Financial Data and Key Metrics Changes - Total net revenue grew 14.7% year-over-year to $1.19 billion [4] - Non-GAAP operating income more than tripled, rising 206.9% to $89.1 million [4] - Non-GAAP net income attributable to New Oriental increased 68.6% to $72.9 million [4] - Operating income was $66.3 million, representing a 264.4% increase year-over-year [14] - Net cash flow generated from operations for the quarter was approximately $323.5 million [15] - Total share-based compensation expenses increased by 156.8% to $21.4 million [13] Business Line Data and Key Metrics Changes - K-9 educational business and high school tutoring business recorded accelerated year-over-year revenue growth [6] - Overseas test prep business recorded a revenue increase of 4% year-over-year [6] - Overseas study consulting business recorded a slight decrease of about 3% year-over-year [6] - Adults and university students business recorded a revenue increase of 13% year-over-year [6] - Revenue from non-academic tutoring grew 22% year-over-year [6] Market Data and Key Metrics Changes - The top 10 cities contribute over 60% of revenue from non-academic tutoring [7] - The top 10 cities contribute over 50% of revenue from intelligent learning systems and devices [7] - Domestic and international study tours were held in 55 cities, with the top 10 cities contributing over 50% of revenue [7] Company Strategy and Development Direction - The company is focused on operational efficiency and disciplined resource management to support sustainable profitability [4] - Continued investments in new education initiatives, including non-academic tutoring and intelligent learning systems, are expected to deliver solid results [8] - The company is exploring opportunities in the health and wellness sector for seniors [8] - A strategic approach to capacity expansion and hiring will be maintained to ensure quality is not compromised [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational resilience and growth trajectory, expecting total net revenue for Q3 FY 2026 to be in the range of $1,313.2 million to $1,348.7 million, representing a year-over-year increase of 11%-14% [18] - The full fiscal year 2026 revenue guidance was raised to $5,292.3 million to $5,488.3 million, reflecting an 8%-12% year-over-year increase [19] - Management emphasized the importance of cost discipline and sustainable profitability across all business lines [17] Other Important Information - The company announced a share repurchase program to repurchase up to $300 million of its ADS or common shares over the subsequent 12 months [20] - As of January 27, 2026, approximately 1.6 million ADS had been repurchased for an aggregate consideration of approximately $86.3 million [21] Q&A Session Summary Question: Request for breakdown on segment growth and key drivers for full year guidance - Management highlighted the acceleration in K-12 business growth, expecting around 20% year-over-year growth in Q3 [25] Question: Expected margin expansion from merging test prep and consulting units - Management indicated that merging these units aims to provide better service and reduce costs, with more details expected in the next quarter [32] Question: Elaboration on margin expansion in Q2 - Management noted that margin expansion was driven by better utilization, higher operating leverage, and cost control [36] Question: Future trends for overseas business growth - Management acknowledged challenges but expressed confidence in gaining market share, with expectations of flat growth in the second half of the year [42] Question: Updates on AI initiatives and their impact - Management reported progress on new AI offerings and emphasized that AI is helping improve student retention and operational efficiency [56]

Financial Data and Key Metrics Changes - Total net revenue grew 14.7% year-over-year to $1.19 billion [4] - Non-GAAP operating income increased 206.9% to $89.1 million [4] - Non-GAAP net income attributable to New Oriental rose 68.6% to $72.9 million [4] - Operating income was $66.3 million, representing a 264.4% increase year-over-year [14] - Net cash flow generated from operations was approximately $323.5 million [15] - Deferred revenue increased by 10.2% year-over-year to $2.1615 billion [16] Business Line Data and Key Metrics Changes - K-9 educational business and high school tutoring business recorded accelerated revenue growth [5] - Overseas test prep business revenue increased by 4% year-over-year [6] - Overseas study consulting business revenue slightly decreased by about 3% year-over-year [6] - Adults and university students business revenue increased by 13% year-over-year [6] - Revenue from non-academic tutoring grew 22% year-over-year [6] Market Data and Key Metrics Changes - The top 10 cities contributed over 60% of revenue from non-academic tutoring [7] - The top 10 cities contributed over 50% of revenue from intelligent learning systems and devices [7] - Domestic and international study tours were held in 55 cities, with the top 10 cities contributing over 50% of revenue [7] Company Strategy and Development Direction - The company is focused on operational efficiency and disciplined resource management to support sustainable profitability [4] - Continued investments in new education initiatives, including non-academic tutoring and intelligent learning systems, are expected to deliver solid results [6] - The company is exploring opportunities in the health and wellness sector for seniors [8] - A strategic approach to capacity expansion and hiring is being pursued to ensure quality is not compromised [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational resilience and growth trajectory, expecting total net revenue for Q3 FY 2026 to be in the range of $1.3132 billion to $1.3487 billion, representing a year-over-year increase of 11%-14% [18] - For the full fiscal year 2026, total net revenue guidance was raised to $5.2923 billion to $5.4883 billion, reflecting an 8%-12% year-over-year increase [19] - Management emphasized the importance of cost discipline and sustainable profitability across all business lines [17] Other Important Information - The company announced a share repurchase program to buy back up to $300 million of its ADS or common shares over the next 12 months [20] - As of January 27, 2026, approximately 1.6 million ADS had been repurchased for about $86.3 million [21] Q&A Session Summary Question: Can management provide a breakdown on the segment growth? - Management noted that K-12 business is expected to grow around 20% year-over-year in Q3, while overseas-related business may see flat growth due to external pressures [25][26] Question: What is the expected margin expansion from the merge of test prep and consulting units? - Management indicated that merging these units aims to provide better service and reduce costs, with specific savings to be detailed in future calls [30][33] Question: What is driving the margin expansion in Q2? - Margin expansion was driven by better utilization, higher operating leverage, cost control, and profit contributions from East Buy [36] Question: What is the sustainable growth rate for the new education business? - Management believes that with improved quality and student retention, sustainable growth of 20%+ is achievable [49][51] Question: Any updates on AI initiatives? - Management reported progress on new AI offerings, which are expected to contribute to revenue and improve efficiency [56][58]

Financial Data and Key Metrics Changes - Total net revenue grew 14.7% year-over-year to $1.19 billion [4] - Non-GAAP operating income increased 206.9% to $89.1 million [4] - Non-GAAP net income attributable to New Oriental rose 68.6% to $72.9 million [4] - Operating income was $66.3 million, representing a 264.4% increase year-over-year [12] - Net cash flow generated from operations was approximately $323.5 million [13] Business Line Data and Key Metrics Changes - K-9 educational business and high school tutoring business recorded accelerated revenue growth [5] - Overseas test prep business revenue increased by 4% year-over-year [5] - Overseas study consulting business saw a slight decrease of about 3% year-over-year [5] - Adults and university students business revenue increased by 13% year-over-year [5] - Revenue from non-academic tutoring grew 22% year-over-year [5] Market Data and Key Metrics Changes - The top 10 cities contributed over 60% of revenue from non-academic tutoring [6] - The top 10 cities contributed over 50% of revenue from intelligent learning systems and devices [6] - Domestic and international study tours were held in 55 cities, with the top 10 cities contributing over 50% of revenue [6] Company Strategy and Development Direction - The company is focused on operational efficiency and disciplined resource management to support sustainable profitability [4] - Continued investments in new education initiatives, including non-academic tutoring and intelligent learning systems, are expected to deliver solid results [5] - The company is exploring opportunities in the health and wellness sector for seniors [7] - The OMO (Online Merge Offline) teaching platform is being developed to provide advanced education services [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the business outlook, expecting total net revenue for Q3 FY 2026 to be in the range of $1,313.2 million to $1,348.7 million, representing a year-over-year increase of 11%-14% [17] - For the full fiscal year 2026, total net revenue guidance has been raised to $5,292.3 million to $5,488.3 million, reflecting an 8%-12% year-over-year increase [18] - Management emphasized a balanced approach to revenue and profitability growth while maintaining cost discipline [16] Other Important Information - The company announced a share repurchase program to buy back up to $300 million of its ADS or common shares [19] - As of January 27, 2026, approximately 1.6 million ADS had been repurchased for about $86.3 million [20] Q&A Session Summary Question: Request for breakdown on segment growth and key drivers for full year guidance - Management highlighted the K-12 business growth of around 20% year-over-year and overseas test prep growth of 4% year-over-year, with expectations for college business growth of 14-15% [24][25] Question: Expected margin expansion from merging test prep and consulting units - Management indicated that merging these units aims to provide better service and reduce costs, with more details expected in the next quarter [30][31] Question: Elaboration on margin expansion in Q2 - Management noted that margin expansion was driven by better utilization, higher operating leverage, and cost control, with optimism for continued margin improvement in the second half of the year [36] Question: Future trends for overseas business - Management acknowledged challenges but expressed confidence in the team's ability to gain market share, expecting low single-digit growth in the second half of the year [42] Question: Updates on AI initiatives - Management reported progress on new AI offerings and emphasized that AI is helping improve student retention and operational efficiency [56]

Company News - ASML's ADRs rose 5% after reporting orders significantly exceeding investor expectations, driven by increased demand for AI computing workloads [3][5][17] - Seagate's stock increased by 8% following a strong second-quarter earnings report that surpassed expectations, along with a positive outlook [3] - Texas Instruments gained 7% after providing a favorable outlook, indicating improved demand in industrial and data center markets [3] - AT&T's shares rose 3% after reporting fourth-quarter profit and revenue that exceeded analysts' estimates, attributed to strong broadband subscriber growth [3] - C3.ai's stock surged 15% amid reports of merger talks with Automation Anywhere [3] - F5 Inc. jumped 8% after raising its revenue forecast for the fiscal year [3] - New Oriental Education's ADRs rose 6% after beating second-quarter estimates and increasing its annual net revenue forecast [3] - Corning's shares fell 3% after reporting fourth-quarter results and providing a disappointing outlook [3] - Elevance Health dropped 6% after giving an adjusted profit forecast for 2026 that fell short of Wall Street expectations [3] - Qorvo's stock fell 10% after issuing a weaker-than-expected outlook [3] Industry Trends - The tech sector is experiencing a rally, driven by strong earnings from semiconductor and memory companies, which is boosting the AI trade [1][4][6] - The Magnificent Seven stocks are mostly higher, with Nvidia, Alphabet, and Amazon showing gains, while Meta and Apple experienced slight declines [3] - The semiconductor, memory, and storage sectors are seeing significant gains due to positive earnings reports, particularly from ASML, Seagate, and Texas Instruments [3][4] - Asian equities are also benefiting from the tech rally, with notable gains in TSMC and SK Hynix [5][13] - The demand for AI memory is driving earnings growth for companies like SK Hynix, indicating a strong market for AI-related technologies [5][14]

Core Viewpoint - New Oriental reported a significant increase in its financial performance for the second quarter of fiscal year 2026, indicating strong growth across various business segments [1] Financial Performance - Net revenue reached $1.191 billion, representing a year-on-year increase of 14.7% [1] - Operating profit was $66.3 million, showing a substantial year-on-year growth of 244.4% [1] - Net profit attributable to shareholders was $45.5 million, up 42.3% compared to the previous year [1] Business Segments - Revenue from overseas exam preparation business grew by approximately 4.1% year-on-year [1] - Domestic exam preparation business for adults and college students saw a year-on-year increase of about 12.8% [1] - New education business achieved a year-on-year growth of 21.6% [1] Student Engagement - Non-academic tutoring courses have been launched in around 60 cities, attracting approximately 1.058 million students [1] - Smart learning systems and devices have been implemented in about 60 cities, with active paying users reaching 352,000 [1]

Core Viewpoint - New Oriental's financial performance for the second quarter of fiscal year 2026 shows significant growth, with net revenue increasing by 14.7% year-on-year to $1.191 billion, and operating profit rising by 244.4% to $66.3 million [1] Financial Performance - For the first half of fiscal year 2026, net revenue reached approximately $2.714 billion, a year-on-year increase of 9.7% - Operating profit for the same period was approximately $377 million, up 20.7% year-on-year - Net profit attributable to shareholders was approximately $286 million, reflecting a 3.2% year-on-year growth [1] Business Segments - Revenue from overseas exam preparation increased by approximately 4.1% year-on-year - Domestic exam preparation for adults and college students grew by about 12.8% year-on-year - New education business achieved a year-on-year growth of 21.6% - Non-academic tutoring courses have been launched in around 60 cities, attracting approximately 1.058 million students - The smart learning system and devices have been implemented in about 60 cities, with active paying users reaching approximately 352,000 [2] Strategic Initiatives - The company is focusing on enhancing core educational services, improving teaching quality and product standards, and optimizing cost structures and operational efficiency - A comprehensive cross-department customer service system has been initiated to enhance customer loyalty and retention, promote cross-department sales, and reduce customer acquisition costs [2] - The company is investing in AI technology and integrating it into existing educational products to improve operational efficiency and support for teaching teams [2] Shareholder Returns - The board has approved a cash dividend of $0.12 per ordinary share (or $1.20 per American Depositary Share), to be distributed in two installments as part of the fiscal year 2026 shareholder return plan - The first installment has been fully distributed, with the second installment to be announced later [3] Share Buyback Program - As part of the shareholder return plan, the company announced a share buyback program, authorizing up to $300 million in American Depositary Shares or ordinary shares over the next 12 months - As of January 27, 2026, approximately 1.6 million American Depositary Shares have been repurchased at a total cost of about $86.3 million [3] Future Outlook - The company expects net revenue for the third quarter of fiscal year 2026 (from December 1, 2025, to February 28, 2026) to be between $1.313 billion and $1.349 billion, representing a year-on-year growth rate of 11% to 14% [3]

本文源自：金融界AI电报 新东方(09901.HK)在港交所公告，2026财年第二季度的净营收同比上升14.7%至1,191.4百万美元。2026 财年第二季度的经营利润同比上升244.4%至66.3百万美元。2026财年第二季度的新东方股东应占净利润 同比上升42.3%至45.5百万美元。 ...

Core Viewpoint - New Oriental's financial performance for the second quarter of fiscal year 2026 shows significant growth, with net revenue increasing by 14.7% year-on-year to $1.191 billion, and operating profit rising by 244.4% to $66.3 million [1] Financial Performance - For the first half of fiscal year 2026, net revenue reached approximately $2.714 billion, a year-on-year increase of 9.7% - Operating profit for the same period was approximately $377 million, up 20.7% year-on-year - Net profit attributable to shareholders was approximately $286 million, reflecting a 3.2% year-on-year growth [1] Business Segments - Revenue from overseas exam preparation increased by approximately 4.1% year-on-year - Domestic exam preparation for adults and college students grew by about 12.8% year-on-year - New education business achieved a year-on-year growth of 21.6% - Non-subject tutoring courses have been launched in around 60 cities, attracting approximately 1.058 million students [2] Strategic Initiatives - The company is focusing on enhancing core educational services and improving teaching quality and product standards - A comprehensive cross-departmental customer service system has been initiated to boost customer loyalty and retention, while also reducing customer acquisition costs [2] - The company is investing in AI technology and integrating it into existing educational products to enhance operational efficiency [2] Shareholder Returns - The board has approved a cash dividend of $0.12 per ordinary share (or $1.20 per American depositary share), to be distributed in two installments as part of the shareholder return plan for fiscal year 2026 [3] - A share buyback plan has been announced, authorizing the repurchase of up to $300 million of American depositary shares or ordinary shares within the next 12 months [3] Future Outlook - For the third quarter of fiscal year 2026, the company expects net revenue to be between $1.313 billion and $1.349 billion, representing a year-on-year growth rate of 11% to 14% [3]

1月28日，新东方公布2026财年第二季度业绩，总净营收同比增长14.7%，达11.914亿美元；净利润同比 增长42.3%，达4550万美元。公司预计第三财季（2025年12月1日至2026年2月28日）净营收总额将在 13.132亿美元至13.487亿美元之间，同比增长11%至14%。受各业务线持续增长的推动，新东方上调了 2026财年全年净营收预期。 ...

新东方教育科技集团公布财报，2026财年第二季度（截至2025年11月底止季度）净营收11.9亿美元，同 比增长14.7%；净利润4545万美元，同比增长42.3%；调整后每ADS收益0.45美元。 (本文来自第一财经) ...