【新东方-S（9901.HK）】出国业务降速拖累FY26Q1收入预期，3年期分红计划提升股东回报—FY25Q4业绩点评（陈彦彤）

Core Viewpoint - New Oriental's FY25Q4 net revenue reached $1.243 billion, a year-on-year increase of 9.4%, while the net profit attributable to shareholders was $7.1 million, a decrease of 73.7% [4] Group 1: Financial Performance - FY25Q4 core education business maintained stability with net revenue (excluding self-operated products and live e-commerce) at $1.0885 billion, up 18.7% year-on-year, exceeding previous guidance [5] - The company expects FY26Q1 overall net revenue to be between $1.464 billion and $1.507 billion, representing a year-on-year growth of 2%-5% [6] - FY25Q4 operating profit margin was -0.7%, down from 0.9% in the same period last year, primarily due to a one-time goodwill impairment of $60.3 million in the kindergarten business [7] Group 2: Business Segments - In FY25Q4, the overseas examination preparation business revenue grew by 14.6%, and the overseas consulting business revenue increased by 8.2% [5] - The new education business saw a revenue increase of 32.5% year-on-year, with approximately 918,000 registrations and 255,000 active paying users for smart learning systems [5] - The company announced a three-year shareholder return plan, intending to return 50% of the previous fiscal year's net profit to shareholders through dividends or buybacks [6] Group 3: Future Outlook - Despite a significant slowdown in revenue growth for the overseas business and increased competition, the profitability from the Oriental Selection is expected to positively contribute to overall earnings [8] - The company aims to improve overall profit margins in FY26Q1 through cost reduction and efficiency enhancement measures [8]