【新东方-S（9901.HK）】FY26Q2 业绩超预期增长，全年收入指引上调彰显信心 ——FY26Q2 业绩点评（陈彦彤/汪航宇/聂博雅）

Core Viewpoint - New Oriental reported a net revenue of $1.191 billion for FY26Q2, representing a year-on-year increase of 14.7%, and a net profit attributable to shareholders of $45.45 million, up 42.3% year-on-year [4][5]. Group 1: Business Performance - The company's revenue from overseas examination preparation increased by 4.1% year-on-year, focusing on core exam training needs [5]. - Revenue from domestic examination preparation for adults and college students grew by 12.8% year-on-year, maintaining a steady growth trend [5]. - New business revenue rose by 21.6% year-on-year, with non-subject tutoring services operating in approximately 60 cities and attracting around 1.058 million registrations [5]. - The Oriental Selection segment achieved revenue of 2.3 billion RMB in the six months ending November 30, 2025, a year-on-year increase of 5.7%, and turned a profit with a net profit of 239 million RMB [5]. Group 2: Financial Guidance and Shareholder Returns - The company expects overall net revenue for FY26Q3 to be between $1.31 billion and $1.349 billion, reflecting a year-on-year growth of 11%-14% [5]. - Full-year net revenue guidance for FY26 has been raised to $5.292 billion to $5.488 billion, indicating a year-on-year growth of 8%-12% [5]. - The board has approved a cash dividend of $0.12 per share (equivalent to $1.20 per ADS) and initiated a $300 million share buyback program, demonstrating management's confidence in future growth [5]. Group 3: Operational Efficiency - Non-GAAP operating profit for FY26Q2 was $89.13 million, a significant increase of 206.9% year-on-year, with an operating profit margin of 7.5%, up 4.7 percentage points [7]. - The improvement in profitability is attributed to a focus on core operations, avoiding blind expansion, and optimizing market expenditure [7]. - Cost reduction and efficiency enhancement measures are being implemented in two phases, with the first phase focusing on reducing unnecessary costs and the second phase leveraging organizational restructuring and AI technology [7].