversely impact the trading prices of the company's ordinary shares and/or ADS[170] - Exchange between ordinary shares and ADS may negatively affect liquidity and/or trading prices of both securities[171] - Delays in exchanging ordinary shares for ADS (or vice versa) may prevent investors from settling or selling their securities during the delay period[172] - The company's ordinary shares may not maintain an active trading market on the Hong Kong Stock Exchange, potentially leading to significant price volatility[173] - The current total stamp duty rate for transferring shares in Hong Kong is 0.2%, with 0.1% paid by each of the buyer and seller[174] - The company repurchased 952,000 ADS at a total cost of $56.0 million, with a weighted average repurchase price of $58.78 per ADS[177] - The company issued $300 million of 2.125% notes due in 2025, with net proceeds of

Revenue and Profit Growth - Net revenue for Q4 FY2023 increased by 64.2% YoY to $860.6 million[3] - Operating profit for Q4 FY2023 rose by 145.5% YoY to $48.1 million[3] - Net income attributable to New Oriental for Q4 FY2023 increased by 115.3% YoY to $29.0 million[3] - Non-GAAP operating profit for Q4 FY2023 surged by 202.2% YoY to $78.6 million[4] - Net revenue for FY2023 decreased by 3.5% YoY to $2,997.8 million[5] - Operating profit for FY2023 improved by 119.3% YoY to $190.0 million[5] - Net income attributable to New Oriental for FY2023 increased by 114.9% YoY to $177.3 million[5] - Revenue for Q4 2023 increased by 64.2% YoY to $860.6 million, driven by new education businesses and self-operated products and live e-commerce from Dongfang Zhenxuan[10] - Net revenue for the quarter ending May 31, 2023, was $860.571 million, a significant increase from $524.023 million in the same period last year[24] - Operating profit for the quarter was $48.054 million, compared to an operating loss of $105.649 million in the previous year[24] - Net profit attributable to New Oriental shareholders was $28.959 million, a turnaround from a net loss of $189.302 million in the same period last year[24] - Non-GAAP operating profit for the quarter was $78.592 million, compared to a non-GAAP operating loss of $76.865 million in the previous year[26] - Net revenue for the fiscal year ending May 31, 2023, was $2,997.76 million, a decrease from $3,105.25 million in the previous year[30] - Operating profit for the fiscal year ending May 31, 2023, was $190.05 million, compared to an operating loss of $982.51 million in the previous year[30] - Net profit attributable to New Oriental shareholders was $177.34 million, a significant improvement from a net loss of $1,187.72 million in the previous year[30] Operating Margins and Profitability - GAAP operating margin for Q4 2023 was 5.6%, compared to -20.2% in the same period last year[11] - Non-GAAP operating margin for Q4 2023 was 9.1%, compared to -14.7% in the same period last year[11] - The company's operating profit margin improved to 5.6%, with a non-GAAP operating profit margin of 9.1%[26] - Non-GAAP operating profit margin improved to 9.3% from -27.4% in the previous year[32] Cash Flow and Financial Position - Net operating cash flow for Q4 2023 was approximately $421.6 million[13] - Total cash, cash equivalents, time deposits, and short-term investments amounted to approximately $4.5 billion as of the end of Q4 2023[13] - Deferred revenue balance increased by 43.4% YoY to $1,337.6 million at the end of Q4 2023[13] - Cash and cash equivalents increased to $1,662,982 thousand as of May 31, 2023, compared to $1,148,637 thousand as of May 31, 2022[22] - Restricted cash, current, was reported at $110,892 thousand as of May 31, 2023, compared to none in the previous year[22] - Short-term investments decreased to $1,477,843 thousand as of May 31, 2023, from $1,902,254 thousand as of May 31, 2022[22] - Total current assets slightly decreased to $4,413,887 thousand as of May 31, 2023, from $4,473,959 thousand as of May 31, 2022[22] - Property and equipment, net, decreased to $359,760 thousand as of May 31, 2023, from $402,690 thousand as of May 31, 2022[22] - Goodwill increased to $105,514 thousand as of May 31, 2023, from $70,803 thousand as of May 31, 2022[22] - Long-term investments decreased to $399,585 thousand as of May 31, 2023, from $437,919 thousand as of May 31, 2022[22] - Deferred tax assets, net, increased significantly to $55,933 thousand as of May 31, 2023, from $20,038 thousand as of May 31, 2022[22] - Total assets increased to $6,392,458 thousand as of May 31, 2023, from $6,034,666 thousand as of May 31, 2022[22] - Total liabilities increased to $2.57767 billion as of May 31, 2023, from $2.241142 billion in the previous year[23] - Deferred revenue increased to $1.33763 billion, up from $933.062 million in the previous year[23] - Cash, cash equivalents, and restricted cash at the end of the quarter were $1.805427 billion, up from $1.194527 billion in the previous year[29] - Operating cash flow for the quarter was $421.609 million, a significant increase from $29.347 million in the same period last year[29] - Cash flow from operating activities was $971.01 million, a substantial increase from a negative cash flow of $1,280.45 million in the previous year[35] - Total cash, cash equivalents, and restricted cash at the end of the fiscal year was $1,805.43 million, up from $1,194.53 million at the beginning of the year[35] Business Expansion and Operations - Total number of schools and learning centers increased to 748 as of May 31, 2023, up by 36 from February 28, 2023[7] - Total number of schools reached 85 as of May 31, 2023[7] - Non-academic tutoring business expanded to approximately 60 cities, attracting 629,000 student enrollments in the quarter[8] - Active paying users for the intelligent learning system and devices reached 99,000 in approximately 60 cities[8] Earnings and Shareholder Metrics - Basic earnings per ADS for the fiscal year ending May 31, 2023, were $1.06, compared to a loss of $7.00 per ADS in the previous year[30] - Non-GAAP basic earnings per ADS were $1.54, compared to a loss of $6.17 in the previous year[33] - Non-GAAP net profit attributable to New Oriental shareholders was $62.091 million, compared to a non-GAAP net loss of $160.339 million in the previous year[26] Costs and Expenses - Total operating costs and expenses decreased to $2,807.71 million from $4,087.76 million in the previous year[30] - Share-based compensation expenses decreased to $89.79 million from $132.97 million in the previous year[34] Future Outlook - For Q1 2024, the company expects net revenue to be between $983.2 million and $1,005.5 million, representing a YoY increase of 32% to 35%[16] Corporate Events - The company will hold its earnings conference call for the fourth quarter of fiscal year 2023 on July 26, 2023, at 8:00 AM Eastern Time[17]

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） 截 至 2023 年 2 月 28 日 止 第 三 季 度 的 未 經 審 核 財 務 業 績 我們謹此公佈截至2023年2月28日止第三財政季度的未經審核業績（「財務業績」）。財務 業績在香港聯交所網站(www.hkexnews.hk )及我們的網站(http://investor.neworiental.org/ )可供 查閱。 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 中國北京，2023年4月19日 ...