Annual Report 年報 2024 ANNUAL REPORT 2024 年 報 Contents 目錄 Pages頁次 | Highlights | 摘要 | 2 | | --- | --- | --- | | Corporate Information | 公司資料 | 7 | | Chairman's Statement | 主席報告 | 9 | | Management Discussion and Analysis | 管理層討論與分析 | 13 | | Directors' and Senior Management's Biographical Information | 董事及高級管理層的履歷資料 | 44 | | Corporate Governance Report | 企業管治報告 | 51 | | Environmental, Social and Governance Report | 環境、社會及管治報告 | 75 | | Directors' Report | 董事會報告 | 153 | | Independent Auditor's Report | 獨立核數師報告 | ...

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 | | (+/ ...

中国东方教育 20250320 公司如何应对初中生源减少带来的挑战？ 初中生源减少确实是一个趋势，但对公司的影响相对较小，因为公司的主要生 源群体是不愿意继续升学的学生。这部分人群相对稳定，通过职教升学也能带 来一定增量。因此，公司确保三年制专业稳步增长，不会有太大的增速。同时， 公司还把握住了另一个市场，即四校生（中职技工、中专技工、职高、高中毕 业未考上大学）及大学毕业未就业群体，为他们提供就业前培训。这类培训在 2023 年至 2024 年取得爆发式增长，其中 15 个月课程设置专门针对这一人群开 发，并取得超过 100%的增长效果。 2055 年春季的增长趋势如何，未来是否会延续这种势头？ 摘要 Q&A 请介绍一下中国东方教育近期的整体情况，包括招生、学校数量等基本信息。 中国东方教育在 2024 年的整体业绩，无论是收入还是利润端，均完全符合预期， 且利润端大幅超出预期。公司已经回到正常轨道，并进入上升通道。2025 年春 季的数据表现尤为突出，是自 2019 年上市以来最好的春季招生季，无论是招生 人数、收入还是收费都创下历史新高。按农历计算，正月初一至今的平均增长 超过 10%，若按阳历计算，增 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [4]. Core Views - The company achieved a revenue of 4.1 billion RMB in 2024, representing a year-on-year increase of 4%, and a net profit of 500 million RMB, up 87% year-on-year [1]. - The company is optimistic about a profit improvement cycle, driven by strategic investments in vocational education parks in key provinces [4][8]. - The company plans to expand its campus network, particularly in culinary and fashion education sectors, which are expected to have significant growth potential [8]. Financial Performance - The gross profit margin for 2024 was 51.4%, an increase of 3.4 percentage points year-on-year, attributed to revenue growth and improved cost control [3]. - The company reported a total asset value of 9.5 billion RMB, with a net asset value of 5.7 billion RMB, reflecting a year-on-year increase of 2% and 3% respectively [1]. - The company’s total number of schools and centers decreased to 233, a reduction of 12 from the previous year [1]. Business Segmentation - Revenue from New Oriental and Meiwai Academy remained stable at 1.9 billion RMB, while Oumandi saw a significant increase of 125% to 100 million RMB [1]. - The average training participants for 2024 were 140,000, a decrease of 6% year-on-year, with notable declines in several brands [2]. - The company’s strategic focus includes enhancing student demand through the establishment of vocational education parks, which are expected to drive future growth [4][8].

Investment Rating - The report maintains a "Buy" rating for China Oriental Education [2][8] Core Views - The company reported a revenue of RMB 4.12 billion for 2024, a year-on-year increase of 3.5%, and an adjusted net profit of RMB 525 million, up 86.6% year-on-year, driven by effective cost and expense control [5][6] - The company announced a year-end dividend of HKD 0.22 per share, corresponding to a payout ratio of 85%, with a dividend yield of approximately 5% [5] - The report anticipates continued growth in training numbers through the introduction of short-term courses and expansion in the beauty industry training sector [7][8] Financial Performance - Revenue for 2024 is projected at RMB 4.12 billion, with a year-on-year growth rate of 3.46% [9] - Adjusted net profit for 2024 is expected to be RMB 525 million, reflecting a significant year-on-year increase of 86.59% [9] - The company’s gross profit for 2024 is RMB 2.115 billion, with a gross margin of 51.4%, an increase of 3.4 percentage points year-on-year [6][11] Operational Efficiency - The company has effectively controlled costs, resulting in a net profit margin of 12.5%, an increase of 5.6 percentage points year-on-year [6] - Marketing expenses decreased by 6.1% year-on-year to RMB 970 million, with a sales expense ratio of 23.7%, down 2.4 percentage points [6] - The utilization rate of campuses improved from 72.2% in 2023 to 73.1% in 2024, contributing to economies of scale [6] Market Expansion - The company launched short-term courses targeting high school graduates, resulting in a 66.2% year-on-year increase in training numbers for these programs in the second half of 2024 [7] - The beauty industry training sector saw a 70.9% year-on-year increase in average training numbers, indicating strong demand recovery [7] - Five out of seven regional centers have been completed, enhancing the company's ability to offer higher-level vocational training [8] Profit Forecast - The adjusted net profit forecasts for 2025, 2026, and 2027 are RMB 617 million, RMB 732 million, and RMB 860 million respectively, with corresponding P/E ratios of 13.9, 11.7, and 10.0 [9][11]

Group 1 - The education sector is experiencing a rise in stock prices, with notable increases in companies such as China Oriental Education, which rose by 11.52% to HKD 4.84, and Neusoft Ruixin Group, which increased by 5.23% to HKD 3.22 [1] - China Oriental Education reported its 2024 annual performance, with revenue of CNY 4.116 billion, a year-on-year increase of 3.5%, and a net profit of CNY 513 million, up 88% [1] - Huaxin Securities believes that the education industry is currently in a phase of rigid demand, supply clearance, and reduced policy risks, presenting a good opportunity for leading companies with successful business transformations [1] Group 2 - CITIC Securities notes that since the second half of 2024, concerns about industry demand and competition have increased, leading to stock price fluctuations for many companies [2] - Despite the slowdown in growth for some companies, the majority of the education sector's companies are expected to maintain revenue growth of over 20%, with valuations having dropped to near two-year lows [2] - Recent stimulus policies, including fertility subsidies and consumption enhancement plans, are expected to boost confidence in the education sector [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue, net profit attributable to shareholders, and adjusted net profit for 2024 are projected to be CNY 4.116 billion, CNY 0.513 billion, and CNY 0.525 billion respectively, representing year-on-year growth of 3.5%, 88.0%, and 86.6% [2] - The increase in net profit outpaced revenue growth due to improved gross margins and a comprehensive decline in expense ratios [2] - The company plans to distribute a final dividend of HKD 0.22 per share, with a payout ratio of 93.5% and a dividend yield of 5.1% [3] Summary by Sections Business Performance - The core business, New Oriental, saw a positive revenue growth rate in the second half of the year, with only the IT segment under pressure [4] - Revenue by segment for 2024 is projected as follows: Culinary Technology CNY 1.927 billion, Western Pastry CNY 0.343 billion, IT and Internet Technology CNY 0.763 billion, Automotive Services CNY 0.914 billion, Fashion Beauty CNY 0.105 billion, and Other Income CNY 0.224 billion, with respective year-on-year growth rates of 0.7%, 3.6%, -2.4%, 7.9%, 124.9%, and 9.1% [4] - The average training participants for new enrollments are projected at 143,000, with a year-on-year decline of 6.2% [4] Financial Metrics - The gross margin for 2024 is expected to be 51.4%, an increase of 3.4 percentage points year-on-year [7] - The net profit margin for 2024 is projected at 12.5%, reflecting a year-on-year increase of 5.6 percentage points [7] - The company’s total revenue for 2024 is expected to be CNY 4.116 billion, with a year-on-year growth of 3.46% [10] Future Outlook - Short-term performance is expected to exceed market expectations due to cost control measures [8] - Mid-term projections indicate a normalization of enrollments, with growth in long-term students gradually recovering [8] - Long-term advantages include competitive employment rates and the ability to quickly adjust courses to market changes [8] - The earnings per share (EPS) forecast for 2025 is CNY 0.28, with a price-to-earnings (PE) ratio of 14 [8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依賴該等內 容而引致的任何損失承擔任何責任。 2024年年度業績公告 | 摘要 | | | | | --- | --- | --- | --- | | | | 截至12月31日止年度 | 變動 | | | 2024年 | 2023年 | 增加╱(減少) | | 新培訓人次及新客戶註冊人數 | 143,441 | 152,881 | (6.2%) | | 平均培訓人次及平均客戶註冊人數 | 146,294 | 146,839 | (0.4%) | | （人民幣百萬元） 收入 | 4,116 | 3,979 | 3.5% | | 毛利 （人民幣百萬元） | 2,115 | 1,908 | 10.8% | | （人民幣百萬元） 純利 | 513 | 273 | 88.0% | | （1） 經調整純利 （人民幣百萬元） | 525 | 281 | 86.6% | | 經調整息稅折舊及攤銷前溢利 | | | | | （2） （人民幣百萬元） | 1,376 ...

Core Viewpoint - China Oriental Education and Guangzhou Frans have established a strategic partnership to create the "Wantong·Frans Industry College," addressing the talent gap in the new energy vehicle industry, which currently stands at 1.03 million [1][5]. Group 1: Partnership Details - The unveiling ceremony of the "Wantong·Frans Industry College" took place at Anhui Wantong Technical College, marking a significant collaboration between the two companies [1][5]. - Key leaders from both organizations attended the ceremony, highlighting the importance of this partnership in enhancing vocational education [2]. Group 2: Educational Objectives - The partnership aims to develop a comprehensive talent cultivation system that integrates theoretical knowledge and practical skills, thereby improving the quality of technical talent in the industry [5][9]. - Both parties will focus on deepening the integration of industry and education, with an emphasis on co-developing courses, building training bases, and cultivating dual-qualified teachers [9]. Group 3: Strategic Goals - China Oriental Education will leverage its resources in vocational education, while Frans will contribute its industry expertise in logistics equipment, creating a new model for talent development [7][8]. - The collaboration is expected to facilitate the sharing of resources and mutual advantages, ultimately addressing the industry's talent shortage and enhancing the integration of education and industry [9].