该行指出，新东方已重新回到"优质复合增长"轨道，有望持续实现业绩超预期及指引上调。不过，该行 认为市场仍未充分了解到其盈利潜力及复利效应。公司每股盈利的年均复合增长率逾15%，支持其估值 重估。同时，投资者亦可获得每年超过5%的资本回报，背后由56亿美元净现金支持。 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%。 摩根大通发布研报称， 重申新东方-S(09901)"增持"评级及首选股份地位，目标价由53港元升至55港 元。 ...

Core Viewpoint - Morgan Stanley reaffirms "Overweight" rating for New Oriental-S (09901) and raises target price from HKD 53 to HKD 55 [1] Financial Performance - New Oriental's Q2 FY2026 results exceeded expectations and guidance was raised for the first time in two years [1] - Management's optimistic outlook led to a 7% increase in operating profit forecasts for FY2026 to FY2027 [1] Growth Potential - The company is back on a "high-quality compound growth" track, with expectations for continued performance exceeding forecasts and upward guidance adjustments [1] - The market has not fully recognized the company's profit potential and compounding effects [1] Earnings and Valuation - The annual compound growth rate for earnings per share exceeds 15%, supporting a revaluation of the company's stock [1] - Investors can expect over 5% annual capital returns, backed by USD 5.6 billion in net cash [1]

花旗发表研究报告指出，新东方-S(09901.HK)管理层已确认第二季度业绩超出预期，利润率扩张300个 基点(不包括东方甄选)，并对超额完成全年目标表达高度信心。报告指出，K12业务在第三季度加速增 长，其中高中业务指引增长18%，K9业务指引增长23%(以美元计)。此强劲表现足以抵销全年海外业务 的疲软(0%至-5%)，但这仍然受到向非美国咨询领域多元化经营的限制。另外，新东方将海外考试准备 业务与留学咨询业务合并，旨在降低客户获取成本并打破部门隔阂，是一项关键战略转变。全年展望方 面，管理层表示收入和利润肯定将超越预期，对达成目标具信心。花旗认为高中业务指引上调至18%， 反映了OMO模式的扩张及人工智能职场系统驱动的效率提升；K9保留率改善支持全年20%以上的增 长。该行续予新东方"买入"评级，目标价59港元。 ...

Group 1 - Lee & Man Paper Manufacturing (02314) rose nearly 6% after Nine Dragons Paper announced a profit forecast of approximately 2.15 billion to 2.25 billion yuan for the six months ending December 31, 2025, representing a year-on-year increase of 216.0% to 230.7% [1] - New Oriental Education (09901) increased nearly 4% following the release of its financial results for the second quarter of fiscal year 2026, showing a 14.7% year-on-year increase in net revenue and a 244.4% rise in operating profit [1] - Jolywood (06680) surged nearly 7% as rare earth prices continued to rise, with neodymium and praseodymium oxide prices increasing by over 120,000 yuan per ton [1] Group 2 - Chinese property management stocks saw a significant rise, with Sunac Services (01516) up 5.67% and Greentown Services (02869) up 5.81%, as a report predicted an average revenue growth of 6% for property management companies by 2025 [2] - Valiant Pharmaceuticals (09887) gained nearly 4% after receiving FDA fast track designation for its dual-specific antibody LBL-034 for treating relapsed/refractory multiple myeloma [2] - The commercial aerospace sector showed signs of recovery, with Junda Co. (02865) rising 12.1% as the China Aerospace Science and Technology Corporation emphasized the importance of the next decade for developing a strong aerospace industry [2] Group 3 - Aigo Group (00328) experienced a dramatic drop, falling over 88% at one point, with a total market value dropping below 35 million HKD [3] - China Overseas Development (00688) rose over 4.2% as Citigroup's report indicated that the Chinese real estate sector would face significant impairment and margin decline challenges in fiscal year 2025 [3] - Yuegangwan Holdings (01396) increased by 8% after announcing a share placement to raise 108 million yuan, with about 70% allocated for AI computing power cloud service projects [3] Group 4 - Junda Co. (02865) saw a rise of 11.99% as the China Aerospace Science and Technology Corporation held a meeting emphasizing the need to overcome challenges in commercial rocket launches and reusable technology [4] Group 5 - In the US market, New Oriental (EDU.US) rose 5.32% after reporting a net revenue of 1.191 billion USD for the second quarter of fiscal year 2026, a 14.7% year-on-year increase [5][6] - Semiconductor equipment and materials sector saw gains, with Texas Instruments (TXN.US) up 9.94% as it projected first-quarter revenue between 4.32 billion and 4.68 billion USD, slightly above analyst expectations [5] - Storage sector stocks surged, with Seagate Technology (STX.US) up 19.14% as it projected third-quarter revenue of 2.9 billion USD, significantly higher than analyst estimates [5]

每经AI快讯，新东方-S(09901.HK)涨超4%，截至发稿，涨4.03%，报46.56港元，成交额1.79亿港元。 ...

美银证券发布研报称，新东方-S截至11月止第二财季的收入及利润率均胜预期。收入增长加速至15%， 并高于9%至12%的指引。非通用会计準则经营利润率扩阔4.8个百分点，亦按季加速，同时高于指引 的"逾1个百分点"。公司对截至2月止第三财季的收入增长指引为11%至14%，并将5月底止全财年收入 指引上调至53亿至55亿美元，即按年增长8%至12%，高于原先指引的5%至10%，主要动力来自K12业 务、东方甄选及海外备考业务跌幅收窄。 新东方-S(09901)涨超4%，截至发稿，涨4.03%，报46.56港元，成交额1.79亿港元。 消息面上，1月28日，新东方-S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，该集团 2026财年第二季度的净营收同比上升14.7%至11.91亿美元；经营利润同比上升244.4%至6630万美元；新 东方股东应占净利润同比上升42.3%至4550万美元。于2026财年上半年，净营收约27.14亿美元，同比增 长9.7%。经营利润约3.77亿美元，同比增长20.7%。新东方股东应占净利润约2.86亿美元，同比增长 3.2%。 ...

美银证券发布研报称，新东方-S截至11月止第二财季的收入及利润率均胜预期。收入增长加速至15%， 并高于9%至12%的指引。非通用会计準则经营利润率扩阔4.8个百分点，亦按季加速，同时高于指引 的"逾1个百分点"。公司对截至2月止第三财季的收入增长指引为11%至14%，并将5月底止全财年收入 指引上调至53亿至55亿美元，即按年增长8%至12%，高于原先指引的5%至10%，主要动力来自K12业 务、东方甄选及海外备考业务跌幅收窄。 消息面上，1月28日，新东方-S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，该集团 2026财年第二季度的净营收同比上升14.7%至11.91亿美元；经营利润同比上升244.4%至6630万美元；新 东方股东应占净利润同比上升42.3%至4550万美元。于2026财年上半年，净营收约27.14亿美元，同比增 长9.7%。经营利润约3.77亿美元，同比增长20.7%。新东方股东应占净利润约2.86亿美元，同比增长 3.2%。 智通财经APP获悉，新东方-S(09901)涨超4%，截至发稿，涨4.03%，报46.56港元，成交额1.79亿港元。 ...

【东吴商社】新东方FY2026Q2（至2025年11月30日）业绩 归母净利润0.46亿美元，同比+42.3%。 NON-GAAP经营利润0.89亿美元，同比+206.9%。 归母净利润0.46亿美元，同比+42.3%。 NON-GAAP归母净利润0.73亿美元， 【东吴商社】新东方FY2026Q2（至2025年11月30日）业绩 收入11.91亿美元，同比+14.7%。 经营利润0.66亿美元，同比+244.4%。 收入11.91亿美元，同比+14.7%。 经营利润0.66亿美元，同比+244.4%。 NON-GAAP经营利润0.89亿美元，同比+206.9%。 NON-GAAP归母净利润0.73亿美元，同比+68.6%。 分业务来看，出国考试准备业务同比+4.1%，国内成人备考及大学生业务同比+12.8%，新教育业务同比+21.6%。 非学科类培训Q2学员105.8万人，智慧学习系统及设备活跃付费用户35.2万人。 公司Q2 OPM为5.6%，去年同期为1.9%；NON-GAAP OPM为7.5%，同比增加470bps。 截至2026年1月27日，已根据新股份回购计划回购约160万份美国存托股，总对价约0 ...

Investment Rating - The report maintains a "BUY" rating on New Oriental, indicating a strong core educational business, solid margin expansion trend, and attractive shareholder return [1][18]. Core Insights - New Oriental's 2QFY26 results exceeded expectations, with net revenue increasing by 15% YoY to US$1.19 billion, surpassing Bloomberg consensus estimates by 3% [1]. - Non-GAAP operating income surged by 207% YoY to US$89.13 million, significantly beating the consensus estimate of US$54.87 million, driven by enhanced operational efficiency [1]. - The management anticipates net revenue growth of 11-14% YoY for 3QFY26E, raising the FY26E net revenue forecast to US$5.29-5.49 billion, reflecting solid momentum in new educational and high-school tutoring businesses [1]. Financial Performance - Revenue projections for FY26E are set at US$5.47 billion, with a YoY growth of 11.6%, and adjusted net profit is expected to reach US$594.2 million [2]. - The report forecasts a continued revenue growth trajectory, with FY27E and FY28E revenues projected at US$5.99 billion and US$6.46 billion, respectively [2]. - Non-GAAP operating profit margin (OPM) is expected to expand to 12.8% in 3QFY26E, up from 7.5% in 2QFY26, indicating improved operational efficiency [9][10]. Valuation - The target price for New Oriental is set at US$78.00, reflecting a 32.3% upside from the current price of US$58.95 [3]. - The valuation is derived from a sum-of-the-parts (SOTP) analysis, with the educational and consulting business valued at US$75.00 based on a 25x FY26E PE ratio [12][13]. - The report highlights a strong growth outlook for the educational segment, with a revenue CAGR of 10% expected from FY26 to FY28 [13].

Group 1 - 31 provinces in China have announced their economic growth rates for 2025, with nearly half exceeding last year's targets. Tibet leads with a growth rate of 7%, followed by Gansu at 5.8% and Hebei and Henan at 5.6% [4] - Shenzhen Metro Group has provided an additional loan of 2.36 billion yuan to Vanke for debt repayment, with a three-year term and an interest rate of 2.34% [4] - Hang Seng Bank has officially delisted from the Hong Kong Stock Exchange, following a privatization plan by HSBC that was approved by the Hong Kong High Court [5] Group 2 - ByteDance has implemented new social media guidelines prohibiting employees from using company resources for personal profit, which is expected to significantly reduce the number of commercial accounts operated by employees [6] - Amazon announced a restructuring that will affect nearly 16,000 jobs, while continuing to recruit talent in key strategic areas [7] - Tesla plans to cease production of the Model S and Model X vehicles to focus on its "Optimus" robot production line, marking a shift towards a future based on autonomous driving [9] Group 3 - Meta reported fourth-quarter revenue of $59.89 billion, a 24% year-over-year increase, with advertising revenue also up by 24% [17] - Microsoft announced second-quarter revenue of $81.27 billion, with significant contributions from its cloud and productivity segments [17] - Tesla's fourth-quarter revenue was $24.90 billion, a 3% year-over-year decline, with net profit down 61% to $840 million [17]