Core Viewpoint - Morgan Stanley reaffirms "Overweight" rating for New Oriental-S (09901) and raises target price from HKD 53 to HKD 55 [1] Financial Performance - New Oriental's Q2 FY2026 results exceeded expectations and guidance was raised for the first time in two years [1] - Management's optimistic outlook led to a 7% increase in operating profit forecasts for FY2026 to FY2027 [1] Growth Potential - The company is back on a "high-quality compound growth" track, with expectations for continued performance exceeding forecasts and upward guidance adjustments [1] - The market has not fully recognized the company's profit potential and compounding effects [1] Earnings and Valuation - The annual compound growth rate for earnings per share exceeds 15%, supporting a revaluation of the company's stock [1] - Investors can expect over 5% annual capital returns, backed by USD 5.6 billion in net cash [1]

Core Viewpoint - Citigroup's research report indicates that New Oriental-S (09901.HK) management has confirmed that second-quarter performance exceeded expectations, with a profit margin expansion of 300 basis points (excluding Dongfang Zhenxuan), and expressed high confidence in exceeding annual targets [1] Group 1: Financial Performance - K12 business is accelerating growth in the third quarter, with high school business guidance up 18% and K9 business guidance up 23% (in USD) [1] - This strong performance is sufficient to offset the weakness in the annual overseas business, which is projected to be between 0% to -5% [1] - Management has stated that revenue and profit will definitely exceed expectations, showing confidence in achieving targets for the year [1] Group 2: Strategic Developments - New Oriental is merging its overseas exam preparation business with its study abroad consulting business to reduce customer acquisition costs and break down departmental barriers, marking a key strategic shift [1] - The upward revision of high school business guidance to 18% reflects the expansion of the OMO model and efficiency improvements driven by AI workplace systems [1] - Improved retention rates in K9 support an annual growth of over 20% [1] Group 3: Analyst Rating - Citigroup maintains a "Buy" rating for New Oriental with a target price of HKD 59 [1]

Core Viewpoint - New Oriental-S (09901) reported strong financial results for the second quarter of fiscal year 2026, with significant year-on-year growth in revenue and profit metrics, leading to a stock price increase of over 4% [1] Financial Performance - For the second quarter of fiscal year 2026, net revenue increased by 14.7% year-on-year to $1.191 billion [1] - Operating profit surged by 244.4% year-on-year to $66.3 million [1] - Net profit attributable to shareholders rose by 42.3% year-on-year to $45.5 million [1] - For the first half of fiscal year 2026, net revenue was approximately $2.714 billion, reflecting a year-on-year growth of 9.7% [1] - Operating profit for the first half was about $377 million, up 20.7% year-on-year [1] - Net profit attributable to shareholders for the first half was approximately $286 million, a year-on-year increase of 3.2% [1] Market Expectations - Bank of America Securities noted that New Oriental-S's revenue and profit margins exceeded expectations for the second fiscal quarter [1] - Revenue growth accelerated to 15%, surpassing the guidance of 9% to 12% [1] - Non-GAAP operating profit margin expanded by 4.8 percentage points, also exceeding the guidance of "over 1 percentage point" [1] - The company provided a revenue growth guidance of 11% to 14% for the third fiscal quarter ending in February [1] - Full fiscal year revenue guidance was raised to $5.3 billion to $5.5 billion, indicating a year-on-year growth of 8% to 12%, up from the previous guidance of 5% to 10% [1] - The primary growth drivers include K12 business, Dongfang Zhenxuan, and a narrowing decline in overseas exam preparation services [1]

【东吴商社】新东方FY2026Q2（至2025年11月30日）业绩 归母净利润0.46亿美元，同比+42.3%。 NON-GAAP经营利润0.89亿美元，同比+206.9%。 归母净利润0.46亿美元，同比+42.3%。 NON-GAAP归母净利润0.73亿美元， 【东吴商社】新东方FY2026Q2（至2025年11月30日）业绩 收入11.91亿美元，同比+14.7%。 经营利润0.66亿美元，同比+244.4%。 收入11.91亿美元，同比+14.7%。 经营利润0.66亿美元，同比+244.4%。 NON-GAAP经营利润0.89亿美元，同比+206.9%。 NON-GAAP归母净利润0.73亿美元，同比+68.6%。 分业务来看，出国考试准备业务同比+4.1%，国内成人备考及大学生业务同比+12.8%，新教育业务同比+21.6%。 非学科类培训Q2学员105.8万人，智慧学习系统及设备活跃付费用户35.2万人。 公司Q2 OPM为5.6%，去年同期为1.9%；NON-GAAP OPM为7.5%，同比增加470bps。 截至2026年1月27日，已根据新股份回购计划回购约160万份美国存托股，总对价约0 ...

Group 1 - Company announced the purchase of a total of 1.75 million shares on January 28, 2026, under the stock incentive plan rules and trust deed [1] - The shares purchased will be held in trust for the benefit of selected participants [1]

据了解，审理过程中，法院坚持"支持与监督并重"，"穿透式"审查公司变更登记背后的股权背景、受让 人资信等情况，及时发现公司隐瞒事实、恶意逃债等潜在问题，依法支持了行政机关作出的撤销变更登 记行政行为。最终，济南铁路运输法院一审判决驳回山东某教育咨询公司要求撤销济南某管委会行政决 定的诉讼请求；某公司不服，提起上诉，济南铁路运输中级法院二审判决驳回上诉，维持原判。 法院方面表示，该案系山东省首例职业闭店行政撤销案件，济南铁路运输中级法院通过邀请省、市、区 三级80余名行政机关负责人观摩庭审，案件审结后向济南市政府作专项报告，推动实现"审理一案、规 范一片"，积极为优化法治化营商环境、弘扬诚实守信风尚提供司法助力。 来源：新黄河客户端 记者李震 来源：济南时报 近日，济南铁路运输两级法院依法审结山东省首例职业闭店行政撤销案件，针对山东某儿童教培机构恶 意变更法定代表人、试图逃避百万元家长预付款及员工工资债务的行为，法院终审维持济南某管委会撤 销该公司变更登记的决定。据了解，该案办理中，法院通过"穿透式"审查查清企业恶意逃债事实，依法 支持行政机关监管行为，有力维护了市场经营秩序和社会诚信，为预付式消费领域治理提供 ...

周三，新东方(EDU.US)盘前涨逾6%，报59.70美元。消息面上，新东方发布2026财年二季度未经审核财 务业绩，报告期内，新东方实现净营收11.91亿美元，同比上升14.7%；经营利润6630万美元，同比上升 244.4%；股东应占净利润4550万美元，同比上升42.3%。 ...

智通财经APP获悉，周三，新东方(EDU.US)盘前涨逾6%，报59.70美元。消息面上，新东方发布2026财 年二季度未经审核财务业绩，报告期内，新东方实现净营收11.91亿美元，同比上升14.7%；经营利润 6630万美元，同比上升244.4%；股东应占净利润4550万美元，同比上升42.3%。 ...

Core Viewpoint - New Oriental reported a significant increase in its financial performance for the second quarter of fiscal year 2026, indicating strong growth across various business segments [1] Financial Performance - Net revenue reached $1.191 billion, representing a year-on-year increase of 14.7% [1] - Operating profit was $66.3 million, showing a substantial year-on-year growth of 244.4% [1] - Net profit attributable to shareholders was $45.5 million, up 42.3% compared to the previous year [1] Business Segments - Revenue from overseas exam preparation business grew by approximately 4.1% year-on-year [1] - Domestic exam preparation business for adults and college students saw a year-on-year increase of about 12.8% [1] - New education business achieved a year-on-year growth of 21.6% [1] Student Engagement - Non-academic tutoring courses have been launched in around 60 cities, attracting approximately 1.058 million students [1] - Smart learning systems and devices have been implemented in about 60 cities, with active paying users reaching 352,000 [1]

Core Viewpoint - The company has completed the construction of a financial shared service center in early 2020 and is continuously advancing its financial digital transformation, establishing an integrated data flow system for finance, business, and taxation [1] Group 1: Financial Transformation - The company has implemented technologies such as OCR, RPA, and AI to enhance operational efficiency and productivity [1] - The financial digital transformation is aimed at improving human efficiency and overall effectiveness [1]