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    Yikun Zheng • CITIC Securities Company Limited

    Yikun Zheng's questions to New Oriental Education & Technology Group Inc (EDU) leadership

    Yikun Zheng's questions to New Oriental Education & Technology Group Inc (EDU) leadership • Q4 2025

    Question

    Yikun Zheng of CITIC Securities Company Limited asked about the reasons for the revenue growth deceleration, questioning if it was due to competition or internal adjustments. He also inquired about the long-term growth outlook and whether K-12 growth could return to pre-policy levels of over 20%.

    Answer

    Executive President & CFO Stephen Zhihui Yang attributed the slowdown primarily to the macroeconomic environment and international relations impacting the overseas business, not intensified competition. He stated that while K-12 remains the key long-term driver, growth for the high school segment is expected to be 10-15% going forward off a high base, suggesting a return to over 20% growth is not the current expectation.

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    Yikun Zheng's questions to New Oriental Education & Technology Group Inc (EDU) leadership • Q4 2025

    Question

    Yikun Zheng from CITIC Securities Company Limited asked about the primary reasons for the revenue growth deceleration in the non-academic business and questioned the long-term growth prospects for the K-12 segment.

    Answer

    Stephen Zhihui Yang, Executive President & CFO, attributed the slowdown to the broader economic environment and international relations rather than competition. He affirmed that the K-12 business remains the key long-term growth driver, projecting full-year growth of around 20% for the K-9 business and 10-15% for the high school business.

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