Core Viewpoint - The financial market is anticipating the Federal Reserve's interest rate decision, with expectations of maintaining the current rate range of 4.25% to 4.5% for the fifth consecutive meeting [1][2]. Interest Rate Expectations - According to CME's "FedWatch," the probability of the Federal Reserve maintaining rates in July is 97.4%, while the probability of a 25 basis point cut is 2.6%. For September, the probability of maintaining rates is 34.6%, with a cumulative 25 basis point cut probability of 63.7% and a 50 basis point cut at 1.7% [2]. Market Reactions - Prior to the Federal Reserve's announcement, President Trump reiterated calls for rate cuts, stating "the Fed must lower rates" [3][9]. - As of 23:00, U.S. stock indices showed mixed results, with the Nasdaq China Golden Dragon Index down by 1% [4][11]. - The U.S. dollar experienced a sharp increase, while gold prices fell below $3,300 [5][6]. Company Performance - New Oriental's stock saw a decline of over 10% at one point, with a subsequent narrowing of losses to 4.58%. The company reported a 73.7% year-on-year decrease in net profit for Q4 of fiscal year 2025 [10][13]. - New Oriental's Q4 revenue increased by 9.4% to $1.243 billion, but the significant drop in net profit was primarily due to a $60.3 million goodwill impairment. Excluding the Oriental Selection business, core education revenue grew by 18.7% to $1.09 billion [13][15]. - For the fiscal year 2025, New Oriental's revenue grew by 13.6% to $4.9 billion, with net profit increasing by 20.1% to $372 million. The company expects revenue for fiscal year 2026 to be between $5.15 billion and $5.39 billion, reflecting a year-on-year growth of 5% to 10% [15]. Sector Trends - The automotive sector showed weakness, with companies like Li Auto and NIO experiencing declines of over 3% [16].

Market Overview - US stock markets opened slightly higher with the Dow Jones, Nasdaq, and S&P 500 indices showing minor gains [4] - The US dollar index experienced a sudden increase, while spot gold prices fell below $3300 [1] Federal Reserve and Economic Outlook - The Federal Reserve is expected to announce its interest rate decision, with a 98% probability of maintaining the benchmark rate between 4.25% and 4.5% [6] - The US Commerce Department's preliminary estimate indicates a 3.0% annual growth in real GDP for Q2 2025 [6] Company Performance - New Oriental reported a 9.4% year-over-year increase in Q4 net revenue to $1.243 billion, but net profit dropped 73.7% to $7.1 million due to a $60.3 million goodwill impairment [10] - Excluding the Oriental Selection business, core education revenue reached $1.09 billion, reflecting an 18.7% growth [10] - For the fiscal year 2025, New Oriental anticipates a 13.6% revenue increase to $4.9 billion and a 20.1% rise in net profit to $372 million [10] - The company projects fiscal year 2026 revenue between $5.15 billion and $5.39 billion, representing a 5% to 10% growth [10] - In the automotive sector, shares of Li Auto and NIO fell over 3% [10] Stock Movements - Wingstop shares surged nearly 28%, LendingClub rose nearly 17%, and other notable gains included Tarrytown and Weifu Group, which increased over 15% and 13% respectively [5] - Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index down 0.86% [8]

公司给出的2026财年一季度及全年指引相对保守。Q1营收指引为同比增长2%-5%，全年指引为5%-10%，低于当前核心业务的增长势头。公司美 股股价下跌8.3%。 30日，新东方公布截至2025年5月31日止第四季度及年度的未经审核财务业绩： | | 2025 財年 | 2024 財年 | | | --- | --- | --- | --- | | (以千美元計,惟每 ADS 數據"除外) | 第四季度 | 第四季度 | 同比變化 | | 淨營收 | 1.243.155 | 1.136.679 | 9.4% | | 經營(虧損)/利潤 | (8,674) | 10, 527 | -182.4% | | Non-GAAP 經營利潤(2(3) | 81. 678 | 37.769 | 116. 3% | | 新東方股東應佔淨利潤 | 7.100 | 26, 972 | -73.7% | | 新東方股東應佔 Non-GAAP 淨利潤 (3) | 98.083 | 61.539 | 59. 4% | | 新東方每 ADS 應佔淨利潤-基本 | 0. 04 | 0. 16 | -72.6% | | 新東方每 ADS 應 ...

本文源自：智通财经网 2025年财年，该集团取得净营收49亿美元，同比增加13.6%;新东方股东应占净利润3.72亿美元，同比增 加20.1%;新东方每ADS应占基本净利润2.29美元。 周三，新东方(EDU.US)开盘跌超10%，逼近年内低点，报41.75美元。消息面上，新东方发布截至2025 年5月31日止第四季度业绩，该集团取得净营收12.43亿美元，同比增加9.4%;新东方股东应占净利润710 万美元，同比减少73.7%;新东方每ADS应占净利润0.04美元。 ...

道指期货跌0.02%，标普500指数期货涨0.04%，纳指期货涨0.11%。 | 标普500期货小型 | 6408.75 d | 2.75 0.04% | | --- | --- | --- | | 纳斯达克100期货小型 23477.00d 25.00 0.11% | | | | 纳斯达克100期货微型 23477.25 d 25.25 | | | | 道琼斯期货小型 | 44808d | -8 -0.02% | 21:16 欧洲主要股指涨跌不一 21:20 美股三大期指涨跌不一 21:30 美股盘前丨三大指数小幅高开新东方跌逾10% 德国DAX指数涨0.09%，法国CAC40指数涨0.46%，英国富时100指数跌0.17%。 美股三大指数小幅高开，道指涨0.05%，纳指涨0.19%，标普500指数涨0.11%。美国FDA出现重大人事 变动，生物制药公司REPLIMUNE涨逾70%，CAPRICOR THERAPEUTICS涨逾15%，萨雷普塔涨逾 10%。星巴克涨逾5%，2025财年第三季度营收超预期。新东方跌逾10%，2025财年第四季度净利润同比 大幅减少。 | 名称 | 现价 | 涨跌 | 涨跌幅 ...

2025年财年，该集团取得净营收49亿美元，同比增加13.6%;新东方股东应占净利润3.72亿美元，同比增 加20.1%;新东方每ADS应占基本净利润2.29美元。 智通财经APP获悉，周三，新东方(EDU.US)开盘跌超10%，逼近年内低点，报41.75美元。消息面上， 新东方发布截至2025年5月31日止第四季度业绩，该集团取得净营收12.43亿美元，同比增加9.4%;新东 方股东应占净利润710万美元，同比减少73.7%;新东方每ADS应占净利润0.04美元。 ...

| | 2025 財年 | 2024 財年 | | | --- | --- | --- | --- | | (以千美元計,惟每 ADS 數據(除外) | 第四季度 | 第四季度 | 同比變化 | | 淨營收 | 1.243.155 | 1. 136. 679 | 9. 4% | | 經營(虧損)/利潤 | (8.674) | 10, 527 | -182.4% | | Non-GAAP 經營利潤 200 | 81.678 | 37,769 | 116. 3% | | 新東方股東應佔淨利潤 | 7. 100 | 26, 972 | -73.7% | | 新東方股東應佔 Non-GAAP 淨利潤2(3) | 98. 083 | 61.539 | 59. 4% | | 新東方每 ADS 應佔淨利潤-基本 | 0. 04 | 0. 16 | -72. 6% | | 新東方每 ADS 應佔淨利潤-攤薄 | 0. 04 | 0. 16 | -72.8% | | 新東方每 ADS 應佔 Non-GAAP 淨利潤-基本(2000) | 0. 62 | 0. 37 | 65. 9% | | 新東方每 ADS 應佔 Non-GA ...

Market Overview - The three major U.S. stock indices opened slightly higher, with the Dow Jones up 0.05%, Nasdaq up 0.19%, and S&P 500 up 0.11% [1] - The Dow Jones Industrial Average is currently at 44,654.91, with a gain of 21.92 points [2] - Nasdaq index stands at 21,137.01, increasing by 38.72 points [2] - S&P 500 index is at 6,376.30, up by 5.44 points [2] Company Performance - Starbucks shares rose over 5% after reporting third-quarter revenue for fiscal year 2025 that exceeded expectations [1] - New Oriental Education shares fell over 10%, with a significant year-on-year decrease in net profit for the fourth quarter of fiscal year 2025, reporting a net profit of $7.1 million, down 73.7% [12] Economic Indicators - The U.S. second-quarter GDP annualized preliminary growth rate is reported at 3%, compared to a decrease of 0.5% in the first quarter [8] - The ADP employment report for July indicates an increase of 104,000 jobs, a recovery from a previous decrease of 33,000 jobs [10] Currency and Trade - The U.S. Dollar Index (DXY) rose over 10 points, currently at 99.24, while the EUR/USD pair fell below 1.15, down 0.38% [7] - Trump announced that India will pay a 25% tariff starting August 1, along with penalties for purchasing goods from Russia [11]

Group 1 - U.S. stock indices opened slightly higher, with Dow Jones up 0.05%, Nasdaq up 0.19%, and S&P 500 up 0.11% [1] - New Oriental's net profit for Q4 FY2025 decreased by 73.7% year-on-year, leading to a drop of over 10% in its stock price [1] - Starbucks saw a stock increase of over 5% after reporting third-quarter revenue that exceeded expectations [1] Group 2 - Novo Nordisk's stock fell over 5% in pre-market trading after a significant drop of 21% the previous day, as new CEO Lars Fruergaard Jørgensen failed to reassure investors [2] - Apple has lost four AI researchers to Meta in a month, with the latest departure being multimodal AI researcher Bowen Zhang [2] Group 3 - LG Energy Solution secured a supply contract for lithium iron phosphate (LFP) batteries worth 5.9442 trillion KRW (approximately $4.3 billion), which represents 23.2% of its projected 2024 sales [3] - The customer behind the $4.3 billion contract is reportedly Tesla, although LG did not disclose the client's identity [3] Group 4 - Starbucks reported its first same-store sales growth in China in a year and a half, despite a global decline in same-store sales for six consecutive quarters [4]

Financial Data and Key Metrics Changes - Total net revenue for Q4 2025 increased by 18.7% year over year, driven by the expansion of new ventures [6][7] - Non-GAAP operating margin reached 6.5%, a year-over-year improvement of 410 basis points [7] - Net income attributable to New Oriental for the quarter was $7.1 million, representing a 73.7% decrease year over year [19] - Non-GAAP net income attributable to New Oriental was $98.1 million, a 59.4% increase year over year [19] Business Line Data and Key Metrics Changes - Overseas test prep business recorded a revenue increase of 15% year over year [7] - Overseas studies consulting business reported an 8% revenue increase year over year [7] - Adults and university students business saw a 17% revenue increase year over year [7] - New educational business initiatives reported a revenue increase of 33% year over year [9] - Integrated tourism-related business line recorded a revenue increase of about 71% year over year [9][10] Market Data and Key Metrics Changes - The top 10 cities contributed over 60% of the nonpayment tutoring business revenue [8] - The top 10 cities contributed over 50% of the intelligent learning system and device business revenue [9] - Domestic and international study tours and research camps were conducted across 55 cities, with the top 10 cities contributing over 50% of the revenue [10] Company Strategy and Development Direction - The company is focusing on enhancing operational consistency and driving long-term value creation [6] - Continued investments in AI and new educational initiatives are aimed at improving learning outcomes and operational efficiency [11][13] - The company is committed to a three-year shareholder return plan, allocating at least 50% of net income to dividends and share repurchases [24][82] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for fiscal year 2026, expecting total net revenue growth of 5% to 10% [22] - The company anticipates revenue growth acceleration starting in Q2 2026, despite a conservative Q1 outlook due to high base comparisons and economic factors [23][32] - Management acknowledged challenges from the economic environment and international relations affecting overseas business [44] Other Important Information - The company invested $28 million in upgrading its OMO teaching platform during the quarter [11] - Goodwill impairment of $58.3 million was recorded, compared to nil in the same period of the prior fiscal year [18] Q&A Session Summary Question: Can you provide more details on Q1 and full year guidance? - Management noted that Q1 guidance reflects a conservative approach due to economic conditions and high base comparisons from the previous year [28][29] Question: What is the basis for the shareholder return program? - The program is based on GAAP net income, and future guidance will include the Easter buy business [36][37] Question: What are the reasons for revenue deceleration? - Revenue slowing is attributed to economic conditions and increased competition, particularly in the K-12 sector [44][45] Question: How will margin trends look for FY '26? - Management expects margin expansion due to cost control measures implemented since March [55][66] Question: What is the plan for capacity expansion in learning centers? - The company plans to monitor capacity expansion closely, aligning it with revenue growth [67][68] Question: How is the summer enrollment looking? - Demand is slightly lower than expected, but retention rates are improving [97][100]