Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's education business performed well, with non-e-commerce revenue growing by 31% year-on-year, slightly exceeding previous management guidance. However, the e-commerce business negatively impacted overall profit performance [1][8] - For FY2025Q2, the company achieved net revenue of $1.039 billion, a year-on-year increase of 19.4%, with non-e-commerce revenue at $894 million, up 31.3%, surpassing prior guidance of 25%-28% [1][8] - The company anticipates non-e-commerce revenue growth of 18-21% for FY2025Q3, which is lower than the initial 30% growth forecast due to external consumption pressures [3][17] - The company is actively responding to industry trends by launching targeted programs, such as early study abroad training for youth, to mitigate impacts from high-end product demand pressures [18] Summary by Sections Financial Performance - In FY2025Q2, the company reported a net profit of $31.93 million, a 6.2% increase year-on-year, while Non-GAAP net profit decreased by 29.1% to $35.54 million, primarily due to the impact of the subsidiary's divestiture [1][8] - The operating profit for FY2025Q2 was $19.26 million, down 9.8% year-on-year, with Non-GAAP operating profit at $27.58 million, down 45.8% [1][8] Business Segments - The education new business segment grew by 42.6% year-on-year, while high school training increased by 20%, maintaining strong performance [2][11] - The e-commerce business saw a decline of 23% year-on-year due to the completion of the divestiture of "With Huixing" [2][11] - Deferred revenue as of the end of FY2025Q2 was $1.961 billion, up 19.2% year-on-year, although the growth rate has slowed compared to previous quarters [12][15] Capacity Expansion - The company expanded its capacity by 5% quarter-on-quarter, with the number of schools and learning centers reaching approximately 1,143, a 12% increase year-on-year [12][15] - The company remains on track to achieve its annual capacity expansion plan of 20-25% [12]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Insights - The company's non-e-commerce revenue (education and cultural tourism) grew by 31% year-on-year, slightly exceeding previous management guidance, while overall net revenue reached $1.039 billion, a 19.4% increase [1][8] - The company is expected to face pressure on high-end product demand, leading to a downward revision of revenue forecasts for FY2025-2027 [3][18] - The company remains a leading player in the education and training sector with a clear growth logic [18] Revenue and Profitability - For FY2025Q2, the company achieved a net revenue of $1.039 billion, with non-e-commerce revenue at $894 million, reflecting a 31.3% increase [1][8] - The operating profit was $19.26 million, down 9.8% year-on-year, while Non-GAAP operating profit was $27.58 million, down 45.8% [1][8] - The net profit attributable to shareholders was $31.93 million, a 6.2% increase, while Non-GAAP net profit was $35.54 million, down 29.1% [1][8] Business Segment Performance - The education new business segment grew by 42.6% year-on-year, while high school training increased by 20% [2][11] - The e-commerce business declined by 23% due to the divestiture of "With Huixing" [2][11] - The cultural tourism business is expected to remain in a loss state due to low revenue during the traditional off-season [2][11] Capacity Expansion and Deferred Revenue - The company expanded its capacity by 5% quarter-on-quarter, with a total of approximately 1,143 schools and learning centers, a 12% increase year-on-year [12] - Deferred revenue reached $1.961 billion, a 19.2% increase year-on-year, although the growth rate has slowed compared to previous quarters [15] Future Outlook - For FY2025Q3, non-e-commerce revenue is expected to grow by 18-21% year-on-year, indicating a slowdown from earlier projections [3][17] - The company is actively responding to industry trends by launching targeted programs, such as early training for youth studying abroad, to stabilize its business [18]

Investment Rating - The report maintains a "Buy" rating for New Oriental [1][11] Core Insights - New Oriental reported a revenue of USD 1.039 billion for the second quarter of FY25, representing a year-on-year increase of 19.4%. However, the Non-GAAP net profit attributable to the parent company decreased by 29.1% to USD 36 million [2][8] - The education business continues to show strong growth, with a revenue increase of 28% year-on-year to USD 899 million. New business revenue, including non-academic training and learning machines, reached USD 301 million, up 43% year-on-year [3][9] - The overseas education business is facing challenges, with revenue of USD 249 million in the latest quarter, a 30.3% increase year-on-year, but expected to slow down in the next quarter due to reduced demand [4][10] Financial Performance and Forecast - For FY25, the adjusted net profit attributable to the parent company is projected to be USD 493 million, with revenues expected to grow to USD 5.271 billion, reflecting a year-on-year growth rate of 22.2% [6][11] - The company anticipates continued growth in non-academic training, with enrollment expected to reach 3.82 million, indicating significant potential compared to pre-"Double Reduction" policy levels [3][9] - The target price is set at USD 109.5 under the SOTP valuation, equivalent to HKD 85.6, maintaining the "Buy" rating [11]

Investment Rating - The report maintains a "Buy" rating for New Oriental Education Technology (9901 HK) with a target price adjusted to HKD 60.00, indicating a potential upside of 28.5% from the current price of HKD 46.70 [1][3][13]. Core Insights - The report expresses optimism regarding the K12 growth prospects despite uncertainties affecting revenue expectations, maintaining a "Buy" stance [1][6]. - The company's revenue for the fiscal year ending May 31, 2025, is projected to reach USD 4.972 billion, reflecting a year-on-year growth of 15.3% [2][15]. - The adjusted net profit for the fiscal year 2025 is estimated at USD 481 million, with an adjusted EPS of USD 0.29, showing a growth of 27.7% compared to the previous year [2][15]. Financial Overview - Revenue projections for New Oriental Education Technology are as follows: - 2023: USD 2.998 billion - 2024: USD 4.314 billion - 2025E: USD 4.972 billion - 2026E: USD 5.928 billion - 2027E: USD 6.872 billion - The company is expected to achieve a net profit of USD 259 million in 2023, increasing to USD 720 million by 2027 [2][15]. - The report highlights a significant increase in new business revenue, which is expected to maintain a high growth rate of 43% year-on-year, contributing to 28% of total revenue [6][7]. Performance Metrics - The report notes that the adjusted operating profit margin for the second quarter of fiscal year 2025 is projected at 2.7%, with a net profit margin of 3.4% [6][7]. - The company’s K12 education business is anticipated to show a revenue growth rate exceeding 30% for the fiscal year 2025, contributing nearly 60% to core education revenue [6][7]. - The report indicates that the company’s stock price has recently declined by 22% following earnings announcements, leading to a future 12-month P/E ratio of 13.8, which is considered low historically [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported FY2Q25 unaudited revenue of $1.039 billion, representing a year-over-year increase of 19.4%. The net profit attributable to shareholders was $32 million, up 6.2%, while the adjusted net profit decreased by 29.1% to $36 million [1][2]. - The education segment, excluding certain businesses, generated $894 million in revenue, marking a 31.3% increase, surpassing previous guidance [2]. - The company expects FY3Q25 education revenue to be between $1.01 billion and $1.03 billion, reflecting a growth of 20-23% [2]. Summary by Sections Financial Performance - The company achieved a gross margin of 52.0%, an increase of 0.6 percentage points year-over-year. The operating profit margin (excluding e-commerce) was 2.8%, up 1.0 percentage points [3]. - The forecast for Non-GAAP net profit for FY25 to FY27 is $490 million, $670 million, and $850 million, respectively, with year-over-year growth rates of 34.75%, 35.96%, and 27.21% [4]. Revenue Growth - The education business saw significant growth, with overseas exam training and consultation services increasing by 21.1% and 31.0%, respectively. Domestic exam training for adults and college students grew by 34.9% [2]. - The number of active paid users for the smart learning system increased by 44.2% to 261,000 [2]. Cost Management - The company effectively controlled costs, with a sales expense ratio of 18.9% and a management expense ratio of 31.3%, both showing slight increases [3].

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 62.84, based on a FY25 PE of 25X [3]. Core Views - The K12 education training policy is improving, with a significant reduction in offline training institutions, leading to a shift from academic tutoring to quality education training. The high school student population is expected to grow, and the declining college admission rates will drive the recovery of the high school academic training market [2]. - The company's brand strength remains robust, with revenue and capacity recovering to industry-leading levels. The company is expected to benefit from the recovery of profit margins as capacity increases [2]. - Future growth drivers include strong demand for quality training and learning devices, recovery in overseas study services, and potential growth in cultural tourism and e-commerce businesses [2][3]. Summary by Sections Company Overview - The company has been deeply involved in the education sector for 31 years, evolving from providing exam preparation for students studying abroad to a comprehensive education group covering various services including K12 training, overseas study services, vocational education, and online education [1][15]. K12 Education - The K12 education sector is experiencing favorable policies and effective supply clearing, with a 96.7% reduction in offline academic training institutions by January 2025. The demand for quality training is expected to grow as the market shifts from academic tutoring [2][36]. - The company is well-positioned to capture the growing demand for quality education and learning devices, with a significant increase in the number of students participating in quality education programs [2][45]. Overseas Study Services - The demand for overseas study services is recovering, with the market expected to stabilize as the supply of study institutions improves. The company holds a leading position in this sector [2][3]. Other Businesses - The cultural tourism business is anticipated to become a new growth curve, while the e-commerce segment is expected to recover from short-term challenges and return to reasonable growth in the medium to long term [2][3]. Profit Forecast and Valuation - The report forecasts Non-GAAP net profits of USD 528 million, USD 692 million, and USD 887 million for FY25, FY26, and FY27, respectively, with year-on-year growth rates of 44.5%, 31.1%, and 28.2% [3][6].

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 新 東 方 教 育 科 技（ 集 團 ）有 限 公 司 * （於開曼群島存續的有限公司） （股份代號：9901） 截 至 2024 年 1 1 月 3 0 日止第二季度的 未經審核財務業績 我們謹此公佈截至2024年11月30日止三個月及六個月的未經審核業績（「中期業績」）。 本 公 告 乃 根 據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.48(1)條作為截至2024 年11月30日止六個月的中期報告提供予我們的股東。中期業績在香港聯交所網站 (www.hkexnews.hk)及我們的網站(http://investor.neworiental.org/)可供查閱。 承董事會命 New Oriental Education & Technology Group ...

上 市 公 司 社会服务 2025 年 01 月 07 日 新东方-S (09901) 联系人 黄哲 (8621)23297818× huangzhe@swsresearch.com 投资要点： —— 网点持续扩张，静待教育业务增长提速 报告原因：强调原有的投资评级 买入（维持） | 市场数据： | 2025 年 01 月 07 日 | | --- | --- | | 收盘价（港币） | 48.70 | | 恒生中国企业指数 | 7049.71 | | 52 周最高/最低（港币） | 77.05/41.80 | | H 股市值（亿港币） | 828.87 | | 流通 H 股（百万股） | 1,701.99 | | 汇率（人民币/港币） | 1.0816 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 我们预计新东方 25 财年第二季度（2QFY25，2024.9-2024.11）收入 9.93 亿美元，同比增长 14.2%，Non-GAAP 归母净利润 0.53 亿美元，同比小幅增长 4.7% ...

交银国际研究 财务模型更新 资料来源：FactSet，公司资料, 交银国际预测 ^净利润和每股盈利基于 Non-GAAP 基础 资料来源：FactSet，公司资料, 交银国际预测 ^净利润和每股盈利基于 Non-GAAP 基础 收盘价 目标价 潜在涨幅 港元 48.75 港元 75.00↓ +53.8% 教育 2024 年 11 月 6 日 新东方教育科技 (9901 HK) 教育业务稳健，利润率优化趋势不改 我们基于 2025 财年 1 季度披露业务数据调整了新东方的盈利预测及估值。我 们认为公司短期整体业绩增长仍然将受到东方甄选业务的不确定性影响，但 教育及文旅业务仍表现稳健，虽然东方甄选利润贡献仍有不确定性，但对新 东方整体利润/亏损贡献较小，我们按公司整体给予 25 倍市盈率（12 个月利 润，截至 2026 年 2 月），对应目标价 75 港元/105 美元（EDU US），现价对 应 2025/26 财年 18/14 倍市盈率，对应 45%/33%利润增速，维持买入评级。 调整东方甄选收入及利润贡献预测，对新东方 2025 财年收入贡献降至 12%。根据蝉妈妈数据，我们调整 2025/26 财年东 ...

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