Only a cursory glance at the parent company's financial report has far exceeded my expectations.
Many people can't find the word New Oriental Education & Technology Group online's 300 million profit in the last quarter from the financial report. Let me tell you how to calculate it: according to the parent company's quarterly report for fiscal 23, the non-controlling shareholder earned $18.58 million, or about 134 million yuan. New Oriental Education & Technology Group's 55.68 per cent stake in New Oriental Education & Technology Group online gives New Oriental Education & Technology Group online a net profit of 1.34 / (1-0.5568) ≈ of 302 million yuan from June to August.
Even if you take the GMV with 2.2 billion goods in the current three months as revenue, it still has a net interest rate of nearly 14%. In fact, at the moment $EAST BUY (01797.HK)$GMV also has non-proprietary products with a low commission ratio, as well as cases such as invalid issuance of orders, refund orders, etc., the actual recognized revenue should be less than GMV, which means that the actual net interest rate performance will only be greater than 14.6%.
Revenue growth is still within expectations, but the net interest rate of at least 14% is really unexpected, which means that New Oriental Education & Technology Group's profitability for one year will be greatly improved, exceeding the upper limit of my previous forecast of 960 million yuan in one year's net profit.
$New Oriental (EDU.US)$The potential and explosive power are beyond imagination.
The most touching thing in 2022 is the tenacity of teacher Yu and New Oriental Education & Technology Group. Apart from the others, Mr. Yu has a different approach, and his unique business vision is also worth learning and praising.