New Oriental Education & Technology Group announced its 2024 annual report. As of May 31, 2024, the company's net income grew by 43.9% compared to the previous fiscal year, reaching $4.3136 billion. Service revenue increased by 37.6% to $3.501 billion, mainly driven by new education initiatives such as non-academic tutoring courses. Product net revenue from branded products and live e-commerce business increased by 79.4% to $0.8126 billion, with significant growth in live e-commerce platform sales. Operating costs and expenses totaled $3.9632 billion, a 41.2% increase from last year, primarily due to the cost associated with revenue growth and business expansion. The company's net income increased by 38.2% to $0.3252 billion. As of May 31, 2024, the company's cash and cash equivalents (including restricted cash) totaled $1.5891 billion. The board of directors...Show More

New Oriental Education & Technology Group announced its 2024 annual report. As of May 31, 2024, the company's net income grew by 43.9% compared to the previous fiscal year, reaching $4.3136 billion. Service revenue increased by 37.6% to $3.501 billion, mainly driven by new education initiatives such as non-academic tutoring courses. Product net revenue from branded products and live e-commerce business increased by 79.4% to $0.8126 billion, with significant growth in live e-commerce platform sales. Operating costs and expenses totaled $3.9632 billion, a 41.2% increase from last year, primarily due to the cost associated with revenue growth and business expansion. The company's net income increased by 38.2% to $0.3252 billion. As of May 31, 2024, the company's cash and cash equivalents (including restricted cash) totaled $1.5891 billion. The board of directors announced a special cash dividend of $0.60 per American depositary share, or $0.06 per ordinary share, for shareholders on record as of September 9, with a total dividend of approximately $0.1 billion. Under the share repurchase program authorized by the board of directors on July 26, 2022, the company repurchased a total of 9,093,038 ADS shares, extending the program until May 31, 2025, with an increase to $0.7 billion. The company's top executives and directors collectively hold 12.7% of the company's shares, with founder and chairman Yu Minhong holding 12.2% through his wholly-owned Tigerstep Developments Limited.