Core Viewpoint - Bank of America Securities has raised the target price for New Oriental-S (09901) to HKD 45.4, citing potential catalysts on the horizon, including improved overseas business performance and increased profit margins [1] Group 1: Earnings Forecast and Target Price Adjustment - The non-GAAP earnings per share forecast for the fiscal years 2026 to 2027 has been increased by 4% and 5% respectively, primarily due to a smaller-than-expected decline in overseas business revenue and improved profit margins [1] - The target price for New Oriental's U.S. stock has been raised to USD 58.2, maintaining a "Buy" rating [1] Group 2: Potential Catalysts - Shareholder returns are expected to improve, considering the company holds USD 4.8 billion in cash and has strong free cash flow generation capabilities projected to reach USD 500 million to USD 700 million from fiscal years 2026 to 2028. The current dividend payout ratio is equivalent to 50% of net profit, with significant room for increase. A 100% payout ratio in fiscal year 2026 would yield a dividend yield of 4.5% [2] - Overseas business performance is anticipated to exceed expectations, with management guiding for a single-digit percentage decline in overseas revenue for the August quarter and fiscal year 2026. Non-U.S./U.K. consulting and related services, which account for about 60% of consulting revenue, are expected to grow, partially offsetting declines in the U.S. (double-digit decline) and U.K. (moderate decline) [2] - The K9 business is expected to accelerate again, despite a potential slowdown in revenue growth for the August quarter due to course scheduling adjustments and competition from local small institutions. Growth is expected to resume in the November quarter as these negative factors dissipate [2] - Profit margin resilience is evident, with cost control measures, improved margins in K12 and Dongfang Zhenxuan, and a reduction in losses from the cultural tourism business expected to offset pressure on overseas business profit margins, driving an expansion in non-GAAP operating profit margins for fiscal year 2026 [2]

Group 1 - New Oriental-S (09901) saw a stock increase of over 5%, reaching HKD 41.62 with a trading volume of HKD 114 million [1] - Guosheng Securities reported that as of FY25Q4, the company's deferred revenue (customer prepayments) was USD 1.955 billion, reflecting a year-over-year increase of 9.8%, indicating growth in the collection side which supports future revenue [1] - The company projects FY2026Q1 net revenue (including Dongfang Zhenxuan) to grow by 2% to 5% to USD 1.464 to 1.507 billion, with conservative guidance due to a high base in FY25Q1 and rescheduling of K12 business due to the early Spring Festival in 2025 [1] Group 2 - Daiwa noted that after reviewing New Oriental-S's summer semester operations for 2025 and the performance of Dongfang Zhenxuan, the overall business development is stabilizing, with improved K-9 fall student retention rates and no further deterioration in overseas exam preparation services [2] - New Oriental announced plans to distribute no less than 50% of its previous fiscal year's net profit to shareholders in the form of dividends or share buybacks starting from FY2026, which could potentially exceed 100% [2] - The anticipated shareholder return ratio is seen as a significant positive catalyst for the stock [2]

Core Viewpoint - The "New Kindness China" initiative aims to integrate kindness into education, promoting social progress through educational efforts and community involvement [1][2] Group 1: Initiative Launch - The "New Kindness China" initiative was launched on September 15 in Nanjing, with a vision to illuminate education across all corners of society [1] - The initiative encourages new social strata to join in creating a new ecosystem of public welfare, contributing to China's modernization [2] Group 2: Educational Philosophy - The founder emphasizes that education is the warmest act of kindness, reflecting a deep cultural heritage of valuing education in Jiangsu [1] - The goal is to transform commercial success into energy that drives social progress, highlighting the importance of integrating public welfare into business development [1] Group 3: Personal Commitment - The founder expresses a personal commitment to the initiative, inspired by the cultural values of Jiangsu and the historical figures who championed education [1] - The initiative seeks to inspire more individuals to contribute their expertise and passion to illuminate the future of children [2]

淘宝百亿补贴也开始区域竞价。 淘宝百亿补贴近期上线区域竞价功能，商家可根据自身情况选择销售区域，以省份为单位竞价，每 个区域竞价获胜的前三名将被平台优先派单，前三名售罄后其他名次才有被派单的机会。天猫商家 参与该活动可享受交易佣金 100% 返还。 接近淘宝的人士告诉我们，这一调整旨在改善百亿补贴商品价格不够低的情况。一些经销商有意愿 在平台更低价卖货，但碍于品牌经销规则，担心商品窜货售外地被品牌处罚而未能报出最低价。平 台鼓励更多商家参与区域内竞价，在最低价的基础上叠加官方补贴，拿出比竞争对手更具优势的价 格。 拼多多在 2023 年前后便开始实施此类区域竞价模式。淘宝、京东等多家电商平台此后都开始力推 百亿补贴，从招商、货源管理到风控制度等各个环节学习拼多多。他们暂时都活在拼多多的影子 里，还没能动摇百亿补贴与拼多多强关联的用户心智。 教育新业务增速下降、东方甄选 GMV 收缩，新东方股价跌超 20%。 财报显示，新东方去年 9-11 月营业收入同比上升 19.4% 至 10.39 亿美元，经营利润同比下降 9.8% 至 1930 万美元。昨晚至今，这家公司美、港股股价都下跌超 20%，市值没了近 170 ...