校企联盟高校授牌仪式 2025年8月5日，由新东方教育科技集团主办的第三届人才联合培养与校企联盟合作大会在河南郑州举 行。本次大会以"携手产学研用，共育时代英才"为主题，汇聚国内近百所高校代表、行业专家和企业负 责人，共同探讨技术变革与产业升级背景下高校毕业生就业的新路径，深化校企合作机制，为促进高质 量充分就业提供创新解决方案。 聚焦就业新挑战 新东方教育科技集团执行总裁兼首席财务官杨志辉介绍，历经32年创新发展，新东方已形成涵盖教育服 务、生活服务、文旅服务三大领域的业务格局，并将在未来继续进行业务创新拓展，开辟更加多元、优 质的就业岗位，为青年人才提供广阔的发展空间。 高校毕业生就业协会副会长、沈阳师范大学原副校长刘铸在大会致辞中表示，当前我国经济社会发展进 入战略机遇和风险挑战并存的新阶段，人口老龄化、区域人口增减分化以及经济数字化转型等趋势对就 业的影响逐步加深，结构性就业矛盾日益凸显。他认为，当务之急是建立高校学科专业结构动态调整机 制和"招培就"一体工作模式。而依托校企联盟促进供需对接，是推动高等教育供给侧结构性改革、解决 毕业生就业问题的重要途径。 "就业问题关乎莘莘学子未来的人生之路。新东方 ...

Group 1 - New Oriental reported FY2025 Q4 net revenue of $1.24 billion, a 9.4% increase, with an operating loss of $8.67 million and a net profit of $7.1 million, down 73.7% [1] - Non-GAAP operating profit reached $81.68 million, up 116.3%, and Non-GAAP net profit was $98.08 million, up 59.4% [1] - For FY2026 Q1, net revenue is expected to be between $1.464 billion and $1.507 billion, representing a growth of 2% to 5% [1] Group 2 - The core education business showed a recovery in profitability, with a gross margin of 54.2%, up 2 percentage points, while the operating profit margin was -0.7%, down 2 percentage points due to a one-time goodwill impairment of approximately $60 million [2] - Non-GAAP operating profit margin was 6.6%, up 3 percentage points, and excluding Oriental Selection, the Non-GAAP operating profit margin was 6.5%, up 4.1 percentage points [2] - The company is expected to experience a stable growth phase in its education business, with a three-year shareholder return plan to distribute at least 50% of the previous fiscal year's net profit to shareholders [2] Group 3 - As a leading player in the industry, New Oriental's advantages are highlighted in the current supply-demand landscape, despite challenges in overseas-related and cultural tourism businesses [3] - The company forecasts net profits of $490 million, $540 million, and $600 million for FY2026, FY2027, and FY2028, respectively, with Non-GAAP net profits of $550 million, $600 million, and $660 million [3] - The investment rating is maintained at "Buy" due to the anticipated steady growth of the education business alongside network capacity expansion [3]

Core Insights - The report highlights the implementation of free preschool education in China starting from the autumn semester of 2025, aiming to enhance the quality of educational services [1] - The policy will exempt public kindergarten fees for the last year of preschool education and provide similar fee reductions for private kindergartens, thereby increasing enrollment rates [1][2] - The government aims to improve the gross enrollment rate in preschool education, which is currently at 92%, through financial support and dynamic regulation of kindergartens [1] Financial Implications - In 2023, preschool education accounted for approximately 6.2% of fiscal expenditures, and with the joint financial support from central and local governments, funding for preschool education is expected to increase [2] - The central government will cover 80% of costs for the first tier of kindergartens, 60% for the second tier, and 50% for the third to fifth tiers, effectively reducing the financial burden on families [1] Investment Opportunities - The report suggests that the free preschool education policy will boost education-related stocks in the short term and may improve birth rates in the long term, benefiting the education sector [4] - Recommended investment targets include K9 related companies such as Excellence Education Group (3978.HK), New Oriental (EDU.N/9901.HK), and TAL Education Group (TAL.N) [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The core education business is showing a recovery in profitability, with a significant increase in Non-GAAP operating profit and net profit for FY2025Q4. The company is also implementing a three-year shareholder return plan, committing to distribute at least 50% of the previous fiscal year's net profit to shareholders through dividends and/or share buybacks [3][4]. - The company is expected to achieve steady growth in its core education business despite challenges in overseas-related services and tourism business. The forecasted net profit for FY2026 is projected to be between $492 million and $544 million, with Non-GAAP net profit expected to be between $550 million and $660 million for FY2026 [4][5]. Financial Summary - For FY2025Q4, the company reported a net revenue of $1.24 billion, a year-on-year increase of 9.4%. The operating loss was $8.67 million, while the net profit attributable to shareholders was $7.10 million, a decrease of 73.7%. Non-GAAP operating profit was $81.68 million, an increase of 116.3%, and Non-GAAP net profit was $98.08 million, an increase of 59.4% [1][2]. - The gross margin for FY2025Q4 was 54.2%, up by 2 percentage points, while the Non-GAAP operating margin was 6.6%, an increase of 3 percentage points [3]. - The company expects FY2026Q1 net revenue to be between $1.464 billion and $1.507 billion, representing a growth of 2% to 5% [1][4]. Business Segments - Excluding self-operated products and live e-commerce, the net revenue for FY2025Q4 grew by 18.7%. The overseas examination and consultation services grew by 14.6% and 8.2%, respectively, while domestic examination services for adults and college students increased by 17.0%. New educational businesses saw a growth of 32.5% [2][3]. - The number of registrations for non-subject tutoring reached 918,000, an increase of 4.9%, and the active paid users of the intelligent learning system and devices reached 255,000, a growth of 36% [2].

Group 1 - First Beijing Investment Limited increased its stake in New Oriental Education Technology (09901.HK) by purchasing 2.9286 million shares at an average price of HKD 35.4603 per share, totaling approximately HKD 104 million [1] - Following the purchase, First Beijing Investment Limited's total shareholding rose to 136,958,520 shares, increasing its ownership percentage from 7.90% to 8.07% [1]

Core Viewpoint - The company has undergone significant changes in its board of directors and management team, including the election of a new chairman and the appointment of new senior management personnel, which may impact its governance structure and operational direction [1][2][5]. Group 1: Board of Directors Changes - The company held its sixth board meeting on August 4, 2025, where it accepted the resignation of the chairman, Xu Guangbin, who will continue as a board member [1][2]. - Zhuang Shengxin was elected as the new chairman of the sixth board, representing the company in executing its affairs [2][19]. - The board also adjusted the members of its specialized committees to enhance governance, with the new committee members serving the same term as the sixth board [3][21]. Group 2: Senior Management Appointments - The board appointed Han Yuchen as the new vice president and Zeng Guangfeng as the board secretary, both of whom will serve for the same term as the sixth board [5][23]. - Han Yuchen has a background in investment management and previously served as the general manager of the capital market department within the company [8]. - Zeng Guangfeng has held various positions within the company and possesses a board secretary qualification certificate [9]. Group 3: Shareholder Equity Changes - The company reported a change in equity ownership, with its major shareholder, Jiangsu Teliang New Materials Technology Co., Ltd., and its action-in-concert party, Wuxi Hongsheng Dingrong Investment Management Partnership, increasing their holdings to a combined total of 20,129,603 shares, representing 10% of the company [11][14]. - This change in equity may lead to a potential shift in the company's controlling shareholder and actual controller [12][16].

智通财经APP获悉，香港联交所最新资料显示，7月30日，First Beijing Investment Limited增持新东方- S(09901)292.86万股，每股作价35.4603港元，总金额约为1.04亿港元。增持后最新持股数目约为1.37亿 股，最新持股比例为8.07%。 ...

香港联交所最新资料显示，7月30日，First Beijing Investment Limited增持新东方-S(09901)292.86万股， 每股作价35.4603港元，总金额约为1.04亿港元。增持后最新持股数目约为1.37亿股，最新持股比例为 8.07%。 ...

Core Viewpoint - The event led by Yu Minhong, founder of New Oriental Education Group and CEO of Dongfang Zhenxuan, aimed to promote cultural heritage through an immersive live-streaming experience at the Zhaojun Museum in Hohhot, highlighting the historical significance of Wang Zhaojun and the concept of "heqin" (marriage alliance) in Chinese culture [1][3]. Group 1 - The Zhaojun Museum is China's first specialized exhibition hall themed on "heqin," housing the ancient tomb of Wang Zhaojun, which dates back over 2,000 years [3]. - The museum employs modern technologies such as 5D cinema, AR interaction, and digital projection maps to vividly present the historical narrative of marriage alliances during the Han, Tang, Ming, and Qing dynasties [3]. - Yu Minhong expressed the importance of Wang Zhaojun's story in Chinese culture, emphasizing that every individual growing up in this culture should be aware of it [3]. Group 2 - The live-streaming event included a performance of the dance drama "Zhaojun," which combines classical dance and wrestling dance to portray the emotional meeting between Zhaojun and the Xiongnu chieftain [3]. - The performance was well-received, with attendees praising the unique dance styles, exquisite ethnic costumes, and engaging storyline, describing the venue as a "sea of songs and a palace of dance" [5]. - The "Yu You Tong Xing" live-streaming team visited multiple cultural sites, including the Dashengkui Museum and Fengzhou Ancient City Museum, contributing to the cultural promotion and tourism boom in Hohhot [7].

一家长发帖称，夏令营为新东方文旅集团组织。 8月4日，记者采访了新东方文旅集团。工作人员向记者透露，确有此事，他们也在8月3日联系了发文的家长，向其告知了处理情况："我们内部已严肃处 理当天查房老师，跟酒店那边强调绝不可以让学生私下点外卖，也已和点外卖的学生家长沟通过，以后一定会加倍注意孩子的管理和重视安全问题。" 该工作人员还透露，发帖家长的孩子并没有参与饮酒，公司承诺今后会加强管理工作，严禁参营的孩子私自订购外卖以及饮酒。"在管理层面，我们确实 存在不够严格的情况，后续会积极改进，为孩子带去更好的体验。"该工作人员说。对于此种处理方式，参营孩子的家长是否满意？记者尚未得到该家长 回复。 对此，有网友认为："夏令营对学生的管理存在疏忽。" 近日，一则"未成年学生在参加夏令营过程中聚众饮酒"的社媒文章引发广泛关注。 也有网友表示："与其追究夏令营，不如先找卖酒的人。" 还有网友认为，家长应该从自身找原因。 我国法律明确规定未成年人（未满18周岁）禁止饮酒，且商家不得向未成年人销售烟酒及含酒精饮料，违者将面临最高50万元罚款等行政处罚。 《中华人民共和国未成年人保护法》（2024年修正）第三十七条和第五十九条明 ...