Core Viewpoint - China Oriental Education (00667) is recognized as a leading vocational training institution in China, leveraging its strong national presence and brand power to meet the robust demand for high-skilled talent in the labor market [1] Financial Performance - In the first half of 2025, the company's revenue reached 2.186 billion yuan, reflecting a year-on-year growth of 10.2%, while the net profit attributable to shareholders was 403 million yuan, marking a significant increase of 48.4% [3] - The gross profit margin improved to 57.3%, an increase of 4.3 percentage points, indicating effective cost control alongside business expansion [2][3] Segment Performance - Revenue from culinary technology was 1.024 billion yuan, up 11.4%, with a gross margin of 60.5% [4] - Revenue from pastry and western cuisine reached 182 million yuan, growing 14.3%, with a gross margin of 60.4% [4] - Information technology and internet technology revenue declined by 3.0% to 367 million yuan, but the gross margin increased to 57.6% [4] - Automotive services generated 492 million yuan, a 9.6% increase, with a gross margin of 54.7% [4] - Fashion beauty industry revenue surged by 90.2% to 77 million yuan, with a gross margin of 61.4% [4] - Other business revenue was 44 million yuan, up 18.2%, but with a negative gross margin of 8.6% [4] Business Expansion - As of the first half of 2025, the company operates 234 schools and centers across almost all provinces in mainland China and Hong Kong, having acquired Shanxi Metallurgy Technician College during the period [5] - The average number of trainees for long-term courses was 134,100, a year-on-year increase of 4.9%, accounting for 87.8% of total trainees [5] - New enrollments reached 83,500, reflecting a 7.1% increase compared to the previous year [5]
国泰海通:首予中国东方教育(00667)“增持”评级 目标价9.9港元