股东回报超预期展现战略自信。本次宣布的1.9 亿美元股息+3 亿美元回购计划，合计约4.9 亿美元，相 对FY25 归母净利润3.7 亿美元的回报率超过130%，远超此前承诺的50%。这种超额兑现释放了三重积 极信号：第一，FY26 利润能见度较高。尽管收入增速面临压力，但仍能实现10%以上的增长并创造更 高利润率。第二，现金流充裕且对资本需求下降。截至FY26Q1 末持有现金及等价物50.3 亿美元，在维 持OMO 投资（2850 万美元）、AI 研发等战略投入后，仍有充足现金回报股东。公司已从扩张期进入 收获期，资本开支需求可控。第三，回购+分红组合更加成熟。相比2024 年9 月一次性10 亿美元特别股 息，本次采用"常规股息分两期支付+持续回购"的组合，既保证了分红的稳定性，又通过回购在股价低 位时增厚股东价值。公司强调，明年会继续大力回馈股东、维持高水平派息率和回报率，这为投资者提 供了清晰的回报预期。 利润率改善具备可持续性。Q1 Non-GAAP 经营利润率22.0%(+100bp)的改善主要来自四个方面：更高的 资源利用率、运营杠杆体现、有效成本控制、东方甄选利润贡献。更重要的是，公司预计Q2 ...

截至 2025 年 8 月 31 日，好未来的 2026 财年第二季度收入 8.61 亿美元，同比增长 39.1%；新东方的 2026 财年第一季度收入 15.23 亿美元，同比增长 6.1%。 两家中国教育行业巨头好未来与新东方在 10 月末发布了最新季度财报。 | | 好未来和新东方财务指标对比 (数据来源: 官方披露) | | | --- | --- | --- | | 财务指标 | 好未来(TAL) FY2026 Q2(截至 2025 年 8 月 31 日) | 新东方(EDU) FY2026 Q1(截至 2025 年 8 月 31 日) | | 净收入 | 861.0 百万美元 | 1,523.0 百万美元 | | 收入同比增长 | 39.10% | 6.10% | | 经营利润 | 96.1 百万美元 | 311.0 百万美元 | | 经营利润率 | 11.20% | 20.40% | | 净利润 | 124.0 百万美元 | 241.0 百万美元 | | 净利润同比增长 | 116.10% | -1.9 % | | 非通用会计口径经营利润率 | 12.50% | 22.00% | | 现金及短期 ...

Investment Rating - The report maintains a "Buy" rating for New Oriental-S (09901.HK) [1] Core Insights - The company reported better-than-expected revenue growth in FY26Q1, with a year-on-year increase of 6.1%, surpassing previous guidance of 2%-5% [7] - The overseas business showed significant improvement, with a 25% revenue growth in the low-age study abroad segment, indicating a shift in demand rather than a decline [7] - K12 business is expected to accelerate, with anticipated growth rates of approximately 20% for K9 and double-digit growth for high school, validating the strategy of prioritizing product quality [7] - The company announced a shareholder return plan totaling approximately $490 million, which is over 130% of FY25 net profit, indicating strong profit visibility and cash flow [7] - Non-GAAP operating profit margin improved to 22.0%, with expectations for further expansion in Q2, driven by better resource utilization and cost control [7] Financial Projections - Total revenue is projected to grow from $4.9 billion in FY2025 to $6.3 billion in FY2028, with year-on-year growth rates of 13.6%, 9.96%, 10.00%, and 7.02% respectively [1][9] - Net profit attributable to shareholders is expected to increase from $371.72 million in FY2025 to $591.14 million in FY2028, with growth rates of 20.07%, 32.32%, 10.40%, and 8.87% respectively [1][9] - The current stock price corresponds to a PE ratio of 17, 15, and 14 times for FY2026, FY2027, and FY2028 respectively based on Non-GAAP metrics [1][9]

Group 1: Economic Indicators - China's official composite PMI data for October is set to be released [3] - Eurozone's core harmonized CPI for October is also scheduled for publication [3] - The US core PCE price index for September will be announced [3] Group 2: Market Performance - US stock indices closed lower, with the Nasdaq down 1.57%, S&P 500 down 0.99%, and Dow Jones down 0.23% [4] - Meta Platforms saw a significant drop of over 11%, marking its largest single-day decline in three years, resulting in a market cap loss of approximately $214 billion [4] - International oil prices experienced slight declines, with WTI crude oil down 0.31% to $60.29 per barrel and Brent crude down 0.42% to $64.05 per barrel [6] Group 3: Corporate Developments - Agricultural Bank of China reported a net profit of 222.3 billion yuan for the first three quarters of the year, a year-on-year increase of 3.28% [23] - Apple Inc. reported Q4 revenue of $102.47 billion, a year-on-year increase of 7.9%, with net profit reaching $27.47 billion [24] - Amazon's Q3 net sales were $180.17 billion, exceeding expectations, with a net profit of $21.19 billion [25] Group 4: Regulatory and Policy Updates - China's Ministry of Commerce announced plans to accelerate the development of green and low-carbon logistics [9] - The Chinese government will implement a new policy for duty-free shops starting November 1, 2025, aimed at boosting consumption [10] - The Financial Regulatory Bureau has expanded the pilot areas for pension financial products to nationwide, with a trial period extended to three years [12] Group 5: Industry Trends - OpenAI announced plans for the "Stargate" data center project in Michigan, with a planned capacity exceeding 8 GW and an investment of over $450 billion in the next three years [31] - YouTube is undergoing a restructuring focused on artificial intelligence applications, indicating a shift towards AI-driven products [26] - WeChat has launched three new features aimed at enhancing user experience, including bulk message recall and selective notification settings [28]

Core Insights - The establishment of the UOW College Australia preparatory study center in partnership with New Oriental marks a significant step in enhancing educational cooperation between China and Australia [1][4][10] - The initiative aims to provide Chinese students with a smoother transition to studying abroad by improving their academic and language skills in a familiar environment, thereby reducing adaptation challenges and costs [4][9] Summary by Sections Partnership and Ceremony - The ribbon-cutting ceremony was attended by key representatives from both UOW and New Oriental, highlighting the collaborative efforts in the international education sector [4][6] - The event signifies the launch of a new pathway for students to access quality education from UOW, which ranks 184th in the QS World University Rankings for 2026 [1][4] Student Benefits - Students enrolled in the preparatory program will be among the first beneficiaries of this initiative, allowing them to directly enter UOW's undergraduate programs after completing a 7-month course [3][9] - The program is designed to alleviate the preparation period for studying abroad and provide financial relief for families [9] Market Trends - A report indicates that 43% of students applying for undergraduate programs in Australia in 2024 prefer domestic preparatory courses, reflecting a shift towards safer and more adaptable study pathways [9] - The Australian government's supportive policies, including increased international student quotas, enhance the attractiveness of preparatory programs as a bridge to overseas education [9]

Core Insights - The company achieved a revenue of $1.523 billion in Q1 FY2026, representing a year-on-year increase of 6.1%, exceeding the previous forecast range of 5% [1] - Non-GAAP operating profit reached $336 million, up 11.3%, with a Non-GAAP operating margin improvement of 1 percentage point to 22% [1] - Deferred revenue stood at $1.907 billion, reflecting a 10% increase [1] Business Performance - The study abroad and university student segments outperformed expectations, while K12 business outlook remains positive [2] - K9 education new business revenue grew by 15%, with non-subject training participants at 530,000, up 10%, and active paid users for learning machines at 452,000, up 40% [2] - High school training revenue increased by 7%, impacted by scheduling and regional discounts; K12 business revenue is expected to accelerate in FY26Q2 [2] - Study abroad exam preparation and consulting revenue grew by 1% and 2% respectively, benefiting from improved external conditions [2] - University student business revenue increased by 14%, surpassing the previous growth expectation of 10% [2] Future Outlook - For FY2026Q2, the company expects net revenue growth of 9%-12%, maintaining a full-year guidance of 5%-10% growth [3] - A three-year shareholder return plan was announced, with plans to distribute approximately $190 million in cash dividends and a share buyback plan of up to $300 million [3] - The shareholder return plan corresponds to an estimated shareholder return rate of about 5.1% based on the latest market capitalization [3] Investment Recommendation - The company maintains a "better than market" rating due to its clear quality enhancement strategy, positive performance outlook, and attractive shareholder returns [4] - The core strategy of "enhancing capabilities and quality" aligns with the industry's shift towards prioritizing quality post-pandemic, reflected in the steady recovery of adjusted operating profit margins and improved K12 student retention rates [4] - Forecasts for adjusted net profits for FY2026-2028 are $430 million, $480 million, and $530 million, with corresponding P/E ratios of 23, 20, and 18 [4]

机构：光大证券 研究员：陈彦彤/汪航宇/聂博雅 公司预计FY26Q2 整体净营收将在11.32 亿美元至11.63 亿美元之间，同比增长9%-12%，增速较Q1 有所 回升。公司维持FY26 全年净营收指引为51.45 亿美元至53.90 亿美元，同比增长5%-10%。此外，公司 宣布启动一项为期三年的股东回报计划，拟将不低于上一财年归母净利润的50%用于回馈股东，并已批 准派发1.9 亿美元现金股息及启动3 亿美元的股份回购计划，彰显管理层对未来发展的信心。 FY26Q1 经营利润持续提升，经营效率优化成果逐步显现。FY26Q1 公司Non-GAAP 经营利润为3.36 亿 美元，同比+11.3%。Non-GAAP 经营利润率为22.0%，同比提升1.0pct。利润率的提升主要得益于公司 在成本优化与运营效率提升方面的持续努力。尽管面临海外业务放缓的挑战，但公司通过审慎的产能扩 张策略、推进OMO 教学系统以及加大AI 技术在教育生态和内部运营中的应用，有效提升了整体运营效 率。展望未来，随着FY26Q2 收入加速增长，以及公司持续推进降本增效措施，预计经营利润有望继续 改善。 盈利预测、估值与评级：考虑到 ...

Core Viewpoint - The integration of corporate social responsibility with business models is essential for companies to gain respect, which in turn can enhance brand influence and market competitiveness, ensuring long-term sustainability [1][3]. Group 1: National Economic Development - The "14th Five-Year Plan" emphasizes focusing on the real economy, promoting intelligent, green, and integrated development, and aims to build a strong manufacturing, quality, aerospace, transportation, and network nation [2]. - The development of the real economy is fundamental to national growth, and companies play a crucial role in advancing commercial civilization and social progress [2]. Group 2: Characteristics of Respected Enterprises - Respected companies are distinguished not only by their successful business operations but also by their social responsibility, corporate culture, and brand value [3]. - The ongoing global business environment changes and increasing public expectations highlight the importance of earning respect over short-term profits for long-term survival [2][3]. Group 3: Expert Recommendations - BYD has been highly recommended by experts for its rapid global expansion and local production strategies, positioning itself among the top four global car manufacturers [9]. - Other companies like Keda Xunfei, Fuyao Glass, Haier Group, JD.com, Weichai Power, New Oriental, and Cambricon have also received expert recognition for their contributions and innovations [9][10][11]. - Experts noted that Keda Xunfei is leading in AI integration across various sectors, while Haier is recognized for its global outreach and commitment to sustainable practices [10][11]. Group 4: Public Perception of Respected Enterprises - The public identifies five key internal qualities for companies to be considered respected: establishing correct values, building a robust management system, continuous innovation, shaping a positive corporate citizen image, and providing high-quality products and services [15][16]. - Companies like Beijing Rural Commercial Bank, JD.com, and McDonald's exemplify these qualities through their commitment to social responsibility and brand value enhancement [16][17]. Group 5: Additional Notable Companies - Other respected companies include Moutai Group, Yili Group, and Nestle China, recognized for their high product quality and low carbon emissions [13]. - Traditional companies like Tongrentang and Li Ning have also been highlighted for their commitment to quality and innovation, contributing to their respected status [18].

Group 1 - Major Chinese concept stocks such as Alibaba, TSMC, and NIO saw a maximum increase of 1.8% [1] - New Oriental, Li Auto, and Pony.ai experienced declines of over 1%, while Wenyan Zhixing dropped by 4.6% [1] - In the ETF sector, ASHS rose by 1.4%, CQQQ increased by 0.8%, and KWEB gained 0.2% [1]

新东方(EDU.US)盘前涨1.45%报58.64美元。消息面上，新东方近日公布第一财季业绩，期内净营收 15.23亿美元，同比增6.1%，高于预期。绩后，摩根大通发报告指，经调整后该公司业绩较彭博预期有 10%以上的上调空间，这预示着整个2025财年的残酷下行周期即将结束。摩通认为，新东方重回盈利增 长轨道，且前景明朗，此外，其资本回报率强势，目前已超过5%。 | EDU 新东方 | | | --- | --- | | 57.800 4 -0.760 -1.30% | 收盘价 10/29 15:59 美东 | | 58.640 + 0.840 +1.45% | 盘前价 10/30 04:07 美东 | | 一 24 24 4 8 8 8 月 0 自选 | ● 快捷交易 | | 最高价 59.530 开盘价 59.530 | 成交量 155.91万 | | 最低价 57.530 昨收价 58.560 | 成交额 9033.47万 | | 平均价 57.939 市盈率 M 25.13 | 总市值 91.99亿 (…) | | 振 幅 3.42% 市盈率(静) 25.13 | 总股本 1.59亿 | | 换手率 ...