合影 9月8日，乌兹别克斯坦高等教育、科学与创新部，教育部秘书处负责人涅马托夫·伊诺亚蒂洛一行莅 临中国东方教育（00667.HK）考察交流，职业教育教育、监管与方法协调处首席专家乌斯马诺夫·阿 斯卡尔，外资与赠款合作处首席专家阿尔马达诺夫·乌鲁格别克，职业教育教学管理协调处高级专员 库尔多舍夫·贾夫隆别克参与此次交流活动。中国东方教育集团总裁许绍兵、集团汽车第一事业部总 经理陶青、集团董事长助理兼投资并购部部长华军、集团烹饪第一事业部常务副总经理姚忠琼、集 团电脑第二事业部常务副总经理邓兴华、集团驻乌兹别克斯坦代表李嘉参与座谈或陪同考察。 乌兹别克斯坦领导一行参观安徽新华高级技工学校 乌兹别克斯坦领导一行参观安徽万通技师学院 乌兹别克斯坦代表团成员一行参观了中国东方教育集团位于安徽的三所院校，实地考察了各院校的 教学与实训环境。在学生实训课堂中，代表团驻足观摩，细致了解学生的实际操作情况，切身感受 了中国东方教育先进的教学模式与完善的实训设施。从现代化的实训设备、科学合理的教学流程， 到学生专注的操作状态与教师专业的现场指导，均给乌兹别克斯坦来宾留下了深刻印象。考察过程 中，代表团对中国东方教育在人才培养方 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國東方教育控股有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00667 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,800,000,000 | HKD | | 0.0001 | HKD | | 380,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,800,000,000 | HKD | | 0.0001 | HKD | | 380,000 | 本月底法定/註冊股本 ...

Core Insights - In the first half of 2025, China Oriental Education reported a revenue of 2.186 billion yuan, a year-on-year increase of 10.2%, and a net profit of 403 million yuan, reflecting a significant growth of 48.4% [1] - The company has demonstrated strong foundations and high growth potential in the vocational education sector, emphasizing the synergy between social value and commercial value [1][2] Business Segments - **Culinary Education**: This traditional segment remains a key revenue driver, contributing significantly to overall performance. The culinary education segment maintained steady growth, with a 60% enrollment in culinary courses and a 95% employment rate for graduates [3][5] - **Beauty Industry Education**: Rapidly emerging as a new growth driver, this segment targets younger demographics, particularly those aged 14 and above, and has adapted to market trends such as the rise of the "beauty economy" [6][7] - **Regional Center Strategy**: The company has implemented a regional center strategy to optimize resource allocation and reduce costs, with significant student enrollment in self-owned vocational education parks [10][11] Product Innovation - The company has developed high-value courses tailored for students facing employment challenges, achieving over 100% enrollment growth in the first half of 2025 [15][16] - A combination of long-term and short-term training programs has been established to cater to diverse market needs, ensuring a steady cash flow and market penetration [15][16] Teaching Innovation - Digital technology is being leveraged to enhance educational quality, with a focus on course iteration and the establishment of smart campus systems to track student progress [17][19] - Collaboration with industry leaders ensures that course content remains relevant and practical, enhancing the employability of graduates [20] Cost Control - The company has effectively managed costs through precise human resource allocation, reduced rental expenses via regional centers, and optimized marketing strategies, leading to improved profitability [21][22] Future Outlook - China Oriental Education aims to continue expanding into emerging fields such as artificial intelligence and smart manufacturing, while enhancing digital infrastructure to improve teaching efficiency [23][24]

中金发布研报称，考虑中国东方教育(00667)招生恢复优于预期，上调2025年/2026年收入预测2.4%/6.4% 至45亿元/50亿元;考虑公司成本及费用管控成果优于预期，上调经调整归母净利润预测16.8%/28.0%至 7.56亿元/9.74亿元。维持跑赢行业评级，考虑到公司在职业教育市场的优势地位及招生恢复优于预期， 上调目标价58%至9.5港元(基于9.8倍2025e调整后EV/EBITDA)。公司目前交易于7.5倍2025e调整后 EV/EBITDA，对应18%的上行空间。 长学制产品结构持续优化，加快升学建设 中金主要观点如下： 2025年上半年经调整归母净利润略超市场预期 中国东方教育公布1H2025年业绩：收入21.9亿元，同比增长10.2%，符合市场预期;经调整归母净利润同 比增长49.5%至4.16亿元，略高于市场预期，主要得益于成本及费用管控得当。 新招生人数逐步恢复正常节奏 2025年上半年，集团新招生人数同比增加7.1%，平均培训人次同比增加5.5%，主要系6-12月精品短训专 业及15个月高价值专业招生表现突出，对整体人次提升贡献显著。截至2025年6月30日，学校数量较上 年末 ...

中金主要观点如下： 2025年上半年经调整归母净利润略超市场预期 智通财经APP获悉，中金发布研报称，考虑中国东方教育(00667)招生恢复优于预期，上调 2025年/2026 年收入预测2.4%/6.4%至45亿元/50亿元;考虑公司成本及费用管控成果优于预期，上调经调整归母净利润 预测16.8%/28.0%至7.56亿元/9.74亿元。维持跑赢行业评级，考虑到公司在职业教育市场的优势地位及 招生恢复优于预期，上调目标价58%至9.5港元(基于9.8倍2025e调整后EV/EBITDA)。公司目前交易于7.5 倍2025e调整后EV/EBITDA，对应18%的上行空间。 中国东方教育公布1H2025年业绩：收入21.9亿元，同比增长10.2%，符合市场预期;经调整归母净利润同 比增长49.5%至4.16亿元，略高于市场预期，主要得益于成本及费用管控得当。 15个月高技能精品专业精准契合学生提升技能并快速就业的需求，管理层于业绩会表示，2026年该类专 业有望新招生人数同比增长50%+;与此同时，公司正在加速建设升学导向的专业体系，深化职教融合战 略;此外，公司正加速推进技师学院升级，计划未来三至五年着力于将 ...

机构：中金公司 研究员：赵丽萍/张潇丹 2025 年上半年经调整归母净利润略超市场预期中国东方教育公布1H2025 年业绩：收入21.9 亿元，同比 增长10.2%，符合市场预期；经调整归母净利润同比增长49.5%至4.16 亿元，略高于市场预期，主要得 益于成本及费用管控得当。 发展趋势 新招生人数逐步恢复正常节奏。2025 年上半年，集团新招生人数同比增加7.1%，平均培训人次同比增 加5.5%，主要系6-12 月精品短训专业及15 个月高价值专业招生表现突出，对整体人次提升贡献显著。 截至2025 年6 月30 日，学校数量较上年末增加1 所。分板块看：1）烹饪技术分部收入/新招生人数同比 +11.4%/+5.2% ； 2 ） 西点西餐分部收入/ 新招生人数同比+14.3%/+0.7%；3）信息技术及互联网技术分 部收入/新招生人数同比-3.0%/+6.4%；4）汽车服务分部收入/新招生人数同比+9.6%/+9.3%；5）时尚美 业分部收入/新招生人数同比+90.2%/+34.1%。为把握美业行业的快速发展机遇，公司计划于2026 年底 前将美业运营院校增加至13 所，实现收入同比增长50%以上。展望2 ...

Core Insights - The company reported revenue, net profit attributable to shareholders, and adjusted net profit for H1 2025 at 2.186 billion, 403 million, and 416 million yuan respectively, showing year-on-year growth of 10.2%, 48.4%, and 49.5%, aligning with performance forecasts [1] - The improvement in performance for 2024 is attributed to cost and expense control, while H1 2025 shows accelerated revenue growth driven by improved enrollment, particularly in three-year programs which grew by 4.5% and one- to two-year programs which surged by 85% [1] - The company experienced a positive operating leverage effect with an adjusted net profit margin increase of 5 percentage points due to accelerated revenue growth [1] Business Performance - New Oriental's revenue and operating profit accounted for 45% and 60% respectively, with significant growth in the beauty industry and a turnaround from losses [1] - Revenue from various segments for H1 2025 includes: culinary arts (1.026 billion yuan, +11.2%), pastry and western cuisine (182 million yuan, +14.3%), IT and internet technology (367 million yuan, -3.0%), automotive services (493 million yuan, +9.7%), fashion and beauty (77 million yuan, +90.2%), and others (129 million yuan, +31.5%) [1] - Average training participants for different segments showed growth: culinary arts (62,000, +8.3%), pastry and western cuisine (5,500, +18.5%), IT and internet technology (37,000, -6.8%), automotive services (43,000, +6.3%), and fashion and beauty (6,000, +76.2%) [1] Enrollment and Employment - The total number of schools increased to 234, with a net addition of one school (+0.4%) [2] - New enrollment figures for various programs include: culinary arts (36,500, +5.2%), pastry and western cuisine (7,600, +0.7%), IT and internet technology (14,000, +6.4%), automotive services (21,500, +9.3%), and fashion and beauty (3,900, +34.1%) [2] - Employment rates improved across institutions, with New Oriental at 95.7%, Xinhua Computer at 94.0%, and others showing similar increases [2] Profitability and Cost Management - The company's gross margin for H1 2025 was 57.3%, an increase of 4.3 percentage points, driven by higher capacity utilization and reduced rental expenses [3] - The net profit margin attributable to shareholders rose to 18.4%, up 4.7 percentage points, with the increase primarily due to declines in sales, management, and financial expense ratios [3] - The company employed 10,365 people in H1 2025, a decrease of 2% year-on-year [3] Investment Outlook - Short-term expectations indicate strong autumn enrollment and continued performance exceeding forecasts due to cost control [3] - Mid-term projections suggest accelerated revenue growth based on the recovery of long-term enrollments, with culinary arts and automotive services maintaining rapid growth [3] - Long-term advantages include competitive employment outcomes and the ability to quickly adjust courses to market changes, with anticipated completion of regional center construction and technician college accreditation [3]

Core Viewpoint - The company has shown significant revenue growth in the first half of 2025, with a notable increase in net profit, indicating a strong performance and recovery in the training sector [1][2]. Group 1: Financial Performance - In 2025 H1, the company achieved revenue of 2.186 billion yuan, a year-on-year increase of 10.2%, marking a new high since its listing, with a significant acceleration compared to 1.6% in 2024 H1 [1]. - The net profit for 2025 H1 reached 403 million yuan, up 48.4%, nearing the upper limit of previous forecasts, while adjusted net profit was 416 million yuan, reflecting a growth of 49.6% [1]. - The adjusted net profit margin improved to 19.0%, an increase of 5.0 percentage points, and the gross profit margin was 57.3%, up 4.3 percentage points [2]. Group 2: Enrollment and Training Performance - The company reported a total enrollment of 84,000 students in 2025 H1, representing a 7% increase, with the fashion beauty sector leading in growth [2]. - Average training attendance was 153,000 students, up 6%, with the fashion beauty and western pastry sectors showing the highest average attendance [2]. - The average tuition fee per student increased to 28,000 yuan, a year-on-year rise of 4.3%, with a further expansion in price increase compared to 2024 [2]. Group 3: Operational Efficiency and Cost Management - The company has effectively controlled costs, with reductions in research, sales, and management expense ratios, leading to a significant release of profits [2]. - The company has added one new advanced vocational school, bringing the total to 234 schools, with a focus on enhancing educational offerings [3]. - The company anticipates further improvements in gross profit margins due to ongoing student growth and cautious expansion of new campuses [2].

Group 1: Company Performance - China Oriental Education reported a revenue of 2.186 billion yuan for 1H25, representing a year-on-year growth of 10.2% [1] - Adjusted net profit for 1H25 was 416 million yuan, showing a significant year-on-year increase of 49.5% [1] - The adjusted net profit margin reached 19%, an increase of 4.99 percentage points compared to the previous year [1] Group 2: Industry Trends - The vocational skills training sector is experiencing a recovery, with new training participants reaching 83,500 in 1H25, a year-on-year increase of 7.1% [2] - All five major skill training segments (cooking, automotive repair, computer, pastry, and beauty) saw year-on-year growth in new training participants, with the beauty segment leading at 34.1% [2] - The number of high school graduates is expected to rise, driven by an increase of 2.6 million graduates from 2021 to 2024, which will boost the vocational skills training market [2] Group 3: Strategic Initiatives - The company is focusing on developing new programs to capture the growing demand for vocational training among high school graduates, launching a 15-month training program that saw a participant increase of approximately 85.4% [3] - The company emphasizes its strengths in core vocational training areas, maintaining a focus on long-term training programs for junior high school graduates, which also saw a year-on-year increase of 4.5% in new participants [3] - The company is implementing refined management practices to enhance operational efficiency, resulting in a gross margin of 57.3%, up 4.3 percentage points from the previous year [4] Group 4: Financial Outlook - The company has raised its adjusted net profit forecasts for 2025 to 792 million yuan, 976 million yuan for 2026, and 1.211 billion yuan for 2027, reflecting an upward revision from previous estimates [4] - The target price has been adjusted to 12.56 HKD, up from 11.06 HKD, while maintaining a buy rating for the company [4]

贵州省人力资源和社会保障厅党组成员、副厅长肖震在致辞中表示，技师院校是培养技能人才、促 进高质量就业的重要载体。他希望贵州新东方烹饪技师学院以此次升级为新起点，紧密围绕产业需 求与就业导向，深入推进办学模式和育人机制改革，强化师资队伍建设，加大办学投入，奋力争创 全省领先、全国一流的现代化高水平技师学院，为加快推进技工强省、技能强市建设贡献更大力 量。 贵州省人力资源和社会保障厅职业能力建设处处长万远茂 仪式上，贵州省人力资源和社会保障厅职业能力建设处处长万远茂郑重宣读了《贵州省人民政府关 于同意贵阳新东方烹饪高级技工学校升级为贵州新东方烹饪技师学院的批复》文件，这标志着贵州 新东方烹饪技师学院正式获得国家层面的认可与支持。 贵州省人力资源和社会保障厅党组成员、副厅长肖震与中国东方教育集团总裁许绍兵共同揭牌 近日，经贵州省人民政府批复，中国东方教育集团（00667.HK）旗下的贵阳新东方烹饪高级技工学 校正式升格为"贵州新东方烹饪技师学院"，并于8月28日举行揭牌仪式。贵州省人力资源和社会保障 厅党组成员、副厅长肖震，中国东方教育集团总裁许绍兵，贵州省人力资源和社会保障厅职建处处 长万远茂，贵阳市人力资源和社 ...