| (以千美元計,惟每 ADS 數據"除外) | 2025 财年 | 2024 财年 | 同比變化 | | --- | --- | --- | --- | | 淨營收 | 4.900.262 | 4.313.586 | 13.6% | | 經營利潤 | 428.250 | 350. 425 | 22. 2% | | Non-GAAP 經營利潤(2) cs | 554, 228 | 478,786 | 15.8% | | 新東方股東應佔淨利潤 | 371.716 | 309. 591 | 20. 1% | | 新東方股東應佔 Non-GAAP 浮利潤(2)(3) | 517, 071 | 463. 956 | 11.4% | | 新東方每 ADS 應佔淨利潤-基本 | 2. 29 | 1.87 | 22. 6% | | 新東方每 ADS 應佔淨利潤-攤薄 | 2. 28 | 1.85 | 23. 3% | | 新東方每 ADS 應佔 Non-GAAP 淨利潤-基本2/3/6/ | 3. 19 | 2.81 | 13.8% | | 新東方每 ADS 應佔 Non-GAAP 淨利潤-攤薄2000 | 3. 17 | ...

Core Viewpoint - New Oriental's financial report for the fourth quarter and full year of fiscal year 2025 shows a revenue increase but a significant decline in net profit due to goodwill impairment, indicating challenges in certain business segments and a strategic shift towards AI investments and new educational solutions [1][3][6]. Financial Performance - For the fourth quarter of fiscal year 2025, revenue reached $1.243 billion, a year-on-year increase of 9.4%, while net profit was $7.1 million, down 73.7% due to a $60.3 million goodwill impairment [1][2]. - Excluding the Oriental Selection business, the fourth quarter revenue was $1.089 billion, reflecting an 18.7% year-on-year growth [1]. - For the entire fiscal year 2025, total revenue was $4.9 billion, up 13.6%, and net profit was $371.7 million, a 20.1% increase [2]. Business Segment Performance - The overseas study preparation and consulting businesses saw revenue growth of approximately 14.6% and 8.2%, respectively, although growth rates have slowed compared to previous quarters [3]. - The new education business experienced a 32.5% revenue increase, with significant engagement in non-subject tutoring across 60 cities [3][4]. - The cultural tourism business reported a 71% revenue growth, driven by domestic and international study tours [4][5]. Cost and Impairment Issues - The significant drop in net profit was primarily attributed to a $60.3 million goodwill impairment related to past acquisitions of kindergartens, reflecting changes in policy and market conditions [6]. - Operating costs and expenses for the fourth quarter were $1.252 billion, up 11.2%, with stock-based compensation expenses increasing by 11% to $28.6 million [6]. Future Guidance - The company anticipates a revenue growth rate of 2%-5% for the first quarter of fiscal year 2026 and 5%-10% for the entire fiscal year, indicating a more stable and sustainable growth phase [6][7]. - The guidance now includes the Oriental Selection business, reflecting its operational stabilization after restructuring [7].