机构：申万宏源研究 研究员：黄哲 投资要点： 我们预计新东方4QFY25 收入11.86 亿美元，同比增长4.4%。其中教育业务（含文旅）实现收入10.34 亿 美元，同比增长13.3%。其他业务（主要为东方甄选）收入1.52 亿美元，同比下降32.1%。我们预计归 属母公司的Non-GAAP 净利润为0.51 亿美元，同比增长39.2%。Non-GAAP净利率为4.3%，同比扩张1.1 个百分点。 经营利润率改善。虽然高利润率的留学业务增长放缓，但被素养业务利润率提升抵消。同时公司推进一 系列诸如人员精简，费用控制，取消25 财年额外奖金发放等措施（24 财年额外奖金已于24 财年4 季度 发放），我们预计4Q 的教育业务Non-GAAP 经营利润率同比将扩张约1 个百分点至3%，扭转3Q 下降 的趋势。 维持买入评级。由于留学业务增长放缓，我们小幅下调FY25-FY27 财年收入至48.4 亿、58 亿、70.3 亿 美元（原预测为49.6 亿、60.2 亿、73.4 亿美元）。因为推进成本控制，提升运营效率，我们上调FY25- FY27 财年Non-GAAP 净利润至4.67 亿、5.75 亿、7.1 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company's education business is expected to see a recovery in profit margins, and regular share buybacks may enhance its valuation [2][8] - The projected revenue for Q4 FY25 is $1.186 billion, representing a year-on-year growth of 4.4%, with the education segment (including cultural tourism) contributing $1.034 billion, a 13.3% increase [5] - Non-GAAP net profit attributable to the parent company is forecasted to be $51 million, a 39.2% increase year-on-year, with a Non-GAAP net profit margin of 4.3%, expanding by 1.1 percentage points [5][7] Revenue and Profitability - The report anticipates a slowdown in the growth of the study abroad business, projecting a revenue of $298 million for Q4 FY25, a 5% increase, which is a deceleration of 12.5 percentage points compared to the same period last year [6] - New business segments, including K9 competency training and learning machine services, are expected to grow by 34% year-on-year to $311 million in Q4 [6] - The company is expected to improve its Non-GAAP operating profit margin to 3% in Q4, reversing the decline seen in Q3 [7] Financial Projections - Revenue forecasts for FY25 to FY27 have been slightly adjusted to $4.84 billion, $5.8 billion, and $7.03 billion respectively [8] - Non-GAAP net profit estimates for FY25 to FY27 have been raised to $467 million, $575 million, and $710 million respectively [8] - The DCF target price has been increased to $76.3, corresponding to a PE ratio of 17.1 for FY25 [8]

港股教育板块持续走强，新东方(09901.HK)涨超10%，卓越教育集团(03978.HK)涨超7%，天立国际控股 (01773.HK)、立德教育(01449.HK)等跟涨。 ...

Group 1: Stock Market Movements - HSBC Holdings (00005) rose nearly 3% after the English and Welsh High Court confirmed the cancellation of the company's share premium account of $14.8 billion and capital redemption reserve of $1.755 billion [1] - Hong Kong property stocks saw gains, with New World Development (00017) up 7.74%, Hang Lung Properties (00101) up 5.04%, Hysan Development (00012) up 4.18%, and Cheung Kong Property (01113) up 2.16% [1] - Education stocks continued their strong performance, with New Oriental - S (09901) up 7.25%, Excellence Education Group (03978) up 5.37%, Tianli International Holdings (01773) up 2.93%, and Xijiao International Holdings (01765) up 1.65% [2] - Gaming stocks maintained their upward trend, with Melco International Development (00200) up 4.75%, Sands China (01928) up 3.69%, Wynn Macau (01128) up 2.12%, and SJM Holdings (00880) up 1.68% [3] - Semiconductor stocks continued to rise, with Hua Hong Semiconductor (01347) up 4.85%, SMIC (00981) up 2.52%, and Jingmen Semiconductor (02878) up 2.25% [3] Group 2: Company Announcements and Developments - Giant Bio (02367) fell over 5% after acknowledging limitations in its existing quality standards and testing methods [1] - China Electric Power Technology (00085) dropped nearly 13% due to a decline in profit expectations attributed to weak demand in the smart card market [1] - CATL (03750) rose over 3% following the establishment of "Shanghai Zhaofu Intelligent Technology Co., Ltd." with a registered capital of 1.288 billion RMB, focusing on L4 autonomous driving technology [2] - JD Logistics (02618) surged over 9% as it began recruiting full-time delivery riders for its food delivery service [2] - NIO (NIO.US) announced the launch of its BaaS battery rental scheme ahead of schedule, contributing to a rise of over 2% in its stock [5] Group 3: Market Reactions and Future Outlook - Three Flowers Intelligent Control (02050) rose over 5% after announcing expected revenue of approximately 15.044 billion to 17.779 billion RMB for the first half of 2025, representing a year-on-year growth of 10% to 30% [3] - Guotai Junan International (01788) soared over 100% after receiving approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services [3] - Dragon Power Technology (02465) rose over 5% due to ongoing positive developments in the solid-state battery industry [3]

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3421 | 1.15 | 2.16 | 0.98 | | 深证综指 | 2023 | 1.79 | 2.54 | 0.64 | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 1.24 | 0.26 | -1.81 | | 中盘指数 | 1.46 | 2.22 | -4.65 | | 小盘指数 | 1.78 | 3.11 | 0.54 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | 电机Ⅱ | 5.35 | 0.58 | 13.18 | | 电池 | 3.81 | 1.2 | -2.3 | | 自动化设备 | 3.8 | 0.87 | 1.3 | | 摩托车及其 | 3.63 | 3.92 | 20.5 | | 他 家电零部件 | 3.59 | 0.51 | 11. ...

The second trading day of the week was a good one for New Oriental Education & Technology Group (EDU 13.07%) shareholders. On the back of an analyst's recommendation upgrade, their stock surged more than 13% higher in price. That absolutely crushed the S&P 500's (^GSPC 1.11%) 1.1% increase.Inexpensive and attractive, says prognosticatorThat move was made by J.P. Morgan, in the person of analyst DS Kim. That morning, Kim changed his recommendation on New Oriental to overweight (buy, in other words) from his ...

热门中概股理想涨8.1%，新东方涨5.3%，小鹏涨4.5%，百胜中国和小米涨超2%，网易涨1.3%，拼多 多、百度、腾讯、京东、阿里巴巴至多涨0.8%，文远知行则跌0.5%，小马智行跌3.9%。 纳斯达克金龙中国指数初步收涨0.8%。 中概ETF YINN涨4%，DRAG、CQQQ涨超1.2%，KWEB涨1%。 ...

以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 文 |孟帅 编 |深海 "在东方甄选工作学习的第三年，我毕业啦！"618大促收官当天，东方甄选旗下人气主播顿顿却 向外界宣布了自己要离开东方甄选的消息。 此次离职，顿顿对俞敏洪及公司均表达了感谢，并表示未来将继续以产品推荐官的身份与东方甄 选合作。值得一提的，在去年直播时，顿顿也曾表达过自己对于公司管理的不满。 据雷达财经 不完全 统计，自 2024年7月敬文、董宇辉先后宣布离开后，短短一年间，东方甄选 至少已有三位 人气 主播选择出走。 回溯东方甄选及其母公司新东方的发展史，人才出走对于俞敏洪而言早已不是什么稀罕事， 如 真格基金创始人徐小平、王强，高途创始人陈向东，锤子科技创始人罗永浩等 大佬 ，都曾 在新 东方有过打拼经历。 遨游广袤的财富世界。 雷达财经出品 而 多位人气主播 相继 出走 背后， 东方甄选 近来 业绩欠佳。 2025财年中报数据显示，公司营 收同比锐减超20%， 期内利润 更是由盈转亏。与此同时，东方甄选还 面临掉粉困境， 粉丝数与 GMV均 被与辉同行后来居上。 01 东方甄选主播顿顿离职，此前曾表达对公司管理不 ...

以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 来源丨 雷达财经（ID：leidacj） 东方甄选主播顿顿离职，此前曾表达对公司管理不满 6月18日，就在 头部主播激战 正酣、各大平台硝烟弥漫之际，原东方甄选旗下知名主播顿顿与东方 甄选、东方甄选美丽生活发布共创视频，宣布了自己将要从东方甄选离职的消息。 据顿顿透露，自己早在 2017年便加入了新东方。而他在东方甄选镜头前当主播， 至今 已有三年时 光。作为东方甄选旗下的人气主播之一，顿顿成功将东方甄选美丽生活打造为行业头部账号。 作者丨孟帅 编辑丨深海 "在东方甄选工作学习的第三年，我毕业啦！"618大促收官当天，东方甄选旗下人气主播顿顿却向外 界宣布了自己要离开东方甄选的消息。 此次离职，顿顿对俞敏洪及公司均表达了感谢，并表示未来将继续以产品推荐官的身份与东方甄选合 作。值得一提的，在去年直播时，顿顿也曾表达过自己对于公司管理的不满。 据笔者 不完全 统计，自 2024年7月敬文、董宇辉先后宣布离开后，短短一年间，东方甄选至少已有 三位 人气 主播选择出走。 回溯东方甄选及其母公司新东方的发展史，人才出走对于俞 ...

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of June 18, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - The leading company is Taiwan Semiconductor Manufacturing Company (台棋电) with a market cap of approximately 11,093.97 million [3]. - Tencent Holdings (腾讯控股) ranks second with a market cap of about 5,904.61 million [3]. - Alibaba (阿里巴巴) follows in third place with a market cap of 2,743.28 million [3]. - Xiaomi Group (小米集团-W) is fourth with a market cap of 1,775.54 million [3]. - Pinduoduo (拼多多) ranks fifth with a market cap of 1,455.56 million [3]. Group 2: Additional Notable Companies - Meituan (美团-W) is ranked sixth with a market cap of 1,042.23 million [4]. - NetEase (网易) holds the seventh position with a market cap of 820.69 million [4]. - JD.com (京东) is eighth with a market cap of 478.15 million [4]. - Dongfang Caifu (东方财富) ranks ninth with a market cap of 470.88 million [4]. - SMIC (中芯国际) is in tenth place with a market cap of 395.97 million [4]. Group 3: Companies Ranked 11-50 - Kuaishou (快手-W) is ranked eleventh with a market cap of 314.66 million [5]. - Baidu (百度) follows in twelfth place with a market cap of 295.68 million [5]. - Li Auto (理想汽车) is thirteenth with a market cap of 288.38 million [5]. - Tencent Music (腾讯音乐) ranks fourteenth with a market cap of 281.90 million [5]. - Bilibili (哔哩哔哩) is twenty-second with a market cap of 86.69 million [6].