Key Insights - The report highlights the significant growth in the nutritional products sector, with New Hope Liuhe (002001.SZ) achieving a revenue of 11.101 billion yuan, a year-on-year increase of 12.76%, and a net profit of 3.603 billion yuan, up 63.46% [10] - The report emphasizes the robust performance of the amino acid market, particularly methionine, with prices rising to 22,200 yuan per ton, reflecting a year-to-date increase of 12.98% [11] - The report notes the steady performance of the vitamin A and E segments, with revenue of 2.085 billion yuan and a net profit of 1.209 billion yuan, maintaining a net profit margin of 58% despite recent price declines [12] Company Analysis - New Hope Liuhe's nutritional products segment accounted for 64.86% of total revenue, with a gross margin of 47.79%, an increase of 11.93 percentage points year-on-year [10] - The company has expanded its methionine production capacity to 460,000 tons per year, positioning it as the third-largest producer globally [11] - The vitamin segment's revenue is expected to remain stable, with recent price adjustments indicating limited further declines [12] Industry Trends - The real estate sector is experiencing a downturn, with a 6.5% year-on-year decline in sales volume and a 4.0% decrease in sales area as of July 2025 [22] - The average price of new residential properties has decreased by 2.6% year-on-year, indicating ongoing pressure in the housing market [23] - Recent policy relaxations in major cities like Beijing and Shanghai are expected to provide some support to the real estate market, although the overall outlook remains cautious [24] Financial Performance - The report indicates that Beike-W (02423.HK) achieved a revenue of 26 billion yuan in Q2 2025, a year-on-year increase of 11%, although net profit declined by 32% [28] - Yuexiu Property (00123.HK) reported a revenue of 47.6 billion yuan, a 34.6% increase, but a net profit decline of 25.2% due to lower gross margins [31] - Zhou Dasheng (002867.SZ) experienced a 43.29% drop in revenue to 4.597 billion yuan, while net profit remained relatively stable, reflecting a 1.27% decline [32] Market Outlook - The report suggests that the non-bank financial sector is poised for growth, driven by a shift in deposit behaviors and increased demand for risk assets [25] - The overall market is in a recovery phase, with expectations of a gradual improvement in economic conditions and investment opportunities in various sectors [26] - The report maintains a positive outlook for companies with strong fundamentals and innovative product offerings, particularly in the nutritional and financial sectors [13][26]

上 市 公 司 社会服务 2025 年 08 月 28 日 中国东方教育 (00667) ——紧抓高中培训市场景气提升，业绩持续向好可期 报告原因：强调原有的投资评级 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（港币） | 8.08 | | 恒生中国企业指数 | 9020.26 | | 52 周最高/最低（港币） | 9.15/2.20 | | H 股市值（亿港币） | 178.54 | | 流通 H 股（百万股） | 2,209.69 | | 汇率（人民币/港币） | 1.0953 | 一年内股价与基准指数对比走势： -5% 195% 395% HSCEI 中国东方教育 资料来源：Bloomberg 相关研究 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 黄哲 (8621)23297818× huangzhe@swsresearch.com 投资要点： 中国东方教育发布 2025 半年报，公司 1H25 收入 21.86 亿元，同比增长 10.2%。经调整归母净利润 4.16 亿元 ...

证券研究报告 中国东方教育 (667 HK) 港股通 上调全年盈利预测，维持"买入" 考虑到公司新招生强劲，规模效应和严格控费下利润率快速提升，我们上调 25-27 年经调整净利润至 8.08/10.36/12.99 亿元（上调 26%/34%/39%）， 考虑到 25 年已过半，我们切换到 26 年估值，考虑到公司利润弹性大，给 予 20x 26E PE（可比公司 Wind 一致预期均值 13.67x），得到目标价 10.30 港元（前值：6.47 港元，对应 20x 25E PE），维持"买入"评级。 风险提示：在校生人数增长不及我们预期；区域中心建设进展缓慢或效益不 及规划预期；公办职校分流及竞争加剧。 利润弹性如期兑现，上调全年预期 2025 年 8 月 28 日│中国香港 职业教育 公司公布 25H1 业绩：收入 21.86 亿元，yoy+10.2%；净利润 4.03 亿元， yoy+48.4%，符合业绩预告（yoy+45%~50%）；经调整净利润 4.16 亿元， yoy+49.5%。利润的增长主要得益于新招生的增长以及高效的运营及成本费 用控制。公司积极适配市场需求，持续优化专业结构和补足学历教 ...

中国东方教育（00667.HK） 优于大市 收入增速拐点如期而至，提效控费利润快速释放 2025 年上半年度公司入增长明显提速，经调净利润维持较快增长。2025H1 公司实现收入 21.86 亿元/+10.2%，创上市以来新高，收入增速环比提速明 显（2024H1 为 1.6%）；实现净利润 4.03 亿元/+48.4%，接近此前预告上限 （增长不超过 50%）；经调净利润 4.16 亿元/+49.6%。收入增长提速，利润 维持较快增长。分专业看，2025H1 烹饪技术/西点西餐/信息技术/汽车服务/ 时 尚 美 业 分 别 实 现 收 入 10.2/1.8/3.7/4.9/0.7 亿 元 ， 同 比 +11%/+14%/-3%/+10%/+90%。信息技术长训学生占比高（25H195%），此前年 度招生下滑持续影响，伴随 25H1 招生同比回正，后续收入望恢复增长。 2025 年上半年长期课程招生表现良好。从新培训人次看，公司 2025H1 招生 8.4 万人次/+7%，各专业来看，时尚美业＞汽车服务＞信息技术＞烹饪技术 ＞西点西餐，时尚美业在低基数上维持较快增速；各训期来看，受益于就业 环境变化，主要面向 ...

证券研究报告|港股公司点评报告 [Table_Title2] 中国东方教育(0667.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 0667 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 9.15/2.2 | | 目标价格： | | 总市值(亿港元) | 178.54 | | 最新收盘价： | 8.08 | 自由流通市值(亿港元) | 178.54 | | | | 自由流通股数(百万) | 2,209.69 | [Table_Summary] 事件概述 2025H1 公司收入/归母净利/经调归母净利分别为 21.86/4.03/4.16 亿元、同比增长 10.2%/48.4%/49.5%， 符合业绩预告。我们分析，公司 24 年业绩改善主要来自成本和费用控制，而 25H 则可喜的看到招生改善带来 的收入加速，特别是占比高的三年制招生增长 4.5%、增速快的 1-2 年制增长 85%，为未来 3 年收入增速提供了 保障；因此 25H 同时也体现出收入加速带来的正经营杠杆效应，即经调净利率提升 5P ...

Performance Summary - China People's Insurance Group reported revenue of 324.12 billion yuan, a year-on-year increase of 10.87%, and a net profit of 26.67 billion yuan, up 13.98% [1] - China Life Insurance recorded revenue of 239.49 billion yuan, a 2.2% increase, with a net profit of 40.93 billion yuan, growing by 6.9% [1] - CNOOC's revenue was approximately 207.61 billion yuan, down 8.45%, with net profit around 69.5 billion yuan, a decrease of 13% [2] - Meituan's revenue reached 178.40 billion yuan, up 14.7%, but adjusted net profit fell by 41% to 12.44 billion yuan [3] - CITIC Bank's revenue was 105.43 billion yuan, down 2.96%, while net profit increased by 2.8% to 36.48 billion yuan [3] - Fosun International's revenue decreased by 10.8% to 87.28 billion yuan, with net profit down 8.2% to 0.66 billion yuan [3] - New Hope Energy reported revenue of 55.67 billion yuan, a 2% increase, but net profit decreased by 5.6% to 2.43 billion yuan [4] - China Cinda's revenue was 34.36 billion yuan, down 2%, while net profit increased by 5.8% to 2.28 billion yuan [5] - China Orient Group's revenue decreased by 12% to 19.86 billion yuan, but net profit surged by 116% to 0.20 billion yuan [6] - Shimao Group's revenue fell by 49% to 14.80 billion yuan, with a net loss of 8.93 billion yuan, narrowing by 61% [7] - Chongqing Steel's revenue was approximately 13.08 billion yuan, down 13.26%, with a net loss of 0.13 billion yuan, narrowing by 81% [8] - United Group's revenue increased by 197.3% to 12.08 billion yuan, with a net profit of 1.69 billion yuan, reversing from a loss of 0.21 billion yuan [9] - Chow Sang Sang's revenue decreased by 2.5% to 11.04 billion yuan, while net profit increased by 71.4% to 0.90 billion yuan [10] - Tianhong International's revenue was 11.03 billion yuan, down 1.86%, with net profit rising by 53.33% to 0.42 billion yuan [11] - Meidong Automotive's revenue fell by 4.9% to 10.14 billion yuan, with a net loss of approximately 0.82 billion yuan, expanding by about 29 times [12] - Jian Sha Tsui's revenue was 8.24 billion yuan, down 6.6%, with net profit of 2.33 billion yuan, a decrease of 7.06% [13] - Sino Land's revenue decreased by 6.64% to 8.18 billion yuan, with net profit down 8.7% to 4.02 billion yuan [14] - Xinyi International's revenue was 8.10 billion yuan, down 5.7%, with net profit of 0.14 billion yuan, a decrease of 19.22% [15] - Fuyao Glass reported revenue of approximately 7.74 billion yuan, down 27.7%, with net profit of approximately 0.26 billion yuan, a decrease of 82.6% [16] - Tianjin Port Development's revenue increased by 3% to 6.95 billion yuan, while net profit decreased by 17.3% to 0.35 billion yuan [17] - Guotai Junan International's revenue was approximately 2.83 billion yuan, up 30%, with net profit of approximately 0.55 billion yuan, a growth of 182% [21] - IGG's revenue decreased by 0.5% to 2.72 billion yuan, with net profit down 2.85% to 0.32 billion yuan [22] - China Aircraft Leasing's revenue was 2.40 billion yuan, down 4.86%, while net profit increased by 6.66% to 0.14 billion yuan [22] - China Orient Education's revenue increased by 10.2% to 2.19 billion yuan, with net profit rising by 48.4% to 0.40 billion yuan [23] Corporate News - China Shengmu signed a new procurement framework agreement with Yiyingmei Dairy for milk powder [24] - Rongchang Bio's clinical trial for Taitasip in treating IgA nephropathy reached its primary endpoint in Phase III [24] - China Huaxing's Bagua City project is expected to start construction in October, with completion by the end of 2026 [24] Buyback Activities - Tencent Holdings repurchased 909,000 shares for 550 million HKD at prices between 596-614.5 HKD [24] - HSBC repurchased 1.5472 million shares for approximately 156 million HKD at prices between 100.2-101.5 HKD [24] - Hang Seng Bank repurchased 210,000 shares for approximately 23.49 million HKD at prices between 111.5-112.2 HKD [24] - MGM China repurchased 1 million shares for approximately 16.02 million HKD at prices between 15.92-16.13 HKD [24]

北京商报讯（记者 吴其芸）8月27日，中国东方教育控股有限公司（以下简称"中国东方教育"）发布 2025年上半年业绩公告，报告期内，中国东方教育实现收入21.86亿元，同比增长10.2%；实现纯利4.03 亿元，同比增长48.4%。 ...

截至2025年6月30日止六个月，对比截至2024年6月30日止六个月的新培训人次及新客户注册人数增加约 7.1%。此外，期内集团调整招生策略，优化课程结构，吸引更多高价值新生入学。 中国东方教育(00667)发布2025年中期业绩，收入21.86亿元(人民币，下同)，同比增长10.2%;净利润4.03 亿元，同比增长48.4%;每股基本盈利18.40分。 ...

Core Viewpoint - China Oriental Education (00667) reported a mid-year performance for 2025, showing a revenue of 2.186 billion RMB, a year-on-year increase of 10.2%, and a net profit of 403 million RMB, reflecting a significant year-on-year growth of 48.4% [1] Financial Performance - Revenue for the first half of 2025 reached 2.186 billion RMB, marking a 10.2% increase compared to the same period in 2024 [1] - Net profit for the same period was 403 million RMB, which is a 48.4% increase year-on-year [1] - Basic earnings per share stood at 0.184 RMB [1] Operational Highlights - The number of new training participants and new customer registrations increased by approximately 7.1% compared to the first half of 2024 [1] - The company adjusted its enrollment strategy and optimized its course structure to attract more high-value new students [1]

格隆汇8月27日丨中国东方教育(00667.HK)公布中期业绩，2025年上半年，公司收益为人民币21.86亿 元，同比增长10.23%；公司股东应占期内盈利为人民币4.03亿元，同比增长48.41%；基本每股盈利为人 民币18.40分。 截至2025年6月30日止六个月，集团毛利为约人民币12.53亿元，而2024年同期为约人民币10.51亿元。截 至2025年6月30日止六个月，毛利率为57.3%，而2024年同期为53.0%。截至2025年6月30日止六个月， 毛利率增加的主要原因为收入增加，而收入成本因加强成本控制而保持稳定。 ...