新东方公布2QFY26 业绩（以下简称Q2）：总收入11.91 亿美元，yoy+14.7%，增速超指引上限 机构：华泰证券 研究员：夏路路/詹博/郑裕佳 （12%）；调整后经营利润0.89 亿美元，对应OPM 为7.5%，同比提升4.7pct，大幅超过彭博一致预期 （yoy+2pct）。 公司指引3QFY26/FY26 全年美元口径总收入同比增长11~14%/8~12%（彭博一致预期12%/10%），反映 教学质量提升、需求回归和汇率顺风的影响。 我们认为公司核心K12 业务增长稳健，降本增效及多元化发展下集团利润率有望逐步改善，长期有望为 股东创造持续稳定的回报，维持"买入"。 K12 业务兑现秋季提速，经营利润率提升超预期分业务看，随着秋季K12 行业回归正价竞争，头部品牌 机构增长环比改善，教育属性新业务收入在Q2 同比增速加速至21.6%；大学生及成人教育收入同比增 长12.8%（Q1:14.4%），增速稳健；留学考培收入同比增长4.1%，留学咨询收入同比下降约3%，逆境 中展现较强韧性。得益于运营杠杆的优化、成本控制措施的逐步落地，以及东方甄选的盈利贡献，Q2 公司调整后经营利润率同比提升4.7pc ...

Market Overview - The Hong Kong stock market indices experienced a collective adjustment, with the Hang Seng Index falling by 1.78% to 27,471.27 points [1] - The Hang Seng China Enterprises Index declined by 2.08%, while the Hang Seng Tech Index dropped by 1.79% [1] Sector Performance - Education stocks showed resilience, with China Spring surging nearly 70% and New Oriental rising by 3.6% post-earnings [1] - Precious metals and non-ferrous metals sectors faced significant declines, with Chifeng Jilong Gold Mining falling by 13.7% and Shandong Gold Mining dropping nearly 13% [1] - The application software, power equipment, and Hong Kong retail sectors exhibited weak performance [1]

Core Viewpoint - New Oriental's Q2 FY2026 performance exceeded market expectations, driven by improved profitability in its education business and contributions from Dongfang Zhenxuan [1] Group 1: Financial Performance - The company raised its FY2026 revenue growth guidance from 5%-10% to 8%-12% due to stronger-than-expected revenue growth in K12 and overseas study segments [1] - Earnings visibility has improved due to efficiency enhancements and contributions from Dongfang Zhenxuan [1] Group 2: Earnings Forecast - Based on the upward revision of Dongfang Zhenxuan's profit forecast, the company increased its earnings per share estimates for FY2027-2028 by 0.4% to 1.4% [1] - The target price for New Oriental was raised from HKD 53 to HKD 57, maintaining a "Buy" rating [1]

新东方-S（09901）午前股价上涨3.22%，报47.52港元，成交额1.70亿港元。 新东方日前发布截至2025年11月30日止的2026财年第二季度财务业绩公告，净营收同比上升14.7%至 11.91亿美元；经营利润同比上升244.4%至6630万美元；股东应占净利润同比上升42.3%至4550万美元。 公司上调2026财年全年净营收指引至52.92-54.88 亿美元，同比增长8%-12%。 摩根大通发布研报称，重申新东方"增持"评级及首选股份地位，目标价由53港元升至55港元。新东方 2026财年第二财季业绩好于预期，并上调指引，这是两年来的首次。管理层的乐观态度促使该行将2026 财年至2027财年的经营利润预测上调7%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 摩根大通发布研报称，重申新东方"增持"评级及首选股份地位，目标价由53港元升至55港元。新东方 2026财年第二财季业绩好于预期，并上调指引，这是两年来的首次。管理层的乐观态度促使该行将2026 财年至2027财年的经营利润预测上调7%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 ...

摩根大通发布研报称，重申新东方"增持"评级及首选股份地位，目标价由53港元升至55港元。新东方 2026财年第二财季业绩好于预期，并上调指引，这是两年来的首次。管理层的乐观态度促使该行将2026 财年至2027财年的经营利润预测上调7%。 智通财经APP获悉，新东方-S(09901)再涨超3%，截至发稿，涨3.13%，报47.48港元，成交额1.67亿港 元。 消息面上，新东方日前发布截至2025年11月30日止的2026财年第二季度财务业绩公告，净营收同比上升 14.7%至11.91亿美元；经营利润同比上升244.4%至6630万美元；股东应占净利润同比上升42.3%至4550 万美元。公司上调2026财年全年净营收指引至52.92-54.88 亿美元，同比增长8%-12%。 ...

摩根大通发布研报称，重申新东方"增持"评级及首选股份地位，目标价由53港元升至55港元。新东方 2026财年第二财季业绩好于预期，并上调指引，这是两年来的首次。管理层的乐观态度促使该行将2026 财年至2027财年的经营利润预测上调7%。 消息面上，新东方日前发布截至2025年11月30日止的2026财年第二季度财务业绩公告，净营收同比上升 14.7%至11.91亿美元；经营利润同比上升244.4%至6630万美元；股东应占净利润同比上升42.3%至4550 万美元。公司上调2026财年全年净营收指引至52.92-54.88亿美元，同比增长8%-12%。 新东方-S(09901)再涨超3%，截至发稿，涨3.13%，报47.48港元，成交额1.67亿港元。 ...

环球市场动态 无 需 过 度 担 忧 内 地 结 汇 对 流 动 性 的 消 耗 股 票 A 股周三走势分化，白酒股午后集 体涨停；港股恒指升上 28,000 点后 回落，地产股大涨；欧洲股市涨跌 不一，SAP 财报不及预期引发科技 股大幅回落；美股受微软 (MSFT US) 财报拖累纳指一度跌超 2%， 科技股仍表现疲软。 外 汇 / 商 品 OPEC+料继续暂停增产，加上伊朗 局势持续紧张，推动周四国际油价 大涨超 3%；获利回吐推动黄金和 白银现中一度重挫，收盘回升；伦 敦期铜飙升；周四美元指数跟随美 债收益率走低，挪威克朗领涨 G-10 货币。 固 定 收 益 周四美国国债小幅上涨，主要因美 股下挫引发去杠杆情绪，避险资金 明显涌入美债。特朗普称将于今晚 宣布美联储人选。紫金矿业发行可 换股债券。新世界发展据悉和黑石 集团进行深入谈判。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2026 年 1 月 30 日 ▪ 近期内地外汇结汇规模较大，部分投资者担忧集中结汇会消耗流动性。我们认为，外汇存款结汇增加的确会消 耗银行的超储，产生消耗 ...

Core Viewpoint - Haitong International maintains an "outperform" rating for New Oriental-S (09901) and raises the target price from HKD 49 to HKD 52 based on upgraded performance expectations [1] Group 1: Financial Performance - In Q2 FY26, the company's total revenue increased by 15% year-on-year to USD 1.191 billion, exceeding consensus expectations by 3% and surpassing the previous guidance of 9%-12% [2] - Non-GAAP operating profit surged by 223% year-on-year to USD 89 million, exceeding consensus expectations by 62%, resulting in a Non-GAAP operating profit margin of 7.5%, which is 2.8 percentage points higher than the consensus forecast [2] - Deferred revenue reached USD 2.1615 billion, reflecting a year-on-year growth of 10.2%, consistent with the 10% growth in Q1 FY26 [2] Group 2: K12 Business Outlook - K12 business revenue is expected to accelerate in Q3 FY26, driven by improved retention rates and increased class scheduling during the winter break [2] - The company has made significant progress in enhancing product quality and teaching effectiveness, leading to a notable increase in user retention rates for high school and K9 non-academic businesses [2] - K12 revenue is projected to grow by 19% year-on-year to USD 815 million, with high school business expected to grow by 18% and K9 new business by 23% due to strong recovery in junior high [2] Group 3: Study Abroad Business Challenges - The study abroad sector remains under pressure, impacting the overall revenue of the core education segment [3] - Despite a challenging macroeconomic and international environment, the company managed to capture market share in Q2 FY26, achieving a 1% year-on-year growth [3] - The company holds a conservative outlook for Q4 FY26 due to the seasonal characteristics of the study abroad consulting business and anticipates a decline in study abroad revenue next year due to ongoing industry challenges [3] Group 4: Cost Reduction and Efficiency Improvement - The core education segment's operating profit margin improved by 3 percentage points in Q2 FY26, primarily due to effective cost reduction and efficiency measures [4] - These measures include cautious expansion of learning centers and control of marketing expenses, which are expected to continue delivering results [4] - The company forecasts a year-on-year increase in Non-GAAP operating profit margins of 1.4 and 1.6 percentage points in Q3 FY26 and FY26, respectively, reaching 13.4% and 12.9% [4]

Core Viewpoint - Haitong International maintains an "outperform" rating for New Oriental-S (09901) and raises the target price from HKD 49 to HKD 52 based on upgraded performance expectations [1] Group 1: Financial Performance - In Q2 FY26, the company's total revenue increased by 15% year-on-year to USD 1.191 billion, exceeding consensus expectations by 3% and surpassing the previous guidance of 9%-12% [1] - Non-GAAP operating profit surged by 223% year-on-year to USD 89 million, exceeding consensus expectations by 62%, with a Non-GAAP operating profit margin of 7.5%, up 2.8 percentage points from the consensus estimate of 4.7% [1] - Deferred revenue reached USD 2.1615 billion, a year-on-year increase of 10.2%, consistent with the 10% growth in Q1 FY26 [1] Group 2: K12 Business Outlook - K12 business revenue is expected to accelerate growth in Q3 FY26, driven by improved retention rates and increased course offerings during the winter break [2] - The K12 business revenue is projected to grow by 19% year-on-year to USD 815 million, with high school business expected to grow by 18% and K9 new business anticipated to increase by 23% [2] Group 3: Study Abroad Business Challenges - The study abroad sector remains under pressure, impacting the overall revenue of the core education segment [3] - Despite a 1% year-on-year growth in Q2 FY26, the company is expected to adopt a conservative outlook for Q4 FY26 due to the seasonal characteristics of the study abroad consulting business [3] - The company anticipates a decline in study abroad revenue next year due to the ongoing instability in the industry and the merger of exam preparation and study abroad consulting businesses [3] Group 4: Cost Reduction and Efficiency Improvement - The core education segment's operating profit margin improved by 3 percentage points in Q2 FY26, attributed to effective cost reduction and efficiency measures [4] - The company expects these measures to continue yielding results, with projected Non-GAAP operating profit margins increasing by 1.4 and 1.6 percentage points year-on-year to 13.4% and 12.9% for Q3 FY26 and FY26, respectively [4]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.16% to 4,157.98 points, while the Shenzhen Component Index fell by 0.30% to 14,300.08 points, and the ChiNext Index decreased by 0.57% to 3,304.51 points. The total trading volume in the Shanghai, Shenzhen, and Beijing markets exceeded 32 trillion yuan [10][5]. - In the Asia-Pacific market, the Hong Kong Hang Seng Index increased by 0.51% to 27,968.09 points, while the Hang Seng Tech Index dropped by 1% to 5,841.1 points. The Nikkei 225 Index rose by 0.03% to 53,375.60 points, and the KOSPI Index in South Korea increased by 0.98% to 5,221.25 points [10][5]. - In the European market, the German DAX Index fell by 1.92% to 24,347.16 points, while the French CAC40 Index rose by 0.06% to 8,071.36 points, and the UK FTSE 100 Index increased by 0.17% to 10,171.76 points [10][5]. - In the US market, the Dow Jones Industrial Average rose by 0.11% to 49,071.56 points, while the Nasdaq Composite Index fell by 0.72% to 23,685.12 points, and the S&P 500 Index decreased by 0.13% to 6,969.01 points [10][5]. International News - The US federal government is facing a partial shutdown crisis as the Senate failed to advance a government funding bill that had been passed by the House of Representatives. Funding for several federal departments is set to run out on January 30 [9]. - South Africa is considering imposing tariffs of up to 50% on vehicle imports from China and India to protect its domestic automotive industry from the surge of low-priced imports. In 2024, vehicles imported from China accounted for 53% of South Africa's total vehicle imports, while those from India made up 22% [9]. - OpenAI is seeking to raise up to $100 billion to support its growing AI business, with Nvidia negotiating a potential investment of up to $30 billion, Microsoft planning to invest less than $10 billion, and Amazon possibly investing up to $50 billion [9]. Domestic News - The State Council has issued a plan to accelerate the cultivation of new growth points in service consumption, proposing 12 policy measures to stimulate development in key areas such as transportation, housekeeping, online audio-visual services, tourism, and the automotive aftermarket [11]. - The 2026 Spring Festival is expected to see a record high of 9.5 billion people in cross-regional movement, with nationwide highways waiving tolls for small passenger vehicles during the holiday [11]. - The Ministry of Industry and Information Technology held a meeting with photovoltaic industry entrepreneurs, emphasizing that "anti-involution" is the main contradiction in the regulation of the photovoltaic industry, advocating for market-oriented and legal measures to promote healthy competition and rational development [12]. Important Announcements - Jiangfeng Electronics plans to acquire control of Beijing Kaide Quartz Co., Ltd. through a cash purchase [13]. - Hoshine Silicon Industry has confirmed a high-end manufacturing industrial park project worth 11 billion yuan [13]. - Muxi Co., Ltd. intends to use no more than 200 million yuan of raised funds to provide loans to its wholly-owned subsidiary for the research and industrialization of new high-performance general-purpose GPUs [13].