海外教育：职教培训人次重回增长，经营效率显著提升，关注职教标的中国东方教育

Investment Rating - The report maintains a "Buy" rating for the overseas education sector, specifically highlighting China Oriental Education as a key investment target [2][12]. Core Insights - The report indicates a recovery in vocational education training participation, with a notable increase in operational efficiency for China Oriental Education, which reported a revenue of 4.616 billion RMB for 2025, a year-on-year increase of 12.1% [2][7]. - Adjusted net profit reached 792 million RMB, reflecting a significant year-on-year growth of 50.9%, with an adjusted net profit margin of 17.2%, up by 4.4 percentage points [2][7]. Summary by Sections Market Overview - The education index rose by 4.3% during the week of March 13-19, outperforming the Hang Seng Index by 4.4 percentage points [6]. Company Performance - China Oriental Education's new training participants reached 151,000 in 2025, marking a 5.5% increase year-on-year, with all five major skill training sectors showing growth [3][8]. - The highest growth was seen in the beauty industry at 20.3%, while other sectors like cooking, automotive repair, and computer training saw increases of 2.8%, 9.6%, and 5.5% respectively [3][8]. Enrollment Trends - The report anticipates a sustained increase in vocational training demand due to a rising number of high school graduates and an increase in the number of students who do not pass the college entrance examination, projected to grow from 1.19 million in 2021 to 3.62 million by 2025 [3][8]. - The company has introduced a 15-month long-term curriculum aimed at high school graduates, which has significantly boosted new enrollment numbers [3][8]. Operational Efficiency - China Oriental Education has implemented refined management strategies, resulting in a 3.9 percentage point increase in gross margin to 55.3% for 2025 [4][9]. - Marketing efficiency improved, with a decrease in marketing expense ratio to 22.8%, down by 0.9 percentage points year-on-year [4][9]. Capital Expenditure and Dividends - The company is entering a down cycle in capital expenditure while maintaining a high dividend payout, announcing a dividend of 0.3 HKD per share for 2025, translating to a yield of 5% [4][10]. Investment Recommendations - The report recommends focusing on Hong Kong-listed vocational education companies, particularly China Oriental Education, due to its strong performance and growth potential in the vocational training sector [12].