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） 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。 在會議開始前10分鐘內，您可以使用預先註冊時收到的確認電子郵件中提供的與會資訊 （包括撥入號碼及個人識別碼）。 1 （股份代號：9901） 董事會會議日期 董事會會議日期 New Oriental Education & Technology Group Inc.新東方教育科技（集團）有限公司*（「本公 司」）董事（「董事」）會（「董事會」）謹此公佈，董事會將於2025年10月27日（星期一）舉行會 議，藉以（其中包括）審批本公司截至2025年8月31日止三個月的未經審核業績（「業績」） 及其發佈。 我們將於 2025 年 10 月 28 日（星 期 二）（紐 約 時 間）美 國 市 場 開 市 前 在 香 ...

Core Viewpoint - The Nasdaq China Golden Dragon Index increased by 0.87% on October 9, indicating a positive trend in the performance of popular Chinese concept stocks [1] Company Performance - NIO saw a rise of over 4% [1] - New Oriental experienced an increase of over 3% [1] - Bilibili and Xpeng Motors both rose by over 2% [1] - iQIYI, however, declined by over 2% [1]

(2) 海外业务表现优于预期。管理层指引8月季度及2026财年海外收入将录得中个位数百分比跌幅，但非 美/英咨询及其他相关服务(占咨询收入约60%)增长有望超预期，部分抵消美国(双位数跌幅)与英国(温和 下跌)业务衰退。 美银证券发布研报称，将新东方-S(09901,EDU.US)2026至2027财年非通用会计准则每股盈利预测上调 4%及5%，主因海外业务收入跌幅少于预期且利润率提升。将目标价上调5%至45.4港元；新东方 (EDU.US)美股目标价升至58.2美元，重申"买入"评级。 基于下列潜在催化剂： (1) 股东回报潜在提升。考量公司持有48亿美元充裕现金及强劲自由现金流生成能力(2026至2028财年预 估达5亿至7亿美元)，当前派息比率相当于净利润50%(2025财年净利3.71亿美元)仍有大幅提升空间。若 实现100%派息率，2026财年股息率将达4.5%。 (4)利润率韧性显现。成本管控、K12与东方甄选利润率改善，加上文旅业务亏损缩窄，可望抵销海外业 务利润率压力，推动2026财年非通用会计准则营运利润率扩张。 (3) K9业务重新加速。受课程排期调整、重点城市线下服务暂停及地方小型机构价 ...

Core Viewpoint - Bank of America Securities has raised the target price for New Oriental-S (09901) to HKD 45.4, citing potential catalysts on the horizon, including improved overseas business performance and increased profit margins [1] Group 1: Earnings Forecast and Target Price Adjustment - The non-GAAP earnings per share forecast for the fiscal years 2026 to 2027 has been increased by 4% and 5% respectively, primarily due to a smaller-than-expected decline in overseas business revenue and improved profit margins [1] - The target price for New Oriental's U.S. stock has been raised to USD 58.2, maintaining a "Buy" rating [1] Group 2: Potential Catalysts - Shareholder returns are expected to improve, considering the company holds USD 4.8 billion in cash and has strong free cash flow generation capabilities projected to reach USD 500 million to USD 700 million from fiscal years 2026 to 2028. The current dividend payout ratio is equivalent to 50% of net profit, with significant room for increase. A 100% payout ratio in fiscal year 2026 would yield a dividend yield of 4.5% [2] - Overseas business performance is anticipated to exceed expectations, with management guiding for a single-digit percentage decline in overseas revenue for the August quarter and fiscal year 2026. Non-U.S./U.K. consulting and related services, which account for about 60% of consulting revenue, are expected to grow, partially offsetting declines in the U.S. (double-digit decline) and U.K. (moderate decline) [2] - The K9 business is expected to accelerate again, despite a potential slowdown in revenue growth for the August quarter due to course scheduling adjustments and competition from local small institutions. Growth is expected to resume in the November quarter as these negative factors dissipate [2] - Profit margin resilience is evident, with cost control measures, improved margins in K12 and Dongfang Zhenxuan, and a reduction in losses from the cultural tourism business expected to offset pressure on overseas business profit margins, driving an expansion in non-GAAP operating profit margins for fiscal year 2026 [2]

Core Viewpoint - Bank of America Securities has raised New Oriental's non-GAAP earnings per share forecast for the fiscal years 2026 to 2027 by 4% and 5% respectively, primarily due to a smaller-than-expected decline in overseas business revenue and an improvement in profit margins [1] Summary by Categories - **Earnings Forecast** - The non-GAAP earnings per share forecast for New Oriental for fiscal years 2026 and 2027 has been increased by 4% and 5% respectively [1] - **Revenue and Profitability** - The main reason for the earnings forecast adjustment is the overseas business revenue decline being less than anticipated, along with an increase in profit margins [1] - **Target Price Adjustment** - The target price for New Oriental's H-shares has been raised to 45.4 HKD, and the target price for its US shares has been increased to 58.2 USD [1] - **Investment Rating** - Bank of America Securities has reiterated a "Buy" rating for New Oriental [1] - **Potential Catalysts** - Potential catalysts for the stock include increased shareholder returns, better-than-expected performance in overseas business, a renewed acceleration in K9 business, and resilience in profit margins [1]

Group 1: Hong Kong Stocks - China Metallurgical Group (01618) rose nearly 7%, with institutions stating that the value of this resource-rich construction company needs urgent reassessment [1] - Rongchang Bio (09995) increased over 5%, as its innovative ophthalmic drug RC28 has been submitted for listing, following a partnership with Santen China [1] - Laikang Pharmaceutical-B (02105) surged nearly 6%, with a cumulative increase of 36% over the last three trading days, driven by positive preliminary results from the Phase I clinical MAD study of LAE102 [1] - UBTECH Robotics (09880) rose over 5%, with a report from CMB International recommending UBTECH as the top pick in the humanoid robot sector and raising its target price [1] - Innovent Biologics (09969) increased over 6%, as the company announced the first prescriptions for Tanshitumomab in several provinces [1] - BrainCo-B (06681) surged over 16%, benefiting from policy catalysts in the brain-computer interface industry, with its cognitive impairment digital therapy product having a first-mover advantage [1] - Yaoshi Bang (09885) rose over 10%, with high-margin business accelerating growth and POCT devices expected to see increased deployment in the second half of the year [1] - DCH Holdings (00179) fell over 7%, as Citigroup downgraded its investment rating from "Buy" to "Neutral," citing limited upside potential for the stock [1] - Minmetals Resources (01208) rose over 2%, planning to issue $500 million zero-coupon convertible bonds maturing in 2030 for overseas debt refinancing [1][2] Group 2: US Stocks - Alibaba (BABA.US) rose 4.65%, with Morgan Stanley reiterating an "Overweight" rating and raising the ADR target price from $165 to $200 [3] - Li Auto (LI.US) increased 3.57%, as the Li One officially commenced delivery at the Changzhou smart manufacturing base, with a report indicating that the i6 model's sales performance is expected to outperform the i8 [3] - JD.com (JD.US) rose 0.15%, announcing that the 2025 Double 11 shopping festival will start on October 9 at 8 PM, two days earlier than last year [3] - Xpeng Motors (XPEV.US) increased 1.76%, with the company announcing that the Xpeng MONA M03 has delivered a total of 180,000 units [3] - New Oriental (EDU.US) rose 4.38%, with a report indicating that the overall business development of the group is stabilizing [3] - Merus (MRUS.US) surged 35.97%, following an agreement with Danish biotech company Genmab for a cash acquisition at $97 per share [3] - Novo Nordisk (NVO.US) fell 0.20%, as Morgan Stanley downgraded its rating to "Sell" and reduced the target price from $99 to $47 [4] - MoonLake (MLTX.US) plummeted 89.93%, with trial results for its therapeutic drug falling far below expectations, leading to a significant target price cut by RBC [4] - TSMC (TSM.US) fell 0.05%, reaffirming that it has not engaged in discussions regarding potential investments or collaborations with any companies [4] - Micron Technology (MU.US) rose 4.22%, with Morgan Stanley predicting that the storage industry price increase cycle may continue into next year [4]

Group 1: U.S. Film Industry and Tariff Policy - President Trump stated that the U.S. film industry is being "stolen" by other countries and announced a proposal to impose a 100% tariff on films produced outside the U.S. [1] - The announcement led to a decline in stock prices for major companies like Netflix and Warner Bros. [1] Group 2: U.S. Government Funding and Potential Shutdown - The U.S. government is facing a funding deadline, with both parties in Congress showing significant disagreement on budget negotiations [2][5] - If an agreement is not reached by the deadline, the government will run out of funds, leading to potential furloughs for hundreds of thousands of workers and the shutdown of many public services [6] Group 3: Market Reactions and Economic Indicators - U.S. stock markets saw a collective rise, with the Dow Jones increasing by 0.15%, the S&P 500 by 0.26%, and the Nasdaq by 0.48% [8] - The technology sector showed mixed results, with Nvidia rising by 2.07% and Apple falling by 0.4% [10] - The copper and metals sector experienced significant gains, with Hudbay Minerals rising by 7.42% [13] Group 4: International Commodity Prices - International gold prices surged, with COMEX gold futures rising by 1.42% to $3862.9 per ounce, while oil prices fell, with WTI crude oil futures dropping by 3.45% to $63.45 per barrel [16]

Core Viewpoint - The US stock market showed collective gains on September 29, with the Dow Jones, S&P 500, and Nasdaq indices rising, despite previous week weaknesses attributed to concerns over AI-related investments and potential tariffs on foreign films [1][2]. Market Performance - The Dow Jones index closed at 46,316.07, up 0.15% (+68.78 points) - The S&P 500 index closed at 6,661.21, up 0.26% (+17.51 points) - The Nasdaq composite index closed at 22,591.15, up 0.48% (+107.09 points) - The previous week saw the S&P 500 index experience its worst weekly performance since August 1, while the Nasdaq had its weakest week since early August [1][2]. AI and Market Sentiment - Concerns regarding the sustainability of AI infrastructure collaborations between Nvidia and OpenAI have put pressure on the market - Barclays' US equity strategy head, Venu Krishna, noted that capital expenditures in the AI sector continue to drive market momentum, with no signs of slowing down - Other sectors are expected to benefit from the AI infrastructure spending wave, particularly given the high weighting of the technology sector in the S&P 500 [2]. Tariff Implications - Hargreaves Lansdown's chief investment strategist, Emma Wall, highlighted that the impact of tariffs on inflation has not yet been fully reflected in data, and further tax increases could heighten price pressures - Trump's proposal to impose 100% tariffs on films produced outside the US has raised concerns among investors [3][4]. Federal Government Shutdown Concerns - The potential for a federal government shutdown is causing market anxiety, particularly regarding delays in key economic data releases that could obscure the Federal Reserve's interest rate outlook - Historical data suggests that government shutdowns have minimal direct impact on markets, but uncertainty surrounding economic indicators could dampen market sentiment [4]. Technology Sector Performance - Major tech stocks showed mixed results, with Nvidia up 2.07%, Microsoft up 0.61%, while Apple fell 0.4% and Google down 1.14% - The Philadelphia Semiconductor Index reached a historical high during the day but closed up only 0.16% - Micron Technology rose 4.22% due to reports of shortages in the DRAM and NAND flash memory markets, with expectations of price increases in the upcoming quarters [5][6]. Notable Stock Movements - Seagate Technology rose 5.35% and Western Digital increased by 9.23%, following a significant price target upgrade from Morgan Stanley, citing a recent demand turnaround - The copper and metals sector saw strong performance, with Hudbay Minerals up 7.42% and Ero Copper up 7.14% - Electronic Arts (EA) rose 4.5% after announcing a final acquisition agreement valuing the company at $55 billion [7]. Chinese Stocks Performance - The Nasdaq Golden Dragon China Index increased by 2.03%, with notable gains in several Chinese stocks, including Xiaoma Zhixing up 7.32% and Alibaba up 4.65% [8].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603110 证券简称：东方材料 公告编号：2025-064 新东方新材料股份有限公司 关于召开2025年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ●会议召开时间：2025 年10 月16 日（星期四）下午13:00-14:00 ●会议召开地点：上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 ●投资者可于2025 年10 月9日（星期三）至10 月15日（星期三）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱：ir@chinaneweast.com进行提问。公司将在说明会上对投资者普遍 关注的问题进行回答。 新东方新材料股份有限公司（以下简称"公司"）已于2025年8月28日发布公司2025 年半年度报告，为便 于广大投资者更全面深入地了解公司2025年半年度经营成果、财务状况，公司计划于2025年10月16日 ...

热门中概股周一多数上涨，纳斯达克中国金龙指数涨2.03%。迅雷涨超9%，哔哩哔哩、阿里巴巴、新东 方、搜狐、网易有道涨超4%，理想、京东涨超3%，百度、网易、蔚来涨超2%，小鹏涨超1%。 来源：滚动播报 ...