Exhibit 99.1

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

	As of November 30		As of May 31
	2021		2021
	(Unaudited) USD		(Audited) USD
ASSETS:
Current assets:
Cash and cash equivalents		1,026,912		1,612,211
Restricted cash		1,218		—
Term deposits		1,145,500		1,214,025
Short-term investments		2,632,398		3,434,726
Accounts receivable, net		12,908		8,667
Inventory, net		34,430		31,175
Prepaid expenses and other current assets, net		280,163		269,233
Amounts due from related parties, current		21,434		4,118
Total current assets		5,154,963		6,574,155
Restricted cash, non-current		22,000		19,916
Property and equipment, net		590,815		865,030
Land use rights, net		3,848		13,989
Amounts due from related parties, non-current		3,350		4,157
Long-term deposits		34,930		74,796
Intangible assets, net		3,655		4,836
Goodwill, net		73,283		73,254
Long-term investments, net		522,997		537,749
Deferred tax assets, non-current, net		6,463		103,587
Right-of-use assets		1,183,869		1,857,533
Other non-current assets		14,139		22,051
Total assets		7,614,312		10,151,053
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable (including accounts payable of the consolidated variable interest entities without recourse to New Oriental of US$36,032 and US$33,051 as of May 31, 2021 and November 30, 2021, respectively)		33,486		38,441
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated variable interest entities without recourse to New Oriental of US$900,877 and US$777,334 as of May 31, 2021 and November 30, 2021, respectively)		804,323		908,231
Income taxes payable (including income tax payable of the consolidated variable interest entities without recourse to New Oriental of US$46,248 and US$53,178 as of May 31, 2021 and November 30, 2021, respectively)		62,860		84,321
Amounts due to related parties (including amounts due to related parties of the consolidated variable interest entities without recourse to New Oriental of US$33 and US$257 as of May 31, 2021 and November 30, 2021, respectively)		257		33
Deferred revenue (including deferred revenue of the consolidated variable interest entities without recourse to New Oriental of US$1,923,007 and US$1,062,150 as of May 31, 2021 and November 30, 2021, respectively)		1,065,823		1,926,386
Operating lease liability-current (including operating lease liabilities-current of the consolidated variable interest entities without recourse to New Oriental of US$501,049 and US$275,456 as of May 31, 2021 and November 30, 2021, respectively)		280,196		514,033
Total current liabilities		2,246,945		3,471,445
Deferred tax liabilities, non-current (including deferred tax liabilities of the consolidated variable interest entities without recourse to New Oriental of US$12,924 and US$10,367 as of May 31, 2021 and November 30, 2021, respectively)		10,614		13,172
Unsecured senior notes (including unsecured senior notes of the consolidated variable interest entities without recourse to the New Oriental of nil and nil as of May 31, 2021 and November 30, 2021, respectively)		179,364		297,631
Operating lease liabilities (including operating lease liabilities of the consolidated variable interest entities without recourse to New Oriental of US$1,333,961 and US$990,912 as of May 31, 2021 and November 30, 2021, respectively)		996,838		1,350,629
Total long-term liabilities		1,186,816		1,661,432
Total liabilities		3,433,761		5,132,877
Equity
New Oriental Education & Technology Group Inc. shareholders’ equity		4,104,578		4,913,275
Non-controlling interests		75,973		104,901
Total equity		4,180,551		5,018,176
Total liabilities and equity		7,614,312		10,151,053

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except for per share and per ADS amounts)

	For the Six Months Ended November 30
	2021			2020
	(Unaudited) USD			(Unaudited) USD
Net revenues		1,967,132			1,874,055
Operating costs and expenses (note 1):
Cost of revenues		1,133,717			918,529
Selling and marketing		277,403			250,471
General and administrative		1,291,682			586,897
Total operating costs and expenses		2,702,802			1,755,897
Operating (loss)/income		(735,670	)		118,158
Loss from fair value change of investments		(14,323	)		(2,154	)
Other (loss)/income, net		(2,358	)		127,501
Provision for income taxes		(113,831	)		(65,939	)
(Loss)/gain from equity method investments		(41,778	)		1,047
Net (loss)/income		(907,960	)		178,613
Add: Net loss attributable to non-controlling interests		31,980			49,941
Net (loss)/income attributable to New Oriental Education & Technology Group Inc.		(875,980	)		228,554
Net (loss)/income per share attributable to New Oriental-Basic (note 2)		(0.52	)		0.14
Net (loss)/income per share attributable to New Oriental-Diluted (note 2)		(0.52	)		0.14
Net (loss)/income per ADS attributable to New Oriental-Basic (note 2) (note 3)		(0.52	)		0.14
Net (loss)/income per ADS attributable to New Oriental-Diluted (note 2) (note 3)		(0.52	)		0.14

Notes:

Note 1: Share-based compensation expenses (in thousands) are included in the operating costs and expenses as follows:

	For the Six Months Ended November 30
	2021			2020
	(Unaudited)			(Unaudited)
	USD			USD
Cost of revenues		(205	)		3,836
Selling and marketing		(3,049	)		5,930
General and administrative		77,476			24,547
Total		74,222			34,313

Note 2: For the six months ended November 30, 2020, the earnings per share have been retrospectively adjusted to reflect the 1-for-10 share split that became effective on March 10, 2121.

Note 3: Each ADS represents one common share.

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	For the Six Months Ended November 30
	2021			2020
	(Unaudited)			(Unaudited)
	USD			USD
Net cash (used in)/provided by operating activities		(1,074,835	)		802,276
Net cash provided by/(used in) investing activities		653,374			(796,800	)
Net cash (used in)/provided by financing activities		(113,259	)		1,641,471
Effect of exchange rate changes		(47,277	)		81,753
Net change in cash, cash equivalents and restricted cash		(581,997	)		1,728,700
Cash, cash equivalents and restricted cash at beginning of period		1,632,127			919,424
Cash, cash equivalents and restricted cash at end of period		1,050,130			2,648,124