公司發佈FY24Q3財報
FY24Q3（2023年11月-24年2月）收入12億美元，同增60%；OP（經營利潤）1.1億同增71%；Non-GAAP OP1.4億美元，同增60%； 歸母淨利0.87億美元，同增6.8%；Non-GAAP歸母淨利1億美元，同增10%； FY24Q3Non-GAAP OPM 11.7%，FY23Q3Non-GAAP OPM 11.7%。
FY24Q3E revenue up 60% yoy and FYQ1-3E revenue up 49% yoy
FYQ3E: non-GAAP OP up 60% and non-GAAP net profit up 10%
New Oriental Education & Technology released unaudited financial results last week for FY24Q3E (Dec 2023 to Feb 2024):
•Revenue
amounted to USD1.2bn (up 60% yoy)
•Operating profit
came to USD110m (up 71% yoy) and non-GAAP operating profit to USD140m (up 60% yoy)
•Net profit
was USD87m (up 6.8% yoy) and non-GAAP net profit was USD100m (up 10% yoy)
•Non-GAAP operating margin
was 11.7% (also 11.7% a year ago).
FY24Q1-3（2023年6月-24年2月）收入32億美元，同增49%；OP3.4億同增139%；Non-GAAP OP4.4億美元，同增117%；
歸母淨利2.8億美元，同增91%；Non-GAAP歸母淨利3.4億美元，同增75%；
FY24Q1-3Non-GAAP OPM 13.7%，FY23Q1-3Non-GAAP OPM 9.4%。
FYQ1-3: non-GAAP operating profit up 117% and non-GAAP net profit up 75%
•Revenue
was USD3.2bn (up 49% yoy) in the June 2023 to February 2024 period
•Operating profit
was USD340m (up 139% yoy) and non-GAAP OP was USD440m (up 117% yoy)
•Net profit
was USD280m (up 91% yoy) and non-GAAP net profit was USD340m (up 75% yoy)
•Non-GAAP operating margin
was 13.7% (vs 9.4% a year ago).
教育業務受惠強勁營收增長，及設施利用率及教學資源的提升，OP於FY24Q3財季繼續錄得明顯同增，延續上幾個季度積極發展。公司FY24Q3財季錄得淨經營現金流量約1.億美元，截止FY24Q3財季末，現金和現金等價物、定期存款及短期投資總額合共約48億美元。
公司預計FY2024Q4以人民幣計價淨營收預計增長幅度34%-37%之間。
Business overview:
New Oriental’s education businesses posted high revenue growth in FY24Q3E, as it improved facility utilization and teaching resources, while operating profit maintained the quarterly uptrend with firm yoy growth.
Cash:
the company posted net operating cash flow of about USD100m in the quarter, while cash and cash equivalents, time deposits and short-term investments came to about USD4.8bn as of end-FY24Q3E.
FY24Q4E guidance:
New Oriental projects its RMB-denominated net revenue will rise 34-37% in the last quarter of the current fiscal year.
截至2024年2月29日止，學校及學習中心總數911間，與截至2023年11月30日止的843間相比，增加68間；與截至2023年2月28日止的712間相比，增加199間。截至2024年2月29日止，學校總數81間。
FY24Q3出國考試準備和出國諮詢維持強勁增長，分別同增約52.6%和25.7%；同時，針對成人及大學生國內考試準備業務同增約53.2%。
Operations: widening market footprint and growing exam prep business
Growing network: 911 schools and learning centers, including 81 schools
New Oriental has 911 facilities as of 29 Feb 2024, comprising both schools and learning centers; of these, 81 are schools. It added 68 facilities in the three months from 30 Nov 2023; and prior to that, it had added 199 facilities in the nine months from 28 Feb 2023.
Exam prep:
its study-abroad exam preparation business as well as consultations grew strongly by 52.6% and 25.7% yoy respectively in FY24Q3; meanwhile, exam prep for Chinese institutions in China for adults and college students increased 53.2% yoy.
教育新業務營收同增72.7%；其中非學科類輔導本財季在近60個城市開展，報名人次35.5萬人次；智能學習系統及設備亦在約60個城市中採用，本財季活躍付費用戶達18.8萬人次。
除強勁增長勢頭外，新東方堅定不移地致力於提高教學質量，爲學生提供豐富的學習體驗，這同時使得客戶留存率不斷提高。新東方有信心，憑藉優異品牌優勢和豐富教育資源，有能力把握現在與將來各種市場機遇。
本季度新東方持續在具增長潛質、且備有更高設施利用率城市，擴大教學空間，穩步提升盈利能力。爲支持剩餘業務強勁復甦及教育新業務快速發展；新東方持續投入資源發展OMO，及應用新技術提升教育和產品質量。
此外，持續投入發展「東方甄選」，加強其自營產品的發展，及拓展至不同渠道，以優質產品及創新的直播內容吸引更大的客戶羣。「東方甄選」持續發展的同時亦實行全面的舉措，包括強化供應鏈系統更好控制食品安全及產品品質，擴大產品種類及增加SKU，致力提供優質及物有所值的產品。」
Non-academic educational revenue up 73% yoy; steady buildup of Oriental Select
Non-academic business:
revenue from the new educational businesses increased 72.7% yoy in FYQ3E, with 355,000 non-curriculum tuition student registrations as coverage expanded to nearly 60 cities in the quarter. And it deployed smart learning systems and equipment to about 60 cities for the 188,000 active paying users.
High student retention rates:
in pacing to the strong growth momentum, the company sought to raise teaching quality and provide students with rich learning experiences, which helped drive up the customer retention rate. The company intends to keep leveraging its strong brand and educational resources to maximize a variety of market opportunities.
O2O buildup:
New Oriental expanded its teaching service market to cities that had growth potential and higher facility utilization, which lifted profitability in the past quarter. To strengthen the recovery of its heritage businesses as well as drive fast growth of the new businesses, the company invested resources to integrate the online-to-offline channels and implemented new technologies to raise educational and product quality.
Oriental Select:
meanwhile, the company kept investing into the Oriental Select ecommerce business, building up its direct-operation merchandise and beefing up quality products and livestream content, while adding channel variety to expand its customer base. With the growth of Oriental Select, the company has added initiatives, such as strengthening the supply chain system to better manage food safety and product quality, expanding product categories and increasing SKUs, while striving to offer good-value premium products.
