Core Insights - The visit by the Uzbekistan delegation to China Oriental Education highlights the growing interest in vocational education collaboration between Uzbekistan and China [2][8][12] - Uzbekistan's emphasis on developing a high-quality skilled workforce aligns with China's advanced vocational education practices, creating opportunities for partnership [9][11] Group 1: Delegation Visit and Observations - The Uzbekistan delegation, including officials from the Ministry of Higher Education, Science and Innovation, visited three vocational schools operated by China Oriental Education in Anhui [6][4] - The delegation observed the practical training environments and was impressed by the modern training equipment and effective teaching methodologies [6][8] Group 2: Strategic Cooperation and Future Prospects - Uzbekistan's Secretary of the Ministry of Education expressed a strong desire to collaborate with China Oriental Education to enhance their vocational education system [8][11] - The ongoing "Belt and Road" initiative presents significant opportunities for vocational education cooperation, particularly with Uzbekistan's "Uzbekistan 2030 Strategy" focusing on youth and education [9][12] Group 3: Experience Sharing and Development - China Oriental Education is willing to share its successful experiences in professional curriculum development and training base construction with Uzbekistan [11][12] - The collaboration aims to create a strategic plan tailored to Uzbekistan's vocational education needs, leveraging China's expertise [11][12]

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]

Core Viewpoint - The company, China Oriental Education (00667), has shown better-than-expected recovery in enrollment, leading to upward revisions in revenue and profit forecasts for 2025 and 2026 [1][2]. Revenue and Profit Forecasts - Revenue forecasts for 2025 and 2026 have been increased by 2.4% and 6.4% respectively, reaching 4.5 billion yuan and 5 billion yuan [1]. - Adjusted net profit forecasts have been raised by 16.8% and 28.0%, now estimated at 756 million yuan and 974 million yuan [1]. Enrollment and Student Numbers - New enrollment numbers have gradually returned to normal, with a 7.1% year-on-year increase in the first half of 2025 [3]. - Average training sessions increased by 5.5% year-on-year, driven by strong performance in short-term and high-value programs [3]. - The number of schools increased by one compared to the end of the previous year [3]. Segment Performance - Revenue and new enrollment numbers by segment for the first half of 2025: - Culinary Arts: Revenue +11.4%, Enrollment +5.2% - Western Pastry: Revenue +14.3%, Enrollment +0.7% - Information Technology: Revenue -3.0%, Enrollment +6.4% - Automotive Services: Revenue +9.6%, Enrollment +9.3% - Fashion and Beauty: Revenue +90.2%, Enrollment +34.1% [3]. Profitability Improvement - The overall gross margin for the first half of 2025 was 57.3%, an increase of 4.3 percentage points year-on-year [4]. - All five segments reported year-on-year improvements in gross margin, with notable increases in Fashion and Beauty (+8.8 percentage points) and Culinary Arts (+5.1 percentage points) [4]. - The adjusted net profit margin reached 19.0%, up 5.0 percentage points year-on-year, attributed to effective cost and expense management [4]. Product Structure and Strategic Development - The company is optimizing its long-term education product structure, with a focus on 15-month high-skill programs expected to see over 50% growth in new enrollments by 2026 [5]. - The management is accelerating the development of a higher education-oriented professional system and upgrading vocational schools to technician colleges over the next three to five years [5].

Core Viewpoint - China Oriental Education (00667) has shown better-than-expected enrollment recovery, leading to upward revisions in revenue and adjusted net profit forecasts for 2025 and 2026 [1][2] Revenue and Profit Forecasts - Revenue forecasts for 2025 and 2026 have been increased by 2.4% and 6.4% to 4.5 billion and 5 billion yuan respectively [1] - Adjusted net profit forecasts have been raised by 16.8% and 28.0% to 756 million and 974 million yuan respectively [1] Enrollment and Training Performance - New enrollment numbers increased by 7.1% year-on-year in the first half of 2025, with average training sessions up by 5.5% [3] - Notable performance in short-term training programs and high-value professional courses contributed significantly to overall enrollment [3] - Specific segment performance includes: - Culinary Technology: Revenue +11.4%, New Enrollment +5.2% - Western Pastry and Cuisine: Revenue +14.3%, New Enrollment +0.7% - Information Technology: Revenue -3.0%, New Enrollment +6.4% - Automotive Services: Revenue +9.6%, New Enrollment +9.3% - Fashion and Beauty: Revenue +90.2%, New Enrollment +34.1% [3] Profitability Improvement - Overall gross margin for the first half of 2025 was 57.3%, an increase of 4.3 percentage points year-on-year [4] - All five business segments reported year-on-year gross margin improvements, with notable increases in Culinary Technology and Fashion and Beauty [4] - Adjusted net profit margin reached 19.0%, up 5.0 percentage points year-on-year, attributed to effective cost and expense management [4] Product Structure and Strategic Development - The 15-month high-skill programs are aligned with student needs for skill enhancement and rapid employment, with expected enrollment growth of over 50% in 2026 [5] - The company is accelerating the development of a higher education-oriented professional system and upgrading vocational schools to technician colleges [5] - Management anticipates a 10% revenue growth and over 20% net profit growth in 2026 [3][5]

Core Viewpoint - China Oriental Education reported a slight beat on market expectations for adjusted net profit in 1H2025, driven by effective cost and expense management [1][2] Financial Performance - Revenue for 1H2025 reached 2.19 billion yuan, a year-on-year increase of 10.2%, in line with market expectations [1] - Adjusted net profit grew by 49.5% year-on-year to 416 million yuan, slightly above market expectations [1] - Overall gross margin improved to 57.3%, up 4.3 percentage points year-on-year, with all five business segments showing improvement [2] - Adjusted net profit margin reached 19.0%, an increase of 5.0 percentage points year-on-year, attributed to effective cost control [2] Enrollment Trends - New student enrollment increased by 7.1% year-on-year in 1H2025, with average training sessions up by 5.5% [1] - The number of schools increased by one compared to the end of the previous year [1] - Specific segment performance included: - Culinary Arts: Revenue up 11.4%, new enrollment up 5.2% - Western Pastry and Cuisine: Revenue up 14.3%, new enrollment up 0.7% - Information Technology: Revenue down 3.0%, new enrollment up 6.4% - Automotive Services: Revenue up 9.6%, new enrollment up 9.3% - Fashion Beauty: Revenue up 90.2%, new enrollment up 34.1% [1] Strategic Outlook - The company plans to increase the number of beauty industry schools to 13 by the end of 2026, targeting over 50% revenue growth [1] - Management expects a 10% revenue growth and over 20% net profit growth for 2026 [1] Profitability Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been raised by 2.4% and 6.4% to 4.5 billion yuan and 5 billion yuan, respectively [2] - Adjusted net profit forecasts for 2025 and 2026 have been increased by 16.8% and 28.0% to 756 million yuan and 974 million yuan, respectively [2] - The target price has been raised by 58% to 9.5 HKD, based on a 9.8x 2025e adjusted EV/EBITDA [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]

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].