Core Viewpoint - China Oriental Education (00667) has shown better-than-expected enrollment recovery, leading to upward revisions in revenue and adjusted net profit forecasts for 2025 and 2026 [1][2] Revenue and Profit Forecasts - Revenue forecasts for 2025 and 2026 have been increased by 2.4% and 6.4% to 4.5 billion and 5 billion yuan respectively [1] - Adjusted net profit forecasts have been raised by 16.8% and 28.0% to 756 million and 974 million yuan respectively [1] Enrollment and Training Performance - New enrollment numbers increased by 7.1% year-on-year in the first half of 2025, with average training sessions up by 5.5% [3] - Notable performance in short-term training programs and high-value professional courses contributed significantly to overall enrollment [3] - Specific segment performance includes: - Culinary Technology: Revenue +11.4%, New Enrollment +5.2% - Western Pastry and Cuisine: Revenue +14.3%, New Enrollment +0.7% - Information Technology: Revenue -3.0%, New Enrollment +6.4% - Automotive Services: Revenue +9.6%, New Enrollment +9.3% - Fashion and Beauty: Revenue +90.2%, New Enrollment +34.1% [3] Profitability Improvement - Overall gross margin for the first half of 2025 was 57.3%, an increase of 4.3 percentage points year-on-year [4] - All five business segments reported year-on-year gross margin improvements, with notable increases in Culinary Technology and Fashion and Beauty [4] - Adjusted net profit margin reached 19.0%, up 5.0 percentage points year-on-year, attributed to effective cost and expense management [4] Product Structure and Strategic Development - The 15-month high-skill programs are aligned with student needs for skill enhancement and rapid employment, with expected enrollment growth of over 50% in 2026 [5] - The company is accelerating the development of a higher education-oriented professional system and upgrading vocational schools to technician colleges [5] - Management anticipates a 10% revenue growth and over 20% net profit growth in 2026 [3][5]
中金：维持中国东方教育(00667)跑赢行业评级 上调目标价至9.5港元