| Details of Company's Major Subsidiaries and VIEs and Its Major Subsidiaries |
As of May 31, 2026, details of the Company’s major subsidiaries, the consolidated VIEs and the VIEs’ major subsidiaries and schools were as follows:
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| Name |
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Date of incorporation or acquisition |
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Place of incorporation (or establishment)/ operation |
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Legal ownership |
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Principal activity |
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| Major subsidiaries of the Company: |
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| Beijing Decision Software Technology Company Limited (“Beijing Decision”) |
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April 20, 2005 |
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PRC |
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100% |
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Educational consulting and software development |
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| Beijing Hewstone Technology Company Limited (“Beijing Hewstone”) |
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April 20, 2005 |
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PRC |
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100% |
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Educational software development |
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| Elite Concept Holdings Limited (“Elite Concept”) |
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December 3, 2007 |
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Hong Kong |
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100% |
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Educational consulting |
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| Winner Park Limited (“Winner Park”) |
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December 9, 2008 |
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Hong Kong |
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100% |
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Educational consulting |
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| Smart Shine International Limited (“Smart Shine”) |
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December 9, 2008 |
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Hong Kong |
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100% |
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Educational consulting |
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| Beijing Pioneer Technology Company Limited (“Beijing Pioneer”) |
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January 8, 2009 |
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PRC |
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100% |
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Educational software development |
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| Beijing Smart Wood Software Technology Company Limited (“Beijing Smart Wood”) |
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December 21, 2011 |
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PRC |
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100% |
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Educational consulting and software development |
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| East Buy (Formerly known as “Koolearn Technology Holding Limited”) |
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February 7, 2018 |
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Cayman Islands |
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55.61% |
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Investment holding |
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| New Oriental Xuncheng Technology (HK) Limited (“Xuncheng Tech”) |
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March 2, 2018 |
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Hong Kong |
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55.61% |
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Investment holding |
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| Beijing Dexin Dongfang Network Technology Co., Ltd. (“Dexin Dongfang”) |
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March 21, 2018 |
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PRC |
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55.61% |
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Software and technology services |
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| VIEs of the Company: |
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| New Oriental Education & Technology Group Co., Ltd (“New Oriental China”) |
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August 2, 2001 |
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PRC |
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N/A |
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Education consulting, software development and distributions and other services |
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| Beijing New Oriental Xuncheng Network Technology Co., Ltd. (“Xuncheng”) |
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March 11, 2005 |
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PRC |
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N/A |
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Software and technology services |
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| Major subsidiaries and schools of the VIEs: |
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| Beijing Haidian District Privately-Funded New Oriental School (“Beijing Haidian School”) |
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October 5, 1993 |
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PRC |
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N/A |
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Language training and test preparation |
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| Hangzhou New Oriental Advanced Study School |
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July 21, 2005 |
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PRC |
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N/A |
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Language training and test preparation |
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| Guangzhou Haizhu District Privately-Funded New Oriental Training School |
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November 5, 2000 |
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PRC |
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N/A |
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Language training and test preparation |
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| Beijing New Oriental Dogwood Cultural Communications Co., Ltd. (“Dogwood”) |
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May 16, 2003 |
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PRC |
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N/A |
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Educational material and content development and distribution |
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| Beijing New Oriental Vision Overseas Consultancy Co., Ltd. |
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February 19, 2004 |
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PRC |
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N/A |
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Oversea study consulting service |
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| Dongfang Optimization (Beijing) Technology Co., Ltd. (“Oriental Optimization”) |
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October 27, 2021 |
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PRC |
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N/A |
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Private label products and livestreaming e-commerce |
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| Oriental Selection (Beijing) Technology Co., Ltd. (“Oriental Selection”) |
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December 7, 2021 |
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PRC |
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N/A |
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Private label products and livestreaming e-commerce |
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| Beijing New Oriental Culture and Tourism Co., Ltd. |
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July 19, 2023 |
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PRC |
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N/A |
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Tourism and camping education |
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| Balances and Amounts of Company's WFOEs and VIEs |
The following financial statement balances and amounts of the VIEs were included in the accompanying consolidated financial statements after the elimination of intercompany balances and transactions among the offshore companies, WFOEs and the VIEs in the Group:
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As of May 31, |
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2025 |
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2026 |
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US$ |
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US$ |
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Total current assets |
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3,134,190 |
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3,787,279 |
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Total non-current assets |
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2,227,645 |
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2,545,484 |
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Total assets |
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5,361,835 |
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6,332,763 |
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Total current liabilities |
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3,198,784 |
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3,695,843 |
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Total non-current liabilities |
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543,506 |
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572,147 |
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Total liabilities |
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3,742,290 |
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4,267,990 |
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For the years ended May 31, |
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2024 |
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2025 |
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2026 |
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US$ |
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US$ |
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US$ |
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Net revenues |
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4,280,056 |
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4,888,374 |
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5,643,957 |
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Net income |
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606,139 |
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674,182 |
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848,869 |
| The following are cashflows of the VIEs and VIEs’ subsidiaries for the years ended May 31, 2024, 2025 and 2026, after the elimination of intercompany transactions:
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For the years ended May 31, |
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2024 |
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2025 |
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2026 |
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US$ |
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US$ |
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US$ |
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Net cash provided by operating activities |
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1,310,909 |
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1,041,249 |
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1,192,498 |
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Net cash used in investing activities |
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(1,234,725 |
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(546,190 |
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(520,147 |
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Net cash used in financing activities |
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(16,721 |
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(18,882 |
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(6,791 |
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