New Oriental Education & Technology Group Inc. (NYSE: NWOEF)

New Oriental Education & Technology Group Inc. provides educational programs, services and products to students across China through a nationwide physical network of schools, learning centers and bookstores, as well as dedicated online learning platforms. As of May 31, 2025, the company operated 77 schools and 1,241 learning centers in 70 cities, employed approximately 41,000 teachers, and maintained eight bookstores operated by the company and 262 distributors operated by other companies for educational materials. The company also conducts a business selling products under its own brand and operates a livestreaming online sales business through its subsidiary in which it holds a majority stake, East Buy.

The company generates revenue from educational services including test preparation courses (with approximately 1,102,000 student enrollments in fiscal year 2025), tutoring focused on innovative and comprehensive abilities (approximately 2,804,000 student enrollments), intelligent learning systems and devices (479,000 active paid users), overseas study consulting services, and educational materials distribution (377 titles developed and 13.7 million books distributed). Additionally, revenue is derived from East Buy's online sales operations, which generated total GMV of RMB8.7 billion in fiscal year 2025 from the sale of products under its own brand and other goods through livestreaming and online marketplace channels.

The company operates through the following segments: Educational Services and Online Sales Business.

• Educational Services: This segment delivers test preparation courses for domestic exams including CET 4, CET 6, Postgraduate Entrance Exam and international exams such as IELTS, TOEFL, SAT, AP, GRE and GMAT; offers tutoring focused on cultivating innovative and comprehensive abilities; provides intelligent learning systems that deliver personalized digital learning experiences using data analytics; offers overseas study consulting services for university applications and career counseling; and develops and distributes educational materials through bookstores operated by the company and channels operated by other companies.

• Online Sales Business: This segment, operated through East Buy, sells a variety of products under its own brand including fruits and vegetables, dairy and bakery products, nutritional and healthcare items, and daily necessities; utilizes livestreaming channels on platforms such as Douyin, Taobao, Wechat mini program, and its own app; and sells through online marketplaces including Tmall, JD.com, Pinduoduo, and REDnote, with total GMV reaching RMB8.7 billion in fiscal year 2025.

New Oriental Education & Technology Group Inc. maintains a leading position in China's competitive private education sector through its established "New Oriental" brand recognition, extensive nationwide network, high-quality teaching staff, and comprehensive suite of educational products and services. The company competes with specialized test preparation providers, online education platforms offering live and recorded courses, and numerous livestreaming online sales operators. While some competitors may possess greater financial resources or more advanced technological capabilities, New Oriental differentiates itself through its long operating history since 1993, proven teaching methodologies, and integrated online and offline (OMO) educational model.

The company serves students across China preparing for domestic and international examinations, seeking skill development through tutoring focused on innovative and comprehensive abilities, pursuing overseas education opportunities, and requiring educational materials. Through its online sales business, East Buy serves general consumers throughout China interested in purchasing agricultural products, food items, household goods, and other consumer products via livestreaming shopping experiences.