公司预计FY26Q2整体净营收将在11.32亿美元至11.63亿美元之间，同比增长9%-12%，增速较Q1有所回 升。公司维持FY26全年净营收指引为51.45亿美元至53.90亿美元，同比增长5%-10%。此外，公司宣布 启动一项为期三年的股东回报计划，拟将不低于上一财年归母净利润的50%用于回馈股东，并已批准派 发1.9亿美元现金股息及启动3亿美元的股份回购计划，彰显管理层对未来发展的信心。 智通财经APP获悉，光大证券发布研报称，考虑到行业竞争加剧以及业务基数提升，下调新东方- S(09901)2026-2028财年归母净利润预测分别至4.42/5.14/5.82亿美元(分别下调8%/8%/8%)，对应2026- 2028财年EPS分别为0.28/0.33/0.37美元，当前股价对应PE分别为22x/19x/16x，公司为教育培训行业龙 头，行业需求仍较旺盛，该行维持"增持"评级。 光大证券主要观点如下： 事件：FY26Q1新东方实现净营收15.23亿美元，同比+6.1%;实现归母净利润24.07万美元，同比-1.9%;实 现Non–GAAP归母净利润2.58亿美元，同比-1.6%。FY26Q1核心业务 ...

Core Insights - New Oriental Education Technology Group reported a revenue increase of 13.6% year-on-year for the fiscal year 2025, reaching $4.9 billion, while net profit grew by 20.1% to $372 million [2][3] - However, the company experienced a significant decline in net profit of 73.7% in the fourth quarter, with net revenue of $1.243 billion, a 9.4% increase year-on-year [2][4] - The company aims to enhance management of its core education business and integrate AI technology into its future strategy [1][5] Financial Performance - Fiscal Year 2025 financial highlights include: - Net revenue: $4.9 billion, up 13.6% from $4.313 billion in FY 2024 [2] - Operating profit: $428.25 million, a 22.2% increase from $350.425 million [2] - Non-GAAP operating profit: $554.23 million, up 15.8% from $478.79 million [2] - Net profit attributable to shareholders: $371.72 million, a 20.1% increase from $309.59 million [2] - Basic earnings per ADS: $2.29, up 22.6% from $1.87 [2] Business Strategy and Future Outlook - The company is focusing on its core education business and plans to invest in AI-driven educational solutions, including a new generation of intelligent learning devices [5] - For Q1 FY 2026, New Oriental expects net revenue between $1.464 billion and $1.507 billion, representing a year-on-year growth of 2% to 5% [5] - The full-year revenue forecast for FY 2026 is projected to be between $5.145 billion and $5.39 billion, indicating a growth of 5% to 10% [5] Operational Challenges - The decline in fourth-quarter net profit is attributed to increased costs, particularly in sales, marketing, and administrative expenses, which reached a two-year high [4][6] - The company faces pressure to manage rising operational costs while maintaining business growth, necessitating adjustments in its business layout to meet evolving market demands [6]