好未来教育（纽约证券交易所：TAL，下称"好未来"或"公司"）是中国智能学习解决方案提供商。日 前，公司公布其截至 2025年 8 月 31 日的2026财年第二季度未经审计财务报告。 归属于好未来的非美国会计准则净利润（不考虑股权激励费用）为1.36亿美元，上年同期归属于好未来 的非美国会计准则净利润为7,432.9万美元。 基本和摊薄每ADS净利润分别为0.22美元和0.21美元。非美国会计准则基本和摊薄每ADS净利润（不考 虑股权激励费用）均为0.24美元。每三份ADS等于一份A类普通股。 截至2025年8月31日，现金、现金等价物和短期投资合计余额为32.49亿美元，而截至2025年2月28日的 余额为36.18亿美元。 截至2025年8月31日的6个月业绩摘要 净收入为14.36亿美元，上年同期净收入为10.34亿美元。 经营利润为1.10亿美元，上年同期经营利润为3,029.2万美元。 2026财年第二季度业绩摘要 净收入为8.61亿美元，上年同期净收入为6.19亿美元。 经营利润为9,609.7万美元，上年同期经营利润为4,762.2万美元。 非美国会计准则经营利润（不考虑股权激励费用）为1.0 ...

好未来教育（纽约证券交易所：TAL，下称"好未来"或"公司"）是中国智能学习解决方案提供商。日 前，公司公布其截至 2025年 8 月 31 日的2026财年第二季度未经审计财务报告。 2024 2025 百分比变化 净收入 619,361 2026财年第二季度业绩摘要 截至2025年8月31日的6个月业绩摘要 财务数据——2026 财年第二季度和上半财年 （单位：千美元，不包括每 ADS数据和百分比） 截至8月31日的季度数据 861,353 39.1% 经营利润 47,622 96,097 净收入为8.61亿美元，上年同期净收入为6.19亿美元。 经营利润为9,609.7万美元，上年同期经营利润为4,762.2万美元。 非美国会计准则经营利润（不考虑股权激励费用）为1.08亿美元，上年同期非美国会计准则经营 利润为6,452.0万美元。 归属于好未来的净利润为1.24亿美元，上年同期归属于好未来的净利润为5,743.1万美元。 归属于好未来的非美国会计准则净利润（不考虑股权激励费用）为1.36亿美元，上年同期归属于 好未来的非美国会计准则净利润为7,432.9万美元。 基本和摊薄每ADS净利润分别为0.2 ...

Core Insights - The company reported a net revenue of $861 million for the second quarter of fiscal year 2026, representing a year-over-year growth of 39.1% [1] - Operating profit reached $96.1 million, showing a significant increase of 101.8% year-over-year [1] - Net profit attributable to the company was $124 million, which is a year-over-year growth of 116.1% [1] Business Performance - The core business of the company made progress during the quarter, with revenue from quality courses and learning equipment both experiencing sequential and year-over-year growth [1] - Continuous investment in user experience, technology, and educational model innovation has been a key driver for business development [1]

Financial Performance Divergence - New Oriental's total revenue for the latest quarter was $1.18 billion, a slight decrease of 2% year-on-year, but core education business revenue reached $1.04 billion, up 21.2% [2] - TAL Education reported a revenue of $610 million, a year-on-year increase of 42.1%, but its operating loss expanded to $16 million [3] - Duolingo's total revenue was $230.7 million, a year-on-year increase of 38%, with a net profit of $35.1 million, up 30% [4] - Gaotu's quarterly revenue was approximately $207 million, a year-on-year increase of 57.7%, with a net profit of $12.4 million [5] - NetEase Youdao's revenue was $1.3 billion, a year-on-year decrease of 7%, but operating profit surged by 247.7% to $104 million [5] Strategic Adjustments and Innovations - New Oriental's strategic adjustment led to a significant increase in its core education business, with overseas exam preparation and adult education providing growth drivers [2] - TAL Education emphasized a "demand-driven" offline expansion strategy, focusing on high-potential markets while enhancing online course retention through AI [3] - Duolingo's AI-driven model allowed for rapid course development, achieving a daily active user count of 46.6 million, a year-on-year increase of 49% [4] - Gaotu's non-subject tutoring business saw an 80% growth, supported by AI tools that improved operational efficiency [5] Technological Transformation - AI is reshaping content production logic, with Duolingo developing 148 language courses in a short time using AI tools [6] - New Oriental introduced AI assessment tools for essay scoring and oral correction, optimizing operational costs [6] - The competition in the education sector is increasingly reliant on the maturity of data platforms rather than just content or channel advantages [8] Market Dynamics and Trends - The adult education market is experiencing a resurgence, with New Oriental's adult and university business growing by 17% year-on-year [10] - Quality education is evolving from a compliance-driven choice to a user-recognized value service, as seen in the growth of non-subject tutoring courses [11] - New Oriental's overseas exam preparation and learning consulting business remains a crucial revenue pillar, with a year-on-year growth of 7.1% [12] Challenges and Future Outlook - The "double reduction" policy continues to impact the industry, with some companies facing profit declines due to regulatory pressures [13] - The education sector's technology investments are characterized by long-term returns, requiring management to balance between spending and profitability [14] - The demand for education is shifting towards capability cultivation, necessitating a reconfiguration of product logic by educational institutions [15]