——海外消费周报（20260313-20260319）：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-20260320

Investment Rating - The report maintains a "Buy" rating for the overseas education sector, specifically highlighting China Oriental Education as a key investment opportunity [2][12]. Core Insights - China Oriental Education reported a revenue of 4.616 billion RMB for 2025, representing a year-on-year growth of 12.1%. The adjusted net profit reached 792 million RMB, up 50.9% year-on-year, with an adjusted net profit margin of 17.2%, an increase of 4.4 percentage points [2][7]. - The vocational training sector is experiencing a resurgence, with new training participants increasing by 5.5% year-on-year to 151,000 in 2025. The highest growth was seen in the beauty industry, which grew by 20.3% [3][8]. - The report anticipates continued growth in vocational training due to an increasing number of high school graduates and a rising number of students who do not pass the college entrance examination, projected to reach 3.62 million by 2025 [3][8]. Summary by Sections Market Review - The education index rose by 4.3% during the week of March 13-19, outperforming the Hang Seng Index by 4.4 percentage points. Year-to-date, the education index has increased by 0.72%, also surpassing the Hang Seng Index by 3.17 percentage points [6]. Company Performance - China Oriental Education's 2025 performance aligns with expectations, showcasing significant operational efficiency improvements and a strategic focus on vocational training for high school graduates [7][12]. Operational Efficiency - The company has implemented refined management practices, resulting in a gross margin increase of 3.9 percentage points to 55.3% in 2025. Marketing expenses decreased by 0.9 percentage points to 22.8%, while management expenses fell by 1.3 percentage points to 11% [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 suggests focusing on Hong Kong-listed vocational education companies, particularly China Oriental Education, due to its strong growth prospects and operational adjustments aimed at high school graduates. Other companies in the sector are also recommended for consideration [12].