今日东方甄选股价上演"天地板"，早盘一度暴涨逾23%，午后高台跳水，盘后跌20.89%。有消息称新东 方CEO周成刚或涉关联交易被监管部门立案调查。东方甄选方面向第一财经记者回应称：纯属谣言。 （文章来源：第一财经） ...

Core Viewpoint - There are market rumors that Zhou Chenggang, the long-time partner of New Oriental Group CEO Yu Minhong, is under investigation by regulatory authorities for allegedly misappropriating company interests through related-party transactions. This news has not been officially announced yet, and New Oriental's response claims it is "purely a rumor" [1]. Group 1 - New Oriental Group's CEO Yu Minhong is reportedly linked to Zhou Chenggang, who is facing allegations of misconduct [1]. - Regulatory authorities have initiated an investigation into Zhou Chenggang regarding potential misappropriation of company interests [1]. - New Oriental's official response categorically denies the allegations, labeling them as rumors [1].

对此，新东方创始人俞敏洪回应新浪科技称：彻底的谣言。 责任编辑：何俊熹 新浪科技讯 8月19日下午消息，今日港股尾盘，东方甄选快速跳水跌20%，此前一度涨23%。消息面 上，网传新东方集团CEO周成刚被立案调查。 ...

Group 1 - Li Guoqing, the founder of Dangdang, has remarried, with notable figures such as Zhang Chaoyang and Yu Minhong attending the wedding [1] - The wedding ceremony is scheduled for August 16, 2025, in Beijing, and the bride is a fellow alumnus from Peking University [1] - The wedding invitation requests guests to donate 500 yuan to support the establishment of a primary school in rural Guizhou instead of giving gifts [1]

Group 1 - New Oriental's stock price increased by 2.14% to $47.79 per share, with a total market capitalization of $7.815 billion as of August 14 [1] - Financial data indicates that New Oriental's total revenue is projected to reach $4.9 billion by May 31, 2025, representing a year-on-year growth of 13.6%, while net profit attributable to shareholders is expected to be $372 million, reflecting a growth of 20.07% [1] Group 2 - On July 31, New Oriental received a "Buy" rating from CCB International, with a target price adjusted to $70 [2] - New Oriental Education Technology Group focuses on comprehensive education centered on student growth, driven by technology, and has developed multiple platforms including short-term training, cultural dissemination, consulting services, and technology industries [2] - Established in 1993, New Oriental has grown into a well-known private education institution in China and was successfully listed on the New York Stock Exchange in September 2006, followed by a secondary listing on the Hong Kong Stock Exchange in November 2020 [2]

Group 1 - The State Council has issued an opinion to gradually implement free preschool education, starting from the autumn semester, exempting tuition fees for kindergarten children in their final year, funded by both central and local finances [1][3] - The "Support for Preschool Education Development Fund Management Measures" outlines the implementation of the tuition exemption policy for eligible public kindergartens and provides corresponding reductions for private kindergartens [1][3] - The central government will cover 80% of the costs for the first tier, 60% for the second tier, and 50% for the third to fifth tiers, with the funding based on the number of children enrolled and local standards [1][3] Group 2 - The total investment in preschool education in 2023 reached 538.2 billion yuan, with families bearing approximately 36% of the costs, indicating a high education expenditure burden on households [2] - The proportion of inclusive kindergartens is expected to reach 87.26% in 2024, with an enrollment rate of 91.61% and a gross enrollment rate of 92%, although disparities exist between urban and rural areas [2] - The implementation of free preschool education is part of a broader fertility support policy aimed at reducing the economic burden on families and promoting a fertility-friendly environment [2] Group 3 - Companies are also playing a significant role in creating a fertility-friendly society, with over ten companies introducing measures to encourage employee childbirth since 2021 [3] - The free preschool education policy is seen as a concrete implementation of the government's focus on improving people's livelihoods, with an estimated annual fiscal investment of around 45 billion yuan required [3] - The policy is expected to gradually expand in the coming years, reflecting the government's commitment to enhancing educational accessibility [3] Group 4 - China Oriental Education anticipates a 45%-50% year-on-year increase in net profit for the first half of 2025, driven by a 7% increase in new student registrations and a 10% revenue increase [4] - New Oriental-S maintains a target price of 46 HKD and a "buy" rating, despite a 3% downward adjustment in revenue forecasts for 2026/2027 [4] - China Education Holdings reported a revenue increase of 11.8% to 3.673 billion yuan, although net profit decreased by 9.7%, attributed to increased student numbers and higher operational costs [5]

Group 1 - The core viewpoint of the article highlights significant adjustments in the overseas holdings of domestic private equity firms, particularly focusing on the changes in the portfolio of Jinglin Asset Management [1][2][3] Group 2 - Jinglin Asset's top holdings in US stocks as of the end of Q2 2025 include Meta, which accounts for 25.46% of its portfolio, with a market value exceeding $730 million [2] - The total value of Jinglin Asset's US stock holdings reached $2.873 billion, approximately 20.6 billion RMB, indicating a substantial shift towards internet companies [2] - The firm has sold off several major tech stocks, including Apple, UnitedHealth Group, Regeneron Pharmaceuticals, Pfizer, Legend Biotech, and ZTO Express [2] - The new focus on internet stocks is evident, with significant positions in companies like NetEase, Manbang Group, Pinduoduo, Futu Holdings, and 360 DigiTech [2] Group 3 - Jinglin Asset expressed optimism about China's future development, noting a shift in the competitive strength of Chinese companies from being undervalued to attracting global investment [3] - The new generation of Chinese entrepreneurs is seen as having advantages over the previous generation, leveraging a strong supply chain and engineering talent to create aesthetically pleasing products [3] - Dongfang Harbor's overseas fund has also accelerated its portfolio adjustments, reducing holdings in Nvidia, Amazon, and Apple, while increasing positions in Alphabet, Montreal Bank, and initiating purchases of Tesla, Netflix, and Coinbase [3]

Core Insights - The conference focused on enhancing collaboration between universities and enterprises to address employment challenges for graduates in the context of technological transformation and industrial upgrades [2][3] - New Oriental Education Technology Group aims to provide substantial support for graduate employment through innovative business practices and the establishment of university-enterprise alliances [3][4] Group 1: Employment Challenges and Solutions - The current economic landscape presents both opportunities and challenges, with structural employment issues becoming more pronounced due to factors like aging population and digital transformation [3] - Establishing a dynamic adjustment mechanism for academic disciplines and a "recruit-train-employ" integrated work model is deemed urgent to tackle these employment challenges [3] - New Oriental has formed alliances with over a hundred universities since the first conference in 2023, implementing various educational practices to support student career development [4] Group 2: University-Enterprise Collaboration - The conference introduced 48 new universities into the alliance, expanding the collaborative network [4] - Representatives from various universities shared their innovative approaches to collaborative education, focusing on industry-aligned talent development and practical training [4] - New Oriental's strategy includes integrating educational resources and creating a comprehensive career ecosystem that enhances students' employability [7][8] Group 3: Business Development and Talent Empowerment - New Oriental has diversified its business into education services, lifestyle services, and cultural tourism, aiming to create more quality job opportunities for young talents [6] - The company emphasizes the need for personalized learning models in education, driven by advancements in artificial intelligence [6] - New Oriental's talent strategy includes a digital employment empowerment platform that offers over 500 courses and has served more than 100,000 users [8]

Group 1 - New Oriental reported FY2025 Q4 net revenue of $1.24 billion, a 9.4% increase, with an operating loss of $8.67 million and a net profit of $7.1 million, down 73.7% [1] - Non-GAAP operating profit reached $81.68 million, up 116.3%, and Non-GAAP net profit was $98.08 million, up 59.4% [1] - For FY2026 Q1, net revenue is expected to be between $1.464 billion and $1.507 billion, representing a growth of 2% to 5% [1] Group 2 - The core education business showed a recovery in profitability, with a gross margin of 54.2%, up 2 percentage points, while the operating profit margin was -0.7%, down 2 percentage points due to a one-time goodwill impairment of approximately $60 million [2] - Non-GAAP operating profit margin was 6.6%, up 3 percentage points, and excluding Oriental Selection, the Non-GAAP operating profit margin was 6.5%, up 4.1 percentage points [2] - The company is expected to experience a stable growth phase in its education business, with a three-year shareholder return plan to distribute at least 50% of the previous fiscal year's net profit to shareholders [2] Group 3 - As a leading player in the industry, New Oriental's advantages are highlighted in the current supply-demand landscape, despite challenges in overseas-related and cultural tourism businesses [3] - The company forecasts net profits of $490 million, $540 million, and $600 million for FY2026, FY2027, and FY2028, respectively, with Non-GAAP net profits of $550 million, $600 million, and $660 million [3] - The investment rating is maintained at "Buy" due to the anticipated steady growth of the education business alongside network capacity expansion [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The core education business is showing a recovery in profitability, with a significant increase in Non-GAAP operating profit and net profit for FY2025Q4. The company is also implementing a three-year shareholder return plan, committing to distribute at least 50% of the previous fiscal year's net profit to shareholders through dividends and/or share buybacks [3][4]. - The company is expected to achieve steady growth in its core education business despite challenges in overseas-related services and tourism business. The forecasted net profit for FY2026 is projected to be between $492 million and $544 million, with Non-GAAP net profit expected to be between $550 million and $660 million for FY2026 [4][5]. Financial Summary - For FY2025Q4, the company reported a net revenue of $1.24 billion, a year-on-year increase of 9.4%. The operating loss was $8.67 million, while the net profit attributable to shareholders was $7.10 million, a decrease of 73.7%. Non-GAAP operating profit was $81.68 million, an increase of 116.3%, and Non-GAAP net profit was $98.08 million, an increase of 59.4% [1][2]. - The gross margin for FY2025Q4 was 54.2%, up by 2 percentage points, while the Non-GAAP operating margin was 6.6%, an increase of 3 percentage points [3]. - The company expects FY2026Q1 net revenue to be between $1.464 billion and $1.507 billion, representing a growth of 2% to 5% [1][4]. Business Segments - Excluding self-operated products and live e-commerce, the net revenue for FY2025Q4 grew by 18.7%. The overseas examination and consultation services grew by 14.6% and 8.2%, respectively, while domestic examination services for adults and college students increased by 17.0%. New educational businesses saw a growth of 32.5% [2][3]. - The number of registrations for non-subject tutoring reached 918,000, an increase of 4.9%, and the active paid users of the intelligent learning system and devices reached 255,000, a growth of 36% [2].