新东方：Soft consumption weighs on demand for high-ASP businesses; intact long-term outlook

24 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update New Oriental (EDU US) Soft consumption weighs on demand for highASP businesses; intact long-term outlook New Oriental announced 1QFY25 results on 23 Oct: net revenue grew by 30.5% YoY to US$1,435mn (or +33.5% YoY if excluding East Buy revenue), in line with our/consensus estimate of US$1,396mn/1,442mn; non-GAAP net income grew by 39.8% YoY to US$265mn, largely in line with our/consensus estimate of US$256/258mn, ...