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].

Core Insights - New Oriental's net revenue for Q4 of fiscal year 2025 reached $1.243 billion, representing a year-over-year increase of 9.4% [1] - The company's operating loss for Q4 was $8.7 million, a decline from an operating profit of $10.5 million in the same quarter last year [1] - Net profit attributable to New Oriental shareholders fell by 73.7% to $7.1 million in Q4 [1] Revenue Growth - The increase in net revenue was primarily driven by new educational business initiatives [2] - Revenue from overseas exam preparation and consulting services grew by approximately 14.6% and 8.2% year-over-year, respectively [2] - Domestic exam preparation services for adults and college students saw a year-over-year growth of about 17.0% [2] - New educational businesses maintained strong growth, with revenue increasing by 32.5% year-over-year [2] Cost and Expenses - Total operating costs and expenses for the quarter amounted to $1.25 billion, up 11.2% year-over-year [2] - Various costs, including revenue costs, sales and marketing expenses, and general and administrative expenses, all experienced increases [2] - Share-based compensation expenses rose by 11.0% to $28.6 million [2] Annual Performance - For the fiscal year ending May 31, 2025, New Oriental's net revenue was $4.9 billion, a year-over-year increase of 13.6% [2] - Operating profit for the fiscal year was $428 million, reflecting a 22.2% increase year-over-year [2] - Non-GAAP operating profit for the fiscal year was $554 million, up 15.8% year-over-year [2] Profitability Metrics - The operating profit margin for fiscal year 2025 was 8.7%, compared to 8.1% in the previous year [3] - The Non-GAAP operating profit margin was 11.3%, slightly up from 11.1% year-over-year [3] - Net profit attributable to New Oriental shareholders for the fiscal year was $370 million, a 20.1% increase year-over-year [3] - Basic and diluted net profit per ADS for the fiscal year were $2.29 and $2.28, respectively [3]

从业务结构来看，好未来正推进素质教育与智能硬件的双轮驱动战略。在学习服务领域，线下小班课程 依然是核心收入来源。 智通财经APP获悉，好未来教育集团(TAL.US)公布了截至2025年5月31日的2026财年第一季度未经审计 的财务业绩。数据显示，报告期内公司实现非美国通用会计准则下每股美国存托凭证收益(EPADS)0.07 美元，上年同期0.05美元;当季营业收入达5.75亿美元，较去年同期增长38.8%。归属于好未来的净利润 为3128.2万美元，上年同期归属于好未来的净利润为1140.2万美元。同时公司近日批准了6亿美元股票回 购计划。 公司投入大量资源用于AI大模型开发，全年运营成本和费用虽同比增长，但低于营收增速。 截至发稿，好未来美股盘前大涨近11%。 在智能硬件方面，好未来的学习机产品表现亮眼，稳居行业第一。不过，由于研发成本高企以及市场竞 争加剧，该业务目前仍未明显盈利。 ...

Core Viewpoint - The financial report for Q1 of fiscal year 2026 from TAL Education shows significant growth in revenue and profit, driven by learning services and AI-driven smart hardware products [1] Financial Performance - TAL Education reported a net income of $575 million, representing a year-over-year increase of 38.8% [1] - The operating profit for the quarter was $14.346 million, a turnaround from an operating loss of $17.33 million in the same period last year [1] - The net profit attributable to TAL Education was $31.282 million, marking a substantial year-over-year growth of 174.4% [1] Business Growth Drivers - The revenue growth was primarily attributed to the steady increase in learning services and the expansion of AI-driven smart hardware business [1] - New smart hardware products, including P4, T4, and S4, have helped the company reach a broader user base [1]

Group 1 - The article discusses four main ways startups fail: social revolution, natural disasters, technological revolutions, and business cycle risks [1] - To survive and thrive, companies must focus on two key aspects: staying alive and performing well [1] Group 2 - The article promotes a specific event, the "Consumption Reconstruction Selected Course," which features top practical mentors from the consumer sector in Japan and China [2] - The event aims to provide insights into the methodologies of Japanese consumer giants and their localization strategies in China [2] - The course is priced at 12,800 yuan per person, with an early bird price of 9,800 yuan per person [3]

Core Viewpoint - TAL Education Group reported significant growth in its financial performance for the first quarter of fiscal year 2026, driven by its learning services and AI-driven smart hardware business [2][3]. Financial Performance Summary - Net revenue increased from $414 million in the same period last year to $575 million this quarter [2]. - Operating profit was $14.35 million, compared to an operating loss of $17.33 million in the previous year [2]. - Non-GAAP operating profit (excluding stock-based compensation) was $25.11 million, up from $876,000 in the same period last year [2]. - Net profit attributable to TAL was $31.28 million, compared to $11.40 million in the previous year [2]. - Non-GAAP net profit (excluding stock-based compensation) attributable to TAL was $42.05 million, compared to $29.61 million in the same period last year [2]. - Basic and diluted net profit per ADS was $0.05, while non-GAAP basic and diluted net profit per ADS (excluding stock-based compensation) was $0.07 [2]. - As of May 31, 2025, cash, cash equivalents, and short-term investments totaled $3.473 billion, down from $3.618 billion as of February 28, 2025 [2]. Business Strategy and Outlook - The company’s president and CFO, Peng Zhuangzhuang, highlighted that the revenue growth was primarily due to the steady growth of learning services and AI-driven smart hardware [3]. - The introduction of new smart hardware products (P4, T4, and S4) has expanded the company's reach to a broader user base [3]. - The company aims to continue innovating in the K-12 learning sector, responding to changing user demands, and leveraging advancements in artificial intelligence and technology [3].

好未来第一财季净营收5.750亿美元，同比增长39%，预估5.791亿美元。第一财季调整后每ADS收益 0.070美元，上年同期0.050美元，预估0.05美元。 好未来美股盘前涨逾10%。 （文章来源：华尔街见闻） ...

Core Insights - The company reported a significant increase in net revenue for the first quarter of fiscal year 2026, rising from $414 million in the same period last year to $575 million this quarter [1] - Operating profit turned positive at $14.35 million, compared to an operating loss of $17.33 million in the previous year [1] - The net profit attributable to the company was $31.28 million, up from $11.40 million year-over-year [1] Financial Performance - Non-GAAP operating profit (excluding stock-based compensation) was $25.11 million, a substantial increase from $876,000 in the same quarter last year [1] - Non-GAAP net profit (excluding stock-based compensation) reached $42.05 million, compared to $29.61 million in the prior year [1] - Basic and diluted net profit per ADS was $0.05, while non-GAAP basic and diluted net profit per ADS (excluding stock-based compensation) was $0.07 [1] Cash Position - As of May 31, 2025, the company had a total balance of cash, cash equivalents, and short-term investments amounting to $3.473 billion, down from $3.618 billion as of February 28, 2025 [1] Strategic Outlook - The company’s growth in revenue is attributed to the steady expansion of its learning services and AI-driven smart hardware business [2] - The introduction of new smart hardware products (P4, T4, and S4) has broadened the company's user reach [2] - The company aims to continue innovating in the K-12 learning sector and respond to evolving user demands by leveraging advancements in artificial intelligence and technology [2]

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。 ...

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。 智通财经APP获悉，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。 ...