在世界美业版图不断拓展、职业教育加速迈向国际舞台的关键节点，深度融入国家产教融合战略、全力 推进职业教育国际化进程，已成为美业教育领域的核心使命。2025 年 5 月 15 日，中国商业联合会党 委副书记、执行会长兼秘书长王民，中国商业联合会党委常委、专职副会长张丽君，中国商业联合 会常务副秘书长、行业发展部部长王京红，中国商业联合会副秘书长、培训部部长、商业职业技能 鉴定指导中心主任潘炜携手亚洲发型师美容师协会会长赵劲松、中国美发大师吉正龙，莅临中国东方 教育（00667.HK）开展考察交流活动。 中国东方教育集团董事会主席吴伟参与座谈。集团总裁许绍兵、集团美业事业部总经理王振、安徽 万通技师学院院长陈应连、安徽新华高级技工学校校长王胜、安徽新东方高级技工学校校长曹经伟 等领导陪同调研并座谈。各方聚焦于职业教育如何实现高质量发展、美业标准化建设的推进路径以及 行业协同创新模式等关键议题，展开了深入且富有成效的交流研讨，最终达成了一系列极具前瞻性与战 略价值的合作共识。 高级技工学校 领导合影 领导一行考察安徽新华 中国商业联合会党委副 书记、执行会长兼秘书长王民 战略合作洽谈会上，中国商业联合会党委副书记、 ...

5月10日，作为2025世界品牌莫干山大会系列活动之一，"品牌，让世界更美好 ——2025企业品牌国际 传播论坛" 在浙江省湖州市德清县隆重举行。 论坛由参考消息报社主办，相关专家、学者、企业负责人、职业教育代表等齐聚莫干山，就新形势、新 挑战下企业国际传播能力建设及品牌塑造畅谈交流。中国东方教育集团（00667.HK）董事会秘书毛超 圣受邀出席并参与论坛分享。 在教学模式输出方面，中国东方教育集团也有着独到之处。培训模式注重实训课程，通过独特的五步教 学法，从学生入学到毕业就业形成完整闭环。集团将这种以就业为导向的教学模式、课程体系输出给合 作企业与学校，培养出的学生动手能力强，深受用人单位欢迎，进一步提升了中国职业教育在全球范围 内的影响力和认可度。 此次在 "2025 企业品牌国际传播论坛" 上的精彩分享，充分展现了集团在职业教育国际传播领域的坚定 步伐和卓越成就，为中国职业教育品牌的国际化发展树立了榜样，同时也为更多企业提供了宝贵的经验 借鉴和启示，助力中国企业在全球舞台绽放更加耀眼的光芒，让世界见证中国职教品牌的独特魅力与强 大影响力。 责任编辑：王若云 在论坛的 "职教出海・产融育匠" 主题讨论环 ...

港股内地教育股再度下跌，中国东方教育(00667.HK)跌超4%，希教国际(01765.HK)跌超3.5%，新东方 (09901.HK)跌近3%，卓越教育集团(03978.HK)等跟跌。 ...

近年来，人工智能、大数据、云计算等技术的迅猛发展，正在深刻改变全球产业结构与人才需求格局。中国作为全球制造业和数字经济大国，职业教育正面 临前所未有的机遇与挑战。 以数字经济为例，由中国重庆数字经济人才市场管委会等部门联合编制的《中国数字经济人才发展报告（2024）》显示，截至2023年底，中国数字经济产业 规模达53.9万亿元，占GDP比重42.8%，数字经济人才总量预估为3144万人，人才缺口2500万人。按照国务院《"十四五"数字经济发展规划》，这一人才缺 口还在持续增长。 为填补数字人才缺口，人社部等九部委发布《加快数字人才培育支撑数字经济发展行动方案（2024-2026年）》，提出紧贴数字产业化和产业数字化发展需 要，用3年左右时间,扎实开展数字人才育、引、留、用等专项行动。 在政策与产业的双重驱动下，职业教育亟需从传统的技能培训模式向"数智化+技能"的复合型人才培养模式转型，职业教育的数质化转型也已然成为不可逆 转的时代潮流。其中，高质量技术人才是数质化发展的关键支撑。在人才培养过程中，数智化在教学中的广泛应用，为提高人才培养质量和效率提供了有力 的手段。 作为职业教育领域的老牌企业，中国东方教育 ...

全球美业深度交融、职业教育国际化浪潮澎湃的当下，积极响应国家深化产教融合、推进职业教育国际 化的战略部署，成为美业教育发展的关键路径。2025年4月24日，中国东方教育集团（00667.HK）旗下 的欧曼谛时尚美业教育，与日本山野美容艺术短期大学、日本山野美容专门学校携手达成战略合作。 此次签约仪式上，中国东方教育集团总裁许绍兵与日本山野美容艺术短期大学、日本山野美容专门学校 理事长山野爱子jane代表双方签署战略合作备忘录，为双方深度合作拉开序幕，也意味着中国东方教育 时尚美业教育国际化交流在技术创新、标准互通与人才培养领域的交流协作迈入新阶段。 中国商业联合会副会长张丽君、AHA亚洲发型师美容师协会会长及创始人赵劲松、世界技能大赛美发 项目中国国家队专家组组长吉正龙、中国东方教育集团欧曼谛时尚美业教育总经理王振、NOOS沙龙 CEO李源好等众多行业关键人物齐聚现场，共同见证这一意义非凡的时刻，凸显出行业对此次合作推动 美业教育变革的高度期许。 山野美容艺术短期大学隶属于日本山野集团，1991年经日本文部省批准成立，其前身可追溯至1934年 的"山野美容讲习所"。作为日本唯一的美容艺术大学，学校拥有90多年 ...

2025年4月23日，中国东方教育集团（00667.HK）与日本好莱坞大学院大学战略合作签约仪式在日本好 莱坞大学院大学成功举行。中国东方教育集团总裁许绍兵与日本好莱坞大学院大学理事长山中祥弘代表 双方郑重签署战略合作意向书。 强强联合，共筑国际化职教生态新典范 日本好莱坞大学院大学坐落于时尚之都东京的六本木核心地带，这里弥漫着浓厚的艺术与创新气息。作 为综合创美商务教育的开拓者，学校承载着百年的教育传承与积淀，其美容学科更是以卓越的创新成果 和前瞻的教育理念，被业界尊称为"亚洲创新标杆"。 中国东方教育集团此番携手日本好莱坞大学院大学，双方将围绕国际教育晋升、游学与学术交流、数字 化教育创新、行业赋能等核心领域，展开全方位、立体化深度合作，这与国家推动职业教育数字化转 型、加强国际交流合作的政策要求高度契合。 在此基础上，双方将进一步深化合作细节，积极探索共建"时尚美业产业学院"。通过深化产教融合，紧 密对接区域经济与全球产业发展需求，将教育教学与产业实践深度融合，培养更多适应市场需求的高素 质美业人才，为区域经济发展和全球美业产业升级注入强劲动力，助力国家职业教育服务经济社会发展 目标的实现，推动全球美业 ...

业绩稳增，盈利大幅提升 中国东方教育是港股职业培训龙头标的，这和学历制职业教育主要区别在于，学习周期相对更短，收入确认频率更 高，且专业针对性更强，就业率也相对较高。该公司旗下拥有五个培训品牌，包括新东方、欧米奇、新华电脑、万 通以及欧曼谛，2024年这五个品牌的平均就业率达到94.9%。 2024年新东方、欧米奇、新华电脑、万通以及欧曼谛收入贡献分别为46.6%、8.3%、18.54%、22.2%及2.56%，期间 所有品牌均保持增长，其中欧曼谛品牌收入增长超过120%。这主要得益于"量价"驱动，该公司旗下品牌平均学费及 培训人次均有不同程度增长，整体平均学费2.76万元，增长3.6%，培训人次约为14.63万人次，同比微增0.4%。 | | 2024年 | | 2023年 | | 變動 | | | --- | --- | --- | --- | --- | --- | --- | | | | 每名學生/ | | 每名學生/ | | 每名學生 | | | | 客戶年 | | 客戶年 | 收入 | 客戶年 | | | | 平均學費/ | | 平均學費/ | 增加/ | 平均學費/ | | | 收入 | 服務費 ...

Educational Operations - As of December 31, 2024, the company operated 233 schools and centers with an average enrollment of 146,294 students[22] - The culinary arts segment had 92 schools with 58,133 students enrolled, while the information technology segment had 56 schools with 38,827 students[13] - The auto services segment operated 41 schools with 39,965 students enrolled, and the fashion and beauty segment had 8 schools with 4,333 students[13] - The company established Anhui Xinhua Education to consolidate all schools under a single entity, enhancing operational efficiency[15] - The company expanded its business to Hong Kong, increasing its operational footprint[18] - The number of schools in operation reached 126, with the establishment of Cuisine Academy to provide customized catering experiences[18] - The company is focused on vocational training in four key sectors: culinary arts, information technology, auto services, and fashion and beauty[6] - The average number of students enrolled in the western cuisine and pastry segment was 5,036 across 36 schools[13] - The average number of students enrolled nationwide in 2024 was 146,294, with a total of 233 institutions operating across the country[48] - The company operates 233 schools and centers across most provinces in mainland China and Hong Kong as of December 31, 2024[60] Financial Performance - Revenue for the year ended December 31, 2024, is projected to be RMB 4,116 million, up from RMB 3,979 million in 2023, indicating a year-over-year increase of about 3.4%[34] - Gross profit for 2024 is expected to be RMB 2,115 million, compared to RMB 1,908 million in 2023, reflecting a growth of approximately 10.9%[34] - Net profit for the year is anticipated to reach RMB 513 million, significantly higher than RMB 273 million in 2023, marking an increase of about 88.0%[34] - Adjusted net profit for 2024 is projected at RMB 525 million, up from RMB 281 million in 2023, which is an increase of approximately 86.8%[34] - Adjusted EBITDA for 2024 is expected to be RMB 1,376 million, compared to RMB 1,136 million in 2023, representing a growth of about 21.2%[34] - The total assets as of December 31, 2024, are projected to be RMB 9,484 million, an increase from RMB 9,291 million in 2023, indicating a growth of approximately 2.1%[34] - The net assets as of December 31, 2024, are expected to be RMB 5,749 million, compared to RMB 5,608 million in 2023, reflecting an increase of about 2.5%[34] - For the year ended 31 December 2024, the Group's revenue from the main business was RMB 4,116 million, representing a year-on-year increase of 3.5% compared to 2023[48] - The net profit for the year was RMB 513 million, representing a year-on-year increase of 88.0% compared to 2023; the adjusted net profit was RMB 525 million, representing an increase of 86.6%[48] Enrollment Trends - The number of new students enrolled was 143,441, representing a year-on-year decrease of 6.2% compared to 2023[48] - Total new student enrollments for Culinary Arts decreased by 7.7% from 68,473 in 2023 to 63,228 in 2024[65] - Long-term enrollments for New East and Cuisine Academy saw a significant increase of 124.5% for the one to less than two years category, rising from 2,234 in 2023 to 5,015 in 2024[65] - The number of short-term enrollments in Culinary Arts decreased by 8.4%, from 39,873 in 2023 to 36,542 in 2024[65] - The number of new students enrolled in Omick's long-term programs decreased by 4.6% from 1,314 in 2023 to 1,254 in 2024[65] - New students enrollment in the Information Technology and Internet Technology segment decreased by 13.4% from 29,742 in 2023 to 25,766 in 2024[66] - The Fashion and Beauty segment saw a significant increase in new students enrollment, rising by 79.6% from 3,406 in 2023 to 6,118 in 2024[67] - The total new students enrollment for the Group decreased by 6.2% from 152,881 in 2023 to 143,441 in 2024[67] - In the Culinary Arts segment, new students enrollment decreased by 2.1% from 59,388 in 2023 to 58,133 in 2024[70] - The Auto Services segment reported a slight increase in new students enrollment, rising by 2.0% from 39,175 in 2023 to 39,965 in 2024[73] Strategic Initiatives - The company aims to support China's evolving workforce requirements driven by economic growth and industrial upgrades[6] - The Group has invested in vocational education industrial parks in five regions, with the capacity to accommodate over 120,000 teachers and students upon completion[49] - The Group plans to accelerate the development of vocational education industrial parks and expand student enrollment by leveraging high-quality resources[51] - The Group aims to enhance its teacher recruitment standards and develop new majors aligned with regional economic needs[52] - The Group reorganized its business segments to streamline operations, integrating various educational brands under specific categories[59] - The Group's strategy in new student enrollment focused on optimizing course structure to attract more high-value new students[85] - The Group plans to establish Vocational Education Industrial Parks to enhance its market position and consolidate its brand[148] - The Vocational Education Industrial Parks will be equipped with advanced teaching and practical training facilities for all seven school/center brands[148] - The Group aims to improve the environment of school premises and increase stability for long-term course students through these parks[148] - The Group intends to diversify its course offerings in culinary arts, information technology, auto services, and fashion and beauty, responding to industry trends and market demand[151][153] Cost Management and Efficiency - Cost of revenue decreased from approximately RMB 2,070 million for the year ended December 31, 2023, to approximately RMB 2,002 million for the year ended December 31, 2024, representing a decrease of 3.3%[89] - The decrease in cost of revenue was attributed to tightened cost control measures during the year ended December 31, 2024[94] - The Group's selling expenses decreased from approximately RMB1,037 million in 2023 to approximately RMB 974 million in 2024, reflecting tighter control on advertising costs[104] - Administrative expenses decreased from approximately RMB 529 million in 2023 to approximately RMB 508 million in 2024, representing 12.3% of revenue compared to 13.3% in 2023[105] - Finance costs for the year ended 31 December 2024 were approximately RMB 118 million, down from RMB 139 million in 2023[106] Employee and Management Structure - As of December 31, 2024, the Group employed a total of 10,346 employees, with 50.5% being full-time teachers and instructors[157][159] - The Group's remuneration policies are based on individual qualifications, experience, performance, and prevailing market rates[161] - The Group's strategic focus on vocational skill education aligns with anticipated market demand growth in sectors like artificial intelligence and healthcare[151][156] - The board of directors includes experienced individuals with over 30 years of experience in education, such as Mr. Wu Wei and Mr. Wu Junbao[166][173] - Mr. Wu Wei, the chairman of the board, is responsible for the overall management and strategic development of the group[166] - The company has a structured employee compensation policy that includes basic salaries and performance-based bonuses[165] - The company utilizes various recruiting channels, including word-of-mouth referrals and online recruiting[165] - The company has a commitment to comply with local labor regulations regarding employee benefits and contributions[163]

2025 年 04 月 10 日 公司研究 评级：买入(首次覆盖) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 杨仁文 S0350521120001 | | | | yangrw@ghzq.com.cn | | 证券分析师： | | 谭瑞峤 S0350521120004 | | | | tanrq@ghzq.com.cn | | 联系人 | ： | 王春宸 S0350123070046 | | | | wangcc@ghzq.com.cn | [Table_Title] 产品升级、学校网络和招生结构优化，看好利润 持续释放 ——中国东方教育（0667.HK）公司点评 最近一年走势 | 事件： | | --- | ①2025 年 4 月 3 日，公司旗下万通技校发布新闻稿，宣布 2025 年春季 大型校园人才双选会暨校企合作签约授牌仪式圆满落成。 ②公司 2025 年 3 月 27 日公告 2024 年年度业绩，2024 年实现营收 41.2 亿元，yoy+3.5%，归母净利润 5.1 亿元，yoy+88.0%。 投资要点: 相对恒生指数表现 2025/04/09 ...

证券研究报告 | 2025年04月03日 中国东方教育（00667.HK） 优于大市 提效控费成效显著，高中生源提供增长新引擎 风险提示：学生就读中职意愿下滑；市场竞争加剧；就业质量不及预期。 投资建议：公司发力面向高中生源的 1-2 年期培训课程，以及内部打通纵向 升学，提高对中职学生吸引力，缓释中职学生人数增长压力。叠加疫情对公 司 3 年制学生人数影响逐步淡化，预计 2025 年总培训人次将重回上升通道。 考虑到收入结构优化及校区调整成效逐步释放，同时公司加强预算管理，预 计盈利能力将持续修复。基于此，我们预计 2025-2027 年公司归母净利润 6.3/7.3/8.5 亿元，同比+22.3%/17.7%/16.3%，对应 CAGR 为 16.7%，对应 PE 为 16/13/12x。维持"优于大市"评级。 | 盈利预测和财务指标 | 2021 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3,979 | 4,116 | 4,413 | 4,779 | 5,218 | | (+/ ...