Investment Rating - The report maintains a "Buy" rating for the overseas education sector, particularly highlighting New Oriental as a key player [10]. Core Insights - The overseas education sector is experiencing improved operational efficiency and accelerated profit margin expansion, with New Oriental expected to report a revenue of $1.165 billion for Q2 FY26, representing a year-on-year growth of 12.2% [5][10]. - The report anticipates a significant increase in non-GAAP net profit for New Oriental, projected at $63 million, which is a 77.8% increase year-on-year, with a non-GAAP net profit margin of 5.4%, expanding by 2 percentage points [5][10]. Summary by Sections 1. Overseas Education - **Market Review**: The education index rose by 2.8% in the week of December 19-25, outperforming the Hang Seng Index by 1.8 percentage points, with a year-to-date increase of 13.1% [4]. - **Company Update**: New Oriental's revenue is expected to reach $1.165 billion, with the education business (including cultural tourism) contributing $957 million, a growth of 11% year-on-year [5][10]. - **Study Abroad Business**: The revenue from study abroad exam training and consulting is projected to decline by 3% to $242 million, reflecting a slowdown in growth due to high base effects from the previous year [2][5]. - **New Business Growth**: New business segments, including K9 competency training and learning machine services, are expected to grow by 21% to $364 million, driven by differentiated offerings for primary and secondary education [3][6]. - **Operating Profit Margin Improvement**: Despite a slowdown in high-margin study abroad business, the increase in competency business margins is expected to offset this. The non-GAAP operating profit margin is projected to expand by approximately 2 percentage points to 4.7% [6][10]. 2. Overseas Pharmaceuticals - **Market Review**: The Hang Seng Healthcare Index saw a slight increase of 0.02%, underperforming the Hang Seng Index by 1.24 percentage points [12]. - **Key Events**: Notable transactions include Sanofi's $2.2 billion acquisition of vaccine company Dynavax, which has a marketed hepatitis B vaccine and a promising shingles vaccine candidate [14]. - **Investment Recommendations**: The report suggests focusing on innovative drug companies with active business development opportunities and clinical progress in key pipelines, including companies like BeiGene and Innovent Biologics [15]. 3. Overseas Social Services - **Ctrip's Q3 Performance**: Ctrip reported a 16% year-on-year revenue increase to $18.4 billion, with strong performance across various business segments, particularly in international OTA platforms [17]. - **Tongcheng Travel's Q3 Performance**: Tongcheng Travel's revenue grew by 10% to $5.5 billion, with a notable increase in accommodation and core OTA business revenues [18]. - **Key Focus**: The report highlights potential growth in the outbound travel sector and the importance of hotel management services as additional growth drivers [19].

Investment Rating - The report maintains a positive outlook on the overseas education sector, particularly on New Oriental, with an investment rating of "Buy" [12]. Core Insights - New Oriental is expected to achieve revenue of $1.165 billion in 2QFY26, representing a year-on-year growth of 12.2%. The education business (including cultural tourism) is projected to generate $957 million, up 11% year-on-year, while other businesses (mainly Dongfang Zhenxuan) are expected to reach $208 million, growing 18% year-on-year. The Non-GAAP net profit attributable to the parent company is anticipated to be $63 million, reflecting a significant year-on-year increase of 77.8% [6][12]. - The report highlights a slowdown in the growth of the study abroad business, with expected revenue of $242 million in 2QFY26, down 3% year-on-year. This slowdown is attributed to high-end consumption challenges in the one-on-one exam preparation segment. The company is adapting by shifting from one-on-one to one-to-many class formats to lower per-class costs and expanding services to younger students [2][6]. - New business segments, including K9 competency training and learning machine services, are projected to grow by 21% year-on-year to $364 million in 2QFY26. The company aims to enhance operational efficiency and profit margins through improved utilization of existing teaching resources [3][7]. Summary by Sections Market Review - The education index increased by 2.8% during the week, outperforming the Hang Seng Index by 1.8 percentage points. Year-to-date, the education index has risen by 13.1%, lagging behind the Hang Seng Index by 9.18 percentage points [5]. Company Updates - New Oriental's revenue forecast for 2QFY26 is $1.165 billion, with a Non-GAAP net profit of $63 million and a Non-GAAP net profit margin of 5.4%, expanding by 2 percentage points year-on-year [6][12]. - The report notes a significant decline in the growth rate of the study abroad business, with a projected revenue decrease of 3% year-on-year [2][6]. - The new business segment is expected to maintain strong growth, with a projected revenue increase of 21% year-on-year [3][7]. Investment Analysis - The report recommends focusing on Hong Kong vocational education companies, particularly China Oriental Education, due to a rebound in vocational training demand and the company's proactive operational adjustments. It also suggests monitoring higher education companies as profitability is expected to improve [12].

留学业务增速触底。我们预计2QFY26 出国考试培训及咨询业务收入2.42 亿美元，同比下降3%，增速 较去年同期放缓33.3 个百分点（去年同期为高基数），较1QFY26 放缓4 个百分点。 留学业务中高端的出国考培1 对1 业务，因其偏高端消费，业务增长受到挑战。公司通过调整1对1 班型 至1 对多，从而降低课时单价；并通过增加青少年出国考培业务，扩展服务对象，以便提升出国业务增 长韧性。我们预计出国留学考培及咨询业务增速将于2QFY26 触底。 新业务增长保持强劲。我们预计2Q 新业务（K9 素养教培+学习机业务等）收入同比增长21%至3.64 亿 美元，非学科素养业务的高增得以持续。公司将通过产品矩阵，于小学阶段提供素养班课，于初中阶段 推出学习机订阅服务来满足小学素质培训、中学学科培训的差异化需求，带动新业务快速增长。我们预 计2Q 教学网点增至1368 个，同比增长20%，增速较1QFY26 放缓3.7 个百分点。公司将通过挖掘现有教 学网点产能利用率，提升运营效率，带动利润率进一步扩张。 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。同时公司持续推 进一系列诸如人员 ...

东方甄选的故事迎来了新篇章。 12月24日，有消息称新东方教育科技集团副总裁、广州学校校长孙进，将出任东方甄选执行总裁。东方甄选方面随后向《每日经济新闻》记者确认这 一任命属实。孙进，这位2006年加入新东方、从一线教师成长起来的19年"老将"，正式接过了这家明星公司的指挥棒。 过去的一年多时间里，曾塑造了东方甄选辉煌的董宇辉、孙东旭两位核心人物已相继离开。而当流量光环褪去，业绩压力成为东方甄选"下半场"无可 回避的首要问题。 据东方甄选2025财年（2024年6月1日至2025年5月31日）财报显示，东方甄选持续经营业务（自营产品及直播电商业务）的总营收为44亿元，相较上 一财年减少32.7%。总GMV（商品交易总额）为87亿元，上一财年则为143亿元，缩水了39.2%。 棋至中盘，俞敏洪选择孙进执掌东方甄选，这本身已为公司的下一阶段发展奠定了基调。事实上，孙进并非来自典型的互联网或零售领域，其在新东 方的履历长期扎根于教学与学校运营一线。如今，一道更为紧迫的考题正摆在他的面前：在"后顶流时代"，如何为东方甄选重新构建一个真正可持续 的增长引擎？ "老将"能否稳住新航向？ 如何打赢下半场？ 眼下，孙进所面对 ...

来源：中国网 在12月18日举办的2025年度国际在线教育大会上，新东方公益基金会凭借其在教育公益领域的长期耕耘 与突出成效，荣获大会颁发的"2025年度教育公益典范"奖项。本届大会以"科创赋能 智育未来"为主 题，汇聚教育界权威专家、知名校长和优秀教师共同探索教育现代化路径，为构建高质量、可持续、面 向未来的教育新生态贡献智慧与力量。 新东方公益基金会自2015年成立以来，始终秉持"以科技创新助推中国教育均衡发展"的使命，持续关注 乡村教育发展与青少年成长。2025年，基金会围绕乡村学生综合素质提升、教师专业能力发展、教育资 源均衡配置等方面，开展了一系列具有针对性和可持续性的公益项目，全年累计投入资金2000余万元， 切实助力乡村教育生态改善与社会公益事业发展。 在助力学生成长方面，新东方公益基金会协同情系远山公益基金会持续开展"远山博学课"公益项目，邀 请心理学、建筑学、动物学等各领域专家学者，以线上直播形式为乡村学生带来深入浅出的素质课程。 本年度共开展16节直播课，覆盖全国31个省区市的736所学校，惠及超过66万名师生。同时，新东方-蓝 图海洋研学公益项目今年累计组织48位西部地区师生走出家乡，前 ...

Core Insights - New Oriental Bilingual has won two prestigious awards for its excellence in international education and innovative practices integrating AI technology, highlighting the influence of Chinese brands in education [1][5]. Group 1: Achievements and Recognition - New Oriental Bilingual was recognized as a "High-Quality Development Case" in online education at the 16th Xinhua Net Education Forum for its contributions to international Chinese education [2]. - The company received the title of "2025 International Education Renowned Brand" at the 2025 International Online Education Conference, reflecting its deep commitment to the "Technology + Education" model [5]. Group 2: Educational Approach and Innovations - The company has developed a "language + culture + application" curriculum system based on 32 years of educational research, serving over 160,000 users across 138 countries [2]. - New Oriental Bilingual launched the Sure Chinese app, which features a tiered curriculum system catering to different user needs, and includes a core function of a "personal Chinese speaking AI teacher" [2][3]. Group 3: Future Directions and Philosophy - The CEO emphasized the importance of AI in lowering the barriers to quality Chinese education and enhancing cultural dissemination, aiming to make Chinese language learning more accessible globally [3][6]. - The company aims to foster curiosity, critical thinking, and language skills in children, viewing technology as a tool to ignite potential [6]. Group 4: Commitment to Cultural Exchange - Since its establishment in 2017, New Oriental Bilingual has evolved from foreign teacher services to a focus on global Chinese learning, offering courses for children, adults, and teacher training [7]. - The company is dedicated to being a cultural disseminator, using high-quality courses to tell Chinese stories in an accessible manner, enhancing understanding and resonance with global audiences [7][9].

申万宏源发布研报称，维持新东方-S(09901)FY26-FY28财年收入53.8亿、59.8亿、67.3亿美元。由于出 国留学业务收缩触底，对利润率的拖累预计即将出清。同时公司将全年教学网点的增长速度放缓至 10%，提升教学网点产能利用率，因此利润率压力逐步出清。该行维持FY26-FY28财年Non-GAAP净利 润5.55亿、6.1亿、6.79亿美元，维持目标价69.9美元(目标价对应54.9港元每股，每一股ADR等于10股普 通股，港股交易的是普通股)，上调至买入评级。 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。同时公司持续推进一系列诸如人员 精简，费用控制，该行预计2QFY26Non-GAAP经营利润率同比将扩张约2个百分点至4.7%。Non-GAAP 经营利润率呈现加速扩张的趋势(1Q扩张1个百分点)其中教育业务Non-GAAP经营利润率4.1%，同比扩 张0.9个百分点。其他业务(主要为东方甄选)Non-GAAP经营利润率8%，同比扩张8.5个百分点。 风险提示：非学科培训监管政策加码;海外地缘政治因素导致境外留学签证受阻，业务恢复放缓。 该行预计2QFY26出国 ...

智通财经APP获悉，申万宏源发布研报称，维持新东方-S(09901)FY26-FY28财年收入53.8亿、59.8亿、 67.3亿美元。由于出国留学业务收缩触底，对利润率的拖累预计即将出清。同时公司将全年教学网点的 增长速度放缓至10%，提升教学网点产能利用率，因此利润率压力逐步出清。该行维持FY26-FY28财年 Non-GAAP净利润5.55亿、6.1亿、6.79亿美元，维持目标价69.9美元(目标价对应54.9港元每股，每一股 ADR等于10股普通股，港股交易的是普通股)，上调至买入评级。 申万宏源主要观点如下： 该行预计新东方2QFY26收入11.65亿美元，同比增长12.2%。其中教育业务(含文旅)实现收入9.57亿美 元，同比增长11%。其他业务(主要为东方甄选)收入2.08亿美元，同比增长18%。该行预计归属母公司 的Non-GAAP净利润为0.63亿美元，同比增长77.8%。Non-GAAP净利率为5.4%，同比扩张2个百分点。 留学业务增速触底 新业务增长保持强劲 该行预计2Q新业务(K9素养教培+学习机业务等)收入同比增长21%至3.64亿美元，非学科素养业务的高 增得以持续。公司将通过产 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 社会服务 2025 年 12 月 25 日 新东方-S (09901) ——经营效率提升，利润率扩张提速 报告原因：调整投资评级 买入（上调） | 市场数据： | 2025 年 12 月 24 日 | | --- | --- | | 收盘价（港币） | 43.58 | | 恒生中国企业指数 | 8915.12 | | 52 周最高/最低（港币） | 49.90/31.20 | | H 股市值（亿港币） | 751.92 | | 流通 H 股（百万股） | 1,591.46 | | 汇率（港币/人民币） | 0.9067 | 一年内股价与基准指数对比走势： -33% 17% 67% HSCEI 新东方-S 资料来源：Bloomberg 相关研究 - 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 黄哲 A0230513030001 huangzhe@swsresearch.com 投资要点： 我们预计新东方 2QFY26 收入 11.65 亿美元，同比增长 12.2%。其中教育业务（含文旅）实现 收入 ...

公开信息显示，孙进2006年加入新东方，深耕出国考试培训与学校管理，教学与运营经验丰富。 此前，东方甄选前执行董事、CEO孙东旭因"小作文"风波被免职，董事长俞敏洪兼任东方甄选CEO。今 年11月6日，俞敏洪在个人社交平台发文确认孙东旭离职。 （文章来源：新京报） 新京报贝壳财经讯（记者丁爽）12月24日，有消息称，新东方教育科技集团副总裁、广州学校校长孙进 将担任东方甄选执行总裁。对此，东方甄选方面对记者称，"孙进老师担任东方甄选执行总裁消息属 实。" ...