Core Insights - New Oriental-S (09901) reported a net revenue of $1.243 billion for the fourth quarter ending May 31, 2025, representing a year-on-year increase of 9.4% [1] - The company's net profit attributable to shareholders was $7.1 million, a decrease of 73.7% year-on-year, with earnings per ADS at $0.04 [1] - For the fiscal year 2025, New Oriental achieved a net revenue of $4.9 billion, up 13.6% year-on-year, and a net profit attributable to shareholders of $372 million, an increase of 20.1%, with basic net profit per ADS at $2.29 [1] Revenue Growth - The company ended the fiscal year with a healthy revenue growth of 9.4% in the fourth quarter [2] - Excluding revenue from self-operated products and live e-commerce, net revenue grew by 18.7% year-on-year [2] - Revenue from overseas exam preparation and consultation services increased by approximately 14.6% and 8.2% respectively, while domestic exam preparation for adults and university students saw a growth of about 17.0% [2] New Business Development - New Oriental's new educational businesses maintained strong growth, achieving a revenue increase of 32.5% [2] - Non-academic tutoring services were launched in nearly 60 cities, with approximately 918,000 registrations in the quarter [2] - The smart learning system and devices were adopted in about 60 cities, with around 255,000 active paying users in the quarter [2] Strategic Focus - The company plans to enhance management of core educational businesses, prioritize product capability and quality, systematically develop educational resources, and improve operational efficiency in the new fiscal year [2] - New Oriental continues to invest in its health and high-quality self-operated products, aiming for significant breakthroughs and product innovation [2] Profitability Metrics - The Non-GAAP operating profit margin for the fourth quarter, excluding self-operated products and live e-commerce, was 6.5%, an increase of 410 basis points year-on-year [2] - For the entire fiscal year 2025, the Non-GAAP operating profit margin was 12.8%, up 150 basis points from the previous year [2] - The company aims to implement cost optimization and efficiency enhancement measures across all businesses to pursue sustainable revenue growth and higher profitability in fiscal year 2026 [2]

新东方高管还谈到了AI。本季度新东方已经投资2970万美元用于改进和维护OMO教学系统，新东方利 用开源的大语言模型组合以及自研的AI技术来开发创新教育解决方案，"例如学习系列人工智能动力工 具，如论文评分、口语、评估和错误纠正，提供智能评估和定制的学习计划，提高学生成绩同时为教师 节省时间，进一步跟踪内部效率，我们推出了人工智能内容创建平台、学生表现反馈应用程序，以支持 课程计划，加强家校沟通。这些工具还使我们能够收集有关学习习惯和用户参与的有意义的数据。此 外，我们还建立了一个支持AI的综合常见问题知识库，并提供了另一个解决对话。" 有分析师提问，关税是否会导致下个季度的留学咨询业务增长放缓。对此，新东方高管回应称，由于宏 观经济形势和国际关系变化的影响，预计这部分业务第四季度增速将放缓，"持续的压力肯定来自海外 相关业务。但我们确实相信这个业务将会稳定下来"。 新东方董事会执行主席俞敏洪表示，"我们依托雄厚的教育资源，贯彻以长期可持续发展为核心的策 略，通过提升产品品质和营运效率，长期推动业务可持续增长和盈利能力。" 4月23日，新东方发布截至2025年2月28日的2025财年第三季度财报。本季度总营收 ...