Core Insights - The company achieved a revenue of $1.523 billion in Q1 FY2026, representing a year-on-year increase of 6.1%, exceeding the previous forecast range of 5% [1] - Non-GAAP operating profit reached $336 million, up 11.3%, with a Non-GAAP operating margin improvement of 1 percentage point to 22% [1] - Deferred revenue stood at $1.907 billion, reflecting a 10% increase [1] Business Performance - The study abroad and university student segments outperformed expectations, while K12 business outlook remains positive [2] - K9 education new business revenue grew by 15%, with non-subject training participants at 530,000, up 10%, and active paid users for learning machines at 452,000, up 40% [2] - High school training revenue increased by 7%, impacted by scheduling and regional discounts; K12 business revenue is expected to accelerate in FY26Q2 [2] - Study abroad exam preparation and consulting revenue grew by 1% and 2% respectively, benefiting from improved external conditions [2] - University student business revenue increased by 14%, surpassing the previous growth expectation of 10% [2] Future Outlook - For FY2026Q2, the company expects net revenue growth of 9%-12%, maintaining a full-year guidance of 5%-10% growth [3] - A three-year shareholder return plan was announced, with plans to distribute approximately $190 million in cash dividends and a share buyback plan of up to $300 million [3] - The shareholder return plan corresponds to an estimated shareholder return rate of about 5.1% based on the latest market capitalization [3] Investment Recommendation - The company maintains a "better than market" rating due to its clear quality enhancement strategy, positive performance outlook, and attractive shareholder returns [4] - The core strategy of "enhancing capabilities and quality" aligns with the industry's shift towards prioritizing quality post-pandemic, reflected in the steady recovery of adjusted operating profit margins and improved K12 student retention rates [4] - Forecasts for adjusted net profits for FY2026-2028 are $430 million, $480 million, and $530 million, with corresponding P/E ratios of 23, 20, and 18 [4]

Core Viewpoint - Guosheng Securities reports that New Oriental Education's business fundamentals are stable, with positive guidance on K12 education business and profit margins starting from Q2 [1] Financial Performance - For FY2026 Q1 (June 1, 2025 - August 31, 2025), the company achieved net revenue of $1.523 billion, a year-over-year increase of 6.1%, exceeding the previous quarter's guidance of $1.464 to $1.507 billion [1] - Operating profit for the same period was $311 million, reflecting a year-over-year increase of 6.0% [1] - The net profit attributable to shareholders was $241 million, a year-over-year decrease of 1.9%, while Non-GAAP net profit attributable to shareholders was $258 million, a decrease of 1.6% [1] Future Outlook - The company has adjusted its profit forecast, expecting Non-GAAP net profit attributable to shareholders to reach $568 million, $642 million, and $707 million for FY2026-2028, representing year-over-year growth of 9.7%, 13.2%, and 10.0% respectively [1] - Starting from FY26, the company plans to allocate no less than 50% of its net profit attributable to shareholders for shareholder returns, as part of a three-year shareholder return plan [1] Shareholder Returns - On July 29, the company announced a plan to distribute approximately $190 million in cash dividends and approved a share repurchase plan of up to $300 million within the next 12 months [1]

Investment Rating - The report maintains an "Outperform" rating for the company [2][9]. Core Insights - The company's revenue for Q1 FY26 reached $1.523 billion, a year-on-year increase of 6.1%, with the education business (including cultural tourism) generating $1.366 billion, up 8.5% year-on-year [6]. - Non-GAAP operating profit was $336 million, reflecting an 11.3% increase, with a Non-GAAP operating margin of 22%, expanding by 1.1 percentage points year-on-year [6][8]. - The company announced a shareholder return plan, distributing $190 million in cash dividends and repurchasing up to $300 million in stock [6]. Revenue and Business Performance - The overseas examination training and consulting business generated $328 million in revenue, growing 1% year-on-year, but the growth rate slowed by 19 percentage points compared to the previous year [7]. - New business segments, including K9 non-academic training and learning machines, maintained high growth, with Q1 revenue increasing 15% to $403 million [7]. - The number of teaching locations increased to 1,347, a 24% year-on-year growth, continuing the trend of high expansion [7]. Profitability and Financial Forecast - The company expects Q2 FY26 revenue to grow by 9-12% year-on-year, which is higher than the full-year guidance of 5-10% growth [9]. - Revenue forecasts for FY26-FY28 have been revised upwards to $5.38 billion, $5.98 billion, and $6.73 billion, respectively [9]. - Non-GAAP net profit estimates for FY26-FY28 have also been increased to $555 million, $610 million, and $679 million, respectively [9]. Financial Data Summary - The projected revenue and net profit figures for FY24 to FY28 are as follows: - FY24 Revenue: $4.314 billion, Net Profit: $464 million - FY25 Revenue: $4.900 billion, Net Profit: $517 million - FY26E Revenue: $5.383 billion, Net Profit: $555 million - FY27E Revenue: $5.978 billion, Net Profit: $610 million - FY28E Revenue: $6.725 billion, Net Profit: $679 million [10][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Insights - The company reported a net revenue of $1.523 billion for FY26Q1, representing a year-on-year increase of 6.1%, exceeding previous guidance [2][3]. - The company expects FY26Q2 net revenue to be between $1.132 billion and $1.163 billion, reflecting a year-on-year growth of 9%-12% [3]. - A three-year shareholder return plan has been initiated, with at least 50% of the previous fiscal year's net profit allocated for shareholder returns, including a cash dividend of $190 million and a $300 million share buyback plan [3]. Revenue and Profitability - The core business showed steady growth, with the overseas examination preparation business growing by 1.0% and domestic examination preparation for adults and college students increasing by 14.4% [2]. - Non-GAAP operating profit for FY26Q1 was $336 million, up 11.3% year-on-year, with an operating profit margin of 22.0%, an increase of 1.0 percentage points [3]. Financial Forecasts - The company has adjusted its net profit forecasts for FY26 to FY28 downwards by 8%, now projecting $442 million, $514 million, and $582 million respectively [4]. - Corresponding EPS for FY26 to FY28 is expected to be $0.28, $0.33, and $0.37, with current P/E ratios of 22x, 19x, and 16x respectively [4].

Core Viewpoint - New Oriental has announced a shareholder return plan for the fiscal year 2026, which includes a cash dividend and a share buyback program [1] Group 1: Cash Dividend - The ordinary cash dividend is set at $0.12 per ordinary share or $1.20 per American Depositary Share, to be paid in two installments [1] - The total cash dividend expected to be distributed in two installments is approximately $190 million [1] Group 2: Share Buyback Program - The company plans to repurchase up to $300 million of its American Depositary Shares or ordinary shares within the next 12 months [1] - The board will regularly review the share buyback program and may authorize adjustments to its terms and scale [1] - The funds for the buyback are expected to come from the company's existing cash balance [1]

Group 1 - The company has announced a cash dividend and share buyback plan as part of its shareholder return program approved in July 2025 for the fiscal year 2026 [1] - The cash dividend will be $0.12 per ordinary share or $1.2 per American Depositary Share (ADS), to be paid in two installments [1] - The total cash dividend amount expected to be distributed in two installments is approximately $190 million [1] Group 2 - To qualify for the first dividend payment, ordinary shareholders must submit all valid share transfer documents by November 18, 2025 [2] - The company plans to repurchase up to $300 million of its ADS or ordinary shares within the next 12 months [2] - The repurchase may occur through various methods, including open market purchases and private negotiations, depending on market conditions and applicable laws [2]

Core Points - New Oriental Education & Technology Group Inc. announced a cash dividend and share repurchase plan as part of its shareholder return program for the fiscal year 2026 [1][2] - The cash dividend will be $0.12 per ordinary share or $1.2 per American Depositary Share, distributed in two installments [1] - The first installment of the dividend is expected to be paid on December 2, 2025, and the second installment approximately six months later [1] Dividend Details - The cash dividend will be paid in two phases: $0.06 per ordinary share for the first phase and the same amount for the second phase [1] - The record date for the first phase of the dividend is set for November 18, 2025 [1] Share Repurchase Plan - The company plans to repurchase up to $300 million of its American Depositary Shares or ordinary shares within the next 12 months [2] - The repurchase may occur through various methods, including open market purchases and private negotiations, depending on market conditions [2] - The funding for the repurchase is expected to come from the company's existing cash balance [2]

Group 1 - The company New Oriental-S (09901) announced a cash dividend and share repurchase plan as part of its three-year shareholder return plan approved in July 2025 for the fiscal year 2026 [1] - The cash dividend will be $0.12 per ordinary share or $1.2 per American Depositary Share (ADS), to be paid in two installments [1] - The total cash dividend amount expected to be distributed in two installments is approximately $190 million [1] Group 2 - To qualify for the first dividend payment, ordinary shareholders must submit all valid share transfer documents by November 18, 2025, at 4:30 PM [2] - The company plans to repurchase up to $300 million of its ADS or ordinary shares within the next 12 months, depending on market conditions and applicable laws [2] - The repurchase funds are expected to come from the company's existing cash balance [2]

Core Viewpoint - Midea Group is providing a "safety cushion" for investors against market uncertainties through strong Q2 earnings and generous shareholder returns [1] Financial Performance - Midea's Q2 revenue and profit increased by 11% and 15% year-on-year, surpassing market consensus by 1% and 6% respectively [1] - The company raised its full-year sales growth target from "mid-to-high single digits" to "high single digits to double digits" based on strong first-half performance [1][8] - Q2 gross margin contracted by 1.5 percentage points, but net profit margin expanded by 0.8 percentage points due to a 1 percentage point reduction in SG&A expenses and a 1.3 percentage point increase in other income [3] Shareholder Returns - Midea announced an attractive shareholder return plan aiming for a total return rate of 6-7%, including a 15% interim dividend and a commitment to a 70% annual payout ratio [1] - The company also plans a stock buyback program totaling between 6.5 billion to 13 billion RMB by 2025 [1] Market Dynamics - Domestic sales growth accelerated from 10% in Q1 to 15% in Q2, driven by a hot summer and a favorable competitive landscape, with air conditioning sales up 25% [5] - In contrast, overseas sales growth sharply slowed from over 30% in Q1 to low single digits in Q2, attributed to preemptive inventory stocking and tariff fluctuations [6] Business Segmentation - Midea's industrial technology segment, contributing 26% to total sales, is emerging as a second growth engine, with Q2 sales up 16% year-on-year [7] - The industrial technology business includes smart building services (up 28%), new energy (up 15%), and robotics and automation (up 8%) [7] Analyst Ratings and Price Target - JPMorgan raised Midea's target price from 80 RMB to 82 RMB and maintained a "neutral" rating, citing the robust shareholder return plan as a strong support for the stock price [1][9] - The bank adjusted its earnings forecasts for 2025 and 2026 upwards by approximately 3% due to improved sales projections [8]

Core Viewpoint - The company, 万物新生 (RERE.US), has achieved its fastest revenue growth in two years, with a 32% year-on-year increase in Q2, driven by an expanding offline store network and a focus on enhancing customer experience in second-hand transactions [1][2][7]. Revenue Growth - In Q2, the company's revenue reached RMB 49.9 billion, marking a 32.2% increase compared to the previous year, with product sales revenue growing by 34% to RMB 45.6 billion [7]. - The high-margin direct sales business saw a remarkable revenue growth of 63.7%, increasing its share of product revenue from 28.2% to 34.4% [7]. - Service revenue also increased by 15.4% to RMB 4.33 billion, with non-electronic product services contributing nearly 15% to total service revenue [7]. Profitability - The company achieved GAAP operating profit for the fourth consecutive quarter, with Q2 operating profit reaching RMB 91.1 million and GAAP net profit of RMB 72.3 million, reversing a loss of RMB 10.7 million from the previous year [7][8]. Store Expansion - The company opened 206 new stores in Q2, bringing the total to 2,092 stores by the end of June, with plans to open an additional 569 stores in the second half of the year to meet its annual target of 800 new stores [7]. Shareholder Return Plan - A new three-year shareholder return plan was approved, committing to return no less than 60% of adjusted net profits through buybacks and dividends, with an estimated annual return of approximately USD 5.6 million based on Q2 adjusted net profit [8]. Market Position and Stock Performance - The company's stock has gained 57% this year, reaching a three-and-a-half-year high, and its market capitalization has surpassed USD 1 billion, placing it among the tech "unicorns" [6][7].