New Oriental Education & Technology Group Inc. (EDU) 2026 Q4 法說會逐字稿

Good evening and thank you for standing by for New Oriental’s fiscal year 2026 fourth-quarter results earnings conference call. (Operator Instructions)

晚安，感謝您撥冗參加新東方 2026 財政年度第四季業績電話會議。(接線員指示)

Today’s conference is being recorded. If you have any objections, you may disconnect at this time. I’d like to turn the meeting over to your host for today’s conference, Ms. Sisi Zhao.

本次會議將進行錄音。如您有任何異議，請於此時中斷連線。現在我想將會議交由今日會議主持人趙思思女士。

Thank you. Hello, everyone, and welcome to New Oriental’s fourth fiscal quarter 2026 earnings conference call. Our financial results for the period were released earlier today and are available on the company’s website as well as on newswire services.

謝謝。各位好，歡迎參加新東方 2026 財政年度第四季業績電話會議。本期間的財務結果已於今日稍早發布，並可在公司網站及新聞電訊服務平台查閱。

Today, Stephen Yang, Executive President and Chief Financial Officer, and I will share New Oriental’s latest earnings results and business updates in detail with you. After that, Stephen and I will be available to answer your questions.

今天，新東方執行總裁兼首席財務官楊志輝先生與我將向各位詳細分享新東方最新的業績結果與業務進展。之後，楊先生與我將回答各位的提問。

Before we continue, please note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the view expressed today. A number of potential risks and uncertainties are outlined in our public filings with the SEC. New Oriental does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

在我們繼續之前，請注意今天的討論將包含依據 1995 年《美國私人證券訴訟改革法案》安全港條款所作的前瞻性陳述。前瞻性陳述具有內在風險與不確定性。因此，我們的實際結果可能與今日所表達的觀點存在重大差異。我們向美國證券交易委員會（SEC）提交的公開文件中列示了若干潛在風險與不確定性。除適用法律要求外，新東方不承擔更新任何前瞻性陳述的義務。

As a reminder, this conference is being recorded. In addition, a webcast of this conference call will be available on New Oriental’s investor relations website at investor.neworiental.org.

提醒各位，本次會議正在錄音。此外，本次電話會議的網路直播將在新東方投資者關係網站 investor.neworiental.org 提供。

I’ll now first turn the call over to Mr. Yang. Stephen, please go ahead.

接下來我先把電話交給楊先生。Stephen，請開始。

Thank you, Sisi. Hello, everyone, and thank you for joining us on the call. We’re pleased to bring you another quarter of remarkable results, with revenue and income growth that have once again exceeded expectations. Our performance this quarter reflects not only the continued strength of our core business, but also the outstanding contributions of East Buy and our new creative ventures. Taken together, these assets have energized our strategic ambitions as we look ahead with confidence in the year to come.

謝謝，思思。各位好，感謝大家參加本次電話會議。我們很高興向各位帶來又一個季度的亮眼成果，營收與獲利成長再次超出預期。本季表現不僅反映核心業務持續強勁，也體現東方甄選以及我們新創意業務的卓越貢獻。綜合而言，這些資產為我們的策略雄心注入動能，讓我們對未來一年充滿信心。

We are particularly pleased that despite the economic headwinds and external challenges, our relentless efforts to deliver the very best to our customers are yielding strong results. In this quarter, total net revenue grew 23% year over year to $1,529.5 million. Non-GAAP operating income rose 34.7% to $110 million, while operating margins for both the quarter and the fiscal year 2026 showed healthy increments.

我們尤其欣慰的是，儘管面臨經濟逆風與外部挑戰，我們持續不懈、致力於為客戶提供最佳服務的努力正帶來強勁成果。本季度，淨營收總額年增 23% 至 15.295 億美元。非 GAAP營業利益成長 34.7% 至 1.10 億美元，而本季度及 2026 財政年度的營業利益率均呈現健康提升。

Both our core business and new initiatives continued to score meaningful tractions this quarter. Breaking it down, overseas test-prep business recorded a revenue increase of 6% year over year for the fourth quarter of 2026. Overseas Study Consulting business recorded a revenue increase of about 1% year over year for this quarter. Our Adults and University Students business recorded a revenue increase of 29% year over year for this quarter.

本季度，我們的核心業務與新舉措均持續取得實質進展。拆分來看，2026 年第四季海外考試備考業務營收年增 6%。本季度海外留學諮詢業務營收年增約 1%。本季度成人及大學生業務營收年增 29%。

Our Non-Academic Tutoring business have been rolled out to around 60 existing cities. Market penetration has seen a steady growth, particularly across tier cities. The top 10 cities contributed around 60% of this business.

我們的非學科輔導業務已在約 60 個既有城市落地推廣。市場滲透率持續穩步提升，尤其是在各級城市。前 10 大城市貢獻了該業務約 60% 的收入。

Our Intelligent Learning System and Device business that leveraged our teaching expertise and data analytics to provide adaptive learning solutions, has been launched in around 60 cities. We are encouraged by the enhanced customer retention and scalability, with the top 10 cities contributing [around] (corrected by company after the call) 50% of this business. In summary, our new educational business initiatives delivered a 25% year-over-year revenue increase in this quarter.

我們的智慧學習系統與設備業務，依託教學專長與數據分析提供自適應學習解決方案，已在約 60 個城市推出。我們對客戶留存提升與可擴展性備受鼓舞，前 10 大城市貢獻了[約]（公司於會後更正）該業務 50% 的收入。總結而言，本季度我們新的教育業務舉措實現營收年增 25%。

Moving on to our Integrated Tourism-Related business. Encompassing study tours and research camp for K-12 and university students, as well as cultural tours for middle-aged and senior travelers. Our cultural travel, Chinese study tour, global study tour, and camp education products continue to deliver meaningful value to customers through knowledge enrichment, personal growth, and deep cultural immersions. Our students programs now operate in about 55 cities nationwide, with the top 10 cities generate over 50% of the segmented revenue. Our premium adult tourism offerings span around 30 provinces domestically and select international destinations.

接下來談談我們的綜合旅遊相關業務。該業務涵蓋面向 K-12 與大學生的研學旅行與研究營，以及面向中老年旅客的文化旅遊。我們的文化旅行、中文研學、全球研學與營地教育產品，持續透過知識增益、個人成長與深度文化沉浸為客戶創造實質價值。我們的學生項目目前在全國約 55 個城市運營，前 10 大城市貢獻該細分業務收入的 50% 以上。我們的高端成人旅遊產品覆蓋國內約 30 個省份及部分海外目的地。

We are also expanding into senior health and wellness tourism with an asset-light model, forging partnerships with over 45 wellness facilities across key destinations, including Hainan, Yunnan, and Guangxi. With our OMO teaching platform, we have continued to invest in revamping and upgrading the system. During this quarter, we invested $31.2 million to improve and maintain our OMO platform which enable us to provide uninterrupted high-quality instructions to students that cater to their individual learning needs.

我們亦以輕資產模式拓展銀髮健康與養生旅遊，並在海南、雲南、廣西等重點目的地與超過 45 家康養機構建立合作。在 OMO 教學平台方面，我們持續投入系統重塑與升級。本季度，我們投入 3,120 萬美元用於改進與維護 OMO 平台，使我們能為學生提供不中斷的高品質教學，並滿足其個別化學習需求。

Beyond upgrading the OMO system, we continue to embed AI across our ecosystem, including driving product innovation and transforming our internal operations to enhance capabilities, improve the efficiency, and provide greater support to our staff.

除升級 OMO 系統外，我們也持續在整個生態中導入 AI，包括推動產品創新並改造內部營運，以提升能力、提高效率，並為員工提供更大支持。

In terms of the product innovation, we are proud to share that our proprietary AI-powered personalized learning platform has successfully completed its first phase of deployment, achieving meaningful sales with just 25 days of inauguration.

在產品創新方面，我們很自豪地分享：我們自研的 AI 驅動個人化學習平台已成功完成第一階段部署，並在上線僅 25 天內即取得具意義的銷售成果。

Unlike a general purpose large language model, our AI platform is built on a highly specialized vertical learning system, purposely designed to reflect the rooted assets of New Oriental. This encouraging initial performance is the validation of the platform’s market traction and product-market fit. We look forward to propelling the development of the AI-driven products and solutions to further broaden our operational excellence and market impact.

不同於通用型大型語言模型，我們的 AI 平台建立在高度專業化的垂直學習系統之上，專為體現新東方的深厚資產而設計。這一令人鼓舞的初期表現，驗證了該平台的市場牽引力以及產品與市場的契合度。我們期待推動 AI 驅動產品與解決方案的發展，進一步提升營運卓越性與市場影響力。

Turning to the East Buy’s fiscal year 2026 performance. East Buy remains firmly committed to the three high product standards, high safety standards, high product quality, and high-cost performance, while delivering attentive customer service for families. On the platform front, East Buy made significant strides in its multi-platform live streaming strategy on Douyin, launching 11 new vertical live streaming accounts and expanding its channel matrix to 18 channels in total.

接下來談談東方甄選 2026 財政年度的表現。東方甄選始終堅持「三高」產品標準——高標準、高安全標準、高產品品質與高性價比，同時為家庭提供貼心的客戶服務。在平台端，東方甄選在抖音的多平台直播策略上取得重大進展，新開設 11 個垂直類直播帳號，並將頻道矩陣擴展至合計 18 個頻道。

East Buy also launched a suite of the innovative operational programs, including streamer recruitment campaigns and annual suppliers summit that has proven effective to strengthen internal operational teams, deepen long-term strategic partnerships with suppliers, and it elevates the customer engagement.

東方甄選亦推出一系列創新營運項目，包括主播招募活動與年度供應商峰會，已證明能有效強化內部營運團隊、深化與供應商的長期策略合作，並提升客戶互動與黏著度。

Charting a new course in fiscal year 2027, East Buy will accelerate its expansion of its private label portfolio across food and daily necessities, scale up product R&D and quality control to uphold the three high standards, and advance its app membership ecosystem.

展望 2027 財政年度，東方甄選將加速擴充其自有品牌組合，涵蓋食品與日用必需品；擴大產品研發與品質管控規模以維持「三高」標準，並推進其 App 會員生態。

By leveraging New Oriental’s extensive nationwide network, East Buy will further expand its offline experience footprint to engage a broader customer base, collectively optimizing operational efficiency, its supply chain network, and laying a solid foundation for sustainable long-term growth.

藉助新東方遍布全國的廣泛網路，東方甄選將進一步擴大線下體驗版圖，以觸達更廣泛的客群，並共同優化營運效率與供應鏈網路，為可持續的長期成長奠定堅實基礎。

Now, I would like to share the latest updates of an exciting new strategic initiative that we have been piloting since the last quarter. New Oriental Home, a platform designed to serve the entire family unit, from children to parents to seniors, through a full life cycle, full spectrum approach. New Oriental Home assembles our education service, East Buy offerings, and cultural tourism products into one unified ecosystem in a single app. Families can conveniently access, manage, and redeem services tailored to each member, enabling seamless cross-category engagement and deeper household-level relationships.

現在，我想分享一項令人振奮的新策略舉措的最新進展，我們自上季度起已開始試點。新東方家，是一個旨在以全生命週期、全方位方式服務整個家庭單位的平台，涵蓋從孩子、父母到長者。新東方家在同一個 App 中，將我們的教育服務、東方甄選供給以及文化旅遊產品整合為一個統一的生態系統。家庭可便捷地存取、管理並兌換為每位成員量身打造的服務，實現跨品類的無縫互動，並建立更深層的家庭層級關係。

The platform has demonstrated strong early traction with scenario-based marketing and integrated service, anchoring solid user activation, retention, and acquisition. Notably, we have seen retention for Grade 7 students increase by 10 basis points from summer to autumn this year. Customers find the earn and redeem experience rewarding and are engaged to explore a broader range of offerings within our ecosystem, thereby lowering our cost of spend on customer acquisition as well.

該平台透過情境式行銷與整合式服務，展現出強勁的早期成長動能，奠定了穩固的用戶啟用、留存與獲客表現。值得注意的是，我們觀察到今年七年級學生的留存率自暑期至秋季提升了10個基點。客戶認為賺取與兌換的體驗很有回饋感，並積極探索我們生態系內更廣泛的產品與服務，從而也降低了我們在客戶獲取上的投入成本。

This integrated loyalty framework has been particularly effective as it’s not only strengthened retention, but also transformed customer engagement into actionable data, enabling us to create incentives for customers and staff. At the same time, the vibrant synergies New Oriental Home generates across all business lines, including East Buy, combined with highly personalized offerings, have overall accelerated cross selling, improved conversion efficiency, and optimized overall operating costs.

這套整合式會員忠誠框架特別有效，因為它不僅強化了留存，亦將客戶互動轉化為可執行的數據，使我們能為客戶與員工設計激勵機制。同時，新東方家（New Oriental Home）在包括東方甄選（East Buy）在內的各業務線所產生的強勁協同效應，結合高度個人化的供給，整體上加速了交叉銷售、提升了轉化效率，並優化了整體營運成本。

We have launched this pilot program in 69 cities as test beds, including Hangzhou, Suzhou, Xi’an, and Wuhan, with over 950,000 registered families by the end of this quarter. The platform has achieved cumulative activity participation rates of around 70%, and the latest campaign activation rate is 23%, significantly outperforming many public domain e-commerce platforms. These results affirm the high reach and precision advantage of our education-focused private domain ecosystem. We look forward to build on the promising momentum in the quarter ahead.

我們已在69個城市啟動此試點計畫作為測試場域，包括杭州、蘇州、西安與武漢；截至本季度末，註冊家庭數已超過95萬戶。該平台累計活動參與率約為70%，最新一輪活動的啟用率為23%，顯著優於許多公域電商平台。這些結果印證了我們以教育為核心的私域生態系具備高觸達與高精準的優勢。我們期待在下一季度延續並放大這股良好動能。

Now, I will turn the call over to Sisi to share with you about the key financials. Sisi, please go ahead.

接下來，我將把電話會議交給Sisi，請她與各位分享主要財務數據。Sisi，請開始。

Okay. Thank you, Stephen. Let me now walk you through the key financial highlights for the quarter. Operating costs and expenses for the quarter were $1,443.7 million, representing a 15.3% increase year over year. Cost of revenues increased by 25.9% year over year to $717.3 million. Selling and marketing expense increased by 23.9% year over year to $262.5 million.

好的。謝謝你，Stephen。接下來我將帶各位回顧本季度的主要財務亮點。本季度營運成本與費用為14.437億美元，較去年同期增加15.3%。營收成本較去年同期增加25.9%至7.173億美元。銷售與行銷費用較去年同期增加23.9%至2.625億美元。

G&A expenses for the quarter increased by 13.2% year over year to $463.9 million. Impairment of goodwill was nil, compared to $60.3 million in the same period of the prior fiscal year. Total share-based compensation expenses, which were allocated to related operating costs and expenses, decreased by 20.7% to $22.7 million in this quarter.

本季度一般及行政（G&A）費用較去年同期增加13.2%至4.639億美元。商譽減損為零，而上一財年同期為6,030萬美元。本季度分攤至相關營運成本與費用的股權激勵費用合計為2,270萬美元，較去年同期下降20.7%。

Operating income was $85.8 million, compared to an operating loss of $8.7 million in this prior year period. Non-GAAP income from operations for the quarter, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisition and impairment of goodwill, was $110 million, representing a 34.7% increase year over year.

營業利益為8,580萬美元，而去年同期為營業虧損870萬美元。本季度非GAAP營業利益（剔除股權激勵費用、因企業併購產生之無形資產攤銷及商譽減損）為1.10億美元，較去年同期增加34.7%。

Net income attributable to New Oriental for the quarter was $62.2 million, representing a 775.8% increase year over year. Basic and diluted net income per ADS attributable to New Oriental were $0.40 and $0.39 respectively.

本季度歸屬於新東方的淨利為6,220萬美元，較去年同期增加775.8%。歸屬於新東方的每ADS基本及攤薄淨利分別為0.40美元與0.39美元。

Non-GAAP net income attributable to New Oriental for the quarter was $87.8 million, representing a decrease of 10.5% year over year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental were $0.56 and $0.55 respectively. Net cash inflow generated from operation for the fourth quarter of 2026 was approximately $518.7 million, and capital expenditure for the quarter were at $99 million.

本季度歸屬於新東方的非GAAP淨利為8,780萬美元，較去年同期下降10.5%。歸屬於新東方的每ADS非GAAP基本及攤薄淨利分別為0.56美元與0.55美元。2026年第四季度經營活動產生的淨現金流入約為5.187億美元，本季度資本支出為9,900萬美元。

Turning to the balance sheet, as of May 31, 2026, New Oriental had cash and cash equivalents of $1,821.2 million. In addition, the company had $1,366.8 million in term deposits and $2,372.3 million in short-term investments. 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 fourth quarter of fiscal year 2026 was $2,242.9 million, an increase of 14.8% as compared to $1,954.5 million year over year.

接著看資產負債表，截至2026年5月31日，新東方持有的現金及現金等價物為18.212億美元。此外，公司持有13.668億美元的定期存款及23.723億美元的短期投資。新東方的遞延收入（代表向客戶預先收取的現金，以及將於服務或商品交付時確認的相關收入）在2026財年第四季度末為22.429億美元，較去年同期的19.545億美元增加14.8%。

Now, I’ll hand over to Stephen to go through our outlook and guidance.

現在，我把時間交回Stephen，請他說明我們的展望與指引。

Thank you, Sisi. The healthy results we have delivered in fiscal year 2026 have given us both the fuel and the conviction to pursue resilient, sustainable growth and ever-improving service in the year ahead. Approaching summer vacation, we’re particularly confident in sustaining momentum for the coming first quarter of fiscal year 2027, with expectations that improving enrollment trends will drive an accelerated revenue growth, and the higher overall operational efficiency will bolster our optimism in growing our margins.

謝謝你，Sisi。我們在2026財年交出的穩健成果，為我們在未來一年追求更具韌性、可持續的成長與持續提升的服務，提供了動能與信心。隨著暑假將至，我們對2027財年第一季度維持成長動能特別有信心；我們預期報名趨勢的改善將帶動營收加速成長，而整體營運效率的提升也將強化我們對利潤率提升的信心。

We will continue to strategically expand capacity and talent, deepening our presence in markets with proven top and bottom-line performance while maintaining rigorous resource allocation. Expansion decision will be carefully calibrated throughout the year, guided by the operational readiness and financial results. Alongside our pursuits of new creative initiatives, sustainable profitability, and cost discipline remain cornerstones of our business.

我們將持續以策略性方式擴充產能與人才，在已驗證具備良好營收與獲利表現的市場深化布局，同時維持嚴謹的資源配置。全年擴張決策將在營運準備度與財務結果的指引下審慎校準。在追求新的創新舉措之際，可持續的獲利能力與成本紀律仍是我們業務的基石。

In the coming quarter, we expect meaningful cost improvements to emerge from the restructuring of our overseas business, which will pave the way for the greater operational efficiency and stronger margin profile in the new year.

在即將到來的季度，我們預期海外業務重組將帶來顯著的成本改善，為新年度更高的營運效率與更強的利潤率表現鋪路。

Looking ahead, we enter fiscal year 2027 with deep confidence in our core education business and new initiatives driven by a genuine passion to create lasting value. We will continue to drive sustainable and healthy growth through product enhancements and quality improvements, while further optimizing cost structure and to enhance efficiency and profitability.

展望未來，我們以對核心教育業務的深厚信心，以及由真誠熱情驅動、旨在創造長期價值的新舉措，邁入2027財年。我們將透過產品強化與品質提升，持續推動可持續且健康的成長，同時進一步優化成本結構，以提升效率與獲利能力。

Our focus remains on long-term value creation, offering investors a clearer view of our strategic trajectory and durable growth we’re building for the future. Considering the positive momentum and the cost management measures across our business line, we expect total net revenue for the group in fiscal year 2027 to be in the range of $6,453.9 million to $6,680.3 million, representing a year-over-year increase in the range of 14% to 18%. These expectations reflect our current outlook based on the recent regulatory development and prevailing market conditions, both of which remain subject to change.

我們的重點仍在於長期價值創造，讓投資人更清楚看見我們的策略軌跡，以及我們為未來打造的持久成長。考量正向動能與各業務線的成本管理措施，我們預期集團2027財年總淨營收將介於64.539億美元至66.803億美元之間，年增幅約為14%至18%。上述預期反映我們基於近期監管進展與當前市場狀況的現階段展望，兩者皆可能變動。

Additionally, we announced a share repurchase program, under which New Oriental is authorized to repurchase up to $300 million of its ADS or common shares over the subsequent 12 months. As of July 28, 2026, yesterday, we had repurchased a total of approximately 51.5 million common shares, including common shares represented by ADS, for aggregate consideration of approximately $274 million from the open market and the share repurchase program. We expect to roll out the share repurchase program for the remainder of the duration in accordance with its terms.

此外，我們宣布一項股份回購計畫，授權新東方在未來12個月內回購最多3億美元的ADS或普通股。截至2026年7月28日（即昨日），我們已透過公開市場及股份回購計畫，累計回購約5,150萬股普通股（包括ADS所代表的普通股），總對價約為2.74億美元。我們預期將依照計畫條款，在剩餘期間持續推進股份回購。

Furthermore, to implement our three-year shareholder return plan adopted in July 2025 for fiscal year 2027, the Board of Directors of the company has approved an ordinary cash dividend and a new share repurchase program with a total amount of the capital return for the fiscal year 2027 is expected to be approximately $500 million.

另外，為落實我們於2025年7月採納、適用於2027財年的三年股東回報計畫，公司董事會已核准發放普通現金股利並推出新的股份回購計畫；預計2027財年資本回饋總額約為5億美元。

I would like to go through details in the following. The aggregate amount of the cash dividend for the fiscal year 2027 is expected to approximately $300 million, to be paid in two installments in December 2026 and June 2027, respectively. Further details regarding the cash dividend program will be decided by the Board of Directors and announced by the company in due course.

以下我將進一步說明細節。預計2027財年現金股利總額約為3億美元，將分兩期支付，分別於2026年12月及2027年6月發放。有關現金股利計畫的進一步細節將由董事會決定，並由公司於適當時機另行公告。

Pursuant to the share repurchase program for fiscal year 2027, the company may repurchase up to $200 million of its ADS or common shares over the subsequent 12 months following the Board approval. The company’s proposed repurchase may be made from time to time in the open market at prevailing market price, in privately negotiated transactions, in block trades, and or through other legally permissible means, depending on market conditions and in accordance with the applicable rules and regulations.

依據2027會計年度的股份回購計畫，在董事會核准後的後續12個月內，本公司最多可回購不超過2億美元的美國存託股份（ADS）或普通股。本公司擬議之回購可視市場狀況並依據適用之規則與法規，不定期於公開市場按當時市價進行、以私下協商交易方式進行、以大宗交易方式進行，及／或透過其他法律允許之方式進行。

The Board of Directors of the company will review the share repurchase program periodically and may authorize adjustments of term and size. The company expects to fund the repurchase out of its existing cash balance.

本公司董事會將定期審視股份回購計畫，並可能授權調整其期限與規模。本公司預期將以現有現金餘額為回購資金來源。

To conclude, New Oriental is steadfastly committed to driving sustainable growth, promising exceptional value to our customers and shareholders, and generating long-term returns to our shareholders. We continue to collaborate closely with government authorities across province and municipalities in China, ensuring full compliance with the relevant policies and regulations while adapting our operations responsibly to meet evolving requirements.

總結而言，新東方堅定致力於推動可持續成長，為客戶與股東創造卓越價值，並為股東帶來長期回報。我們持續與中國各省及各市政府主管機關保持密切合作，在負責任地調整營運以因應不斷演變之要求的同時，確保全面遵循相關政策與法規。

This is the end of our fiscal year 2026 Q4 summary. At this point, I would like to open the floor for questions. Operator, please open the call for this. Thank you.

以上為我們2026會計年度第四季摘要的結束。接下來，我想開放提問。接線員，請開放電話會議進行提問。謝謝。

(Operator Instructions) Elsie Sheng, CLSA.

(接線員指示) Elsie Sheng，CLSA。

Stephen and Sisi, congratulations on the very strong results. I think the guidance on the 2027 financial year is also higher than expectation. So my question is, can you help us break down the financial year 2027 guidance into quarters, especially the trend that you expect in the first quarter of the financial year '27 in terms of revenue and margin?

Stephen 和 Sisi，恭喜你們交出非常亮眼的成績。我認為對2027會計年度的指引也高於預期。因此我的問題是，你們能否協助我們把2027會計年度的指引拆分到各季度，特別是你們對2027會計年度第一季在營收與利潤率方面的趨勢預期？

Okay. As you know, I think our strategy in fiscal year 2026 is to enhance the product and service quality. I think we have seen the good result. The better quality drives the student retention rate up, the Q4 marks another quarter of the solid result.

好的。如你所知，我們在2026會計年度的策略是提升產品與服務品質。我想我們已經看到良好的成果。更好的品質帶動學生留存率提升，而第四季也再次成為一個表現穩健的季度。

And so given the positive momentum, I think including the healthy growth of our K-12 business and the recovery of the East Buy, I think we are now in a more optimistic position regarding our business outlook in fiscal year 2027. We give the guidance of the annual guidance in fiscal year 2027, in the range of 14% to 18%. I must mention that as always, we’re still conservative to give the annual guidance. We do expect to beat our annual guidance in fiscal year 2027.

因此，基於正向動能，包括我們K-12業務的健康成長以及東方甄選（East Buy）的復甦，我們目前對2027會計年度的業務展望更為樂觀。我們給出的2027會計年度全年指引為成長14%至18%。我必須提到，一如既往，我們在提供全年指引時仍然偏保守。我們確實預期在2027會計年度將超越全年指引。

From this year, we are making the change to give the guidance on annual basis. We believe this change better reflects our long-term strategic focus and encourages investors to evaluate our business performance over a longer term, rather than the quarter to quarter. I believe you’re still interested in the Q1 forecast. I must say that we’re quite confident in sustaining a momentum for the coming first quarter of fiscal year 2027.

從今年開始，我們改為提供年度口徑的指引。我們相信這項改變能更好地反映我們的長期策略重點，並鼓勵投資人以更長期的角度評估我們的業務表現，而非逐季比較。我相信你仍然關心第一季的預測。我必須說，我們對在2027會計年度第一季延續動能相當有信心。

You saw our deferred revenue at the Q4 end was increased by roughly 15%. I think that’s a good sign of the coming quarter of the revenue growth. We expect the improving summer enrollment trends that we have seen will drive accelerated revenue growth of the education business and the higher operational efficiency. Also, I do believe the East Buy, the revenue will be accelerated in Q1. East Buy will contribute more profit and revenue to the group. To repeat again, we’re quite optimistic about the Q1 performance.

你看到我們在第四季期末的遞延收入約增加了15%。我認為這是下一季度營收成長的良好訊號。我們預期目前所見的暑期報名趨勢改善，將推動教育業務營收加速成長並提升營運效率。此外，我也相信東方甄選在第一季的營收將加速成長。東方甄選將為集團貢獻更多利潤與營收。再重申一次，我們對第一季表現相當樂觀。

It’s very helpful.

這非常有幫助。

Your question was about the margins as well. The margin. We got the margin expansion in Q4, in this quarter, even though we need some margin drag from the overseas-related business and the one-off expenses, roughly $10 million to $15 million from our internal management restructuring in this quarter. We’re still getting group margin expansion by 60 basis point up in this quarter.

你的問題也提到了利潤率。利潤率方面。我們在第四季實現了利潤率擴張；儘管本季度受到海外相關業務以及一次性費用的利潤率拖累影響，其中包括本季度因內部管理重組產生約1,000萬至1,500萬美元的一次性費用。本季度我們仍實現集團利潤率擴張，上升60個基點。

As for the margin outlook for the next year, fiscal year 2027, we’ll continue to focus on profitability across all business lines. We’ll keep doing the cost control and we will improve the operational efficiency and to bring more operating leverage in the coming new year. We expect the margin will be expanded in the coming new year. The Q1 margin outlook, we’re quite confident on the margin expansion in the coming Q1.

至於明年、也就是2027會計年度的利潤率展望，我們將持續聚焦各業務線的獲利能力。我們會持續進行成本控制並提升營運效率，在新的一年帶來更高的營運槓桿。我們預期新的一年利潤率將擴張。至於第一季的利潤率展望，我們對即將到來的第一季利潤率擴張相當有信心。

[Jenny Yuan], UBS.

[Jenny Yuan]，UBS。

Can you hear me?

你們聽得到我嗎？

We can, please.

聽得到，請說。

Thank you, Stephen Yang and Sisi Zhao for taking my question, and congrats on the strong quarter results. My question regarding our revenue outlook specifically for our K-12 business. After the further acceleration in the fourth quarter, how should we project the revenue growth outlook for the upcoming first quarter and next fiscal year '27?

謝謝Stephen Yang和Sisi Zhao回答我的問題，也恭喜本季強勁的業績。我的問題是關於我們K-12業務的營收展望。在第四季進一步加速之後，我們應如何預估即將到來的第一季以及下一個2027會計年度的營收成長展望？

I think we had a strong year of the K-12 business growth in fiscal year '26. As for the guidance of the K-12 business in the new year, I would like to guide the K-12 business in total, the K9 and high school in total, roughly will be expected to increase roughly close to 20%, or around 20% year over year. Because I think this enrollment growth trend is good, and also, I think the Q1 revenue growth will be stronger. So this is my guidance of the K-12 business. Don’t forget, I think the K-12 business will bring us the higher margin in the coming new year.

我認為我們在2026會計年度的K-12業務成長表現強勁。至於新年度K-12業務的指引，我想就K-12整體（K9與高中合計）給出指引：預期年增約接近20%，或約20%。因為我認為這個招生增長趨勢良好，而且我認為第一季的營收成長會更強。以上就是我對K-12業務的指引。別忘了，我認為K-12業務在新的一年將為我們帶來更高的利潤率。

Alice Cai, Citi.

Alice Cai，Citi。

Good evening, management team. Congratulations on the solid and strong result. My question is about the capacity expansion in fiscal year '27, because you’ve talked about disciplining capacity expansion in fiscal year '26. That’s been part of the margin story. Wondering what’s the plan for fiscal year '27 and where is the utilization running now? Also, I have another question about the compliance, because we’ve seen some reports about inspection at individual learning centers. Wondering if there is any risk we should be aware of.

管理團隊晚安。恭喜取得穩健且強勁的成果。我的問題是關於2027會計年度的產能擴張，因為你們提到在2026會計年度對產能擴張採取更有紀律的做法。這也是利潤率故事的一部分。想請問2027會計年度的規劃是什麼？目前的使用率（utilization）大概在什麼水準？另外我還有一個關於合規的問題，因為我們看到一些報導提到對個別學習中心的檢查。想請問是否存在我們需要留意的風險？

Okay. Yeah. Thank you, Alice. In fiscal year '26, we added 13% new capacity in total. I think based on the expansion control, I think we did well in the last year. And in the coming new year, we plan to open 10%-15% new capacity. I think most of the new openings will be in the top performance of the bottom line and top line in the last year.

好的。是的。謝謝你，Alice。在2026會計年度，我們合計新增了13%的新產能。我認為就擴張控制而言，我們去年做得不錯。而在即將到來的新年度，我們計畫新增10%至15%的新產能。我認為大部分新開設將會集中在去年營收（top line）與利潤（bottom line）表現最好的地區。

I think we’re happy to see the student retention rate improvement, which will drive the utilization rate up in the existing learning centers. I think we’re quite optimistic on the OMO or some online business development. And so that means we don’t need to open too many learning centers in the coming new year. In one word, I think the top-line growth in the coming new year will be higher than the learning center expansion, so it will drive the average utilization rate up again in the coming new year.

我們很高興看到學生留存率提升，這將帶動現有學習中心的使用率上升。我們對OMO或部分線上業務的發展相當樂觀。因此，這意味著我們在新的一年不需要開設太多學習中心。一句話總結，我認為新年度的營收成長將高於學習中心擴張速度，因此將在新的一年再次推升平均使用率。

Your second question is about the regulation. Anyway, I think we’ll obey the rules, the policy requirements. I think it’s fine because in the last four or five years, we passed all the requirements of the government. I think going forward, my personal view is, on the regulation side, I think for me, it’s neutral to positive on the regulatory environment.

你的第二個問題是關於監管。無論如何，我認為我們會遵守規則與政策要求。我覺得這沒有問題，因為在過去四到五年裡，我們通過了政府的所有要求。我認為往前看，就監管層面而言，以我個人觀點，我覺得監管環境對我們是中性偏正面。

Timothy Zhao, Goldman Sachs.

Timothy Zhao，高盛。

Sure. Thank you, Stephen. Thank you, Sisi. Thank you for taking my question. Congrats on the very solid results. I think my question is regarding the overseas test prep and the consulting business.

好的。謝謝你，Stephen。謝謝你，Sisi。謝謝讓我提問。恭喜取得非常穩健的業績。我想我的問題是關於海外考試備考與留學諮詢業務。

Just wondering if you can give us an update on what you are seeing on the ground, and what you have seen from the summer vacation period in terms of the overseas test prep growth. How do you think about the growth trajectory for this year for this specific segment?

想請問你們能否更新一下你們在一線看到的情況，以及從暑期檔期來看，海外考試備考的成長表現如何。你們如何看待今年這個細分板塊的成長軌跡？

And I believe last year you did a segment merger or integration between the two separate business. Just wondering if you can give us some margin outlook for this business line. What was the operating margin or contribution margin for the overseas business related last year, and what is your expectation for this year?

另外我記得去年你們把兩個獨立業務做了板塊合併或整合。想請問你們能否給我們一些這條業務線的利潤率展望。去年海外相關業務的營業利潤率或貢獻利潤率是多少？你們對今年的預期是什麼？

Thank you, Tim. Your question is about the overseas-related business. I think, yeah, everybody knows, due to the impact of the economic environment and the international situation. Our overseas-related business meet some growth pressure in last year. But I think we have shown the resilience in last year, and we believe that we’re taking the market share as always.

謝謝你，Tim。你的問題是關於海外相關業務。我想，是的，大家都知道，由於經濟環境與國際局勢的影響，我們的海外相關業務在去年面臨一些成長壓力。但我認為我們在去年展現了韌性，我們也相信我們一如既往地在取得市占率。

And so in the coming new year, we expect our overseas-related business will be flattish or low single-digit growth in the coming new year. And I think roughly the Q1, I think, we still believe that we can get some low single digits, the growth of the overseas-related business.

因此在即將到來的新一年，我們預期海外相關業務將持平或呈現低個位數成長。我想大致在第一季，我們仍然相信海外相關業務可以取得一些低個位數的成長。

Yeah. We merged the overseas test prep business and the consulting business in Q3 last year. I think the reason that we put it together is to restructure the two different management team and to provide the customers one-stop service, and to enhance the cost control, reduce some cost and expenses. Roughly, the margin of the overseas-related business last year is roughly 15%, roughly, last year.

是的。我們在去年第三季把海外考試備考業務與諮詢業務合併。我想我們把它們放在一起的原因，是為了重整兩個不同的管理團隊，為客戶提供一站式服務，並加強成本控制、降低部分成本與費用。大致而言，去年海外相關業務的利潤率約為15%。

Including both test prep and consulting.

包含備考與諮詢兩部分。

We put it together. In the coming year, we believe the margin will be expanded for the overseas-related business because of the cost control, because of the merge of the restructuring the new team. So yeah. I think we have done a lot of jobs, and we will keep doing the cost control in the coming new year. It will drive the margin up of the overseas-related business in the coming new year.

我們把它們整合在一起。在接下來的一年，我們相信海外相關業務的利潤率會因成本控制、以及合併後新團隊的重整而擴張。所以，是的。我想我們做了很多工作，並且在新的一年會持續做成本控制。這將推動海外相關業務在新的一年提升利潤率。

Lucy Yu, Bank of America Securities.

Lucy Yu，美國銀行證券。

Hi, Stephen, Sisi. I have a question on the sales and the marketing distribution expense in the last quarter. It was up a bit, both on a Q on Q and YoY basis. Could you elaborate why is that, and how should we think about the selling distribution expense in fiscal year 2027, especially we have the New Oriental Home in place?

嗨，Stephen、Sisi。我有一個關於上季銷售與行銷分銷費用的問題。無論按季或按年來看，都略有上升。能否說明原因？以及我們應如何看待2027財年的銷售分銷費用，尤其是在我們已經有「新東方之家」的情況下？

I think in Q4, the East Buy spent a little bit more money on the marketing, but it drive the revenue, goes up a lot. So in the coming new year, I do believe the selling marketing expenses as to the percentage of the revenue for the whole group will be down. So it will drive the margin up in the coming new year. Lucy?

我想在第四季，東方甄選在行銷上多花了一點錢，但它也帶動營收大幅上升。因此在即將到來的新一年，我確實相信，從整個集團來看，銷售與行銷費用占營收的比例會下降。所以這會推動新一年的利潤率上升。Lucy？

Maybe one more. For the fourth-quarter non-GAAP operating margin expansion, if we excluding East Buy, how about the rest of the education? Is it flattish or expand as well?

也許再問一個。關於第四季非GAAP營業利潤率的擴張，如果我們排除東方甄選，其他教育業務的情況如何？是大致持平，還是也有擴張？

If we take out the East Buy’s contribution of the Q4, the margin contribution from the East Buy, I think our education business margin roughly flattish. But don’t forget, we take the one-off expenses of the restructuring merge of the overseas business in Q4. So roughly, we incurred $10 million to $15 million as the one-off expenses in Q4. So if you add it back, the margin is up of the core business.

如果把第四季東方甄選的貢獻拿掉、也就是拿掉東方甄選對利潤率的貢獻，我想我們教育業務的利潤率大致持平。但別忘了，我們在第四季計入了海外業務重整合併的一次性費用。所以大致而言，我們在第四季產生了1,000萬到1,500萬美元的一次性費用。如果把這部分加回來，核心業務的利潤率是上升的。

DS Kim, JPMorgan.

DS Kim，摩根大通。

Thanks for another strong beat and rate. I think this is now third time in a row. I have a very quick two questions, if okay. First, we just mentioned about that cost optimization initiative, can I ask if this is already done behind us or shall we expect, I don’t know, like $5 million, $10 million or some more of this one-off in first quarter? More importantly, can we try to quantify roughly how much fixed cost savings can we enjoy in fiscal year 2027 from this? I have one small follow-up.

謝謝再次大幅超預期並上調指引。我想這已經是連續第三次了。我有兩個很快的問題，如果可以的話。第一，剛才提到成本優化計畫，我想請問這是否已經完成、告一段落？還是我們應該預期第一季還會有例如500萬、1,000萬或更多的一次性費用？更重要的是，我們能否大致量化一下，2027財年我們可以享受到多少固定成本節省？我還有一個小追問。

Thank you, DS. Your questions about the cost control. We started to do the cost control since March last year, and I think we did a great job in the whole year, fiscal year '26. Roughly, we saved $100 million, roughly, in fiscal year '26. Now we closely to the end of the Phase 1, cost control Phase 1. So we’re stepping into the Phase 2.

謝謝你，DS。你的問題是關於成本控制。我們從去年3月開始做成本控制，我認為我們在整個2026財年做得很好。大致而言，我們在2026財年節省了約1億美元。現在我們接近第一階段成本控制的尾聲。因此我們正在進入第二階段。

As I said, in the cost control Phase 2, we will do more like the restructuring of the management teams to do more cost control. And we will use more AI to save the staff cost or etc.. So I think in the coming new year, we expect the cost control can save more amount than that of last year. So this is our target. Thank you, DS.

如我所說，在第二階段的成本控制中，我們會做更多像是重整管理團隊來進一步控成本。我們也會更多使用AI來節省人員成本等等。所以我想在即將到來的新一年，我們預期成本控制節省的金額會高於去年。這是我們的目標。謝謝你，DS。

That’s very helpful. Second, a small question. Can I ask, I saw we spent $250 million CapEx, capital expenditure last year. Can I check if we have a budget for 2027?

非常有幫助。第二個，小問題。我看到我們去年資本支出（CapEx）花了2.5億美元。我想確認一下，我們對2027年是否有資本支出預算？

Yeah. The CapEx. Yeah. Last year, roughly $250 million. In the coming new year, roughly $250 million-$300 million as the new capacity or the CapEx on the learning path model or on others. Roughly $250 million to $300 million, yeah.

是的。資本支出。是的。去年大約2.5億美元。在即將到來的新一年，大約2.5億到3億美元，用於新增產能，或用於學習路徑模型等方面的資本支出，或其他用途。大約2.5億到3億美元，是的。

Got it. Just on that, I mean, not to nitpick on this, but last year, I think our new opening, like absolute number of stores were down 40% from a year ago. I think we opened like 170 stores. The year before was like 260-270, yet CapEx was flat and this coming year, CapEx to go up. Is that the delta, the gap because of East Buy? Can I understand that way? Or if you could comment on that, is it related to a new initiative of the East Buy offline store or anything else I’m missing?

了解。就這點再追問一下，我不是要吹毛求疵，但去年我想我們新開店的數量（絕對值）比前一年下降了40%。我想我們大概開了170家店。前一年大概是260到270家，但資本支出卻持平，而今年資本支出還要上升。這個差額、這個缺口是因為東方甄選嗎？我可以這樣理解嗎？或者你們能否評論一下，這是否與東方甄選線下門店的新計畫有關，或還有其他我漏掉的因素？

No, East Buy’s offline store, the CapEx is very tiny. It’s to me, very, very small in number. Yeah, as I said, last year we opened 13% new capacity in terms of the square meters. And the coming new year, we plan to open 10% to 15% new capacity. And we believe the new capacity growth or the new capacity numbers will be lower than the top-line growth. So that means it will drive the utilization rate up.

不，東方甄選的線下門店，資本支出（CapEx）非常小。在我看來，規模非常、非常小。是的，如我所說，去年我們以建築面積（平方米）計新增了13%的產能。而在即將到來的新一年，我們計劃新增10%到15%的產能。我們相信新增產能的增長或新增產能的數量會低於營收（top-line）的增長。這意味著它將推動利用率上升。

And you have questions about the CapEx. Yeah, we’re building up the new headquarters in Changchun, and it costs a little bit more money. The CapEx in the new year will be a little bit more higher than that of last year.

你也問到了資本支出（CapEx）。是的，我們正在長春建設新的總部，這會多花一點錢。新一年的資本支出會比去年略高一些。

That makes a lot of sense, sir. Yeah, that makes a lot of sense.

這非常合理，先生。是的，這非常合理。

Yikun Zheng, Citic.

鄭逸坤，中信。

Congrats on the strong results. My question is about the competition. Well, last year, the competition in summer season is quite strong. How do you think of the competition for this summer? And considering the impacts of the decline population and the competition, can we have a three-year outlook for the K-12 business?

恭喜取得強勁的業績。我的問題關於競爭。嗯，去年暑期的競爭相當激烈。你們如何看待今年暑期的競爭？另外，考慮到人口下降以及競爭的影響，能否給我們一個K-12業務未來三年的展望？

Yeah. The competition. I think in this summer, the competition is less than that of last year. I remember in last year summer the competition situation. This year, I think it’s better. That’s why we can give the Q1 guidance in a higher revenue acceleration in the coming Q1. The K-12 business in the coming Q1 and even the whole new year will be accelerated a little bit than that of last year.

好的。關於競爭。我認為今年暑期的競爭比去年要小。我記得去年暑期的競爭情況。今年我覺得更好一些。這也是為什麼我們能在即將到來的第一季度給出更高的收入加速指引。K-12業務在即將到來的第一季度，甚至整個新一年，都會比去年略有加速。

As for the population, I think, yeah, it’s an issue. But I think the parents will choose the education company for their kids will be more carefully. I think the parents love to give their kids the best education in the coming new three or five years. That means the big players will take more market share from the market. This is in my opinion, based on the current estimation.

至於人口，我認為，是的，這是一個問題。但我認為家長在為孩子選擇教育公司時會更加謹慎。我認為在接下來三到五年，家長仍然希望給孩子最好的教育。這意味著大型玩家會從市場中獲得更多市佔率。這是我基於目前估計的看法。

(Operator Instructions) Jing Yuan, CICC.

（接線員指示）袁晶，中金公司。

My question is about the AI adoption. With the rapid development of AI technology, could management share how the company is leveraging AI in its teaching and learning process? Do you see AI primarily as a tool to transform the teaching model or a way to improve operational efficiency?

我的問題關於AI採用。隨著AI技術的快速發展，管理層能否分享公司如何在教與學的過程中運用AI？你們認為AI主要是用來改變教學模式的工具，還是用來提升營運效率的方式？

Actually, as for the AI, we have been devoting a lot of efforts and resources into implementing the AI technology into education sector. In total, for three aspects. One is that for all the existing educational products, we are implementing AI technology to enhance the product quality and also enhance the students’ learning experience.

其實，關於AI，我們一直投入大量努力與資源，將AI技術落地到教育領域。總體來說，主要有三個方面。第一，針對所有現有的教育產品，我們正在導入AI技術，以提升產品品質，同時提升學生的學習體驗。

For example, we embedded AI new functions into our learning device business and also even in class, we use the AI tools to help students to improve the teaching and learning efficiency and the learning experience. And also, after school, they can use the AI new tools to enhance the learning efficiency.

例如，我們在學習機業務中嵌入了新的AI功能；甚至在課堂上，我們也使用AI工具幫助學生提升教與學的效率以及學習體驗。此外，課後他們也可以使用新的AI工具來提升學習效率。

So all these are differentiating us much more than before. More differentiating from all the other competitors because we have enough capital and also, we have the technology and also, the teaching knowledge to use the AI technology and make our products better. So this is one aspect.

因此，這些都讓我們比以前更具差異化。相較於其他所有競爭對手更具差異化，因為我們有足夠的資本，同時也具備技術能力與教學知識，能夠運用AI技術把產品做得更好。這是第一個方面。

The other thing is that we’re using AI is even more exciting is that we are piloting a lot of new AI new products. It’s not only products, but as we announced this quarter that we have a new platform launched recently to use the AI technology and also using our teaching and learning experience and all the teaching and learning settings that we have all of these combined together to come up with some new solution. So it’s based on to help students how to learn and how to use our teaching knowledge and using all the new AI tools to have some new products.

第二件事是，我們使用AI更令人興奮的一點在於：我們正在試點許多新的AI產品。不僅是產品；正如我們在本季度公告的那樣，我們最近推出了一個新平台，運用AI技術，同時結合我們的教與學經驗，以及我們所擁有的各種教學與學習場景，把這些整合在一起，提出一些新的解決方案。因此，這是基於幫助學生如何學習，並運用我們的教學知識與各種新的AI工具，來打造一些新產品。

So this is something that we are piloting and still in early stage, but we believe that the platform will be more and more better in the future. And also, we have a series of new products coming. So that’s some exciting ones.

這些是我們正在試點、仍處於早期階段的事情，但我們相信這個平台未來會越來越好。同時，我們也會有一系列新產品推出。所以這些都很令人期待。

And also, third thing that we’re doing is using the AI technology to improve the working efficiency so that we can save more labor costs for all functions, like all the teachers and also our teacher assistants. For all aspects of their working process, we can use AI tools to help them to improve the efficiency so that we don’t need to hire as many new staff as before, so that they can handle more work than before. So the HR cost can be saved more and efficiency can be improved, and also functional supporting staff as well.

第三，我們也在使用AI技術提升工作效率，從而在各項職能上節省更多人力成本，例如老師以及助教。在他們工作流程的各個環節，我們都可以使用AI工具幫助提升效率，這樣我們就不需要像以前那樣招聘那麼多新員工，讓他們能比以前承擔更多工作。因此，人力資源成本可以進一步節省、效率也能提升，職能支援人員亦是如此。

That’s all the things that we’re using AI to do. I think in total, we are more differentiating and have more advantage than other competitors in terms of using AI. Yeah. So we have the good solution and also can have the AI technology used more and more, better and better in the education sector. Yeah.

以上就是我們運用AI所做的事情。我認為總體而言，在AI的運用方面，我們比其他競爭對手更具差異化，也更有優勢。是的。因此，我們有很好的解決方案，也能讓AI技術在教育領域被越用越多、越用越好。是的。

That's very comprehensive.

非常全面。

Thank you for your questions. We are now approaching the end of the conference call. I’ll now turn the call over to New Oriental’s Executive President and CFO, Stephen Yang, for his closing remarks.

感謝您的提問。我們現在即將接近電話會議的尾聲。接下來我將把電話交給新東方執行總裁兼首席財務官（CFO）楊志輝（Stephen Yang），請他做結語。

Again, thank you for joining us today. If you have any further questions, please do not hesitate to contact me or any of our Investor Relation representatives. Thank you very much.

再次感謝各位今天參與。如有任何進一步問題，請隨時聯繫我或我們任何一位投資者關係代表。非常感謝。

This concludes today’s conference call. Thank you for participating. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。