交银国际发布研报称，维持新东方-S(09901)港股目标价46港元及"买入"评级。该行下调2026/2027财年 公司收入约3%，预计收入增速10%/14%，下调营运利润约17%，预计营运利润率10.2%/10.5%，较2025 财年微增。仍看好K12教培相关业务需求及增长前景。 留学相关业务影响仍持续，管理阶层指引2026财年集团收入增加5-10%，对比市场预期的12%，主要调 整仍在于出国相关业务增速预期调整至下降5%，K12相关业务增长率维持市场预期(19%)。公司加速成 本优化，致力于全年实现营运利润率稳定或微增目标。 该行称，第1季度指引低于预期主要受到季节性因素影响，第2-4季度增速将恢复。调整估值方法至 SOTP，分别给予2026财年K12业务15倍/留学业务8倍市盈率，对应利润增速分+22%/-10%。交银国际 指，2025财年4季度收入同比增9.4%，超该行/机构预期2%/5%。不含东方甄选(01797)，教育/文旅收入 同比增19%，教育营运利润率6.5%，较去年同期提升410个基点，得益于有效的降本增效措施。 ...

Core Viewpoint - The report from CMB International maintains a target price of HKD 46 for New Oriental-S (09901) and a "Buy" rating, while adjusting revenue and operating profit forecasts for the fiscal years 2026 and 2027 downward by approximately 3% and 17% respectively [1] Group 1: Financial Projections - Revenue growth is expected at 10% and 14% for fiscal years 2026 and 2027 respectively, with an operating profit margin projected at 10.2% and 10.5%, showing a slight increase compared to fiscal year 2025 [1] - The fourth quarter of fiscal year 2025 saw a revenue increase of 9.4% year-on-year, surpassing the expectations of CMB International and other institutions, which were 2% and 5% respectively [1] - Excluding Dongfang Zhenxuan (01797), education and cultural tourism revenue increased by 19% year-on-year, with an education operating profit margin of 6.5%, up 410 basis points from the same period last year due to effective cost reduction and efficiency improvement measures [1] Group 2: Business Segments and Market Outlook - The guidance for the first quarter was below expectations primarily due to seasonal factors, but growth is expected to recover in the second to fourth quarters [1] - The management's guidance for fiscal year 2026 indicates a group revenue increase of 5-10%, compared to the market expectation of 12%, with the main adjustment being a downward revision of the growth forecast for overseas-related business to a decline of 5% [1] - The growth rate for K12-related business is maintained at the market expectation of 19% [1] Group 3: Valuation Methodology - CMB International has adjusted its valuation method to SOTP, assigning a price-to-earnings ratio of 15 times for K12 business and 8 times for study abroad business for fiscal year 2026, corresponding to profit growth rates of +22% and -10% respectively [1] - The company is accelerating cost optimization efforts, aiming to achieve stable or slightly increased operating profit margins for the entire year [1]

金十图示：2025年08月01日（周五）中国科技互联网公司市值排名TOP 50一览 | 排名 | | 公司 | 市值(亿美元) | 排名变化 | | --- | --- | --- | --- | --- | | 1 | | 台积电 | 12531.68 | | | 2 | | 腾讯控股 | 6422.38 | | | 3 | 12 | 阿里巴巴 | 2877.45 | | | 4 | | 小米集团-W | 1757.35 | | | 5 | | 拼多多 | 1610.59 | | | 6 | 美团 | 美团-W | 945.76 | | | 7 | 網易 | 网易 | 825.06 | | | 8 | | 中芯国际 | 523.46 | | | --- | --- | --- | --- | --- | | 9 | | 东方财富 | 512.49 | | | 10 | | 京东 | 453.93 | | | II | 8 | 快手-W | 416.74 | | | 12 | | 腾讯音乐 | 325.12 | | | 13 | | 百度 CC | 302.07 | | | 14 | | 理想汽车 | 279 ...

Investment Rating - The report downgrades the investment rating to "Accumulate" with an expected price increase of 5% to 15% over the next 6-12 months [5]. Core Views - The company reported Q4 FY2025 revenue of $1.243 billion, a year-over-year increase of 9.4%, with the education segment revenue reaching $1.089 billion, up 18.7%, exceeding guidance [2]. - The company announced a three-year shareholder return plan, committing to return at least 50% of the previous fiscal year's net profit to shareholders through dividends and buybacks, estimating a total return of no less than $186 million for FY2025 [4]. - The education business is expected to experience a slowdown in revenue growth due to economic conditions and increased competition, with Q1 FY2026 international exam preparation and study abroad consulting revenues projected to decline by 5% year-over-year [3]. Summary by Sections Performance Review - FY2025 Q4 revenue was $1.243 billion, with a 9.4% year-over-year increase. The education business revenue was $1.089 billion, up 18.7%, surpassing guidance. Non-GAAP operating profit margin improved to 6.5%, a 4.1 percentage point increase year-over-year [2]. Operational Analysis - The education business revenue growth is expected to slow in FY2026 due to economic and international factors. Q1 FY2026 international business is projected to decline by 5%, while K9 business is expected to grow by 15-16% [3]. - Profit pressure is anticipated from the slowdown in education revenue, but cost reduction and efficiency improvements are expected to positively impact profit margins by 1-1.5 percentage points [3]. Profit Forecast, Valuation, and Rating - The company is projected to achieve total revenues of $5.276 billion, $5.719 billion, and $6.228 billion for FY2026, FY2027, and FY2028, respectively, with a three-year compound growth rate of 8% [5]. - Non-GAAP net profit estimates are $560 million, $598 million, and $641 million for FY2026, FY2027, and FY2028, respectively, with adjusted PE ratios of 14, 13, and 12 times [5].

Core Insights - New Oriental Education Technology Group reported a revenue of $3.657 billion for the fiscal year ending February 28, 2025, reflecting a year-over-year growth of 15.12% [1] - The company's net profit attributable to shareholders reached $365 million, marking a 29.01% increase compared to the previous year [1] Company Overview - New Oriental Education Technology Group is positioned as a comprehensive education group focused on the holistic growth of students, driven by technology [2] - The company has evolved from the Beijing New Oriental School, established in 1993, and has developed multiple platforms including short-term training, cultural dissemination, consulting services, and technology industries [2] - New Oriental is a well-known private education institution in China, successfully listed on the New York Stock Exchange in September 2006 and later on the Hong Kong Stock Exchange in November 2020 [2]

One stock to keep an eye on is New Oriental Education & Technology Group (EDU) . EDU is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock is trading with a P/E ratio of 13.06, which compares to its industry's average of 14.58. EDU's Forward P/E has been as high as 20.90 and as low as 11.51, with a median of 14.87, all within the past year. Investors should also recognize that EDU has a P/B ratio of 2. The P/B is a method of comparing a stock's market value to its book value, ...

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记者丨王峰 编辑丨周上祺 新东方（NYSE：EDU；HK：09901）刚刚经历了一个不容易的2025财年，即将迎来一个更不容易的 2026财年。 近日，新东方公布截至2025年5月31日的2025财年第四季度及全年未经审核业绩。2025财年第四季度， 新东方营收12.4亿美元，同比增长9.4%。2025财年，新东方营收为49亿美元，同比增长13.6%。 这是一份稳定增长的业绩，但令人担忧的是，增长正在放缓。新东方2024财年的营收增长高达43.9%， 本财年却出现断崖式失速。更令人担忧的是，新东方预计2026财年第一季度营收仅增长2%—5%，为了 安抚资本市场，新东方罕见地在财报会上给出了2026财年全年的业绩预期，虽比一季度预期更好，但也 只增长5%—10%。 董宇辉出走对东方甄选的业绩影响，复杂国际形势对出国留学业务的影响，K12领域激烈的市场竞争， 都是新东方增长放缓的重要原因。 净利润为何剧减 2025财年第四季度，新东方营收12.4亿美元，同比增长9.4%；不包括东方甄选自营产品及直播电商业务 实现的营收为10.9亿美元，同比增长18.7%；新东方股东应占净利润为710万美元，同比下降73.7%。 ...

Core Viewpoint - New Oriental has experienced a challenging fiscal year 2025 and is expected to face an even tougher fiscal year 2026, with significant concerns regarding slowing growth and declining net profits [1][3][12]. Financial Performance - In Q4 of fiscal year 2025, New Oriental reported revenue of $1.24 billion, a year-on-year increase of 9.4%. For the entire fiscal year, revenue reached $4.9 billion, up 13.6% year-on-year [1][3]. - The net profit attributable to shareholders was $7.1 million, a dramatic decline of 73.7% year-on-year [3][4]. - Operating costs and expenses increased by 11.2% to $1.25 billion, surpassing the revenue growth rate of 9.4% [4]. Reasons for Declining Profit - The significant drop in net profit is primarily attributed to increased costs and expenses, including a notable goodwill impairment of $60.3 million, which was a one-time charge related to previous acquisitions of kindergartens [4][7]. - Excluding the goodwill impairment, the profit would have shown a substantial year-on-year increase of approximately 150% [7]. Business Segment Performance - New Oriental's education new business, primarily K9, has seen a gradual decline in revenue growth rates, with quarterly growth rates of 49.8%, 42.6%, 34.5%, and 32.5% respectively [9]. - The non-academic tutoring business reported approximately 918,000 enrollments in Q4, reflecting a significant increase from previous years [9]. - Traditional overseas exam preparation and consulting services have stabilized, with revenue growth of 14.6% and 8.2% respectively in Q4 [10]. Future Outlook - For Q1 of fiscal year 2026, New Oriental expects revenue to be between $1.46 billion and $1.51 billion, representing a year-on-year growth of 2% to 5% [12][13]. - The full fiscal year 2026 revenue is projected to be between $5.15 billion and $5.39 billion, with an anticipated growth rate of 5% to 10% [13]. - The K9 business is expected to grow around 20%, while overseas-related businesses are projected to grow by 4% to 5% [13].

Core Viewpoint - New Oriental has experienced a challenging fiscal year 2025 and is expected to face an even tougher fiscal year 2026, with significant concerns regarding slowing revenue growth and declining net profit [1][2]. Revenue Performance - In Q4 of fiscal year 2025, New Oriental reported revenue of $1.24 billion, a year-on-year increase of 9.4%. For the entire fiscal year, revenue reached $4.9 billion, up 13.6% year-on-year [1][2]. - The revenue growth rate has significantly slowed compared to fiscal year 2024, which saw a growth rate of 43.9% [1]. - The company forecasts Q1 of fiscal year 2026 revenue growth to be only 2% to 5%, with an annual growth expectation of 5% to 10% [1][10]. Net Profit Analysis - New Oriental's net profit for Q4 of fiscal year 2025 was $7.1 million, a dramatic decline of 73.7% year-on-year [2][4]. - The sharp decline in net profit is primarily attributed to increased costs and expenses, which rose by 11.2% to $1.25 billion, outpacing revenue growth [4]. - A significant factor in the profit drop was a goodwill impairment of $60.3 million, related to previous acquisitions of kindergartens, which was a one-time charge [4][5]. Business Segment Performance - The growth of New Oriental's educational new business, primarily K9, has been slowing, with revenue growth rates of 49.8%, 42.6%, 34.5%, and 32.5% over the past four quarters [7]. - Traditional overseas exam preparation and consulting services have stabilized, with revenue growth of 14.6% and 8.2% respectively in Q4 [8][9]. - Domestic exam preparation services have also shown a decline in growth, influenced by reduced enrollment and participation [9]. Future Outlook - The company anticipates a revenue range of $1.46 billion to $1.51 billion for Q1 of fiscal year 2026, indicating continued slow growth [10]. - For the entire fiscal year 2026, revenue is projected to be between $5.15 billion and $5.39 billion, with specific growth expectations of approximately 20% for K9 business and 10% for domestic exam preparation [10].