海外备考和咨询业务增长放缓是受到宏观经济形势和国际关系变化的影响。 | (in thousands US$, except per ADS(1) data) | 3Q FY2025 | 31 | | --- | --- | --- | | Net revenues | 1,183,055 | | | Operating income | 124.519 | | | Non-GAAP operating income (2)(3) | 142,056 | | | Net income attributable to New Oriental | 87,255 | | | Non-GAAP net income attributable to New Oriental (2)(3) | 113,344 | | | Net income per ADS attributable to New Oriental - basic | 0.54 | | | Net income per ADS attributable to New Oriental - diluted | 0.54 | | | Non-GAAP net ...

Key Points - Kazakhstan's oil production levels are determined by national interests, not by OPEC+ [1] - HSBC forecasts that central banks will purchase 925 tons of gold by 2025, an increase from the previous estimate of 790 tons [1] Individual Company News - Apple (AAPL.O) was fined €500 million by the EU antitrust authority for violating antitrust rules, while Meta Platforms (META.O) was fined €200 million [2] - Boeing (BA.N) reported an adjusted free cash flow of -$2.29 billion for Q1, better than the market estimate of -$3.42 billion [2] - Intel (INTC.O) unveiled a new generation of system-on-chip (SoC) at the Shanghai Auto Show and plans to announce layoffs exceeding 20% this week [2] - New Oriental (EDU.N) reported Q3 revenue of $1.18 billion for FY2025, down from $1.21 billion in the same period last year, with Q4 revenue expected to be between $1.0091 billion and $1.0366 billion [2] - Tesla (TSLA.O) expects total capital expenditures to exceed $10 billion for the year, down from a previous estimate of over $11 billion [2] - ConocoPhillips (COP.N) has notified employees of expected layoffs [2] - AT&T (T.N) added 324,000 mobile users in Q1, surpassing Wall Street's expectation of 254,000 [2] - According to the Financial Times, financial services company Cantor, in collaboration with SoftBank and Tether, has secured nearly $3 billion in funding, with Tether contributing $1.5 billion in Bitcoin, and SoftBank and Bitfinex contributing $900 million and $600 million, respectively [2]

Market Overview - US stock index futures rose significantly before the market opened, with Dow futures up 1.69%, S&P 500 futures up 2.20%, and Nasdaq futures up 2.61% [1] - European indices also showed positive movement, with Germany's DAX up 2.34%, UK's FTSE 100 up 2.01%, France's CAC40 up 1.09%, and the Euro Stoxx 50 up 2.36% [2] Commodity Prices - WTI crude oil increased by 0.25% to $63.83 per barrel, while Brent crude oil rose by 0.22% to $67.59 per barrel [3] Corporate News - Boeing (BA.US) reported better-than-expected Q1 results, with free cash flow of $2.3 billion and an adjusted loss per share of $0.49, which was better than market expectations. The company plans to increase the production of the 737 MAX to 38 aircraft per month and aims for 42 by year-end [8] - Philip Morris (PM.US) exceeded Q1 earnings expectations, with net revenue up 15% year-over-year and a significant contribution from its smoke-free products, leading to a stock price surge of over 4% [9] - AT&T (T.US) attracted more wireless users than expected in Q1, adding 324,000 mobile users, surpassing analyst forecasts [10] - New Oriental (EDU.US) reported a slight increase in net profit for Q3, with a 2% decline in total revenue but a 21.2% increase in revenue excluding certain segments [11] - Tesla (TSLA.US) experienced a 40% drop in Q1 profits, with revenue of $19.335 billion, which was below analyst expectations [12] - Volvo (VLVLY.US) reported a 7% decline in Q1 revenue, attributing the drop to a weakened North American truck market [13] - SAP (SAP.US) demonstrated resilience with Q1 profits exceeding expectations, reporting total revenue of €9.013 billion, a 12% year-over-year increase [14] Economic Indicators - The US economy is facing a potential recession risk of nearly 50%, according to Pimco, due to supply chain disruptions and tariff impacts [7] - Concerns over US Treasury bonds have increased, with a significant rise in put option premiums indicating heightened fear in the market [6]

新东方：2025财年第三季度的净营收同比下降2.0%至11.83亿美元，净营收(不包括东方甄选自营产品及 直播电商业务实现的营收)则同比上升21.2%至10.38亿美元。2025财年第三季度的新东方股东应占净利 润同比上升0.1%至8730万美元。 ...

Core Insights - New Oriental Education & Technology Group reported a 2.0% year-on-year decline in net revenue for Q3 2025, amounting to $1.183 billion, while net revenue excluding self-operated products and live e-commerce increased by 21.2% to $1.0383 billion [1] - The operating profit rose by 9.8% year-on-year to $124.5 million, with a 5.0% increase to $125.5 million when excluding losses from self-operated products and live e-commerce [1] - The net profit attributable to shareholders increased by 0.1% to $87.3 million [1] Financial Performance - For the first nine months of FY2025, New Oriental's net revenue reached $3.657 billion, a 15.1% increase year-on-year [1] - Operating profit for the same period was $436.9 million, reflecting a 28.5% year-on-year growth [1] - Net profit attributable to shareholders for the first nine months was $364.6 million, up 29.0% year-on-year [1] Future Guidance - New Oriental expects Q4 FY2025 net revenue (excluding self-operated products and live e-commerce) to be between $1.009 billion and $1.0366 billion, representing a year-on-year growth rate of 10% to 13% [1] - The company anticipates revenue growth in RMB for Q4 FY2025 to be between 12% and 15% [1] Business Segments - The revenue from overseas exam preparation and consulting services grew by approximately 7.1% and 21.4% year-on-year, respectively [2] - Domestic exam preparation services for adults and university students recorded a year-on-year growth of about 17.0% [2] - New educational businesses maintained strong growth, with a revenue increase of 34.5% year-on-year [2] Operational Strategies - The company is focusing on optimizing teaching space and enhancing operational efficiency in line with business growth [2] - New Oriental is advancing its OMO (Online-Merge-Offline) teaching system and increasing investments in AI technology applications in education [2] - The company is developing innovative technologies to support teachers and staff, improving operational efficiency and service satisfaction [2] Profitability Metrics - The GAAP operating profit margin (excluding self-operated products and live e-commerce) for the quarter was 12.1%, down from 14.0% in the same period last year [2] - The Non-GAAP operating profit margin for the quarter was 13.3%, compared to 15.1% in the previous year [2] - The slowdown in overseas business revenue growth and investments in newly integrated cultural tourism businesses have temporarily impacted operating profit [2]

新东方(09901.HK)2025财年Q3净利润0.873亿美元，去年同期0.872亿美元。 ...

智通财经4月23日电，新东方第三财季净营收11.8亿美元，市场预估12.4亿美元；第三财季调整后每ADS 收益 0.70美元。 ...

Group 1: Education Sector Developments - The Ministry of Education has added 29 new undergraduate programs, including Artificial Intelligence Education and Intelligent Audio-Visual Engineering, reflecting national strategy and market demand [1] - Tianjin will implement Artificial Intelligence education across all primary and secondary schools, building on previous pilot programs and aiming to enhance digital empowerment in basic education [3] Group 2: Company Financial Performance - Beijing Shengtong Printing Co., Ltd. reported a net loss of 192 million yuan for 2024, with revenue declining by 14.64% to 2.045 billion yuan, primarily due to goodwill impairment [4] - Chuan Zhi Education announced a net loss of 134 million yuan for the audited fiscal year 2024, leading to a change in its stock name to *ST Chuan Zhi due to risk of delisting [5]

【1】北京海淀查处2起涉嫌违规组织学科培训情况 4月21日，据"首都教育"微信公众号消息，近期，海淀区"双减"专班针对违规学科培训密集开展执法检 查，同时核实处置问题线索，依法严厉打击面向中小学生的各类违规学科培训行为。现查处2起涉嫌违 规组织学科培训情况，其中，杨某某以个人名义使用北京市海淀区中关村大街27号中关村大厦816室， 涉嫌违规组织开展线下学科培训。石某某，以个人名义使用北京市海淀区长春桥路5号新起点嘉园12号 楼，涉嫌违规组织开展线下学科培训。 近日，科大讯飞深度推理大模型"讯飞星火X1"迎来升级。升级后的"讯飞星火X1"在数学、代码、逻辑 推理、文本生成、语言理解、知识问答等通用任务上效果显著提升，在模型参数比业界同类模型小一个 数量级的情况下，整体效果对标OpenAlo1和DeepSeek R1。 【5】山东潍坊：推进乡村学校"五项全覆盖"工程 近年来，山东省潍坊市大力实施乡村学校"五项全覆盖"工程，让义务教育阶段乡村学校基本实现"在校 午餐午休、塑胶操场、清洁厕所、触控一体机教室、标准化校车"五项齐全，有效推动全市义务教育优 质均衡发展。 【6】科大讯飞2025年一季度净亏损1.93亿元 ...

事件：2024年，公司实现收入7.8 亿元、同增16.5%，实现归母净利润2.7亿元、同增22.4%，实现扣非后 净利润2.4 亿元、同增12.2%。拟向全体股东每10 股派发现金红利7.5 元（含税）。 维持高股息率。公司24 年半年度、第三季度、年度合计拟分配现金红利2.67 亿元，分红率达到99.5%， 股息率达到5.7%。 盈利预测与投资评级：Q3 受宏观经济影响业绩承压，随着9 月底多项政策发布，Q4 呈边际改善趋势， 年末合同负债双位数增长为25 年业绩增长奠定基础。另外，上市后一直维持高股息率。预计25/26/27 年归母净利润3.01/3.50/3.99 亿元，当前股价对应估值15x/13x/12x，维持"买入"评级。 风险因素：宏观经济对教育行业收款的影响；客户付费意愿变化的风险。 收入结构变动致毛利率下滑。24 年，综合毛利率同减2.2pct 至76.1%，主要是低毛利率的管理咨询业务 占比提升所致。拆分来看，管理培训毛利率同增1.5pct 至83.6%，管理咨询毛利率同减4.1pct 至44.2%。 销售费用率降低，管理费用率提升。24 年，销售费用率同减1.1pct 至25.4%，管理 ...