蓝及立 2025 年 12 月 19 日 相关研究 #研究报 证券分析师 海外消费服务 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 册 分歧了后 海外教育：景气与困境反转交织，投资机会纷呈 -- 教育行业 26 年投资策略 ● 基本面触底叠加政策推进，高教困境反转可期。以办学质量提升为前提，以营利性牌照为激励, 鼓励高质量民办高校扩张，承接增量高教需求，是高教监管的主旨思路。25 年湖南省重启营利性 分类管理，或将成为试点，积累成熟经验后向全国推广。而营利性经营牌照的获取将给与民办高 校稳定的政策环境保证其投资回报，扩大经营规模，满足增量高等教育需求。因为办学质量提升 成为营利性分类管理的前提条件，经过５年办学投入持续增加后，办学质量关键指标如生师比，生 均办学经费等均已达标。我们判断投入周期见顶，未来规模效应显现，高教公司的经营效益有望 逐步触底回升。高教行业迎来盈利修复及估值提升双重利好。关注：宇华教 ...

Investment Rating - The report maintains a "Buy" rating for the companies in the higher education sector, specifically for New Higher Education Group and Xijiao International Holdings [8][11]. Core Insights - The profitability of higher education companies is expected to rebound as the peak of cost increases has passed, with improvements in operational efficiency anticipated due to reduced capital expenditures [4][11]. - New Higher Education Group reported a revenue of 2.6 billion yuan for the fiscal year 2025, a year-on-year increase of 7.8%, with adjusted net profit reaching 812 million yuan, up 5.2% [6][8]. - The student structure is continuously optimized, with an increase in the proportion of undergraduate students, leading to higher average tuition fees [6][7]. - The report highlights the importance of maintaining high-quality education and the strategic focus on enhancing educational facilities to improve student learning environments [3][4]. Summary by Sections 1. Higher Education Sector - The education index increased by 1% during the week, outperforming the Hang Seng Index by 1.8 percentage points [5]. - New Higher Education Group's student enrollment decreased slightly by 0.6% to 139,000, but the proportion of undergraduate students increased, contributing to an 8.1% rise in average tuition fees to 16,700 yuan per year [6][7]. - The company’s operational costs rose by 9.2% to 1.68 billion yuan, with significant increases in labor costs, which grew by 14.7% [3][7]. 2. Cost Management and Profitability - The peak of cost increases is believed to have passed, with capital expenditures decreasing from 920 million yuan in fiscal year 2024 to 690 million yuan in fiscal year 2025 [4][8]. - The report anticipates a recovery in gross profit margins starting from fiscal year 2026, with projected profits for fiscal years 2026 and 2027 adjusted to 880 million yuan and 1 billion yuan, respectively [8][11]. - Xijiao International Holdings reported a revenue of 3.96 billion yuan for fiscal year 2025, a 6.1% increase, while net profit decreased by 36.9% [9][10]. 3. Investment Recommendations - The report suggests focusing on Hong Kong-listed higher education companies, as profitability is expected to improve with reduced capital expenditures and a more favorable revenue distribution model [13]. - Companies such as New Higher Education Group, Xijiao International Holdings, and others are highlighted as potential investment opportunities due to their strategic adjustments and market positioning [13].

Investment Rating - The report maintains a "Buy" rating for the overseas education sector, particularly highlighting the potential rebound in profitability for higher education companies as they enhance their operational efficiency and educational quality [4][16]. Core Insights - The profitability of higher education companies is expected to improve as they transition from a phase of high costs to a more stable operational environment, driven by an increase in the quality of education and student enrollment structures [4][16]. - The report emphasizes the importance of maintaining high-quality education and optimizing student demographics, which is reflected in the rising average tuition fees and accommodation costs [2][3][4]. Summary by Sections Overseas Education - The education index increased by 1% during the week, underperforming the Hang Seng Index by 1.8 percentage points, with a year-to-date increase of 8.2% [6]. - New Higher Education Group reported a revenue of 2.6 billion yuan for FY25, a 7.8% increase year-on-year, with adjusted net profit rising by 5.2% to 812 million yuan [2][7]. - The student enrollment decreased slightly by 0.6%, but the proportion of undergraduate students increased, leading to an 8.1% rise in average tuition fees to 16,700 yuan per year [2][7]. - The company’s operational costs grew by 9.2% to 1.68 billion yuan, with labor costs rising significantly, indicating a focus on maintaining educational quality [3][8]. - The report predicts that the peak of cost increases has passed, and profitability is set to rebound, with expected net profits of 880 million yuan and 1 billion yuan for FY26 and FY27, respectively [4][9]. Key Companies - Xijiao International Holdings reported a revenue of 3.96 billion yuan for FY25, a 6.1% increase, but net profit fell by 36.9% due to previous high costs [11][12]. - The company has optimized its school management by reducing the number of institutions, which is expected to enhance operational efficiency and profitability [12][13]. - The report suggests focusing on several key players in the sector, including New Oriental, TAL Education, and Huazhong Education, as they are expected to benefit from the improving market conditions [16]. Investment Recommendations - The report recommends attention to Hong Kong-listed higher education companies, as the profitability outlook is improving with reduced capital expenditures and stabilized operational costs [16]. - It also highlights the potential for growth in vocational education companies, particularly those adapting to market demands and enhancing their service offerings [16].

发展趋势 机构：中金公司 研究员：赵丽萍/张潇丹 2025 财年收入、经调整归母净利润基本符合市场预期新高教公布2025 财年业绩：主营业务收入同比增 长7.8%至26.0亿元，基本符合市场预期；经调整归母净利润8.1 亿元，同比增长5.2%，基本符合市场预 期。公司于2025 财年并未派发股息；管理层于公开业绩会表示，未来现金优先用于支持业务发展、优 化负债结构等，股东回报政策或将暂缓。 收入增长维持稳健。2025 年，公司主营业务收入同比增长7.8%至26.0 亿元。其中，学费收入23.2 亿 元，同比增长8.1%；住宿费收入2.78 亿元，同比增长5.2%。2025/2026 学年，集团旗下学校在校生人数 约13.3 万人，本科学生占比持续提升；其中，新生本科人数同比增长3.9%，总在校生本科层次学生占 比同比提升4.5 个百分点。据公司公告，截至2024 年12 月31 日，2024届最终毕业去向落实率达 98.03%；截至2025 年8 月31 日，2025 届毕业生初次毕业去向落实率为98.22%，同比提升3.13个百分 点。 盈利水平基本稳定。2025 财年，公司毛利率达35.5%，同比下滑0. ...

坚持高质量办学，学生结构持续优化。25 财年公司在校生13.9 万人，较24 财年下降0.6%。学生结构持 续得到优化，25 财年本科新生占比同比提升4 个百分点，本科在校生占比同比提升1 个百分点。由于本 科学生学费水平更高，因此平均学费同比增长8.1%至1.67 万元/学年。公司同时加大办学硬件的提升， 住宿费同比提升5.2%至1998 元/学年。学费和住宿费提升带动收入同比增长7.8%。 机构：申万宏源研究 研究员：黄哲 投资要点： 新高教集团公布25 财年年报，全年收入26 亿元，同比增长7.8%。经调整净利润8.12 亿元，同比增长 5.2%，业绩符合我们预期。 持续增加办学投入，提升办学层次。25 财年公司收入成本16.8 亿元，同比增长9.2%，增速超过收入增 速1.4 个百分点。其中人工成本10.8 亿元，同比增长14.7%。我们估计教师成本同比增长14.7%至7.2 亿 元。公司办学成本增长显著，同公司坚持高质量办学的战略相关。此外折旧摊销成本增长10.8%至2.6 亿元。公司加大学校硬件设施改造升级，提供学生更优质的学习及实训环境。由于成本增长快于收入增 长，公司毛利率同比收缩0.8 个百 ...

智通财经APP获悉，申万宏源发布研报称，新高教集团(02001)公布25财年年报，全年收入26亿元，同比 增长7.8%。经调整净利润8.12亿元，同比增长5.2%，业绩符合该行预期。该行上调公司26至27财年利润 至8.8亿元和10亿元(原盈利预测为8亿元和8.3亿元)，新增28财年利润预测11.4亿元。上调目标价至3.38 港元(原目标价为2.99港元)，维持买入评级。 申万宏源主要观点如下： 坚持高质量办学，学生结构持续优化 25财年公司在校生13.9万人，较24财年下降0.6%。学生结构持续得到优化，25财年本科新生占比同比提 升4个百分点，本科在校生占比同比提升1个百分点。由于本科学生学费水平更高，因此平均学费同比增 长8.1%至1.67万元/学年。公司同时加大办学硬件的提升，住宿费同比提升5.2%至1998元/学年。学费和 住宿费提升带动收入同比增长7.8%。 持续增加办学投入，提升办学层次 25财年公司收入成本16.8亿元，同比增长9.2%，增速超过收入增速1.4个百分点。其中人工成本10.8亿 元，同比增长14.7%。该行估计教师成本同比增长14.7%至7.2亿元。公司办学成本增长显著，同公司坚 ...

相关研究 - 上 市 公 司 社会服务 公 司 研 究 / 公 司 点 评 报告原因：强调原有的投资评级 买入（维持） | 市场数据： | 2025 年 12 月 01 日 | | --- | --- | | 收盘价（港币） | 0.99 | | 恒生中国企业指数 | 9172.84 | | 52 周最高/最低（港币） | 1.48/0.76 | | H 股市值（亿港币） | 19.52 | | 流通 H 股（百万股） | 1,971.94 | | 汇率（港币/人民币） | 0.9099 | 一年内股价与基准指数对比走势： -2% 48% 98% 12/02 01/02 02/02 03/02 04/02 05/02 06/02 07/02 08/02 09/02 10/02 11/02 HSCEI 新高教集团 资料来源：Bloomberg 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 2025 年 12 月 02 日 新高教集团 (02001) ——成本高峰已过，盈利能力即将反弹 投资要点： 新高教集团公布 25 财年年报，全年收入 26 亿元，同 ...

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國新高教集團有限公司 呈交日期: 2025年12月1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) | 02001 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | | 0.0001 | USD | | 200,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | | 0.0001 | USD | | 200,000 | 本月底法定 ...

每经AI快讯，新高教集团(02001.HK)绩后跌近10%，截至发稿，跌9.91%，报1港元，成交额267.29万港 元。 ...

Core Viewpoint - New Higher Education Group (02001) experienced a nearly 10% drop in stock price following the release of its annual performance report, indicating market reaction to the financial results and dividend decision [1] Financial Performance - The company reported revenue of 2.599 billion RMB for the fiscal year ending August 31, 2025, representing a year-on-year increase of 7.78% [1] - Profit attributable to shareholders was 829 million RMB, reflecting a year-on-year growth of 9.67% [1] - Basic earnings per share were reported at 0.49 RMB [1] Dividend Decision - The board of directors decided not to recommend the payment of a final dividend for the fiscal year ending August 31, 2025, citing the need to retain funds for high-quality business development and operational requirements [1]