Group 1 - New Oriental reported FY2025 Q4 net revenue of $1.24 billion, a 9.4% increase, with an operating loss of $8.67 million and a net profit of $7.1 million, down 73.7% [1] - Non-GAAP operating profit reached $81.68 million, up 116.3%, and Non-GAAP net profit was $98.08 million, up 59.4% [1] - For FY2026 Q1, net revenue is expected to be between $1.464 billion and $1.507 billion, representing a growth of 2% to 5% [1] Group 2 - The core education business showed a recovery in profitability, with a gross margin of 54.2%, up 2 percentage points, while the operating profit margin was -0.7%, down 2 percentage points due to a one-time goodwill impairment of approximately $60 million [2] - Non-GAAP operating profit margin was 6.6%, up 3 percentage points, and excluding Oriental Selection, the Non-GAAP operating profit margin was 6.5%, up 4.1 percentage points [2] - The company is expected to experience a stable growth phase in its education business, with a three-year shareholder return plan to distribute at least 50% of the previous fiscal year's net profit to shareholders [2] Group 3 - As a leading player in the industry, New Oriental's advantages are highlighted in the current supply-demand landscape, despite challenges in overseas-related and cultural tourism businesses [3] - The company forecasts net profits of $490 million, $540 million, and $600 million for FY2026, FY2027, and FY2028, respectively, with Non-GAAP net profits of $550 million, $600 million, and $660 million [3] - The investment rating is maintained at "Buy" due to the anticipated steady growth of the education business alongside network capacity expansion [3]