Investment Rating - The report assigns a "Buy" rating to TAL Education (TAL US) with a target price of $13.30, indicating a potential upside of 21.6% from the current closing price of $10.94 [1][13]. Core Insights - The K12 education training business is showing robust performance, driven by strong demand for quality education services and sales of learning devices [2][6]. - The financial outlook is positive, with projected revenue growth of 46.2% in 2024, 51.0% in 2025, and a steady decline to 13.2% by 2028 [3][14]. - The company is expected to maintain a strong growth trajectory in its learning services, with an estimated growth rate exceeding 30% [6][7]. Financial Overview - Revenue projections for TAL Education are as follows: $1,490 million in 2024, $2,250 million in 2025, $2,881 million in 2026, $3,422 million in 2027, and $3,873 million in 2028, reflecting a consistent upward trend [3][14]. - Net profit is expected to rise from $85 million in 2025 to $512 million by 2028, with significant growth rates in the initial years [3][14]. - The report highlights a Non-GAAP net profit of $150 million in 2025, increasing to $296 million in 2026, and $436 million in 2027 [3][14]. Performance Metrics - The report indicates a projected operating profit margin of over 7% for the fiscal year 2026, doubling from the previous year [6][7]. - The company’s earnings per share (EPS) are forecasted to grow from $0.14 in 2025 to $0.83 by 2028, demonstrating strong profitability potential [3][14]. - The price-to-earnings (P/E) ratio is expected to decrease from 78.2 in 2024 to 13.1 by 2028, indicating improving valuation as earnings grow [3][14]. Market Position - TAL Education is positioned favorably within the K12 education sector, with a strong market share in learning devices, achieving nearly 28% market share in sales [6][7]. - The company is expanding its product offerings, including AI learning devices aimed at enhancing educational experiences [6][7].

好未来(TAL.US)盘前跌超2%，报10.7美元。消息面上，好未来公布截至5月31日的2026财年第一季度业 绩，营收同比增长38.8%至5.75亿美元，略低于市场预期的5.842亿美元；净利润3130万美元，合每股收 益0.07美元，超出市场预期的0.03美元。期内递延收入同比增长约50.8%，较2025财年第四季度的56.7% 增速放缓。此外，华泰证券预计，今年春节较早，导致第二季度确认的春季班课程数较往年有所减少， 预计学习服务收入同比增速放缓至25%左右。(格隆汇) ...

21世纪经济报道记者王峰 北京报道好未来（NYSE：TAL）近日发布截至2025年5月31日的2026财年第 一季度未经审计财务报告。 本季度，好未来营收5.8亿美元，同比增长38.8%；经营利润1435万美元，与去年同期相比扭亏为盈；归 属于好未来的净利润3128万美元，同比增长174.4%。这份亮眼业绩带动好未来股价大涨8.42%。 好未来的业务包括学习服务和学习内容解决方案，前者主要是非学科类培训，后者主要是智能教辅和学 习机。 学习机是拉动好未来增长的主要因素，截至上个财年末，设备周活跃量高达110万台，但今年的新品在5 月即财季末才发布，市场反响如何，得在下个季度才能呈现。 学习机拉动整体增长 应该如何理解本季度好未来的业绩表现？一方面，营收5.8亿美元，同比增长38.8%，持续保持高速增 长，显示出K12市场的强劲需求及品牌优势；另一方面，38.8%又是好未来近8个季度里最小的增幅，与 过往相比增速有所放缓。 首先来看连续8个季度保持38%以上高速增长的原因，这得益于非学科类培训的迅速恢复和学习机的突 飞猛进。 学习服务占好未来总营收超过60%，过去几年，好未来线下学习中心网点迅速恢复。 好未来2 ...

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of August 1, 2025, highlighting significant shifts in rankings and valuations [1]. Group 1: Market Capitalization Rankings - TSMC leads the list with a market capitalization of $125.32 billion [3]. - Tencent Holdings ranks second with a market capitalization of $64.22 billion [3]. - Alibaba has moved up to the third position with a market capitalization of $28.77 billion, showing a notable increase from its previous rank of 12 [3]. Group 2: Notable Companies and Changes - Xiaomi Group is ranked fourth with a market capitalization of $17.57 billion [3]. - Pinduoduo follows closely in fifth place with a market capitalization of $16.11 billion [3]. - Meituan and NetEase are ranked sixth and seventh, with market capitalizations of $9.46 billion and $8.25 billion, respectively [3][4]. Group 3: Additional Rankings - Semiconductor Manufacturing International Corporation (SMIC) is in eighth place with a market capitalization of $5.23 billion [4]. - JD.com is ranked tenth with a market capitalization of $4.54 billion [4]. - Kuaishou and Tencent Music are ranked 11th and 12th, with market capitalizations of $4.17 billion and $3.25 billion, respectively [4]. Group 4: Lower Rankings - Companies ranked from 25 to 50 include Kingdee International at $0.83 billion and Yuyuan at $0.40 billion, indicating a diverse range of valuations among the lower-ranked firms [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [5][4][12] Core Views - The company reported Q1FY26 revenue of $575 million, a year-over-year increase of 38.8%, slightly below Bloomberg's consensus estimate of 39.8% [1][5] - Non-GAAP operating profit for Q1 was $25.11 million, corresponding to an operating profit margin (OPM) of 4.4%, exceeding Bloomberg's consensus estimate by 2.3 percentage points [1][2] - The company announced a new stock repurchase plan, expecting to buy back up to $600 million of its common stock over the next 12 months [1][4] Summary by Sections Q1 Performance - Q1 learning service revenue is estimated at approximately $405 million, with a year-over-year growth of 40% in RMB terms [2] - The tutoring and online school business revenue is expected to grow by 46% and 50% year-over-year, respectively [2] - Overall gross margin for Q1 increased by 3.2 percentage points to 54.9%, surpassing Bloomberg's consensus estimate by about 3.5 percentage points [2] Future Outlook - Q1 deferred revenue grew by approximately 50.8% year-over-year but showed a sequential decline [3] - Q2 learning service revenue growth is expected to decline to around 25% year-over-year [3] - The company anticipates total revenue growth of 22% year-over-year for Q2, with a non-GAAP OPM of 8.57% [3] Financial Projections - Revenue estimates for FY26, FY27, and FY28 have been adjusted to $2.834 billion, $3.459 billion, and $4.075 billion, respectively [4][9] - Non-GAAP net profit estimates for FY26, FY27, and FY28 are projected at $220 million, $373 million, and $544 million, respectively [4][9] - The target price based on the sum-of-the-parts (SOTP) valuation method is set at $13.89, down from a previous estimate of $14.82 [4][12]

教育公司好未来近日发布2026财年第一季度未经审计业绩报告（截至2025年5月31日）。根据报告显 示， 公司净收入飙升至5.75亿美元，较上年同期的4.142亿美元增长38.8%。这份强劲增长背后，是学习 服务和人工智能学习设备双引擎的稳健发力。 财务数据全线飘红，盈利能力显著改善 业务驱动：线下稳健，AI设备破局 股东回馈：大手笔回购彰显信心 好未来总裁兼首席财务官彭壮壮将增长归功于"学习服务和人工智能设备的稳步发展"。具体来看： 战略纵深：AI赋能与技术降本 财报电话会议中该公司阐述了其的核心战略方向：将深厚的教学积淀与AI技术前沿结合，以及利用AI 提升运营效率和利润率方面的具体应用： 挑战与投入：销售费用高企，设备赛道竞争加剧 强劲增长背后亦有隐忧： 销售与营销费用激增：Non-GAAP销售和营销费用同比大涨50.5%至1.777亿美元，占收入比升至 30.9%。管理层解释，这主要源于在线营销活动投入加大及品牌建设支出，旨在提升学习设备和 收入强劲增长：净收入5.75亿美元，同比增幅38.8%，为增长定下基调。 盈利指标亮眼：按非美国通用会计准则（Non-GAAP）计算，营业利润达2510万美元，远 ...

Market Capitalization Overview - New Oriental has a market capitalization of 15.747 billion [2] - TAL Education (好未来) has a market capitalization of 11.040 billion [2] - Vipshop (唯品会) has a market capitalization of 9.610 billion [2] - Miniso (名创优品) has a market capitalization of 5.940 billion [2] - Zai Lab (再鼎医药) has a market capitalization of 4.200 billion [2] - Huya (虎牙) has a market capitalization of 7.500 billion [2] Stock Performance - New Oriental's stock increased by 0.36 (+8.09%) [2] - TAL Education's stock decreased by 0.27 (-0.60%) [2] - Vipshop's stock increased by 0.56 (+2.49%) [2] - Miniso's stock increased by 0.01 (+0.07%) [2] - Zai Lab's stock decreased by 0.81 (-4.06%) [2] - Huya's stock increased by 0.03 (+0.75%) [2] Additional Company Insights - Financial One Account (金融壹账通) has a market capitalization of 2.91 million [3] - Xunlei (迅雷) has a market capitalization of 4.48 million [3] - Huami Technology (华米科技) has a market capitalization of 1.64 million [3] - Tuniu (途牛) has a market capitalization of 1.21 million [3] - Aiqiyi (爱奇艺) has a market capitalization of 24.11 billion [2]

好未来总裁兼首席财务官彭壮壮表示："在本季度，我们的收入实现了同比增长，主要得益于我们学习 服务和AI驱动的智能硬件业务的稳步增长。这反映了我们对提供高质量学习体验和促进核心业务长期 发展的承诺。新推出的P4、T4和S4智能硬件帮助我们的产品触达到了更广泛的用户群体。" 本报讯 （记者袁传玺）2025年7月31日，好未来教育（以下简称"好未来"）公布其截至2025年5月31日 的2026财年第一季度未经审计财务报告。报告期内，公司净收入从上年同期的4.14亿美元上升到5.75亿 美元；经营利润为1434.6万美元，而上年同期经营亏损1733万美元；归属于好未来的净利润为3128.2万 美元，上年同期为1140.2万美元。 非美国会计准则下，公司实现经营利润（不考虑股权激励费用）为2510.9万美元，上年同期为87.6万美 元；归属于好未来的非美国会计准则净利润（不考虑股权激励费用）为4204.5万美元，上年同期为 2960.8万美元。 截至2025年5月31日，现金、现金等价物和短期投资合计余额为34.73亿美元，而截至2025年2月28日的 余额为36.18亿美元。 彭壮壮补充道："展望未来，我们将继续致力 ...

Group 1 - The core viewpoint of the news highlights the significant financial performance of TAL Education Group, with a notable increase in both revenue and net profit for the fiscal year ending February 28, 2025 [1][2] - As of July 31, TAL's stock opened up by 12.09%, reaching a price of $11.31 per share, with a total market capitalization of $6.899 billion [1] - The company's total revenue is projected to be $2.25 billion, reflecting a year-on-year growth of 50.98%, while the net profit attributable to shareholders is expected to be $84.591 million, showing a remarkable increase of 2467.51% [1] Group 2 - TAL Education Group, listed on the NYSE under the ticker TAL, focuses on smart education and open platforms, serving both public and private education sectors globally [2] - The company was founded in 2003 as Xueersi and officially listed on the New York Stock Exchange in 2010, with a mission to enhance education through love and technology [2] - TAL has developed a diversified educational ecosystem that caters to personalized learning needs for individuals aged from -1 to 24 years, encompassing various brands and services in quality education, technology services, overseas education, digital content publishing, educational hardware, and tutoring services [2]

1.7月31日(周四)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.27%，标普500指数期货涨0.94%，纳指期货涨1.33%。 | ■ US 30 | 44,580.80 | 44,694.30 | 44,488.30 | +119.50 | +0.27% | | --- | --- | --- | --- | --- | --- | | ■ US 500 | 6,422.70 | 6,436.70 | 6,399.70 | +59.80 | +0.94% | | ■ US Tech 100 | 23,656.80 | 23,710.30 | 23,553.80 | +311.40 | +1.33% | 2.截至发稿，德国DAX指数跌0.17%，英国富时100指数涨0.39%，法国CAC40指数跌0.32%，欧洲斯托克50指数跌0.51%。 | 德國DAX30 | 24,231.41 | 24,433.66 | 24,199.45 | -41.24 | -0.17% | | --- | --- | --- | --- | --- | --- | | 英國富時100 | 9,172.70 | 9, ...