Core Viewpoint - New Oriental has experienced a challenging fiscal year 2025 and is expected to face an even tougher fiscal year 2026, with significant concerns regarding slowing growth and declining net profits [1][3][12]. Financial Performance - In Q4 of fiscal year 2025, New Oriental reported revenue of $1.24 billion, a year-on-year increase of 9.4%. For the entire fiscal year, revenue reached $4.9 billion, up 13.6% year-on-year [1][3]. - The net profit attributable to shareholders was $7.1 million, a dramatic decline of 73.7% year-on-year [3][4]. - Operating costs and expenses increased by 11.2% to $1.25 billion, surpassing the revenue growth rate of 9.4% [4]. Reasons for Declining Profit - The significant drop in net profit is primarily attributed to increased costs and expenses, including a notable goodwill impairment of $60.3 million, which was a one-time charge related to previous acquisitions of kindergartens [4][7]. - Excluding the goodwill impairment, the profit would have shown a substantial year-on-year increase of approximately 150% [7]. Business Segment Performance - New Oriental's education new business, primarily K9, has seen a gradual decline in revenue growth rates, with quarterly growth rates of 49.8%, 42.6%, 34.5%, and 32.5% respectively [9]. - The non-academic tutoring business reported approximately 918,000 enrollments in Q4, reflecting a significant increase from previous years [9]. - Traditional overseas exam preparation and consulting services have stabilized, with revenue growth of 14.6% and 8.2% respectively in Q4 [10]. Future Outlook - For Q1 of fiscal year 2026, New Oriental expects revenue to be between $1.46 billion and $1.51 billion, representing a year-on-year growth of 2% to 5% [12][13]. - The full fiscal year 2026 revenue is projected to be between $5.15 billion and $5.39 billion, with an anticipated growth rate of 5% to 10% [13]. - The K9 business is expected to grow around 20%, while overseas-related businesses are projected to grow by 4% to 5% [13].

Core Viewpoint - New Oriental has experienced a challenging fiscal year 2025 and is expected to face an even tougher fiscal year 2026, with significant concerns regarding slowing revenue growth and declining net profit [1][2]. Revenue Performance - In Q4 of fiscal year 2025, New Oriental reported revenue of $1.24 billion, a year-on-year increase of 9.4%. For the entire fiscal year, revenue reached $4.9 billion, up 13.6% year-on-year [1][2]. - The revenue growth rate has significantly slowed compared to fiscal year 2024, which saw a growth rate of 43.9% [1]. - The company forecasts Q1 of fiscal year 2026 revenue growth to be only 2% to 5%, with an annual growth expectation of 5% to 10% [1][10]. Net Profit Analysis - New Oriental's net profit for Q4 of fiscal year 2025 was $7.1 million, a dramatic decline of 73.7% year-on-year [2][4]. - The sharp decline in net profit is primarily attributed to increased costs and expenses, which rose by 11.2% to $1.25 billion, outpacing revenue growth [4]. - A significant factor in the profit drop was a goodwill impairment of $60.3 million, related to previous acquisitions of kindergartens, which was a one-time charge [4][5]. Business Segment Performance - The growth of New Oriental's educational new business, primarily K9, has been slowing, with revenue growth rates of 49.8%, 42.6%, 34.5%, and 32.5% over the past four quarters [7]. - Traditional overseas exam preparation and consulting services have stabilized, with revenue growth of 14.6% and 8.2% respectively in Q4 [8][9]. - Domestic exam preparation services have also shown a decline in growth, influenced by reduced enrollment and participation [9]. Future Outlook - The company anticipates a revenue range of $1.46 billion to $1.51 billion for Q1 of fiscal year 2026, indicating continued slow growth [10]. - For the entire fiscal year 2026, revenue is projected to be between $5.15 billion and $5.39 billion, with specific growth expectations of approximately 20% for K9 business and 10% for domestic exam preparation [10].

每日金句 费用： 原价 12800元/人，早鸟价9800元 /人 活动详情如下 ↓↓↓ 地点： 上海 时间： 8月7日-8月9日 这里认真推荐你： 报名 黑马 「消费重构精选课」 国内首场，汇聚中日消费领域顶尖实战派导师 ，用 3天时间沉浸式拆解中日消费巨头方法论。 我们邀请到了 三浦展本人、 萨莉亚前社长、明治食品"爆款教父" ，现场面授 日本30年周期 经验到中国本土化路径 ， 教你效率革命、需求重构、资本破局。 创业公司的死法一般分为四种：一是社会革命，二是自然灾害，三是科技革 命，四是商业周期风险。要坚持到看不见的远方，你要做好两件事：第一，活 着；第二，还活得不错。 冯仑 | 万通控股董事长 2019黑马产业加速大会，2019.8 ...

管理层解释，26财年首季将受高基数影响，当中涉及K9与高中春季课程时间表问题，以及东方甄选主 播于去年离职导致收入贡献流失。另外，公司宣布为期三年的股东回报计划，承诺将不低于50%净利润 透过股息与回购回报股东，但该行认为规模不及预期。假设公司派发2025财年公认会计准则盈利的 50%，2026年回报股东的金额约为1.86亿美元，以现市值计仅相当于2.6%股息率。 大和发布研报称，新东方-S(09901)今年5月底止第四财季收入及盈利分别超出市场预期4%与63%，但 2026财年首季及全年度收入增长指引均低过预期。该行将2026至27年收入预测下调3%至7%，每股盈利 预测下调3%至5%。基于估值吸引，重申"买入"评级，目标价由49港元下调至43港元。 ...

假设公司派发2025财年公认会计准则盈利的50%，2026年回报股东的金额约为1.86亿美元，以现市值计 仅相当于2.6%股息率。该行将2026至27年收入预测下调3%至7%，每股盈利预测下调3%至5%。基于估 值吸引，重申"买入"评级，目标价由49港元下调至43港元。 大和发表研究报告指，新东方今年5月底止第四财季收入及盈利分别超出市场预期4%与63%，但2026财 年首季及全年度收入增长指引均低于预期。管理层解释，26财年首季将受高基数影响，当中涉及K9与 高中春季课程时间表问题，以及东方甄选主播于去年离职导致收入贡献流失。另外，公司宣布为期三年 的股东回报计划，承诺将不低于50%净利润透过股息与回购回报股东，但该行认为规模不及预期。 ...

Group 1 - The core viewpoint of the article highlights New Oriental-S (9901.HK) reporting its financial performance for the fiscal year ending May 31, 2025, with a net revenue of 4.9 billion USD, representing a year-on-year increase of 13.6% [1] - The company achieved a net profit of 372 million USD, which is a year-on-year increase of 20.1% [1]

Core Insights - New Oriental's Danyu Culture held a conference focusing on family English reading, discussing the development of an English reading progression system for children [1] - Danyu Culture launched three new English chapter books: "Rocket Girl," "Rocket Girl's Journey to the West," and "Sherlock Holmes: The Young Reader's Edition" [1][2] - The company introduced a summer English reading list for children, tailored to different age groups and reading levels, to assist parents in selecting appropriate books [1] Group 1 - The conference emphasized the importance of quality reading resources in promoting children's English learning [1] - "Rocket Girl" is based on the highest-viewed animation on the Little Fox platform, featuring a premium hardcover design [1] - "Rocket Girl's Journey to the West" combines a new IP with traditional Chinese cultural elements [1] Group 2 - Danyu Culture has developed a comprehensive publishing system for children's English reading since 2016, including various types of books [2] - The company aims to facilitate the transition from basic to advanced English reading through a structured progression plan [2] - The reading progression system is designed to align with children's cognitive development and language proficiency levels [2]

Core Viewpoint - The issue of student information leakage is widespread across China, significantly affecting the normal lives of parents and students, and damaging the healthy ecology of the education industry [1][2]. Information Leakage Investigation - A survey revealed that parents, particularly those of middle school students, are receiving numerous harassment calls, with some reporting up to 20 calls in a single day due to leaked information [2]. - The investigation uncovered a black market for selling parents' information on social media platforms, indicating a systemic issue [2][5]. Legal Framework - The actions of educational institutions that collect and misuse personal information violate the Civil Code of the People's Republic of China, which protects individual privacy rights [2][3]. - The Personal Information Protection Law mandates that personal information must be collected lawfully and not excessively, with penalties for violations [3]. - Criminal liability may arise under Article 253 of the Criminal Law if institutions illegally obtain or sell personal information, leading to severe consequences [3]. Regulatory Actions - Authorities have urged schools in Guangzhou to conduct thorough checks on their information collection practices to ensure compliance with personal information protection laws [4]. - Platforms are enhancing their methods to identify and manage illegal content related to personal information sales [5]. Recommendations for Improvement - Experts suggest establishing a rapid reporting channel for educational harassment information and conducting special inspections of educational applications [6]. - There is a call for stronger source control by educational departments and regular internal audits to prevent information leaks [6][7]. Industry Accountability - The establishment of an industry blacklist and credit punishment mechanism is deemed necessary to deter the misuse of personal information by educational institutions [8]. - A combination of legal penalties and a public blacklist could create a comprehensive governance system that discourages violations and promotes compliance [8][9].

Group 1 - The article highlights the rising consumer interest in "light medical beauty" projects, such as injection and laser treatments, during the summer vacation period, particularly among students [1] - The provincial consumer association advises consumers to verify the qualifications of medical institutions and practitioners before undergoing beauty treatments, emphasizing the importance of checking licenses and registration [1] - There is a warning against the prevalence of "medical beauty loans" and "campus loans," urging consumers to assess their financial capabilities to avoid debt traps [1] Group 2 - In the context of study tours, the provincial consumer association recommends choosing reputable study tour institutions and carefully reviewing contracts in accordance with the newly implemented "Study Tour Service Requirements" [2] - Consumers are encouraged to compare prices of similar study tour products to avoid overpaying and to scrutinize vague promotional claims from institutions [2] - The article stresses the importance of thorough research on training institutions, including evaluating faculty qualifications and course materials, while being cautious of misleading advertising [2]

Core Insights - The article highlights the significant growth in financing events and amounts in Shanghai's primary market for June 2025, indicating a robust investment environment [3][8]. Financing Events Overview - In June 2025, Shanghai experienced 93 financing events, an increase of 8% from the previous month and 15% year-on-year [3][8]. - The total disclosed financing amount reached 105.82 billion RMB, marking a substantial increase of 204% from the previous month and 23% from the same period last year [3][8]. Industry Analysis - The leading sectors for financing in June 2025 included Artificial Intelligence (21 events), Intelligent Manufacturing (19 events), and Healthcare (13 events), with AI seeing a notable increase of 31% compared to the previous month [3][11]. - The top five industries accounted for 71% of all financing events and 37% of the total disclosed amount, which was 39.67 billion RMB [11]. Investment Stages - The distribution of financing events by stage showed that early-stage investments dominated with 67 events (72.04%), followed by growth-stage with 24 events (25.81%), and late-stage with 2 events (2.15%) [4][17]. - In terms of disclosed financing amounts, early-stage investments totaled 64.08 billion RMB (65.44%), while growth-stage investments accounted for 27.84 billion RMB (28.43%) [17]. Large Financing Events - In June 2025, Shanghai contributed 5 new large financing events, representing 56% of the total new large financing events in China, with a total amount of 75.04 billion RMB, which is 48% of the total financing amount for the month [22]. Mergers and Acquisitions - There were 3 domestic M&A events in June 2025, a 200% increase from the previous month but a 50% decrease year-on-year. The total disclosed amount for these M&A events was 6.38 million RMB, reflecting a dramatic increase of 6777% from the previous month but a 62% decrease from the same period last year [6][30]. - The M&A events were concentrated in three industries: Education and Training, Healthcare, and Energy, with Energy leading in transaction amount at 6.38 million RMB [31]. Investment Institutions - A total of 123 VC/PE institutions participated in investments in Shanghai in June 2025, representing a 22% increase from the previous month and a 13% increase year-on-year [28].