New Oriental Education & Technology Group is China's largest private education company, operating a network of 77 schools and 1,241 learning centers across 70 cities. The core business is selling courses directly to students and families, covering test preparation for both overseas English-language admissions exams (TOEFL, IELTS, SAT, GRE, GMAT) and domestic Chinese exams, as well as non-academic tutoring in arts, sports, and enrichment subjects for K-9 students. Non-academic tutoring is the primary growth engine, with roughly 2.8M student enrollments in FY25, while test prep had approximately 1.1M enrollments. New Oriental also sells an AI-powered hardware and software learning device bundled with proprietary content subscriptions and teacher support, generating recurring revenue from approximately 479,000 active paid users. Courses are delivered in physical classrooms, online, and through a hybrid model. Course fees are collected upfront, creating a large deferred revenue balance. Profitability is driven by enrollment volume, class utilization at learning centers, and revenue mix. New Oriental also holds a majority stake in East Buy, a separate e-commerce business that sells private-label consumer products via livestreaming, though this segment has been declining and is being restructured. New Oriental's growth strategy centers on expanding K-9 non-academic tutoring, scaling the learning device subscription model, and building out a study tours and cultural tourism business.