New Oriental, a leading provider of private educational services in China, reported a significant increase in total net revenues, rising by 43.9% from US$2,997.8 million in the fiscal year ended May 31, 2023, to US$4,313.6 million in the fiscal year ended May 31, 2024. This growth was attributed to the expansion in new educational business initiatives and the success of East Buy's private label products and livestreaming e-commerce platform. Net service revenues saw a 37.6% increase, while net product revenues surged by 79.4%. Operating costs and expenses also rose by 41.2%, in line with revenue growth and expansion efforts. The company's net income improved by 38.2%, reaching US$325.2 million. New Oriental's financial position remains strong with US$1,389.4 million in cash and cash equivalents as of...Show More

New Oriental, a leading provider of private educational services in China, reported a significant increase in total net revenues, rising by 43.9% from US$2,997.8 million in the fiscal year ended May 31, 2023, to US$4,313.6 million in the fiscal year ended May 31, 2024. This growth was attributed to the expansion in new educational business initiatives and the success of East Buy's private label products and livestreaming e-commerce platform. Net service revenues saw a 37.6% increase, while net product revenues surged by 79.4%. Operating costs and expenses also rose by 41.2%, in line with revenue growth and expansion efforts. The company's net income improved by 38.2%, reaching US$325.2 million. New Oriental's financial position remains strong with US$1,389.4 million in cash and cash equivalents as of May 31, 2024. The company's strategic shift following regulatory changes in China's education sector, including the cessation of K-9 Academic AST Services, has led to a focus on non-academic tutoring and other educational services. Looking ahead, New Oriental plans to continue investing in technology and systems to enhance the learning experience and operational efficiency.