v3.26.3
Segment Information
 12 Months Ended
May 31, 2026
Segment Reporting [Abstract]  
Segment Information
21.
SEGMENT INFORMATION
The Group’s chief operating decision maker has been identified as the Chief Executive Officer who reviews financial information of operating segments based on US GAAP amounts when making decisions about allocating resources and assessing performance of the Group. For the years ended May 31, 2024, 2025 and 2026, the Group identified four operating segments, including (i) educational services and test preparation courses, (ii) private label products and livestreaming e-commerce, (iii) overseas study consulting services, and (iv) educational materials and distribution. The Group identified educational services and test preparation courses, private label products and livestreaming e-commerce, and overseas study consulting services as three reportable segments. Educational materials and distribution individually did not exceed the 10% quantitative threshold and as a result, was included in others below.
The Group primarily operates in the PRC and substantially all of the Group’s long-lived assets are located in the PRC.
The Group’s chief operating decision maker uses each reporting segment’s operating income to monitor budget versus actual results when making decisions about the allocation of operating and capital resources among all operating segments. The table below provides a summary of the Group’s operating segment results and total assets by segment for the years ended May 31, 2024, 2025 and 2026 were as follows:
For the year ended May 31, 2024
 
     Educational
services and
test
preparation
courses		     Private label
products and
livestreaming
e-commerce		     Overseas study
consulting
services		     Others     Consolidated  
   US$     US$     US$     US$     US$  
Net revenues
      2,716,174       900,614       439,744       257,054       4,313,586  
Less:
           
Cost of revenues
      (1,027,889 )      (677,270 )      (214,602 )      (131,199 )      (2,050,960 ) 
Selling and marketing
      (348,121 )      (124,975 )      (92,865 )      (77,785 )      (643,746 ) 
General and administrative
      (755,074 )      (77,626 )      (57,204 )      (75,657 )      (965,561 ) 
Unallocated corporate expenses
      —        —        —        —        (302,894 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Segment operating income/(loss) (1)
      585,090       20,743       75,073       (27,587 )      350,425  
Unallocated items(2)
              84,483  
          
 
 
  
Income before income taxes
              434,908  
          
 
 
  
Segment assets
      2,217,342       831,620       119,725       486,305       3,654,992  
Unallocated corporate assets
      —        —        —        —        3,876,681  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total assets
      2,217,342       831,620       119,725       486,305       7,531,673  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
For the year ended May 31, 2025
 
     Educational
services and
test
preparation
courses		     Private label
products and
livestreaming e-

commerce		     Overseas
study
consulting
services		     Others     Consolidated  
   US$     US$     US$     US$     US$  
Net revenues
      3,456,189       600,281       516,367       327,425       4,900,262  
Less:
           
Cost of revenues
      (1,319,315 )      (410,377 )      (251,782 )      (201,817 )      (2,183,291 ) 
Selling and marketing
      (414,669 )      (121,421 )      (103,015 )      (121,174 )      (760,279 ) 
General and administrative
      (913,775 )      (78,778 )      (79,071 )      (93,100 )      (1,164,724 ) 
Unallocated corporate expenses
      —        —        —        —        (363,718 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Segment operating income/(loss)
(1)
      808,430       (10,295 )      82,499       (88,666 )      428,250  
Unallocated items
(2)
              93,877  
Income before income taxes
              522,127  
          
 
 
  
Segment assets
      2,682,938       846,535       125,030       447,498       4,102,001  
Unallocated corporate assets
      —        —        —        —        3,703,498  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total assets
      2,682,938       846,535       125,030       447,498       7,805,499  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
For the year ended May 31, 2026
 
     Educational
services and
test preparation
courses		     Private label
products and
livestreaming e-

commerce		     Overseas study
consulting
services		     Others     Consolidated  
   US$     US$     US$     US$     US$  
Net revenues
      4,006,764       806,912       511,346       336,272       5,661,294  
Less:
           
Cost of revenues
      (1,570,207 )      (522,675 )      (255,699 )      (219,586 )      (2,568,167 ) 
Selling and marketing
      (450,251 )      (153,593 )      (111,023 )      (117,657 )      (832,524 ) 
General and administrative
      (1,048,565 )      (43,051 )      (79,190 )      (97,633 )      (1,268,439 ) 
Unallocated corporate expenses
      —        —        —        —        (348,913 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Segment operating income/(loss)
(1)
      937,741       87,593       65,434       (98,604 )      643,251  
Unallocated items
(2)
              69,521  
          
 
 
  
Income before income taxes
              712,772  
          
 
 
  
Segment assets
      2,979,430       1,028,683       140,666       393,453       4,542,232  
Unallocated corporate assets
      —        —        —        —        4,249,788  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total assets
      2,979,430       1,028,683       140,666       393,453       8,792,020  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
A summary of depreciation and amortization expenses for the years presented is as follows:
 
     For the years ended May 31,  
     2024      2025      2026  
Educational services and test preparation courses
      80,277        110,946        141,070  
Private label products and livestreaming e-commerce
      1,973        2,296        2,570  
Overseas study consulting services
      4,517        5,867        7,092  
Others
      20,053        26,779        27,997  
  
 
 
     
 
 
     
 
 
  
Total
      106,820        145,888        178,729  
  
 
 
     
 
 
     
 
 
  
 
 
 
(2) A summary of material unallocated items for the years presented is as follows:
 
     For the years ended May 31,  
     2024      2025      2026  
Interest income
      153,589        119,605        76,908  
Other items
      (69,106 )       (25,728 )       (7,387 ) 
  
 
 
     
 
 
     
 
 
  
Total
      84,483        93,877        69,521