摩根大通发表报告指，新东方去年11月底止2025财年第二季业绩胜预期，收入增长和营业利润率相对于该行和市场预期，以及其自身的指引目标都有不错的增长，其核心营业利润按年增长为36%。但第三财季核心营收指引为增长23%，较该行和市场预计低3%至5%，较第二季减速5%至6%。

摩通认为，鉴于公司一如既往的保守指引，本身该指引是可以接受，市场亦可能不会有如此强烈的反应。但根据业绩电话会议等细节，相信营业利润率侵蚀是无可避免的，可能按年下降100至150基点，可能会抵销大部分的收入增长，并导致第三季的营业利润增长显著减速。此外，管理层对于全年按年增长30%的营收目标亦信心不足，无法激活市场信心。该行将评级由“增持”下调至“中性”，ADR目标价由85美元大削至50美元。

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