Core Viewpoint - New Oriental's financial report for the fourth quarter and full year of fiscal year 2025 shows a revenue increase but a significant decline in net profit due to goodwill impairment [2][7]. Financial Performance - For the fourth quarter of fiscal year 2025, revenue was $1.243 billion, a year-on-year increase of 9.4%, while net profit was $7.1 million, down 73.7% [2][3]. - Excluding the Oriental Selection business, the fourth quarter revenue was $1.089 billion, up 18.7% year-on-year [2]. - For the entire fiscal year 2025, revenue reached $4.9 billion, a 13.6% increase, and net profit was $371.7 million, up 20.1% [3]. Business Segments - The overseas examination preparation and consulting businesses saw revenue growth of approximately 14.6% and 8.2% respectively in the fourth quarter [4]. - The growth rate of the overseas study business has slowed compared to previous quarters, with earlier growth rates of 18.8%, 21.1%, and 7.1% [5]. - New Oriental's new education business grew by 32.5% in the fourth quarter, with non-subject tutoring services expanding to nearly 60 cities [5]. Cost and Impairment - The significant drop in net profit was primarily due to a $60.3 million goodwill impairment related to kindergarten acquisitions made 8-10 years ago [7]. - Operating costs and expenses for the fourth quarter were $1.252 billion, an 11.2% increase year-on-year, with stock-based compensation expenses rising by 11% to $28.6 million [7]. Future Guidance - New Oriental expects a revenue growth rate of 2%-5% for the first quarter of fiscal year 2026 and 5%-10% for the entire fiscal year [7]. - The company has adjusted its business guidance to include the Oriental Selection business, which has undergone restructuring [8].
新东方四季度净利润降七成 此业务增6000万美元商誉减值