New Oriental's 2025 Q2 Earnings: Revenue Surge and Strategic Growth Amid Cost Control

Revenue Growth and New Ventures:
- New Oriental Education & Technology Group Inc. reported a revenue growth of 19.4% year-over-year, with total net revenues excluding revenues from East Buy's private label products and livestreaming business increasing by 31.3%.
- The growth was driven by the continued growth of new ventures, which have bolstered the company's revenue.

Overseas Test Prep and Study Consulting:
- The overseas test prep business recorded a revenue increase of 21% year-over-year, and the overseas study consulting business reported a revenue increase of about 31% year-over-year for the second fiscal quarter of 2025.
- The growth in these segments was supported by strong demand in preparation for overseas studies.

Non-Academic Tutoring and Student Enrollments:
- The non-academic tutoring business expanded to around 60 cities, with approximately 994,000 student enrollments reported in the quarter, contributing over 60% from the top 10 cities.
- The rapid student enrollment growth, averaging 40% year-over-year, is driven by the attractiveness of innovative ability and comprehensive quality development programs.

Operating Margins and Cost Control:
- New Oriental's operating margin and non-GAAP operating margin reached 2.8% and 3.2% respectively, with the non-GAAP OP margin for the educational business excluding East Buy expanding by 12 basis points year-over-year.
- This margin expansion is attributed to effective capacity expansion, learning center utilization improvements, and cost control measures implemented by the company.