Hong Kong stock New Oriental Education & Technology Group rose 17 per cent online, while US stock New Oriental Education & Technology Group rose 24.71 per cent overnight with Chinese stocks picking up. TAL Education Group rose 18.64 per cent. New Oriental Education & Technology Group, TAL Education Group and New Oriental Education & Technology Group online are the top three heavy stocks in education ETF, and education ETF is up 8.48% so far.
Education ETF was founded on June 8, 2021 and listed on the Shanghai Stock Exchange on June 17. According to the latest data at the end of the third quarter of this year, New Oriental Education & Technology GroupTop ten heavy stocks有New Oriental Education & Technology Group 、TAL Education Group 、New Oriental Education & Technology Group is online,Secondary public education,Secondary education holding company, Tuowei Information, iFLYTEK,Visual source shares, net Dragon, Borey Communication.
On the news side, New Oriental Education & Technology Group handed in his transcript for the first time.On the evening of October 26th, New Oriental Education & Technology Group announced unaudited financial results for the first quarter of fiscal year 2023 (June 1-August 31, 2022). The company's net income for the quarter was $745 million, down 43% from a year earlier, while operating profit rose 140.5% year-on-year to $78 million. Operating profit under non-Non-GAAP was $97 million, up 28.3% from the same period last year.
From June 1 to August 31, 2022, the subsidiary New Oriental Education & Technology Group online achieved higher-than-expected profits, and its core business Oriental selection performed well.. Third-party data show that from June to August this year, Oriental selection accumulated sales of about 2.249 billion yuan in three months. From June to September, Oriental selection has been ranked No. 1 in live Douyin for four months in a row, and continues to maintain a momentum of rapid growth. The strategy of Oriental selection transformation live broadcast with goods platform has achieved initial results, relying on New Oriental Education & Technology Group brand and Dong Yuhui bilingual live broadcast, Oriental selection quickly came out of the circle, saving a lot of brand and market launch costs.
As for the reasons for the successful transformation of Oriental selection, New Oriental Education & Technology Group said after the release of the financial report that he first benefited from the maturity of China's social infrastructure and the care and support of all sectors of society. Oriental selection proposed during the transformation at the end of 2021 that live streaming is just a formality and that the company's core goal is to become an agricultural technology company. Oriental selection aims at the positioning of agricultural technology companies, with a total of 42 self-made products.An average of 8 new products are added every month. Among them, self-operated roast sausage, as a popular single product, has sold more than 1.34 million pieces, and the commodity praise rate has reached 99%. Self-operated blueberry raw pulp has sold more than 400,000 cases, which has directly promoted the related industries in the rural areas around Daxing'an Mountains.
In the financial report, Yu Minhong, executive chairman of New Oriental Education & Technology Group's board of directors, said that the main business showed a considerable trend, with the business of preparing for exams abroad and consulting abroad growing by 2 per cent and 21 per cent respectively compared with the same period last year, while the domestic test preparation business for adults and college students increased by about 2 per cent year-on-year.
New Oriental Education & Technology Group said that new businesses launched from the second quarter of 2022 have also achieved positive results. Yang Zhihui, CEO and chief financial officer of New Oriental Education & Technology Group, said on the phone that since the "double reduction", New Oriental Education & Technology Group has spun off the subject training business of compulsory education. to return to college student examination, study abroad business, and new non-disciplinary training, hardware and live e-commerce and other new businesses.
After a round of reshuffle in the education industry, many educational institutions are also actively transforming, and the future is expected to usher in the dawn of recovery.For the future of the education industry, Huaxi Securities pointed out that the era of education information 2.0 has come, with the basic popularization of hardware equipment has been basically completed, education information 2.0 will be software and service market-oriented, the market is in the race track preemptive period. In the future, with the application of 5G, AI, VR, AR and other technologies in the field of education, educational informatization will usher in a new growth point.
