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    Lucy Yu

    Research Analyst at Bank of America Merrill Lynch

    Lucy Yu is an Equity Research Analyst at Merrill Lynch (Singapore) Pte Ltd, a subsidiary of Bank of America, specializing in covering Asian education and technology firms such as New Oriental Education & Technology Group. She actively participates in earnings calls and has demonstrated deep sector expertise in tracking performance metrics and company guidance, though publicly reported success rates and rankings are not available. Lucy began her career as an equity analyst at Merrill Lynch Far East Ltd before joining Merrill Lynch (Singapore), building years of institutional investment research experience in Asia. Her professional credentials and securities licensing details are not disclosed in available sources, but her analyst role suggests strong industry qualifications and regulatory compliance.

    Lucy Yu's questions to New Oriental Education & Technology Group (EDU) leadership

    Lucy Yu's questions to New Oriental Education & Technology Group (EDU) leadership • Q4 2025

    Question

    Lucy Yu from Bank of America Corporation followed up on the FY26 guidance, asking what business line changes prompted the revision from the prior quarter's outlook. She also sought clarification on whether the new shareholder return program is based on GAAP or non-GAAP net income and if guidance is in USD or RMB.

    Answer

    Stephen Zhihui Yang, Executive President & CFO, clarified that the shareholder return plan is based on GAAP net income attributable to New Oriental. He stated that guidance is provided in USD using a recent exchange rate and that the main change is the formal inclusion of East Buy in the consolidated guidance, reflecting its operational stability.

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    Lucy Yu's questions to New Oriental Education & Technology Group (EDU) leadership • Q4 2025

    Question

    Lucy Yu from Bank of America Merrill Lynch followed up on the fiscal 2026 guidance, asking what had changed since the last quarter's outlook and seeking clarification on whether the new shareholder return program is based on GAAP or non-GAAP net income.

    Answer

    Stephen Zhihui Yang, Executive President & CFO, clarified that the shareholder return plan is based on GAAP net income attributable to New Oriental. He noted the guidance now includes East Buy due to its stabilized restructuring and confirmed the figures are in USD based on current exchange rates.

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    Lucy Yu's questions to New Oriental Education & Technology Group (EDU) leadership • Q3 2025

    Question

    Lucy Yu from Bank of America Securities requested a detailed breakdown of the growth guidance for the fourth quarter across various business segments, excluding the already discussed overseas business.

    Answer

    Executive Sisi Zhao provided a conservative Q4 forecast in RMB terms, projecting approximately 8% growth for the overseas business, 19% for domestic university students, 16-17% for high school, and 32-35% for the new K-9 educational businesses.

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    Lucy Yu's questions to New Oriental Education & Technology Group (EDU) leadership • Q2 2025

    Question

    Lucy Yu of Bank of America Securities sought clarification on the full-year revenue guidance, asking if the Q3 forecast implies a necessary acceleration in Q4 to meet the prior 25-30% target, or if the company is now guiding for slower overall growth.

    Answer

    Zhihui Yang, Executive President and CFO, stated that due to macroeconomic uncertainty, they would provide Q4 guidance on the next call. However, he reiterated confidence in achieving full-year revenue growth of around 25% or more in RMB terms, suggesting a slight moderation from the higher end of previous expectations.

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    Lucy Yu's questions to New Oriental Education & Technology Group (EDU) leadership • Q1 2025

    Question

    Lucy Yu from Bank of America sought clarification on the Q2 margin outlook and inquired about the new cultural tourism business. She asked for its Q1 revenue contribution and profitability, and in a follow-up, pressed for reasons behind the expected Q2 margin pressure despite strong revenue growth.

    Answer

    Executive President and CFO Zhihui Yang reported that the tourism business generated approximately $90 million in revenue in Q1 and was profitable due to peak seasonality. However, he expects it to be loss-making for the full year. Regarding Q2 margins, he confirmed pressure on the core business (ex-East Buy), citing seasonality, losses from the tourism business in its off-season, and a conservative guidance approach, while also mentioning the time needed to fill newly opened centers.

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    Lucy Yu's questions to MINISO Group Holding (MNSO) leadership

    Lucy Yu's questions to MINISO Group Holding (MNSO) leadership • FY 2024

    Question

    Lucy Yu from Bank of America inquired about the online business in China, including its 2024 revenue contribution and 2025 growth plans. She also asked how the company plans to achieve double-digit offline growth with fewer new store openings.

    Answer

    Executive Eason Zhang reported that online channels contributed about 15% of China's 2024 revenue and are expected to accelerate, driven by hit IP products. He explained that the key to offline growth is improving same-store sales, not just store count. The strategy involves focusing on larger store formats (>300 sqm), which are performing well, and optimizing site selection and product distribution to lift performance.

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    Lucy Yu's questions to MINISO Group Holding (MNSO) leadership • H1 2024

    Question

    Lucy Yu of Bank of America inquired about MINISO's recent domestic performance in July and August amid market weakness, the impact of pop-up stores, and the reasons behind the elevated selling and distribution expense ratio, questioning its outlook for the second half of the year.

    Answer

    Executive Eason Zhang, translating for Guofu Ye, addressed domestic performance by noting year-to-date same-store sales are above 97% of prior levels, with a full-year target of 100% recovery driven by product, channel, and brand initiatives. Regarding the high S&D expense, Zhang explained it's a temporary result of rapid U.S. DTC store expansion and expects the ratio to decrease significantly in the second half as the store network scales and achieves leverage.

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    Lucy Yu's questions to MINISO Group Holding (MNSO) leadership • Q1 2024

    Question

    Lucy Yu from Bank of America Merrill Lynch asked about the primary drivers behind the 21% overseas same-store sales growth and its future outlook, the operating margin expansion for the overseas direct-to-retail business, and plans for more pop-up stores following the Chiikawa event's success.

    Answer

    Executive Eason Zhang, interpreting for Guofu Ye, stated that MINISO will continue using pop-up stores to test IPs, with about a dozen planned, but aims to diversify its IP portfolio rather than rely on a single one. For overseas growth, Zhang identified directly operated markets like the U.S. as key drivers, fueled by rising brand awareness and a stronger IP product mix. He confirmed that overseas operating margins improved and noted that while SSSG is strong, it will eventually normalize, with network expansion becoming a larger contributor to growth.

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