On the futures settlement day for Hong Kong stocks, the HSI last reported at 25,821 this morning (30th), up 13 points or less than 0.1%, with turnover of HKD132.3 billion. The HSTECH last reported at 4,795, down 69 points or 1.4%.

The three major A-share indices in Mainland China moved lower in the morning session. The Shanghai Composite Index was down 37 points or nearly 1% at 3,790. The Shenzhen Component Index and ChiNext Index, which are heavily weighted toward technology stocks, plunged 3.4% and 5.4% to 13,188 and 3,195 respectively. The STAR Composite Index also fell off 5.6% to 1,757.

Hijacked by the slump in A-share technology stocks, Hong Kong-listed techs also came under selling pressure. AI large-model stocks were notably weak this morning. Z.AI (02513.HK) opened 1.45% higher before reversing course and once nosediving 17.7% to a low of HKD850, the lowest level in more than two and a half months. It last reported at HKD870, down 15.78%, with turnover of HKD4.34 billion. MINIMAX-W (00100.HK) reversed lower after opening up 0.1% and last reported at HKD203.8, down 4.23%, with turnover of HKD517 million. Big data service provider XUNCE (03317.HK) last reported at HKD97.75, down 5.92%, with turnover of HKD105 million.

AI-related hardware stocks faced hefty selling. MONTAGE TECH (06809.HK) last reported at HKD254, down 5.79%, with turnover of HKD715 million. ILUVATAR COREX (09903.HK) last reported at HKD402.8, down 8.87%, with turnover of HKD671 million. LUXSHARE ICT (02475.HK) last reported at HKD55.55, down 6.09%, with turnover of HKD59.2541 million. LENS (06613.HK) last reported at HKD19.9, down 6.22%, with turnover of HKD179 million. YOFC (06869.HK) last reported at HKD92.5, down 10.02%, with turnover of HKD1.815 billion.

GIGADEVICE (03986.HK) last reported at HKD421.2, down 3.53%, with turnover of HKD1.623 billion. The company said Chairman Zhu Yiming had reduced his A-share holdings and cashed out a cumulative RMB4.4 billion, and planned to increase his A-share holdings by at least RMB1 billion starting from mid-December.

ZJ INNOLIGHT (03308.HK), the optical module giant listed in Hong Kong today, was last at HKD904.5, 7.7% below its listing price of HKD980, with turnover of HKD6.403 billion.
~

AASTOCKS Financial News
Website: www.aastocks.com

 With over one-third (34%) of Singapore residents concerned over the affordability of healthcare services^[1] and medical inflation projected to reach a record-high of 16.9%^[2], AIA Singapore aims to bridge these cost and accessibility gaps with its upcoming corporate policy enhancements – all at no additional premium.

SINGAPORE, July 30, 2026 /PRNewswire/ -- Singapore's leading insurer in employee benefits, AIA Singapore announced today a new set of enhancements to its corporate insurance offering that will roll out from 1 August 2026 onwards. Against a backdrop of medical inflation and rising costs of healthcare, these first-in-industry enhancements are specifically designed to make quality healthcare more accessible, convenient and seamless for employees and their dependants^[3].

These enhancements will protect more than 1 million corporate insured members, representing approximately one-third of Singapore's workforce. From expanded access to professional healthcare services, to simplification of administrative processes supported by digitalisation, employees will benefit from more timely care and reduced administrative effort.

"Our latest AIA Live Better Study reveals that 34% of Singapore residents are deeply concerned about healthcare affordability, while 29% explicitly expect to spend more on medical expenses," said Kenneth Tan, Chief Corporate Solutions Officer at AIA Singapore. "Amidst these inflationary pressures, businesses must step up to protect employee wellbeing.

By extending corporate medical access across the border into Malaysia and removing General Practitioner (GP) referral requirements at zero additional premium cost, we are directly shielding more than 1 million employees in Singapore from rising costs while streamlining their day-to-day healthcare journeys, enabling them to live Healthier, Longer, Better lives."

Meeting today's healthcare expectations

As healthcare utilisation continues to rise, employers face growing pressure to deliver cost-effective benefits that align with workforce needs. Simultaneously, employees expect greater flexibility in where they receive care, expanded treatment access, and on-demand digital options.

AIA Singapore's latest enhancements directly address these dual expectations by expanding care networks and digital capabilities—all at no additional cost.

Expanding access cross-border from 1^st August 2026

• [Industry-First] Expanded Coverage for Inpatient Care in Malaysia: Employees with inpatient coverage can now access treatment at AIA-selected hospitals in Malaysia with a Letter of Guarantee (LOG) Plus. This cross-border extension simplifies planned treatments for employees who prefer treatment in Malaysia due to lower costs, or employees who travel frequently to Malaysia.
• [Industry-First] Expanded Dental Network to Malaysia: Employees with dental benefits^[4] will gain access to a curated panel of dental clinics located in major Malaysian retail malls^[5]. By presenting their digital AIA Dental Card, employees can enjoy routine and preventive oral healthcare with better cost certainty and no upfront payment.

Simplifying the healthcare journey

• [Industry-First] GP Referral Waiver for Singapore Public Hospital Specialists: Expediting specialist clinical care, employees can visit Specialist Outpatient Clinics (SOCs) at Singapore Public Hospitals without the need for a GP referral letter from 1 August 2026 onwards. This process simplification enables more direct access for members with known or recurring conditions.

Enhancing digital access and support

• Fully Digitalised Pre-Authorisation Process: Employees can also submit their pre-authorisation requests digitally anytime, anywhere through the AIA+ mobile application and web portal.
• Round-the-clock GP Teleconsultation with WhiteCoat: Employees can consult with a primary care doctor 24/7 via the WhiteCoat app, gaining access to expert medical advice and prescription deliveries, even during late-night hours when traditional clinics are closed.

These compelling enhancements are provided at no additional premium and apply automatically to eligible corporate policies. By improving access, simplifying processes, and expanding care options, AIA Singapore aims to boost the overall healthcare experience while helping employers and their employees maximise the value of their employee benefits programmes.

This milestone launch coincides with AIA Singapore's 95th anniversary of protecting generations of families and businesses across the nation, reinforcing its ongoing commitment to helping individuals live Healthier, Longer, Better Lives.

– END –

About AIA   

AIA Group Limited and its subsidiaries (collectively "AIA" or the "Group") comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR^[6], Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR^[7], and a 49 per cent joint venture in India. In addition, AIA has a 24.99 per cent shareholding in China Post Life Insurance Co., Ltd.

The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$345 billion as of 31 December 2025.

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 44 million individual policies and over 16 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock codes "1299" for HKD counter and "81299" for RMB counter with American Depositary Receipts (Level 1) traded on the over-the-counter market under the ticker symbol "AAGIY".

Meta Platforms, Inc. (META.US) CEO Mark Zuckerberg said that as the company acquires land to build large-scale AI data centers, it needs to strike a balance between selling excess computing capacity and retaining resources.

Among the four major hyperscale cloud service providers in the US, Meta is the only company that has not launched a cloud infrastructure and services business, despite having a capital expenditure scale comparable to peers.

However, Zuckerberg has recently raised the possibility of launching a cloud business to leverage its massive capacity reserves and address a resource-constrained market.

CNBC reported earlier this month that Anthropic is in preliminary talks to rent Meta's computing capacity.
~

AASTOCKS Financial News
Website: www.aastocks.com

Arm Holdings plc (ARM.US)'s revenue for its 1FQ ended June added 22.4% to USD1.289 billion, while adjusted EPS was USD0.45, both beating market expectations.

Arm forecast 2FQ EPS of USD0.47, above the market consensus of USD0.43. Revenue was estimated at USD1.38 billion, also topping analysts' expectations.

However, the company predicted smartphone royalty revenue to decline in the coming quarter, dragging its share price down 5.73% to USD212 in after-hours trading.
~

AASTOCKS Financial News
Website: www.aastocks.com

OpenAI is seeking to reassure employees that the business remains healthy as it competes with rival Anthropic for the enterprise market and faces new competition from cheaper open-source alternatives.

CFO Sarah Friar and Chairman Bret Taylor emphasized OpenAI's revenue growth and discussed competition with Anthropic during an internal staff meeting on Wednesday, CNBC reported.

According to portions of the meeting transcript reviewed by CNBC, Friar said OpenAI's ARR in July exceeded the total for the entire second quarter.
~

AASTOCKS Financial News
Website: www.aastocks.com

Revenue Rose to Record High
Solid Market Share of 15.9%

HONG KONG, July 30, 2026 /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for the six months ended June 30, 2026 (the "Period").

The Group is encouraged by Macau's continued growth during the Period. Average daily visitation in the first half of 2026 reached 115,715, representing a 9% increase compared with the corresponding period last year.

Macau's gross gaming revenue ("GGR") also continued to recover during the Period, with average daily GGR increasing by 7% year on year to approximately MOP701 million in the first half of 2026.

• MGM China saw property visitation during the Period up by 7% from last year.

• MGM China's daily GGR in the first half of 2026 grew by 5% year-on-year to MOP111 million, compared to MOP106 million last year.

• Net revenue for the Group reached historical high at HK$17.4 billion for the Period, compared with HK$16.7 billion in the corresponding period last year. The Group reported adjusted EBITDA of HK$4.8 billion, compared with HK$4.9 billion in the corresponding period last year.

• The Group maintained a solid market share of approximately 15.9% during the Period. This performance was partly affected by a lower VIP win rate (2026: 2.6% vs 2025: 3.5%). MGM COTAI accounted for approximately 9.7% of the market, while MGM MACAU accounted for approximately 6.2%.

• Average occupancy was 93.5% for the Period.

• The Group maintained a healthy financial position. As of June 30, 2026, the Group had total liquidity of approximately HK$24.7 billion, comprised of Bank balances and cash  and undrawn revolver.

During the Period, the Group continued to optimize its assets to enhance competitiveness and drive future growth. MGM COTAI completed the suite conversion project during the Period, with nearly 60 Prime Wellness Suites launched. The new suites have been well received by guests, reflecting the Group's commitment to evolving with changing customer preferences and wellness trends.

At MGM MACAU, the Group also celebrated the opening of Chatterbox Café, the renowned Singapore dining brand. With a legacy spanning more than five decades, Chatterbox is renowned for its authentic Singaporean cuisine and has established itself as a highly recognized culinary brand across Asia.

During the Period, MGM China earned seven Forbes Travel Guide Five-Star Awards, reaffirming its commitment to exceptional guest experiences. MGM MACAU achieved a milestone by securing its 11th consecutive Five-Star rating, while Tria Spa at both MGM MACAU and MGM COTAI clinched the accolade for the seventh straight year. Additionally, Emerald Tower, Skylofts, and Five Foot Road at MGM COTAI, alongside Imperial Court at MGM MACAU, sustained their Five-Star status for the fifth consecutive year, underscoring the Group's consistent excellence across accommodation, wellness, and dining.

In June, MGM China announced the acquisition of MGM Asia Pacific Limited, a Hong Kong-incorporated company, from MGM Resorts International. MGM Asia Pacific Limited holds a 100% interest in MGM Hospitality Group (Asia Pacific), Ltd. ("MGM Hospitality"), a hospitality management company that operates luxury and upscale hotels, lifestyle destinations and cultural tourism projects across Chinese Mainland.

Through the acquisition, MGM China will leverage the 19 years of operating experience, brand platform and established relationship network developed by MGM Hospitality. MGM Hospitality currently manages eight operating hotels, has more than 12 active projects under development across various cities in Mainland China, and provides access to over 1.5 million Mlife loyalty program members.

The eight operating hotels include:

• Bellagio by MGM Shanghai
• MGM Shanghai West Bund
• MGM Grand Sanya
• Mhub by MGM Nanjing Jiangning
• MGM Reserve Qingdao
• MGM Qingdao
• MGM Reserve Zhuhai
• MGM Shenzhen

Kenneth Feng, Chief Executive Officer of MGM China said: "This acquisition represents a strategic opportunity for MGM China to strengthen its strategic and operational oversight of MGM Hospitality. We are confident that it will create meaningful synergies that enhance our competitive edge and support the Group's sustainable growth."

Following the suite conversion at MGM COTAI earlier this year, the Group will commence renovations of approximately 100 suites at MGM MACAU. This initiative will further strengthen the complementary positioning of our properties, establishing MGM MACAU as a premier venue on the Peninsula and MGM COTAI as the preferred destination for premium customers.

"MGM China is dedicated to improving our products and service levels, while delivering compelling experiences for guests. We are committed to supporting Macau into a global and diversified tourist destination," said Kenneth Feng.

- End -

About MGM China Holdings Limited

MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau. 

MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, ARIA, MGM Grand, Mandalay Bay and Park MGM. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.

收入再創新高
市佔份額穩佔15.9%

香港2026年7月30日 /美通社/ -- 美高梅中國控股有限公司（「美高梅中國」或「本公司」；香港聯交所股份代號：2282）今天公佈本公司及其附屬公司（「本集團」）截至2026年6月30日止六個月（「本期間」）的未經審核節選財務數據。

本集團對澳門於本期間旅客人數錄得增長感到鼓舞。2026年上半年訪澳旅客每日平均達115,715人次，較去年同期上升9%。

澳門博彩毛收入亦於本期間持續復甦，整體市場日均博彩毛收入於2026年上半年按年增長7%，約7.01億澳門幣。

• 美高梅中國於本期間的酒店旅客量較去年上升7%。
• 於2026年上半年，美高梅中國每日博彩毛收入按年增加5%至1.11億澳門幣，去年為1.06億澳門幣。
• 本集團淨收入於本期間達174億港元，創歷史新高；去年同期為167億港元。本集團經調整EBITDA為48億港元，去年同期為49億港元。
• 本集團於本期間維持約15.9%的穩固市場份額。此表現部份受貴賓賭枱贏率較低的影響（2026年：2.6%對2025年： 3.5%）。美獅美高梅市場份額為約9.7%，澳門美高梅市場份額為約6.2%。
• 酒店於本期間平均入住率為93.5%。
• 本集團保持穩健財務狀況。於2026年6月30日，集團總流動資金為約247億港元，包括銀行結餘及現金及循環信貸融通的可供動用借款額。

於本期間，本集團持續優化其資產組合，以提升競爭力並推動未來增長。美獅美高梅於本期間完成套房升級工程，推出近60間全新天瑞套房。這些新套房廣受賓客好評，足證本集團緊貼賓客轉變中的喜好及康體潮流。

本集團亦慶祝於澳門美高梅的新加坡著名餐飲品牌「話匣子」（Chatterbox Café）正式開幕。「話匣子」擁有超過五十年的悠久歷史，以正宗新加坡美食享譽盛名，並已成為亞洲廣受認可的餐飲品牌。

於本期間，美高梅中國榮膺《福布斯旅遊指南》七項五星殊榮，充分體現團隊堅定為賓客營造非凡體驗的承諾。澳門美高梅更迎來第十一年蟬聯五星評級的里程碑，而澳門美高梅與美獅美高梅的「禪潺」水療品牌則連續第七年獲得五星殊榮。此外，美獅美高梅的「美藝」、「天樂閣」及「蜀道」，以及澳門美高梅的「金殿堂」，均連續第五年維持獲頒五星評級，印證本集團持續於住宿、康體及餐飲服務各方面精益求精。

於六月，美高梅中國宣佈向美高梅國際酒店集團收購於香港註冊成立的美高梅亞太有限公司。美高梅亞太有限公司持有美高梅亞太酒店集團有限公司（「美高梅亞太酒店集團」）100%權益。該公司為一間酒店管理公司，於中國內地經營豪華及高端酒店、生活時尚目的地及文化旅遊項目。

透過是次收購，美高梅中國將善用美高梅亞太酒店集團積累的19年營運經驗、品牌平台及成熟的關係網絡。美高梅亞太酒店集團目前管理八間在營酒店，於中國內地多個城市擁有超過12個活躍項目的項目儲備，以及可接觸逾150萬名「美獅薈」忠誠計劃會員。

旗下八間營運中酒店包括：

• 上海蘇寧寶麗嘉酒店
• 上海西岸美高梅酒店
• 三亞美高梅度假酒店
• 南京綠髮美高梅美薈酒店
• 青島美高梅華府酒店
• 青島美高梅酒店
• 珠海美高梅華府酒店
• 深圳美高梅酒店

美高梅中國首席執行官馮小峰表示：「是次收購為美高梅中國提供戰略性發展機會，並將加強對美高梅亞太酒店集團的策略及營運監督。我們深信此舉將帶來顯著的協同效應，進一步提升自身的競爭優勢，並支持本集團的可持續增長。」

繼美獅美高梅於今年早前完成套房改裝後，本集團將於澳門美高梅展開約100間套房的翻新工程。此舉將進一步鞏固旗下酒店的互補定位，確立澳門美高梅作為半島領先的酒店地位，而美獅美高梅成銳意成為高端客戶的首選目的地。

馮小峰續說：「美高梅中國致力優化產品與服務，為賓客打造極具吸引力的體驗，推動澳門發展成為全球多元化的旅遊目的地。」

– 完 –

關於美高梅中國控股有限公司

美高梅中國控股有限公司(香港交易所股份代號：2282)，為大中華地區領先的娛樂場博彩度假酒店發展商、擁有者和運營商之一，是美高梅金殿超濠股份有限公司的控股公司，為六家持有澳門經營博彩業務特許權之企業之一。美高梅金殿超濠現時擁有及經營兩家酒店，一為位於澳門半島、屢獲殊榮的豪華綜合度假酒店 - 澳門美高梅；另一為2018年初開業、位於路氹城的現代豪華綜合度假酒店 - 美獅美高梅，使我們在澳門的版圖擴大逾一倍。

美高梅中國控股有限公司主要由美高梅國際酒店集團(MGM Resorts International)擁有(紐約證券交易所代號：MGM)。美高梅國際酒店集團是世界領先的全球酒店及餐飲款待公司，其轄下的度假酒店項目包括百樂宮大酒店(Bellagio)、亞利亞(ARIA)、美高梅大酒店(MGM Grand)、曼德拉灣大酒店(Mandalay Bay)及Park MGM。有關美高梅國際酒店集團的詳情，請瀏覽www.mgmresorts.com。

HONG KONG, July 29, 2026 /PRNewswire/ -- On 29^th July, Fosun International (00656.HK) issued a positive profit alert. Its profit attributable to owners of the parent for the first half of 2026 is expected to range from approximately RMB1.5 billion to RMB1.8 billion representing an increase of approximately 127% to 172% compared to the same period last year. The board of directors (the "Board") considers that such increase is mainly attributable to the strong resilience demonstrated by its core industries in the first half of 2026, the steady improvement in operational quality, and the significant increase in industrial operation profit compared to the same period last year.

Previously disclosed information showed that since the beginning of 2026, Fosun International's fundamentals have remained stable, and its core industries including pharmaceuticals and healthcare, insurance and finance, and cultural tourism and consumer businesses, have continued to demonstrate a good development trend.

Among them, Fosun Pharma, a core subsidiary in the Health segment, achieved operating revenue of RMB10.073 billion in the first quarter of 2026, representing a year-on-year increase of 6.93%, while net profit attributable to shareholders of the parent reached RMB871 million, up 13.87% year on year. Excluding non-recurring gains and losses, net profit attributable to shareholders of the parent increased by 21.96% year-on-year.

Fosun Insurance Portugal (Fidelidade), a core subsidiary in the Wealth segment, maintained strong premium growth momentum in the first half of 2026, with both its domestic Portuguese and overseas businesses achieving double-digit growth. Meanwhile, Pramerica Fosun Life Insurance achieved net profit of RMB786 million in the first half of 2026, exceeding its net profit for the full year of 2025.

Yuyuan, a core subsidiary in the Happiness segment, expects net profit attributable to shareholders of the listed company for the first half of 2026 to range from RMB120 million to RMB170 million, representing a year-on-year increase of 91.04% to 170.64%. In addition, Hainan Mining, a subsidiary in the Intelligent Manufacturing segment, expects to achieve net profit attributable to shareholders of the listed company of approximately RMB470 million to RMB550 million in the first half of 2026, representing an increase of 68% to 96% compared with the same period last year. Its profit for the first half of the year has already exceeded that for the full year of 2025.

Market analysts point out that by continuously advancing its strategy of "streamlining operations and strengthening the business, focusing on core businesses", Fosun has been steadily exiting non-core assets while strengthening investment and operational capabilities in its core industries, laying a solid foundation for earnings recovery and long-term profitability. "It is clear that Fosun has now successfully entered the validation phase of its earnings recovery, and its subsequent performance is worth looking forward to."

香港2026年7月29日 /美通社/ -- 7月29日，復星國際（00656.HK）發佈正面盈利預告，2026年上半年復星國際歸屬於母公司股東的利潤預計約為人民幣15億元至人民幣18億元，較去年同期增長約127%至172%。董事會認為該增長主要由於2026年上半年核心產業展現強勁韌性，運營質量穩步提升，產業運營利潤較去年同期有較大增長。

此前公開信息顯示，2026年以來，復星國際基本面保持穩健，醫藥健康、保險金融、文旅消費等核心產業持續展現出良好發展態勢。

其中，旗下健康板塊核心子公司復星醫藥，2026年一季度實現營業收入人民幣100.73億元，同比增長6.93%，歸母淨利潤人民幣8.71億元，同比增長13.87%；若扣除非經常性損益，歸母淨利潤同比增幅達21.96%。

富足板塊核心子公司復星葡萄牙保險，2026上半年保費增長勢頭強勁，葡萄牙本土及海外業務均實現兩位數增長；復星保德信人壽2026年上半年實現淨利潤人民幣7.86億元，超過2025年全年淨利潤水平。

快樂板塊核心子公司豫園股份，預計2026年半年度歸屬於上市公司股東的淨利潤區間為人民幣1.20億元至人民幣1.70億元，同比增幅達91.04%至170.64%。此外，智造板塊子公司海南礦業預計2026年上半年實現歸屬於上市公司股東的淨利潤人民幣4.7億元至人民幣5.5億元，較去年上半年增長68%至96%，上半年盈利已超2025年全年。

市場分析人士指出，通過持續推進「瘦身健體、聚焦主業」戰略，復星一方面有序退出非核心資產，另一方面強化核心產業投入與運營，為業績修復和長期盈利兌現創造了健康發展的基礎，「很明顯，復星目前已順利進入了業績修復的驗證期，後續表現值得期待。」

BEIJING, July 29, 2026 /PRNewswire/ -- New Oriental Education & Technology Group Inc. (the "Company" or "New Oriental") (NYSE: EDU/ 9901.SEHK), a provider of private educational services in China, today announced its unaudited financial results for the fourth fiscal quarter and fiscal year ended May 31, 2026.

Financial Highlights for the Fourth Fiscal Quarter Ended May 31, 2026

• Total net revenues increased by 23.0% year over year to US$1,529.5 million for the fourth fiscal quarter of 2026. 
• Operating income increased to US$85.8 million for the fourth fiscal quarter of 2026, compared to an operating loss of US$8.7 million in the prior-year period.
• Net income attributable to New Oriental increased by 775.8% year over year to US$62.2 million for the fourth fiscal quarter of 2026.

Key Financial Results

Operating Highlights for the Fourth Fiscal Quarter Ended May 31, 2026

Michael Yu, New Oriental's Executive Chairman, commented, "We are pleased to conclude the final quarter of fiscal year 2026 on a strong note, with continued healthy top line growth of 23.0%. Revenues from overseas test preparation and consulting business increased by approximately 3.6%. In addition, our domestic test preparation business targeting adults and university students grew by approximately 29.1% year over year. Our new educational business initiatives also gained meaningful traction, growing approximately 24.8% year over year. This quarter, our non-academic tutoring courses reached around 60 cities, attracting approximately 1,072,000 student enrollments, and our intelligent learning system and devices were adopted across around 60 cities, with approximately 326,000 active paid users. These results reflect the soundness of our core education strategy and our unwavering commitment to elevating teaching standards and product quality. The consistent growth we have achieved validates our long-term approach and demonstrates its capacity to generate sustainable value. Alongside our growth momentum, we have made significant strides in cost optimization and operational efficiency, advancing these initiatives into a new phase. Our newly established New Oriental Home – a comprehensive customer service platform integrated across all departments – has already served over 950,000 families across 69 cities by the end of this quarter. This infrastructure is designed to deepen customer loyalty and retention, unlock cross-selling potential, and maximize customer lifetime value, all while reducing customer acquisition and marketing costs. We remain steadfast in our commitment to strengthening our brand and delivering lasting value to both our customers and shareholders."

Chenggang Zhou, New Oriental's Chief Executive Officer, added, "This fiscal quarter, we continued to execute our strategy of disciplined capacity expansion – one that over the full year has demonstrated remarkable effectiveness in balancing revenue growth with operational efficiency. Equally important, AI has become a central organizational priority, and we have advanced its adoption with clear execution and measurable progress. We further enhanced our OMO teaching system and deepened AI integration across our education ecosystem – embedding AI into existing offerings, refining AI‑powered products, and deploying AI to boost operational efficiency and support for our teaching staff. Together, these efforts position us well for sustained long-term competitive advantage. For FY2026, East Buy continued to offer products under its "Three Highs" standards – safety, quality, and cost performance – backed by reliable service. It launched 11 new Douyin vertical accounts, expanding its channel matrix to 18, with coverage spanning food, fresh produce, nutrition, and more niche categories. It also upgraded its live streaming system and introduced talent recruitment initiatives, supplier summits, and user feedback mechanisms to strengthen its ecosystem. Looking ahead to FY2027, East Buy will expand offline experience stores via New Oriental's learning centers, accelerate private label development, refine membership operations, and improve supply chain efficiency – all in service of driving sustainable long-term growth."

Stephen Zhihui Yang, New Oriental's Executive President and Chief Financial Officer, commented, "Despite one-time costs and expenses arising from our internal management restructuring this quarter, we still delivered year over year expansion in Non-GAAP operating margin. This achievement was primarily driven by enhanced operational efficiency, improved utilization within our educational business, and the solid top- and bottom-line performance of East Buy. For the quarter, Non-GAAP operating margin reached 7.2%, up by 60 basis points compared to the same period last fiscal year. For the full fiscal year 2026, Non-GAAP operating margin expanded by 170 basis points, from 11.3% to 13.0%. Looking ahead, we will continue to execute our cost and efficiency initiatives across key business lines in the coming new fiscal year. Building on the structural optimizations already in place, we aim to steadily reduce fixed costs, drive further operational efficiencies, and reinforce the foundation for sustainable, profitable growth."

Update on Shareholder Return for the Fiscal Year 2026

In October 2025, the Company announced that, pursuant to its previously adopted three-year shareholder return plan, the board of directors had approved an ordinary dividend of US$0.12 per common share, or US$1.20 per ADS, to be distributed in two installments as part of the shareholder return for the fiscal year 2026. The first and second installments have been fully paid to shareholders and ADS holders.

Additionally, as part of the shareholder return for the fiscal year 2026, the Company also announced in October 2025 a share repurchase program, under which the Company is authorized to repurchase up to US$300 million of its ADSs or common shares over the subsequent 12 months. As of July 28, 2026, the Company had repurchased a total of approximately 51.5 million common shares (including common shares represented by ADSs) for an aggregate consideration of approximately US$274.0 million from the open market under this share repurchase program. The Company expects to continue to carry out this share repurchase program for the remainder of its duration in accordance with its terms. 

Shareholder Return for the Fiscal Year 2027

To implement its three-year shareholder return plan adopted in July 2025 for the fiscal year 2027, the board of directors of the Company has approved an ordinary cash dividend and a new share repurchase program.

The aggregate amount of the cash dividend for the fiscal year 2027 is expected to be approximately US$300 million, to be paid in two installments in December 2026 and June 2027, respectively. Further details regarding the cash dividend will be decided by the board of directors and announced by the Company in due course.

Pursuant to the share repurchase program for the fiscal year 2027, the Company may repurchase up to US$200 million of its ADSs or common shares over the subsequent 12 months following the board approval. The Company's proposed repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The board of directors of the Company will review the share repurchase program periodically, and may authorize adjustment of its terms and size. The Company expects to fund the repurchases out of its existing cash balance.

Financial Results for the Fourth Fiscal Quarter Ended May 31, 2026

Net Revenues

For the fourth fiscal quarter of 2026, New Oriental reported net revenues of US$1,529.5 million, representing a 23.0% increase year over year. The growth was mainly driven by the increase in net revenues from the Company's new educational business initiatives.

Operating Costs and Expenses

Operating costs and expenses for the quarter were US$1,443.7 million, representing a 15.3 % increase year over year.

• Cost of revenues increased by 25.9% year over year to US$717.3 million.
• Selling and marketing expenses increased by 23.9% year over year to US$262.5 million.
• General and administrative expenses increased by 13.2% year over year to US$463.9 million.
• Impairment of goodwill was nil, compared to US$60.3 million in the same period of the prior fiscal year.

Total share-based compensation expenses, which were allocated to related operating costs and expenses, decreased by 20.7% to US$22.7 million in the fourth fiscal quarter of 2026.

Operating Income / Loss and Operating Margin

Operating income increased to US$85.8 million for the fourth fiscal quarter of 2026, compared to an operating loss of US$8.7 million in the prior-year period. Non-GAAP income from operations for the quarter, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and impairment of goodwill, was US$110.0 million, representing a 34.7% increase year over year.

Operating margin for the quarter was 5.6%, compared to negative 0.7% in the same period of the prior fiscal year. Non-GAAP operating margin, which excludes share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and impairment of goodwill, for the quarter was 7.2%, compared to 6.6% in the same period of the prior fiscal year.

Net Income and Net Income per ADS

Net income attributable to New Oriental for the quarter was US$62.2 million, representing a 775.8% increase year over year. Basic and diluted net income per ADS attributable to New Oriental were US$0.40 and US$0.39, respectively.

Non-GAAP Net Income and Non-GAAP Net Income per ADS

Non-GAAP net income attributable to New Oriental for the quarter, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, (gain)/loss from fair value change of investments, loss/(gain) from equity method investments, impairment of long-term investments, impairment of goodwill, loss/(gain) on disposals of investments and others, as well as tax effects on non-GAAP adjustments, was US$87.8 million, representing a 10.5% decrease year over year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental were US$0.56 and US$0.55, respectively.

Cash Flow

Net operating cash inflow for the fourth fiscal quarter of 2026 was approximately US$518.7 million and capital expenditures for the quarter were US$99.0 million.

Balance Sheet

As of May 31, 2026, New Oriental had cash and cash equivalents of US$1,821.2 million. In addition, the Company had US$1,366.8 million in term deposits and US$2,372.3 million in short-term investments.

New Oriental's deferred revenue, which represents cash collected upfront from customers and related revenue that will be recognized as the services or goods are delivered, at the end of the fourth quarter of fiscal year 2026 was US$2,242.9 million, an increase of 14.8% as compared to US$1,954.5 million at the end of the fourth quarter of fiscal year 2025.

Financial Results for the Fiscal Year Ended May 31, 2026

For the fiscal year 2026 ended May 31, 2026, New Oriental reported net revenues of US$5,661.3 million, representing a 15.5% increase year over year.

Operating income was US$643.3 million, representing a 50.2% increase year over year. Non-GAAP operating income, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and impairment of goodwill, for the fiscal year 2026 was US$737.6 million, representing a 33.1% increase year over year.

Operating margin for the fiscal year 2026 was 11.4%, compared to 8.7% for the same period of the prior fiscal year. Non-GAAP operating margin, which excludes share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and impairment of goodwill, for the fiscal year 2026, was 13.0%, compared to 11.3% for the same period of the prior fiscal year.

Net income attributable to New Oriental for the fiscal year 2026 was US$475.2 million, representing a 27.8% increase year over year. Basic and diluted net income per ADS attributable to New Oriental for the fiscal year 2026 amounted to US$3.01 and US$2.97, respectively.

Non-GAAP net income attributable to New Oriental, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, (gain) /loss from fair value change of investments, loss from equity method investments, impairment of long-term investments, impairment of goodwill, gain on disposals of investments and others, as well as tax effects on non-GAAP adjustments, for the fiscal year 2026 was US$571.1 million, representing a 10.5% increase year over year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental for the fiscal year 2026 amounted to US$3.62 and US$3.57, respectively.

Outlook for the Full Year of FY2027

New Oriental expects total net revenues in the fiscal year 2027 (June 1, 2026 to May 31, 2027) to be in the range of US$6,453.9 million to US$6,680.3 million, representing a year over year increase in the range of 14% to 18%.

This forecast reflects New Oriental's current and preliminary view, which is subject to change. The forecast is based on the current USD/RMB exchange rate, which is also subject to change.

Conference Call Information

New Oriental's management will host an earnings conference call at 8 AM on July 29, 2026, U.S. Eastern Time (8 PM on July 29, 2026, Beijing/Hong Kong Time). 

Please register in advance of the conference, using the link provided below. Upon registering, you will be provided with participant dial-in numbers, and unique personal PIN.

Conference call registration link: 
https://register-conf.media-server.com/register/BIffe9352b170044a4b248e41d134aed08. 

It will automatically direct you to the registration page of "New Oriental FY2026 Q4 Earnings Conference Call" where you may fill in your details for RSVP.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial in number(s) and personal PIN) provided in the confirmation email received at the point of registering.

Joining the conference call via a live webcast:

Additionally, a live and archived webcast of the conference call will be available at http://investor.neworiental.org.

Listening to the conference call replay:

A replay of the conference call may be accessed via the webcast on-demand by registering at https://edge.media-server.com/mmc/p/pdsxxtdn first. The replay will be available until July 29, 2027.

About New Oriental

New Oriental is a provider of private educational services in China offering a wide range of educational programs, services and products to a varied student population throughout China. New Oriental's program, service and product offerings mainly consist of educational services and test preparation courses, private label products and livestreaming e-commerce, overseas study consulting services, and educational materials and distribution. New Oriental is listed on NYSE (NYSE: EDU) and SEHK (9901.SEHK), respectively. New Oriental's ADSs, each of which represents ten common shares, are listed and traded on the NYSE. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.

For more information about New Oriental, please visit http://www.neworiental.org/english/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the outlook for the full year of fiscal year 2027, quotations from management in this announcement, as well as New Oriental's strategic and operational plans, contain forward-looking statements. New Oriental may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about New Oriental's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to effectively and efficiently manage changes of its existing business and new business; its ability to execute its business strategies; uncertainties in relation to the interpretation and implementation of or proposed changes to, the PRC laws, regulations and policies regarding the private education industry; its ability to attract students without a significant decrease in course fees; its ability to maintain and enhance its "New Oriental" brand; its ability to maintain consistent teaching quality throughout its school network, or service quality throughout its brand; its ability to achieve the benefits it expects from recent and future acquisitions; the outcome of ongoing, or any future, litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the private education sector and livestreaming e-commerce business in China; the continuing efforts of its senior management team and other key personnel, health epidemics and other outbreaks in China; and general economic conditions in China. Further information regarding these and other risks is included in its annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. New Oriental does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and New Oriental undertakes no duty to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement New Oriental's consolidated financial results presented in accordance with GAAP, New Oriental uses the following measures defined as non-GAAP financial measures by the SEC: net income excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, (gain)/loss from fair value change of investments, loss/(gain) from equity method investments, impairment of long-term investments and goodwill, loss/(gain) on disposals of investments and others, as well as tax effects on non-GAAP adjustments; operating income excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and impairment of goodwill; operating margin excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and impairment of goodwill; and basic and diluted net income per ADS and per share excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, loss/(gain) from fair value change of investments, loss/(gain) from equity method investments, impairment of long-term investments and goodwill, loss/(gain) on disposals of investments and others, as well as tax effects on non-GAAP adjustments. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.

New Oriental believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding from each non-GAAP measure certain items that may not be indicative of its operating performance from a cash perspective. New Oriental believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to New Oriental's historical performance and liquidity. New Oriental believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP measures is that they exclude from each non-GAAP measure certain items that have been and will continue to be for the foreseeable future a significant recurring expense in its business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

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