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IBM Report: 13% Of Organizations Reported Breaches Of AI Models Or Applications, 97% Of Which Reported Lacking Proper AI Access Controls

U.S. breach costs rise to $10.22 million, despite the global average cost of a breach decreasing to $4.44 million; Only 49% of breached organizations plan to invest in security

ARMONK, N.Y., July 30, 2025 /PRNewswire/ — IBM (NYSE: IBM) today released its Cost of a Data Breach Report, which revealed AI adoption is greatly outpacing AI security and governance. While the overall number of organizations experiencing an AI-related breach is a small representation of the researched population, this is the first time security, governance and access controls for AI have been studied in this report, which suggests AI is already an easy, high value target.


  • 13% of organizations reported breaches of AI models or applications, while 8% of organizations reported not knowing if they had been compromised in this way.
  • Of those compromised, 97% report not having AI access controls in place.
  • As a result, 60% of the AI-related security incidents led to compromised data and 31% led to operational disruption.

This year’s results show that organizations are bypassing security and governance for AI in favor of do-it-now AI adoption. Ungoverned systems are more likely to be breached—and more costly when they are.

“The data shows that a gap between AI adoption and oversight already exists, and threat actors are starting to exploit it,” said Suja Viswesan, Vice President, Security and Runtime Products, IBM. “The report revealed a lack of basic access controls for AI systems, leaving highly sensitive data exposed, and models vulnerable to manipulation. As AI becomes more deeply embedded across business operations, AI security must be treated as foundational. The cost of inaction isn’t just financial, it’s the loss of trust, transparency and control.”

However, the report did reveal that organizations using AI and automation extensively throughout their security operations saved an average $1.9 million in breach costs and reduced the breach lifecycle by an average of 80 days.

The 2025 report, conducted by Ponemon Institute, sponsored and analyzed by IBM, is based on data breaches experienced by 600 organizations globally from March 2024 through February 2025. Key findings from the report around AI security and breaches, the financial cost of a breach, and operational disruption are as follows:

Breaches and the AI era

  • AI Governance Policies. 63% of breached organizations either don’t have an AI governance policy or are still developing a policy. Of the organizations that have AI governance policies in place, only 34% perform regular audits for unsanctioned AI.
  • The Cost of Shadow AI. One in five organizations reported a breach due to shadow AI, and only 37% have policies to manage AI or detect shadow AI. Organizations that used high levels of shadow AI observed an average of $670,000 in higher breach costs than those with a low level or no shadow AI. Security incidents involving shadow AI led to more personally identifiable information (65%) and intellectual property (40%) being compromised compared to the global average (53% and 33% respectively).
  • Smarter Attacks with AI. 16% of breaches studied involved attackers using AI tools, most often for phishing or deepfake impersonation attacks.

The Financial Cost of a Breach

  • Data Breach Costs. The global average cost of a data breach fell to $4.44 million, the first decline in five years, while the average U.S. cost of a breach reached a record $10.22 million.
  • Global Breach Lifecycles Hit Record Low. The global average breach lifecycle (the mean time to identify and contain a breach, including restore services) dropped to 241 days, a 17-day reduction from the year prior, as more studied organizations detected the breach internally. Those organizations who detected the breach internally also observed a $900,000 savings on breach costs compared to those disclosed by an attacker.
  • Healthcare Breaches Remain the Costliest. Averaging $7.42 million, healthcare breaches remained the most expensive across all studied industries, even as this sector saw a $2.35 million reduction in costs compared to 2024. Breaches across this sector take the longest to identify and contain at 279 days, that’s more than 5 weeks longer than the global average of 241 days.
  • Ransom Payment Fatigue. Last year, organizations pushed back against ransom demands, with more opting not to pay (63%) compared to the year prior (59%). As more organizations refuse to pay ransoms, the average cost of an extortion or ransomware incident remains high, particularly when disclosed by an attacker ($5.08 million).
  • Security Investments Stall Amid Rising AI Risks. There was a significant reduction in the number of organizations that said they plan to invest in security following a breach, 49% in 2025 compared to 63% in 2024. Less than half of those that plan to invest in security post-breach will focus on AI-driven security solutions or services.

The Long Tail of a Breach: Operational Disruption

According to the 2025 IBM report, nearly all organizations studied suffered operational disruption following a data breach. This level of disruption is taking a toll on recovery timelines. Among organizations that reported recovery, most took more than 100 days on average to do so.

However, the consequences of a breach continue to extend beyond containment. While down compared to the year prior, nearly half of all organizations reported that they planned to raise the price of goods or services because of the breach, and nearly one-third reported price increases of 15% or more.

About the Cost of a Data Breach Report

The Cost of a Data Breach Report has investigated nearly 6,500 data breaches over the past 20 years. Since the inaugural report in 2005, the nature of breaches has evolved dramatically. Back then, risk was largely physical. Today, the threat landscape is overwhelmingly digital and increasingly targeted, with breaches now driven by a spectrum of malicious activity.

With the pace of enterprise AI adoption proliferating, for the first time, the Cost of a Data Breach research studied the state of security and governance for AI, the type of data targeted in security incidents involving AI, breach costs associated with AI-driven attacks, and the prevalence and risk profile of shadow AI (unregulated, unauthorized use of AI). Historical findings from past reports include the following:

  • 2005: nearly half (45%) of all data breaches were caused by lost or stolen computing devices, such as a laptop or thumb drive, and only 10% of breaches were due to hacked electronic systems.
  • 2015: breaches due to cloud misconfiguration weren’t even a categorized threat, today they are a leading target.
  • 2020: ransomware began to surge, and by 2021 it accounted for an average of $4.62 million in breach costs, and this year that number reached an average of $5.08 million (when the incident was disclosed by an attacker).
  • 2025: AI, which was included for the first time in the research this year, is quickly emerging as a high value target.

Additional sources:

  • Download a copy of the 2025 Cost of a Data Breach Report to learn more.
  • Sign up for the 2025 IBM Cost of a Data Breach webinar on Wednesday, August 13, 2025, at 11:00 a.m. ET.
  • Read more about the report’s top findings in this IBM blog.

About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs, and gain a competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity, and service. Visit www.ibm.com for more information.

Media contact:

IBM
Michele Brancati
mbrancati@ibm.com

IBM Corporation logo.
IBM Corporation logo.

 

Bybit Smart Money Report: Smart Money Flows Into ETH, SOL, and RWA-Concept Altcoins as Stablecoin Balances Decline

DUBAI, UAE, July 30, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released a new Smart Money Report. The analysis focuses on institutions’ and influential traders’ digital asset allocation and trading strategies, often ahead of the curve, to unlock insights on wider narratives that move markets.

Equipped with professional analysts and solutions, institutional and leading crypto investors decisions come to be known as smart money moves. Based on their holding and trading data, ETH had become an institutional crowd favorite while SOL might be reversing its course of underperformance in the current rally. The emerging theme of real-world asset (RWA) has come to dominate the DeFi narratives, prompting assets like ONDO onto a bullish track.

Key Insights

  • Smart money holds onto ETH, BTC and select altcoins: the report highlights portfolios balances of ETH, BTC, ONDO, UNI, and WLD, citing the main drivers behind each asset. The diverse holdings reflect a wide array of considerations for professional and institutional investors from DeFi trends to regulatory tailwinds.
  • Top movements by the pros – trading highlights: Whales are piling up on ETH as SOL-related derivatives are on the rise. Key movements indicated institutional interest in a range of altcoins while AVAX suffered downward pressure.
  • Stablecoin balances across exchanges trending down: Major cryptocurrency exchanges are recording decreasing levels of stablecoin reserves, collectively at a 3-month low. This is interpreted as risk-on sentiment as investors were deploying funds and entering active trading mode.

Source: Nansen
Source: Nansen

#Bybit / #TheCryptoArk / #BybitReport

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press 

For media inquiries, please contact: media@bybit.com

For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

DeepRoute.ai Earns Top Marks in IDC 2025 Assisted Driving Capability Assessment

SHENZHEN, China, July 30, 2025 /PRNewswire/ — DeepRoute.ai, a pioneer in autonomous driving technology, has earned top recognition in IDC’s latest Assisted Driving Capability Assessment 2025.[1] The report underscores how autonomous driving has become a leading purchase decision factor for car buyers and marks DeepRoute.ai as a technology leader in this rapidly evolving field.

IDC evaluated mass-production autonomous driving systems across six dimensions: highway and urban Navigation on Autopilot (NOA), highway and urban lane centering control (LCC), valet parking assist, and automatic parking assist.

DeepRoute.ai earned top scores in urban NOA, urban LCC, and highway LCC, showcasing exceptional capabilities in complex real-world scenarios. The report highlights DeepRoute.ai’s strength in handling challenging multi-traffic participant city environments and mixed traffic flows.

IDC 2025 Assisted Driving Capability Assessment
IDC 2025 Assisted Driving Capability Assessment

As the industry approaches the performance limits of Level 2 (L2) systems, IDC predicts rapid acceleration toward Level 3 autonomy. DeepRoute.ai is accelerating the pace of innovation across the industry with the upcoming launch of its VLA (Vision-Language-Action) model-a next-generation technology designed to enhance safety and human-like control.

The VLA model delivers key breakthroughs from three perspectives:

  • Scenario understanding: Improved long-tail scenario coverage, with stronger capabilities in blind-spot prediction, dynamic traffic interpretation, and recognition of complex text-based guidance signs, which are the key challenges in real-world driving environments.
  • Reasoning capabilities: The ‘chain-of-thought’ enables human-like reasoning and long context understanding, allowing the system to perform deeper and more forward-looking inference compared to previous end-to-end models. The system also provides decision-making explanations, offering transparency that enhances user trust and confidence in automated driving.
  • User interactions: Human drivers can interact with the system through natural language, enabling real-time adjustments to vehicle decisions and offering greater control over the driving process.

These innovations position DeepRoute.ai as a frontrunner in advancing explainable, interactive, and human-like autonomous driving, driving mainstream adoption of higher-level autonomous driving.

About DeepRoute.ai

DeepRoute.ai is an artificial intelligence company dedicated to the research, development, and application of smart driving solutions. Being the first to develop production-ready smart driving solutions and a pioneer in deploying end-to-end and VLA models on mass-produced passenger vehicles, DeepRoute.ai aims to create artificial general intelligence in physical world.

For more information, visit deeproute.ai, follow DeepRoute.ai on LinkedIn, and X, and subscribe to DeepRoute.ai on YouTube.

 [1] IDC China, Assisted Driving Capability Assessment 2025 Report.

Contact: press@deeproute.ai 

SIBUR Begins Installation of Polypropylene Production Line at Amur GСC


MOSCOW, RUSSIA – Media OutReach Newswire – 30 July 2025 – SIBUR, Russia’s largest polymer producer, has started installing a polypropylene production unit at the Amur Gas Chemical Complex (GСC), which is currently under construction in the country’s Far East, close to Asian markets.

The Amur GCC is one of the largest investment projects in the global petrochemical industry, with a planned annual production capacity of 2.7 million tonnes of polymers. Eighty-two per cent of the construction has already been completed, with production scheduled to begin next year.

In July, SIBUR installed the first piece of equipment for polypropylene production at the Amur GCC, a 20-tonne column responsible for purifying exhaust gas from solid polypropylene particles. The equipment was delivered to the construction site via the Zeya River.

All deliveries of heavy and oversized equipment to the Amur GCC site are expected to be completed before the end of this year’s summer navigation season. Polyethylene production is planned to begin in 2026, followed by polypropylene production in 2027. In addition to Russia, products will be exported to China and other Asian countries.

The Amur GCC is in the first quartile of the global cost curve, ensuring its competitiveness under any market conditions. The plant has a secure supply of Russian ethane and LPG, making it less vulnerable than its competitors to fluctuations in hydrocarbon feedstock prices.

The complex includes one polypropylene production line with a capacity of 0.4 million tonnes per year, as well as four polyethylene lines – three using gas-phase technology and one using slurry-phase technology – with a total combined capacity of 2.3 million tonnes per year.

Hashtag: #SIBUR

The issuer is solely responsible for the content of this announcement.

LONGi Hi-MO 9 Ice-Shield Modules: The Solid “Armor” for PV Plant Safety

XI’AN, China, July 30, 2025 /PRNewswire/ — In recent years, global climate change has led to frequent extreme weather events. Meteorological disasters such as hail have become significant threats to the safety of solar plants and the stable income of customers. Middle and low latitudes of the northern and southern hemispheres, including Colorado and Texas (USA), Northern Italy, Southern France, Southern China, as well as Central Argentina and Southeastern Australia in the Southern Hemisphere.

Confronting this “plant safety killer,” LONGi leverages its profound technological expertise to develop the Hi-MO 9 Ice-Shield module—a global solution engineered to withstand extreme hailstorms. Through material innovation and structural upgrades, this product achieves breakthroughs in both “hail resistance”and “power generation performance”, establishing an impenetrable defense for PV plant safety and returns.

Extreme Hail Resistance: Industrial-Grade Robustness Tested Against Harsh Climates 

LONGi Hi-MO 9 Ice-Shield module features a comprehensively thickened double-glass structure. Its front glass is 60% thicker than conventional products and undergoes full tempering, boosting impact resistance by 4.5 times. For instance, during severe hailstorms, the tempered glass remains as sturdy as a steel plate, while standard module glass may be brittle like paper. The frame utilizes high-strength 6005-T6 aluminum alloy with optimized linear density, significantly enhancing wind load resistance. When associated with a high-load mounting solution, the module withstands loads of +5400/-5400 Pa. 

In addition, the module has been tested many times and can successfully resist the impact of hail with a diameter of 55 mm and a speed of 33.9m/s, far exceeding the test requirements of IEC standards for 25mm hail. Post-test inspections show no glass cracks or micro-cracks.

High-Efficiency Power Generation: Stable Output Under Extreme Environmental impacts

Built with this robust foundation, the Hi-MO 9 Ice-Shield module integrates LONGi’s proprietary HPBC 2.0 technology, achieving a conversion efficiency of up to 24.8% for outstanding overall power generation. Upgraded with high-load materials to further ensure reliable high performance in harsh environments. 

For example, in a 100MW TOPCon plant, the same land area with Hi-MO 9 modules can support 106.4MW capacity. Even in regions with moderate sunlight (assuming an electricity price of 5 cents/kWh), this translates to over $6.5 million in additional lifetime revenue.

Benefiting from BC technology’s unique hot-spot resistance and LONGi’s stringent lifecycle quality control, the Hi-MO 9 delivers higher reliability and lower failure rates at the plant level, making it a trustworthy choice for global customers.

Internationally Certified Reliability

The LONGi Ice-Shield series modules have been certified by international authorities including RETC, TÜV Rheinland, and TÜV SÜD. It has topped RETC’s High Durability Test (HDT) rankings for years and years. In RETC’s “2025 PV Module Index Report”, LONGi modules received the “Highest Achievement” award across all 13 core tests—including hail sequence validation. These endorsements provide authoritative proof of the series’ reliability in extreme environments, ensuring continuous, stable power generation even amidst hailstorms accompanied by lightning and gales.

Cumulative global orders for LONGi Ice-Shield modules have now exceeded 1GW. Including but not limited to large-scale utility plants in the US Midwest, projects in Australia, Europe. LONGi BC products are building a solid line of defense for photovoltaic power plants in many places around the world, and Hi-MO 9 has become the first choice for customers to rest assured and value throughout the life cycle of power plants.

México Quetzales – Armadillos FC Crowned Champion at Phygital Contenders: Abu Dhabi – Football

  • In the span of 5 days, 21 clubs battled it out on both physical and digital stages to crown an overall winner 
  • Six clubs head to the Games of the Future 2025 this December taking place at ADNEC, Abu Dhabi

ABU DHABI, UAE, July 30, 2025 /PRNewswire/ — The final whistle has blown on Phygital Contenders: Abu Dhabi – Football, and México Quetzales – Armadillos FC has emerged victorious, claiming the title after a thrilling finale. Held at the Abu Dhabi National Exhibition Centre (ADNEC), the conclusion of the five-day tournament sees six elite clubs officially qualifying for the Games of the Future 2025, which will take place in Abu Dhabi from 18–23 December 2025.

México Quetzales - Armadillos FC - Phygital Contenders Abu Dhabi champions
México Quetzales – Armadillos FC – Phygital Contenders Abu Dhabi champions

Phygital Contenders: Abu Dhabi – Football took center stage as 21 elite clubs from around the world went head-to-head for six spots at the Games of the Future 2025. Held from 25–29 July at ADNEC, Abu Dhabi was the backdrop for some of the leading phygital football athletes ranging from 19–40 years old showing off their skills. Now, the best of them will return to Abu Dhabi in December to compete in the Games of the Future.

In the final showdown, México Quetzales – Armadillos FC overcame CM Jardim in a hard-fought contest that brought together lightning-fast digital gameplay and high-impact physical skill. After a 3-3 draw in the first stage, the clubs clashed on the pitch with 3-1 to cap off an unforgettable final, with the total score of 6-4. 

“We have had a lot of pressure from day 1, and it would have been such a disappointment if we didn’t get a spot. We brought our A-game, and we know we are a fan favorite team,” said Rodrigo Ulibarri, player, México Quetzales – Armadillos FC.

The battle for third place was anything but routine. Greni Smith dominated Zero Tenacity in the digital round with a 6–2 scoreline. But Zero Tenacity pushed back fiercely on the field, scoring four goals in an attempt to flip the match. However, Greni Smith held their ground and found the net once more to seal a dramatic win and third-place finish with a total score of 7-6.

“The team is proud. We know we still have a lot of work to do before December. Everything we’ve gone through to get here has been worth it, and we’ll be back stronger and aiming to win,” said Nizam Omeragić, player, Greni Smith.

The semifinal matchups delivered excitement and intensity, successfully setting the tone for the finale:

  • México Quetzales – Armadillos FC defeated Zero Tenacity in a dramatic penalty shootout after both stages ended in a 4–4 tie.
  • CM Jardim earned their place in the final by beating Greni Smith, securing a 3–1 digital round win and drawing 2–2 on the field, with a final score of 5-3.

Nis Hatt, CEO of Phygital International said: “With the conclusion of Phygital Contenders: Abu Dhabi – Football, the stage is now set for the Games of the Future in Abu Dhabi in December. It is the culmination of year-long dedication from athletes from around the world and we celebrate with them in this moment and look forward to what they, and many other athletes, will achieve later in the year.”

The Phygital Contenders: Abu Dhabi – Football tournament, was brought to life by ASPIRE in collaboration with Ethara and global rights holder Phygital International.

With Abu Dhabi continuing to assert itself as a global hub for innovation and next-gen sports, all eyes now turn to December when the Emirate hosts the world’s best phygital athletes from diverse backgrounds and across multiple disciplines at the Games of the Future 2025. Nis Hatt continued: “Abu Dhabi is the perfect international platform. It’s future-focused, tech-driven, and already deeply invested in both sports and cyber competitions. It has the appetite, ability and infrastructure to host entirely new sport formats and do it well.

About Phygital International (PI):

Phygital International is the promoter of phygital sports globally and is focused on innovating and redefining sports. It is the custodian and rights holder of the Games of the Future and oversees the bidding process for each host city.

For further information please visit: https:// Phygitalinternational.com 

About the Games of the Future:

The Games of the Future is an annual international event that fuses the worlds of physical and digital and is the pinnacle of phygital sport. The tournament brings together the next generation of phygital sporting heroes from all over the world to compete in a diverse range of phygital disciplines and challenges. The Games of the Future 2025 will be held in Abu Dhabi, UAE while the Games of the Future 2026, will be held in Astana, Kazakhstan.

For more information please visit: https://gofuture.games/

About ASPIRE:

ASPIRE drives the creation of future transformative technologies as the innovation accelerator arm of Abu Dhabi’s Advanced Technology Research Council (ATRC). ATRC is responsible for defining Abu Dhabi’s research and development strategy, consolidating funds for efficient investment, and driving policy and regulation. ASPIRE works in consultation with cross-sector industry stakeholders, universities, and research institutes to frame problem statements. It also launches grand challenges and international competitions to solve some of the world’s most pressing issues. ASPIRE brings together exceptional people, ideas, resources, and technologies to solve complex challenges.

For more information, visit www.aspireuae.ae/ 

About Ethara:

Ethara is shaping the future of entertainment, sport, culture, event services, and asset management regionally and internationally. With offices in Abu Dhabi, Dubai and Riyadh, the company employs over 300 professionals who offer an unrivalled wealth of expertise, experience, knowledge and skills. Ethara, meaning ‘thrill’ in Arabic, operates an impressive portfolio of assets, including Yas Marina Circuit, Etihad Park, Etihad Arena, Yas Conference Centre, Zayed Sports City, and the House of Sustainability. The company works with leading events companies, IP owners, and entertainment partners locally and internationally to deliver world-class, first-to-market events and experiences.

For further information, visit: www.ethara.com

Phygital Athlete Participating in the Digital Side of a Phygital Contenders: Abu Dhabi – Football
Phygital Athlete Participating in the Digital Side of a Phygital Contenders: Abu Dhabi – Football

 

Phygital Athlete Participating in the Phygital Stage of a Phygital Contenders: Abu Dhabi – Football
Phygital Athlete Participating in the Phygital Stage of a Phygital Contenders: Abu Dhabi – Football

 

Phygital Athlete Shooting in the Phygital Side of Phygital Contenders: Abu Dhabi – Football
Phygital Athlete Shooting in the Phygital Side of Phygital Contenders: Abu Dhabi – Football

 

Phygital Club Supporting During the Digital Stage of Phygital Contenders: Abu Dhabi – Football
Phygital Club Supporting During the Digital Stage of Phygital Contenders: Abu Dhabi – Football

 

 

New Oriental Announces Results for the Fourth Fiscal Quarter and the Fiscal Year Ended May 31, 2025

BEIJING, July 30, 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 fourth fiscal quarter and fiscal year ended May 31, 2025.  

Financial Highlights for the Fourth Fiscal Quarter Ended May 31, 2025

  • Total net revenues increased by 9.4% year over year to US$1,243.2 million for the fourth fiscal quarter of 2025. Total net revenues, excluding revenues generated from East Buy private label products and livestreaming business, increased by 18.7% year over year to US$1,088.5 million for the fourth fiscal quarter of 2025.
  • Operating loss was US$8.7 million, compared to operating income of US$10.5 million in the same period of the prior fiscal year. Operating loss, excluding operating income generated from East Buy private label products and livestreaming business, was US$15.9 million, compared to operating income excluding operating income generated from East Buy private label products and livestreaming business of US$7.5 million in the same period of the prior fiscal year.
  • Net income attributable to New Oriental decreased by 73.7% year over year to US$7.1 million for the fourth fiscal quarter of 2025.

Key Financial Results

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

4Q FY2025

4Q FY2024

% of change

Net revenues

1,243,155

1,136,679

9.4 %

Operating (loss)/income

(8,674)

10,527

-182.4 %

Non-GAAP operating income (2)(3)

81,678

37,769

116.3 %

Net income attributable to New Oriental

7,100

26,972

-73.7 %

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

98,083

61,539

59.4 %

Net income per ADS attributable to New Oriental – basic

0.04

0.16

-72.6 %

Net income per ADS attributable to New Oriental – diluted

0.04

0.16

-72.8 %

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

0.62

0.37

65.9 %

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

0.61

0.37

66.9 %

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

 FY2025

FY2024

% of change

Net revenues

4,900,262

4,313,586

13.6 %

Operating income

428,250

350,425

22.2 %

Non-GAAP operating income (2)(3)

554,228

478,786

15.8 %

Net income attributable to New Oriental

371,716

309,591

20.1 %

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

517,071

463,956

11.4 %

Net income per ADS attributable to New Oriental – basic

2.29

1.87

22.6 %

Net income per ADS attributable to New Oriental – diluted

2.28

1.85

23.3 %

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

3.19

2.81

13.8 %

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

3.17

2.76

14.7 %

(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 non-GAAP financial measures on net income attributable to New Oriental, operating income and net income per ADS attributable to New Oriental that exclude share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, loss/(gain) from fair value change of investments, (gain)/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 further details on these adjustments, please refer to the section titled “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 Fourth Fiscal Quarter Ended May 31, 2025

Michael Yu, New Oriental’s Executive Chairman, commented, “We are delighted to conclude the fiscal year 2025 with a healthy top line growth of 9.4% in this quarter. Total net revenues, excluding revenues generated from East Buy private label products and livestreaming business, increased by 18.7% year over year. Revenues from overseas test preparation and overseas study consulting businesses increased by approximately 14.6% and 8.2% year over year, respectively. In addition, the domestic test preparation business targeting adults and university students grew by approximately 17.0% year over year. Furthermore, our new educational business initiatives maintained strong momentum during this fiscal quarter, with revenue growth of 32.5% year over year. Notably, our non-academic tutoring courses were offered in around 60 cities, attracting approximately 918,000 student enrollments in this fiscal quarter. Simultaneously, our intelligent learning system and devices were adopted in around 60 cities, with approximately 255,000 active paid users in this fiscal quarter. Over the past year, we have gradually solidified our long-term development strategy. In the new fiscal year, we will intensify management efforts on our core educational business, with a priority on enhancing product capabilities and quality, as well as systematically developing our educational resources, and improving operational efficiency. We remain steadfast in our commitment to delivering exceptional service to our clients, enhancing our brand influence, and creating sustainable long-term value for shareholders.”

Chenggang Zhou, New Oriental’s Chief Executive Officer, added, “In this fiscal quarter, we continued to monitor our capacity expansion to ensure alignment with revenue growth and operating efficiency. At the same time, we focused on revamping our OMO (online-merge-offline) teaching system and invested in applying AI technologies across our education ecosystem. Recently, we launched a new generation of AI-powered Intelligent Learning Device and introduced an AI-driven Smart Study Solution. The integration of new technologies into our offline and online products has consistently strengthened our product capabilities. Additionally, we developed innovative technologies to support daily operations for teachers and staff, enhancing operational efficiency and service satisfaction. In this fiscal year, East Buy continued to invest in its ‘healthy and high-quality’ private label products strategy—enriching product categories, achieving blockbuster breakthroughs, and innovating on products, resulting in stable and widely applicable private label products that have become household staples and gained greater market recognition.”

Stephen Zhihui Yang, New Oriental’s Executive President and Chief Financial Officer, commented, “To better reflect New Oriental’s core educational businesses, the following operating margin numbers for this fiscal quarter exclude the financial results of East Buy’s private label products and livestreaming business. Our non-GAAP operating margin, excluding operating margin generated from East Buy private label products and livestreaming business for the quarter, was 6.5%, representing a year over year improvement of 410 basis points. Although we experienced a slowdown in revenue growth within our overseas-related businesses and invested in our newly-integrated tourism-related business during fiscal year 2025, our non-GAAP operating margin, excluding operating margin generated from East Buy private label products and livestreaming business for the full year, was 12.8%, representing a year over year improvement of 150 basis points. As we enter fiscal year 2026, we will continue to execute cost optimization and efficiency enhancement initiatives across all business lines, pursuing healthy and sustainable revenue growth and enhanced profitability.”

Previous Share Repurchase Program

The Company’s board of directors (the “Board”) approved a Share Repurchase Program in July 2022, under which the Company was authorized to repurchase up to US$400 million of the Company’s ADSs or common shares through the next twelve months. The Board 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 was authorized to repurchase from US$400 million to US$700 million. As of May 31, 2025, the Share Repurchase Program had expired and the Company had repurchased an aggregate of approximately 14.5 million ADSs for approximately US$700 million from the open market under the Share Repurchase Program.

New Shareholder Return Plan

On July 29, 2025, the Board approved a three-year shareholder return plan, effective from the fiscal year 2026. Under this plan, no less than 50% of the Company’s net income attributable to New Oriental for the preceding fiscal year will be dedicated to returning value to shareholders, including through dividend distribution and/or share repurchases. The Board will reevaluate this plan upon its expiration. For the fiscal year 2026, the Board will determine the implementation of this plan based on the net income attributable to New Oriental for the fiscal year ended May 31, 2025 in due course.

In establishing this plan, the Board considered the recent and anticipated growth of the private education industry, as well as the Company’s own performance and growth strategies. Under this plan, the Board reserves discretion to determine the form, timing and amount of shareholder return measures in any fiscal year based on the Company’s results of operations, capital requirements and other relevant factors.

Financial Results for the Fourth Fiscal Quarter Ended May 31, 2025

Net Revenues

For the fourth fiscal quarter of 2025, New Oriental reported net revenues of US$1,243.2 million, representing a 9.4% increase year over year. Net revenues, excluding revenues generated from East Buy private label products and livestreaming business, were US$1,088.5 million, representing an 18.7% increase year over year. The growth was mainly driven by the increase in net revenues from the Company’s educational new business initiatives.

Operating Costs and Expenses

Operating costs and expenses for the quarter were US$1,251.8 million, representing an 11.2% increase year over year.

  • Cost of revenues increased by 5.1% year over year to US$569.9 million.
  • Selling and marketing expenses increased by 1.8% year over year to US$211.9 million.
  • General and administrative expenses increased by 9.1% year over year to US$409.8 million.
  • Impairment of goodwill was US$60.3 million, compared to nil in the same period of the prior fiscal year.

Total share-based compensation expenses, which were allocated to related operating costs and expenses, increased by 11.0% to US$28.6 million in the fourth fiscal quarter of 2025.

Operating Income / Loss and Operating Margin

Operating loss was US$8.7 million, compared to the income of US$10.5 million in the same period of the prior fiscal year. Non-GAAP operating income for the quarter, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and impairment of goodwill assigned to the reporting unit of kindergarten business, was US$81.7 million, representing a 116.3% increase year over year.

Operating margin for the quarter was negative 0.7%, compared to 0.9% 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 6.6%, compared to 3.3% 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$7.1 million, representing a 73.7% decrease year over year. Basic and diluted net income per ADS attributable to New Oriental were US$0.04 and US$0.04, 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, loss/(gain) from fair value change of investments, (gain)/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, was US$98.1 million, representing a 59.4% increase year over year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental were US$0.62 and US$0.61, respectively.

Cash Flow

Net operating cash inflow for the fourth fiscal quarter of 2025 was approximately US$399.1 million and capital expenditures for the quarter were US$65.9 million.

Balance Sheet

As of May 31, 2025, New Oriental had cash and cash equivalents of US$1,612.4 million. In addition, the Company had US$1,447.8 million in term deposits and US$1,873.5 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 fourth quarter of fiscal year 2025 was US$1,954.5 million, an increase of 9.8% as compared to US$1,780.1 million at the end of the fourth quarter of fiscal year 2024.

Financial Results for the Fiscal Year Ended May 31, 2025

For the fiscal year 2025 ended May 31, 2025, New Oriental reported net revenues of $4,900.3 million, representing a 13.6% increase year over year.

Operating income was US$428.3 million, representing a 22.2% 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 2025 was US$554.2 million, representing a 15.8% increase year over year.

Operating margin for the fiscal year 2025 was 8.7%, compared to 8.1% 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 2025, was 11.3%, compared to 11.1% for the same period of the prior fiscal year. 

Net income attributable to New Oriental for the fiscal year 2025 was US$371.7 million, representing a 20.1% increase year over year. Basic and diluted net income per ADS attributable to New Oriental for the fiscal year 2025 amounted to US$2.29 and US$2.28, respectively.

Non-GAAP net income attributable to New Oriental, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, loss/(gain) 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 2025 was US$517.1 million, representing a 11.4% increase year over year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental for the fiscal year 2025 amounted to US$3.19 and US$3.17, respectively.

Outlook for the First Quarter and Full Year of FY2026

New Oriental expects total net revenues in the first quarter of the fiscal year 2026 (June 1, 2025 to August 31, 2025) to be in the range of US$1,464.1 million to US$1,507.2 million, representing a year over year increase in the range of 2% to 5%.

To better reflect our long-term strategic priorities and align with the nature of the education industry, characterized by longer business cycles with seasonality, New Oriental will begin providing a full fiscal year net revenue outlook starting with this release. We believe this approach offers investors a more comprehensive, long term view of the business. New Oriental expects total net revenues in the fiscal year 2026 (June 1, 2025 to May 31, 2026) to be in the range of US$5,145.3 million to US$5,390.3 million, representing a year over year increase in the range of 5% to 10%.

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 30, 2025, U.S. Eastern Time (8 PM on July 30, 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-conf.media-server.com/register/BIe7270a5fc1cd4145b314373163cffc42. It will automatically direct you to the registration page of “New Oriental FY2025 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/m6t5pn89 first. The replay will be available until July 30, 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 first quarter and full year of fiscal year 2026, 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 increase 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, loss/(gain) from fair value change of investments, loss/(gain) from equity method investments, impairment of long-term investments and goodwill, 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, 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.

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 May 31

As of May 31

2025

2024

(Unaudited)

(Audited)

USD

USD

ASSETS:

Current assets:

Cash and cash equivalents

1,612,379

1,389,359

Restricted cash, current

180,724

177,411

Term deposits, current

1,092,115

1,320,167

Short-term investments

1,873,502

2,065,579

Accounts receivable, net

33,629

29,689

Inventory, net

80,884

92,806

Prepaid expenses and other current assets, net

307,902

309,464

Amounts due from related parties, current

6,567

4,403

Total current assets

5,187,702

5,388,878

Restricted cash, non-current

24,030

22,334

Term deposits, non-current

355,665

169,203

Property and equipment, net

767,346

507,981

Land use rights, net

54,900

4,450

Amounts due from related parties, non-current

12,464

7,273

Long-term deposits

48,815

38,161

Intangible assets, net

13,020

18,672

Goodwill, net

43,832

103,958

Long-term investments, net

388,481

355,812

Deferred tax assets, net

97,932

72,727

Right-of-use assets

793,842

653,905

Other non-current assets

17,470

188,319

Total assets

7,805,499

7,531,673

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

80,484

105,681

Accrued expenses and other current liabilities

830,583

774,805

Income taxes payable

167,881

139,822

Amounts due to related parties

405

551

Deferred revenue

1,954,464

1,780,063

Operating lease liability, current

255,997

199,933

Total current liabilities

3,289,814

3,000,855

Deferred tax liabilities

14,174

19,407

Unsecured senior notes

14,403

14,403

Operating lease liabilities, non-current

533,376

447,994

Total long-term liabilities

561,953

481,804

Total liabilities

3,851,767

3,482,659

Equity

  New Oriental Education & Technology Group Inc.
shareholders’ equity

3,661,873

3,775,934

  Non-controlling interests

291,859

273,080

Total equity

3,953,732

4,049,014

Total liabilities and equity

7,805,499

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 May 31

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Net revenues

1,243,155

1,136,679

Operating cost and expenses (note 1)

Cost of revenues

569,872

542,398

Selling and marketing

211,906

208,241

General and administrative

409,752

375,513

Impairment of goodwill

60,299

Total operating cost and expenses

1,251,829

1,126,152

Operating (loss)/ income

(8,674)

10,527

(Loss)/Gain from fair value change of investments

(458)

10,412

Other income, net

19,022

35,820

Provision for income taxes

(1,535)

(5,531)

Gain/(Loss) from equity method investments

2,982

(22,606)

Net income

11,337

28,622

Net income attributable to non-controlling interests

(4,237)

(1,650)

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

7,100

26,972

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

0.00

0.02

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

0.00

0.02

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

0.04

0.16

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

0.04

0.16

 

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 May 31

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Operating (loss)/ income

(8,674)

10,527

Share-based compensation expenses

28,636

25,797

Amortization of intangible assets resulting from
business acquisitions

1,417

1,445

Impairment of goodwill

60,299

Non-GAAP operating income

81,678

37,769

Operating margin

-0.7 %

0.9 %

Non-GAAP operating margin

6.6 %

3.3 %

Net income attributable to New Oriental

7,100

26,972

Share-based compensation expenses

27,174

20,371

Loss/(Gain) from fair value change of investments

458

(10,412)

Amortization of intangible assets resulting from
business acquisitions

878

904

(Gain)/Loss from equity method investments

(2,982)

22,606

Impairment of long-term investments

4,865

4,473

Impairment of goodwill

60,299

Gain on disposals of investments and others

(184)

Tax effects on Non-GAAP adjustments

475

(3,375)

Non-GAAP net income attributable to New Oriental

98,083

61,539

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

0.04

0.16

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

0.04

0.16

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

0.62

0.37

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

0.61

0.37

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

1,587,987,886

1,653,165,343

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

1,602,366,310

1,671,292,756

Non-GAAP net income per share – basic

0.06

0.04

Non-GAAP net income per share – diluted

0.06

0.04

 

Notes:

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

For the Three Months Ended May 31

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Cost of revenues

477

990

Selling and marketing

1,275

4,475

General and administrative

26,884

20,332

Total

28,636

25,797

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 May 31

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Net cash provided by operating activities

399,122

376,835

Net cash used in investing activities

(88,292)

(864,010)

Net cash used in financing activities

(98,477)

(109,230)

Effect of exchange rate changes

15,503

(3,565)

Net change in cash, cash equivalents and restricted
cash

227,856

(599,970)

Cash, cash equivalents and restricted cash at
beginning of period

1,589,277

2,189,074

Cash, cash equivalents and restricted cash at end
of period

1,817,133

1,589,104

 

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

For the Year Ended May 31

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Net revenues

4,900,262

4,313,586

Operating cost and expenses (note 1)

Cost of revenues

2,183,291

2,050,960

Selling and marketing

783,959

660,586

General and administrative

1,444,463

1,251,615

Impairment of goodwill

60,299

Total operating cost and expenses

4,472,012

3,963,161

Operating income

428,250

350,425

(Loss)/Gain from fair value change of investments

(10,078)

19,025

Other income, net

118,212

124,391

Provision for income taxes

(146,294)

(109,690)

Loss from equity method investments

(14,257)

(58,933)

Net income

375,833

325,218

Net income attributable to non-controlling interests

(4,117)

(15,627)

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

371,716

309,591

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

0.23

0.19

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

0.23

0.18

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

2.29

1.87

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

2.28

1.85

 

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 Year Ended May 31

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Operating income

428,250

350,425

Share-based compensation expenses

59,933

122,458

Amortization of intangible assets resulting from business
acquisitions

5,746

5,903

Impairment of goodwill

60,299

Non-GAAP operating income

554,228

478,786

Operating margin

8.7 %

8.1 %

Non-GAAP operating margin

11.3 %

11.1 %

Net income attributable to New Oriental

371,716

309,591

Share-based compensation expenses

54,829

90,557

Loss/(Gain) from fair value change of investments

10,078

(19,025)

Amortization of intangible assets resulting from business
acquisitions

3,581

3,736

Loss from equity method investments

14,257

58,933

Impairment of long-term investments

4,865

27,801

Impairment of goodwill

60,299

Gain on disposals of investments and others

(345)

(185)

Tax effects on Non-GAAP adjustments

(2,209)

(7,452)

Non-GAAP net income attributable to New Oriental

517,071

463,956

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

2.29

1.87

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

2.28

1.85

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

3.19

2.81

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

3.17

2.76

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

1,619,727,518

1,653,597,432

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

1,631,137,164

1,669,499,952

Non-GAAP net income per share – basic

0.32

0.28

Non-GAAP net income per share – diluted

0.32

0.28

     

Notes:

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

For the Year Ended May 31

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Cost of revenues

(1,261)

19,967

Selling and marketing

4,658

26,052

General and administrative

56,536

76,439

Total

59,933

122,458

Note 2: Each ADS represents ten common shares. 

 

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

For the Year Ended May 31

2025

2024

(Unaudited)

(Unaudited)

USD

USD

Net cash provided by operating activities

896,592

1,122,643

Net cash used in investing activities

(93,428)

(1,153,922)

Net cash used in financing activities

(584,971)

(160,438)

Effect of exchange rate changes

9,836

(24,606)

Net change in cash, cash equivalents and restricted cash

228,029

(216,323)

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

1,817,133

1,589,104

 

SIBUR Develops New Grade of Polypropylene for Hygiene Products


MOSCOW, RUSSIA – Media OutReach Newswire – 30 July 2025 – SIBUR, Russia’s largest polymer producer, has developed a new grade of polypropylene designed for use in hygiene and medical products. The company expects to sell over 1,000 tonnes of this polymer grade by the end of 2025.

The new product was created by the SIBUR PolyLab research centre and the Nizhnekamskneftekhim plant, in collaboration with the R&D team from a leading Russian manufacturer of hygiene products that supplies nonwoven materials to multinational companies.

The new polypropylene grade, PP MG182 K, has proven to be an effective alternative to traditional hygiene solutions that rely on blends of several polymer grades. Its technical properties make it suitable for supply both within Russia and to international markets as a raw material for the production of nonwoven fabrics.

Over the past two decades, the use of polypropylene-based nonwovens (spunbond fabrics) in the hygiene and medical sectors has grown considerably. Since consumers value the softness of materials that come into direct contact with the skin, manufacturers have traditionally relied on special additives to enhance the softness of polypropylene spunbond.

SIBUR has successfully developed a proprietary polypropylene copolymer that provides the required softness without the use of foreign additives that are no longer available in the Russian market. The development team also aims to further improve the material to eliminate the use of phthalates, additives facing stricter regulation in several countries. This enhancement will broaden the scope of application of the copolymer grade as well as its export potential.
Hashtag: #SIBUR

The issuer is solely responsible for the content of this announcement.