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THE MARKETING SOCIETY ANNOUNCES NEW LEADERSHIP FOR SINGAPORE HUB

SINGAPORE, Jan. 21, 2025 /PRNewswire/ — The Marketing Society proudly announces key leadership updates within its Singapore hub as the organisation continues to strengthen its commitment to empower marketers to thrive and lead, raising marketing’s positive impact across the Asia-Pacific region.

Gita De Beer, Global Director of Strategic Initiatives at Heineken, takes on the role of its new Chair in Singapore alongside six new board members. This significant step in the Society’s growth in Asia brings together senior leaders from world-class brands, united in their mission to drive marketing excellence across the region. Gita brings over 18 years of experience with iconic brands such as Unilever, Coca-Cola, and Diageo. Having previously served as a board member, she now takes the helm of the Singapore Hub. As the new Chair of The Marketing Society Singapore, Gita is deeply committed to elevating the work of Asian marketers onto the global stage while fostering their personal growth. Her vision is to empower marketers in Singapore and the region to lead with confidence, realise their ambitions and amplify Asia’s unique strengths worldwide.

Speaking on her new appointment as Singapore Chair, De Beer said: “At The Marketing Society Singapore, you, our Members, are the reason we exist. We are dedicated to empowering marketers at every stage of their careers to thrive, connect, and lead with confidence. I am incredibly proud to introduce our exceptional new board of senior leaders—trailblazers behind some of the world’s most iconic brands. These aren’t just industry leaders, they’re changemakers whose experience spans building brands from within, navigating growth, and leading through transformation. Together, as a board, we are committed to supporting you in unlocking your full potential as we navigate the exciting challenges and opportunities ahead. Let’s connect, grow, and lead together.”

In addition to this leadership change, The Marketing Society is delighted to welcome six newly appointed board members:

  • Amrita Randhawa, CEO, Singapore & Southeast Asia, Publicis Groupe
  • Cindy Tan, Managing Director, Global Clients APAC, Meta
  • Lex Bradshaw-Zanger, Chief Marketing & Digital Officer SAPMENA, L’Oréal Groupe
  • Severine Vauleon, Global Brand Vice President, Unilever (Lux)
  • Siew Ting Foo, Transformational Growth Leader and Author (ex HP/Diageo/Mars/Unilever)
  • Sohil Tiwari, Chief Financial Officer APAC, ex Mastercard

These leaders bring unparalleled expertise and a shared commitment to innovation, inclusivity, and excellence and they join existing board members; Erica Kerner, MD, Global Head of Brand Partnerships, Sponsorships & Events, Standard Chartered, Lynette Pang, Deputy CEO, National Arts Council, Matthias Blume, VP & General Manager Alcoholic Ready to Drink Beverages ASEAN & South Pacific Coca-Cola, Xiaowei Liu, Director, Special Projects, Asia World Energy Council. Together, they will create new opportunities for marketers to thrive, ensuring that The Marketing Society continues to be a driving force for transformation and growth.

Sophie Devonshire, CEO of The Marketing Society, said, “Gita’s dynamic leadership and the expertise of our new board members will help us continue to build our growth and success in Singapore. Their combined experience across global brands and markets is superb in helping support the best, most ambitious marketing leaders across Southeast Asia.”

About The Marketing Society
www.marketingsociety.com

The Marketing Society is a leading global community of the world’s smartest marketers raising the quality and importance of our profession and our impact on business, the economy and in society.

We strive to inspire, accelerate, and unite the marketing leaders of today and tomorrow to help them do well in their careers and do good in their organisations and society, championing marketing excellence and empowering brave leadership.

We work together to grow marketing’s positive impact because we believe that brilliant marketers and brave leaders grow organisations and change the world. We connect the changemakers, those who want to make an impact and make a difference because we know that together, as a community, we achieve more than we do alone.

We were founded in 1959 as a not-for-profit membership organisation. Since then, we have grown to become a highly influential global community of marketing leaders with bases including England, Scotland, Hong Kong, Singapore, United Arab Emirates and New York.

Through the connections of our 2800+ membership community, a world-class programme of events, ground-breaking professional development programmes, prestigious award programmes, publications and insightful content, we help empower our members to lead success in their organisations and add value to customers and society, leading the conversation in businesses and the industry.

Top left to right: Gita De Beer, Global Director of Strategic Initiatives at Heineken; Amrita Randhawa, CEO, Singapore & Southeast Asia, Publicis Groupe; Cindy Tan, Managing Director, Global Clients APAC, Meta; Lex Bradshaw-Zanger, Chief Marketing & Digital Officer SAPMENA, L'Oréal Groupe.   Middle left to right: Severine Vauleon, Global Brand Vice President, Unilever (Lux); Siew Ting Foo, Transformational Growth Leader and Author (ex HP/Diageo/Mars/Unilever); Sohil Tiwari, Chief Financial Officer APAC, ex Mastercard; Erica Kerner, MD, Global Head of Sponsorship & Events, Standard Chartered Bank.   Bottom left to right: Lynette Pang, Deputy Chief Executive Officer, National Arts Council; Matthias Blume, VP of Marketing ASEAN and South Pacific, The Coca-Cola Company; Xiaowei Liu, Asia Director, World Energy Council.   Individual images available upon request.
Top left to right: Gita De Beer, Global Director of Strategic Initiatives at Heineken; Amrita Randhawa, CEO, Singapore & Southeast Asia, Publicis Groupe; Cindy Tan, Managing Director, Global Clients APAC, Meta; Lex Bradshaw-Zanger, Chief Marketing & Digital Officer SAPMENA, L’Oréal Groupe. Middle left to right: Severine Vauleon, Global Brand Vice President, Unilever (Lux); Siew Ting Foo, Transformational Growth Leader and Author (ex HP/Diageo/Mars/Unilever); Sohil Tiwari, Chief Financial Officer APAC, ex Mastercard; Erica Kerner, MD, Global Head of Sponsorship & Events, Standard Chartered Bank. Bottom left to right: Lynette Pang, Deputy Chief Executive Officer, National Arts Council; Matthias Blume, VP of Marketing ASEAN and South Pacific, The Coca-Cola Company; Xiaowei Liu, Asia Director, World Energy Council. Individual images available upon request.

 

Weeks before New Year, Octa broker helps flood victims in Kelantan, Malaysia


KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 21 January 2025 – In December 2024, Malaysia suffered devastating floods that affected 10 states and left more than 147,000 without roofs over their heads. Among the areas affected by the disaster, Kelantan was the hardest-hit state, with at least 93,000 people fleeing their flooded homes and seeking refuge.

Octa

To help the flood victims of Kelantan live through these trying times, Octa broker joined forces with its local partner, Azeehan. Octa sponsored the provision of basic necessities, including food, drinking water, hygiene amenities, towels, pillows, blankets, and house cleaning tools. By distributing these emergency kits, the broker aimed to support flood victims in their hour of need and make it a little bit easier for them to come back to normal life when the water subsided.

Octa

‘After a natural disaster such as this, thousands of people are driven from their homes. Sometimes, they lack even the most basic means to sustain themselves. This is why we really appreciate Octa supporting the local communities of Kelantan. This charity effort will be a great help to our displaced members in enduring the floods,‘ Azeehan commended.

Octa

Octa hopes that the New Year will bring benevolent weather to Malaysia, making it possible for the people of affected communities to return to their homes as soon as possible.

Octa

Hashtag: #Octa

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

Octa

is an international broker that has been providing online trading services worldwide since 2011. The company is involved in a comprehensive network of charity and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

The BioCircular Materials Alliance initiated by Spiber welcomes new partners including Stella McCartney and publishes its first Progress Report

  • Stella McCartney, Marzotto Wool Manufacturing Srl, Fashion for Good, and 13 new companies and organizations have joined the BioCircular Materials Alliance (the “Alliance”), led by biomaterials pioneer Spiber.
  • The Alliance published its first Progress Report, highlighting ongoing research and development efforts to build circular infrastructure utilizing nature-driven materials and agricultural waste.
  • The Alliance published the first version of its Materials BioCircularity Database and has made significant progress toward developing its Product Design Guidelines for fashion industry players to integrate biocircularity principles into their design processes.
  • The official BioCircular Materials Alliance website has been launched.

TSURUOKA, Japan, Jan. 21, 2025 /PRNewswire/ — The BioCircular Materials Alliance (the “Alliance”, previously known as the “Biosphere Circulation Project”), conceived by Spiber Inc. and powered by a growing coalition of industry leaders, is excited to welcome new members, including Stella McCartney, Marzotto Wool Manufacturing Srl, and Fashion for Good, while continuing its collaboration with founding members such as Kering and Goldwin (see Appendix for full list). 


The Alliance was founded to harness the transformative power of biology to accelerate the global transition toward a circular future. By bringing together leading brands, manufacturers, and innovators, the Alliance seeks to enable regeneration of bio-based waste—from textiles, agriculture, and forestry—into valuable products such as protein materials through Metabolic Recycling* and other advanced processes.

Seeing such a diverse group of organizations align and collaborate toward a shared goal is truly inspiring. What began as a vision has grown into a dynamic, collaborative effort with strong momentum for real, societal-level change to create a circular future.” Kenji Higashi, Spiber Inc. Executive Vice President of Sustainability and Director of the Alliance Steward Team

Stella McCartney is proud to partner with the BioCircular Materials Alliance, driving the industry towards a circular future. The accomplishments highlighted in the Alliance’s first Progress Report demonstrate significant progress in creating a regenerative bioeconomy, showcasing the power of collaboration and innovation in achieving societal-level change. We look forward to working with this groundbreaking initiative.” – Stella McCartney brand

The Alliance is proud to announce the release of its first ever Progress Report, which highlights key milestones achieved in 2024. This includes the collaborative development of an Action Plan, which sets the stage to drive the industry toward a circular bioeconomy—where bio-based waste is transformed into new, regenerative materials—through shared knowledge, actionable data, and industry-wide collaboration.

The Progress Report also highlights the creation of the first version of the Materials BioCircularity Database and the progress made in developing the Alliance’s Product Design Guidelines. These tools will serve as comprehensive resources explaining how various combinations of materials and chemical treatments impact the compatibility of resulting products with the biocircular recycling systems. 

The Materials BioCircularity Database is an emerging tool designed to help industry players make informed choices about the selection of fibers, dyes, and chemicals used in their products to optimize them for biocircularity. While still in its early stages, initial datasets have been compiled and the Database is set to evolve into a critical resource for guiding more sustainable product design. The Product Design Guidelines will serve to help industry players understand how material and chemical combinations affect compatibility with biocircular recycling systems. Insights from the growing Database will inform these guidelines, and the Alliance is planning to have an initial draft completed in 2026. 

Fashion for Good is pleased to be collaborating with Spiber and the other BioCircular Materials Alliance Members such as Kering; a founding Alliance Member and a Fashion for Good partner. Finding solutions for different waste feedstocks that currently have no pathways i.e: recycling is vital to help solve the textile waste crisis. We look forward to contributing our expertise on topics such as the Materials Circularity Database that could help steer the industry towards making better design choices to enable bio-circularity.” – Maria Arroyo I Bacete, Fashion for Good Innovation Manager

In tandem with the Progress Report, the Alliance is proud to launch its official website, https://biocircularmaterials.org. The website will serve as a central hub for updates on the Alliance’s activities, providing access to resources like the Progress Report, the Materials BioCircularity Database, and the Product Design Guidelines, as well as information on membership opportunities.

The BioCircular Materials Alliance continues to champion innovation, foster collaboration, and pave the way for a regenerative future in textiles. We urge brands, manufacturers, industry organizations, and policymakers to join us in building a biocircular future.

*Metabolic Recycling

Metabolic Recycling Is the Conversion of Biobased Waste into Nutrients, Such As Sugars and Amino Acids, Which Are Then Used in Microbial Fermentation to Create New Materials. This Process Unlocks the Potential of Biobased Waste, Offering a Scalable and Practical Solution for a Circular Bioeconomy. by Enabling the Use of Low-quality Waste Across Multiple Rounds of Recycling Without Compromising the Performance of the Resulting Materials, It Provides a Groundbreaking Approach to Fiber-to-fiber Recycling.

 


The BioCircular Materials Alliance

Formalized in 2024, the BioCircular Materials Alliance (the “Alliance”) was created to harness the power of biology to drive our society towards a more circular reality. Its vision is a future where biobased components of waste—from, for example, the textile, agriculture, and forestry industries—are transformed into biological nutrients and regenerated into new chemicals and materials through microbial fermentation.

For more information, visit https://biocircularmaterials.org

Spiber Inc.

Established in 2007, Spiber is a biotech venture company based in Yamagata, Japan. Dedicated to creating innovative solutions that contribute to sustainable wellbeing, Spiber has developed a new material solution inspired by nature’s diversity and circularity: the “Brewed Protein™” material platform. By harnessing the power of precision fermentation, Spiber engineers proteins at the molecular level, resulting in versatile materials that can be tailored to specific needs. This innovative solution opens up new possibilities for sustainable and high-performance materials in various industries, including apparel, food, automotives, and more. Alongside our partners, Spiber is constantly exploring diverse new applications for Brewed Protein™ materials in order to help pave the way for a brighter future. Our passion lies in fostering a circular economy, minimizing our environmental impact, and working together to build a world that is inclusive, fair, and regenerative.

For more information, visit https://spiber.inc/en/

Appendix: Alliance Members

22 Alliance Members as of January 21st, 2025.

This list does not include anonymous companies that are silent contributors to the Alliance.

1.    Albini Group

2.    Archroma

3.    Armedangels

4.    DyStar

5.    EILEEN FISHER

6.    Fashion for Good

7.    Goldwin Inc.

8.    Gruppo Florence

9.    Kering

10.  Marzotto Wool Manufacturing Srl

11.  Marimekko

12.  Pangaia

13.  RDD Textiles

14.  Stella McCartney

15.  Spiber Inc.

16.  UNITED ARROWS LTD.

17.  Vollebak

Hang Lung Signs HK$10 Billion Five-Year Syndicated Loan Facilities


HONG KONG SAR – Media OutReach Newswire – 21 January 2025 – Hang Lung Properties Limited (SEHK stock code: 00101) (“the “Company” or “Hang Lung”) announced that it has successfully signed a five-year HK$10 billion loan facilities (“the Facilities”) with a consortium of more than 10 international, Chinese and local banks. The Facilities received an encouraging response from the banking community, demonstrating strong confidence in Hang Lung’s long-term prospects.

Mr. Weber Lo, Chief Executive Officer of Hang Lung Properties (fourth from the left), and Mr. Kenneth Chiu, Chief Financial Officer of Hang Lung Properties (fifth from the left), with bank representatives (from left to right: United Overseas Bank Limited, Oversea-Chinese Banking Corporation Limited, The Hongkong and Shanghai Banking Corporation Limited, Bank of China (Hong Kong) Limited, and DBS Bank Ltd.) at the closing ceremony of Hang Lung’s five-year syndicated loan facilities
Mr. Weber Lo, Chief Executive Officer of Hang Lung Properties (fourth from the left), and Mr. Kenneth Chiu, Chief Financial Officer of Hang Lung Properties (fifth from the left), with bank representatives (from left to right: United Overseas Bank Limited, Oversea-Chinese Banking Corporation Limited, The Hongkong and Shanghai Banking Corporation Limited, Bank of China (Hong Kong) Limited, and DBS Bank Ltd.) at the closing ceremony of Hang Lung’s five-year syndicated loan facilities

The proceeds from the Facilities will be used to refinance part of the Company’s debt and provide additional working capital to support the Company’s business development.

Mr. Weber Lo, Chief Executive Officer of Hang Lung Properties, said, “The strong demand of the Facilities underscores Hang Lung’s solid credit profile and the market’s trust on our business model. We are committed to utilizing the funds from the Facilities effectively to fuel sustainable business growth. We sincerely appreciate the robust endorsement from the banking sector.”

Mr. Kenneth Chiu, Chief Financial Officer of Hang Lung Properties, said, “Securing this strategic financing will strengthen our financial position, and empower us to implement disciplined capital management while pursuing growth. Furthermore, it will strengthen our banking relationships, bolstering our financial resilience in an evolving market.”

Hang Lung’s five-year syndicated loan facilities received an encouraging response from a consortium of more than 10 international, Chinese and local banks
Hang Lung’s five-year syndicated loan facilities received an encouraging response from a consortium of more than 10 international, Chinese and local banks

The Facilities are backed by:
Bank of China (Hong Kong) Limited
DBS Bank Ltd.
The Hongkong and Shanghai Banking Corporation Limited
Oversea-Chinese Banking Corporation Limited
United Overseas Bank Limited
Agricultural Bank of China Limited Hong Kong Branch
The Bank of East Asia Limited
China Minsheng Banking Corp., Ltd. Hong Kong Branch
China Zheshang Bank Co., Ltd. Hong Kong Branch
Hua Xia Bank Co., Limited Hong Kong Branch
Chong Hing Bank Limited
Hang Seng Bank Limited
First Commercial Bank Ltd.
Hashtag: #HangLungProperties

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

About Hang Lung Properties

Hang Lung Properties Limited (SEHK stock code: 00101) creates compelling spaces that enrich lives. Headquartered in Hong Kong, Hang Lung Properties develops and manages a diversified portfolio of world-class properties in Hong Kong and the nine Mainland cities of Shanghai, Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming, Wuhan and Hangzhou. With its luxury positioning under the “66” brand, the company’s Mainland portfolio has established its leading position as the “Pulse of the City”. Hang Lung Properties is also recognized for leading the way in enhancing sustainability initiatives in the real estate industry, all the while pursuing sustainable growth by connecting customers and communities.

At Hang Lung Properties – We Do It Well.

For more information, please visit .

Xayaboury Readies to Host Masked Ghosts Festival

Xayaboury Readies to Host Masked Ghosts Festival
Residents of Xayaboury City in Xayaboury Province, participate in the 2023 Phi Ta Khon Festival, parading colorful masks and celebrating the unique tradition that blends spiritual folklore with Buddhist culture. (photo credit: Lao Thiao Lao)

Xayaboury Province is set to host the traditional Phi Ta Khon Festival– or Masked Ghost Festival, from 5 to 12 February at Sibounhueng Temple in Yai Village. This annual event is a highlight of the region, combining the popular Boun Pha Vet Festival–or Prince Vessantara Festival, with the unique tradition of Phi Ta Khon, or “masked ghosts.”

Hong Kong Web3 game Anichess records over 100,000 monthly active players three months after public alpha launch

Animoca Brands’ chess-centered game plans to drive growth of Web3 gaming
in key Asia-Pacific markets 

HONG KONG, Jan. 21, 2025 /PRNewswire/ — Anichess today announced that it has recorded 100,000 monthly active users in December 2024, three months after its public alpha launch in October 2024. Anichess is the progressive chess-based online strategy game from Animoca Brands developed in Hong Kong and in partnership with Chess.com and five-time World Chess Champion Magnus Carlsen. The homegrown Web3 game also announced a series of initiatives to support the growth of Hong Kong’s gaming ecosystem, while expanding its global user base.


Following a US$1.8M funding round last year led by Sfermion and Amber Group (see announcement of 25 April 2024), Anichess is emerging as an innovative player in Hong Kong’s Web3 gaming space with a growing global player base. Built on the blockchain, Anichess combines traditional chess with unique magical spells or abilities, introducing faster and more dynamic chess matches to captivate gamers and competitive chess players. Anichess players have collectively conducted over 500,000 matches and recorded over 3 million minutes of total game time. The Anichess community now consists of 40,000 members on Discord, actively proposing new spells and mechanics, driving game updates and test features, and supporting newcomers.

Anichess is committed to supporting the Hong Kong Web3 gaming sector through education. By collaborating with Hong Kong developers and local education institutions to host hackathons, internship programs, workshops, and networking events, Anichess will help bridge the gap between Web2 and Web3 gaming sectors and deepen the Web3 talent pool. Anichess will also participate in events in Hong Kong including the upcoming Consensus Hong Kong in February, and the Hong Kong Web3 Festival in April. Last year, it participated in the GEN3 Playground event, hosted by Animoca Brands, educating over 1,000 attendees on Web3, blockchain, and true digital ownership.

In addition, Anichess plans to deepen its focus on empowering the Web3 gaming ecosystems in Asia-Pacific markets, engaging with local gaming and developer communities, partnering with educational institutions, and expanding its presence in key markets.

India, along with The Philippines and Vietnam, ranks among the top five geographies in terms of registered players. Recognizing chess’ popularity in India and the growing interest in Web3 technologies, Anichess plans to expand its presence in the country to tap into South Asia’s gaming potential and the Latin American market.

Brian Chan, head of Anichess, vice president of operations and projects of Animoca Brands said: “Anichess reaching 100,000 monthly active users showcases the appeal of Web3 gaming and our innovative fusion of chess with blockchain. We’re proud to have built this game in Hong Kong and to expand it globally, advancing Web3 through gaming and chess. As we grow, we will also remain committed to nurturing our roots: Hong Kong’s vibrant Web3 gaming ecosystem.”

Anichess can now be played for free at www.anichess.com. The game will soon introduce its own version of play-and-earn, including buy-ins for tournaments, an in-game marketplace and premium features, to create a robust in-game economy. Follow Anichess on X and join its Discord server to stay updated on future developments.

About Anichess 

Anichess is a subsidiary of Animoca Brands focused on developing and advancing decentralized chess through its distinctive spell-chess gameplay. Anichess brings new energy and innovation to one of the world’s oldest and most widely played games, modernizing and tokenizing it to take advantage of opportunities presented by Web3 technologies and communities. Anichess is a completely free-to-play game that combines the core values of traditional chess with an additional layer of strategy provided by new features that include an innovative spell mechanic and special challenges. Anichess boasts a strong focus on powerful visuals and skill-based gameplay to deliver a captivating, esport-like experience for fans of chess and novices alike. For more information visit https://www.anichess.com.

About Animoca Brands

Animoca Brands (ACN: 122 921 813), a Deloitte Tech Fast winner, a Fortune Crypto 40 company, one of the Top 50 Blockchain Game Companies 2024, and one of the Financial Times’ High Growth Companies Asia-Pacific 2023, is a Web3 leader that leverages blockchain to deliver digital property rights to consumers around the world to help to establish the open metaverse. The company develops and publishes a broad portfolio of products including Anichess, The Sandbox, PHANTOM GALAXIES™, and Crazy Defense Heroes, and products utilizing popular intellectual properties such as The Walking Dead and Power Rangers. One of Animoca Brands’ flagship projects is Mocaverse, a platform that enables consumers to maximize their Web3 exposure to experiences and rewards with a single login entry point. Animoca Brands is one of the most active investors in Web3, with a portfolio of over 540 Web3 investments, including Yuga Labs, Axie Infinity, Polygon, Consensys, Magic Eden, OpenSea, Dapper Labs, Yield Guild Games, and many more. For more information visit www.animocabrands.com or follow on X (Twitter), YouTube, Instagram, LinkedIn, Facebook, and TikTok.

MAXHUB to Pre-launch Industry-Leading 92″ Microsoft Teams Rooms Interactive Display at ISE 2025

Transforming Visual Collaboration with 5K Clarity and Versatile Design

BARCELONA, Spain, Jan. 21, 2025 /PRNewswire/ — MAXHUB, a global leader in integrated communication displays and unified communications solutions, has announced it will launch its industry-leading Interactive Display – MAXHUB 92″ XBoard Microsoft Teams Rooms at ISE 2025 (Stand 2N500), the world-renowned annual tech show for the systems integration and audiovisual industry. Integrating the functions of a projector, whiteboard, advertising signage, computer, microphone, audio, and more, the device provides an all-in-one solution. MAXHUB Microsoft Teams Rooms devices satisfy the needs of both local meetings and remote collaborations.

MAXHUB Interactive Display  - XBoard Teams Rooms
MAXHUB Interactive Display – XBoard Teams Rooms

MAXHUB XCore Kit and XCore Kit Pro for Microsoft Teams Rooms

The XCore Kit and XCore Kit Pro seamlessly combine cutting-edge technology with easy-to-use design to deliver efficient and intuitive meeting experiences. The XCore Kit is a certified entry-level Microsoft Teams Rooms solution with Windows inside that – to meet the collaboration needs of more participants – incorporates 12th Gen Intel® Core™ processor and features price and performance advantages. This makes it effortless for users to upgrade their small BYOD meeting rooms. XCore kit Pro is a certified Microsoft Teams Rooms solution for medium and larger meeting rooms. With wireless content sharing and dual-screen display capabilities, it offers a comprehensive and user-friendly conferencing experience.

MAXHUB XCORE KIT PRO for Teams Rooms
MAXHUB XCORE KIT PRO for Teams Rooms

The XCore Kit and XCore Kit Pro, along with MAXHUB’s other bundles and peripherals, come together as the MAXHUB XT Series for Teams Rooms. The XT Series offers a comprehensive Teams Rooms solution, with a console kit, camera options, speakerphone, and optional display choices, making it effortless to convert your DIY meeting rooms. With the MAXHUB XT series, you can easily enjoy a one-stop Certified Teams Rooms experience, with entry-level solutions starting from half of the average budget for these products.

As an Intel Titanium partner, MAXHUB harnesses the power of Intel’s high-performance processors to empower its core products. With robust computing capabilities, it delivers professional-grade image and video processing, seamlessly supporting video conferencing software.

In addition, MAXHUB will be presenting its Display Solutions that have been designed for easy deployment, easy operation and easy maintenance across multiple scenarios including corporate offices, higher-education settings, and public spaces.

Partnering with technology industry leaders

MAXHUB partners with technology industry leaders, including Intel and Microsoft, to deliver advanced communication and collaboration solutions, integrating Intel’s high-performance processors and optimising its solutions for Microsoft Teams Rooms use cases. This provides customers with solutions that are intuitive, reliable and built to foster creativity and productivity while empowering seamless collaboration and engagement across all settings.

“ISE is a key event in the annual industry calendar and the ideal platform for announcing our latest breakthrough display solution,” said Kevin Wang, Head of MAXHUB Sales Europe. “By enabling customers to create inspiring technology hubs, we empower them to transform their communication, collaboration and presentation capabilities, and we look forward to meeting customers, partners and colleagues in February to share our newest innovations.”

About MAXHUB

MAXHUB is a global leader in integrated display and unified communications solutions. MAXHUB creates a technology hub where inspiration has the freedom to grow into meaningful connections. Centered around integration, MAXHUB provides next-level integrated solutions for people to communicate, present, and collaborate. MAXHUB, where inspiration moves ahead. For more information about MAXHUB, visit www.maxhub.com.

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.