New Oriental Education & Technology Group Inc. Announces Results of Annual General Meeting

New Oriental Education & Technology likely has ample room to grow its education businesses, says its bull at CGS International. The Chinese private-education provider's 1Q results were stronger than analysts Lei Yang and Charlotte Zhou anticipated, driven by strong growth in its tutoring business for students in kindergarten through ninth grade. The company expects 2Q revenue to increase by 9%-12% as the K-9 tutoring business' growth accelerates, the analysts note. Meanwhile, the analysts estimate operating losses in its tourism business will narrow in FY 2025-FY 2026. CGS International raises its FY 2026-FY 2028 EPS projections by 0.2%-1.9%. The brokerage lifts its target on New Oriental's Hong Kong shares to HK$62.90 from HK$62.00 and maintains a buy rating. Shares fall 1.7% to HK$45.98. (megan.cheah@wsj.com)

New Oriental Education & Technology may see revenue upsides in fiscal year 2026, according to Daiwa analysts in a research note. The company's latest results meet Daiwa's expectations, the analysts say. The management's tone on the outlook of the education business for kindergarten through 9th grade, as well as its overseas business in fiscal year 2026 is improving, Daiwa says. The chances of management revising its guidance for fiscal 2026 is higher, it adds. Daiwa maintains a buy rating, and raises target price to HK$53.00 from HK$49.00. Shares last traded at HK$46.78. (tracy.qu@wsj.com)

BEIJING, Oct. 28, 2025 /PRNewswire/ — New Oriental Education & Technology Group Inc. (the "Company" or "New Oriental") (/ 9901.SEHK), a provider of private educational services in China, today announced its unaudited financial results for the first fiscal quarter ended August 31, 2025, which is the first quarter of New Oriental's fiscal year 2026.

Financial Highlights for the First Fiscal Quarter Ended August 31, 202 5

• Total net revenues increased by 6.1% year over year to US$1,523.0 million for the first fiscal quarter of 2026.
• Operating income increased by 6.0% year over year to US$310.8 million for the first fiscal quarter of 2026.
• Net income attributable to New Oriental decreased by 1.9% year over year to US$240.7 million for the first fiscal quarter of 2026.

Key Financial Results

 
                                                                        % of 
(in thousands US$, except per ADS(1) data)     1Q FY202 6  1Q FY202 5   change 
---------------------------------------------  ----------  ----------  ------- 
Net revenues                                    1,522,980   1,435,416    6.1 % 
Operating income                                  310,827     293,150    6.0 % 
Non-GAAP operating income (2)(3)                  335,543     301,448   11.3 % 
Net income attributable to New Oriental           240,723     245,430   -1.9 % 
Non-GAAP net income attributable to New 
 Oriental (2)(3)                                  258,255     262,411   -1.6 % 
Net income per ADS attributable to New 
 Oriental - basic                                    1.52        1.49    1.8 % 
Net income per ADS attributable to New 
 Oriental - diluted                                  1.50        1.48    1.7 % 
Non-GAAP net income per ADS attributable to 
 New Oriental - basic (2)(3)(4)                      1.63        1.59    2.2 % 
Non-GAAP net income per ADS attributable to 
 New Oriental - diluted (2)(3)(4)                    1.61        1.58    2.1 % 
 
(1) Each ADS represents ten common shares. The Hong Kong-listed shares are 
fully fungible with the ADSs listed on NYSE. 
(2) GAAP represents Generally Accepted Accounting Principles in the United 
States of America. 
(3) New Oriental provides non-GAAP financial measures on net income 
attributable to New Oriental, operating income and net income per ADS 
attributable to New Oriental that exclude share-based compensation expenses, 
amortization of intangible assets resulting from business acquisitions, 
(gain)/loss from fair value change of investments, loss/(gain) from equity 
method investments, impairment of long-term investments, impairment of 
goodwill, gain on disposals of investments and others, as well as tax effects 
on non-GAAP adjustments. For further details on these adjustments, please 
refer to the section titled "About Non-GAAP Financial Measures" and the tables 
captioned "Reconciliations of Non-GAAP Measures to the Most Comparable GAAP 
Measures" set forth at the end of this release. 
(4) The Non-GAAP net income per ADS attributable to New Oriental is computed 
using Non-GAAP net income attributable to New Oriental and the same number of 
shares and ADSs used in GAAP basic and diluted EPS calculation. 
 

Operating Highlights for the First Fiscal Quarter Ended August 31, 202 5

Michael Yu, New Oriental's Executive Chairman, commented, "We are very pleased to begin the fiscal year 2026 with a healthy top-line growth of 6.1%, surpassing the upper end of our expected range. Notably, revenues from overseas test preparation and overseas study consulting businesses increased by approximately 1.0% and 2.0% year over year, respectively. In addition, the domestic test preparation business targeting adults and university students grew by approximately 14.4% year over year. Our new educational business initiatives recorded a revenue growth of 15.3% year over year. Our non-academic tutoring courses were offered in around 60 cities, attracting approximately 530,000 student enrollments during the quarter. Concurrently, our intelligent learning system and devices were adopted in around 60 cities, with approximately 452,000 active paid users. As we move forward in the current fiscal year, we will maintain our strategic direction, continuing to execute our long-term development strategy with an unwavering focus on enhancing our core education business. Building on our ongoing efforts, we will prioritize further enhancement to product capabilities and quality, systematic development of educational resources, and operational efficiency improvements. Our commitment to delivering exceptional client service, elevating our brand influence, and creating sustainable long-term value for our shareholders remains steadfast. We are confident that our strategic initiatives and dedication to excellence will drive continued growth in the years to come."

Chenggang Zhou, New Oriental's Chief Executive Officer, added, "During this fiscal quarter, we maintained a disciplined approach to capacity expansion, ensuring alignment between revenue growth and operational efficiency. In parallel, we focused on enhancing our OMO (online-merge-offline) teaching system and invested in the integration of AI technologies across our education ecosystem. The successful introduction of our AI-powered Intelligent Learning Device and Smart Study Solution is an important step forward in our efforts to enhance the learning experience and better support our students. Encouraged by the positive initial feedback, we remain committed to continuously refining these products and further embedding AI across our offerings to strengthen our core capabilities. In addition to enhancing our educational offerings, we are also expanding the application of AI to streamline internal operations, driving efficiency gain and elevating support for our teaching staff and employees. In this fiscal quarter, East Buy continued to invest in its strategic 'healthy and high-quality' private label products initiative, focusing on enriching product categories, achieving breakthrough innovations, and developing stable and widely applicable products. As a result, its private label products have become household staples, garnering increased market recognition and delivering exceptional quality and value to its customers."

Stephen Zhihui Yang, New Oriental's Executive President and Chief Financial Officer, commented, "Despite the challenges posed by the continued slowdown in our overseas businesses, we delivered a year over year improvement in our Non-GAAP operating margin, driven by our relentless focus on cost optimization and operational efficiency enhancements. This is reflected in our quarterly Non-GAAP operating margin of 22.0%, up by 100 basis points compared to the same period last fiscal year. Building on this momentum, we will continue to exercise this discipline and extend our cost and efficiency initiatives across all business lines for the remainder of the fiscal year, positioning ourselves for more sustainable and profitable growth."

Update on Shareholder Return Plan

The Company's board of directors (the "Board") approved a three-year shareholder return plan on July 29, 2025, under which no less than 50% of the Company's net income attributable to New Oriental for the preceding fiscal year will be dedicated to returning value to shareholders, commencing with the fiscal year 2026.

The Company has announced today that to implement the share return plan for the fiscal year 2026, the board of directors has approved an ordinary cash dividend and a new share repurchase program:

• Ordinary cash dividend: the ordinary cash dividend of US$0.12 per common share, or US$1.2 per ADS, will be paid in two installments, with an aggregate amount of approximately US$190 million. The first installment, US$0.06 per common share, or US$0.6 per ADS, will be paid to holders of common shares and ADSs of record as of the close of business on November 18, 2025, Beijing/Hong Kong Time and New York Time, respectively. The second installment, US$0.06 per common share, or US$0.6 per ADS, is expected to be paid around six months after the payment date of the first installment to holders of common shares and ADSs of a record date to be further determined by the board of directors. Details of the second installment will be announced in due course.
• Share repurchase program: Pursuant to the new share repurchase program, the Company may repurchase up to US$300 million of its ADSs or common shares over the next 12 months.

Financial Results for the First Fiscal Quarter Ended August 31, 202 5

Net Revenues

For the first fiscal quarter of 2026, New Oriental reported net revenues of US$1,523.0 million, representing a 6.1% increase year over year. The growth was mainly driven by the increase in net revenues from the Company's new educational business initiatives.

Operating Costs and Expenses

Operating costs and expenses for the quarter were US$1,212.2 million, representing a 6.1 % increase year over year.

• Cost of revenues increased by 9.3 % year over year to US$637.8 million.
• Selling and marketing expenses increased by 3.6 % year over year to US$200.6 million.
• General and administrative expenses for the quarter increased by 2.4% year over year to US$373.8 million.

Total share-based compensation expenses, which were allocated to related operating costs and expenses, increased by 239.8% to US$23.3 million in the first fiscal quarter of 2026.

Operating Income and Operating Margin

Operating income was US$310.8 million, representing a 6.0% increase year over year. Non-GAAP income from operations for the quarter, excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, was US$335.5 million, representing an 11.3% increase year over year.

Operating margin for the quarter was 20.4%, compared to 20.4% in the same period of the prior fiscal year. Non-GAAP operating margin, which excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, for the quarter was 22.0%, compared to 21.0% in the same period of the prior fiscal year.

Net Income and Net Income per ADS

Net income attributable to New Oriental for the quarter was US$240.7 million, representing a 1.9% decrease year over year. Basic and diluted net income per ADS attributable to New Oriental were US$1.52 and US$1.50, respectively.

Non-GAAP Net Income and Non-GAAP Net Income per ADS

Non-GAAP net income attributable to New Oriental for the quarter, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, (gain)/loss from fair value change of investments, loss/(gain) from equity method investments, as well as tax effects on non-GAAP adjustments, was US$258.3 million, representing a 1.6% decrease year over year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental were US$1.63 and US$1.61, respectively.

Cash Flow

Net operating cash inflow for the first fiscal quarter of 2026 was approximately US$192.3 million and capital expenditures for the quarter were US$55.4 million.

Balance Sheet

As of August 31, 2025, New Oriental had cash and cash equivalents of US$1,282.3 million. In addition, the Company had US$1,570.2 million in term deposits and US$2,178.1 million in short-term investment.

New Oriental's deferred revenue, which represents cash collected upfront from customers and related revenue that will be recognized as the services or goods are delivered, at the end of the first quarter of fiscal year 2026 was US$1,906.7 million, an increase of 10.0% as compared to US$1,733.1 million at the end of the first quarter of fiscal year 2025.

Outlook for the Second Quarter and Full Year of the Fiscal Year 202 6

New Oriental expects total net revenues in the second quarter of the fiscal year 2026 (September 1, 2025 to November 30, 2025) to be in the range of US$1,132.1 million to US$1,163.3 million, representing year over year increase in the range of 9% to 12%.

New Oriental confirms the previously provided guidance of total net revenues in the fiscal year 2026 (June 1, 2025 to May 31, 2026) to be in the range of US$5,145.3 million to US$5,390.3 million, representing a year over year increase in the range of 5% to 10%.

This forecast reflects New Oriental's current and preliminary view, which is subject to change. The forecast is based on the current USD/RMB exchange rate, which is also subject to change.

Conference Call Information

New Oriental's management will host an earnings conference call at 8 AM on October 28, 2025, U.S. Eastern Time (8 PM on October 28, 2025, Beijing/Hong Kong Time).

Please register in advance of the conference, using the link provided below. Upon registering, you will be provided with participant dial-in numbers, and unique personal PIN.

Conference call registration link:

https://register-conf.media-server.com/register/BIb9d756453ea343d59d489f9b00d73bf9.

It will automatically direct you to the registration page of "New Oriental FY2026 Q1 Earnings Conference Call" where you may fill in your details for RSVP.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial in number(s) and personal PIN) provided in the confirmation email received at the point of registering.

Joining the conference call via a live webcast:

Additionally, a live and archived webcast of the conference call will be available at http://investor.neworiental.org.

Listening to the conference call replay:

A replay of the conference call may be accessed via the webcast on-demand by registering at https://edge.media-server.com/mmc/p/qn2a5drn first. The replay will be available until October 28, 2026.

About New Oriental

New Oriental is a provider of private educational services in China offering a wide range of educational programs, services and products to a varied student population throughout China. New Oriental's program, service and product offerings mainly consist of educational services and test preparation courses, private label products and livestreaming e-commerce, overseas study consulting services, and educational materials and distribution. New Oriental is listed on NYSE and SEHK (9901.SEHK), respectively. New Oriental's ADSs, each of which represents ten common shares, are listed and traded on the NYSE. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.

For more information about New Oriental, please visit http://www.neworiental.org/english/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the outlook for the second quarter and full year of fiscal year 2026, quotations from management in this announcement, as well as New Oriental's strategic and operational plans, contain forward-looking statements. New Oriental may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about New Oriental's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to effectively and efficiently manage changes of its existing business and new business; its ability to execute its business strategies; uncertainties in relation to the interpretation and implementation of or proposed changes to, the PRC laws, regulations and policies regarding the private education industry; its ability to attract students without a significant increase in course fees; its ability to maintain and enhance its "New Oriental" brand; its ability to maintain consistent teaching quality throughout its school network, or service quality throughout its brand; its ability to achieve the benefits it expects from recent and future acquisitions; the outcome of ongoing, or any future, litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the private education sector and livestreaming e-commerce business in China; the continuing efforts of its senior management team and other key personnel, health epidemics and other outbreaks in China; and general economic conditions in China. Further information regarding these and other risks is included in its annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. New Oriental does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and New Oriental undertakes no duty to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement New Oriental's consolidated financial results presented in accordance with GAAP, New Oriental uses the following measures defined as non-GAAP financial measures by the SEC: net income excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, (gain)/loss from fair value change of investments, loss/(gain) from equity method investments, impairment of long-term investments and goodwill, gain on disposals of investments and others, as well as tax effects on non-GAAP adjustments; operating income excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and impairment of goodwill; operating margin excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and impairment of goodwill; and basic and diluted net income per ADS and per share excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, loss/(gain) from fair value change of investments, loss/(gain) from equity method investments, impairment of long-term investments and goodwill, gain on disposals of investments and others, as well as tax effects on non-GAAP adjustments. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.

New Oriental believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding from each non-GAAP measure certain items that may not be indicative of its operating performance from a cash perspective. New Oriental believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to New Oriental's historical performance and liquidity. New Oriental believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP measures is that they exclude from each non-GAAP measure certain items that have been and will continue to be for the foreseeable future a significant recurring expense in its business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Contacts

 
For investor and media inquiries, please contact: 
 
Ms. Rita Fong                        Ms. Sisi Zhao 
FTI Consulting                       New Oriental Education & Technology Group 
                                     Inc. 
Tel:      +852 3768 4548             Tel:        +86-10-6260-5568 
Email:  rita.fong@fticonsulting.com  Email: zhaosisi@xdf.cn 
 
 
               NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
                   CONDENSED CONSOLIDATED BALANCE SHEETS 
                               (In thousands) 
                                               As of August 31  As of May 31 
                                                    2025            2025 
                                               ---------------  ------------ 
                                                 (Unaudited)     (Audited) 
                                                     USD            USD 
                                               ---------------  ------------ 
ASSETS: 
Current assets: 
 Cash and cash equivalents                           1,282,311     1,612,379 
 Restricted cash, current                              167,983       180,724 
 Term deposits, current                              1,208,370     1,092,115 
 Short-term investments                              2,178,072     1,873,502 
 Accounts receivable, net                               35,805        33,629 
 Inventory, net                                         86,283        80,884 
 Prepaid expenses and other current assets, 
  net                                                  345,064       307,902 
 Amounts due from related parties, current               6,709         6,567 
Total current assets                                 5,310,597     5,187,702 
                                               ---------------  ------------ 
 
 Restricted cash, non-current                           90,353        24,030 
 Term deposits, non-current                            361,859       355,665 
 Property and equipment, net                           808,635       767,346 
 Land use rights, net                                   55,175        54,900 
 Amounts due from related parties, 
  non-current                                           12,509        12,464 
 Long-term deposits                                     49,457        48,815 
 Intangible assets, net                                 11,703        13,020 
 Goodwill, net                                          44,243        43,832 
 Long-term investments, net                            394,015       388,481 
 Deferred tax assets, net                               73,759        97,932 
 Right-of-use assets                                   786,541       793,842 
 Other non-current assets                               14,079        17,470 
Total assets                                         8,012,925     7,805,499 
                                               ===============  ============ 
 
LIABILITIES AND EQUITY 
Current liabilities: 
 Accounts payable                                       85,195        80,484 
 Accrued expenses and other current 
  liabilities                                          746,059       830,583 
 Income taxes payable                                  213,425       167,881 
 Amounts due to related parties                            317           405 
 Deferred revenue                                    1,906,668     1,954,464 
 Operating lease liability, current                    260,219       255,997 
Total current liabilities                            3,211,883     3,289,814 
                                               ---------------  ------------ 
 
 Deferred tax liabilities                               18,811        14,174 
 Unsecured senior notes                                      -        14,403 
 Operating lease liabilities, non-current              523,827       533,376 
Total long-term liabilities                            542,638       561,953 
                                               ---------------  ------------ 
 
Total liabilities                                    3,754,521     3,851,767 
                                               ---------------  ------------ 
 
Equity 
 New Oriental Education & Technology Group 
  Inc. shareholders' equity                          3,952,677     3,661,873 
 Non-controlling interests                             305,727       291,859 
Total equity                                         4,258,404     3,953,732 
                                               ---------------  ------------ 
 
Total liabilities and equity                         8,012,925     7,805,499 
                                               ===============  ============ 
 
 
               NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
          (In thousands except for per share and per ADS amounts) 
 
                                       For the Three Months Ended August 31 
                                      -------------------------------------- 
                                             2025                2024 
                                      ------------------  ------------------ 
                                         (Unaudited)         (Unaudited) 
                                             USD                 USD 
                                      ------------------  ------------------ 
Net revenues                                   1,522,980           1,435,416 
                                      ------------------  ------------------ 
 
Operating cost and expenses (note 1) 
Cost of revenues                                 637,795             583,521 
Selling and marketing                            200,576             193,692 
General and administrative                       373,782             365,053 
                                      ------------------  ------------------ 
Total operating cost and expenses              1,212,153           1,142,266 
Operating income                                 310,827             293,150 
                                      ------------------  ------------------ 
Gain/(Loss) from fair value change 
 of investments                                    7,786            (11,913) 
Other income, net                                 20,610              39,087 
Provision for income taxes                      (91,542)            (77,551) 
(Loss)/Gain from equity method 
 investments                                       (158)                 210 
                                      ------------------  ------------------ 
Net income                                       247,523             242,983 
                                                          ================== 
 
Net (income)/loss attributable to 
 non-controlling interests                       (6,800)               2,447 
                                      ------------------  ------------------ 
Net income attributable to New 
 Oriental Education & Technology 
 Group Inc.'s shareholders                       240,723             245,430 
                                      ==================  ================== 
 
 
Net income per share attributable to 
 New Oriental- Basic (note 2)                       0.15                0.15 
 
Net income per share attributable to 
 New Oriental- Diluted (note 2)                     0.15                0.15 
 
Net income per ADS attributable to 
 New Oriental- Basic (note 2)                       1.52                1.49 
 
Net income per ADS attributable to 
 New Oriental- Diluted (note 2)                     1.50                1.48 
 
 
               NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 RECONCILIATIONS OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES 
          (In thousands except for per share and per ADS amounts) 
 
                                       For the Three Months Ended August 31 
                                      -------------------------------------- 
                                             2025                2024 
                                      ------------------  ------------------ 
                                         (Unaudited)         (Unaudited) 
                                             USD                 USD 
                                      ------------------  ------------------ 
 
Operating income                                 310,827             293,150 
Share-based compensation expenses                 23,284               6,853 
Amortization of intangible assets 
 resulting from business 
 acquisitions                                      1,432               1,445 
Non-GAAP operating income                        335,543             301,448 
                                      ------------------  ------------------ 
 
Operating margin                                  20.4 %              20.4 % 
Non-GAAP operating margin                         22.0 %              21.0 % 
 
Net income attributable to New 
 Oriental                                        240,723             245,430 
Share-based compensation expenses                 22,410               7,389 
(Gain)/Loss from fair value change 
 of investments                                  (7,786)              11,913 
Amortization of intangible assets 
 resulting from business 
 acquisitions                                        888                 904 
Loss/(Gain) from equity method 
 investments                                         158               (210) 
Tax effects on Non-GAAP adjustments                1,862             (3,015) 
Non-GAAP net income attributable to 
 New Oriental                                    258,255             262,411 
                                      ------------------  ------------------ 
 
Net income per ADS attributable to 
 New Oriental- Basic (note 2)                       1.52                1.49 
Net income per ADS attributable to 
 New Oriental- Diluted (note 2)                     1.50                1.48 
 
Non-GAAP net income per ADS 
 attributable to New Oriental - 
 Basic (note 2)                                     1.63                1.59 
Non-GAAP net income per ADS 
 attributable to New Oriental - 
 Diluted (note 2)                                   1.61                1.58 
 
Weighted average shares used in 
 calculating basic net income per 
 ADS (note 2)                              1,587,936,854       1,648,666,786 
Weighted average shares used in 
 calculating diluted net income per 
 ADS (note 2)                              1,598,588,465       1,659,034,134 
 
Net income per share - basic                        0.15                0.15 
Net income per share - diluted                      0.15                0.15 
 
Non-GAAP net income per share - 
 basic                                              0.16                0.16 
Non-GAAP net income per share - 
 diluted                                            0.16                0.16 
 
 
Notes: 
 
Note 1: Share-based compensation expenses (in thousands) are included in the 
operating cost and expenses as follows: 
 
                                       For the Three Months Ended August 31 
                                      -------------------------------------- 
                                             2025                2024 
                                      ------------------  ------------------ 
                                         (Unaudited)         (Unaudited) 
                                             USD                 USD 
                                      ------------------  ------------------ 
Cost of revenues                                     213             (3,146) 
Selling and marketing                                611               (599) 
General and administrative                        22,460              10,598 
Total                                             23,284               6,853 
                                      ==================  ================== 
 
Note 2: Each ADS represents ten common shares. 
 
 
               NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
                               (In thousands) 
 
                                       For the Three Months Ended August 31 
                                      -------------------------------------- 
                                             2025                2024 
                                      ------------------  ------------------ 
                                         (Unaudited)         (Unaudited) 
                                             USD                 USD 
                                      ------------------  ------------------ 
 
Net cash provided by operating 
 activities                                      192,318             183,210 
Net cash used in investing 
 activities                                    (451,712)           (295,156) 
Net cash used in financing 
 activities                                     (29,435)           (153,494) 
Effect of exchange rate changes                   12,343              27,487 
 
Net change in cash, cash equivalents 
 and restricted cash                           (276,486)           (237,953) 
                                      ------------------  ------------------ 
 
Cash, cash equivalents and 
 restricted cash at beginning of 
 period                                        1,817,133           1,589,104 
 
Cash, cash equivalents and 
 restricted cash at end of period              1,540,647           1,351,151 
 

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SOURCE New Oriental Education and Technology Group Inc.

(14:19 GMT) New Oriental Education Price Target Raised to $58.20/Share From $56.20 by B of A Securities

This article was automatically generated by Dow Jones using technology from Automated Insights.

Stocks in Greater China gained on Tuesday.

Hong Kong's Hang Seng Index gained 1.8% to 19204.51, and China's Shanghai Composite Index gained 2.5% to 3240.94. The Taiwan Taiex index gained 1.4% to 22797.52.

Among Hang Seng constituents, Nongfu Spring Co. Ltd. was the biggest gainer during the session, surging 5.2%, and Kuaishou Technology gained 4.9%. JD.com Inc. rounded out the top three movers on Tuesday, as shares gained 4.9%.

New Oriental Education & Technology Group Inc. posted the largest decline among companies on the Hang Seng, falling 3.3%, followed by shares of Sands China Ltd., which fell 1.3%. Shares of CK Infrastructure Holdings Ltd. slipped 0.9%.

Among large mainland China stocks, EFORT Intelligent Equipment Co. Ltd. was the biggest gainer during the session, surging 20%, and Hangzhou Kaierda Welding Robot Co. Ltd. A surged 17%. OPT Machine Vision Tech Co. Ltd. A rounded out the top three movers on Tuesday, as shares surged 16%.

Eastroc Beverage (Group) Co. Ltd. posted the largest decline, dropping 7.9%, followed by shares of Cambricon Technologies Corp. Ltd. A, which fell 3.5%. Shares of Jiangsu Seagull Cooling Tower Co. Ltd. A fell 2.3%.

In Taiwan, Lai Yih Footwear Co. Ltd. was the biggest gainer among large companies during the session, surging 10%, and Arizon RFID Technology (Cayman) Co. Ltd. surged 10% Foxtron Vehicle Technologies Co. Ltd. rounded out the top three movers, as shares surged 10%.

Universal Inc. posted the largest decline, dropping 9.9%, followed by shares of Adimmune Corp., which dropped 7.2%. Shares of Cosmo Electronics Corp. dropped 5.3%.

On the currency front, the onshore yuan held steady against the U.S. dollar at CNY7.33 while the New Taiwan dollar strengthened 0.1% against the U.S. dollar at NT$33.02.

Data source: Dow Jones Market Data, FactSet