机构：申万宏源研究 研究员：黄哲 投资要点： 新业务增长保持强劲。2Q 新业务（K9 素养教培+学习机业务等）收入同比增长21.6%至3.66 亿美元， 非学科素养业务的高增得以持续。同时K9 素养教培和学习机业务的续班持续提升，意味着产品口碑进 一步增强。2Q 教学网点增至1379 个，同比增长21%，增速较1QFY26 放缓2.7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 进一系列诸如人员精简，费用控制，2QFY26 Non-GAAP 经营利润率同比将扩张4.7 个百分点至7.5%。 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6.6%，同比扩张3.5 个百分点。其他业务（主要为东方甄选）Non-GAAP 经营利润率13%，同比扩 张12.4 个百分点。 维持买入评级。由于教育业务增长势头良好，并且东方甄选业务开始恢复，我们上调公司FY26-FY28 财年收入55 亿、61.1 亿、68.9 亿美元（ ...

以下文章来源于刺猬公社 ，作者刺猬公社编辑部 刺猬公社 . 互联网内容行业观察与研究 出生率持续下跌， 老年教育是教培又一出路吗？ 文 ｜ 白棉 编辑 ｜ 园长 来源｜ 刺猬公社（ID ： c iweigongshe ） 封面来源 ｜ IC Photo 除了新东方，还有从上海交通大学勤工俭学中心发展而来的昂立教育、公考机构粉笔等多家 教培公司 选择布局银发经济。 和传统的K12教育相比，老年教育是一门怎样的生意？未来又会怎样发展？ 刺猬公社 发现，醉翁之意不在酒，老年大学仅是教培机构更大生意的流量入 口。 不止一家教培入局 近几年的教培行业内，转型和自救 早已是各个企业共同的命题：有的直播卖货，有的尝试转型To B，有的做起了学习机、羽绒服、咖啡等新的生意...... 就在最近 ， 一个新 的转型方式 出现了——养老。 以行业的龙头企业新东方为例，2024年 ， 新东方先是在南京试点老年大学，设立外语、旅游文化和艺术三个学院； 近期 ， 新东方 又在 北京 推出" 退休俱乐部 " ，同样开设多个兴趣课程，相较其他新东方培训课程价格亲民。 图源公众号南京新东方银铃俱乐部 这个消息社交媒体上也是小火一把。" 过去 ...

New Oriental Education & Technology Group Inc. (NYSE:EDU) is one of the Top 15 Chinese Companies on US Exchanges. On January 29, HSBC upgraded New Oriental Education & Technology Group Inc. (NYSE:EDU) from Hold to Buy. Charlotte Wei from HSBC lifted the rating on EDU following the Q2 FY2026 results and kept the price target at $68. HSBC Upgrades New Oriental Education & Technology Group to Buy Following Strong Q2 FY2026 Results Antonio Guillem/Shutterstock.com On January 28, New Oriental Education & Te ...

Investment Rating - The report maintains a positive outlook on the overseas education sector, particularly highlighting key companies in the education and training industry [1]. Core Insights - The overseas education sector has shown significant improvement in operational efficiency, with a focus on key companies in the education and training industry [1]. - New Oriental (09901.HK) reported a revenue of $1.191 billion for Q2 FY26, a year-on-year increase of 14.7%, with a Non-GAAP net profit of $73 million, reflecting a 68.6% increase [6]. - Oriental Selection (01797.HK) achieved a revenue of 2.31 billion yuan in 1H FY26, up 5.7% year-on-year, and turned a profit with a net profit of 239 million yuan [9]. Summary by Sections 1. Overseas Education - The education index surged by 7.2% in the week of January 23-29, outperforming the Hang Seng Index by 2.2 percentage points [5]. - New Oriental's education business (including cultural tourism) generated $974 million, a 13% increase year-on-year, while other businesses (mainly Oriental Selection) saw a 22.9% revenue growth [6]. - The study abroad business's revenue growth has stabilized, with a 1% increase year-on-year, although it has slowed compared to previous periods [6]. 2. Oriental Selection - The company reported a revenue of 2.31 billion yuan in 1H FY26, marking a 5.7% increase year-on-year, and achieved profitability with a net profit of 239 million yuan [9]. - The gross merchandise volume (GMV) from self-operated products reached 2.16 billion yuan, with a significant improvement in gross margin from 21.5% to 33.7% year-on-year [10]. - The company is expanding its product offerings and enhancing operational efficiency, with a focus on increasing the utilization rate of existing teaching sites [7]. 3. Overseas Pharmaceuticals - The report highlights a strategic R&D collaboration between CSPC Pharmaceutical Group and AstraZeneca, valued at $18.5 billion, focusing on innovative long-acting peptide drugs [3][19]. - The agreement includes a $1.2 billion upfront payment and potential milestone payments totaling up to $13.8 billion, along with sales royalties based on net sales [19]. 4. Overseas Social Services - Macau's gaming revenue maintained double-digit growth, with December's gross gaming revenue reaching 20.9 billion MOP, a 14.8% year-on-year increase [23]. - The total visitor count for Macau in 2025 reached 40.06 million, a 14.7% increase year-on-year, marking a historical high [23].

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资 教育板块业绩的稳步提升，主要得益于两方面：一是通过提升产品与服务质量，提升客户价值；二是系 统推进降本增效，优化运营结构。 料图 21世纪经济报道记者王峰北京报道 近日，新东方（NYSE：EDU；HK：09901）公布其截至2025年11月 30日的2026财年第二季度未经审核的财报。 本季度，新东方营收为11.91亿美元，同比增长14.7%，超过此前发布的业绩指引上限，并超出此前的市 场预期；经营利润为6631万美元，同比大涨244.4%，新东方股东应占净利润为4545万美元，同比增长 42.3%，两项利润指标回升至2021年以来第二财季的最好水平。同时，Non-GAAP经营利润率同比显著 提升4.7个百分点，至7.5%。 考虑到业务增长，新东方将2026财年全年营收指引上调至同比增长8%-12%（此前发布的指引为同比增 长5%-10%）。 业绩上涨的直接动因是什么？据1月28日晚举行的业绩电话会议披露，本季度，新东方教育主营业务加 速增长，东方甄选在营收和利润两端贡献加大，文旅业务产品范围扩大等。 近期，新东方更是动作频频：成立新的全方位客户服务体系、加力AI应用、东方甄选新负责人到任、 海南教育基地 ...

Core Insights - The article emphasizes the importance of teacher professional capability in enhancing classroom quality as English education shifts towards a competency-based approach [1][3] Group 1: Publication Overview - The "Cambridge Mastery English Teaching Guide," translated by New Oriental's CEO Zhou Chenggang, compiles insights from four contemporary English teaching masters from Cambridge University [1][3] - This guide is the first systematic introduction of Cambridge's contemporary English teaching resources in Chinese, addressing the lack of comprehensive and authoritative professional development resources for English teachers in China [3][4] Group 2: Teacher Empowerment - Over 1.3 million English teachers in China are at a critical juncture of educational reform, which emphasizes learner-centered approaches and real language application [3][4] - More than 80% of frontline teachers express the need for a practical, authoritative resource to implement student-centered teaching in their daily classes [4] Group 3: Practical Application - The guide serves as a practical "teaching toolbox," featuring 30 global teaching trends, 30 effective teaching methods, 50 communicative activities, and 50 creative classroom designs to enhance interaction and teaching effectiveness [5] - It addresses 101 grammar issues, providing solutions to common teaching challenges, making it accessible for both novice and experienced educators [5] Group 4: Educational Philosophy - The essence of education is to ignite passion, and empowering teachers is a prerequisite for this transformation [5] - The guide aims to bridge international advanced teaching concepts with Chinese classroom practices, fostering a confident teaching environment that inspires students' love for language and the world [5]

Core Viewpoint - The company maintains a "Buy" rating for New Oriental-S (09901) due to strong growth in education business and recovery in the Oriental Selection segment, with revenue forecasts for FY26-FY28 increased to $5.5 billion, $6.11 billion, and $6.89 billion respectively [1] Financial Performance - In Q2 FY26, the company reported revenue of $1.191 billion, a year-on-year increase of 14.7%. The education business (including cultural tourism) generated $974 million, up 13% year-on-year, while other businesses (mainly Oriental Selection) earned $217 million, growing 22.9% [2] - The Non-GAAP net profit attributable to the parent company was $73 million, reflecting a 68.6% year-on-year increase, with a Non-GAAP net profit margin of 6.1%, expanding by 2 percentage points [2] Study Abroad Business - The revenue from study abroad exam training and consulting in Q2 FY26 was $252 million, showing a year-on-year growth of 1%, a slowdown of 29.3 percentage points compared to the same period last year. However, it remained stable compared to Q1 FY26 [3] - The company is integrating study abroad training and consulting services and expanding its target audience by increasing youth training offerings to enhance growth resilience in this segment [3] New Business Growth - New business revenue (K9 competency training and learning machine) grew by 21.6% year-on-year to $366 million, with sustained high growth in non-subject competency businesses. The continuation rate for K9 competency training and learning machines is improving, indicating enhanced product reputation [4] - The number of teaching centers increased to 1,379, a year-on-year growth of 21%, although the growth rate slowed by 2.7 percentage points compared to Q1 FY26. The company aims to improve operational efficiency by maximizing existing teaching center capacity [4] Operating Profit Margin Improvement - Despite the slowdown in high-margin study abroad business, the increase in competency business margins offsets this decline. The Non-GAAP operating profit margin in Q2 FY26 expanded by 4.7 percentage points to 7.5% year-on-year, showing an accelerating expansion trend [5] - The Non-GAAP operating profit margin for the education business was 6.6%, up by 3.5 percentage points year-on-year, while the margin for other businesses (mainly Oriental Selection) was 13%, increasing by 12.4 percentage points [5]

Core Viewpoint - Company maintains a "Buy" rating for New Oriental-S (09901) due to strong growth in education business and recovery in the Dongfang Zhenxuan segment, with revenue forecasts for FY26-FY28 adjusted to $5.5 billion, $6.11 billion, and $6.89 billion respectively [1] Financial Performance - In Q2 FY26, New Oriental reported revenue of $1.191 billion, a year-on-year increase of 14.7%, with education business (including cultural tourism) generating $974 million, up 13% [1] - Other businesses, primarily Dongfang Zhenxuan, contributed $217 million, reflecting a 22.9% year-on-year growth [1] - Non-GAAP net profit attributable to the parent company reached $73 million, a 68.6% increase year-on-year, with a Non-GAAP net profit margin of 6.1%, expanding by 2 percentage points [1] Study Abroad Business - The revenue from study abroad exam training and consulting in Q2 FY26 was $252 million, showing a year-on-year growth of 1%, but a slowdown of 29.3 percentage points compared to the previous year [2] - The company is integrating study abroad training and consulting services and expanding its target audience to enhance growth resilience in this segment [2] New Business Growth - New business segments, including K9 competency training and learning machine sales, saw a revenue increase of 21.6% to $366 million [3] - The number of teaching centers grew to 1,379, a 21% year-on-year increase, although the growth rate slowed by 2.7 percentage points compared to Q1 FY26 [3] Operating Profit Margin Improvement - Despite the slowdown in high-margin study abroad business, the increase in profitability from competency training offset this decline [4] - Q2 FY26 Non-GAAP operating profit margin expanded by 4.7 percentage points to 7.5%, with education business margin at 6.6%, up 3.5 percentage points year-on-year [4] - Other businesses, mainly Dongfang Zhenxuan, achieved a Non-GAAP operating profit margin of 13%, an increase of 12.4 percentage points year-on-year [4]

Investment Rating - The report maintains a "BUY" rating for the company [5][11] Core Insights - The company reported a revenue of USD 1.191 billion for 2QFY26, representing 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 [3][7] - 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 [3][7] - 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 [8][11] - New business segments, including K9 non-academic subject tutoring and learning tablets, achieved a revenue growth of 21.6% YoY to USD 366 million, with the number of learning centers increasing to 1,379, up 21% YoY [4][9] - Operating margins are improving, with the Non-GAAP operating margin expanding by 4.7 percentage points YoY to 7.5% in 2QFY26, driven by margin improvements in new businesses [10][11] 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, from previous estimates of USD 5.38 billion, USD 5.98 billion, and USD 6.73 billion [5][11] - Non-GAAP net profit forecasts for FY26-FY28 have been adjusted to USD 570 million, USD 629 million, and USD 700 million, respectively, up from previous forecasts of USD 555 million, USD 610 million, and USD 679 million [5][11] - The company is moderating its full-year learning center expansion pace to 10% to improve capacity utilization rates, indicating a strategic shift towards operational efficiency [11]