External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

New Oriental Education & Techn / Equity Bottom-Up

<ul><li>New Oriental announced 2QFY25 results on 21 Jan: net revenue was up by 19% YoY to US$1,039mn (+31% YoY if excluding revenue from East Buy), in line with our/consensus estimate; non-GAAP net income declined by 29% YoY to US$36mn, below our/consensus estimate of US$43/45mn, primarily due to the impact of East Buy adjustment and investment in tourism business.</li><li>For 3QFY25E, management guided net revenue (excluding revenue from East Buy) to grow by 18-21% YoY to US$1.01-1.03bn, also below our expectation as macro uncertainty impacts the high-end businesses and competition intensifies.</li><li>That said, management noted that New Oriental is still gaining market share. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

New Oriental announced 2QFY25 results on 21 Jan: net revenue was up by 19% YoY to US$1,039mn (+31% YoY if excluding revenue from East Buy), in line with our/consensus estimate; non-GAAP net income declined by 29% YoY to US$36mn, below our/consensus estimate of US$43/45mn, primarily due to the impact of East Buy adjustment and investment in tourism business.For 3QFY25E, management guided net revenue (excluding revenue from East Buy) to grow by 18-21% YoY to US$1.01-1.03bn, also below our expectation as macro uncertainty impacts the high-end businesses and competition intensifies.That said, management noted that New Oriental is still gaining market share. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

New Oriental (EDU US) - Macro Uncertainty to Impact Revenue Growth and Margin Outlook