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 ...

东方甄选市值跌去近七成后，俞敏洪“坐不住”了。 1月31日，东方甄选（01797.HK）及新东方（NYSE:EDU）联合发布公告称，东方甄选董事会及新东方董事会已各自批准终止认购协议并订立终止协议；新东方及俞敏洪各自已承诺以市价在港交所购买合共价值7亿港元东方甄选股份。 大举买入的背后，是东方甄选股价连连下跌的困境。 去年1月，该公司股价曾爬升至75.5港元，而在3月之后，长期徘徊在30港元-40港元之间，陷入漫长的低迷期。 东方甄选近一年股价走势。图源：雪球 进入12月，“小作文风波”致使东方甄选股价一路下跌，并在12月15日跌至26.25港元，市值为266.44亿港元，较一周前下降近两成。 随着俞敏洪火速“救市”，该公司股价有短暂抬头迹象，上升至30港元以上，后又迅速回落。尽管董宇辉的“与辉同行”收入将录入东方甄选，为其提供第二增长曲线，但二级市场持续“唱衰”。 这种“跌跌不休”的态势一直延续到1月25日。诱发股价跌超10%的主因是东方甄选的2024财年中期业绩。公司期内总营收为28亿元，同比增长34.4%，但净利润较上年大幅下滑57.4%，为2.49亿元。 面对增收不增利的局面，俞敏洪承认中期业绩表现 ...

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 ...

Financial Performance - For the second quarter of fiscal year 2023, net revenue decreased by 3.1% year-over-year to $638.2 million[3]. - The operating loss for the second quarter was $2.5 million, a significant improvement from an operating loss of $768.1 million in the same period last year[3]. - Net profit attributable to New Oriental shareholders was $0.7 million, compared to a net loss of $936.5 million in the previous year[3]. - For the first half of fiscal year 2023, net revenue was $1.38 billion, down 29.7% from $1.97 billion in the first half of fiscal year 2022[5]. - The operating profit for the first half was $75.5 million, a turnaround from an operating loss of $735.7 million in the same period last year[5]. - Non-GAAP operating profit for the second quarter was $16.3 million, compared to a loss of $737.1 million in the same period last year, representing a 102.2% improvement[4]. - Non-GAAP net profit attributable to New Oriental was $17.8 million for the second quarter, a significant recovery from a loss of $901.6 million in the previous year[4]. - Basic earnings per ADS for the second quarter was $0.00, a recovery from a loss of $5.52 in the same period last year[4]. - For the first six months of FY2023, New Oriental's net revenue was $1,383.0 million, a year-over-year decrease of 29.7%, but the operating profit was $75.5 million compared to a loss of $735.7 million in the same period last year[14]. - The company reported a net profit of $16.6 million for the three months ended November 30, 2022, compared to a net loss of $(950.6) million in the same period last year[26]. - The company reported a net profit of $101,167 for the three months ended November 30, 2022, compared to a net loss of $907,960 in the same period of 2021[33]. Operational Metrics - The total number of schools and learning centers as of November 30, 2022, was 708, an increase of 2 from 706 as of August 31, 2022, but a decrease of 585 from 1,293 as of November 30, 2021[7]. - The total number of schools and learning centers reached 708 by the end of the quarter, with a strategic focus on opportunities in major domestic cities[10]. - The company continues to focus on improving operational efficiency and expanding its educational offerings despite the challenges faced in the market[2]. - The company is actively involved in the online education sector, providing a diverse range of courses and services for students of all ages in China[19]. Cash Flow and Assets - New Oriental's net operating cash flow for Q2 was approximately $173.7 million, with capital expenditures of $11.4 million[13]. - Total current assets increased to $4.6 billion as of November 30, 2022, up from $4.5 billion as of May 31, 2022[24]. - Cash and cash equivalents decreased to $1.03 billion from $1.15 billion over the same period[24]. - New Oriental's cash and cash equivalents totaled approximately $1,029.9 million, with total short-term investments amounting to $2,145.7 million[13]. - Operating cash flow for the six months ended November 30, 2022, was $358,917, compared to a negative cash flow of $(1,074,835) in the prior year[38]. Liabilities and Equity - Total liabilities increased to $2.28 billion as of November 30, 2022, compared to $2.24 billion as of May 31, 2022[25]. - The company’s total equity was $3.74 billion as of November 30, 2022, down from $3.79 billion as of May 31, 2022[25]. Future Outlook - For the third quarter of fiscal year 2023, New Oriental expects net revenue to be between USD 702.8 million and USD 719.8 million, representing a year-over-year growth rate of 14% to 17%[18]. - The anticipated net revenue growth in RMB for the third quarter is projected to be between 24% and 27%[18]. - New Oriental plans to change its name to "East Buy Holding Limited" to align with its current and future business direction[17]. - New Oriental's management will hold an earnings conference call on January 17, 2023, to discuss the financial results and future outlook[18]. Shareholder Actions - New Oriental's share repurchase program authorized up to $400 million, with approximately 3.1 million shares repurchased for a total value of about $79.0 million as of January 16, 2023[9]. Financial Metrics - The company emphasizes the importance of Non-GAAP financial metrics to provide additional insights into its performance and liquidity[21]. - The company’s operating profit margin under non-GAAP was 5.5% for the three months ended November 30, 2022, compared to -37.4% in the same period of 2021[35]. - The company experienced a foreign exchange impact of $(35,997) on cash flow for the three months ended November 30, 2022[32]. - General and administrative expenses were reduced to $465,003 for the three months ended November 30, 2022, down from $1,291,682 in the same period of 2021[33].

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 2022 年 8 月 3 1 日止第一季度的 未經審核財務業績 我們謹此公佈截至2022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 中國北京，2022年10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 ...

Financial Performance - New Oriental Education & Technology Group Inc. reported its audited annual performance for the fiscal year ending May 31, 2022[1]. - Revenue for the fiscal year reached $1.2 billion, reflecting a 15% increase compared to the previous year[11]. - The total net revenue for the fiscal year ending May 31, 2022, was $3,105.246 million, a decrease from $4,276.539 million in 2021, representing a decline of approximately 27.4%[36]. - The company reported a net loss of $1,220,276 in 2022, compared to a profit of $297,237 in 2018, indicating a significant downturn in profitability[37]. - Total net revenue decreased by 27.4% from $4,276.5 million for the fiscal year ended May 31, 2021, to $3,105.2 million for the fiscal year ended May 31, 2022, primarily due to the termination of K-9 academic training services in China[48]. - The company reported a significant increase in student enrollment, with a total of 1.5 million registered students, representing a 20% year-over-year growth[9]. - The company anticipates growth strategies that will impact future financial performance and operational results[16]. Market Expansion and Strategy - The company plans to expand its market presence by opening 50 new learning centers across China in the next fiscal year[10]. - A new online learning platform was launched, which has already attracted 300,000 users within the first quarter of its release[12]. - The company is exploring potential acquisitions to strengthen its market position and diversify its offerings[9]. - The company has identified strategic acquisitions as a key component of its growth strategy moving forward[42]. - The company is shifting focus to non-K-9 educational products and services, including exam preparation courses and digital learning solutions, to explore new business opportunities[61]. Regulatory Environment and Compliance - The company is subject to various risks related to the provision of new educational courses, services, and products[14]. - The company is subject to significant uncertainty regarding future overseas offerings and whether it will need to complete filings with the CSRC or obtain specific regulatory approvals[27]. - The company’s operations are subject to various regulatory approvals in China, and failure to comply with these regulations could have a significant adverse impact on its business and financial performance[25]. - The company faces significant risks related to regulatory developments that may adversely impact its business, financial condition, and operating results[52]. - The company must navigate the complexities of new rules regarding overseas listings, which may restrict its ability to raise capital in international markets[152]. Risks and Challenges - The company faces unique risks related to contractual arrangements with variable interest entities, which may not provide effective control compared to direct ownership[21]. - The company faces significant challenges in maintaining teaching quality and cultural consistency amid ongoing business expansion[61]. - The company may not be able to effectively manage changes in its business or attract qualified teachers, which could adversely affect its financial condition and operational performance[62]. - The company faces potential penalties and reputational damage due to non-compliance with privacy, data protection, and cybersecurity regulations, which could significantly adversely affect its business[152]. - The company faces significant risks if any of its Chinese subsidiaries or affiliated entities are found to violate existing or future Chinese laws or regulations[127]. Financial Health and Liabilities - The total liabilities increased from $1,763,017 in 2018 to $2,241,142 in 2022, representing a growth of about 27.1%[39]. - The company has not received property ownership certificates from some lessors, which may impact its expansion plans and could lead to additional relocation costs if leases are challenged[115]. - The company may struggle to control rental costs and secure leases at reasonable prices, which could negatively impact its operations[114]. - The company lacks liability insurance for some teaching facilities, which may negatively impact its reputation and financial performance if claims arise from injuries[99]. - The company may incur significant adverse effects on its financial condition and operating results due to potential tax liabilities under recent tax announcements[183]. Shareholder and Stock Information - The company’s founder and executive chairman holds a 99% stake in a key affiliated entity, indicating significant ownership concentration[19]. - The trading price of the company's American Depositary Shares (ADS) fluctuated significantly, with a high of $110.90 and a low of $8.60 from June 1, 2021, to September 28, 2022[194]. - The company’s ordinary shares began trading on the Hong Kong Stock Exchange on November 9, 2020, under the stock code "9901," and it is not subject to certain provisions of the Hong Kong Listing Rules[192]. - American Depositary Share holders may have limited rights compared to ordinary shareholders, particularly regarding voting and participation in shareholder meetings[196]. Technology and Innovation - Investment in technology and product development increased by 25%, focusing on enhancing digital learning tools[10]. - The company developed the OMO standardized digital classroom teaching system in 2014, which supports offline learning activities[97]. - The company is exploring digital education resources through its smart learning systems, but faces potential regulatory scrutiny regarding their classification as tutoring activities[67]. Legal and Intellectual Property Issues - The company has faced past legal claims regarding intellectual property infringement, resulting in a total compensation of approximately RMB 6.5 million[73]. - The company is committed to complying with intellectual property laws and has implemented policies to prevent infringement by employees and contractors[73]. - Legal disputes could lead to increased expenses, loss of total revenue, and negative publicity, impacting the company's financial performance[75]. Economic and Geopolitical Factors - Geopolitical uncertainties and economic slowdowns may reduce the number of students studying abroad, potentially affecting the company's course enrollment[107]. - The ongoing COVID-19 pandemic has severely affected both the Chinese and global economies, contributing to uncertainty regarding future economic conditions[148]. - The company faces risks from potential global or Chinese economic recessions, which could negatively impact its financial status and ability to secure financing[147].