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New Oriental Announces Results for the Second Fiscal Quarter Ended November 30, 2024

BEIJING, Jan. 21, 2025 /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 second fiscal quarter ended November 30, 2024, which is the second quarter of New Oriental’s fiscal year 2025.

Financial Highlights for the Second Fiscal Quarter Ended November 30, 2024

  • Total net revenues increased by 19.4% year over year to US$1,038.6 million for the second fiscal quarter of 2025. Total net revenues, excluding revenues generated from East Buy private label products and livestreaming business, increased by 31.3% year over year to US$894.2 million for the second fiscal quarter of 2025.
  • Operating income decreased by 9.8% year over year to US$19.3 million for the second fiscal quarter of 2025. Operating income, excluding operating loss generated from East Buy private label products and livestreaming business, increased by 102.5% year over year to US$25.0 million for the second fiscal quarter of 2025.
  • Net income attributable to New Oriental increased by 6.2% year over year to US$31.9 million for the second fiscal quarter of 2025.

Key Financial Results 

(in thousands US$, except per ADS(1) data)

2Q FY2025

2Q FY2024

% of
change

Net revenues

1,038,636

869,600

19.4 %

Operating income

19,255

21,342

-9.8 %

Non-GAAP operating income (2)(3)

27,580

50,902

-45.8 %

Net income attributable to New Oriental

31,931

30,066

6.2 %

Non-GAAP net income attributable to New Oriental (2)(3)

35,541

50,158

-29.1 %

Net income per ADS attributable to New Oriental – basic

0.20

0.18

7.9 %

Net income per ADS attributable to New Oriental – diluted

0.19

0.18

9.6 %

Non-GAAP net income per ADS attributable to New Oriental – basic (2)(3)(4)

0.22

0.30

-28.0 %

Non-GAAP net income per ADS attributable to New Oriental – diluted (2)(3)(4)

0.22

0.29

-26.4 %

(in thousands US$, except per ADS(1) data)

1H FY2025

1H FY2024

% of
change

Net revenues

2,474,052

1,969,621

25.6 %

Operating income

312,405

226,466

37.9 %

Non-GAAP operating income (2)(3)

327,583

295,657

10.8 %

Net income attributable to New Oriental

277,361

195,452

41.9 %

Non-GAAP net income attributable to New Oriental (2)(3)

300,273

239,476

25.4 %

Net income per ADS attributable to New Oriental – basic

1.69

1.18

43.1 %

Net income per ADS attributable to New Oriental – diluted

1.68

1.17

44.3 %

Non-GAAP net income per ADS attributable to New Oriental – basic (2)(3)(4)

1.83

1.45

26.5 %

Non-GAAP net income per ADS attributable to New Oriental – diluted (2)(3)(4)

1.82

1.42

28.0 %

(1)  Each ADS represents ten common shares.The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.

(2)  GAAP represents Generally Accepted Accounting Principles in the United States of America.

(3)  New Oriental provides net income attributable to New Oriental, operating income and net income per ADS attributable to New Oriental on a non-GAAP basis that excludes share-based compensation expenses and gain (loss) from fair value change of investments to provide supplemental information regarding its operating performance. For more information on these non-GAAP financial measures, please see the section captioned “About Non-GAAP Financial Measures” and the tables captioned “Reconciliations of Non-GAAP Measures to the Most Comparable GAAP Measures” set forth at the end of this release.

(4)  The Non-GAAP net income per ADS attributable to New Oriental is computed using Non-GAAP net income attributable to New Oriental and the same number of shares and ADSs used in GAAP basic and diluted EPS calculation.

Operating Highlights for the Second Fiscal Quarter Ended November 30, 2024

Michael Yu, New Oriental’s Executive Chairman, commented, “We are encouraged by the sustained healthy top line growth of 19.4% in the second fiscal quarter of this year. Total net revenues, excluding revenues generated from East Buy private label products and livestreaming business, increased by 31.3% year over year. Our overseas test preparation and overseas study consulting business increased by approximately 21.1% and 31.0% year over year, respectively. In addition, the domestic test preparation business targeting adults and university students recorded a growth of approximately 34.9% year over year. Furthermore, our new educational business initiatives have maintained strong momentum this fiscal quarter, with revenue growth of 42.6% year over year. Among these initiatives, our non-academic tutoring courses were offered in around 60 cities, attracting approximately 994,000 student enrollments in this fiscal quarter. Simultaneously, our intelligent learning system and devices were adopted in around 60 cities, with approximately 261,000 active paid users in this fiscal quarter. With our strong educational resources, we will continue to execute our long-term strategy of balancing healthy and sustainable growth while improving profitability, supported by our improving service quality and operating efficiency.”

Chenggang Zhou, New Oriental’s Chief Executive Officer, added, “In this fiscal quarter, we closely monitored our capacity expansion to align with revenue growth and operating efficiency. At the same time, we continued to devote efforts to revamp our online-merge-offline teaching system and apply new technologies to enhance user experience and support the growth of our educational offerings. Furthermore, for the first six months of fiscal year 2025, East Buy expanded its private label offerings to 600 SKUs, including healthcare and pet foods. Its private label products contributed approximately 37% of total GMV. To reach a wider customer base, East Buy leveraged a multi-platform approach with online shops and livestreaming, and it is also exploring offline channels through vending machines in EDU learning centers.”

Stephen Zhihui Yang, New Oriental’s Executive President and Chief Financial Officer, commented, “Despite the second quarter traditionally being the slowest of the year, we managed to generate a Non-GAAP operating profit of US$27.6 million for the quarter and delivered a slight year over year improvement in operating margin for our core educational business this fiscal quarter. To better reflect New Oriental’s core educational businesses, the following operating margin numbers in this fiscal quarter exclude the financial results of East Buy’s private label products and livestreaming business. Our GAAP operating margin for the quarter, excluding operating margin generated from East Buy private label products and livestreaming business, was 2.8%, representing an improvement of 100 basis points year over year. Our Non-GAAP operating margin, excluding operating margin generated from East Buy private label products and livestreaming business for the quarter, was 3.2%, representing an improvement of 12 basis points year over year. We recorded a positive operating cash flow of US$313.3 million this quarter and by the end of this fiscal quarter, our cash and cash equivalents, term deposits and short-term investments totaled approximately US$4.8 billion. In the second half of this fiscal year, we will continue focusing on enhancing utilization of facilities and improving operational efficiency. We are confident in our ability to create sustainable value for our customers and shareholders in the long term.”

Recent Development

On August 19, 2024, New Oriental announced its board of directors approved a special cash dividend of US$0.06 per common share, or US$0.6 per ADS, to holders of common shares and ADSs of record as of the close of business on September 9, 2024, Beijing/Hong Kong Time and New York Time, respectively. The payment date was on or around September 23, 2024, for holders of common shares and September 26, 2024, for holders of ADSs. The total cash dividend distributed was approximately US$100 million.

Share Repurchase

The Company’s board of directors approved a Share Repurchase Program in July 2022, under which the Company is authorized to repurchase up to US$400 million of the Company’s ADSs or common shares through the next twelve months. The Company’s board of directors further approved extending the effective time of the Share Repurchase Program to May 31, 2025, and increasing the aggregate value of shares that the Company is authorized to repurchase from US$400 million to US$700 million. As of January 20, 2025, the Company had repurchased an aggregate of approximately 11.2 million ADSs for approximately US$542.8 million from the open market under this Share Repurchase Program.

Financial Results for the Second Fiscal Quarter Ended November 30, 2024

Net Revenues

For the second fiscal quarter of 2025, New Oriental reported net revenues of US$1,038.6 million, representing a 19.4% increase year over year. Net revenues, excluding revenues generated from East Buy private label products and livestreaming business, were US$894.2 million, representing a 31.3% increase year over year. The growth was mainly driven by the increase in the net revenues from our educational new business initiatives.

Operating Costs and Expenses

Operating costs and expenses for the quarter were US$1,019.4 million, representing a 20.2% increase year over year. Non-GAAP operating costs and expenses for the quarter, which exclude share-based compensation expenses, were US$1,011.1 million, representing a 23.5% increase year over year. The increase was primarily due to the cost and expenses related to the accelerated capacity expansion for educational businesses and newly integrated tourism-related business.

  • Cost of revenues for the quarter increased by 17.9% year over year to US$498.3 million.
  • Selling and marketing expenses for the quarter increased by 26.6% year over year to US$196.1 million.
  • General and administrative expenses for the quarter increased by 20.0% year over year to US$324.9 million. Non-GAAP general and administrative expenses for the quarter, which exclude share-based compensation expenses, were US$319.4 million, representing a 24.7% increase year over year.

Total share-based compensation expenses for the quarter, which were allocated to related operating costs and expenses, decreased by 71.8% to US$8.3 million in the second fiscal quarter of 2025.

Operating Income and Operating Margin

Operating income for the quarter was US$19.3 million, representing a 9.8% decrease year over year. Non-GAAP income from operations for the quarter was US$27.6 million, representing a 45.8% decrease year over year.

Operating margin for the quarter was 1.9%, compared to 2.5% in the same period of the prior fiscal year. Non-GAAP operating margin for the quarter, which excludes share-based compensation expenses, for the quarter was 2.7%, compared to 5.9% 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$31.9 million, representing a 6.2% increase year over year. Basic and diluted net income per ADS attributable to New Oriental were US$0.20 and US$0.19, respectively.

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

Non-GAAP net income attributable to New Oriental for the quarter was US$35.5 million, representing a 29.1% decrease year over year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental were US$0.22 and US$0.22, respectively.

Cash Flow

Net operating cash inflow for the second fiscal quarter of 2025 was approximately US$313.3 million and capital expenditures for the quarter were US$60.6 million.

Balance Sheet

As of November 30, 2024, New Oriental had cash and cash equivalents of US$1,418.2 million. In addition, the Company had US$1,443.2 million in term deposits and US$1,951.4 million in short-term investment.

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 second quarter of fiscal year 2025 was US$1,960.6 million, an increase of 19.2% as compared to US$1,645.0 million at the end of the second quarter of fiscal year 2024.

Financial Results for the Six Months Ended November 30, 2024

For the first six months of fiscal year 2025, New Oriental reported net revenues of US$2,474.1 million, representing a 25.6% increase year over year.

Operating income for the first six months of fiscal year 2025 was US$312.4 million, representing a 37.9% increase year over year. Non-GAAP operating income for the first six months of fiscal year 2025 was US$327.6 million, representing a 10.8% increase year over year.

Operating margin for the first six months of fiscal year 2025 was 12.6%, compared to 11.5% for the same period of the prior fiscal year. Non-GAAP operating margin for the first six months of fiscal year 2025, which excludes share-based compensation expenses, was 13.2%, compared to 15.0% for the same period of the prior fiscal year.

Net income attributable to New Oriental for the first six months of fiscal year 2025 was US$277.4 million, representing a 41.9% increase year over year. Basic and diluted net income per ADS attributable to New Oriental for the first six months of fiscal year 2025 amounted to US$1.69 and US$1.68, respectively.

Non-GAAP net income attributable to New Oriental for the first six months of fiscal year 2025 was US$300.3 million, representing a 25.4% increase year over year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental for the first six months of fiscal year 2025 amounted to US$1.83 and US$1.82, respectively.

East Buy’s Financial Highlights for the Six Months Ended November 30, 2024

New Oriental’s subsidiary, East Buy Holding Limited (“East Buy”), a well-known private label products and livestreaming e-commerce platform in China listed on the Hong Kong Stock Exchange, announced its financial results under International Financial Reporting Standards (“IFRSs”) for the first six months of fiscal year 2025. East Buy’s financial information in this section is presented in accordance with IFRSs.

For the first six months ended November 30, 2024, East Buy recorded the total revenue from continuing operations of RMB2.2 billion (US$304.9 million), a 9.3% decrease from the revenue from continuing operations of RMB2.4 billion in the same period of the prior fiscal year, and recorded a net loss from continuing operations of RMB96.5 million (US$13.5 million), compared to a net profit from continuing operations of RMB160.7 million in the same period of the prior fiscal year. As there was the disposal of Time with Yuhui during the reporting period, if we excluded the financial impact from the disposal of Time with Yuhui, which are about the one-off expense incurred and profit generated by Time with Yuhui, the net profit from continuing operations was RMB32.7 million for the six months ended November 30, 2024. East Buy’s gross profit from continuing operations was RMB735.1 million (US$102.5 million) and gross profit from continuing operations margin was 33.6% for the six months ended November 30, 2024.

The translations of RMB amounts into U.S. dollars in this section are presented solely for the convenience of the readers. The conversion of RMB into U.S. dollars is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of November 30, 2024, which was RMB7.1706 to US$1.00. The percentages stated in this section are calculated based on the RMB amounts.

Outlook for the Third Quarter of the Fiscal Year 2025

New Oriental expects total net revenues, excluding revenues generated from East Buy private label products and livestreaming business, in the third quarter of the fiscal year 2025 (December 1, 2024 to February 28, 2025) to be in the range of US$1,007.3 million to US$1,032.5 million, representing year over year increase in the range of 18% to 21%. The projected increase of revenue in our functional currency Renminbi is expected to be in the range of 20% to 23% for the third quarter of the fiscal year 2025.

This forecast reflects New Oriental’s current and preliminary view, which is subject to change.

Conference Call Information

New Oriental’s management will host an earnings conference call at 8 AM on January 21, 2025, U.S. Eastern Time (9 PM on January 21, 2025, 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.vevent.com/register/BI41baa2efc73b4357814a196a50b55d82. It will automatically direct you to the registration page of “New Oriental FY2025 Q2 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/47p7vdrz first. The replay will be available until January 21, 2026.

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, and overseas study consulting services. 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 third quarter of fiscal year 2025, 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: our ability to effectively and efficiently manage changes of our existing business and new business; our ability to execute our 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; our ability to attract students without a significant increase in course fees; our ability to maintain and enhance our “New Oriental” brand; our ability to maintain consistent teaching quality throughout our school network, or service quality throughout our brand; our ability to achieve the benefits we expect 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 our 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 our 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 and gain (loss) from fair value change of investments, operating income excluding share-based compensation expenses, operating cost and expenses excluding share-based compensation expenses, general and administrative expenses excluding share-based compensation expenses, operating margin excluding share-based compensation expenses, and basic and diluted net income per ADS and per share excluding share-based compensation expenses and gain (loss) from fair value change of investments. 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 share-based compensation expenses and gain (loss) from fair value change of investments 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 share-based compensation charge and gain (loss) from fair value change of investments that has been and will continue to be for the foreseeable future a significant recurring expense in our 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.

Contacts

For investor and media inquiries, please contact:

Ms. Rita Fong                                                    Ms. Sisi Zhao
FTI Consulting                                                   New Oriental Education & Technology Group Inc.
Tel:        +852 3768 4548                                   Tel:         +86-10-6260-5568
Email:    rita.fong@fticonsulting.com                  Email: zhaosisi@xdf.cn

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

As of November 30

As of May 31

2024

2024

(Unaudited)

(Audited)

USD

USD

ASSETS:

Current assets:

Cash and cash equivalents

1,418,215

1,389,359

Restricted cash, current

169,596

177,411

Term deposits, current

1,343,067

1,320,167

Short-term investments

1,951,356

2,065,579

Accounts receivable, net

35,591

29,689

Inventory, net

92,659

92,806

Prepaid expenses and other current assets, net

355,696

309,464

Amounts due from related parties, current

5,495

4,403

Total current assets

5,371,675

5,388,878

Restricted cash, non-current

23,262

22,334

Term deposits, non-current

100,148

169,203

Property and equipment, net

715,593

507,981

Land use rights, net

4,400

4,450

Amounts due from related parties, non-current

13,564

7,273

Long-term deposits

43,751

38,161

Intangible assets, net

15,787

18,672

Goodwill, net

103,943

103,958

Long-term investments, net

400,971

355,812

Deferred tax assets, net

71,520

72,727

Right-of-use assets

710,175

653,905

Other non-current assets

59,699

188,319

Total assets

7,634,488

7,531,673

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

92,146

105,681

Accrued expenses and other current liabilities

686,538

774,805

Income taxes payable

175,594

139,822

Amounts due to related parties

562

551

Deferred revenue

1,960,630

1,780,063

Operating lease liability, current

218,601

199,933

Total current liabilities

3,134,071

3,000,855

Deferred tax liabilities

14,554

19,407

Unsecured senior notes

14,403

14,403

Operating lease liabilities, non-current

489,829

447,994

Total long-term liabilities

518,786

481,804

Total liabilities

3,652,857

3,482,659

Equity

  New Oriental Education & Technology Group  Inc.
shareholders’ equity

3,699,826

3,775,934

  Non-controlling interests

281,805

273,080

Total equity

3,981,631

4,049,014

Total liabilities and equity

7,634,488

7,531,673

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except for per share and per ADS amounts)

For the Three Months Ended November 30

2024

2023

(Unaudited)

(Unaudited)

USD

USD

Net revenues

1,038,636

869,600

Operating cost and expenses (note 1)

Cost of revenues

498,312

422,558

Selling and marketing

196,121

154,965

General and administrative

324,948

270,735

Total operating cost and expenses

1,019,381

848,258

Operating income

19,255

21,342

Gain/(Loss) from fair value change of investments

2,505

(180)

Other income, net

31,008

37,002

Provision for income taxes

(14,629)

(8,926)

Loss from equity method investments

(6,292)

(14,506)

Net income

31,847

34,732

Add: Net loss/(income) attributable to non-controlling
interests

84

(4,666)

Net income attributable to New Oriental Education &
Technology Group Inc.’s shareholders

31,931

30,066

Net income per share attributable to New Oriental-
Basic (note 2)

0.02

0.02

Net income per share attributable to New Oriental-
Diluted (note 2)

0.02

0.02

Net income per ADS attributable to New Oriental-Basic
(note 2)

0.20

0.18

Net income per ADS attributable to New Oriental-
Diluted (note 2)

0.19

0.18

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

RECONCILIATIONS OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES

(In thousands except for per share and per ADS amounts)

For the Three Months Ended November 30

2024

2023

(Unaudited)

(Unaudited)

USD

USD

General and administrative expenses

324,948

270,735

Less: Share-based compensation expenses in general
and administrative expenses

5,527

14,649

Non-GAAP general and administrative expenses

319,421

256,086

Total operating cost and expenses

1,019,381

848,258

Less: Share-based compensation expenses

8,325

29,560

Non-GAAP operating cost and expenses

1,011,056

818,698

Operating income

19,255

21,342

Add: Share-based compensation expenses

8,325

29,560

Non-GAAP operating income

27,580

50,902

Operating margin

1.9 %

2.5 %

Non-GAAP operating margin

2.7 %

5.9 %

Net income attributable to New Oriental

31,931

30,066

Add: Share-based compensation expenses

6,115

19,912

Less: Gain/(Loss) from fair value change of
investments

2,505

(180)

Non-GAAP net income attributable to New Oriental

35,541

50,158

Net income per ADS attributable to New Oriental- Basic
(note 2)

0.20

0.18

Net income per ADS attributable to New Oriental-
Diluted (note 2)

0.19

0.18

Non-GAAP net income per ADS attributable to New
Oriental – Basic (note 2)

0.22

0.30

Non-GAAP net income per ADS attributable to New
Oriental – Diluted (note 2)

0.22

0.29

Weighted average shares used in calculating basic net
income per ADS (note 2)

1,629,316,430

1,655,069,348

Weighted average shares used in calculating diluted
net income per ADS (note 2)

1,638,260,510

1,669,692,046

Non-GAAP net income per share – basic

0.02

0.03

Non-GAAP net income per share – diluted

0.02

0.03

Notes:

Note 1: Share-based compensation expenses (in thousands) are included in the operating cost and expenses as follows:

For the Three Months Ended November 30

2024

2023

(Unaudited)

(Unaudited)

USD

USD

Cost of revenues

710

6,600

Selling and marketing

2,088

8,311

General and administrative

5,527

14,649

Total

8,325

29,560

Note 2: Each ADS represents ten common shares.

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

For the Three Months Ended November 30

2024

2023

(Unaudited)

(Unaudited)

USD

USD

Net cash provided by operating activities

313,297

300,586

Net cash provided by/(used in) investing activities

210,129

(93,031)

Net cash used in financing activities

(238,419)

(4,725)

Effect of exchange rate changes

(25,085)

27,195

Net change in cash, cash equivalents and restricted cash

259,922

230,025

Cash, cash equivalents and restricted cash at beginning of
period

1,351,151

1,890,721

Cash, cash equivalents and restricted cash at end of period

1,611,073

2,120,746

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except for per share and per ADS amounts)

For the Six Months Ended November 30

2024

2023

(Unaudited)

(Unaudited)

USD

USD

Net revenues

2,474,052

1,969,621

Operating cost and expenses (note 1):

Cost of revenues

1,081,833

863,776

Selling and marketing

389,813

291,086

General and administrative

690,001

588,293

Total operating cost and expenses

2,161,647

1,743,155

Operating income

312,405

226,466

(Loss)/Gain from fair value change of investments

(9,408)

7,068

Other income, net

70,095

71,730

Provision for income taxes

(92,180)

(71,456)

Loss from equity method investments

(6,082)

(23,002)

Net income

274,830

210,806

Add: Net loss/(income) attributable to non-controlling
interests

2,531

(15,354)

Net income attributable to New Oriental Education &
Technology Group Inc.’s shareholders

277,361

195,452

Net income per share attributable to New Oriental-
Basic (note 2)

0.17

0.12

Net income per share attributable to New Oriental-
Diluted (note 2)

0.17

0.12

Net income per ADS attributable to New Oriental-
Basic (note 2)

1.69

1.18

Net income per ADS attributable to New Oriental-
Diluted (note 2)

1.68

1.17

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES

(In thousands except for per share and per ADS amounts)

For the Six Months Ended November 30

2024

2023

(Unaudited)

(Unaudited)

USD

USD

General and administrative expenses

690,001

588,293

Less: Share-based compensation expenses in
general and administrative expenses

16,125

41,881

Non-GAAP general and administrative expenses

673,876

546,412

Total operating cost and expenses

2,161,647

1,743,155

Less: Share-based compensation expenses

15,178

69,191

Non-GAAP operating cost and expenses

2,146,469

1,673,964

Operating income

312,405

226,466

Add: Share-based compensation expenses

15,178

69,191

Non-GAAP operating income

327,583

295,657

Operating margin

12.6 %

11.5 %

Non-GAAP operating margin

13.2 %

15.0 %

Net income attributable to New Oriental

277,361

195,452

Add: Share-based compensation expenses

13,504

51,092

Less: (Loss)/Gain from fair value change of
investments

(9,408)

7,068

Non-GAAP net income attributable to New Oriental

300,273

239,476

Net income per ADS attributable to New Oriental-
Basic (note 2)

1.69

1.18

Net income per ADS attributable to New Oriental-
Diluted (note 2)

1.68

1.17

Non-GAAP net income per ADS attributable to New
Oriental – Basic (note 2)

1.83

1.45

Non-GAAP net income per ADS attributable to New
Oriental – Diluted (note 2)

1.82

1.42

Weighted average shares used in calculating basic
net income per ADS (note 2)

1,639,044,478

1,653,126,055

Weighted average shares used in calculating diluted
net income per ADS (note 2)

1,648,700,192

1,667,494,807

Non-GAAP net income per share – basic

0.18

0.14

Non-GAAP net income per share – diluted

0.18

0.14

Notes:

Note 1: Share-based compensation expenses (in thousands) are included in the operating costs and expenses as follows:

For the Six Months Ended November 30

2024

2023

(Unaudited)

(Unaudited)

USD

USD

Cost of revenues

(2,436)

11,572

Selling and marketing

1,489

15,738

General and administrative

16,125

41,881

Total

15,178

69,191

Note 2: Each ADS represents ten common shares.

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

For the Six Months Ended November 30

2024

2023

(Unaudited)

(Unaudited)

USD

USD

Net cash provided by operating activities

496,507

636,372

Net cash used in investing activities

(85,027)

(301,197)

Net cash used in financing activities

(391,913)

(17,716)

Effect of exchange rate changes

2,402

(2,140)

Net change in cash, cash equivalents and restricted cash

21,969

315,319

Cash, cash equivalents and restricted cash at beginning of period

1,589,104

1,805,427

Cash, cash equivalents and restricted cash at end of period

1,611,073

2,120,746

Reconciliation between US GAAP and International Financial Reporting Standards

Deloitte Touche Tohmatsu was engaged by the company to conduct limited assurance engagement in accordance with Hong Kong Standard on Assurance Engagements 3000 (Revised) “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” (“HKSAE 3000 (Revised)”) issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”) on the reconciliation of the condensed consolidated statement of operations for the six months ended November 30, 2024 and the condensed consolidated balance sheet as of November 30, 2024 of the company and its subsidiaries (collectively referred to as the “Group”) between the accounting policies adopted by the Group of the relevant period in accordance with the accounting principles generally accepted in the United States of America (the “US GAAP”) and the International Financial Reporting Standards (the “IFRSs”) issued by the International Accounting Standards Board (together, the “Reconciliation”).

The limited assurance engagement undertaken in accordance with HKSAE 3000 (Revised) involves performing procedures to obtain sufficient appropriate evidence about whether:

  • the related adjustments and reclassifications give appropriate effect to those criteria; and
  • the Reconciliation reflects the proper application of the adjustments and reclassifications to the differences between the Group’s accounting policies in accordance with the US GAAP and the IFRSs.

The procedures performed by Deloitte Touche Tohmatsu were based on their professional judgment, having regard to their understanding of the management’s process on preparing the Reconciliation, nature, business performance and financial position of the Group. Given the circumstances of the engagement, the procedures performed included:

(i)      Comparing the “Amounts as reported under US GAAP” as of and for the six months ended November 30, 2024 in the Reconciliation as set out in the Appendix with the financial results as of and for the six months ended November 30, 2024 prepared in accordance with the US GAAP;

(ii)     Evaluating the assessment made by the board of directors in identifying the differences between the accounting policies in accordance with the US GAAP and the IFRSs, and the evidence supporting the adjustments and reclassifications made in the Reconciliation in arriving at the “Amounts as reported under IFRSs” in the Reconciliation as set out in the Appendix; and

(iii)    Checking the arithmetic accuracy of the computation of the Reconciliation as set out in the Appendix.

The procedures performed by Deloitte Touche Tohmatsu in this limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Accordingly, Deloitte Touche Tohmatsu do not express a reasonable assurance opinion.

Based on the procedures performed and evidence obtained, Deloitte Touche Tohmatsu have concluded that nothing has come to their attention that causes them to believe that:

(I)    The “Amounts as reported under US GAAP” as of and for the six months ended November 30, 2024 in the Reconciliation as set out in the Appendix is not in agreement with the financial results as of and for the six months ended November 30, 2024 prepared in accordance with the US GAAP;

(ii)    The adjustments and reclassifications made in the Reconciliation in arriving at the “Amounts as reported under IFRSs” in the Reconciliation as set out in the Appendix, do not reflect, in all material respects, the different accounting treatments according to the Group’s accounting policies in accordance with the US GAAP and the IFRSs of the relevant period; and

(iii)   The computation of the Reconciliation as set out in the Appendix is not arithmetically accurate.

Appendix

The consolidated financial statements are prepared in accordance with US GAAP, which differ in certain respects from IFRSs. The effects of material differences between the consolidated financial statements of the Group prepared under US GAAP and IFRSs are as follows:

For the six months ended November 30, 2023

IFRSs adjustments

Amounts as

 reported
under

US GAAP

Investments
measured at
fair value

Share-based
compensation

Lease
accounting

Amounts as
reported
under
IFRSs

Note i

Note ii

Note iii

(US$ in thousand)

Cost of revenues

(863,776)

2,176

1,189

(860,411)

Selling and marketing

(291,086)

2,356

130

(288,600)

General and
administrative

(588,293)

(618)

290

(588,621)

Operating income

226,466

3,914

1,609

231,989

Interest expense

(144)

(9,786)

(9,930)

Gain/(Loss) from fair
value change of
investments

7,068

11,098

18,166

Income before income
taxes and loss from
equity method
investments

305,264

11,098

3,914

(8,177)

312,099

Provision for income
taxes

(71,456)

(2,775)

(74,231)

Net income

210,806

8,323

3,914

(8,177)

214,866

Net income attributable
to New Oriental
Education &
Technology Group
Inc.’s shareholders

195,452

8,323

3,914

(8,177)

199,512

For the six months ended November 30, 2024

IFRSs adjustments

Amounts as

 reported
under
US GAAP

Investments
measured at
fair value

Share-based
compensation

Lease
accounting

Amounts as

reported
under

IFRSs

Note i

Note ii

Note iii

(US$ in thousand)

Cost of revenues

(1,081,833)

(3,568)

8,729

(1,076,672)

Selling and marketing

(389,813)

(1,930)

971

(390,772)

General and administrative

(690,001)

(3,921)

2,425

(691,497)

Operating income

312,405

(9,419)

12,125

315,111

Interest expense

(182)

(15,493)

(15,675)

Gain/(Loss) from fair value
change of investments

(9,408)

(6,106)

(15,514)

Income before income
taxes and loss from
equity method
investments

373,092

(6,106)

(9,419)

(3,368)

354,199

Provision for income taxes

(92,180)

1,527

(90,653)

Net income

274,830

(4,579)

(9,419)

(3,368)

257,464

Net income attributable
to New Oriental
Education & Technology
Group Inc.’s
shareholders

277,361

(4,579)

(9,419)

(3,368)

259,995

As of May 31, 2024

IFRSs adjustments

Amounts as

reported
under

US GAAP

Investments
measured at
fair value

Share-based
compensation

Lease
accounting

Amounts as

 reported
under

IFRSs

Note i

Note ii

Note iii

(US$ in thousand)

ASSETS

Long-term investments, net

355,812

(184,463)

171,349

Financial assets at fair value
through profit or loss

187,098

187,098

Right-of-use assets

653,905

(16,805)

637,100

Total assets

7,531,673

2,635

(16,805)

7,517,503

LIABILITIES

Deferred tax liabilities

19,407

614

20,021

Total liabilities

3,482,659

614

3,483,273

Total New Oriental
Education & Technology
Group Inc. shareholders’
equity

3,775,934

2,021

(16,805)

3,761,150

Total equity

4,049,014

2,021

(16,805)

4,034,230

Total liabilities and equity

7,531,673

2,635

(16,805)

7,517,503

As of November 30, 2024

IFRSs adjustments

Amounts as

reported
under

US GAAP

Investments
measured at
fair value

Share-based
compensation

Lease
accounting

Amounts as

reported
under

IFRSs

Note i

Note ii

Note iii

(US$ in thousand)

ASSETS

Long-term investments, net

400,971

(224,498)

176,473

Financial assets at fair
value through profit or loss

226,690

226,690

Right-of-use assets

710,175

(20,173)

690,002

Total assets

7,634,488

2,192

(20,173)

7,616,507

LIABILITIES

Deferred tax liabilities

14,554

503

15,057

Total liabilities

3,652,857

503

3,653,360

Total New Oriental
Education & Technology
Group Inc. shareholders’
equity

3,699,826

1,689

(20,173)

3,681,342

Total equity

3,981,631

1,689

(20,173)

3,963,147

Total liabilities and equity

7,634,488

2,192

(20,173)

7,616,507

Notes

(i) Investments measured at fair value

Under US GAAP, the Group elects measurement alternative to the fair value measurement for the equity securities without readily determinable fair values, under which these investments are measured at cost, less impairment, plus or minus observable price changes of an identical or similar investment of the same issuer with the fair value change recorded in the consolidated statements of operations.

For investments in investee’s shares which are determined to be debt securities, the Group accounts for them as available-for-sale investments when they are not classified as either trading or held-to-maturity investments. Available-for-sale investments are reported at fair value, with unrealized gains and losses, net of taxes recorded in accumulated other comprehensive income or loss. Realized gains or losses on the sales of these securities are recognized in the consolidated statements of operations.

Under IFRSs, the aforementioned investments are classified as financial assets at fair value through profit or loss and measured at fair value. Fair value changes of these long-term investments are recognized in profit or loss.

(ii) Share-based compensation

Under US GAAP, the Group recognized as compensation expenses net of forfeitures as they occur using graded vesting method over the requisite service period.

Under IFRSs, the compensation expenses are recognized net of estimated forfeitures using graded vesting method over the requisite service period.

(iii) Lease accounting

Under US GAAP, the amortization of the right-of-use assets and interest expense related to the lease liabilities are recorded together as lease expense to produce a straight-line recognition effect in profit or loss.

Under IFRSs, the amortization of the right-of-use asset is on a straight-line basis while the interest expense related to the lease liabilities are measured at amortized cost.

Yutong Bus Marks a Momentous Year in 2024 for Its International Business, Continuing Its Strong Innovation Drive

The Company achieved a breakthrough, with total annual sales volume reaching 46,918 units, marking a 28.48% year-on-year increase.

ZHENGZHOU, China, Jan. 21, 2025 /PRNewswire/ — Yutong Bus (“Yutong”, SHA: 600066), a commercial vehicle manufacturer from Asia, continued the rapid growth and innovation of bus technology and promoted strategic development, such as electrification and intelligent networking capabilities. It achieved a major breakthrough, with sales of passenger coaches reaching 46,918 units in 2024, a year-on-year increase of 28.48%.


Farewell 2024 and full speed ahead into 2025

 

Yutong Bus Marks a Momentous Year in 2024 for Its International Business, Continuing Its Strong Innovation Drive
Yutong Bus Marks a Momentous Year in 2024 for Its International Business, Continuing Its Strong Innovation Drive

Yutong advanced its glocal strategy in 2024 with technology launched, including its dual-mode transmission (DMT) hybrid system at events in Mexico, Kazakhstan, and Mongolia, along with its new C-series coaches, Van 6, and a batch more stunning sustainable transportation innovations, such as DMT Hybrid H10.

Yutong has also expanded its international network, showcasing the in-depth insights into Yutong Bus’s manufacturing strength, research expertise, and cutting-edge advancements in new energy technology. In addition, the Company opened its first new energy KD kit factory in Qatar. By 2024, 16 localized production facilities are operating across the globe.

Yutong demonstrated a strong commitment to corporate social responsibility across its markets. In March, it provided aid during floods in Kazakhstan, including essential supplies and vehicle component replacements. During Brisbane’s Green Travel Week, Yutong promoted environmental awareness and received recognition from the AWCPD for supporting women and children. Yutong also launched zero-carbon forest planting in the UK with local dealer Pelican.

Yutong secured significant international orders in 2024, including

  • 214 E12 buses to Chile,
  • 250 E12 buses to Greece,
  • 46 airport shuttle buses to Spain,
  • as well as 600 ZK6116HG buses have been delivered to Mongolia, 274 hybrid buses to Mexico, 100 trolleybuses to Kazakhstan, and 500 V6 light buses to Latin America.

Yutong buses excelled in extreme environmental conditions. In January 2024, the E18PRO achieved 374 kilometers in -25°C in Kazakhstan, while the U12 became the only Chinese new energy bus to enter the Arctic Circle. The E11PRO showed remarkable efficiency in 60°C ground temperatures, consuming just 0.74 kWh/km while the T15E achieved an impressive 609 km range under -20°C conditions in Finland. In last October, the C12E completed 555 kilometers on a single charge in Australia.

For more info, please visit https://en.yutong.com/.

Sinch Launches FCC-Compliant 911 PSAP Outage Services to Strengthen Public Safety

Helping Service Providers Meet Compliance and Avoid Costly FCC Fines

ATLANTA and STOCKHOLM, Jan. 21, 2025 /PRNewswire/ — Sinch (Sinch AB (publ) (XSTO: SINCH), which is leading the US in accelerating Next Generation 911 capabilities, has introduced its 911 PSAP Outage Services, a cutting-edge solution designed to help service providers meet new FCC requirements and avoid fines. This service enables accurate and timely communication with Public Safety Answering Points (PSAPs), the emergency call centers responsible for receiving 911 calls and dispatching first responders, critical to maintaining reliable emergency response systems.

Starting April 15, 2025, service providers must notify affected PSAPs within 30 minutes of identifying a 911 outage and provide regular updates until resolved. Sinch simplifies this process by offering up-to-date PSAP contact information and a turnkey notification solution, ensuring providers can comply with FCC rules without the burden of manual data management or communication delays.

When a 911 network outage occurs, Public Safety Answering Points (PSAPs) act swiftly to minimize disruption and ensure emergency calls are answered. Contingency plans are activated, often rerouting calls to neighboring centers or backup facilities to maintain service. PSAPs may notify the public through tools like Wireless Emergency Alerts or social media, providing alternative ways to reach emergency services. First responders are also alerted to adapt their protocols, and nearby PSAPs coordinate to handle rerouted calls effectively. Timely notification is critical-it saves lives by enabling quick action, ensures operational readiness, and maintains public trust through clear communication. While responses may vary, the priority is always to protect public safety and keep emergency services running seamlessly, even in challenging circumstances.

“The integrity of 911 communications is non-negotiable, and Sinch is proud to offer a solution that ensures public safety while reducing the operational burden for service providers,” said Chandy Ghosh, General Manager and Chief Operating Officer of Sinch Emergency Services. “Our services are designed to make compliance effortless, so providers can focus on what matters most-saving lives.” While FCC compliance may seem daunting, Sinch is the only provider offering a simple, turnkey portal and API-based solution that directly addresses the challenge of staying up-to-date with PSAP outage contacts and executing timely notifications. With years of expertise in emergency communications, Sinch is a trusted partner for service providers, enabling compliance while enhancing the reliability of 911 systems across the nation.

Sinch is pioneering a future where reliable and secure communications enhance every aspect of customer and public safety engagement. Ready to enhance your 911 service reliability and become compliant with FCC Regulations, talk to our experts.

Learn more about Sinch’s Emergency Services solutions.

* Federal Register: Disruptions to Communications; Improving 911 Reliability

For more information, please contact:

Janet Lennon, Director of Global PR & Communications
janet.lennon@sinch.com

This information was brought to you by Cision http://news.cision.com

ZTE named global leader in 5G FWA innovation and implementation by ABI Research

SHENZHEN, China, Jan. 21, 2025 /PRNewswire/ — ZTE Corporation (0763.HK / 000063.SZ), a global leading provider of integrated information and communication technology solutions, has been recognized as the overall leader, top innovator, and top implementer in the 5G Fixed Wireless Access (FWA) CPE Vendor Competitive Assessment report released by ABI Research, a leading market analysis organization.

This accolade underscores ZTE’s dominance in the 5G FWA market, highlighting its pioneering technological advancements and exceptional implementation strategies. ZTE has maintained its position as the global leader in the 5G FWA & MBB market for four consecutive years. This success is driven by its expansive presence in over 160 countries, 49 overseas service centers, a comprehensive product portfolio catering to diverse user scenarios, and an unwavering commitment to technological innovation.

ZTE ranked as the overall leader, top innovator, and top implementer by ABI Research
ZTE ranked as the overall leader, top innovator, and top implementer by ABI Research

“Innovation and customer-centric implementation are at the core of ZTE’s strategy,” said Bai Keke, Vice President of ZTE Corporation and General Manager of Mobile Internet, ZTE Mobile Devices. “Our leadership in 5G FWA reflects our commitment to harnessing cutting-edge technologies, such as AI, 5G-Advanced innovations, and Wi-Fi 7, to drive intelligent, seamless, and integrated connectivity for users worldwide.”

ABI Research Highlights ZTE as Industry Leader in Innovation and Implementation in the Global FWA Market

ABI Research’s 5G FWA CPE Vendor Competitive Assessment evaluated ten major 5G FWA CPE vendors based on innovation and implementation criteria. ZTE takes the top spot in both categories. According to ABI Research Industry Analyst Larbi Belkhit, “ZTE’s success in creating a diverse portfolio that directly addresses customer needs and innovative use of AI for bandwidth utilization and high performance earned it the positions of Top Implementer and Top Innovator in our 5G FWA CPE Vendor Competitive Assessment.”

The report recognized ZTE’s technological leadership with innovations such as the industry’s first AI-powered full-stack FWA solution, dynamic bandwidth allocation, and advanced antenna technology, all of which enhance connectivity in low-signal environments. ZTE’s diverse product portfolio, ranging from entry-level to flagship models and covering applications for individuals, homes, vehicles, and IoT solutions, along with its strong global partnerships, further solidified its position as the industry leader.

ZTE has consistently pushed the boundaries of 5G FWA technology, setting new benchmarks with products such as the ZTE G5 Ultra, the world’s first AI-powered 5G-Advanced flagship FWA device, which delivers peak data rates of up to 19Gbps. The G5 Ultra is equipped with tri-band Wi-Fi 7, a 13dBi smart beam-switching antenna, AI-driven antenna systems, intelligent QoS management, and built-in AI voice control. These features provide exceptional connectivity for high-demand applications such as gaming, streaming, and remote work.

ZTE’s implementation capabilities further solidify its market leadership. The company’s 5G FWA solutions are deployed by over 150 operators across 35 countries, including key markets in Europe, Asia-Pacific, the Middle East, and Latin America. Strategic partnerships with these operators have reinforced ZTE’s reputation as a trusted partner. By catering to both consumer and enterprise segments, ZTE ensures its solutions address a wide range of connectivity needs.

Driving the Future of FWA with a New Product Philosophy: AI-Powered New GIS

Under its AI-powered new GIS product philosophy, ZTE integrates Green, Artificial intelligence, and Security into its 5G FWA solutions. This approach leverages advanced AI to optimize network performance by learning user behavior, improving bandwidth efficiency by 20%, and reducing congestion by 30%. ZTE’s solutions also prioritize user safety with real-time AI-based threat detection and features like Child Guardianship, ensuring a safer online experience for families. The AI-based Smart Cloud Platform enhances operational efficiency by enabling remote device management, minimizing the need for on-site support. Additionally, ZTE’s proprietary AI-powered Super Antenna boosts network speed and reliability, even in weak-signal environments, setting a new benchmark in FWA performance.

ZTE’s recognition underscores its dedication to advancing 5G technology through continuous innovation and market-leading implementation. With nearly two decades of expertise, ZTE is committed to delivering smarter, more efficient networks, driving digital inclusion, and shaping the future of global connectivity.

MEDIA INQUIRIES:
ZTE Corporation
Communications
Email: ZTE.press.release@zte.com.cn 

Laos Sends Condolences to US as Los Angeles Wildfires Rage

Laos Sends Condolences to US as Los Angeles Wildfires Rage

Laotian Times and Huw GRIFFITH/AFP– On 17 January, Lao Prime Minister Sonexay Siphandone sent a letter of condolences to the Former United States President Joe Biden, expressing sympathy for the wildfires affecting southern California in the past weeks.

The American Chamber of Commerce in Singapore (AmChamSG) Supports Communities in Need Through Donations to SGSHARE and California Wildfires Relief

AmChamSG Commemorates Martin Luther King, Jr., National Day of Service with St Luke’s ElderCare at the Singapore Flyer

SINGAPORE, Jan. 21, 2025 /PRNewswire/ — The American Chamber of Commerce in Singapore (AmChamSG) is donating $5,000 to the California wildfires relief, as well as SGSHARE, a national regular giving program by the Community Chest in conjunction with SG60 to rally Singapore to support communities in need. The funds were raised at a farewell dinner honoring U.S. Ambassador to Singapore H.E. Jonathan E. Kaplan in the lead up to Martin Luther King, (MLK) Jr., Day of Service.

AmChamSG volunteers with St Luke’s ElderCare Elders at the Singapore Flyer
AmChamSG volunteers with St Luke’s ElderCare Elders at the Singapore Flyer

AmChamSG volunteers also spent MLK Jr. Day with elders from St Luke’s ElderCare on their first visit to the Singapore Flyer, providing an enriching experience and fostering meaningful connections. A federal holiday in the U.S., MLK Jr. Day was first observed in 1986 in memory of the civil rights hero. Since 1994, Americans have been encouraged to commemorate the day through acts of service.

Dr. Hsien-Hsien Lei, Chief Executive Officer of AmChamSG said, “We have been volunteering on MLK Jr. Day since 2021. In the words of Dr. Martin Luther King, Jr., ‘Everyone can be great, because everyone can serve.’

An AmChamSG strategic pillar, Community is at the heart of our member companies’ purpose. Amidst global uncertainty, AmChamSG member companies, including CSR partners Micron and West Pharmaceutical Services, remain committed to the economic and social development of Singapore.”

About AmCham Singapore

Established in 1973, the American Chamber of Commerce in Singapore (AmCham Singapore) is the largest and the most active international business association in Singapore and Southeast Asia, with nearly 700 member companies.

Our Chamber comprises 12 industry-specific committees: five sectoral and seven functional. AmCham is a forward-thinking, business-progressive association. Our mission is to create value for our members by providing advocacy, thought leadership, and community. Our membership includes American companies and Singaporean and third-country companies with significant U.S. business interests.

AmCham is an independent, non-partisan business organization. Our goal is to provide the information and facilitate the access and connections that give members insight into the local, regional, and global operating environment, enhance their professional capabilities, and enable them to make well informed business decisions.

www.amcham.com.sg

dss⁺ Announces Strategic Changes to Executive Leadership Team in Asia Pacific Accelerating growth and impact for high-hazard industries in the region

SINGAPORE, Jan. 21, 2025 /PRNewswire/ — dss⁺ announced today strategic leadership changes to its Executive Leadership Team (ELT) in Asia Pacific. These changes support the company’s goals to accelerate impact on clients, develop internal talent, and deliver on its purpose of saving lives and creating a sustainable future in the region.

Srinivasan Ramabhadran is appointed as Managing Director and Board Member, dss⁺ and Cedric Parentelli, is appointed as the APAC Managing Director, APAC, dss⁺
Srinivasan Ramabhadran is appointed as Managing Director and Board Member, dss⁺ and Cedric Parentelli, is appointed as the APAC Managing Director, APAC, dss⁺

“We remain committed to growing our leaders and providing new development experiences, while leveraging their experiences to help our clients achieve breakthroughs in operational safety, performance and sustainability that drive lasting success,” said Davide Vassallo, CEO of dss⁺. “These leadership changes will further strengthen our growth trajectory and evolution of our firm.”

Advancing Growth in Asia Pacific’s Dynamic Markets

The Asia Pacific region remains a critical driver of global economic expansion, contributing approximately 60% of global growth in 2024, according to the International Monetary Fund (IMF). With a projected GDP growth of 4.4% in 2025 — outpacing the global average — the region continues to demonstrate remarkable economic resilience.

As a critical hub for heavy industries, dss⁺ observes significant developments across key sectors where the company has been actively expanding its operational excellence capabilities. The region is experiencing transformative changes in petrochemicals, energy, industrial manufacturing, and infrastructure. Major economies such as China, India, Australia, Japan, and some Southeast Asian nations are advancing strategically in industrial transformation, focusing on sustainable manufacturing, advanced petrochemical capabilities, and building resilient supply chains and infrastructure.

Key leadership appointments in Asia Pacific

Srinivasan Ramabhadran elevates his role to Managing Director and dss⁺ Board member. In this new position, Ramabhadran will focus on global growth initiatives aligned with the organisation’s strategy while continuing to lead key accounts in the Asia Pacific region.

With over 22 years at dss⁺, Srinivasan built the consulting team across Asia Pacific and previously held roles including global practice leader for Operations Risk Management and market leader for India and ASEAN. He has developed trusted client relationships globally and has been instrumental in building the dss⁺ brand.

“I am honoured to shape and drive dss⁺’s global growth strategy,” said Srinivasan. “The Asia Pacific region has been at the forefront of driving resilient growth, and I look forward to leveraging our regional insights and deep expertise to help organizations transform their operational performance and create lasting impact.”

Cedric Parentelli is appointed Managing Director, Asia Pacific, focusing on delivering superior impact and value to clients in the region. He will reinforce the industry focus and embed deep transformational expertise in client organizations to ensure sustainable results.

Cedric, who began his career with dss⁺ nine years ago, previously led the Western, Central Europe and North Africa region, later expanding his responsibilities to lead Europe, the Middle East and Africa. He built structural foundations to support the brand’s global strategy and focused on leveraging consulting capabilities and industry expertise to deliver strategic solutions to clients.

“The Asia Pacific region is a powerhouse of industrial and economic transformation, presenting both challenges and opportunities in high-hazard, complex industries,” Cedric commented. “I am confident in the region’s growth potential. We aim to help organizations turn operational risks into strategic advantages, elevating performance sustainably.”

These leadership changes position dss⁺ to better serve its clients in Asia Pacific, driving growth and delivering impactful solutions in operational safety, performance, and sustainability across the region’s diverse and rapidly evolving markets.

About dss

dss⁺ is the operational transformation partner for complex and high-hazard industries. We help organisations achieve breakthroughs in safety, performance and sustainability that drive lasting success.

Combining deep technical expertise and decades of hands-on experience with cutting-edge methodologies and data-driven insights, we empower teams to shift mindsets, shape cultures and build the capabilities needed at every level.  www.consultdss.com

Ampace Unveils E30P at Bharat Battery Show: Powering Green Mobility in India

NEW DELHI, Jan. 21, 2025 /PRNewswire/ — Ampace, a global leader in lithium-ion battery solutions, is proud to announce the official launch of our new E30P cell at the 2025 Bharat Battery Show, held from January 19-21, marking a significant step in advancing green mobility solutions in India. On January 19, Ampace introduced E30P officially, bringing cutting-edge battery technology to India’s rapidly growing electric two-wheeler market.

Addressing India’s EV Market Needs: Bridging the Gap Between Performance, Long life and Economy

India is experiencing rapid growth in electric vehicle adoption, particularly in the two-wheeler segment. Electric motorcycles and scooters have become increasingly popular for their eco-friendly benefits and convenience, catering to a wide range of applications from daily commuting to food delivery. However, one of the biggest challenges facing the sector is the balance between higher performance, longer life and better economy in battery technology.

The E30P is designed specifically to address these challenges, offering a battery solution that delivers both high performance and long endurance, meeting the unique demands of the Indian market. With a focus on electric two-wheelers, the E30P provides an optimal balance between performance, reliability, and economy.


E30P: The Power of Innovation — “Easy to Go”

The E30P, featuring Ampace’s proprietary BP (Boost Power) system, is a breakthrough in battery technology. The BP system improves energy density and safety by using advanced materials in the cathode, anode, and graphite, allowing for faster deintercalation of lithium ions and lower energy consumption. This results in superior power, longer battery life, and enhanced safety.

Rajeev Prasad, Ampace’s Director of India Market Sales, addressed the audience during the product launch, saying, “The E30P stands for endurance, capacity, and power — form the foundation of the E30P. This isn’t just a name; it’s a promise of reliable, high-performing energy storage that empowers customers to achieve more. We are excited to introduce the E30P to India, a solution that is tailored to meet the needs of electric two-wheelers in the country.”

The E30P battery comes in a standardized 35205 cylindrical cell size, with a 35mm diameter and 205mm height. This size is optimized for mainstream electric motorcycles and scooters in India, ensuring that the battery packs fit a variety of models including motorcycles, scooters, and maxi-scooters.

Diverse Compatibility to Meet Various Needs:

The E30P cell, with its 30Ah capacity and 35205 dimensions, is highly suitable for electric two-wheeler battery packs in the Indian market. Whether for standard motorcycles, scooters, or underbone models, its flexible battery pack design can adapt to different application scenarios.

Outstanding Range and High Performance:

The E30P cell supports multiple battery solutions, such as a 1.5kWh battery for daily commuting, a 3kWh battery for delivery services, and high-capacity, high-power batteries for long-range, high-speed electric motorcycles. It meets a wide range of range and performance requirements.

Economical and Efficiency Gains:

Compared to traditional 21700 cells, the E30P offers a 600% increase in capacity. This allows for a more streamlined battery pack design, reducing welding points and  component usage. As a result, it lowers the design and manufacturing costs of the pack while improving product reliability.

Ultimate Safety to Ensure User Experience:

The E30P cell incorporates Ampace’s BP technology system, providing high thermal stability and effectively preventing thermal runaway issues. Additionally, the cell has undergone rigorous mechanical performance testing and safety certifications to ensure exceptional safety in extreme environments and applications.

Fast Charging to Enhance User Experience:

The E30P supports both daily fast charging and emergency quick charging scenarios. It can charge to 95% in just 47 minutes under daily fast charging conditions, and up to 50% in only 15 minutes during emergency charging, significantly enhancing user convenience.

Future Outlook: Empowering India’s Green Mobility Revolution

Looking forward, Ampace is committed to furthering the development of India’s green mobility sector. As electric two-wheelers continue to grow in popularity, the E30P represents a significant step toward improving the performance, economy, and sustainability of electric vehicles in India.

Ampace’s entry into the Indian market with the E30P battery cell is expected to play a pivotal role in shaping the future of electric two-wheelers in India, offering powerful, reliable, and safe solutions that meet the diverse needs of Indian consumers and businesses.