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]

Core Viewpoint - The Guizhou New Oriental Culinary Technician College has been officially upgraded from a vocational school to a technician college, marking a significant milestone for China Oriental Education Group and enhancing its role in vocational education in Guizhou province [2][7][9]. Group 1: Institutional Upgrade - The upgrade was approved by the Guizhou Provincial Government, signifying national recognition and support for the institution [7]. - The unveiling ceremony was attended by various officials and leaders from the education and human resources sectors, highlighting the importance of this upgrade [2][4]. Group 2: Educational Goals and Commitments - The college aims to focus on high-quality talent cultivation to meet industry demands and promote employment [4][11]. - The institution plans to enhance its educational model, strengthen faculty development, and increase investment in education to become a leading modern technician college in the province and nationwide [5][11]. Group 3: Historical Context and Future Plans - Established in 1988, the college has trained thousands of skilled talents in the culinary field, becoming a key talent training base for the Guizhou restaurant industry [11]. - The college will continue to optimize its professional structure and deepen educational reforms to support the high-quality development of the local culinary industry and rural revitalization [11].

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]

Investment Rating - The investment rating for the company is maintained as "Buy" [2][8] Core Views - The company reported a revenue of 2.186 billion RMB for the first half of 2025, representing a year-on-year growth of 10.2%. The adjusted net profit reached 416 million RMB, up 49.5% year-on-year, with an adjusted net profit margin of 19%, an increase of 4.99 percentage points compared to the previous year [5][8] - The vocational training sector is experiencing a recovery, with new training participants reaching 83,500, a 7.1% increase year-on-year. All five major training segments (cooking, automotive repair, computer, pastry, and beauty) saw growth, with the beauty segment leading at 34.1% [6][8] - The company is strategically developing new programs to capture the increasing demand for vocational training among high school graduates, launching a 15-month training program that saw a participant increase of approximately 85.4% [7][8] - The company continues to implement refined management practices to enhance operational efficiency, achieving a gross margin of 57.3%, up 4.3 percentage points year-on-year, while marketing expenses decreased by 0.94 percentage points to 22.5% [8] Financial Data and Profit Forecast - The company forecasts revenue growth from 3.979 billion RMB in 2023 to 5.649 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 13.87% [10][12] - The adjusted net profit is projected to increase from 281 million RMB in 2023 to 1.211 billion RMB in 2027, reflecting a significant growth trajectory [10][12] - The earnings per share (EPS) is expected to rise from 0.13 RMB in 2023 to 0.55 RMB in 2027, indicating strong profitability growth [10][12]

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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][29] Core Views - The company has experienced a significant acceleration in revenue growth, achieving 2.186 billion yuan in revenue for the first half of 2025, a year-on-year increase of 10.2%, marking a new high since its listing. The net profit reached 403 million yuan, up 48.4% year-on-year, closely approaching the upper limit of previous forecasts [1][9] - The company is benefiting from a favorable employment environment, leading to a recovery in long-term student enrollment and a steady increase in average tuition fees. The average tuition fee for the first half of 2025 was 28,000 yuan, reflecting a year-on-year increase of 4.3% [2][4][18] Summary by Sections Revenue and Profitability - In the first half of 2025, the company achieved a revenue of 2.186 billion yuan, with a net profit of 403 million yuan, indicating a strong performance with a net profit margin of 19.0%, up 5.0 percentage points year-on-year [1][3][20] - The company’s gross profit margin was 57.3%, an increase of 4.3 percentage points, suggesting significant room for further improvement in profitability [3][20] Enrollment and Tuition - The company enrolled 84,000 students in the first half of 2025, a 7% increase year-on-year, with the fashion beauty industry showing the highest growth rate among various programs [2][13] - The average training fee per student increased to 28,000 yuan, with a notable rise in tuition fees for specific programs such as culinary arts and fashion beauty [18][25] Cost Control and Efficiency - The company has effectively controlled costs, with a reduction in research, sales, and management expense ratios, leading to improved operational efficiency [3][20] - The company has also completed adjustments to its campus structure, with a total of 234 schools, including three vocational colleges, enhancing its educational offerings [23][25] Future Outlook - The company is expected to see revenue growth rates of 10.2%, 12.6%, and 13.3% for 2025, 2026, and 2027, respectively, driven by an increase in student enrollment and tuition fee adjustments [25][26] - The forecasted net profit for 2025 is 860 million yuan, reflecting a significant increase of 67.8% year-on-year, with further growth anticipated in subsequent years [4][26]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue and net profit for the first half of 2025 are projected to be 2.186 billion and 403 million CNY, respectively, showing year-on-year growth of 10.2% and 48.4% [2] - The improvement in the company's performance in 2024 is primarily attributed to cost and expense control, while the enrollment growth in 2025 is expected to accelerate revenue, particularly in the three-year program which grew by 4.5% and the one-to-two-year program which saw an impressive growth of 85% [2] - The company is expected to benefit from positive operating leverage, with adjusted net profit margin increasing by 5 percentage points [2] Summary by Sections Revenue and Enrollment - The company reported a significant increase in enrollment, with new registrations for the culinary technology and beauty sectors growing by 5.2% and 34.1%, respectively [4] - The total number of schools is 234, with a net increase of 1 school year-on-year [4] Financial Performance - The gross margin for the first half of 2025 is 57.3%, an increase of 4.3 percentage points year-on-year, driven by increased capacity utilization and reduced rental expenses [5] - The net profit margin for the first half of 2025 is 18.4%, reflecting a year-on-year increase of 4.7 percentage points, primarily due to a decrease in sales, management, and financial expense ratios [5] Future Outlook - Short-term expectations indicate strong autumn enrollment, with the potential for continued performance exceeding expectations throughout the year [7] - Mid-term projections suggest accelerated revenue growth in the coming years, particularly in culinary and automotive sectors, with ongoing improvements in profitability [7] - Long-term advantages include competitive employment outcomes and the ability to quickly adjust courses in response to market changes [7] Earnings Forecast - The company maintains revenue forecasts of 4.464 billion, 4.868 billion, and 5.390 billion CNY for 2025, 2026, and 2027, respectively [7] - The projected net profit for the same years is 801.94 million, 973.21 million, and 1.18293 billion CNY [7] - The earnings per share (EPS) forecast for 2025, 2026, and 2027 is 0.36, 0.44, and 0.54 CNY, respectively [7]

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。 ...