该行指，观察到公司的降本增效措施持续生效，同时通过渠道调研发现，公司在师资配置优化、产品多 样性丰富方面均有进展，涵盖OMO、1V1、小班课及科目拓展等维度。该行认为公司K12业务的稳健增 长具备可持续性，留学业务虽营收承压，但公司有明确的提升该板块利润率的决心。尽管目前公司营收 维持低双位数增速，建议投资者更多关注利润端的增长表现，因为公司管理层已展现出为投资者创造回 报的坚定决心。 海通国际发表研报指，新东方2026财年次季总营收年增15%至11.91亿美元，超出市场一致预期3%，且 突破公司此前9%至12%的指引上限；Non-Gaap营业利润按年大增223%至8,900万美元，超出一致预期 62%，对应Non-Gaap营业利润率为7.5%，较一致预期的4.7%提升2.8个百分点。展望明年，受行业整体 局势尚未复苏、以及公司考培与留学咨询业务合并的影响，预计留学业务营收将出现下滑。基于业绩预 期上修，该行将其目标价由49港元上调至52港元，评级"优于大市"。 ...

Investment Rating - The report maintains a "Buy" rating for New Oriental-S (09901) [2][7] Core Insights - New Oriental's revenue for 2QFY26 reached USD 1.191 billion, reflecting a year-over-year increase of 14.7%. The education business (including cultural tourism) generated USD 974 million, up 13% YoY, while other businesses (primarily EastBuy) saw revenue of USD 217 million, a 22.9% YoY increase. Non-GAAP net profit attributable to shareholders was USD 73 million, surging 68.6% YoY, with a non-GAAP net margin of 6.1%, expanding by 2 percentage points YoY [5][9] - The overseas study business growth has bottomed out, with revenue from overseas test preparation and consulting at USD 252 million, a 1% YoY increase, indicating a slowdown of 29.3 percentage points compared to the previous year [10] - New business segments, including K9 non-academic tutoring and learning tablets, showed robust growth with a 21.6% YoY increase in revenue to USD 366 million. The number of learning centers increased to 1,379, up 21% YoY [11] - Operating margins are improving, with the non-GAAP operating margin expanding by 4.7 percentage points YoY to 7.5% in 2QFY26. The education business's non-GAAP operating margin was 6.6%, up 3.5 percentage points YoY [12] Financial Data and Profit Forecast - Revenue forecasts for FY26-FY28 have been raised to USD 5.5 billion, USD 6.11 billion, and USD 6.89 billion, respectively. Non-GAAP net profit forecasts for the same period have also been increased to USD 570 million, USD 629 million, and USD 700 million [7][13] - The financial data for FY24 to FY28 indicates a steady growth trajectory, with revenue expected to grow from USD 4.314 billion in FY24 to USD 6.887 billion in FY28, and net profit increasing from USD 464 million to USD 700 million over the same period [16]

机构：光大证券 研究员：陈彦彤/汪航宇/聂博雅 事件：FY26Q2 新东方实现净营收11.91 亿美元，同比+14.7%；实现归母净利润4545万美元，同比 +42.3%；实现Non–GAAP 归母净利润7290 万美元，同比+68.6%。 FY26Q2 核心业务多点开花，全年收入指引上调。 FY26Q2 经营利润大幅提升，经营效率优化成果显著。 FY26Q2 公司Non-GAAP 经营利润为8913 万美元，同比+206.9%。Non-GAAP 经营利润率为7.5%，同比 +4.7pcts，盈利能力大幅改善。利润率的提升主要得益于： 一是聚焦核心经营，未盲目扩张教学点，重点强化教学质量管控、优化市场费用投放；二是降本增效工 作稳步推进。公司降本增效分两阶段推进，第一阶段聚焦精简冗余成本，通过削减非必要市场开支、压 降房租、人员末位淘汰等举措实现；第二阶段主要通过组织架构调整实现规模效应，并依托AI 技术推 进人机替代，进一步降本提效。展望未来，随着后续收入持续增长，以及公司持续推进降本增效措施、 优化成本结构，预计经营利润将继续保持良好改善态势。 盈利预测、估值与评级：考虑到公司各业务发展势头向好，降本增效 ...

机构：华西证券 研究员：唐爽爽/李佳妮 事件概述 新东方发布FY26Q2（截至2025 年11 月30 日）业绩，公司FY26Q2 净收入/归母净利/Non-GAAP 归母净 利（剔除股权激励和公允价值变动损益影响）为11.91/0.455/0.729 亿美元，同比增长 14.7%/42.3%/68.6%。收入超预期主要由于新教育业务增速回升、东方甄选复苏，利润增速高于收入主 要由于毛利率提升1.2PCT、销售费用率下降2.6PCT。 出国教育业务增速分化，核心板块展现增长韧性。1）FY26Q2 海外考试准备和出国咨询业务同比变化 分别为+4.1%/-3.0%（FY26Q1 为1.0%及2.0%）。2）大学生及成人考试业务同比增长12.8%（FY26Q1 为14.4%）。 FY2026Q2 归母净利率提升幅度低于毛利率，主要由于其他收入占比下降、公允价值变动收益转负，部 分抵消了费用率优化的正向影响。（ 1 ） FY2026Q2 公司毛利率/ 归母净利率分别为53.3%/3.8% ， 同比 提升1.2/0.7PCT。（2）从费用率来看，FY2026Q2 销售/管理费用率分别为16.3%/31.4%，同比下降 ...

新东方公布2QFY26 业绩（以下简称Q2）：总收入11.91 亿美元，yoy+14.7%，增速超指引上限 机构：华泰证券 研究员：夏路路/詹博/郑裕佳 （12%）；调整后经营利润0.89 亿美元，对应OPM 为7.5%，同比提升4.7pct，大幅超过彭博一致预期 （yoy+2pct）。 公司指引3QFY26/FY26 全年美元口径总收入同比增长11~14%/8~12%（彭博一致预期12%/10%），反映 教学质量提升、需求回归和汇率顺风的影响。 我们认为公司核心K12 业务增长稳健，降本增效及多元化发展下集团利润率有望逐步改善，长期有望为 股东创造持续稳定的回报，维持"买入"。 K12 业务兑现秋季提速，经营利润率提升超预期分业务看，随着秋季K12 行业回归正价竞争，头部品牌 机构增长环比改善，教育属性新业务收入在Q2 同比增速加速至21.6%；大学生及成人教育收入同比增 长12.8%（Q1:14.4%），增速稳健；留学考培收入同比增长4.1%，留学咨询收入同比下降约3%，逆境 中展现较强韧性。得益于运营杠杆的优化、成本控制措施的逐步落地，以及东方甄选的盈利贡献，Q2 公司调整后经营利润率同比提升4.7pc ...

Market Overview - Global markets experienced turbulence on January 30, with major indices such as Nikkei 225, Hong Kong stocks, and US futures all showing declines. Gold and silver prices plummeted, and Bitcoin saw a significant drop, leading to over 270,000 liquidations in the cryptocurrency market, totaling nearly $1.7 billion [1][2]. A-Shares Performance - A-shares showed mixed results, with the Shanghai Composite Index regaining the 4100-point mark, while the ChiNext Index rebounded after hitting a low. However, over 3,800 stocks in the market declined [1]. Sector Performance - CPO and optical communication stocks surged, with companies like Lian Te Technology and Tianfu Communication rising over 11%, and Changfei Optical Fiber hitting the daily limit. Conversely, industrial and precious metals sectors faced significant declines, with over 20 stocks, including Nanshan Aluminum and Tongling Nonferrous Metals, hitting the daily limit down [1]. Precious Metals Market - International precious metals saw a sharp decline, with gold prices dropping by 4% to below $5200 per ounce, marking a daily decrease of over $200. Silver prices fell over 5%, dropping below the $110 mark [1]. Cryptocurrency Market - Major cryptocurrencies continued to decline, with Bitcoin falling over 6% to below $82,300, and Ethereum and SOL dropping over 7%. In the last 24 hours, more than 270,000 traders were liquidated, with a total liquidation amount close to $1.7 billion [2]. Dollar Index - The US dollar index rebounded, rising by 0.44% to 96.58 as of 11:30 AM Beijing time [3]. Geopolitical Factors - Ongoing tensions in the Middle East are impacting global markets. US President Trump announced plans to engage in dialogue with Iran, and the market is closely watching the announcement of the next Federal Reserve Chair, which is expected to be revealed on January 30 [5].

Core Viewpoint - New Oriental's Q2 FY2026 performance exceeded market expectations, driven by improved profitability in its education business and contributions from Dongfang Zhenxuan [1] Group 1: Financial Performance - The company raised its FY2026 revenue growth guidance from 5%-10% to 8%-12% due to stronger-than-expected revenue growth in K12 and overseas study segments [1] - Earnings visibility has improved due to efficiency enhancements and contributions from Dongfang Zhenxuan [1] Group 2: Earnings Forecast - Based on the upward revision of Dongfang Zhenxuan's profit forecast, the company increased its earnings per share estimates for FY2027-2028 by 0.4% to 1.4% [1] - The target price for New Oriental was raised from HKD 53 to HKD 57, maintaining a "Buy" rating [1]

新东方-S（09901）午前股价上涨3.22%，报47.52港元，成交额1.70亿港元。 新东方日前发布截至2025年11月30日止的2026财年第二季度财务业绩公告，净营收同比上升14.7%至 11.91亿美元；经营利润同比上升244.4%至6630万美元；股东应占净利润同比上升42.3%至4550万美元。 公司上调2026财年全年净营收指引至52.92-54.88 亿美元，同比增长8%-12%。 摩根大通发布研报称，重申新东方"增持"评级及首选股份地位，目标价由53港元升至55港元。新东方 2026财年第二财季业绩好于预期，并上调指引，这是两年来的首次。管理层的乐观态度促使该行将2026 财年至2027财年的经营利润预测上调7%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 摩根大通发布研报称，重申新东方"增持"评级及首选股份地位，目标价由53港元升至55港元。新东方 2026财年第二财季业绩好于预期，并上调指引，这是两年来的首次。管理层的乐观态度促使该行将2026 财年至2027财年的经营利润预测上调7%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 ...

摩根大通发布研报称，重申新东方"增持"评级及首选股份地位，目标价由53港元升至55港元。新东方 2026财年第二财季业绩好于预期，并上调指引，这是两年来的首次。管理层的乐观态度促使该行将2026 财年至2027财年的经营利润预测上调7%。 智通财经APP获悉，新东方-S(09901)再涨超3%，截至发稿，涨3.13%，报47.48港元，成交额1.67亿港 元。 消息面上，新东方日前发布截至2025年11月30日止的2026财年第二季度财务业绩公告，净营收同比上升 14.7%至11.91亿美元；经营利润同比上升244.4%至6630万美元；股东应占净利润同比上升42.3%至4550 万美元。公司上调2026财年全年净营收指引至52.92-54.88 亿美元，同比增长8%-12%。 ...

摩根大通发布研报称，重申新东方"增持"评级及首选股份地位，目标价由53港元升至55港元。新东方 2026财年第二财季业绩好于预期，并上调指引，这是两年来的首次。管理层的乐观态度促使该行将2026 财年至2027财年的经营利润预测上调7%。 消息面上，新东方日前发布截至2025年11月30日止的2026财年第二季度财务业绩公告，净营收同比上升 14.7%至11.91亿美元；经营利润同比上升244.4%至6630万美元；股东应占净利润同比上升42.3%至4550 万美元。公司上调2026财年全年净营收指引至52.92-54.88亿美元，同比增长8%-12%。 新东方-S(09901)再涨超3%，截至发稿，涨3.13%，报47.48港元，成交额1.67亿港元。 ...